Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

E-Financial

Mobile Money Accounts Hit 1.2Bn  in 2020 -GSMA

Published

on

Kindly share this post

Latest report from the GSM Association, said that the number of registered mobile money accounts grew by 12.7 per cent globally, to 1.21 billion in 2020.

Mobile Money Accounts Hit 1.2Bn  in 2020 -GSMA

The GSMA noted that over 136 million accounts were added in the year, which exceeded last year’s forecasted growth rate by 6.4 percentage points.

In the 2021 State of the Industry Report on Mobile Money, the association revealed that transactions increased by 65 per cent and account activity grew by 17 per cent to over 300 million monthly active mobile money accounts.

Transaction values also grew across the board as more money circulated. For the first time, the global value of daily transactions exceeded $2bn dollars, and GSMA predicted it would surpass $3bn a day by the end of 2022.

The report said the growths were driven by the COVID-19 pandemic, as lockdown restrictions limited access to cash and financial institutions.

It also stated that the fastest growth was in markets where governments provided significant pandemic relief to their citizens.

As predicted in last year’s State of the Industry report, registered accounts in Africa comfortably surpassed the half billion mark at 562 million.

Sub-Saharan Africa remained at the forefront of the mobile money industry and accounted for the majority of growth. By the end of the year, there were 548 million registered accounts in the region, 159 million of which were active on a monthly basis and transaction volume of $490bn.

Although absolute growth was highest in West and East Africa, Southern Africa grew the fastest at 24 per cent year on year.

According to the report, the value of mobile money merchant payments grew by 43 per cent compared to 28 per cent in the previous year.

On average, $2.3bn in merchant payments were transacted per month in 2020, and Quick Response codes became the second-most offered channel for merchant payments after Unstructured Supplementary Service Data.

John Giusti, chief regulatory officer, GSMA, noted that mobile money was a powerful tool for expanding the financial inclusion of women in low- and middle-income countries.

He said however, across markets, women were still 33 per cent less likely than men to have a mobile money account.

“GSMA and its members are committed to closing this gender gap by addressing the barriers that prevent women from accessing and using mobile financial services,” Giusti said.

According to GSMA’s research, the mobile money ecosystem has been strengthened by an increasing number of strategic partnerships established between money transfer organisations and mobile money providers.

The research found that the pandemic gave fresh urgency to the need for regulatory change to facilitate greater digitalisation.

The report said, “In many markets, transaction limits were increased to allow more funds to flow through mobile money. Additionally, as demand rose for non-physical payments, some regulators classified mobile money agents and their supply chains as essential services.

“While some of the regulatory reforms made in response to the pandemic have been positive for customers and providers, the implementation and extension of fee waivers has had a negative impact on mobile money providers’ core revenue stream.”

GSMA emphasised that mobile money providers depended mainly on transactional revenues to sustain their business and encouraged regulators to work closely with the industry to ensure sustainability going forward.


Kindly share this post

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Financial

CBN Spending on Naira Printing, Distribution up by 306 Percent

Published

on

Kindly share this post

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.


Kindly share this post
Continue Reading

E-Financial

PalmPay Reaffirms Commitment to Advancing Contactless Payments

Published

on

Kindly share this post

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.

 


Kindly share this post
Continue Reading

E-Financial

First Asset Management Surpasses ₦1 Trillion in Assets Under Management

Published

on

Kindly share this post

First Asset Management Limited, a leading investment management firm in Nigeria and a subsidiary of First HoldCo Plc., has announced a significant milestone, the company has surpassed ₦1 trillion in Assets Under Management (AUM).

This achievement reflects the firm’s steadfast commitment to delivering exceptional client service and strong investment performance. It also underscores the trust and loyalty shown by its clients, partners, and stakeholders, which have been instrumental in driving the company’s sustained growth.

Speaking of the milestone, Ike Onyia, Managing Director of First Asset Management Limited, credited the accomplishment to the enduring support of the firm’s clients and stakeholders.

“This milestone is a clear indication of the confidence placed in us by our clients and partners. It highlights the firm’s ability to deliver successful investment outcomes and reinforces its dedication to fulfilling its mandate,” Onyia said.

He went on to express deep appreciation to the firm’s clientele: “The continued partnership of our clients is not taken for granted. Their commitment has been pivotal, and the performance of their investments inspires the team’s dedication to providing best-in-class service. As the firm continues to grow, it remains focused on deploying innovative and forward-looking investment strategies tailored to each client’s financial goals.”

 


Kindly share this post
Continue Reading

Trending