Category: FINTECH
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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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Financial Services Innovators launches first Nigerian Industry Innovation Sandbox with backing from Flourish, EFInA, NIBSS, and CBN
The Financial Services Innovators (FSI), a community of fintech enthusiasts passionate about driving innovation in the financial services industry, announced today the launch of the Nigerian Industry Innovation Sandbox, at the sidelines of EFInA’s Financial Inclusion Conference in Lagos. The effort, which is supported by over N250 million naira in multi-year grants from Flourish and…
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Financial Inclusion: Fintech firms got $400 million investment in 2019 – Emefiele
intech firms have seen capital inflow to the tune of $400 million this year, in efforts to build a more financially inclusive country. According to Punch, the Central Bank of Nigeria (CBN), through its governor, Mr Godwin Emefiele disclosed that this investment in fintech firms was part of the plan to improve the reach of financial services and…
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Nigeria’s Central Bank, in Bid to Help Nation’s Underbanked, Takes Measure to Boost Payment Firms
Nigeria’s central bank is planning to issue licenses to more payment providers, aiming to “improve the country’s financial-inclusion rate to 80% by the end of next year from about 60%,” Bloomberg reports. Central Bank of Nigeria Governor Godwin Emefiele spoke in Abuja last week, promising the new licenses “will help support innovation and competition as all…
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MasterCard boss calls for inclusive digital economy
Ifeanyi Onuba, Abuja The President, sub-Saharan Africa, Mastercard, Mr Raghav Prasad, has said there is a need for government to create an inclusive digital economy that will formalise the informal economy, boost growth and productivity. He also said digitalisation of Nigeria’s economy would accelerate the financial inclusion programme of the Federal Government. He said this…
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Everything you need to know about African fintech right now.
Africa-focused financial technology startups are, by far, the tech rave of the moment. In each of the last three years, startups in the sector have received more investment than other sectors – and there’s a basis for this. Across the continent, fintech isn’t so much disrupting traditional financial services as building up a historically underdeveloped…
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Ecobank Says No Charges on USSD Transactions, Seeks Stakeholders’ Collaboration
Ecobank Nigeria has announced that access to its *326# Unstructured Supplementary Service Data (USSD) is at zero cost to the consumer. By this announcement an Ecobank customer who performs transactions on the bank’s platform by dialing *326# is free of the USSD session fee. Patrick Akinwuntan, Managing Director, Ecobank Nigeria who declared this at the…
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Here’s why fintechs need Nigeria’s capital market. And vice versa
For many young Nigerians and business owners, fintechs have made payments easier, lending quicker and wealth management more relatable. Collaborating with and competing against traditional financial institutions, relatively new companies like Paystack, Piggyvest and kwikmoney have experienced impressive user adoption, propelling financial inclusion at a rate arguably faster than at any time in the past…
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Fintechs: Sure way to reach the unbanked
Chukwuemeka Fred Agbata Jnr.(CFA) Prior to the advent of commercial banking in Nigeria, people kept cowries, the medium of exchange that served as money back then, in their various houses, in sacks and other hidden places. Later, when the colonialists arrived, they brought with them the idea of establishing a monetary system, based on coins…