Comviva’s Flagship Mobile Money Product Hits 100m Customers

By Modupe Gbadeyanka Africa’s leading payment cards and digital tokens brand, Verve, has joined forces with a fast-rising digital bank, Moniepoint Microfinance Bank, to provide customers with cutting-edge financial solutions. Recall that recently, Moniepoint announced its foray into the retail banking segment, issuing debt cards to its customers. The financial technology (fintech) firm boasts over 1.5 million businesses using its terminals across Nigeria to serve 30 million banked Nigerians. To pave the way for enhanced access to financial services for Nigerians and bridge the gap between traditional banking and modern fintech innovations, both parties are collaborating. The partnership will give

By Modupe Gbadeyanka A creative studio, EPAC Studios, has been unveiled by Ecobank Nigeria Limited to promote talents in the showbiz industry in Africa. The bank disclosed in a statement that the facility would be used to carefully tell “authentic African stories in art, culture, lifestyle, and entertainment.” According to the Head of Marketing and Corporate Communications at Ecobank Nigeria, Mr Jide Sipe, the initiative is to showcase further and develop the creative industry, adding that the space is an open canvas for the public to explore, collaborate and create premium indigenous content for television, online and mobile platforms. EPAC

By Adedapo Adesanya Neo-bank, PayDay, may get a new owner as its founders, which include Mr Favour Ori, are considering a sale in the coming months, per sources who spoke exclusively with TechCabal. According to the report, the company is in the process of being sold, with some developments that followed the exit of its co-founder and Chief Operating Officer (COO), Mrs Yvonne Ogechi Obike. In March, the company raised $3 million to expand its footprint into the United Kingdom and Canada. This round was led by Moniepoint Inc. and saw contributions from HoaQ, DFS Lab’s Stellar Africa Fund, and

By Adedapo Adesanya The African Export-Import Bank (Afreximbank) recorded a 107.1 per cent growth in total interest income to $1.1 billion for the half-year of 2023 versus $540.8 million in the same period of 2022. This was contained in the consolidated financial statements of the bank and its subsidiaries for the half year ended 30 June 2023, which demonstrates a strong and resilient performance, which was ahead of expectations due to global headwinds. The growth in its total interest income came as a result of increased volume of interest-earning assets, particularly loans and advances and higher interest rates. Afreximbank Group’s

By Adedapo Adesanya The National Pension Commission (PenCom) has disclosed that it has commenced the payment of the 2.5 per cent differentials of 2004 and 2014 specified by the Pension Reform Act (PRA) to retirees. This was disclosed by Mr Saleem Abdulrahman, Head, Contribution and Bond Redemption Department, at the 2021 Journalist Workshop organised by the commission in Lagos with the theme Positioning the Pension Industry in the Post COVID Era on Monday, July 26. He said the beneficiaries were retirees between 2019 and 2020 of the Federal Government Treasury Funded Ministries, Departments and Agencies (MDA’s). The 2014 PRA as

By Modupe Gbadeyanka GE’s Power Services business is celebrating the 40th anniversary of its 6B gas turbine fleet by launching the world’s first 6B repowering solution. GE also announced it has signed its first agreement for the solution with a global chemical company to repower three 6B gas turbines and save significant amounts of fuel each year at its site in Asia. These announcements mark another example of GE’s continued commitment to investing in its mature fleets to keep them competitive. In Africa, GE has an installed base of 60 6B gas turbines at various locations with the most recent

By Modupe Gbadeyanka Nigeria Liquefied Natural Gas (NLNG) has released its unaudited financial statement for the year ended December 31, 2016, declaring a decline in its earnings for the period under review. In the statements, the firm said its revenue slumped by 30.98 percent from $6.84 billion recorded in 2015 to $4.72 billion in 2016. The company said despite the sharp drop in its revenue, its capital investment appreciated slightly by 1.98 per cent to $881.84 million from $864.76 million recorded in the previous year. However, the drop in revenue, negatively affected its dividends payout, as it paid $737.086 million

By Adedapo Adesanya The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has resumed duty after his annual vacation abroad. In a statement signed by the Director of Corporate Communications at the apex bank, Mr Osita Nwanisobi, it was announced that Mr Emefiele, who proceeded on leave in December 2022, resumed work today, Monday, January 16, 2023. He said, “The Governor resumed with renewed vigour to perform his duty ahead of the first Monetary Policy Committee (MPC) meeting of the year scheduled for January 23 to 24, 2023.” He added that Mr Emefiele remains committed to performing

By Modupe Gbadeyanka One of the leading telecommunications companies in Nigeria, Airtel, has through its full weight behind the ninth edition of Best of Nollywood (BON) Awards taking place this week in Abeokuta, Ogun State. Thing information was confirmed by the Executive Producer of BON Awards, Mr Seun Oloketuyi, via his Facebook post on Wednesday. “We are happy to have Airtel on board this year. We hope the partnership would be even more mutually beneficial in the years ahead,” Mr Oloketuyi stated in the post. On Saturday, December 16, 2017, stakeholders in the movie industry in Nigeria fondly called Nollywood

By Kester Kenn Klomegah Russian President Vladimir Putin has sent warm greetings to African leaders, business people and participants early October, signaling that everything is set for the first Russia-Africa Summit in Sochi, southern coastal city of Russia. The message reads, in part: “Today, the countries of Africa are well on their way towards social, economic, scientific and technological development, and are playing a significant role in international affairs. They are strengthening mutually beneficial integration processes within the African Union and other regional and sub regional organizations across the continent.” In recent years, the traditionally friendly ties of partnership between

By Sodeinde Temidayo David An African non-profit organization, Tony Elumelu Foundation (TEF), has received N400 million in grant funding from the Nigerian Export Promotion Council (NEPC) through the Export Expansion Facility Programme (EEFP) to accelerate the performance of TEF Alumni small and medium enterprises (SMEs) in Nigeria within the non-oil export sector. At the signing ceremony organised between the two organisations at the Export House in Abuja, the Executive Director of NEPC, Mr Olusegun Awolowo, also revealed that the duo is set to create an army of exporters to drive non-oil exports and promote the diversification of Nigeria’s export portfolio

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a marginal rise of 0.02 per cent to open the week in positive territory on Monday, May 22. The NASD Unlisted Securities Index (NSI) grew 0.13 points to wrap the session at 715.90 points compared with 716.03 points in the previous session while the sum of N180 million was added to the market capitalisation of the bourse to close the opening session at N990.46 billion from N990.28 billion. The positive momentum witnessed at the unlisted securities market was supported by the increase in the share price of Afriland Properties Plc