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Mobile Money Platform Gets Boost with Glo Xchange

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Mobile money financial services in the country received boost with the launch of Glo Xchange, a mobile money agent network that is aimed at accelerating the mobile money revolution in the country.

Godwin Emefiele, Governor, Central Bank of Nigeria (CBN), said that the launch of the partnership in Lagos yesterday that the apex bank is determined to use telecommunications to deepen financial services in the country in order to reduce the 46 percent of the population that does not have access to financial services.

He noted that a functioning payment system will bring about economic growth. He added that: “it is my expectation that existing telecommunications operators form a synergy with mobile money operators to build Agent network, it is in view of this expectation that I’m delighted in the launch of Glo Xchange”.

He describes the initiative as first mobile money super-Agent network in Nigeria.

Kamaldeen Shonibare, head of corporate Sales, Globacom, said that Glo Xchange was painstakingly developed in partnership with licensed mobile money operators, Firstmonie, Ecobank, Stanbic IBTC and Zenith bank.

“With this initiative, Globacom has provided the requisite platform for our partner banks to deploy mobile money services. Glo Xchange will enable the banks’ current and potential customers to carry out transactions under the three areas of banking transactions- deposits, withdrawals and transfers. Our partners will leverage on our company’s Gloworld shops, Glo Zones and Dealers’ outlets as well as their extensive retail financial market experience and customer base to push the service nation-wide. Under this arrangement, Globacom will be required to provide agent recruitment, training and management service to Glo Xchange,” he said.

He explained further that Glo agents will serve all the banks’ mobile money customers and Glo Mobile subscribers whether they have bank accounts or not.

“The banks, on their part, will provide their mobile money platform to mobile subscribers in the compliance with CBN policy on mobile payments. It will also provide specialized trading platform and merchandising materials to the recruited agents while managing customer accounts and support services,” he stated. 

Minister Commends Etisalat for Promoting Entrepreneurship Drive

Dr. Oluseguin Aganga, minister of Trade and Investment, has commended Etisalat Nigeria, Pan Atlantic University and the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) for consistently promoting initiatives aimed at the growth of Small and Medium Enterprises in the country. This commendation was made in a keynote address delivered at the Abuja leg of the Etisalat sponsored Market Access recently held at Ibeto Hotel.

He noted that the one-day business networking and knowledge sharing session will afford small and growing businesses the opportunity to key into the value chain of large enterprises and help drive entrepreneurship spirit in Nigeria.

According to him, Small and Medium Size Enterprises remain the backbone of the development for most economies around the world adding that the sector is currently has abundant growth opportunities.

“I must commend the partnership of Etisalat Nigeria, Pan African University and the Small and Medium Enterprise Development Agency (SMEDAN) for being consistent with the initiative. SMEs are the most economic sector in the country and it is my day to day goal to bring massive growth to this sector of the country. I am always inspired to attend events like this where stakeholders in the SME sector converge.” He said.

Addressing participants at the seminar, Bidemi Ladipo, head, Business Segment Marketing, Etisalat Nigeria, expressed delight at the turnout of participants at the session, noting that the attendance and testimonies of the impact of the seminar is encouraging.

“At Etisalat, we are passionate about the growth of growing businesses and entrepreneurs. We remain committed to providing them with every necessary support they need to thrive in their various industries. We recently awarded N2 million each to 10 entrepreneurs in our Easybusiness Millionaires Hunt scheme and I am delighted that some of them are present here in Abuja to share their experiences and how far they have gone in their businesses.” He stated.

The Market Access platform, now in its third year, is a quarterly networking event that has recorded tremendous success in the SME segment.

The initiative has held in different cities across the country in a bid to empower small and medium scales enterprises across the country. Before the Abuja leg, the event has held in Lagos, Port Harcourt, Enugu, Calabar and Uyo. It has recorded a combined total audience of over 2,000 people.


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E-Financial

MoneyMaster PSB Marks 2024 Global Money Week

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MoneyMaster Payment Service Bank Limited (MMPSB), Nigeria’s payment service bank, is joining blue chip companies and other corporate entities across the globe to celebrate the 2024 Global Money Week from March 18 to 24, 2024.

In a press statement issued on the celebration, MMPSB emphasized  its commitment to the provision of top-notch banking services to its customers at all times, including payment services through wallets, savings, individual and business accounts, as well as provision of a platform for customers to buy airtime/data, pay bills and subscribe to cable television, amongst others.

MMPSB said its plans for the week include a “Catch them Young” experiential campaign to tutor kids on the need to embrace savings and investment culture. An estimated 5,000 students from across major schools in Nigeria have been programmed to participate in the week-long financial literacy training in the bank’s coordinating centres across 10 states.

