|
A cryptocurrency trading platform, Paxful, has said Nigeria is the largest crypto-trading country in Africa with a trading volume worth over $760m in 2021.
In a statement on Wednesday, the firm said that in the year under review, the country had over 16,000 trades completed across Nigeria each day. The company also said that Africa was leading the way for global Bitcoin, adding that the market in the continent had grown over 1,200 per cent with countries like Kenya, South Africa and Nigeria ranking among the highest in grassroots adoption in the world… More details through: https://punchng.com/nigeria-records-760m-crypto-trade-in-2021-paxful/
0 Comments
Lagos State has attracted over $1 billion (about N415.4bn) worth of committed investments from technology giants in the last one-month, Chief Executive Officer of MainOne, Funke Opeke, has said.
Tech giants like Microsoft had last month opened their new African Development Centre (ADCs) in the state; Google, last week launched its state-of-the-art submarine internet cable, which is expected to boost Nigeria’s GDP by $10.1bn by 2025, and as well create 1.6 million jobs by 2025. Also, Equinix recently completed its acquisition of MainOne with a $320m deal… More details through: https://dailytrust.com/lagos-attracts-n415bn-from-tech-giants-in-30-days https://guardian.ng/business-services/lagos-tops-investment-destination-list-in-africa-attracts-1b-commitment/ Nigeria’s fintech sector attracted the highest private equity and venture capital deals in the last five years, according to data obtained from Africa Private Equity and Venture Capital Association (AVCA).
Driven by venture capital deals and investments in infrastructure space, AVCA’s report showed Africa recorded a historic high of 429 private capitals in 2021 with a total reported value of $7.4 billion. This value surpassed the previous record of $4.8 billion reached in 2017 and represents an 85 percent increase compared to the historical annual average deal value over the period 2016-2020 ($4 billion)… More details through: https://businessday.ng/business-economy/article/nigeria-attracts-most-pe-vc-investments-in-africa/ African startups drew record $5.2 billion in venture capital last year, industry group says19/4/2022 African start-ups attracted a record $5.2 billion in venture capital last year, bouncing back from a pandemic-induced dip in 2020 with a nearly five-fold increase in investments, according to data released by an industry group on Tuesday.
The success of companies like Nigeria's Paystack, acquired in 2020 by U.S. payments firm Stripe, and fellow fintech Flutterwave, valued at over $3 billion, has fuelled international interest in up-and-coming businesses on the continent. Founded in 2016 in Nigeria, the San Francisco-headquartered, specializes in individual and consumer transfers, one of several fintech firms aiming to facilitate and capitalize on Africa's booming payments market… More details through: https://www.reuters.com/technology/fintech-startup-flutterwave-raises-250-mln-over-3-bln-valuation-2022-02-16/ https://www.sunnewsonline.com/2021-african-startups-drew-5-2-bn-venture-capital-group/ The growing embrace of mobile financial transactions continued in January and February as bank customers in the country transferred a total of $5 billion (N2.1 trillion) over mobile. The two months record represented 168 per cent growth between January and February this year, New Telegraph has learnt.
This represents 164 per cent growth over N798 billion recorded in the same period last year. Last year, total mobile transfers across the country hit an all-time high of N8.06 trillion. With the two months record for this year, a new height may be recorded as more Nigerians embrace electronic payment. According to statistics released by the Nigeria Inter- Bank Settlement Systems (NIBSS), the volume of mobile inter-scheme transactions also rose from 30.2 million in the first two months of 2021 to 68.5 million in the same period this year… More details through: https://www.newtelegraphng.com/mobile-transfers-hit-n2-1trn-in-two-months/ https://punchng.com/e-payments-rise-by-45-n55tn-transferred-in-two-months/ Telecom firm, MTN, has received final approval from Nigerian regulators to run a payment service bank, the wireless carrier said in a regulatory filing on Monday.
“The date of commencement will be communicated to the CBN (Central Bank of Nigeria) in accordance with its requirements,” the telco heavyweight said of the bank to be known as MoMo Payment Service Bank Limited in a note to the Nigerian Exchange. The approval, the fruit of well over two years of waiting for the permit, gives the local unit of Johannesburg-headquartered MTN Group Limited the leave to operate virtually all the services offered by conventional commercial banks with the exception of granting credit and processing foreign exchange transactions… More details through: https://www.premiumtimesng.com/news/headlines/523144-breaking-mtn-nigeria-diversifies-into-banking-gets-final-approval-for-momo-bank.html https://punchng.com/mtn-gets-final-approval-to-operate-payment-service-bank/ https://www.channelstv.com/2022/04/11/mtn-gets-cbn-approval-to-operate-payment-service-bank/ NIGERIANS spent a total of $39.66bn on foreign education and healthcare-related services between 2010 and 2020, according to the Central Bank of Nigeria data.
According to CBN’s Balance of Payments, Nigerian parents and guardians paid about $28.65bn for their wards to study abroad during the period under review. The BoP report also revealed that Nigerians paid $11.01bn for healthcare-related services in foreign countries… More details through: https://punchng.com/nigerians-spend-39-66bn-on-foreign-education-medical-tourism-cbn-report/ Transactions through Electronic payment (e-payment) channels increased by 1.84 per cent to $71 billion (N29.40 trillion) in February 2022, from $70 billion (N28.87 trillion) in the previous month, a report by Financial Derivatives Company Limited (FDC) has shown.
The report also indicates that at N29.40 trillion in February this year, the total value of e-payment transactions is 42.24 per cent higher than N20.67 trillion recorded for February 2021. While FDC did not disclose the source of its numbers, the firm usually cites data obtained from the Nigeria Interbank Settlement System (NIBSS). Specifically, the report shows that the value of cheque transactions rose by 9.50 per cent to N259.81 billion in February this year from N237.26 billion in the previous month. It also shows that value of Point of Sale (PoS) transactions was up by 0.23 per cent to N575.06 billion in February this year from N573.72 billion in the previous month… More details through: https://www.newtelegraphng.com/report-e-payment-transactions-surge-to-n29-40trn/ Nigeria’s central bank has introduced a digital invoicing system for importers and exporters to curb over-pricing, the deputy governor said.
The new system that became operational Feb. 1, seeks to “save more foreign exchange earnings that will be channeled to the most productive sectors of the economy,” said Kingsley Obiora in a communique published Friday on January’s monetary policy committee meeting. “This will boost local production capacity, promote inclusive growth and sustain a strong naira exchange rate,” he said… More details through: https://www.bloomberg.com/news/articles/2022-03-04/nigeria-seeks-to-curb-forex-demand-with-new-digital-invoice-rule CDC Group, the U.K.’s development-finance arm, will provide a $100 million credit facility to First Bank of Nigeria Ltd. to help support women-owned businesses and small companies in Africa’s largest economy…
More details through: https://www.bloomberg.com/news/articles/2022-02-21/u-k-backs-nigerian-lender-with-100-million-financing-facility |
Categories
All
Archives
May 2022
News Archive from before July 2018
|
RSS Feed