E-Financial
CBN Commits over N1.3 trillion to Boost Economy
The Central Bank of Nigeria (CBN) has committed over N1.3 trillion to various intervention programmes, in order to boost the economy, in the last one and half years following the outbreak of the COVID-19 pandemic.
Mr. Osita Nwanisobi, the Director of Corporate Communications of the bank, disclosed this, yesterday, at the 16th International Trade Fair organised by the Abuja Chamber of Commerce and Industry (ACCI).
The Bank’s critical objective was to restore stability in the economy by providing assistance to individuals, SMEs and large corporates that had been severely impacted by the pandemic, as well as by the lockdown measures during the period. Some of the measures taken by the Bank include, amongst others:
He said that the N343.21 billion has so far been released to 726,198 beneficiaries, comprising 602,730 households and 123,468 Small and Medium Enterprises through the Targeted Credit Facility (TCF).
The CBN spokesman said that another N134.57 billion was given to 38,140 beneficiaries under the Agribusiness/Small and Medium Enterprises Investment Scheme (AGSMEIS).
Similarly, he disclosed that over N756 billion to 3.7 million farmers cultivating over 4.6 million hectares of farmland under the Anchor Borrowers Programme (ABP).
According to him, N98.41 billion was disbursed in loans to support 103 healthcare projects, of which 26 were pharmaceutical companies and 77 healthcare institutions.
Mr. Nwanisobi who spoke on the theme: “Exploring the Opportunities of Africa Continental Free Trade Area (AfCFTA)
Said that Nigeria and other African countries that were signatories to the Agreement were expected to benefit from the elimination of tariff and non-tariff barriers (lowering trade costs and simplifying customs procedures) among member nations.
He added, “AfCFTA also provides Nigeria and other member countries with access to a large market, as movement of capital, people, goods and services would become easier within the free trade area.
“Similarly, it will facilitate increase in trade volumes, competitive prices and technological transfers among member countries; and serve as potential to boost intra-African trade, lift over one hundred (100) million Africans out of poverty while increasing wages including those of women and the unskilled workers if implemented successfully.’
The director expressed optimism that AfCFTA would increase inflow of foreign investments which would strengthen the foreign exchange market.
“At the Central Bank, we continue to take active steps and make policies to encourage growth and sound financial system, which would foster economic development, restore confidence in the economy and effectually conserve the reserves,” he added.
Mr.Nwanisobi urged Nigerians to focus on the production of items in which the nation comparative advantage “and also buy Nigerian products to grow Nigeria as a nation that is totally self-sufficient in producing what we consume and creating jobs for our youth will ultimately drive sustainable growth that will make life better for all our citizens.”
The apex bank spokesman assured that the institution, under the leadership of the Governor, Mr. Godwin Emefiele, would “not rest on its oars until Nigeria gets to its destination of inclusive economic growth and sustainable development.”
In his address, the President, ACCI, Dr Al-Mujtaba Abubakar, who was represented by the 2nd Deputy President, ACCI, Prof Adesoji Adesugba, commended the CBN its Programmes and policies toward boosting the economy.
He acknowledged the impact by the CBN programmes on keeping economic activities going despite the ravaging Coronavirus (COVID-19) pandemic.
According to him, “We understand the dimension and the depth of issues involved in being a Central banker in times of national economic emergency.
“Having said that, I want to state that only during the Nigerian civil war has any Central banker faces current level of economic complexity occasioned by multiple factors, many of which are beyond the control of the Central Bank.
“The global pandemic (COVID-19), added to local economic peculiarities, present enormous threats and opportunities to the apex bank. When insecurity is added, the ecosystem defies the best of innovations and out of box thinking.
“We want to note, however that despite the perplexing operating space, the Nigerian Central Bank leadership has transformed threats to opportunities.
Under my brother and colleague, the Central Bank Governor, Chief Emefiele, the apex bank has come to the rescue of the nation by embracing developmental financing tools to contain a recession that was dovetailing into depression.
“The many interventions of the CBN significantly restored GDP growth and created the resurgence of the non -oil sector as a critical segment of GDP.”
E-Financial
EFCC Says Nigerian Banks are Notorious Conduits of Financial Crimes
Economic and Financial Crimes Commission (EFCC) has warned banks against making themselves available as instruments of fraud.
