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

VAS Key to Financial Inclusion Says Obi, eTranzact Boss

Published

on

Valentine Obi, CEO, eTranzact (far right) and others at an event recently
Kindly share this post

Forging Inclusive growth in payment systems and financial inclusion initiatives In Nigeria was the theme of this year’s edition of the annual Business Day Mobile Money Roundtable held on the 24th of July, 2014 at Radisson Blu hotel, Lagos

The event which is in its 3rd edition is organized by Business Day Media Ltd, the publishers of Business day newspapers, and has always been an avenue for mobile money operators, regulators, consumers and members of the press to come together and dialogue on way to improve the spread of mobile money in Nigeria.

This year’s edition had in attendance Mr Valentine Obi, CEO of eTranzact International PLC, Mr  Sim Shagaya, CEO of Konga.com, Mr Niyi Ajao, ED, (Technology & Operations), NIBSS, Mr Olaoluwa Awojoodu, CEO, CashEnvoy and Mr Emmanuel Okoegwale, principal associate, Mobile Money Africa amongst others.

The panel discussion started up with Mr Valentine Obi, CEO of eTranzact International PLC,( whose company owns PocketMoni, a Central Bank licensed mobile money service which enables users create an e-wallet on their mobile phones for making payments, fund transfer, as well as for receiving money), sharing lessons that eTranzact has learnt so far in its financial inclusion efforts across the country

He said “Financial inclusion without value add will not work, and every day at eTranzact we are working on unique solutions that continue to add value to the end consumer.

Over the years, we have worked hard to understand and deploy strategies that have truly helped mobile money grow, and though we have been hit with challenges along the way, we continued to invest financial, educational and other resources to ensure we can reach both the banked and unbanked.

For the potential of mobile money to truly explode, it is important that we begin to see it as more than an add-on, but a truly important part of the future of payments in Nigeria.

Right now, teams from PocketMoni are on ground in Kano and Ogun state driving mobile money adoption; the project is done in collaboration with EFInA, and we are happy with the results we have seen so far. We believe collaboration can help in building the industry”

Also affirming what Valentine Obi said, Sim Shagaya, CEO of Konga.com talked about how we should be thinking less of value destruction and more of value creation.

He talked about how China is a good example of how finanicial inclusion can truly be achieved in an economy that is largely rural.

He said “Human beings are economic animals, and they want value and convenience. We need to rethink mobile experience even on the hard ware basis, and the power of mobile money will truly come alive. Today 70% of Nigerians will rather pay on delivery, and even though we do not have a problem with this, most of these people still insist on paying cash, but until we can solve some of these underlying issues, we will not be able to truly unlock the potentials of mobile payments”

Niyi Alao, ED (Technology & Operations), NIBSS, said “Mobile is a critical technology needed to achieve inclusiveness. Some of the challenges I see are in the way the mobile money solution is communicated to the average man on the street. We at NIBSS are committed to ensuring the success of mobile payments in Nigeria, and we have been working closely with providers like eTranzact and the banks to ensure that we truly achieve the set out goals for mobile money”

Mr Emmanuel Okoegwale, principal associate, Mobile Money Africa spoke about the importance of collaboration among the players if the true potential of mobile payments is to be achieved.

Mr Amadi Iheukwumere,  manager, Conferences/Enterprise & Promotion, Business Day who served as the moderator of the summit thanked everyone that was able to make it and gave some direction to how the press could help in achieving mobile money goals for the coming year.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Financial

GOEs’ Remit Over ₦2tn to FG in 2024

Published

on

Kindly share this post

Independent revenue remittance by the Government-Owned Enterprises (GOEs) moved from ₦200 billion in 2013 to over ₦2 trillion in 2024, Fiscal Responsibility Commission (FRC) confirmed the updated figure, on Wednesday.

FRC attributed the surge to collaboration between it and House of Representatives Public Accounts Committee (PAC).

Speaking at 2025 National Conference on Public Accounts and Fiscal Governance, held at the Transcorp Hilton, Abuja, Executive Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, Esq however notes with concern persistent challenge despite achievements. He cited weak enforcement mechanisms, limited public awareness, and the slow domestication of the FRA at the subnational level as according to him, only 26 out of 36 states have adopted similar laws.

He advocated for the establishment of a National Fiscal Governance Framework to improve coordination and strengthen audit and oversight structures.

Muruako further underscored the need for strict adherence to constitutional provisions, particularly regarding public debt and borrowing, which remain under the exclusive legislative list. He urged federal and sub-national actors to align their fiscal policies under the renewed hope agenda of President Tinubu’s administration.

Muruako called on state and local government operators across Nigeria to adopt and fully implement fiscal responsibility laws in line with the federal framework.

The event organized by House of Representatives Public Accounts Committee (PAC), brought together key financial stakeholders to discuss strategies for promoting transparency and sustainable development in Nigeria’s public financial management.

