E-Financial
Aig-Imoukhuede Harps on Role of Securities Exchanges in Economic Growth
Aigboje Aig-Imoukhuede, first vice-president of the Nigerian Stock Exchange (NSE) has emphasized on the role Securities Exchanges in leading global economic growth.
He stated this at the third Building African Financial Markets Capacity Building Seminar (BAFM) at the Johannesburg Stock Exchange in Sandton, South Africa.
In his keynote address entitled “Africa Rising – The Role of Securities Exchanges”. he discussed five areas of opportunity within which African Exchanges can make impactful interventions for the economic wellbeing of their nation states namely; capital formation, income inequality and the wealth divide, economic policy and planning, sustainability and lastly, best practices.
The Seminar was established to promote the growth and development of African financial markets by giving representatives from stock exchanges, regulatory bodies, stock broking firms and other interested parties the opportunity to deepen their operational knowledge about topical subjects related to capital markets.
Speaking on the opportunities in Africa, he predicted that the continent will lead global economic growth in the coming years as Africa has recorded an average growth rate of 5% over the past 10 years, underscoring its resilience to regional and global headwinds.
He stated that: “By reconsidering our current priorities and building on our knowledge base of models and practices that enable us leapfrog from our current third world realities to higher levels of development, we can change the Africa Rising narrative and make it ‘Africa has arrived’”.
He addressed how private and public sector leaders must be made to understand that Exchanges are particularly important in the provision of long-term financing, as they help with mobilizing resources and directing the flow of savings and investments to businesses.
He also highlighted the importance of maintaining consistent policy regimes based on just and equitable principles that will generate and preserve issuer and investor confidence in African capital markets.
Speaking on the NSE, he mentioned that in an effort to raise corporate Nigeria’s level of competitiveness, the NSE recently developed a Corporate Governance Rating System (CGRS) for listed companies in partnership with the Convention on Business Integrity (CBi).
Aig-Imoukhuede also acknowledged that though African securities exchanges are contending with challenges such as trading limited to a handful of stocks and generally low liquidity, he is of the belief that African exchanges must lead the “march for change”, by influencing their governments to implement enabling policies that will encourage the flow of capital and investment to the continent.
In conclusion, Aig-Imoukhuede stated, “While we can talk regulation, market structure, post-trade services and other technical talk, it is important for African exchanges to look beyond the ‘bits and bytes’ of the exchange business, and consider the nuances of our respective environments. As children, citizens and businessmen and women of this amazing continent that is often referred to as the ‘last frontier’, we can take from others’ experiences, but we must do what is right for the future of our nations and our people. The world is getting flatter every day, and with a soring world population we must facilitate the drive for wealth creation for our own people, while providing the platform to which global savings can be channeled. We must use this opportunity to partner with each other, to enable us further unlock our continent’s growth potential, and advance the development of our financial and capital markets.”
E-Financial
MoneyMaster PSB Customers to Enjoy 10% Data Bonus Per Recharge
Customers of foremost payment service bank, MoneyMaster Payment Service Bank (MMPSB), will henceforth, enjoy a 10 percent data bonus offer on every recharge above N1,000 on their Glo lines.
The data bundle offers one of the highest volumes in the country and the data purchases come with 30-day validity, with an automatic rollover of unused data upon subscription for a new plan.
The offer, which is meant to reward loyal customers and new ones, also underscores the bank’s dedication to empowering Nigerians to master their money via efficient offers that make every naira count.
The 10 percent bonus offer is available for Glo customers on banking channels including the MoneyMaster PSB app, USSD banking code *995# and MoneyMaster PSB Web banking.
MoneyMaster is a provider of innovative digital financial products and services that transform lives. It has the mission to deepen financial inclusion and has been pivotal in providing financial technology services to bridge the gaps between the banked, underbanked and unbanked population.
Mr. Julius Arhebun, head of Agency Banking at MoneyMaster, said, the offer shows the bank’s commitment to offering its customers products that enhance their lifestyle and help them master their money.
“With this offer, our existing and new customers can enjoy extended access to quality internet services whether it is streaming their favourite content, browsing top sites, or catching up on trends on their favourite social media apps”, he noted.
He further explained that existing customers can buy a data bundle of N1000 or above from their mobile wallets, savings account or individual current account via our USSD banking code *995#, mobile app or web banking. For new customers, the offer comes via opening accounts via the USSD banking platform or downloading the mobile application.
