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The London Stock Exchange Group has named a fintech firm, Social Lender, alongside 97 other Nigerian companies in its 2019 ‘Companies to Inspire Africa’ report.
Social Lender bridges the gap of immediate fund access for people with limited access to formal credit. It is globally recognised as a financial inclusion driver. The report, which identified 360 companies from 32 countries across the African continent with seven major sectors, featured small entrepreneurial businesses and big corporations… More details through: https://punchng.com/london-exchange-names-nigerian-firms-to-inspire-africa/
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A firm, CRC Credit Bureau, in partnership with Fair Isaac Corporation, FICO, an America company, has developed a unique credit rating system, Score, for Nigerian market that helps lenders make quick and informed credit decisions and for individuals’ knowledge of what their credit status is.
Speaking at the launch of the product in Lagos, Managing Director and Chief Executive Officer of CRC Credit Bureau, Mr. Tunde Popoola, said the Score is a three-digit number ranging from 300-850 that summarizes your history of borrowing and paying back loans or post-paid services by allocating a 3-digit number that represents how risky it is to do business with you… More details through: https://www.vanguardngr.com/2019/08/firm-launches-credit-rating-system-to-nigerian-market/ Visa’s Global President, Ryan Mclnerney hosted a round-table discussion with West African fintech founders and executives. The event, held in Lagos, Nigeria, presented an opportunity for tech entrepreneurs and innovators to discuss a variety of ideas for promoting growth in the industry and drive the digitization of economies across the continent.
Four leading Fintech operators Flutterwave, ExpressPay, Innovectives and OneFI participated in the meeting… More details through: https://www.thisdaylive.com/index.php/2019/07/26/visa-partners-fintech-community-to-accelerate-growth-of-digital-payments/ The Federal Government has said Nigerians living abroad remitted $25bn in 2018, representing 83 per cent of the national budget in that year. The amount, it noted, was about 6.1 per cent of the Gross Domestic Product of the country.
The Secretary to Government of the Federation, Boss Mustapha, who said this at the 2019 National Diaspora Day celebration, in Abuja on Thursday, explained that the figures reflected the research findings by the World Bank’s Migration and Remittances report issued in April 2018… More details through: https://punchng.com/nigerians-abroad-remitted-25bn-in-2018-fg/ InsuResilience Investment Fund (IIF) has acquired 39.25 per cent stake in Royal Exchange General Insurance Company Limited (REGIC)Plc, one of the nation’s largest non-life insurance companies. IIF was set up on behalf of the German government by KfW and managed by Swiss based impact investment manager, BlueOrchard Finance Limited.
In a notification to the Nigerian Stock Exchange (NSE) yesterday, Royal Exchange Plc, which is the parent firm of REGIC, said through its activities, the IIF is expected to reach out to more than one million Nigerian farmers by 2025… More details through: https://www.thisdaylive.com/index.php/2019/07/19/german-fund-acquires-39-stake-in-royal-exchange-insurance/ In an effort to boost economic growth in Africa’s most-populous country, Nigeria is giving its banks a choice: lend more money, or hand it over to the central bank and earn nothing on it.
Banks should use at least 60% of their deposits for loans by the end of September, the central bank said on July 3, according to a circular viewed by Bloomberg. Those that don’t will have their cash-reserve requirements increased, meaning they’ll be forced to park more money at the central bank… More details through: https://www.bloomberg.com/news/articles/2019-07-04/nigeria-sets-minimum-loan-to-deposit-ratio-to-spur-bank-lending The Overseas Private Investment Corporation (OPIC) has committed $200 million to enable Nigerian enterprises to scale and create jobs. David Bohigian, chief executive officer of the United States government’s development finance institution, told BusinessDay at The Hague, Netherlands, that an agreement was signed to the effect with Union Bank of Nigeria…
More details through: https://businessday.ng/exclusives/article/opportunity-opens-for-smes-as-opic-commits-200m-to-nigeria Digital money transfer company, WorldRemit, says it is expanding its presence in Nigeria by partnering with Paga, a Nigerian mobile money company, for international digital money transfers.
A statement said that by using the WorldRemit app or website, the Nigerians in diaspora living in over 50 countries could send money quickly and securely to over 11 million Paga users. It stated, “The new partnership considerably grows WorldRemit’s footprint in Nigeria, expanding the company’s service offering from bank transfer and airtime top-up to include mobile money… More details through: https://punchng.com/worldremit-partners-paga-on-international-mobile-money-transfers/ Interswitch signs £56mn deal with British firm to enhance transportation ticketing in Nigeria2/5/2019 Interswitch Group, a Pan-African integrated digital payments and Commerce Company, has signed a £56 million (approximately N26billion) deal with Bekoz UK Ltd, a British transport ticketing company, to enhance transportation ticketing in Nigeria.
The deal will leverage technology to keep commuters in Nigeria on the move through the launch of three products developed exclusively for the Nigerian market – the BeCard, the BeVal and the BeReader, with scope to expand this offer throughout Africa… More detail through: https://businessday.ng/technology/article/interswitch-signs-n26bn-deal-with-british-firm-to-enhance-transportation-ticketing-in-nigeria/ Paga, a mobile money platform, has processed over 70 million transactions worth $3.33 billion (N1.2 trillion) since its inception ten years ago.
Founder and Chief Executive Officer, Pagatech, Tayo Oviosu, disclosed this in Lagos yesterday at a media presentation on the 10th anniversary of the company, adding that the company is considering extending its services to two other countries… More details through: https://www.vanguardngr.com/2019/04/paga-records-n1-2trn-mobile-money-transactions-in-10yrs/ |
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