Author: admin
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Technology, digital records accelerating lending in Nigeria
Ife Ogunfuwa Experts in the financial technology industry have observed that banks, credit institutions, hedge funds, among others, are relying heavily on customer data to validate and approve loan requests. The stakeholders, who spoke at the Social Media Week Lagos 2020, noted that the rising demand for business, personal loans and other credit facilities could…
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Fintech regulation in Nigeria is complicated
Abubakar Idris From the outside, fintech regulation is supposed to be simple. You come up with an innovation to disrupt financial inclusion, the Central Bank of Nigeria (CBN) gives you a pat on the back then gives you a licence while traditional banks look forward to their own demise. But in reality, financial technology regulation is more complicated than…
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Lower transaction costs as enabler for financial sector stability
Amechi Ogbonna A recent policy decision by the Central Bank of Nigeria (CBN) to cut charges on cash withdrawals from other banks’ Automated Teller Machines (ATM), from N65 to N35, and other services from January 2020, really stands out as one of the most pragmatic steps it had taken lately to soothe the pains of the…
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Mastercard Foundation to Empower Nigerian Digital and Creative Sector with $500 Million Investment
It is not news that Nigerian startups are working hard, raising funds, scaling their products and offerings to a wider audience in the country and beyond. This has made the country’s startups some of the most viable in Africa. A fund raising trail that is hard to miss keeps coming out across the country’s tech space, particularly in…
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NCC, NIPOST explore areas of collaboration -Target increased digital financial services.
The Nigerian Communications Commission (NCC) and the Nigerian Postal Services (NIPOST) have met to discuss key areas of collaborations between the two agencies towards strengthening delivery of their respective mandates and synergising to advance the digital economy agenda of the Federal Government. This was the highlight of deliberations during a courtesy by senior management officials…
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3 Myths about the FinTech Sector-Yemi Odeyale
In recent months, there has been a great deal of excitement over the dynamism and promise of Nigeria’s fintech sector, owing largely to several significant Chinese investments. In November alone, Nigerian fintech start-ups attracted $360 million, equivalent to a third of total venture capital investment raised throughout Africa in 2018 (more than half came from…
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Interbank Operations Amongst Non-Interest Banks Will Improve The Alternative Finance Market
Interbank Operations amongst Non-Interest Banks (NIBs) will improve the activities of the alternative finance market in Nigeria. The MD/CEO of TAJ Bank Mr. Norfadelizan Abdul Rahman said this in an interview on the WebTV Islamic Finance Weekly programme. Speaking from the sidelines of the Sterling Bank-supported Non-Interest Finance Executive forum, the TAJ Bank MD described…
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The Rise of Nigeria’s Invisible Bank
David Idoru: Head of Retail Banking, Standard Chartered Bank Nigeria. In a world of digital banking and with innovation and technology positioning itself as the future of payments, there are several opportunities for organisations to solve some of the world’s biggest challenges and enhance large scale productivity. Digital banking in Nigeria has evolved significantly and…
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Financial inclusion in West Africa gets boost with new $10m injection
Financial inclusion in West Africa got a boost with the injection of $10 million into the region’s operation. Specifically, the $10 million is a debt financing round, from HQ Financial Group (HQF), Singapore-based private company, which specialises in new material science, semiconductor and blockchain financial investments. Granted to a Nigerian fintech start-up, Aella, the debt financing…
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Eyowo to ease business operations with new solutions
Building on its platform, financial solution company, Eyowo Integrated Payment Limited, has unveiled new solutions to boost business operations in Nigeria. Prior to the latest innovation, Eyowo had unveiled its peer to peer payment solution, which allows people to send and receive money, buy airtime, pay bills through their mobile phones. To take businesses through…