Author: admin
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Nigeria’s fintech industry 2020: The growth frontier of the new decade
At a time when technology is disrupting the global financial services industry, Nigeria has not been left out of the change. Although a cash-based economy, Nigeria’s financial system has been receptive to the new transformations in the financial system, especially the introduction of technology. Nigeria’s fintech landscape consists of 210-250 fintech companies, key stakeholders (banks, telecom companies, and…
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Microfinance in Nigeria: An Outlook for the next decade
Adolphus Areban Abraham As we enter a new decade, it is imperative for us to take a projective view of microfinance. Potential investors, whose interest this column seeks to focus should be able to decide if their investment will extinguish should they decide to enter the industry today or within the decade. They should be…
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FirstBank CEO Adeduntan gets global recognition
First Bank of Nigeria Limited has under its Chief Executive Officer, Adesola Adeduntan positioned the brand as a clear leader in promoting financial inclusion in Nigeria. The bank has continually reached the underbanked and un-banked population to reduce poverty, bolster economic growth and development of Nigeria. These milestones have earned Adeduntan the 2019 Cranfield University…
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CBN Issues Guideline on Nigerian Payments System Risk and Information Security Management Framework
The journey to the Payments System Vision 2020 (PSV 2020) started in 2007 with the objective of making the Nigeria Payments System internationally recognised and nationally utilised. The phased implementation of the vision and other developments in the financial space including the pursuit of the Financial System Stability Vision 2020 (FSS 2020) has stimulated an…
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2020, a year to turn around insurance industry — NAICOM
The National Insurance Commission (NAICOM) says 2020 is a year to turn around the fortunes of the insurance industry. Mr Sunday Thomas, Acting Commissioner for Insurance, said this on Monday, at the 2020 seminar the commission organised for journalists covering the insurance sector. The seminar, with the theme `Strategic Focus of the Commission in Year…
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Reduced bank charges’ll enhance financial inclusion –Ecobank MD
The Managing Director, Ecobank Nigeria, Patrick Akinwuntan, says the Central Bank of Nigeria’s recent directive on the reduction of bank charges will help to drive financial inclusion. In a statement by the bank, Akinwuntan said Ecobank had complied with the CBN’s directive and commended the regulator for taking bold steps to strengthen the financial inclusion…
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CBN, Banks Introduce New Measure to Boost Financial Inclusion
Obinna Chima As part of efforts to enhance financial inclusion in the country, the Central Bank of Nigeria (CBN) and banks, under the aegis of the Bankers’ Committee, have concluded plans to simplify the requirements for the Bank Verification Number (BVN) for certain types of transactions. CBN Governor, Mr. Godwin Emefiele, disclosed this yesterday, while…
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Is fintech revolution possible in Nigeria?
The recent Global Fintech Index, which has ranked Nigeria 52 behind two other African countries, has fuelled fears that the country’s quest for technological innovation across the financial ecosystem is far from being achieved no thanks to poor infrastructure, reports Ibrahim Apekhade Yusuf At the centre of the nation’s ambition to bridge the digital divide is…
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Experts identify ways to extend boundaries of CBN’s financial inclusion strategy
Experts, who gathered at the Inclusive Finance Nigeria Conference and Awards (IFINCA) have identified the various ways the Central Bank of Nigeria (CBN) can extend the boundaries of financial inclusion strategy in the country. In a circular, the CBN had said it was not meeting any of the financial inclusion target agreed and contained in the…
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Players in Nigeria’s micro finance sector must leverage on digital technology to deepen financial inclusion.
Stakeholders at the recently held 2019 Accion Microfinance Bank Seminar on Financial Inclusion emphasized the need for Microfinance banks to leverage digital technology to increase their lending activities, deepen financial inclusion and expand micro, small and medium -scale sector businesses. The event themed “Re-Emerging Microfinance Banks: Digital Reality” brought together regulators, members of the academia,…