Access Bank Closer to Being Africa’s Gateway to World—CEO

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has unveiled a digital platform for the submission of Microfinance Bank (MFB) licence applications with effect from Monday, September 25. The apex bank made this known in a statement signed by its Director of Corporate Communications, Mr Isa AbdulMumin. “The Central Bank of Nigeria (CBN) is pleased to announce the unveiling of a new online platform for submission of microfinance bank (MFB) licence applications,” the statement released on Wednesday said. According to the statement, the new online platform is called the CBN Licensing, Approval and Other Requests Portal (CBN LARP) and

By Adedapo Adesanya Yellow Card has joined forces with MoonPay, a global leader in the cryptocurrency ecosystem, towards expanding cryptocurrency accessibility in Nigeria by leveraging local bank transfers. Despite a ban on trading via official channels, Nigeria has emerged as a powerhouse in the African cryptocurrency landscape, with increasing numbers of individuals turning to digital assets to hedge against inflation and economic uncertainty. The volatility in the local crypto market, marked by the recent challenges faced by various crypto companies in Nigeria, has underscored the critical need for a stable and reliable means of accessing cryptocurrencies. This partnership between both

By Bliss Okperan The Managing Director and chief executive of First Bank of Nigeria Limited, Mr Adesola Adeduntan, has disclosed that financial institutions in the country have the balance sheet to support big-ticket transactions, particularly from offshore investors. President Bola Tinubu travelled to the United States last week for the United Nations General Assembly (UNGA) and went with some businessmen and bank executives, including Mr Adeduntan. The Nigerian leader used the occasion to urge foreign investors to bring their funds into the country because he would create a business-friendly environment to make their investments grow. Nigeria, which is the largest

By Aduragbemi Omiyale Despite the harsh operating environment and the unexpected policies of the government that affected businesses in Nigeria, Unity Bank Plc showed resilience in the first six months of 2023. In its half-year unaudited financial statements filed to the Nigerian Exchange (NGX) Limited over the weekend, the bank marginally improved its gross earnings by 0.37 per cent to N27.5 billion from N27.4 billion in the first half of last year. It was observed that 10 per cent growth in the fees and income commission to N3.5 billion from N3.2 billion helped the lender jerk up its income in

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has released its Consumer Expectations Survey (CES) for the third quarter (Q3) of 2019. In the report analysed by Business Post, it was discovered that consumers have a positive outlook for the next 12 months. The survey also showed that most respondents expect the Naira to appreciate within the period as well as a possible increase in the nation’s inflation rate. But they expect the borrowing rate to fall. The survey, according to the apex bank, was conducted during the between September 16 – 27, and covered a sample size of 2,070 households

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A report by Nielsen Holdings Plc has revealed that the Consumer Confidence Index (CCI) for West Africa presented a more positive picture in the fourth quarter of 2020. In the NielsenIQ CCI, it was disclosed that Nigeria and Ghana recorded a slow by improved readings in the period under despite the devastating effect of COVID-19 pandemic on their respective economy. While Nigeria had an index of 114, Ghana recorded 123 and according to the West African Managing Director of NielsenIQ, Nigeria, as the largest economy on the continent, “has managed to keep its COVID-19 infection rate relatively low in proportion

By Dipo Olowookere Gains recorded by stocks in the banking space further strengthened the local market for equities on Friday. The Nigerian Stock Exchange (NSE) closed the last trading session of the week 1.41 percent higher, neutralising the year-to-date loss to 0.01 percent. As earlier stated, the banking index buoyed Friday’s growth with its 4.10 percent rise, while the Oil/Gas followed with 1.68 percent appreciation, with the Industrial index closing 0.49 percent higher. However, the consumer goods sector slumped by 0.14 percent, while the insurance sector declined marginally by 0.01 percent. At the close of business, the market capitalisation increased

By Dipo Olowookere Nigeria’s mutual fund the industry has added N84 billion to end with total assets worth N0.513 trillion as at March 2, 2018. This was helped by performance in equity market and net inflows, analysts at Quantitative Financial Analytics have revealed. It marks the sixth consecutive weekly rise in AUM for Mutual Fund industry since January 19, 2018. Mutual fund AUM has been on the increase since 2006 and the increase has accelerated remarkably in recent times especially as investor sentiments and awareness improves. According to Quantitative Financial Analytics, in 2017 alone, AUM surged by about 89 percent

By Sodeinde Temidayo David Hespat Tech, a Nigerian tech company headquartered in Akure, has announced the creation and launch of the Hespat Super App, a safe hi-tech and consumer-focused umbrella app to offer all its services to Ondo State residents on a single platform. Launched last week, Hespat is set to promote a convenient lifestyle by connecting people to everyday needs while offering exceptional value-added services to boost Africa’s economy and has provided two thousand jobs to the neighbouring youths, with its new innovation becoming a ride-hailing platform. The jobs were created through a door to door delivery, bike and

By Nneka Okumazie Criticism prioritization is bad leadership. Criticism is not national development. Those angry at Pastor Kumuyi of Deeper Life Church over his comments to church members are mostly professional critics, or those who think it would be any more potent. Nigeria’s recent democracy has been a game of swinging criticisms. Not for good change, or sincere selflessness, but mostly for relevance, or personal or group benefit. Lots of stuff happened that many widely spoke against. The people in power know the game. Some critics have a backchannel. Some criticisms are deceptive. Criticism is – probably – Nigeria’s biggest

By Adedapo Adesanya Nigerian agric tech startup, ThriveAgric, bested competitors from Europe and America to win the Visa Everywhere Initiative (VEI) – a global open innovation program and competition for start-ups and fintech companies. Taking place in Qatar in the ongoing FIFA World Cup 2022, the global finale was preceded by a year-long competition that saw entrepreneurs across the world compete in regional editions before advancing to the final stage. ThriveAgric defeated Zeti, a  fintech enabling pay-per-use financing of sustainable transport from Europe (2nd place), while audience favourite was awarded to Huli, a platform that connects patients, doctors, and other