E-Financial
PalmPay Rewards Agents with N200 Million Cash Winnings in End-of-Year Promo
Fintech company, PalmPay has rewarded thousands of its point of sale (POS) agents under its agency banking platform with N200 million worth of cashback in its recently ended 2023 end-of-year promo.
The reward initiative, which was held from December 1 to 31, 2023, with the winners spread across Nigeria, had 60,000 participating Agents and produced 12 grand prize winners across the country, who were rewarded with N200,000, N100,000 and N50,000 respectively. Other participating Agents got loads of Cashback.
Earlier speaking on the campaign, Chika Nwosu, Managing Director, PalmPay, said the promo was to appreciate the over 500,000 strong Agent bankers for their dedication in helping grow the PalmPay brand over the years.
“That PalmPay has become a household name deeply ingrained in the local ways of life of our users, is due to the dedication and hard work of our growing 500,000-plus agents, who continue to offer our payment products to Nigerians.
“As partners in our drive to bridge Nigeria’s financial inclusion gap, it was only natural that we reward these amazing agents for their unwavering commitment to see that PalmPay succeeds in this mission to empower Nigerians,” Mr Nwosu said.
During the grand prize presentation for the Lagos region, the winner, Abubakar Muhammed, thanked PalmPay for organizing the end-of-year promo, attributing his entrepreneurial success in 2023 to the support that PalmPay offers its agents.
“The reward has been useful in supporting my business. I used the money which was paid into my wallet as cashback to renew my shop rent and sort out other personal issues,” Mr Muhammed revealed while thanking PalmPay.
He urged other interested entrepreneurs looking at getting into Nigeria’s thriving agency banking business to choose PalmPay, adding that the fintech platform has the best offerings among other competing brands in the industry.
To become a PalmPay POS agent, visit https://palmpay.com/business/pos to fill out the application form with your personal and business details, including your name, address, phone number, and email address, and submit the application for approval.
The exchange rate stabilised in the FX market as the Central Bank of Nigeria (CBN), defended the local currency with $360 million, stemming a negative tide from increased demand for the US dollar.
Olayemi Cardoso, Governor, Central Bank of Nigeria
According to Market Forces Africa, for most part of the week, the naira experienced heightened volatility due to an FX liquidity shortage in the official window, brought forward from the previous week.
This caused the exchange rate to wobble against the US dollar, but late picked up as inflows into the market improved.
On Friday, the naira rebounded against the dominant foreign currency, the US dollar, in last-minute transactions supported by a relatively higher liquidity supply by the monetary authority.
The exchange rate appreciated by about 2% to settle at N1,517.93 in the official market on Friday after persistent negative volatile.
Spot FX data from the regulator showed that the naira gained N29.89 on the day following FX sales to banks.
The market liquidity was also supported by additional inflows from foreign sources and reduced demand for foreign payments.
FX interventions and inflows from offshore clients and local corporations boosted volume of US dollar in the official window, AIICO Capital Limited dropped the hint in an investors note.
In the market, demand pressure persisted, leading to fluctuations in the US dollar to naira exchange rate for most of the week.
The CBN sold $188.10 million to banks, the last auction offered at the range of N1,532.00 to N1,540.00, bringing the total FX sales for the week to $360.00 million, according to investment banking firm TrustBanc Financial Group Limited.
Despite these interventions, demand outpaced supply, causing the naira to depreciate. By the end of the week, the market recorded improved liquidity, with trades ranging between N1,480 and N1,548.
Data from the CBN revealed that Nigeria’s external reserves increased by USD12.06 million to USD38.36 billion after 9 consecutive weeks of decline. In the forwards market, the naira rates decreased by 0.6% for a one-month contract to N1, 577.80.
The Securities and Exchange Commission (SEC) has cancelled the registration of Mainland Trust Limited, and suspended Centurion Registrars, following their failure to comply with regulatory directives.
The commission made the disclosure through circulars which were released at the weekend. The circular on Mainland Trust Limited read: “The Securities and Exchange Commission hereby notifies the general public that the registration of Mainland Trust Limited as a capital market operator has been cancelled with immediate effect.
“This cancellation order is made pursuant to the powers of the Commission under Section 38(4) of the Investments and Securities Act, 2007 and Rule 34(1)(e) of the SEC Consolidated Rules and Regulations 2013.
