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Heritage Bank Plc., said that with the alarming number of market women, artisans and underserved population who are unbanked, it has deepen the retail banking structure by growing agent banking base to 400 ‘Corner Shops.
This is in line with the financial inclusion strategy of the Central Bank of Nigeria, as Heritage Bank Plc launches agent banking services at the coastal town of Badagry in Lagos State.
FXTM Chief Market Strategist Hussein Sayed comments on the tech sector and the Fed’s impact on the Dollar.
Investors fell in love again with tech stocks. The sector which was held responsible for the pullback in equities in the last two weeks is driving indices to record highs. Suddenly valuations are no longer a worrying factor, and Fed tightening is less of a concern. It seems like bargain hunters were waiting for the opportunity to dive in.
The Board of Directors of the African Development Bank (AfDB) has approved a $15 million investment in Shore Capital Fund III, a multinational Private Equity Fund which promotes financial inclusion by supporting financial institutions serving Africa’s low income and emerging middle-class communities.
Federal government has initiated a nationwide tax awareness campaign to capturing 70 million more tax payers in its net.
Briefing the press, yesterday, in Abuja on the initiative, Mrs. Kemi Adeosun, minister of Finance, said 7,500 young graduates would be recruited for that purpose.
According to her, those to undertake the campaign will be engaged for a fixed term of two years.
Juliet Nwanguma, Country manager of PayU Nigeria, said that annual online payments in Nigeria are estimated to surpass NGN200bn this year, from N167bn in 2016.
Data recently released by the Nigeria Interbank Settlement System (NIBSS) showed that 5.5 million transactions worth NGN46.7bn were generated through online sales in the first quarter of 2017.
This is an increase on the quarterly average of 3.5 million transactions worth NGN33bn in 2016. This 58% growth is a clear indication of the increased confidence and preference for online sales among Nigerians.
The growing confidence in Nigeria’s economic recovery was bolstered on Thursday following reports that the nation’s rate of inflation declined for the fourth consecutive month in May to 16.25% , the lowest level in a year, says Lukman Otunuga, research analyst at FXTM.
However, he believes there some economic indices that portend the Central Bank of Nigeria (CN) must be vigilant to absorb any uncertainty in the market.
The National Bureau of Statistics (NBS) on Tuesday said that the country’s inflation dropped to 16.25 per cent in May from 17.24 per cent in April.
Financial and payment professionals do not anticipate any respite from cyberfraud and cyberattacks in the near future, according to a recent survey conducted by TD Bank.
An overwhelming majority (91 percent) of respondents said that they anticipate payments fraud will become a bigger threat in the next two to three years, up slightly from last year (89 percent), according to a press release.
WorldRemit, the leading digital money transfer service has added Android Pay to its service, offering a new way for WorldRemit’s Android Pay users to send money internationally and reach millions using mobile money accounts.
Pioneering a mobile-first approach to the $600bn a year remittance industry, the move sees WorldRemit bringing together the leading players in mobile payments from Silicon Valley and Sub-Saharan Africa.