E-Financial
NSE Urges Private Sector to Challenge Gender Inequality
The Nigerian Stock Exchange (NSE) joined the rest of the world on Monday, 8 March 2021 to commemorate International Women’s Day (IWD) and the 7th Ring the Bell for Gender Equality.
With the theme “Choose to Challenge”, the event highlighted how Nigeria’s private sector is challenging gender inequality through policies and activities that promote equal opportunities for women.
Speaking at the event, Mr Oscar N. Onyema OON, Chief Executive Officer, NSE, commented, “At the NSE, we are committed to playing our part by implementing various initiatives aimed at promoting gender diversity and empowering women.
“We do, however, recognise that there is a pressing need to do more to advance gender equality across our ecosystem. In this regard, one of our key initiatives is the 3-year Nigeria2Equal programme that we are implementing in collaboration with the International Finance Corporation (IFC).
“The program will support the private sector to increase women’s participation as leaders, employees, customers, and entrepreneurs through favourable workforce policies and practices, products and services that target the women’s market segment, and deliberate measures that promote women’s participation in corporate value chains.”
In delivering her goodwill remarks, the Chief, Intergovernmental Relations & Africa, United Nations Global Compact (UNGC), Ms. Olajobi Makinwa stated, “I welcome the theme of this IWD, Choose to Challenge. On this special day, I call on business leaders to choose to challenge the gender disparities that exist within organisations and set clear targets to address gender equality.
“This includes policies that ensure equal pay for work of equal value, address gender bias and prejudice, prevent violence and harassment, offer clear opportunities for career development, and ensure women are included in the decision-making process across all levels of leadership.”
On her part, Ms. Erelu Angela Adebayo, Member, National Council, NSE, noted that, “At the NSE, we will continue to celebrate women and create fair and equal opportunities for their growth and career advancement.
“It is imperative that we all consider the challenge ahead of us in achieving a gender equal world and recognise that we have a critical role to play in ensuring we create a post-pandemic future that fully includes and supports women.
“We must choose to challenge the gender norms and stereotypes and build a more inclusive society that ensures we make steady, collective progress towards empowering all women and girls by 2030 as enshrined by the Sustainable Development Goals (SDGs).”
The symposium was headlined by Mr. Kevin Njiraini, Regional Director, Southern Africa & Nigeria, International Finance Corporation (IFC), who highlighted existing efforts to galvanise private sector participation in bridging the gender gap across all spheres of influence, particularly through the Nigeria2Equal initiative. T
he panel session further expounded on the topic, How Business Leaders are Choosing to Challenge Gender Inequality with eminent speakers including Ms. Eme Essien Lore, Nigeria Country Manager, IFC; Ms. Oluwasoromidayo George, Chairperson, United Nations Global Compact Network Nigeria; Mr. Lansana Wonneh, United Nations Deputy Country Representative, Nigeria and ECOWAS, UN Women; Mr. Patrick Akinwuntan, Managing Director/Regional Executive, Ecobank Nigeria; and Ms. Ivana Osagie, Founder, Professional Women Roundtable (PWR) serving as moderator.
The event culminated in the ‘Ring the Bell’ for Gender Equality which was of particular significance to The Exchange given the advancement in the NSE’s demutualisation which suggests that this will be the last International Women’s Day that will be commemorated as the entity called the Nigerian Stock Exchange (NSE).
Headlined by the 2nd Vice President, National Council, NSE, Ms. Catherine Nwakaego Echeozo, the bell ringing ceremony honoured the women leaders who currently serve on the National Council of the NSE as well as the newly appointed women leaders who will serve on the Boards of the Nigerian Exchange Group Plc and its subsidiaries.
The virtual event was organised in partnership with the World Federation of Exchanges (WFE), Sustainable Stock Exchange Initiative (SSEI), International Finance Corporation (IFC), United Nations (UN) Women, and the United Nations Global Compact Network Nigeria (GCNN).
It featured participants from corporate, education, government, and non-governmental sectors and was brought to an end by the Divisional Head, Shared Services, NSE, Mr. Bola Adeeko.
Nigerian banks have resumed international transactions on naira-denominated debit cards, marking a significant shift in banking operations for customers who rely on foreign payments.
This is coming nearly three years of suspension.
United Bank for Africa (UBA) and Wema Bank, in separate communications to their customers, announced the restoration of international payment services on their naira cards.
