E-Financial
CBN Targets 25,000 Women, Youths in Fresh Push

In its drive to ensure the Digital Financial Inclusion, DFI, of women and youth across Nigeria, the Central Bank of Nigeria, CBN, has targeted 25,000 among the two group for immediate outreach.
The bank and its stakeholders are billed to engage target groups in selected States in order to facilitate their economic empowerment and inclusion.
A statement from the CBN noted that the programme also aims at implementing the Bank’s framework for advancing women’s financial inclusion in Nigeria and improve access to financial products and services amongst vulnerable segments of the Nigerian society.
The digital financial inclusion drive scheduled to commence from Gombe State, on Monday, November 1 through to Friday, November 5, is the first of six engagements expected to cut across states with high numbers of financially excluded women and youth.
The statement identified Bayelsa, Ebonyi, Jigawa, Niger and Oyo as the other states with high populations of vulnerable financially-excluded women and youths.
It added that those who fall into these groups are expected to benefit from the drive throughout the rest of the year.
According to the CBN, the drive is expected to, among other things, improve financial literacy and build awareness on the benefits of the use of digital financial services and contribute to increased access to payments, savings and credit enhancement opportunities for rural women and youth across the country leveraging digital platforms.
Similarly, it is expected to promote the uptake of other financial products and services amongst women and youth including insurance, pension and capital market products through agents.
The DFI drive for women and youth in Gombe State will hold across Biliri, Kaltungo, Akko, Yemaltu Deba and Dukku Local Government Areas and specifically create awareness on the Central Bank Digital Currency and its benefits, credit enhancement schemes of the Government and other financial products and services.
The target for the drive is to reach at least 25,000 women and youth across the State.
Meanwhile, a recent report published by McKinsey Global Institute highlighted the critical importance of women’s financial inclusion to global GDP growth and notes that if countries in Africa can focus on closing gender gaps in their respective jurisdictions, the continent could add $316 billion or 10 percent to GDP in the period to 2025.
Nigeria currently has a National Financial Inclusion rate of 64.9%, and a financial inclusion gender gap of 8% and proposes to achieve 93% overall financial inclusion and close the gender gap in access to finance by 2024.
According to the 2020 A2F survey by Enhancing Financial Innovation and Access in Nigeria (EFInA), only 26% of adult women and 27% of youths in Gombe State have access to one form of financial product or service.
In addition to reducing the high statistics on women’s exclusion, the CBN’s digital financial drive is also expected to help curb restiveness amongst the youth population by exposing them to economically viable ways of improving their livelihoods and ensure that they understand the need for safety of their funds protected within formal financial institutions.
E-Financial
Titan Trust Bank Selects Oracle FSS for Core and Digital Banking Technology

Titan Trust Bank has selected Oracle FSS for its core and digital banking technology, it is understood.
The start-up bank recently obtained its license by the Central Bank of Nigeria (CBN).
It’s understood that Temenos and Infosys also competed for the deal.
The shortlist came down to the two most widely installed international core systems in Nigeria, Infosys’ Finacle and Oracle FSS’s Flexcube.
The Nigerian banking sector has seen a great deal of upheaval over the years, with many mergers, start-ups and closures. Flexcube is a well respected name since the late 1990s (the pioneer was Access Bank, now one of the country’s top five banks) and has been a commonly selected platform since then.
The new bank is believed to be one of five to have gained regulatory approval of late (Globus Bank is another).
Local media sources say the new licences stem from the Central Bank’s desire to attract new investments into the sector and better serve the country’s 50 million+ unbanked and under-banked citizens.
Titan Bank is said to be headed by a former executive director of Heritage Bank (which is a Finacle user).
Oracle FSS did not respond to request for comment.
E-Financial
IMF Appoints Elumelu, Nigerian Businessman to Advisory Council

International Monetary Fund (IMF), has appointed Tony Elumelu, Nigerian billionaire and group chairman of Heirs Holdings, owners of United Bank of Africa, to its advisory council on entrepreneurship and growth, convened by Kristalina Georgieva, the fund managing director.
The announcement was disclosed in a statement on Friday.
According to the statement, the IMF advisory council comprises global business leaders, policymakers, and academics dedicated to identifying and addressing regulatory barriers to entrepreneurship.
The IMF said Elumelu will be instrumental in ensuring that Africa’s entrepreneurship is central in policy making.
“Elumelu, Africa’s leading advocate of entrepreneurship and whose Foundation has funded, mentored, and trained over 25,000 African entrepreneurs since 2015, champions entrepreneurship as the engine for the economic transformation of Africa,” the statement reads.
“A self-made entrepreneur, Elumelu’s embracing of entrepreneurship is fundamental to his concept of Africapitalism, his belief that Africa’s private sector can and must play a leading role in the continent’s development, making long-term investments that deliver social and economic value.
“Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policy making.”
Speaking at the inaugural meeting of the advisory council on March 26, Georgieva said the appointees would share their experiences on how macroeconomic and financial policies “can provide a supportive environment for innovation, entrepreneurship, and productivity — key ingredients for a thriving private sector and strong economic growth”.
E-Financial
Fintech, Remittances Anchor Africa’s Booming Payments System

Africa’s Micro, Small, and Medium Enterprises, fintech industry, scaling remittances, and cross-border payments will be the driving forces behind the continent’s digital ballooning payments system, which is estimated to reach $1.5 trillion by 2030.
This is according to a MasterCard-commissioned study by Genesis Analytics, which states that the digital payments economy is growing faster on the continent.
This comes as the World Bank says Sub-Saharan Africa has shown significant growth in financial inclusion over the past decade, much of it driven by mobile money account adoption.
Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at MasterCard, comments: “Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead.
“MasterCard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future.”
The payment technology company went on to say as a longstanding technology partner to Africa, its continues to strengthen its commitment to the continent’s digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth.
In addition, it says trends in Africa signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.
“For over five decades, MasterCard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development.
“With Africa projected to host nine of the world’s 20 fastest-growing economies, we are focused on leveraging our expertise and a technology to support the continent’s continued digital transformation.
“Our investments today will help build a more resilient economy for the future,” says Mark Elliott, division president, Africa, MasterCard
By fostering collaboration with key stakeholders, MasterCard says it aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy.
- News2 days ago
Court Throws Out Falana’s Fraud Case against Ekeh, Zinox Boss and Others
- E-Financial2 days ago
Heritage Bank Depositors Seek National Assembly’s Help to Recover Trapped Funds
- Telecom2 days ago
Nokia Unwraps 5G Gateway for Home Internet
- News2 days ago
FG Receives N1Bn Grant from Airtel Africa to Boost 3MTT Programme
- News2 days ago
FG to Halt Solar Panel Imports, Pushes for Local Manufacturing
- Telecom1 day ago
Again, Labour Fumes, Threatens Shutdown of Telcos over Non-Implementation of 15 Percent Tariff Reduction
- E-Business2 days ago
Senate Passes Bill to Re-enact NIMC Act
- News1 day ago
NNPC Ready to Go to Capital Market for IPO- CFIO