Interswitch, Africa’s leading integrated payments and transaction switching company and EVSL, developers of FuelVoucher (fuelvoucher.com.ng) in 2015, the distribution network of the electronic fuel purchasing solution has been further broadened considerably in further partnership with 3 of the leading downstream oil marketing firms, OVH Energy Marketing, Forte Oil & RainOil in Lagos.
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Path Solutions, the leading Islamic financial software company, has been recognised as ‘Core Banking System Provider of the Year - Islamic Finance’, while its cutting-edge iSHRAQ*Microfinance was selected as ‘Sharia-Compliant Microfinance Solution of the Year’ for the third year running, at the recently concluded ACQ5 Global Awards 2017.
Card fraud loss trends dipped in 2016, but escalating losses in 2017 hint that it could be a record year for fraud, according to a report by CUNA.
Robert Jarosinski, senior consultant for risk and compliance solutions at CUNA Mutual Group, told a CUNA conference audience recently that despite new fraud-fighting tools and technologies, criminals continue to have the upper hand.
Federal government plans to sell N135 billion worth of bonds in its July 12 auction, the Debt Management Office (DMO) has said.
The offer circular, which was obtained from its website on Wednesday in Abuja, said it would sell N35 billion of bonds that would mature in July 2021 at 14.50 per cent.
It would also sell N50 billion at 16.28 per cent to mature in March 2027, while another N50 billion of paper would be sold at 16.24 per cent to mature in April 2037.
All the bonds on offer are re-openings of previous issues, the circular said.
A new study by International Data Corporation (IDC) discusses how the insurance industry's digital mission is driven by the challenges facing existing business models from the change in expectations of customers and partners, technology innovations, regulatory demands, and sociopolitical and economic disruptions.
Citibank has granted N500m loan to Accion Microfinance Bank as part of efforts to promote the development of the microfinance sector in Nigeria.
Lola Oyeka, bank’s Country Public Affairs Officer for Nigeria and Ghana, made the announcement in a statement she issued in Lagos.
According to her, the grant will fund Accion’s loan portfolio and support the development of approximately 5,000 micro and small enterprises in the country.
She also said the loan agreement would support the Central Bank of Nigeria’s National Financial Inclusion Strategy.
FXTM Research Analyst Lukman Otunuga comments on Asian stock movements, following rising US – China tensions over North Korea.
Asian stocks concluded lower on Tuesday while European equities were under pressure as geopolitical tensions stemming from North Korea’s missile launch have encouraged investors to develop a more cautious stance.
It appears that geopolitical risks are starting to reappear in the headlines, something that has been complemented by reports that President Trump believes China should be doing more to contain the situation.
Visa Inc., the global leader in payments, and Interswitch, Africa’s leading integrated payments and transaction solutions company, have announced that they will partner to accelerate mobile payments adoption across the region.
The partnership will see Visa and Interswitch upgrade the digital banking applications of leading banks to include mVisa, as well as enable more merchants to accept mVisa payments.
Nigerian banks lost some N16.5 billion in 31,736 fraud cases between January 2014 and December 2016, according to Punch which quoted figures it obtained from the Central Bank of Nigeria (CBN).
The fraud statistics are contained in the Nigerian Electronic Fraud Report, which was prepared by the Banking and Systems Payment Department of the CBN.
The frauds were perpetrated through various payment channels in the banking sector such as Across the Counter, Automated Teller Machines (ATMs), cheques and electronic-commerce platforms.
Central Bank of Nigeria (CBN) on Friday said that total credit granted by Microfinance banks to Micro Small and Medium Enterprises (MSMEs) has hit N214.32 billion as at December 31, 2016.
Mrs Tokunbo Martins, director of Other Financial Institutions Supervision Department (OFISD), made this known at the 2nd Annual Professional Training organised for Lagos state Microfinance banks operators.