CBN bans unapproved foreign bank representatives from banking operations in Nigeria
Cynthia EzekweMay 10, 2023
By Cynthia Ezekwe As an avenue to further its mandate to promote financial system stability, the Central Bank of Nigeria (CBN) has barred representative offices of foreign banks from engaging in various financial-related services and other banking business operations in Nigeria without approval. The Apex bank in Nigeria made this known in a circular to […]
Experts see CBN’s N22.7trn W&M securitisation easing FG debt pressure
Onome AmugeMay 10, 2023
By Onome Amuge Amid concerns about Nigeria’s rising debt stock, the National Assembly recently approved the request by President Muhammadu Buhari to restructure the N22.7 trillion loan from the Central Bank of Nigeria (CBN) under the Ways and Means provision. The Ways and Means provision allows the government to borrow short-term or emergency loans from […]
Access Holdings increases equity stake in E-tranzact to N12.1bn
Business a.m.May 2, 2023
By Business A.M. Access Holdings (HoldCo) Plc, Nigeria’s largest bank by assets, has increased its investments in the fintech company, E-tranzact, to N12.1 billion as it acquired more shares in a bid to strengthen its position in the payment space. The move raises the company’s stake in the fintech firm to 37.56 per cent as […]
SEC commences regulatory incubation For fintechs
Cynthia EzekweMay 1, 2023
By Cynthia Ezekwe The Securities and Exchange Commission (SEC) has opened a regulatory incubation programme for fintech firms operating or seeking to operate in the Nigerian capital market. This was contained in a circular released by the commission which noted that the regulatory incubation programme is designed to address the needs of new business models […]
African fintech investment declines 17% to $331m in Q1 2023
Onome AmugeApril 27, 2023
By Onome Amuge The African fintech sector recorded a significant decline in the first quarter of 2023 compared to the corresponding period of 2022 as fintech investments in the continent declined 17 per cent year-on-year to $331 million, according to fintech investment stats published by FinTech Global. The world’s leading provider of financial technology […]
PAPSS, ASEA sign MoU to promote cross-border payments in Africa
Olivia NnoromApril 26, 2023
By Olivia Nnorom The Pan African Payment and Settlement System (PAPSS) and the African Securities Exchange Association (ASEA) have signed a Memorandum of Understanding (MoU) to enhance collaboration and cooperation in promoting cross-border payments of capital markets infrastructure in Africa. This was announced in a press release distributed by APO Group on behalf of Afreximbank […]
AfDB, JICA seal $350m loan agreement to support Africa’s private sector
Cynthia EzekweApril 26, 2023
By Cynthia Ezekwe As an avenue to boost private sector development in Africa, the African Development Bank (AfDB) and the Japan International Cooperation Agency (JICA) have signed a $350 million loan agreement to finance the Bank’s support for private sector operations in the continent. According to AfDB, the loan comes under the Enhanced Private Sector […]
AfDB launches whistleblowing policy to enhance transparency
Cynthia EzekweApril 26, 2023
By Cynthia Ezekwe The African Development Bank Group (AfDB), has launched a six-month campaign to sensitise its internal and external stakeholders on its new whistleblowing Policy, approved by the boards of directors in January 2023, to enhance transparency. The multilateral development finance institution headquartered in Abidjan, Ivory Coast, rolled out the whistleblowing and complaints handling […]
Nigeria leads as Africa raises $5.2bn venture capital investments in 2022
Cynthia EzekweApril 25, 2023
By Cynthia Ezekwe Nigeria has emerged as the most active country for venture capital (VC) investments in Africa in 2022 as Africa raised $5.2bn in venture capital across 786 deals during the year. This was disclosed in a recent report by the African Private Equity & Venture Capital Association (AVCA),a pan-African industry body championing private […]
Nigerian banks absent in 2023 African Banker Awards nomination list
Business a.m.April 25, 2023
By Business A.M. The African Banker magazine, a quarterly magazine dedicated to banking and finance in Africa, has announced the shortlist of nominees for the 2023 African Banker Awards, scheduled to take place 24 May, in Sharm El Sheikh, Egypt. Business A.M gathered that no Nigerian bank was included in any of the award categories […]