E-Financial
Flutterwave Enables its Online Merchants to Accept American Express Payments
Flutterwave, Africa’s leading payments technology company, has announced today that its online merchants in Nigeria can now accept American Express payments.
American Express Card Members – with consumer, business, or corporate cards – will be able to make payments directly to e-commerce businesses using Flutterwave in Nigeria.
This service will also be available to Flutterwave merchants in other countries including Tanzania, Rwanda, Ghana and Uganda in the near future.
This collaboration facilitates online transactions and offers a range of benefits for both merchants and online shoppers:
Flutterwave merchants can attract business from a new customer base of American Express Card Members in Africa and around the world.
This includes consumers with personal cards and spenders with business or corporate products. Terms and conditions apply.
For shoppers, there is more choice when it comes to being able to select their preferred method of payment when transacting with Flutterwave merchants. This collaboration strengthens the American Express global network and increases the number of locations across Africa that can be used by American Express Card Members to purchase a range of different goods and services.
Olugbenga ‘GB’ Agboola, founder and CEO, Flutterwave, said: “At Flutterwave, we’re always looking for ways to connect the world to Africa through payments. This is one of our initiatives to ensure that more people across the world can pay using Flutterwave in Africa. We understand the value of providing shoppers with payment methods that work for them, as well as helping businesses to expand their customer bases. This collaboration also provides more options of where to shop and what to buy to American Express card holders across the globe. By offering American Express as a method of payment, Flutterwave will make the payment process faster and simpler for American Express card holders, and improve the experience for e-commerce businesses using Flutterwave, helping them to start locally and sell globally.”
Briana Wilsey, vice president and general manager of Global Network Services EMEA at American Express, said: “American Express continues to expand in Africa to enable greater payment choice for businesses and consumers. Through the agreement with Flutterwave, a trusted payment provider, we are giving e-commerce merchants in Nigeria the opportunity to reach American Express Card Members around the world. The collaboration is a win-win because it also increases the number of places where our Card Members can use their Cards in Nigeria.
E-Financial
Court Freezes N548.6m of Nigerian Crypto Users over Naira Fluctuation
Federal High Court has ordered that the bank accounts of suspected cryptocurrency users on ByBit, KuCoin, and other platforms have N548.6 million frozen by the Economic and Financial Crimes Commission (EFCC), because of their alleged involvement in naira fluctuations.
The court froze the cash based on September 3, 2024, request that accused two prominent foreign cryptocurrency sites, ByBit and KuCoin, of contributing to the depreciation of the Nigerian Naira, according to Nairametrics.
This development is part of a larger legal and prosecutorial effort by federal government authorities to deal with claims that international cryptocurrency platforms are evading taxes and violating foreign exchange laws.
Remember that in February 2024, two executives of the cryptocurrency platform Binance were detained by Nigeria’s security agency on the basis of information provided by the National Security Adviser.
The information claimed to have involved money laundering and financing of terrorism on specific cryptocurrency exchange platforms. ]
According to Nairametrics, the EFCC has already filed a lawsuit against Binance and Tigran Gambaryan for $35.4 million worth of money laundering offenses.
ByBit, KuCoin, and several other anonymous cryptocurrency platforms are accused in this most recent motion of facilitating the “price discovery, confirmation, and market manipulation” that led to “distortions in the market, resulting in the naira losing its value against other currencies” by their Nigerian users.
In his affidavit, which Nairametrics exclusively obtained,Okoro Philip, EFCC investigator, claimed that Nigeria has made significant progress in recent months towards currency stabilization measures by the Federal Government, as demonstrated by the dollar’s trade on the illicit market at N980 to $1.
He continued by saying that these gains were quickly undone on Thursday, April 18, 2024, when the dollar quickly rose on the black market from N1,250 to $1.
“These fluctuations were primarily driven by activities on platforms such as ByBit, KuCoin, and other similar cryptocurrency platforms,” he stated, citing more intelligence and research.
According to him, the 22 bank accounts listed in the motion and located in different Nigerian banks are owned by eager sellers of USDT who give their naira accounts in exchange for the transfer of the USDT’s naira equivalent.
The argued that the people whose accounts were found are users of ByBit, KuCoin, and other international cryptocurrency platforms.
These people are not allowed to trade in foreign currencies, advertise, bargain, or exchange cryptocurrency for naira at rates that are harmful to Nigeria’s financial system.
The prosecution levied charges against the cryptocurrency platforms, alleging that they wilfully disregarded Nigeria’s anti-money laundering rules and regulations, allowing their users to conduct business secretly.
“ByBit is a cryptocurrency platform that allows users to swap USDT (a digital dollar) for other currencies such as the naira. One USDT is approximately equal to one US dollar. The exchange rates determined by users of these cryptocurrencies adversely affect the value of the naira by artificially lowering its value.”
In the case identified as FHC/ABJ/CS/543/2024, the official stated, “The proceeds of this manipulation go into the account of the willing seller.”
