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E-Financial

IFC Invests in Nigeria to Expand Microenterprises

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Jin-Yong Cai, Executive Vice President and CEO of IFC
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IFC, a member of the World Bank Group, has signed an agreement to invest N650 million (about $4 million) in Nigerian microfinance institution Grooming Centre to increase access to finance for up to 780,000 microenterprises by 2018. The project will improve financial inclusion, and promote job creation and growth in Nigeria. 

IFC’s local currency loan will help Grooming Centre offer increased financial services to economically active low income earners engaged in small-scale trading and productive microenterprises. Grooming Centre will use IFC’s funding to reach entrepreneurs in more than half of Nigeria’s 36 states, including those in remote rural areas largely unserved by other lenders. 

Dr. Godwin Nwabunka, chief executive officer of Grooming Centre, said, “Grooming Centre’s mission is to empower the economically active low income earners by bringing a range of tailor-made microfinance services to their doorstep using globally-tested best practice methodologies. Our partnership with IFC will help us strengthen the microfinance market in Nigeria, expand our coverage on a sustainable basis, and create greater income for our members.”

Solomon Adegbie-Quaynor, IFC country manager for Nigeria, said, “IFC is supporting Grooming Centre to improve financial inclusion and help grow Nigeria’s economy. This loan will provide local currency finance and empower entrepreneurs and microenterprises that cannot yet access the formal banking sector.” 

Grooming Centre provides access to finance for entrepreneurs at the base of Nigeria’s economic pyramid.

It currently serves over 300,000 member clients with loans as small as N30,000 (about $200). The organization has built a N7 billion loan portfolio and employs over 1,200 people.

IFC aims to promote financial sector diversification through specialized products, including trade finance, housing finance, insurance, and micro-, small- and medium-enterprise finance.

Over the years, IFC has invested in excess of $10 billion in more than 60 local currencies around the world to help protect borrowing companies from currency risk by enabling them to borrow in the same currency in which they generate revenue.

In microfinance, IFC is a leading investor in Sub-Saharan Africa with a fast-growing, well-performing portfolio of equity, debt and advisory projects. IFC’s portfolio includes investments in 26 microfinance institutions in 12 countries in Sub-Saharan Africa, which reach over 3 million microenterprises and low-income households. 


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E-Financial

Naira Gains Strength, Hits N1,600/$ in Parallel Market

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The naira appreciated to N1,600 per dollar in the parallel market at the close of trading hours on Monday, strengthening from N1,610 per dollar recorded over the weekend.

Similarly, the naira saw a slight gain in the Nigerian Foreign Exchange Market (NFEM), trading at N1,605 per dollar compared to N1,606 last Friday, according to data from the Central Bank of Nigeria (CBN). This represents a marginal N1 appreciation.

As a result, the gap between the parallel market and official exchange rate widened slightly to N5 per dollar, up from N4 over the weekend.


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E-Financial

CBN Spending on Naira Printing, Distribution up by 306 Percent

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Central Bank of Nigeria (CBN) spent N315.18bn on currency issue expenses in 2024, marking a sharp increase of 306 per cent compared to N77.67bn recorded in 2023, the apex bank’s audited financial statement for the year has shown.

CBN Spending on Naira Printing, Distribution up by 306 Percent

Currency issue expenses cover the printing, processing, distribution, and disposal of banknotes.

The latest figures reveal that the CBN’s cost of managing physical cash spiralled dramatically during the year under review, as Nigeria grappled with lingering cash shortages and disruptions in the money supply chain.

The surge in expenditure came as the country continued to deal with the effects of the naira redesign policy introduced in late 2022.

Despite efforts to stabilise cash circulation throughout 2023, Nigerians still faced queues at ATMs and difficulties in accessing cash in early and late 2024.

Faced with mounting public outcry, the CBN deployed several emergency measures to address the crisis.

Deposit Money Banks were directed to ensure consistent ATM loading and rural cash distribution, while the Bank also launched public hotlines for citizens to report cash scarcity incidents.

Also, the CBN ramped up enforcement efforts, including deploying monitoring teams, issuing sanctions against non-compliant banks, and mandating improved cash distribution.


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E-Financial

PalmPay Reaffirms Commitment to Advancing Contactless Payments

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PalmPay, a full-service digital bank, has reaffirmed its dedication to advancing the future of payments in Nigeria by promoting the widespread adoption of contactless-enabled payment terminals.

This was made known during the recently concluded BusinessDay Future of Payment Conference, themed “Fintech Evolution: Gateway to Payments.” In his welcome address, BusinessDay Publisher, Frank Aigbogun, emphasized that the next phase of fintech innovation must be driven not only by speed, safety, and simplicity but also by trust, inclusion, and accessibility to ensure broad-based impact across all segments of society.

Talking about PalmPay’s impact in the panel session titled “The Next Wave of Digital Payments: Trends and Innovation,” Ifeanyi Uzoka, Senior Business Development Manager at PalmPay, discussed the evolving landscape of digital payments in Nigeria.

He noted that while regulatory frameworks have supported the introduction of contactless payments, the high level of cash dependency remains a key barrier to widespread adoption.

“At PalmPay, financial inclusion is central to everything we do,” Uzoka stated. “To support this mission, we’ve launched contactless-enabled debit and premium cards, ensuring our users have access to convenient and secure payment experiences. We also understand that trust is critical, which is why all contactless transactions on PalmPay’s platform include an additional layer of authentication for enhanced security.”

PalmPay continues to lead innovation in Nigeria’s digital finance ecosystem by delivering secure, user-friendly, and future-ready solutions. The company’s recently launched debit and premium cards in partnership with Verve are now serving its growing base of over 35 million users nationwide.

This move into contactless payments underscores PalmPay’s alignment with global payment trends and its ongoing commitment to building a more inclusive and digitally empowered economy.

 


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