“The Commission’s decision is informed by the company’s failure to comply with regulatory directives and non-resolution of several complaints against it.
“All clients of Mainland Trust Limited are by this notice advised to contact the Central Securities Clearing Systems Plc (CSCS) for appropriate guidance on the transfer of their stocks to another stockbroker of their choice.”
SEC directed that the Nigerian Exchange Group (NGX), the Institute of Capital Market Registrars (ICMR), the Chartered Institute of Stockbrokers (CIS), the Central Securities Clearing System (CSCS) Plc and all capital market trade associations to discontinue capital market-related dealings with the company.
In the same vein, the SEC announced the suspension of Centurion Registrars Limited, its directors and sponsored individuals from capital market activities with immediate effect.
The SEC said the suspension order was made pursuant to the powers of the Commission under Section 38(4) & (5) of the Investments and Securities Act, 2007 and Rule 34(1)(e) of the SEC Consolidated Rules and Regulations 2013.
It explained that its decision was informed by the company’s failure to comply with regulatory directives and non-resolution of several complaints against it.
“All clients of Centurion Registrars Limited are advised to contact Africa Prudential Plc for appropriate guidance on the transfer of their portfolios to another Registrar of their choice.
“In addition, the Nigerian Exchange Group (NGX), the Institute of Capital Market Registrars (ICMR), the Chartered Institute of Stockbrokers (CIS), the Central Securities Clearing System (CSCS) Plc and all Capital Market Trade Association are directed to discontinue capital market related dealings with the company and its principal officers,” the circular stated.
The commission also disclosed that in furtherance of the commission’s unwavering commitment to the maintenance of zero tolerance for infractions in the Nigerian capital market and in line with its revised enforcement strategies, stakeholders and the general public are hereby informed that henceforth, the names of capital market operators (CMOs) found to have violated market laws/regulations would be published in the commission’s “name and shame” journal.
“The publication would be in addition to the sanctions/penalties for the respective infractions prescribed in the ISA 2007 and the SEC Rules and Regulations.
“This enforcement strategy underscores the Commission’s dedication to safeguarding the integrity and stability of the Nigerian capital market, protecting investors, and ensuring strict adherence to established rules and regulations.
“Stakeholders and CMOs are advised to be guided accordingly” the commission added.
FirstBank has formally denied allegations of fraud in an ongoing court case filed by customer Dr. Agbai Eke, describing the claims as “entirely unfounded and false.”
According to a statement from the bank, their internal investigation points to “unprofessional and unethical dealings” between Dr. Eke and a former bank employee.
FirstBank claims these individuals used a personal relationship to conduct unauthorised transactions without the bank’s knowledge or involvement.
The bank said it has reported the matter to law enforcement authorities for further investigation.
Officials noted that suspects have already provided statements to investigators.
FirstBank also declined to provide additional details, citing the ongoing court proceedings.
“We will refrain from further comments to allow the Court to dispassionately determine the issues before it,” the bank stated.
The case gained public attention following reports by Thisday Newspaper and Arise Television, as well as through a circulating video regarding the legal dispute.
Senate Votes to Compel Facebook, Others to Open Offices in Nigeria
Google to Buy Cybersecurity Company Wiz for $32Bn
MTN Group to Invest $10Bn in African Expansion by 2030
ATCON Calls for Telecom Policy Improvements in Nigeria
9mobile Reinforces Innovation Leadership with Echoes, Its Trailblazing AI Storytelling Platform
General News3 days agoJumia Nigeria Kicks Off Tech Week 2025
Telecom3 days agoBridging Nigeria’s Digital Divide: ITU and UK-FCDO Fuel Rural Connectivity Revolution
E-Financial3 days agoSEC Voids Mainland Trust’s Registration, Suspends Centurion Registrars
E-Business3 days agoNITDA Expands iHATCH Initiative to Drive Job Creation, Economic Diversification
Telecom2 days agoFG to Launch $2Bn Fibre Network Project in Q4 2025
Telecom3 days agoTransforming Lives Through Advocacy: Princess Omoyemwen Inspires Change at MTN’s Go MAD Activation in Benin
Telecom2 days agoMTN’s Earnings Hammered by Free Falling Naira in Nigeria
E-Business2 days agoFG Partners Cyberpedia to Fight Misinformation with AI