Category: FINTECH
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With Two PSB Licences, Telcos Set to Deepen CBN’s Financial Inclusion
Emma Okonji and Nosa Alekhuogie Fresh facts have emerged that two out of the three institutions the Central Bank of Nigeria (CBN) recently granted Approval-in-Principle (AIP) to commence operations as Payment Service Banks (PSBs) are owned by two of the leading telecommunications companies (telcos), THISDAY investigation has revealed. THISDAY gathered that with this development, telcos…
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EFInA: Financial exclusion rate drops to 36.8 per cent
The global pursuit of financial inclusion as a vehicle for economic development has yielded positive impact in Nigeria as the exclusion rate has reduced from 53 per cent in 2008 to 36.8 per cent in 2018. Despite overall progress, gender gap still remains. According to the EFInA Access to Financial Services in Nigeria, 57 per…
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Nigeria lags in telecommunication and mobile money
Every month, Ifeyinwa Abel, the secretary of a Pentecostal church in Lagos, spends as much as a quarter of her salary sending money to pay for diabetes drugs to her mother 700km away in Abia Ohafia, a small agricultural village. It isn’t easy. First Abel, 35, has to go to a bank branch in Lagos,…
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Three Nigerian start-ups, 9 others to showcase businesses at Investors’ Summit in S/Africa
Venture Capital for Africa (VC4A) has announced the 12 ventures (11 Series A and 1 Seed+) for its 2019 Venture Showcase. According to the firm, these companies represent the best investment opportunities on the African continent. “They have been vetted by 40 VC investors through a rigorous referral and selection process. “The companies demonstrate strong…
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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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Interswitch celebrates 10 years of deploring Verve as global payment solutions
Leading Indigenous payment solutions company, Interswitch Nigeria on Friday marked 10 years of deploring Verve cards as trusted payment solutions in Nigeria, Africa and across the globe.Speaking during the anniversary ceremony in Lagos, Group GMD/Founder, Interswich Nigeria, Mitchell Elegbe said the survival of the brand was as a result of hard work, resilience, learning, unlearning…
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MTN’s MoMo Agent plans to aid financial inclusion in Nigeria
A subsidiary of MTN Nigeria, Y’ello Digital Financial Services, last month launched its super-agent network service named ‘MoMo Agent.’ The launch held in Abuja after the firm had successfully been awarded a Super-Agent License by the Central Bank of Nigeria (CBN). With the fintech strategy, the company joins the ongoing efforts to accelerate the CBN’s…
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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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FINTECH: Driving Financial Inclusion in Nigeria.
As the pension and insurance sectors of the economy aggressively begin the process of enhancing their services to meet the 40 per cent financial inclusion target by 2020, experts are rooting for various strategies to achieve the goal The overall target of the revised strategy is to reduce the percentage of adult Nigerians excluded from…