Ola Olukoyede, charman, EFCC, issued the warning on Friday when the management team of Moniepoint, led by Tosin Eniolorunda, its founder and Group CEO, paid a courtesy visit to the commission’s headquarters in Abuja.
Speaking through Michael Nzekwe, his chief of staff, the EFCC boss noted that Nigerian banks over the years have become notorious as conduits of financial crimes and advised them to turn a new leaf for the sake of the growth of the country.
“There’s hardly any financial crime that would not go through the financial institutions. Money laundering is a major issue and you find out also that the perpetrators go through the banks. Nigeria will be the greatest beneficiary when we do the right thing,” he said.
Addressing the Moniepoint delegation, Olukoyede said, “Try as much as possible on your own to avoid any form of connivance and don’t be a channel for money
“Don’t be a tool. Don’t make your system porous. You are a major stakeholder when it comes to the fight against corruption. We are open and would assist, however we can. No one is above the law”.
Olukoyede observed that there was a high level of poor internal control by fintechs at the level of the unbanked, the under-served and the middle class population spectrum.
“There’s quite a whole lot of fraud that goes around that particular level, so the issue of KYC (Know Your Customer) is very important, especially because of the issue of how fintechs open tier-one accounts, sometimes without attention to KYC.
“And people take advantage of this and are quick to commit fraud through this negligence. So, that’s one area you have to also look at to see how you can improve on your KYC.
“Increasing your level of collaboration with the EFCC would mean to see yourselves as stakeholders in the fight against corruption.
“We would like you to be able to respond to us when we make inquiries and when we make requests.
On EFCC’s readiness to collaborate with Moniepoint, Olukoyede stated that, “On our part, we are open to whatever it is that you want us to do. We value it that you are here today to seek a stronger tie and collaboration.
“When we have stakeholders come in and want to be part of what we are doing, majorly stakeholders like you, it gives us joy because we know that no one man can fight corruption alone.
“The collaboration you seek tells us that you want to strengthen your system; you want to be able to create more internal controls. You want to be able to put in place things that will mitigate those weaknesses that will lead to fraud within your system, that’s what we do. Our core mandate is enforcement and investigation of economic and financial crimes. So, we’re glad and wish to collaborate with you”
Earlier in his remarks, Eniolorunda noted that the expansion in the operations and services of the fintech and microfinance company have come with challenges which have made the need for a strategic collaboration with the EFCC compelling.
“Moniepoint has over the years grown to become one of Nigeria’s largest payment service providers and the bank for mostly mid-class businesses and the under-served.
“Today, Moniepoint processes roughly 70% of Nigeria’s payments on Point-of-Sale (PoS) and transfers. We are present also in the UK and we are going through some potential set-up also in Kenya, which is at an advanced stage with its Central Bank. And also in Tanzania.
“Of course, with all this growth comes also challenges. One of the biggest challenges is the nature of our country, where if people find the opportunity to make fast money, they will make fast money. And we have realised that as Moniepoint is helping people make ends meet, these sorts of people are also trying to use Moniepoint channels to achieve their criminal objectives.
“So, we are actively fighting, improving all the necessary KYC accounts, money laundering and fund protection systems, but we know that we can’t do this alone. There are experts in a government organisation like the EFCC that we believe we need to have a strategic relationship with to be able to fight these people together.
“There are intels that you see that we don’t see. There are many things that come across your desk, every day that we don’t see. There are also things that we see that we think that if we should show to you, we will all be able to come together and fight these bad guys. We have, over the years improved on many things; discover a lot of potential fraud, collaborated with law enforcement agencies.
“With our whole management team, we will be able to find a strategic partnership with the EFCC that would take us to the next level.
“So we need to quickly build stronger alliances to prevent any form of risks that will blossom into national security issue,” he said.
E-Financial
N159m Up for Grabs in Fidelity Bank’s GAIM 6 Promo
Fidelity Bank Plc, leading financial institution has announced that it will be giving out N159 million to lucky customers in its recently launched Get Alerts in Millions Season 6, (GAIM 6) promo.
Speaking at the press conference to kick off the promo at the bank’s Lagos head office, Executive Director, Lagos & South-West, Fidelity Bank Plc and the Promo Committee Chairman, Dr Ken Opara, said that the aim of the promo was to build a culture of financial discipline and enable the bank’s customers improve their standard of living, achieve their goals, and secure a brighter future for themselves and their families.
