Author: admin
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Digital banking to create 95m jobs
Charles Okonji Financial experts have disclosed that digital financial services would be creating over 95 million jobs, which can add 1.6 billion unbanked people to the formal economy and will also increase the GDP of developing countries by $3.7 trillion in 2025. According to the President/Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN),…
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Bank CEO reveals what can prevent growth of telecoms’ mobile money
Fakoyejo Olalekan Ever since the Central Bank of Nigeria (CBN) approved that telecommunication companies should operate mobile money, there have been talks about the future of banks and how the network providers can affect the growth of lenders. It has however been revealed that the growth of telecom’s mobile money service is dependent on the regulation of…
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BVN: Slow enrolment sparks concern over Financial Inclusion 2020 target
If latest data from the Nigeria Interbank Settlement System (NIBSS) is anything to go by, the chances of the Central Bank of Nigeria (CBN), deposit money banks and other operators in the financial system achieving their target of 70 million Bank Verification Number (BVN) enrolments by 2020 look increasingly remote, findings by New Telegraph show.…
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No hiding place for borrowers with no intention to pay back
The Chartered Institute of Bankers of Nigeria (CIBN), has called for a change in the borrowing and lending culture such that there should be no hiding place for perpetual borrowers that will borrow money without intention to pay back. Mr Uche Olowu, President and Chairman of Council, CIBN at a press conference on the Institute’s…
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FINTECH: Driving Financial Inclusion in Nigeria.
As the pension and insurance sectors of the economy aggressively begin the process of enhancing their services to meet the 40 per cent financial inclusion target by 2020, experts are rooting for various strategies to achieve the goal The overall target of the revised strategy is to reduce the percentage of adult Nigerians excluded from…
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FirstBank’s CEO wins ‘Best Chief Executive Officer’ Award
Okafor Endurance In its quest to deepen financial inclusion, FirstBank is channelling its resources to reach those at the bottom of the pyramid through its agency banking. The tie-one bank has over 31,000 agents spread across Nigeria with 9,000 assigned to provide financial services to the highly excluded Northern region. According to Adesola Adeduntan, the…
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MTN Nigeria launches mobile money agent service
A subsidiary of MTN Nigeria began offering mobile money transfers through its agent network, weeks after receiving clearance from regulators to launch the service. In a press conference held today (29 August) the operator’s subsidiary Yello Digital Financial Services, which runs the service under licence from the country’s central bank, announced the ‘Super Agent Network’ was available…
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FinTech Association of Nigeria Appoints Dr. O. Obrimah as COO
Fintech Association of Nigeria was established in 2017 to foster an ecosystem that supports all stakeholders to achieve a thriving and growing Nigerian FinTech industry and to make Nigeria one of the world’s leading markets for FinTech Innovation and Investment. The association has embarked on the implementation of its three (3) year strategic plan (2019…
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Financial Inclusion: FG moves to capture 36.6m Nigerians
Following plans to meet its financial inclusion target, the Federal Government has restated its desire to capture over 36.6 million Nigerian adults, representing 36.8 per cent of the working population through the micro segment of insurance and pension sectors. The figure includes self-employed Nigerians that are yet to officially embrace any form of financial services…