In a notice to its customers, UBA said the reactivation of international transactions on its premium naira cards aligns with its commitment to delivering improved and seamless banking experiences.
“We are pleased to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variants, are now enabled for international transactions,” the bank stated.
“This means you can now use your Premium Naira Card for global payments — including online shopping, POS, and ATM transactions — with ease and flexibility. If you haven’t used your card recently, now is a great time to rediscover the convenience and prestige that comes with being a UBA premium cardholder.”
Similarly, Wema Bank announced that its customers can now make dollar payments on international platforms using their naira Mastercards.
“Your Wema Naira Mastercard just went global!” the bank said. “Now you can pay in dollars on all your favourite international platforms — Amazon, eBay, AliExpress, Netflix, Spotify, YouTube.”
The development marks a major relief for Nigerian customers who have had to rely on dollar cards or alternative payment methods since most banks suspended international usage of naira cards in 2021 due to foreign exchange scarcity.
Flutterwave, Africa’s leading payments technology company, today announced the relaunch of its flagship remittance solution, Send App, across U.S. states following its newly acquired Money Transmitter Licences (MTLs).
This comes after Flutterwave secured 20 additional MTLs in the U.S., adding to the 14 licenses the brand has held since 2023.
Altogether, this achievement raises Flutterwave’s total number of direct licenses to 34, allowing the company to operate across many U.S. states and territories without partners or intermediaries.
Users in the U.S. can now send money to Nigeria, Ghana and Egypt, unlocking new remittance corridors that were previously unavailable.
Alongside this expansion, the onboarding process has been streamlined with a quick ID check, making it faster and easier for new users to get started.
Additional improvements include optimised payment support for US-issued Visa and Discover cards, enhanced security measures to safeguard transactions and maintain compliance, and improved in-app flows for a simpler, more efficient sending experience.
This return also highlights Flutterwave’s commitment to delivering a seamless, secure, and regulatory-compliant user experience for all Send App customers in the U.S. Users can now send money from DC, Georgia, Maryland, North Carolina, Michigan, South Carolina, Tennessee.
Other U.S. states and territories where Send App by Flutterwave supports outward remittances include Alaska, Arizona, Arkansas, Delaware, Idaho, Illinois, Indiana, Iowa, Louisiana, Maine, Minnesota, Mississippi, and Missouri, Nebraska, New Hampshire, New Mexico, North Dakota, Oklahoma, Oregon, Puerto Rico, Rhode Island, South Dakota, Utah, Washington, West Virginia, Wisconsin, and Wyoming.
Commenting on the relaunch, Olugbenga “GB” Agboola, Flutterwave Founder and CEO, said, “By expanding our reach and enhancing our services, we are empowering millions of Africans in the U.S. to maintain strong financial ties with their home countries, support their families, and contribute to economic development across the continent. Additionally, we are staying true to our core mission of bridging Africa with the global economy and vice versa.”
Earlier this year, Flutterwave integrated Swap into Send App for seamless FX transactions and strengthened its services in Ghana by securing approval for inward remittance from the Bank of Ghana.
Federal High Court in Abuja on Friday affirmed the authority of the Nigeria Inter-Bank Settlement System (NIBSS), to manage the Bank Verification Number (BVN), database across the country, in line with the Central Bank of Nigeria (CBN), Act and other relevant banking laws.
This is according to a judgment delivered by Justice James Omotosho on Friday.
Wolemi Esan, senior advocate of Nigeria, NIBSS’s counsel, and Kofo Abdulsalam-Alada, lead counsel for the CBN, among others, had sought a restraining order to prevent any institution in Nigeria from challenging the agency’s statutory authority to maintain and manage the BVN database.
This comes as NIBSS had alleged that Digital Rights Lawyers Initiative filed multiple suits, either directly or through proxies, challenging its authority to manage the BVN database and claiming that such management violates constitutional privacy rights.
However, Justice Omotosho, delivering his judgment, said the BVN does not infringe on the constitutional right to privacy.
“The initiative does not infringe on the constitutional right to privacy but rather serves as a necessary tool for safeguarding public interest and enhancing financial security.
“NIBSS has the power to manage the BVN,” the judge said, citing relevant CBN laws.
“The court grants the reliefs of NIBSS as prayed,” he stated.
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