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IFC Aims to Spur Innovation in Emerging Markets

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IFC, a member of the World Bank Group, plans to double to $1 billion its portfolio of venture capital investments over the next two years to support technology entrepreneurs and accelerate innovation in emerging markets.

The increase, announced at the Global Entrepreneurship Summit here, includes $500 million in direct investments as well as $150 million in technology VC fund managers.

These investments will be made to support entrepreneurs at various stages of development—including businesses that haven’t yet reached the seed-investment stage, said Nikunj Jinsi, IFC’s global head of venture capital.

“Today, growing use of smartphones, sensors, and big data is spurring generational change in sectors like healthcare and education, allowing entrepreneurship to thrive in frontier markets,” Jinsi said.

“To encourage these developments, IFC will substantially step up its funding efforts to support innovative businesses and early-stage fund managers, with the intent to support innovation ecosystems and new opportunities for growth such as digital health, new age education systems, and mobile services.”

IFC’s VC group aims to promote innovative technologies that can have transformative impact on people’s lives—by lowering costs and expanding access to essential goods and services in emerging markets. It focuses on several key technology sectors—including health, education, financial services, energy efficiency, and consumer internet. Through this group, IFC has developed a portfolio of direct equity investments in startups in every region of the developing world, in addition to a growing number of investments as a limited partner in VC funds.

Companies in IFC’s VC portfolio include Andela, a Nigerian education company; Portea, an Indian healthcare company; Planet Labs, a satellite imagery company; Hepsiburada, a Turkish consumer internet company; and Souq.com, a Middle Eastern consumer internet company.

IFC has been a leader in spurring innovation through technology in emerging markets. One example is TechEmerge, a recently launched first-of-its-kind matchmaking program that connects tech startups from around the world with larger corporations in emerging markets to conduct local pilot projects and build commercial partnerships.


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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