E-Financial
UBA Set to Establish Subsidiary in Saudi Arabia
United Bank for Africa (UBA) Plc, Africa’s Global Bank, has set the wheels in motion to expand its operations in the Middle East with plan ongoing to open a subsidiary in Saudi Arabia, its largest economy.
This move which is expected to happen within the next year will mark the bank’s second subsidiary in the Gulf Region, following the expansion of its business to the United Arab Emirates in 2022.
Muyiwa Akinyemi, group deputy managing director, UBA, who disclosed this during a panel session during the 8th Edition of the Future Investment Initiative (FII) in Riyadh, Saudi Arabia and in an interview with Arise TV, underscored the bank’s strategic commitment towards fostering Africa’s growth through infrastructure development, youth empowerment, and sustainable partnerships across key global markets.
He said, “Opening a presence in Saudi Arabia represents the next step for us in connecting the Africa-Gulf region. We are excited to bring UBA’s expertise in financial services to Saudi Arabia, where we aim to facilitate knowledge transfer and create strong economic linkages.
“This venture will further enable us to access Saudi expertise in food security, energy transition, and sustainable practices, which are all critical for Africa’s continued development.”
While emphasising the importance of Africa as a strategic investment destination for long-term capital, he said, “Africa’s infrastructure deficit is an opportunity for investors worldwide. Our pitch to the Gulf and Southeast Asia emphasizes that Africa must be part of their investment horizon. Today, food security is paramount as our population expands.
Akinyemi also highlighted the bank’s dedication to nurturing Africa’s youth talent through entrepreneurship.
“Guided by our Group Chairman’s efforts with the Tony Elumelu Foundation, UBA is committed to supporting young entrepreneurs in tech, agriculture, and entertainment, which are all burgeoning sectors in Africa. With such a young and dynamic population, we see enormous potential for innovation and growth.”
He also reiterated the bank’s continuous support for Small and Medium Enterprises (SMEs) in Africa and beyond as he outlined the bank’s commitment to these businesses, which he referred to as key players in the African economy and vehicles for employment and economic growth.
“SMEs are the backbone of economic development in Africa. They contribute significantly to job creation and value chains, particularly within Nigeria. Over the last year, UBA has committed billions to support SMEs across Africa, and our network of over 20 countries enables us to make a substantial impact.”
During the panel discussions, Akinyemi took time to emphasize UBA’s longstanding experience on the continent as it navigates an ever-evolving investment landscape, adding that “As investors, we focus on infrastructure and sustainable projects that encourage economic prosperity while addressing pressing issues such as talent migration.
“Our goal is to ensure that people can thrive in Africa without needing to relocate. By investing in local talent and fostering growth sectors, we contribute to building the next generation of global innovators right here in Africa,” he noted.
The DMD further articulated UBA’s approach to risk management on the continent, emphasizing that the bank’s 75-year history has uniquely equipped it with insights and strategies to navigate diverse markets.
“With over seven decades of experience, Africa is what we know, and that knowledge allows us to manage risks effectively. We see tremendous opportunities in various sectors across the continent, and our continued investments are driven by a commitment to bring economic empowerment to communities, increase GDP, and improve socioeconomic quality. Our anniversary is a celebration of UBA’s legacy of contributing to Africa’s progress. We look forward to leveraging this milestone to drive even greater impact across sectors and empower future generations,” he said.
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than forty-five million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.
E-Financial
PalmPay Marks 5th Anniversary, Highlights Achievements
PalmPay, a leading emerging markets-focused fintech, has marked the 5th anniversary of its operations in Nigeria at a celebratory event held in Lagos recently.
During the event, Palmpay highlighted key milestones in its journey and updates on its growth and impact in the country.
Speaking at the anniversary, Chika Nwosu, managing director, PalmPay Nigeria, said: “We’ve built a platform that 35 million users trust, and with our growing network of agents and merchants, PalmPay is playing a key role in digitising Nigeria’s economy. Looking ahead, our strategy is clear—continue to lead with secure, reliable solutions while fostering partnerships that empower more people and businesses to reach their financial goals.”
At the core of PalmPay’s approach, is making financial services more accessible in a market where traditional banking options have left many underserved.
The new *861# USSD code allows customers to access PalmPay services without the internet, offering greater accessibility for users who run out of data or are in areas with low network coverage.
The company also emphasised its commitment to security at a time when financial fraud is increasing globally.
PalmPay has implemented security measures such as facial recognition, biometric login, and AI-driven transaction monitoring to ensure secure payments. Every account is verified through NIN or BVN, and customers who lose their phones can now freeze their accounts via the newly launched USSD service.
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