Payments, lending major drivers of Nigeria’s fintech market — McKinsey
Saviour AdugbaOctober 6, 2020
Saviour Adugba Quickteller, Paga, Opay, others competing well with banks’ apps, USSD A new Mckinsey report focusing on Nigeria’s fintech ecosystem has identified payment activities and lending as major drivers of Nigeria’s fintech advancement The study noted that growths have been experienced in the payments segment due in part to the Central Bank of Nigeria’s […]
Analysis: Fitch’s Nigeria stable outlook rating: Glimmer of Hope?
Charles AbuedeOctober 6, 2020
Charles Abuede Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) downgraded to ‘B’ from ‘B+ Rating principally influenced by CBN’s management of external liquidity pressures Fitch Ratings, an international ratings agency has revised its outlook for Nigeria to stable following condensed uncertainties, stable oil prices and the reopening of the economy. This was after the agency […]
Former CIBN president wants Nigerian banks to promote export, import substitution
Charles AbuedeSeptember 30, 2020
Can diversify forex earnings base To keep forex in-country Helps institutionalize management of reserves Charles Abuede A former president of the Chartered Institute of Bankers of Nigeria (CIBN) has challenged Nigerian banks to concentrate their activities on the promotion of exports and import substitution for the purpose of keeping foreign exchange in the country and […]
Huawei, Mondia Pay to deliver contactless digital payment in Africa, Middle East on Huawei Mobile Services
Saviour AdugbaSeptember 30, 2020
Huawei has partnered with leading digital payment company, Mondia Pay, to offer contactless payment services for its users in the Middle East and Africa region, according to information made available to Business A.M. The new partnership now makes it possible for users of Huawei smartphones and its HONOR subsidiary in over 20 countries, including Nigeria, […]
Access Bank makes strategic investments in southern African markets, expands African footprints
ABC Zambia, Gro CapitalSeptember 30, 2020
Acquires ABC in Mozambique Raises stake in GroCapital Transaction, acquisition await regulatory approvals To become HoldCo with CBN’s Approval-in-Principle Charles Abuede Access Bank, Nigeria’s Tier-1 lender, continues to make its African push in line with its strategy to become world’s most respected African bank, with the final acquisition of African Banking Corporation in Mozambique […]
Central Bank finds 36.8% Nigerian men, women excluded from financial services
Charles AbuedeSeptember 29, 2020
Charles Abuede 40.9 % of Nigerian women have no access to financial services Financial access is skewed towards male adults Adult men are more likely to be banked than adult women Adult women tend to use more formal-other and informal financial services than adult men The Central Bank of Nigeria (CBN) has revealed that a […]
Sterling Bank goes HoldCo to restructure on ‘social capitalist’ model as CBN gives A-in-P
Charles AbuedeSeptember 29, 2020
Charles Abuede Sterling Bank Plc is joining the league of Nigerian banks that have elected to operate under a holding company arrangement following an approval-in-principle (A-in-P) by its principal regulator, the Central Bank of Nigeria (CBN). The HoldCo arrangement comes as the bank moves to restructure its business to accommodate its expanded operations that have […]
Visa, MasterCard seen to hold key to digital currency sponsorship
Charles AbuedeSeptember 23, 2020
By Charles Abuede Report shows how cryptocurrency firms forge partnerships with card issuers A recent report by Nilson has revealed that a growing number of cryptocurrency exchanges, brokers, and payment platforms see partnerships with MasterCard and Visa prepaid card issuers as the answer to digital currency sponsorship; as these Fintechs have the option […]
Sterling Bank joins push for $1trn Africa agriculture market by 2030 as ASA kicks off
Onome AmugeSeptember 23, 2020
By Onome Amuge Nigerian lender Sterling Bank has set its eyes on seeing an African agriculture market reaching $1 trillion by 2030. The ambitious push was unfolded as the bank kicked off Wednesday the 2020 edition of its annual Agriculture Summit Africa, popularly known as ASA. The third edition of the summit, a 2-day event, […]
IFRSEF calls for Nigeria’s representation at IASB, condemns poor financial reporting in Nigeria
Businessam StaffSeptember 22, 2020
A newly formed group of financial experts, IFRS Experts Forum (IFRSEF) Nigeria, has advocated for Nigeria’s representation at the International Accounting Standard Board (IASB), London. The non-profit organisation, incorporated in Nigeria in February, 2020, asserts that the biggest market for IFRS in Africa is Nigeria but it is not well represented at International Accounting Standards […]