Category: Digital Banking
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Financial Inclusion: NIPOST, Fidelity Bank moving the process forward
The federal government’s efforts at ensuring that adult Nigerians that do not have access to today’s financial services is bridged is yielding results with some of its institutions partnering to facilitate its workability. DAVID AGBA reports. The strategy The Central Bank of Nigeria (CBN) adopted the National Financial Inclusion Strategy (NFIS) in 2012. The Strategy…
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Financial Inclusion: Access Bank Introduces Loan For Smartphone Purchase
Access Bank has introduced a financing scheme for procurement of phones for more Nigerians to get connected to more businesses online and deepen financial inclusion. Victor Etuokwu, Executive Director, Retail Banking, said in a statement on Wednesday in Lagos that the loan would provide more Nigerians with access to credit under its Device Finance scheme.…
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Lifting cash-less banking with multi-currency card
Collins Nweze The introduction of the cash-less banking was one of the biggest news that hit the sector in January 2012. The objective, the Central Bank of Nigeria (CBN) says, is to change the cash-driven economy and reduce the rising cost of banking. The policy was also designed to promote financial intermediation, financial inclusion, minimise…
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Making Nigeria a credit driven society
In the last few years, financial inclusion has become a regular phrase amongst organisations looking to deepen the reach of financial services to unserved and underserved people across the country. This has given rise to several products, services and strategies typically designed to help a large part of the population access financial services to better…
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Riby empowers Nigerians with easy-to-access loan
Finance technology company, Riby, has said it is poised to empower Nigeria’s unbanked population with an array of financial services available at its disposal. The company, headquartered in Lagos, affirmed during a recent media conference, that it aimed to provide access to finance to about 1.5 million Nigerians who find it hard to access credits…
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Financial inclusion: Expert advocates mobile money adoption.
by Samson Akintaro The Managing Director, Hollaport Technologies Limited, Mr Kabiru Rabiu, has urged Nigerians to embrace the use of mobile money to deepen financial inclusion in the country. He made this call in Lagos during the launch of a new payment-in-messaging platform that brings a mix of social media excitement with financial technology. The…
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Banks enrol 65,753 mobile money agents.
Chances of the Central Bank of Nigeria (CBN) meeting its target of having 500,000 mobile money agents to serve about 105 million adult Nigerians by the year 2020 looks increasingly remote, as financial institutions in the country have so far enrolled only 65,753 of such agents. This means that with less than two years to…
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MTN creates subsidiary for mobile financial services
Ife Ogunfuwa MTN Nigeria has registered a new subsidiary with the Corporate Affairs Commission, Yello Digital Financial Service Limited. The subsidiary, which has yet to commence operations, was created in June 2018 to provide mobile financial services to Nigerians. The creation of a subsidiary is one of the requirements stipulated by the Central Bank of…
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Microfinance Banks in Nigeria- The Prospects.
Jola-michael Samson. T : Financial Inclusionist. Provision of loans is what most people know about microfinance; it is also the provision of payments services to the low-income earner. Microfinance Bank was established by the Central Bank of Nigeria (CBN) to provide these services in order to alleviate poverty. It is evident that this goal has…
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MTN Group launches Africa’s first artificial intelligence service for Mobile Money.
MTN Group is proud to announce the launch of Africa’s first Mobile Money (MoMo) artificial intelligence service or “chatbot”. The chatbot went live in Ivory coast in May and will be rolled out across MTN’s MoMo footprint in the next few months. The artificial intelligence mobile money “assistant” enables customers to engage with MTN’s MoMo…