Analysts at McKinsey research have projected 152 percent growth in Africa’s electronic payments market by 2025.
 
The firm in a report estimated that while cash is still king in Africa, the e-payments market is likely to grow by more than $40 billion in revenues from domestic payments alone between 2020 and 2025, with about 188 billion in transaction volumes.
 
Key highlights of the research include: the compound annual growth rate (CAGR) of revenues for online payments which will likely exceed 30 per cent, possibly reaching about $13 billion in 2025, meaning revenues will more than quadruple between 2020 and 2025.
 
It added that cards and wallets could account for nearly 40 percent of revenues, respectively, with account-based payments accounting for less than 25 percent, “around half of future electronic-payments revenue will likely come from Egypt, Ghana, Kenya, Nigeria, and South Africa, with the fastest growth in Nigeria, at 35 percent per year.”
 
More details at:
https://www.thisdaylive.com/index.php/2022/09/16/mckinsey-projects-40bn-revenue-152-growth-for-africas-electronic-payments-market-by-2025
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Africa’s financial-technology company revenue may soar to $30.3 billion by 2025, eight times higher than in 2020, as a growing, young and under-banked population gets more access to the internet, McKinsey & Co., has said.
 
The anticipated increase is part of a rapid expansion in financial services income that’s expected to grow to $230 billion from $150 billion over the same period, the consulting company said in a research report.
 
Financial services revenues in Ghana and francophone West Africa will enjoy the fastest growth, with Nigeria and Egypt the next quickest, it noted.
 
More details at:
https://www.thisdaylive.com/index.php/2022/09/06/mckinsey-nigeria-ghana-others-fintech-sales-to-surge-to-30-3bn-by-2025
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Foreign funds invested into the Nigerian economy in the second quarter (Q2) of 2022 have increased to $1.5 billion from the $875 million in the second quarter of 2021, a report by the National Bureau of Statistics (NBS) has revealed.
 
NBS, in the document, states that the largest amount of capital received was through portfolio investment, which accounted for 49.33% ($757.3m). This was followed by Other Investment with 41.09% ($630.9m) and Foreign Direct Investment (FDI) accounted for 9.58% ($147.2m) of total capital imported in Q2 2022.
 
More details at:
https://dailytrust.com/foreign-investments-in-nigeria-rose-to-1-5bn-in-q2-nbs 

Nigeria’s diaspora remittances continued its upward trend in the first quarter of the year, Q1’22, rising by 20.3 percent, Year-on-Year, YoY, to $5.16 billion from $4.29 billion in the same period of last year, Q1’21.
 
Data from the Central Bank of Nigeria, CBN, shows that remittances from Nigerians working abroad have been on an upward trend since the third quarter of 2020. On a Quarter-on-Quarter basis, QoQ, remittances rose by 2.6 percent in Q1’22 from $5.03 billion in Q4’21. This represents the seventh consecutive quarterly increase in diaspora remittances.
 
More details at:
https://www.vanguardngr.com/2022/08/nigerias-diaspora-remittances-rise-20-3-to-5-16bn-in-q122

The National Insurance Commission (NAICOM), has said that in spite of macroeconomic challenges which has bedeviled businesses in Nigeria, insurance sector recorded a year-on-year growth rate of 6.2 per cent at the end of March, 2022.
 
The commission also said the market size of the sector also grew at 15 per cent in the same period, thus standing out as one of the fastest sectoral assets expansion in Nigeria during the period.
 
NAICOM’s Deputy commissioner for Insurance Technical, Sabiu Abubakar, who stated this while speaking at the second edition of   the Chartered Insurance Institute of Nigeria’s (CIIN) 2022 Business Outlook held in Lagos, also said the insurance industry held a commendable market average retention of 73.3 per cent in the first quarter of 2022.
 
More details at:
https://www.thisdaylive.com/index.php/2022/08/15/q1-2022-insurance-sector-records-6-2-growth-15-market-size-expansion/
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Nigerians spent N1.69tn electronically on utility bills such as power, Pay TV subscriptions, and other everyday utilities in the first seven months of 2022, according to data from the Nigeria Inter-Bank Settlement System.
 
This is a 32.06 per cent increase from the N1.28tn that was electronically spent on utilities in the corresponding period of 2021. This figure indicates an increasing acceptance of electronic channels for bills payment by Nigerians. In the first seven months of 2022, the e-bill pay platform was used 562,030 times, which was a 24.16 per cent decrease from the 741,081 times it was used in the corresponding period of 2021.
 
More details at:
https://punchng.com/nigerians-seven-month-expenditure-on-utility-bills-hits-n1-69tn/
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The Nigerian banking industry attracted $1.47 billion as capital inflows in the first half of 2022, an increase of 109.8% compared to $698.2 million received in the second half of last year and 46.5% higher than the $1 billion inflows recorded in the corresponding period of 2021.
 
This is according to data from the Central Bank of Nigeria (CBN). The banking sector recorded the highest foreign inflow in the period under review compared to other sectors in the Nigerian economy, accounting for 47.1% of the inflows into the country. The manufacturing and financing sectors followed with $457.7 million and $396.7 million respectively.
 
More details at:
https://nairametrics.com/2022/08/11/nigerias-banking-sector-leads-attracts-1-47-billion-foreign-inflows-in-six-months
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The Nigerian population in the Diaspora remitted $60.22bn in the three years to boost economic activities and the nation’s external reserves. This is according to data from the World Bank and Budget Office of the Federation.
 
The World Bank revealed that Diaspora remittances into Nigeria were estimated at $23.81bn in 2019. In its 2023 – 2025 Medium Term Expenditure Framework and Fiscal Strategy Paper, the Ministry of Finance, Budget and National Planning, disclosed that Diaspora remittances were $17.21bn in 2020 and $19.2bn in 2021.
 
More details at:
https://punchng.com/diaspora-nigerians-remit-60-22bn-in-three-years  

Chairman of Nigerians in Diaspora Commission, (NIDCOM), Abike Dabiri-Erewa, has said remittances from Nigerians in the Diaspora now stand at $20 billion despite the coronavirus pandemic in 2021.
 
The hybrid event scheduled to hold on July 25 in Abuja has the theme, “Diaspora engagement in global challenging times for national development.”
 
Noting that about 17 million Nigerians live in the Diaspora, Dabiri-Erewa said this year’s theme was chosen to make the best use of the difficult times brought about by the COVID-19 pandemic, the Ukraine-Russia War and national insecurity among others, to leveraging on Nigerians in the Diaspora for national development and growth.
 
More details at:
https://guardian.ng/business-services/diaspora-remittances-hit-20b-says-nidcom
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The number of Nigerians with accounts at regulated institutions such as a bank, credit union, microfinance institution, post office, or mobile money service provider, increased by 16 per cent to 45 per cent in 2021, according to the World Bank.
 
The global bank stated that global account ownership increased by 50 per cent from 51 per cent in 2011 to 76 per cent in 2021. Nigeria’s account ownership growth grew from 30 per cent to 45 per cent in the period under review.
 
The bank disclosed this in its ‘The Global Findex Database 2021: Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19,’ report. It said the overall account ownership in developing economies grew by 30 percentage points, from 42 per cent in 2011 to 71 per cent in 2021—a more than 70 per cent increase.
 
More details at:
https://punchng.com/nigerian-adults-with-bank-accounts-hit-45-world-bank/
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