Cyber Security Biggest Threat to FinTech Revolution—Bajomo

By Adedapo Adesanya Klasha, a leading global cross-border payments company, has been granted a Money Services Business (MSB) license by the Financial Crimes Enforcement Network (FinCEN) to operate in the world’s largest economy, the United States. This license authorizes Klasha to operate as a currency exchange and money transmitter in the US. With this MSB license, Klasha can now offer its innovative cross-border payment solutions and financial services to businesses in the United States that want to send and accept cross-border payments from Africa and carry out foreign exchange services and international money transfers with ease and security. “We are

By Aduragbemi Omiyale The popular Ajose Adeogun Street and Roundabout on Victoria Island, Lagos, is wearing a new look, thanks to Zenith Bank Plc, which designed the areas with beautiful Christmas decorations. The yearly ritual of the financial institution is a part of its Corporate Social Responsibility initiatives aimed at setting the tone for the Christmas and Yuletide seasons. Performing the Light-Up ceremony, the 17th of its kind recently, the chief executive of Zenith Bank, Mr Ebenezer Onyeagwu, expressed his delight in heralding the 2023 Yuletide season by lighting up the iconic Ajose Adeogun Street and Roundabout. He urged everyone

By Modupe Gbadeyanka A business grant of N10 million has been given to 30 members of the National Youth Service Corps (NYSC), who partook in the entrepreneurship development initiative of Unity Bank Plc known as the Corpreneurship Challenge. The young entrepreneurs received funding support for developing innovative solutions in several business value chains like honey production, rice, and snail farming, among others. The beneficiaries pitched their business ideas to judges selected for the competition across 10 state NYSC Orientation Camps; Katsina, Kano, Kwara, Imo, Rivers, Delta, Sokoto, Edo, Akwa-Ibom, and Osun States. At the NYSC Orientation camp at Ikot Itie

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has directed banks across the country to continue issuing and accepting old as well as the redesigned Naira banknotes following the order of the Supreme Court. Business Post reported on Wednesday morning that the apex court granted the prayer of the Minister of Justice and Attorney-General of the Federation to extend the use of old Naira banknotes ad infinitum, scrapping a previous deadline of December 31. In a statement after the judgement, the central bank “directed all its branches to continue to issue and accept all denominations of Nigerian banknotes, old

By Sodeinde Temidayo David The total value of transactions recorded at the Investors and Exporters (I&E) window of the foreign exchange (FX) market in Nigeria increased by 33.9 per cent or $269.4 million last week, analysis by Business Post has shown. According to data tracked on the FMDQ Securities Exchange between Monday, August 30 and Friday, September 3, indicated that the I&E FX segment printed a weekly turnover of $1.1 billion compared with the $795.12 million achieved in the preceding week. This significant boost was driven by the transactions reported on Wednesday, September 1 as the market opened the new

By Dipo Olowookere The Accountant-General of the Federation (AGF), Mr Ahmed Idris, has promised to reform the Internal Audit process in the MDAs, by fully implementing the Internal Audit modernization process which was muted in 2010, saying it would be one of his legacies as AGF. Mr Idris, while addressing the meeting of the Directors of Internal Auditors, Heads of Internal Audit Units in the MDA’s at the Treasury House recently, underscored the importance of the Internal Audit function in ensuring transparent and accountable management of public finance in the MDA’s, regretting that over the years, it has been relegated

By Adedapo Adesanya Equinix Incorporated is set to bring a full range of transformative technologies and connectivity to Nigeria and other West African nations as it announced the completion of a $320 million deal to acquire West African data centre and connectivity solutions provider, MainOne. The conclusion of this deal augments Equinix’s long-term strategy to become a leading African carrier-neutral digital infrastructure company by allowing it to extend Platform Equinix into West Africa, giving organizations based inside and outside of Africa access to global and regional markets. The firm will have under its wing, four operational data centres, which will

The Ogun State Government has signed a Memorandum of Understanding (MoU) with an indigenous natural fibre company, Arewacotton Limited, on the production, processing and marketing of cotton in the state. The deal was completed between the two parties on Wednesday in Abeokuta, the state capital. The state Governor, Mr Ibikunle Amosun and the Chairman of‎ Arewacotton, Professor Michael Olayiwole signed the MoU on behalf of the government and the company respectively at an event held at the Governor’s Office, Oke-Mosan. Mr Amosun, who was represented by the Secretary to the State Government (SSG), Mr Taiwo Adeoluwa, restated the commitment of

By Adedapo Adesanya The National Pension Commission (PenCom) disclosed that Pension Fund Managers (PFAs) invested N55.3 billion under the Contributory Pension Scheme (CPS) in infrastructure in the first five months of the year. The commission, in its latest statistics published under the report titled Summary of Pension fund assets as at May 31, 2020, also revealed that the total assets under management by the operators stood at N10.79 trillion in the period under review. The commission had stated in its last amended investment regulation the requirements to invest the funds in line with the provisions of Pension Reform Act, 2014.

By Dipo Olowookere Two giants in the global payments industry, MasterCard and Global Technology Partners (GTP) have entered into a partnership to introduce prepaid solutions across Africa to meet the needs of various sectors, supporting various African governments’ goals of achieving a cashless continent. It was reliably gathered that the deal will benefit businesses across Africa with rollout of secure prepaid solutions and would be made available across Africa to government institutions, financial services and corporate sector and consumers. GTP, a prepaid processing and payments solutions provider, according to its Chief Executive Officer, Rich Bialek, will offer new payment solutions

By Modupe Gbadeyanka Leading global Information and Communications Technology (ICT) solutions provider, Huawei, has launched an ICT centre in a secondary school in Lagos. The project, initiated by Mr Ebube Oti, a member of the National Youth Service Corps (NYSC), was financed by Huawei Technologies Nigeria Limited. At the unveiling ceremony held last week, Public Relations Manager for Huawei Technologies Nigeria Limited, Mrs Fancy Feng Hongjuan, disclosed that Huawei saw the project as an opportunity to leverage on the Lagos State initiative for Digital and ICT Libraries in state schools. She explained that Huawei refurbished the school’s ICT Centre with

By Dipo Olowookere A letter has been forwarded to the Senate by President Muhammadu Buhari for the confirmation of Mr Abdulrasheed Bawa as the substantive Chairman of the Economic and Financial Crimes Commission (EFCC). A statement issued on Tuesday by the Special Adviser to the President on Media and Publicity, Mr Femi Adesina, said Mr Bawa is armed with a B.Sc degree in Economics and Masters in International Affairs and Diplomacy. The presidency also said the 40-year-old Mr Bawa was one of the pioneer EFCC Cadet Officers in 2005 and has undergone several specialised trainings in different parts of the