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Over the years, the growth in economic activities and the upsurge in population had necessitated the rise in the volume of banknotes in circulation. The volume of naira notes in circulation in the country as of the end 2012 rose significantly by 10.34 per cent to 7.9tn pieces, as of half year of 2018, according…

In a gathering of capital market stakeholders and FinTech experts, last Friday, InfoWARE Limited launched Grow my Kudi – a revolutionary platform that is going to help Nigerians and Africans as a whole gain the skills they need to successfully tackle economic and capital market challenges such as lack of financial inclusion, lack of innovation,…

Determined to boost financial inclusion, Access Bank Plc says it is targeting a customer base of 65 million by 2022, through financial digital products.Access Bank’s Head, Business Development and Planning, Mr Chinedu Onuoha gave the figure at the unveiling of ‘Access Money Wallet’, a product introduced to drive financial inclusion in Lagos last Friday.Onuoha said…

The Nigerian Stock Exchange (The NSE or The Exchange) is set to launch X-Mobile, a dynamic and user-friendly mobile app, to enhance investors’ participation in the Nigerian capital market. The NSE mobile app which is currently in its Beta state will be launched at the 2019 NSE Market Data Workshop taking place on Wednesday, September 11,…

Financial services agents across the North-Central region of Nigeria, have called on the Central Bank of Nigeria and the Nigerian Inter-Bank Settlement Systems, NIBSS, to work out measures to speedily resolve the rate of failed and delayed transactions on the point-of-sales, POS, machines while carrying out their mobile money and agency banking operations. This was…

The Central Bank of Nigeria (CBN) has sought standard practice from financial technology companies (fintechs). The apex bank said there was a need for fintechs to adhere to its policy framework that guides their operations in the financial sector.  Samuel Okojere, the Director, Payment Systems Management Department, CBN, explained that the Central Bank was trying to build an ecosystem that would allow everyone to have the…

Charles Okonji Financial experts have disclosed that digital financial services would be creating over 95 million jobs, which can add 1.6 billion unbanked people to the formal economy and will also increase the GDP of developing countries by $3.7 trillion in 2025. According to the President/Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN),…

Fakoyejo Olalekan Ever since the Central Bank of Nigeria (CBN) approved that telecommunication companies should operate mobile money, there have been talks about the future of banks and how the network providers can affect the growth of lenders. It has however been revealed that the growth of telecom’s mobile money service is dependent on the regulation of…

If latest data from the Nigeria Interbank Settlement System (NIBSS) is anything to go by, the chances of the Central Bank of Nigeria (CBN), deposit money banks and other operators in the financial system achieving their target of 70 million Bank Verification Number (BVN) enrolments by 2020 look increasingly remote, findings by New Telegraph show.…