Banking
Clickatell to Boost eNaira Acceptance With *997# Short Code
By Adedapo Adesanya
One of Nigeria’s financial technology companies, Clickatell, has collaborated with the Central Bank of Nigeria (CBN) to launch a USSD channel for eNaira, the country’s Central Bank Digital Currency (CBDC), as part of the country’s drive to make basic banking accessible to all Nigerians, ultimately driving financial inclusion.
The eNaira was launched in October 2021 when President Muhammadu Buhari said Africa’s first central bank-backed digital currency would help boost remittances, foster cross-border trade, and help his government make welfare payments more easily.
With financial inclusion at the heart of the eNaira goals, President Buhari also said that he believed the CBDC would increase the gross domestic product (GDP) in the country by $29 billion over the next 10 years.
Speaking on this, Ms Uzo Nwani, Clickatell Commercial Director, West Africa, said, “Introducing the USSD short code allows non-banked Nigerians, many of whom do not have smartphones, to access cashless banking services and is a big win for the stated goals of delivering meaningful financial inclusion. Clickatell’s role in making this a reality has been one of the most important achievements of our engagements in Nigeria.”
CBN is working with partners who are committed to taking advantage of this new technology for continuous innovation toward delivering exciting new features
The new USSD channel allows Nigerians to use the *997# short code to create their eNaira wallet.
Through this short code, users can easily check balances and transfer funds. They will also be able to buy airtime or data for themselves or friends and family. Safeguarding their wallets is also easy on the channel and users can check and update their information, change and reset their pins, or even block the wallet if necessary.
“The USSD channel is a vital part of our journey towards realizing our financial inclusion vision. We see the eNaira as a leap forward in the evolution of money.
“Thus, CBN is working with partners committed to taking advantage of this new technology for continuous innovation towards delivering exciting new features,” the CBN Deputy Governor on Economic Policy, Mr Kingsley Obiora, said.
Due to the rapid growth of smartphones, most Nigerians are currently using feature phones, making an excellent case for the USSD offering. The CBN is counting on the new channel making rapid inroads towards getting most of the 30 per cent of unbanked Nigerians into the formal banking system.
As part of its efforts, the CBN is working hard to boost awareness and education around the new digital currency. It has offered an incentive of N200 airtime for the first 100,000 users to onboard using the eNaira USSD feature.
Looking ahead, Ms Nwani says the Clickatell solution ideally positions the system for new and collaborative additions to help boost the eNaira services.
“Our Chat Flow product provides a robust platform to support rapid innovation. Digital currencies provide measurable customer benefits including lower costs and a simple user experience, and adding new innovative features over time will attract more customers.”
“There is no doubt that the CBN has set the benchmark for financial inclusion in Africa, and we look forward to being part of that journey,” she added.
By Adedapo Adesanya
Access Bank Plc, the banking subsidiary of Access Holdings Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of 100 per cent equity stake in Bidvest Bank Limited.
The deal for the 24-year-old South African lender is due to be completed in the second half of 2025, upon regulatory approval.
This shows Access Bank’s further expansion plans in line with goals set by its late founder, Mr Herbert Wigwe.
The agreement to acquire 100 percent stake in Bidvest Bank reflects Access Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.
Bidvest Bank, founded in 2000 is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.
As of its year ended June 2024, Bidvest Bank reported total assets equivalent of $665million and audited profit before tax of $20million.
Upon conclusion of this acquisition, Bidvest Bank will be merged with the bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
This is coming just as the bank opened a new branch in Malta as part of efforts to focus on international trade finance after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
The Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
By Adedapo Adesanya
The International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with African banks, including Nigeria’s Zenith Bank and Stanbic IBTC Nigeria to support the Goldman Sachs 10,000 Women initiative, a joint programme launched in 2008 to provide access to capital and training for women entrepreneurs globally.
The two Nigerian banks are part of nine financial institutions from across Africa which have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the programme provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.
Others banks include Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d’Ivoire, Equity Bank Group, Banco Millenium Atlantico – Angola, Baobab Group, and Orange Bank.
Speaking on this, Ms Charlotte Keenan, Managing Director at Goldman Sachs said – “10,000 Women has had a powerful impact to date, but we know that there are more women to reach and more potential to be realized.
“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale.”
Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.
“This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals,” said Ms Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion.
Goldman Sachs’ 10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.
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