Connect with us

E-Financial

AfDB Approves $1.5 million Grant for Jigawa Solar Project

Published

on

The African Development Bank (AfDB) has approved a US$1.5 million grant from the Sustainable Energy Fund for Africa (SEFA) to support the Nigerian government’s implementation of Phase 1 of the Jigawa 1-GW Independent Power Producer (IPP) Solar Procurement Program.

Amadou Hott, Vice-President for Power, Energy, Climate and Green Growth at AfDB says the approval solidifies the Bank’s commitment to Nigeria in resolving the chronic power shortage and ensuring increased access to sustainable and cost-efficient power.

“It is important for us to deliver a seamless implementation and provide necessary support to the government to conduct an effective IPP procurement process.”

The AfDB says an intergovernmental team led by Rural Electrification Agency of Nigeria will be the implementation agency for the grant.

Jigawa 1-GW Independent Power Producer (IPP) Solar Procurement Program was established to help Nigeria achieve its national goal of reaching 75% electricity access by 2020 and electrifying unserved and underserved areas ( particularly in northern Nigeria where access rates are lowest) as well as increasing the share of renewable energy in Nigeria’s energy mix to 30% by 2030.

The grant will be dedicated towards the completion of outstanding technical and feasibility studies and the design of a masterplan for the entire program site, according to the AfDB.

“Subject to the outcome of the technical and feasibility studies, the Bank will provide additional support to the government in the form of funding of a transaction advisor to design and launch the competitive IPP procurement.

The government has committed to de-risking the program through the provision of land and common facilities including transmission facilities,” reads a statement issued by the financial institution.

Continue Reading
Advertisement
Comments

E-Financial

Global Heists on ATM Machines Imminent- FBI

Published

on

America’s Federal Bureau of Investigation (FBI) has warned banks in Nigeria and others across the globe that criminals are gearing up to execute a global bank heist in the coming days.

 

In a recent confidential alert FBI told international banks that criminals are plotting a concerted global malware attack on cash machines in the next few days.

 

The FBI issued a warning about a highly choreographed fraud scheme known as an ATM “jackpotting”, or ATM cash-out,” in which crooks hack a bank or payment card processor and use cloned cards at cash machines around the world to take out millions in just a few minutes.

 

The alert said the agency had procured information indicating an attack was imminent and that it was likely an “unlimited operation,” which uses malware to exploit network access and get customers’ card information at a large scale.

Once the criminals get the card data, they create fraudulent copies using reusable magnetic strip cards (like gift cards) and hit the ATMs.

 

“Historic compromises have included small-to-medium size financial institutions, likely due to less robust implementation of cyber security controls, budgets, or third-party vendor vulnerabilities,” reads the confidential alert, which was sent to banks last Friday.

 

“The FBI expects the ubiquity of this activity to continue or possibly increase in the near future.”

 

The alert urges banks to review their security systems and use two-factor authentication with a physical or digital token.

 

Other tips include monitoring and limiting administrator and business accounts with the authority to modify typical fraud controls like maximum withdrawal amounts and number of daily ATM transactions.

Continue Reading

E-Financial

Oradian, ANMFIN Unveil New Cloud-based Microfinance Solution

Published

on

As part of their shared mission to boost financial inclusion throughout Nigeria, Oradian and the Association of Non-Bank Microfinance Institution of Nigeria (ANMFIN) have launched a strategic partnership.

Princess Adesola Ogunleye, the President of ANMFIN, commented on the partnership saying, “We are extremely pleased to partner with Oradian. Together we align our shared vision and leverage the success delivered to date.

The partnership will enable all of our MFIs to move to Oradian’s cloud-based solution, helping our members to save time and money through more efficient, digitised processes – no more manual input of data. We and our members are very excited to improve administrative process, reduce high operational costs and offer digital financial services across the country.”

Launching ANMFIN Cloud Express expands the range of solutions that Oradian offers in Nigeria. As stated by Antonio Separovic, CEO of Oradian, “Nigeria was Oradian’s first market when we started Oradian six years ago and we remain committed to solving the financial inclusion challenge here. This partnership is a long-term partnership that is an important step towards this goal”.

The partnership will enable ANMFIN to promote access to financial services for Nigerian clients on a larger scale by using ANMFIN Cloud Express, a core banking system specially built for ANMFIN and its microfinance institution (MFI) members.

ANMFIN Cloud Express, powered by Instafin, is a cloud-based toolset tailored to enable smaller Nigerian microfinance institutions (MFIs) to benefit from a cloud-based solution.

According to Oradian’s Programme Director for Africa Onyeka Adibeli, “ANMFIN Cloud Express enhances MFIs’ ability to manage all operations including client relationships, transactions, portfolio management and reporting in the same way that large banks do – but at a fraction of the cost.

We are removing the barriers that prevent MFIs from using the right technology to serve their clients and to strengthen their operations.”

With a cost and a system tailored for the needs of smaller MFIs, Oradian’s partnership with ANMFIN enables more financial institutions to take advantage of technology to become more efficient, grow and reach more unbanked individuals in rural communities.

Continue Reading

E-Financial

CBN Boosts Foreign Exchange with $210m

Published

on

The Central Bank of Nigeria has sustained its intervention in the inter-bank foreign exchange market by injecting 210 million dollars into the various segments of the market.

 

Mr Isaac Okorafor, Acting Director, Corporate Communications, CBN,  on Tuesday in Abuja, said the apex bank offered 100 million dollars as wholesale interventions and allocated 55 million dollars to Small and Medium Enterprises.

 

Okorafor said another 55 million dollars was allocated to customers requiring foreign exchange for business and personal travels, tuition or medical fees, among others.

 

The CBN spokesman said the the bank was pleased with the performance of the naira because it had continued to enjoy stability against the dollar and other major currencies of the world in recent times.

 

He reassured the public that the CBN would continue to intervene in the interbank foreign exchange market to ensure liquidity in the foreign exchange market and maintain stability.

 

Okoroafor reiterated, in a statement, that the steps taken by the CBN in foreign exchange management had resulted in further reduction in the country’s import bills and accretion to its foreign reserves.

 

It will be recalled that the CBN on Aug. 10, intervened in the Retail Secondary Market Intervention Sales to the tune of 327 million dollars in the agricultural and raw materials and 69 million Chinese Yuan in the spot and short-tenored forwards.

 

Meanwhile, the naira continued to maintain its strong stand against major currencies around the globe, exchanging for N360 to a dollar in the Bureau De Change segment of the market.

Continue Reading

Trending

Copyright © 2017 Communication Week Media Limited.