Category: Digital Banking
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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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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…
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Verve promises continued efficient payment solutions delivery
Verve Card has promised to continually improve financial inclusion across borders and make payments much more seamless and efficient. This promise was made in Lagos by Mitchell Elegbe, Founder/GMD, Interswitch Group, during a media parley on Friday, September 27, 2019, to mark Verve’s 10th year anniversary. The event, which held at the George Hotel, Ikoyi, Lagos,…
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FirstBank to register 500,000 Agents on its Firstmonie Platform
With a view to enhancing financial inclusion across the country, First Bank of Nigeria Limited has announced its drive to get up to 500,000 operators onboard its agent banking platform. This was disclosed at the opening ceremony of the 12th Annual Conference of the Chartered Institute of Bankers of Nigeria (CIBN) by FirstBank’s Chief Executive Officer, Dr. Adesola Adeduntan, who also…
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EcobankPay hits N2bn transactions value
Ecobank Nigeria says over 100,000 merchants have been on-boarded on the EcobankPay platform with transaction value reaching N2 billion. EcobankPay offers customers a multi-channel payment experience that includes Mobile QR Payment at merchant stores (mCash, Masterpass and mVisa), Merchant QR is set up via Facebook Messenger as well as USSD payment for low-income phone users.…
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Affordability, accessibility key to digital financial inclusion — David-West
At the last Vanguard Economic Forum Series, which focused on leveraging Fintech innovation for unlocking growth and competitiveness in Nigeria’s mobile money market and payment ecosystem, Professor Olayinka David-West, Academic Director, Lagos Business School, Pan Atlantic University, delivered the keynote speech. She harped on the importance of adaptation of the innovative products and services to…
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First Bank, easing daily cashless transactions via Visa Multi-currency Card
Chinwendu Obienyi For several decades, until recently, Nigeria as a predominant consuming society was not disposed to buying goods or making transactions with credit or debit cards. The norm has been to operate exclusively without cash and this approach seems to be more conservative as Nigerians tend to think more carefully before spending their money. It…
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Nigerian digital bank, Kuda, raises $1.6 Million pre-seed funding in readiness to exit beta
When it launched in 2016, fintech startup KUDImoney, offered small loans of up to US$5,000 to individuals and small businesses, repayable over a period of up to 12 months. A year later, it had incorporated a savings service into its platform. And now, three years later, the rebranded fully-fledged online-only digital bank, Kuda, has raised pre-seed…
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Stakeholders Explore Ways of Maximising Digital Banking Benefits
Chris Uba The fast growing electronic banking segment has equally thrown up major challenges in the system with its vulnerability to fraud estimated at $31 billion as at 2018. The development has put industry stakeholders, including financial experts in the country on their toes, as they rethink ways to retool the system to minimise these…
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Mobile money war: Telecoms threaten banks’ future in Nigeria
Fakoyejo Olalekan The future of commercial banks is gradually slipping into the hands of telecommunication companies, and this doesn’t bode well for the Nigerian lenders, as the inroad into mobile money market by network providers is likely to make banks redundant soon. Before the entrance of the GSM firms in Nigeria’s telecommunication industry in 2001,…