E-Financial
UBA Appoints Nweke, Deputy Managing Director
United Bank for Africa (UBA) has named Chukwuma Nweke as its deputy managing director.
Nweke’s appointment that previously held roles of chief operating officer and executive director, retail & payments “underlines once again, UBA’s commitment to upholding the highest governance and operational leadership,” according to Tony Elumelu, chairman, UBA.
The new deputy managing director will start his new position on 1 October, the financial institution disclosed in a statement on Wednesday.
The statement signed Ramon Olanrewaju, UBA’s group head, media and external relation, said that Nweke is the deputy managing director “in charge of IT and operations”.
Muyiwa Akinyemi, who has been the bank’s deputy managing director since August 2022, is now “the deputy managing director in charge of southern operations,” the spokesperson further said.
A graduate of Accountancy, from University of Nsukka, Enugu State, Nweke also holds a Master’s of Business Administration at the university.
He is a Fellow of the Institute of Chartered Accountants of Nigeria as well as an honorary member of the Chartered Institute of Bankers of Nigeria (CIBN).
His over 30 years of experience in the banking industry encompasses audit, retail banking, banking operations, strategy, technology and finance.
Elumelu, chairman of UBA was quoted as saying that “His deep industry expertise and proven track record make him an invaluable asset to our board, and we are confident that his contributions will further strengthen the group’s growth and success.”
In the same statement, the pan-African bank, which has footprints in 20 markets on the continent, announced exit of Kayode Fasola, a non-executive director, who has retired from the directors’ board.
Mr Fasola joined the lender in August 2018 and once served as the chair of its Finance & General Purpose Committee as well as a member of the Board Audit & Governance, Credit and Statutory Audit committees.
His areas of expertise includes performance management, risk management, banking operations, asset management, business strategy, banking operations, credit/financial analysis, insurance among others.
E-Financial
AFC Leads Nigeria’s Inaugural Domestic Dollar Bond, Raising over $900m
Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, today announced the issuance of an inaugural domestic dollar bond from the Federal Government of Nigeria (FGN), raising US$900 million and marking a significant milestone in the country’s economic development.
AFC acted as Global Coordinator on the first-of-its-kind issuance for Nigeria’s capital market. The bond which was issued at par has a tenor of five years and carries an annual coupon of 9.75%.
The issue closed with a 180% oversubscription, underscoring strong domestic investor confidence in Nigeria’s economic stability and growth potential, and the effectiveness of AFC’s strategic capital markets leadership.
As a domestic issue, the investor base comprised Nigerians and non-Nigerians resident in Nigeria, Nigerians in the Diaspora, and institutional investors. The bond will be listed and available for trading on the Nigerian Exchange Limited (“NGX”) and FMDQ Securities Exchange Limited (“FMDQ Exchange”).
The successful issuance demonstrates AFC’s pivotal role in supporting the Nigerian government’s commitment to deepening domestic capital markets, promoting financial inclusion and diversifying funding sources. It marks the first issuance under the FGN’s Domestic US Dollar Bond Programme. Proceeds of the bond issue will be invested in critical sectors of the Nigerian economy approved by the President on the recommendation of the Minister of Finance, subject to appropriation by the National Assembly.
“This inaugural domestic US dollar bond issuance is a significant achievement for Nigeria and marks a new chapter in the development of the country’s capital markets,” said Banji Fehintola, Executive Director and Head of Financial Services, Africa Finance Corporation.
“We are honoured to have played a leading role in this landmark transaction as the Global Coordinator, which aligns with AFC’s mission to develop domestic capital markets in Africa by providing innovative financing solutions that meet the continent’s unique needs and also leveraging our deep capital market expertise to serve and deliver value to our clients.
!This successful issuance not only showcases Nigeria’s economic potential but also reinforces the benefits of African nations looking inward to tap the deep pool of domestic capital on the continent and taking the lead in financing their own development.”
AFC has a solid track record in capital markets with a well-established diverse investor engagement program that included issuance of a US$1.16 Billion global syndicated loan earlier this year.
The Corporation was recently bestowed with “The Most Innovative Bond” award at the EMEA Finance Achievement Awards for its pioneering JPY 75 billion Samurai Bond Guarantee to the Arab Republic of Egypt and the “Best Supranational Syndicated Loan” award for securing a US$625 million syndicated loan last year, welcoming new lenders from the Middle East and Asia.
Alongside AFC’s role as Global Coordinator for the domestic bond issuance, United Capital Plc acted as Lead Issuing House/Coordinator; Meristem Capital Limited, Stanbic IBTC Capital Limited and Vetiva Advisory Services Limited acted as Issuing Houses; Constant Capital Markets & Securities Limited and Iron Global Markets Limited acted as Financial Advisers; Olaniwun Ajayi LP and G. Elias acted as Solicitors; and Greenwich Trustees Limited acted as Trustee.
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