E-Financial
World Bank Plans $5bn Power Fund for Nigeria, Others
The World Bank Group on Wednesday announced the commitment of $5bn (N800bn) in new technical and financial support for energy projects in six African countries.
The countries, which have partnered with the Power Africa initiative of the President of United States, Barack Obama are Ethiopia, Ghana, Kenya, Liberia, Nigeria, and Tanzania.
In a statement made available to our correspondent in Abuja, the bank quoted the President of the Group, Dr. Jim Yong Kim, to have said the new financial commitment was urgently needed to generate more electricity for the people of Africa.
The statement noted that despite the fact that Africa possesses some of the world’s largest hydropower, geothermal, wind and solar potential, as well as significant oil and natural gas reserves, 600 million of its population have no access to electricity, He said, “We think that the US Power Africa initiative will play an extremely important role in achieving the goal of providing electricity for Africa.
“So today I’m very pleased to announce that the World Bank Group, following President Obama’s lead, will partner with Power Africa by committing $5bn in direct financing, investment guarantees, and advisory services for project preparation in Power Africa’s six initial partner countries, Ethiopia, Ghana, Kenya, Liberia, Nigeria, and Tanzania.
“The US government and the World Bank Group are working now on specific tasks and milestones which could help to achieve one quarter of Power Africa’s goal of generating 10,000 megawatts of new power in Sub Saharan Africa.”
It added that the power crisis in Africa had forced families and communities to spend significant amounts of their income on costly and unhealthy forms of energy, such as diesel generators or wood for indoor cooking fires.
The statement said while Africa with a vast hydropower potential uses just eight per cent of its untapped water force, Western Europe uses 85 per cent of its available hydropower potential, which has contributed to their economic development and industrialization.
It also quoted Makhtar Diop, Bank’s vice president for Africa, to have said that the group is currently working African leaders and other development partners to create power pools in the region.
He said, “Like Europe and the rest of the world, Africa deserves the same opportunity to exploit this green source of power to improve the lives and economic prospects of its people.
“Beyond building up power generators, they must be connected to the market, which calls for regional cooperation to build the transmission network.
“We are working with African leaders and their development partners to create power pools in Africa’s East, West, Central, and Southern sub-regions.
“Those countries with abundant geothermal, gas, hydro, solar, and wind resources can feed their excess power supply into a common pool, while neighboring states with less energy and generation capacity can benefit from this integrated approach to delivering electricity to their people.”
—
Nigerian banks have resumed processing international tuition payments from Naira accounts through the Central Bank of Nigeria (CBN)’s Form A portal.
Form A is an application form designed by the Central Bank of Nigeria to pay for service transactions (invisible trade).
The form allows customers to purchase foreign exchange at the CBN or interbank rate to make payments for eligible services as predetermined by the foreign exchange manual.
This development comes a month after commercial banks announced the resumption of international transactions on their naira cards.
In an email to customers, Guaranty Trust Bank Limited (GTBank) and Lotus Bank announced that the service is now available for applicants paying undergraduate and postgraduate tuition fees abroad.
“Pay international tuition fees directly from your Naira account,” the notice from GTBank read.
To access the service, customers are required to register and submit their applications via the Trade System Portal at www.tradesystem.gov.ng.
GTBank explained: “Select the ‘Form A’ application for Educational Fees. Choose GTBank as the processing bank, attach required documents, and submit the application.”
Similarly, Lotus Bank stated, “Register on the Trade System Portal. Select Form ‘A’ application for Educational Fees. Choose Lotus Bank as the processing bank, attach required documents, and submit the application.”
In a similar notice, Lotus Bank also informed customers of processing international fees using its facility.
“Register on the Trade System Portal (www.tradesystem.gov.ng). Select Form ‘A’ application for Educational Fees. Choose Lotus Bank as the processing bank, attach required documents, and submit the application,” the bank said.
In 2022, Nigerian banks said international school fees and upkeep requests via Form A will be processed within 120 days due to forex scarcity at the time.
Safaricom, M-PESA and PayPal have announced a strategic collaboration to enable account linking and seamless fund transfers across their networks.
This collaboration aims to empower more than 35 million M-PESA customers and two million businesses and micro traders in Kenya to access PayPal’s global network.
By first linking their PayPal and M-PESA wallets, users can easily transfer funds from their PayPal accounts into their M-PESA wallets, and vice versa. This service is designed to enhance the experience for customers and businesses transacting between the two platforms.
The solution is currently available to Safaricom M-PESA customers in Kenya, with plans to roll out the service to the other M-PESA markets in the future.