Besides this, the MoneyMaster team will also engage teachers and enlighten them on basic knowledge of savings and investment for future purposes.

The bank added, “As part of the week-long celebration, MoneyMaster PSB will also be releasing thought leadership videos on safety and security on how banking customers can protect themselves. These videos will be shared to its customers via direct email and also on its social media handles for the benefit of the general public”.

The week, celebrated annually, creates global awareness-raising campaign on the importance of ensuring that young people, from an early age, are financially aware, and are gradually acquiring the knowledge, skills, attitudes and behaviour necessary to make sound financial decisions and ultimately achieve financial well-being.

“Protect your money, secure your future”, the theme for this year’s celebration,  is focused on safe money management, underscoring  the importance of adopting a responsible and informed approach to personal finance, by being aware of potential risks in the financial sector and protecting one’s hard-earned money.


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E-Financial

Moniepoint Emerges Lead Sponsor of Payments Forum Nigeria – PAFON 1.0

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Moniepoint Inc. a global digital financial services provider with operations in Nigeria and an ongoing expansion into other emerging markets, has emerged the lead sponsor of the maiden edition of Payments Forum Nigeria (PAFON 1.0).

Payments Forum Nigeria [PAFON] is an event focused on providing inside-look at the payment industry in the country, offering perspectives from key stakeholders, including payment networks, technology innovators, leading merchants, issuers, acquirers and payment processors.

The Forum is scheduled to take place this Thursday, March 21, 2024 at the Oriental Hotel, Lekki Road, Lagos by 9am-12noon, under the theme: “Payments: Trust, Security and Privacy in AI Era”.

Register here: https://bit.ly/4c4N19H

Moniepoint Inc., founded with the vision to create a society where everyone experiences financial happiness, joins other sponsors of the event: Digital Encode Limited (a leading consulting and integration that specializes in the design, management, and security of business-critical architecture); Cybervergent (a company dedicated to helping protect business sensitive data from cyber-attacks, including customer information, financial records and intellectual property); Payble (a fintech startup that modernises local government payments such as creating citizen-centric payment experiences, delivering flexible billing and simplified rate collection, and Inlaks, an IT company that offers core banking, fraud management, cybersecurity, cloud, data center, enterprise risk management, amongst other industry players.

Moniepoint Inc is the parent company of TeamApt Limited, a Central Bank of Nigeria (CBN) licensed Switch and Processor, and Moniepoint Microfinance Bank, a CBN-licensed Microfinance Bank, and operates the largest distribution network for financial services in Nigeria through its subsidiaries, and has been awarded by the CBN in 2022 as the most inclusive payment platform in the country.

Over 70 million people use their cards on Moniepoint’s POS terminals monthly across every local government in Nigeria.

Led by its Group CEO, Tosin Eniolorunda, Moniepoint Inc.’s technology has powered businesses, offering all the payment, banking, credit and business management tools they need to succeed. It aims to power the dreams of businesses, their employees and customers by providing them with the financial technology tools they need to grow, no matter their digital literacy level.

Moniepoint Inc. currently processes the majority of the POS transactions in Nigeria through its subsidiaries, processing over $182 billion in TPV. It is Africa’s largest Fintech by transaction volume. It is profitable and, in 2022, became QED Investors’ first investment into Africa.

Moniepoint Inc was recently named as the Fintech Company of the Year by the Leadership Newspapers Group.

Speakers:

Meanwhile, speakers lined for PAFON 1.0 are: Chibuzo Efobi, Director, Payments System Management, Central Bank of Nigeria (CBN); Festus Amede, Chairman, Committee of Chief Information Security Officers of Nigerian Financial institutions (CCISONFI); Dr. Adewale Peter Obadare, Chief Visionary Officer (CVO), Digital Encode Limited; Adetokunbo Omotosho, Chief Executive Officer, Cybervergent; Roosevelt Elias, Founder, Payble; Ikenna Ndugbu, Chief Compliance Officer, Moniepoint MFB, and others.

Participation:

Participation is FREE, however, pre-registration is required: https://bit.ly/4c4N19H


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E-Financial

BVN Registration Hits 61.16m

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Nigeria Inter-Bank Settlement System has said the registration for the Bank Verification Number (BVN) has now increased to 61.16 million, according to Vanguard report.

NIBSS disclosed this on its website on Saturday, adding that the BVN is 61,166,384 as of Friday, March 15, 2024.

Earlier in the year, the agency had reported that as of January 26, the BVN count stood at 59.9 million.

This indicates that there have been 674,280 new registrations for BVN between late January and mid-March.

The need for Nigerians to register their BVN arose following the demands by banks and telecommunication companies asking people to link their accounts and phone numbers with SIM.

Majority of Nigerians have let out their frustrations at some point when the linking of BVN with accounts were not successful.


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