He said, “Over the years, we’ve seen firsthand how GAIM has transformed lives by helping customers pay off debts, fund their children’s education, start-up businesses, and invest in projects.
“These stories of the transformative power of GAIM in the lives of our customers, motivated us to raise the stakes with each new season, and I am excited to share that GAIM 6 will feature an even larger prize pool with over N159 million in cash prizes.
“As a Bank, we remain committed to ensuring this season is bigger and better than ever. In the coming months, we will provide additional updates through roadshows and community outreaches, and we encourage you to join us in spreading the word and inviting your friends and family to be a part of this initiative.
“While GAIM provides an opportunity to win numerous cash prizes, it is important to state that GAIM is not just about winning prizes. It’s about changing the financial fortunes of our customers, strengthening communities and contributing to the country’s economic growth.
“The financial advisory services we offer to our winners are an essential part of providing key insights that help our winners preserve and grow their earnings in a sustainable manner.”
To participate in the promo, Osita Ede, Divisional Head, Product Development, Fidelity Bank Plc said, “The customer needs to have a savings account with Fidelity Bank, and make sure that from today, that you’re putting money in that account.
“And once your balance is increasing, every N5000 you put in, you qualify for the basic rewards, the ones that happen quarterly, the N10,000.But for the N1 million rewards you need to have at least a minimum of 10,000 naira.
“Every 10,000 Naira in your account gives you a ticket. With that ticket, you stand a chance of winning N1 million naira every month.
“We have 10 winners emerging every month with N1 million naira each. So, for the period of nine months, that’s 90 customers getting N1 million naira each.”
Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.
The bank has won multiple local and international awards including the Export Financing Bank of the Year and Excellence in Digital Transformation & MSME Banking at the 2024 BusinessDay Banks and Other Financial Institutions (BAFI) Awards; the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
E-Financial
Africa Processed 49Bn Transactions in 2023 – SIIPS Report
The SIIPS Report which offers valuable insights into the opportunities and challenges facing Africa’s digital payment systems has said that 2023 was a landmark year, with 49 billion transactions processed across the continent—the highest volume recorded to date.
This staggering number underscores a broader trend: the shift towards digital, fast, and efficient payments is becoming a cornerstone of Africa’s economic growth.
The SIIPS Report 2024, launched in Accra on Thursday, showcases the remarkable growth of Instant Payment Systems (IPS) across Africa, emphasizing their role in advancing financial inclusion.
With 31 operational IPS in 26 countries and another 27 on the way, the report reveals a 37% growth in transaction volume over five years.
While digital payment adoption surges, barriers remain for vulnerable groups, especially women, who face security and fraud concerns.
Despite progress, no system has fully achieved inclusive access, affordability, or transparency.
The report emphasizes the need for collective efforts to expand IPS, particularly in rural areas, to ensure universal financial inclusion by 2030.
Supported by partners like the World Bank and UNECA, the SIIPS Report offers valuable insights into the opportunities and challenges facing Africa’s digital payment systems, calling for innovation and regulatory support to achieve seamless, cross-border payments across the continent.
More importantly, the total value transacted surged at a remarkable average annual growth rate of 39% from 2019 to 2023, reaching over $1 trillion last year.
Such figures highlight Africa’s increasing reliance on digital financial systems and indicate a seismic shift in how money moves.
- News2 days ago
ALX Organises First-ever Business Showcase for its Community Entrepreneurs
- Telecom2 days ago
Treepz Embarks on Global Expansion Journey with Trade Accelerator Program
- Telecom2 days ago
Airtel Africa-UNICEF Partnership Connects 1,200 Schools, 1M Africa Children to Digital Education
- Telecom2 days ago
Kari Toriola: How Telecom Can Propel Nigeria to a $1 Trillion Economy
- Broadcasting2 days ago
Betland’s Impact: Dotun Ajegbile Drives Change in Underserved Areas
- Broadcasting2 days ago
Flymate Travel Unveils Visadoc App to Enhance Travel Convenience
- Telecom2 days ago
Galaxy Backbone, Bauchi State Government Sign Landmark MOU to Enhance Digital Infrastructure and ICT Capacity
- Telecom2 days ago
Empowering Women: Hermplify’s AI Platform Targets Africa’s $300B Digital Economy