He lauded administration’s of president Bola Ahmed Tinubu commitment to strengthening financial policies aimed at driving economic growth. He emphasized that states and local governments must “key into” the Fiscal Responsibility Act (FRA) to ensure fiscal discipline and alignment with federal financial standards.

Highlighting a critical legislative gap, Muruako noted that the FRA 2007 currently outlines 54 offenses but does not prescribe punishments for offenders. He called for the urgent amendment of the Act to include stronger penalties, thereby enhancing compliance and service delivery.

“The Act must be amended speedily for efficiency and to deliver real value to Nigerians,” he stressed.

He congratulated the PAC, led by Hon. Bamidele Salam, for hosting the conference, which he described as a pivotal step toward strengthening accountability in the public sector.

He advocated for the establishment of a National Fiscal Governance Framework to improve coordination and strengthen audit and oversight structures.

Muruako further underscored the need for strict adherence to constitutional provisions, particularly regarding public debt and borrowing, which remain under the Exclusive Legislative List. He urged federal and subnational actors to align their fiscal policies under the Renewed Hope agenda of President Tinubu’s administration.

Reaffirming the FRC’s commitment to advancing transparency and reducing financial leakages, Muruako pledged continued support to the PAC in institutionalizing sound public financial management practices.

He also congratulated the committee for securing Nigeria’s hosting rights for the 2025 West African Association of Public Accounts Committees (WAPAC) Annual Conference, describing it as a testament to Nigeria’s leadership in regional fiscal governance.


Kindly share this post
Continue Reading

E-Financial

Union Bank Challenges High Court Ruling in Jimoh Ibrahim Case

Published

on

Kindly share this post

Union Bank of Nigeria has reacted to the recent judgment delivered by Justice Abike Fadipe of the Ikeja High Court involving Senator Jimoh Ibrahim, NICON Investment Limited, Global Fleet, and the bank.

The bank expressed strong disagreement with the ruling and confirmed that its legal team has been directed to file an appeal immediately. It said the court’s position on issues such as debt consolidation, locus standi, and third-party liability contradicts existing legal principles and the bank’s understanding of the facts.

In a statement released by Mrs. Olufunmilola Aluko, Chief Brand and Marketing Officer, Union Bank reiterated that the relevant debt obligations had been transferred to the Asset Management Corporation of Nigeria (AMCON), adding that all actions taken were in line with the law and standard banking procedures.

Union Bank assured stakeholders, customers, and the general public of its continued commitment to ethical practices, legal compliance, and professional conduct. It said it remains dedicated to protecting stakeholder interests and upholding the integrity that has defined its operations for more than a century.

The bank concluded by thanking all stakeholders for their trust and support as it navigates the ongoing legal process.


Kindly share this post
Continue Reading

E-Financial

PalmPay Expands Access to Digital Insurance Through Strategic Partnerships

Published

on

Kindly share this post

PalmPay, a leading digital banking platform in Africa has announced the launch of strategic partnerships with top-tier insurance providers to offer accessible, affordable and simplified insurance products directly within the PalmPay app.

This initiative reflects the brand’s continued commitment to deepening financial inclusion and underscores its mission to improve the wellbeing of everyday Nigerians.

With only about 8.9% of Nigerians currently covered by any form of health insurance, the country remains one of the least insured populations in Africa. Barriers such as low awareness, affordability challenges, and trust issues continue to hinder broader adoption of insurance products.

PalmPay’s new insurance offering directly addresses these challenges by simplifying the purchase and management of insurance policies within the app. The PalmPay insurance feature is designed to make essential coverage, from health to device, and life insurance easily accessible at affordable prices, eliminating the traditional complexities often associated with insurance.

“Insurance is often perceived as complex or inaccessible, especially among underserved communities.” said Habib Kowontan, Head of Wealth Product at PalmPay. “Through these partnerships, we aim to break down those barriers by offering simple, reliable and affordable insurance options that are easily accessible within the PalmPay app.”

With over 35 million users across Nigeria, PalmPay continues to evolve as a smart, consumer-first digital banking platform. The integration of insurance services complements its growing suite of offerings, which includes transfers, bill payments, high-interest savings, and debit card services, making PalmPay one of the most comprehensive digital banking platforms in the African market.

“Our goal at PalmPay is to remove barriers and make essential services easily accessible to everyone,” said Mr Chika Nwosu, Managing Director of PalmPay. “Through these strategic partnerships, we’re expanding our services to be more inclusive and empowering our users with products that will positively impact their lives and finances.”

This rollout marks a significant milestone in PalmPay’s broader strategy to empower users with tools that enhance their daily lives. Building not just a payments app, but a smart and trusted financial partner for millions of Nigerians.


Kindly share this post
Continue Reading

Trending