Ecobank Begins Cardless Cash Withdrawal Service

By Dipo Olowookere Some hours ago, news went viral that the Nigeria Inter-Bank Settlement System (NIBSS) Plc has directed Deposit Money Banks (DMBs) to take down all non-deposit financial institutions from their NIBSS Instant Payment (NIP) platform because they are not authorised to hold customers’ funds. The circular, which was dated Tuesday, December 5, 2023, has generated mixed reactions as a few media platforms, excluding Business Post, listed some mobile money operators (MMOs) like Opay, PalmPay, and others are part of the financial technology (fintech) firms affected by the directive. In the disclosure sighted by this newspaper, the NIBSS specifically

By Aduragbemi Omiyale Zenith Bank Plc has taken a huge step to establish a subsidiary in France, and to make this a reality, it has sealed a Memorandum of Understanding (MoU) with the French government. The Chairman of the company, Mr Jim Ovia, confirmed that the lender may commence operations in the European nation next year, though it is working hard to secure a banking licence. This will add to other countries Zenith Bank has presence in, including Ghana, Sierra Leone, The Gambia, and a Representative Office in China. Speaking at a signing ceremony on Friday, November 24, 2023, Mr

By Aduragbemi Omiyale The Banker magazine, a publication of the Financial Times, has announced Stanbic IBTC Holdings Plc as the Bank of the Year in Nigeria. The Nigerian financial institution was honoured by the media platform as an awards cement held on Thursday, November 30, 2023, in London. The event, widely acknowledged as the Oscars of the Banking Industry, attracted several critical stakeholders in the global banking sector. It was explained that Stanbic IBTC Holdings was picked for the recognition because of its exceptional achievements in banking excellence, adept navigation of industry challenges, and commitment to providing innovative financial services

By Adedapo Adesanya The bulls took over the floor of the NASD Over-the-Counter (OTC) Securities Exchange on Monday as the market got off a positive start. At the end of the day’s trading, the NASD unlisted securities index (NSI) grew by 0.89 per cent or 6.33 per cent from 712.54 points to 718.87 points. Also, the market capitalisation of the bourse increased by 0.89 per cent or N4.65 billion to N528.06 billion from the preceding N523.41 billion. However, the trading volume yesterday was in red as it reduced by 74.1 per cent. This was because investors transacted 27,450 units of

By Dipo Olowookere Ikeja Electric has been commended for the swift installation of meters in the University of Lagos (UNILAG) Estate in Isheri, Lagos. The meters were installed by the leading electricity company under the Meter Asset Provider scheme (MAP) put in place to narrow the metering gap in the country. Speaking on behalf of the community, Chairman of the Community Development Association (CDA), Mr Bashir Momodu, lauded the firm for the development, saying they can now control their consumption as they now pay for whatever they use. He advised IE to improve on its service in terms of power

By Adedapo Adesanya Despite recent headwinds faced by the deployment of fifth Internet generation (5G) technology, the Nigerian Communications Commission (NCC) has made it known that it is going ahead with the plans. This, the commission made known, as it revealed the process leading to developing a policy framework for rolling out 5G technologies in the country. In April, the NCC was faced with backlash from some Nigerians, who claimed that 5G was hazardous to human health, going on to link it with the spread of the coronavirus. However, the agency was able to quell the rumours, assuring citizens that

By Investors Hub The major U.S. index futures are pointing to a higher opening on Monday, with stocks likely to see further upside following the higher close seen last Friday. The upward momentum on Wall Street comes as traders seem likely to continue to pick up stocks at reduced levels following recent weakness. Trading activity may be somewhat subdued , however, with a lack of major U.S. economic data likely to keep some traders on the sidelines. Following the sell-off seen last Thursday, stocks saw substantial volatility over the course of the trading session on Friday. The major averages showed

By Dipo Olowookere Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr Oscar Onyema, has disclosed that the equities market would be impacted this year by currency movements and political activities in the country. Speaking on Tuesday while presenting the stock exchange 2017 Market Recap & Outlook for 2018 in Lagos, the NSE chief said despite these, the outlook for the Nigerian capital market remains encouraging. Next year, the country will head for the polls to elect new leaders and politicians seeking elective positions will begin campaigns this year. This, he said, will have a huge effect on the

By Dipo Olowookere The minority shareholders of UAC Nigeria Property Development Company (UPDC) Plc have been offered about N31.0 million (precisely N30.974 million) to submit their stake in the firm. The offer was made by Custodian Investment, the new majority shareholder of the organisation, in a statement issued on Monday, May 24, 2021. Custodian Investment wants to acquire the 34,415,332 units of shares held by the minority investors at a unit price of 90 kobo, according to the disclosure. It said the eligible investors are those in possession of the stocks at the close of business on Friday, May 14,

By Adedapo Adesanya The federal government has disclosed plans to launch a set of policies to unbundle the Nigerian Postal Services (NIPOST) which would see it not just as a regulator but as a competitor in logistics, courier and even financial services. This was disclosed by the Minister of Communications and Digital Economy, Mr Isa Pantami, on Tuesday, at the unveiling ceremony of the NIPOST N50 revenue stamp in Abuja. Mr Pantami stated that the unbundling would transform its operations and make it innovative. In his words, “We have so many policies of transforming NIPOST in the pipeline and part

By Dipo Olowookere Masimo has revealed that the Dubai Health Authority (DHA), the government organization that oversees the healthcare systems of Dubai, has augmented its current inventory of Masimo equipment and technology with the implementation of Masimo Patient SafetyNet, a supplemental remote monitoring and clinician notification system, at two hospitals in Dubai. Masimo Patient SafetyNet enables information from bedside monitors, such as Masimo Root with the Radical-7 or wearable Radius-7 Pulse CO-Oximeter, to be accessible from a central viewing station. When changes occur in measured values, which may indicate deterioration in a patient’s condition, Patient SafetyNet automatically sends wireless alerts