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About 53 percent of payment through electronic channels was made by Nigerians living in five states, according to an April report by Nigerian Inter-Bank Settlement System (NIBSS). Lagos State continues to dominate the market with 30 percent of total transactions initiated by its residents. The other four states to contribute the highest transaction volumes…
More details through: https://businessday.ng/technology/article/lagos-fct-3-others-account-for-53-e-payment-in-2020/
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The Nigeria Inter-Bank Settlement Systems (NIBSS) has said that Lagos accounted for 30 per cent of all electronic payment transactions carried out in Nigeria last year. With this, it described the state as the hub of e-payment in Nigeria as other states were far behind in terms of the percentage of transactions.
NIBSS, in its 2020 Instant Payments Statistics, disclosed that the Federal Capital Territory (FCT), Abuja, came a distant second as it accounted for seven per cent of e-payment transaction volume in the country. Other leading states that shared the top five spots include Ogun, Rivers, and Oyo, accounting for six, six, and five per cent of electronic transactions in that order. While noting that COVID- 19 had forever changed the e-payments landscape, NIBSS said the pandemic accelerated the adoption of instant payments as the population transitioned to electronic channels for funds exchange in the wake of government-imposed lockdowns… More details through: https://www.newtelegraphng.com/nibss-lagos-accounts-for-30-of-nigerias-e-payment/ Global payment processor Mastercard Inc will invest $100 million in Airtel Africa’s mobile money operations, valuing the business at $2.65 billion, the London-listed company said on Thursday.
Airtel Africa is targeting a public listing of Airtel Mobile Commerce BV (AMC BV) within the next four years. Earlier this month, private equity firm TPG’s The Rise Fund invested $200 million in AMC BV. Airtel Africa, which offers Airtel Money in Nigeria in partnership with a local bank, said it aims to have all mobile money operations to be owned and operated by AMC BV… More details through: https://www.reuters.com/article/idUSL4N2LU1TB Nigeria’s biggest lender Access Bank has invested around $60 million to acquire a stake in South Africa’s Grobank, its chief executive said on Tuesday, to become the first Nigerian lender to venture into South Africa.
Access invested both equity and debt in the South African bank, part of a regional expansion to tap into correspondent and trade banking deals on the continent, Herbert Wigwe told CNBC Africa Television. Wigwe said Access will expand trade finance capability within Grobank which is currently focusing on the agricultural sector in South Africa… More details through: https://www.reuters.com/article/idUSKBN2BM1N4 The Central Bank of Nigeria (CBN)’s Naira4Dollar scheme may have attracted about $40 million in foreign remittances in seven days.According to agency reports, the scheme had performed a lot more than expected as remittances via commercial banks have picked up suggesting Nigerians in the Diaspora have embraced it as the CBN received $40 million last week from remittances, up from about $6 million before the policy was introduced.
The apex bank captures remittances in its Balance of Payment (BOP) report and the Foreign Exchange Flows data. But while the BOP includes non-cash items remitted into Nigeria, the Foreign Exchange Flows Data records cash items only. This is coming after commercial banks in Nigeria automatically opened domiciliary bank accounts for beneficiaries of diaspora remittances in Nigeria under the CBN’s Naira4Dollar scheme. As the beneficiary receives the inflows, N5 for every dollar remitted is a credit to the naira account of the beneficiary… More details through: https://www.sunnewsonline.com/naira-4-dollar-nigerians-in-diaspora-remit-40m-in-one-week/ Mobile Money transactions rose by 65 per cent in 2020 with accounts across the globe hitting 1.2 billion. The Global System for Mobile telecommunications Association (GSMA) disclosed this yesterday while unveiling its yearly ‘State of the Industry Report on Mobile Money’.
It noted that there was a dramatic acceleration in mobile transactions during the COVID-19 pandemic as lockdown restrictions limited access to cash and financial institutions. GSMA said it found out that the number of registered accounts grew by 13 per cent globally in 2020 to more than 1.2 billion – double the forecast… More details through: https://guardian.ng/business-services/mobile-money-transactions-rise-by-65-in-2020/ In the next three years, over 2 million Nigerians are likely to gain access to financial services thanks to a $2 million seed funding raised by Bankly on Wednesday. Founded in 2018 by Tomilola Adejana and Fredrick Adams, Bankly is looking to put a bank in the pocket of Nigeria’s 36m unbanked adults…
More details through: https://businessday.ng/technology/article/bankly-gets-2m-seed-funding-to-financially-include-2m-nigerians/ Guaranty Trust Bank Plc, Nigeria’s biggest lender by market value, plans to acquire a Kenyan lender as part of its expansion on the continent, according to the managing director.
“I think the place we will still like to do business or do an acquisition is Kenya,” Segun Agbaje, chief executive said at an investor call in Lagos, without giving a time-line for the acquisition. The Lagos-based lender already has offices in 10 countries outside Nigeria including Kenya. It wants to increase the contribution of African subsidiaries to the bank’s income to about 30% of profit before tax in the next three years from 15.3% in 202. Banks in Africa’s most populous country are expanding on the continent and diversifying outside their core operations as they seek to grow after the coronavirus pandemic and two economic contractions in four years shuttered businesses and limited lending opportunities at home… More details through: https://www.bloomberg.com/news/articles/2021-03-22/nigeria-s-guaranty-trust-bank-plans-kenyan-acquisition Airtel Africa Plc has signed an agreement under which The Rise Fund, the global impact investing platform of leading alternative investment firm TPG, will invest $200 million in Airtel Mobile Commerce BV (AMC BV), a wholly owned subsidiary of Airtel Africa Plc…
More details through: https://businessday.ng/companies/article/the-rise-fund-to-invest-200m-in-airtel-africas-mobile-money-business/ Kuda Technologies, a London-based digital bank with a focus on Nigeria and Africa markets, has raised $25 million Series A funding to launch a simplified lending service currently undergoing a trial with select customers, grow its digital banking services, and its talent and leadership base…
More details through: https://businessday.ng/technology/article/kuda-raises-25million-series-a-funding-to-expand-digital-banking/ |
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