“As globalization and digitization continue to reshape how people and businesses connect, our partnership with PayPal is a bold step forward in enabling seamless, worry-free, safe, secure, and inclusive digital payments.
“This collaboration empowers over thirty-five million customers and two million businesses and micro-entrepreneurs across Kenya to participate in the global digital economy by conveniently sending and receiving payments across more than 200 markets. It’s part of our commitment to unlocking opportunities and transforming lives through the power of M-PESA,” said Esther Waititu, Chief Financial Services Officer, Safaricom PLC.
“Building seamless connections between the global economy and local financial ecosystems is crucial to expanding digital financial inclusion,” said Otto Williams, Regional Head and General Manager for the Middle East and Africa, PayPal. “We are thrilled to enable millions of M-PESA’s customers across Africa connect more easily to PayPal’s international customer base.”
For 18 years, M-PESA has driven financial inclusion and bridged the digital divide. With M-PESA Kadogo, introduced in 2016, Safaricom waived fees for transactions of Kshs 100 and below, making digital payments more accessible. Now, through Ziidi MMF, customers can invest from as little as Kshs 100, promoting a culture of saving and financial wellness.
The partnership will tap into the emergence and growing popularity of the gig economy that has seen a rise among Africans accepting online jobs for clients across the world.
It equally marks a growing trend of interoperability between fintech providers with a goal of providing customers with a digital financial ecosystem that meets their needs by combining different capabilities.
PayPal is a leading global payment processor with more than 400 million active PayPal accounts operating across 200 markets, while M-PESA is Africa’s leading mobile money service connecting more than 50 million customers across Africa, 2 million businesses and micro traders, with more than $1.1 billion transacted daily.
Federal government has mandated banks and financial institutions to begin reporting monthly transactions exceeding N25 million for individuals and N100 million for firms to the tax authorities.
Under the new provisions of the Nigerian Tax Act, financial institutions are required to submit quarterly returns to the Federal Inland Revenue Service (FIRS).
The agency will be renamed to the Nigeria Revenue Service (NRS) from January 2026, when the new tax system will take effect.
“Every person who has an obligation to deduct and remit tax under this Act or any other Returns for tax legislation shall render monthly returns to the appropriate tax authority, as specified deduction of tax in the regulation issued for that purpose,” the Act reads.
“Without prejudice to section 142 of this Act, every bank, insurance company, stock-broking firm, or any other financial institution, shall prepare, with or without demand be delivered by the relevant tax authority, quarterly returns to the relevant tax authority specifying the names and addresses of new customers;Nigerian fashion trends
“…and existing customers in the case of (i) an individual, all transactions where the cumulative transactions in a month amount to N25,000,000 or more, or (ii) a body corporate, all transactions where the cumulative transactions in a month amount to N100,000,000 or more.”
Prior to the new tax law, banks were mandated to report deposits of N5 million — a measure intended to curb illicit financial flows, according to TheCable
Experts said the shift is part of efforts to tighten anti-money laundering reporting in the financial sector.
In 2023, Nigeria was listed on the grey list by the Financial Action Task Force (FATF) over deficiencies in tackling money laundering and terrorism financing.
Since then, the country has been making efforts to exit the grey list, which subjects it to increased monitoring by the FATF.
In November 2024, Hafsat Bakari, chief executive officer (CEO) of the Nigerian Financial Intelligence Unit (NFIU), said Nigeria has achieved upgrades in five key recommendations from the FATF.
MTN Mulls AI Tech to Protect Infrastructure as Cable Cuts Hit 13,000 in 18 Months
Banks Reopen Naira Card Payments for International Tuition Fees
Attackers Target Employees with Fake HR Updates
Yahoo Mail Halts Free Storage Service, Caps at 20GB
Safaricom, PayPal Collaborate to Link Mobile Money with Online Payments
E-Financial2 days agoUnion Bank Rewards Customers with ₦5 Million Each in Save and Win Palli Promo Season 4 Grand Finale
E-Business2 days agoHuawei Unveils AI Computing System to Challenge Nvidia’s Flagship Product
E-Financial2 days agoEdun, Finance Minister Inaugurates NDIC New Management
News2 days agoLawyers Drags NLS to Court for Alleged Election Fraud, Data Violation
Telecom1 day agoGlo Boosts Network Capacity for Enhanced Customer Experience
General News2 days agoNew Tax Law Empowers NRS to Fine Offenders up to N10m
News1 day agoTranscorp Power Posts Strong Half-Year Profit, Declares ₦11.25Bn Dividend
Broadcasting2 days agoCourt Upholds AVRS Legal Rights to Licence Audiovisual Works in Hotels