Author: admin
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Non-interest banking: Prospects, challenges
Non-interest banking is deepening its root in Nigeria’s financial cycle. Its acceptance has melted the initial skepticism, suspicion and religious phobia associated with the concept. Pioneered seven years ago (2012) by Jaiz Bank Plc, the genre of financial service has gained wider acceptance, with more finance institutions opening windows for non-interest banking product to cater…
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AFRICA Traditional Banks Charge Way Too Much Fees, But There Could Be A Solution
he bane of traditional bank charges is not new to many Nigerians and Africans. Aside from the hassle of visiting branches to get account updates and request for ATMs, the infrastructure itself has time and again proved porous. Bank accounts have been breached, and hackers have carted away with sums of customers’ money in situations…
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Taj Bank, Smart Save to boost financial inclusion
Founder and chief operating officer of the newly licensed bank Taj Bank, Hamid Joda, said the bank has partnered with Smart Save Integrated Technologies Limited to allow people save their money from their little earnings for a target. Speaking to newsmen in Kano, Joda said the bank has seen an opportunity to reduce the financial…
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EFInA: Financial exclusion rate drops to 36.8 per cent
The global pursuit of financial inclusion as a vehicle for economic development has yielded positive impact in Nigeria as the exclusion rate has reduced from 53 per cent in 2008 to 36.8 per cent in 2018. Despite overall progress, gender gap still remains. According to the EFInA Access to Financial Services in Nigeria, 57 per…
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Nigeria lags in telecommunication and mobile money
Every month, Ifeyinwa Abel, the secretary of a Pentecostal church in Lagos, spends as much as a quarter of her salary sending money to pay for diabetes drugs to her mother 700km away in Abia Ohafia, a small agricultural village. It isn’t easy. First Abel, 35, has to go to a bank branch in Lagos,…
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Fidelity Bank supports financial inclusion drive with N120m promo
By Chinyere Joel-Nwokeoma Lagos – Fidelity Bank Plc on Thursday flagged off its Get Alert in Millions (GAIM) Season 4 promo to strengthen the Federal Government’s financial inclusion drive. Speaking at the event in Lagos, Mr Nnamdi Okonkwo, the bank’s Managing Director, said N120 million would be given out to customers under the initiative. Okonkwo, who…
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OEverything: Can OPay dominate Nigeria’s fintech market?
hey’re everywhere, green and hard to miss. You’ve probably used one of their services or perhaps you haven’t. Not just yet. But you’ve heard of them and seen their billboards around town. OPay landed quietly in Nigeria in 2018 as a payments solution but has since gained name recognition with its ubiquitous bike-hailing service. What…
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Three Nigerian start-ups, 9 others to showcase businesses at Investors’ Summit in S/Africa
Venture Capital for Africa (VC4A) has announced the 12 ventures (11 Series A and 1 Seed+) for its 2019 Venture Showcase. According to the firm, these companies represent the best investment opportunities on the African continent. “They have been vetted by 40 VC investors through a rigorous referral and selection process. “The companies demonstrate strong…
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Union Bank gets $200m for SMEs, women’s initiatives
Union Bank of Nigeria Plc has secured $200 million in funding through a partnership with sub-Saharan Africa financial services group, Atlas Mara Limited, in agreement with Overseas Private Investment Corporation (“OPIC”), the U.S. government’s development finance institution. Under the terms of the agreement, Union Bank will receive a ten-year term loan of up to $200…
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MTN Subsidiary, YDFS, Launches MoMo Agent Network in Port Harcourt
Ernest Chinwo in Port Harcourt Officials of the Y’ello Digital Financial Services (YDFS) Limited, a subsidiary of MTN Nigeria, last weekend were at the Rumuwoji (Mile One) Market in Port Harcourt for the regional launch and sensitisation event introducing the MoMo Agent Network financial service. The MoMo Agent Network was officially launched in Abuja on…