E-Financial
WorldRemit Seeks Expansion of Access to Remittance Inflows
Cross-border payment company, WorldRemit has stressed the need to expand access to remittance inflow to enable socio- economic growth.
Gbenga Okejimi, Country Manager for Nigeria at WorldRemit, stated this during a media parley in Lagos recently. He also defended the role of remittance in the development of Nigerian economy post COVID-19.
He noted that the education sector in particular, stands to gain significantly from diaspora inflows, being one of the key sectors that suffered hugely from COVID-19 outbreak.
According to him, prior to COVID-19, the education sector had been constrained by factors relating to financial, cultural, gender, health and security.
“The outbreak of COVID-19 further exacerbated these challenges, driving massive disruptions that affected 1.6 billion learners across the world, especially children in under-served communities. Data made available by UNICEF places the number of out of school children in Nigeria at about 10.5 million”, he said.
Quoting WorldRemit recent study, Okejimi said, “Our 2021 ‘Back-to-School’ study revealed that among 10 countries, Nigeria was the most impacted by the disparity between average household income, fertility rate and the cost of education.
The average household could expect to spend more than a full month’s income on basic seasonal education costs.
“Apart from government spending, diaspora remittances are a huge source of development finance, part of which is invested by recipients to advance educational goals. Many families, friends and other members of communities get education because of the money sent back home by the diaspora community”
He urged government to limit disruptions to inflow from abroad and sustain the contributions of remittances to enjoy more dividends of education.
He said, “The funds received from abroad provide an additional source of income that can be used to upgrade school resources like books and stationery.
“We saw how the outbreak of the pandemic fast tracked digital adoption across the board, and while many could not afford the technology required, diaspora remittances provided a lifeline for many to access the critical technology required to limit disruptions to their education.
“This will not only be relevant for the COVID-19 era but also for the future of education.
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.
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.
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.
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.”
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