MoniePoint Forays into Retail Banking, Launches App, Debit Card

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 Aduragbemi Omiyale The chief executive of CardinalStone Finance, formerly CSAdvance, Mr Ayoola Adeola, said the company would deliver enhanced financial solutions and empower its customers with financial flexibility. Mr Adeola said this while commenting on the recent change of name of the organisation, done because it intends to offer a comprehensive range of financing solutions to a diversified clientele, including SME businesses and high-net-worth individuals. CardinalStone Finance is the subsidiary of CardinalStone Partners Limited. The firm said the transition marks a pivotal moment in the group’s pursuit of becoming a world-class financial services firm, catering to the evolving needs

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 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 Leading electricity distribution company in Nigeria, Ikeja Electric Plc, has taken time to roll out its achievements despite challenges that characterised the power sector in 2019. In a statement, the energy firm said during the year, it recorded several milestones including the reduction in ATC&C losses, introduction of e-billing system and improved sustainable power through its bilateral agreements. Chief Operating Officer (COO) of IE, Ms Folake Soetan, was quoted as saying while giving highlights of the firm’s performance that a bold step was taken towards improved sustainable power through the bilateral initiative. According to her, the company

By Hyther Nizam Nigeria has the largest market in Africa with a GDP standing at $514.05 billion in 2021 and a population of over 200 million people. The business scene in Nigeria is faced with many challenges and the survival of any business in this market is dependent on the adoption of successful strategies. One successful strategy for businesses entering the Nigerian market is localisation. A strong long-term localisation strategy will help in establishing a presence among locals, earning their trust and eventually building brand loyalty. It is equally critical, however, for businesses to understand that localisation entails more than

By Adedapo Adesanya Oil prices continued their bullish stand on Thursday, holding close to their highest in almost three years as the market continues to get support from the draws in crude inventories in the largest producing nation in the world, the United States. The Brent crude added 6 cents or 0.07 per cent to trade at $75.61 per barrel yesterday while the United States West Texas Intermediate (WTI) made a 0.07 per cent or 5 cents gain to trade at $73.35 per barrel. This means that both benchmarks had hit their highest since October 2018. The higher prices are

By Adedapo Adesanya Data on foreign trade revealed that in the last quarter of 2021, Nigeria’s foreign trade stood at N11.7 trillion, 74.7 per cent higher than the value recorded in the same period of 2020. According to the National Bureau of Statistics (NBS) in its Statistics Quarterly Report released in Abuja over the weekend, export trade in Q4 of 2021 stood at N5.77 trillion, 12.27 per cent higher than the preceding quarter and the value in 2021 also grew by 80.52 per cent over the corresponding period of 2020. On the other hand, total imports stood at N5.94 trillion

By Aduragbemi Omiyale The Governor of Zamfara State, Mr Bello Matawalle, has confirmed the release of the students of Government Girls Secondary School, Jangebe, Zamfara, abducted by some terrorists last Friday. Mr Matawalle said the girls were released by their abductors in the early hours of Tuesday after five days in the den of their kidnappers. Last Friday, nearly 300 students of the institution were taken away in their dormitory by the insurgents. The incident happened just over a week after some students were abducted in Niger State. “Alhamdulillah! It gladdens my heart to announce the release of the abducted

By Adedapo Adesanya The new Minister of Power, Mr Abubakar Aliyu, who assumed duty on Monday, has said a critical duty of his management is to ensure that “a steady power supply is delivered to Nigerians.” He made this disclosure in Abuja where he urged stakeholders in the power sector to work together as a team in order to ensure Nigerians enjoy uninterrupted electricity. On September 1, 2021, President Muhammadu Buhari sacked the former Minister of Power, Mr Sale Mamman as well as the Minister of Agriculture and Rural Development, Mr Sabo Nanono due to poor performance. While taking over

By Adedapo Adesanya Pressure is beginning to mount on the Naira again at the parallel market and on Monday, it further depreciated by N3 against the US Dollar. Business Post reports that the local currency was traded at the unregulated segment of the market yesterday at N527/$1 compared with N524/$1 it was sold last Friday. Also, at the same segment, the domestic currency lost N2 against the Pound Sterling as it traded at the rate of N715/£1 in contrast to N713/£1 of the preceding session. The Naira took a heavier beating at the black market on the first trading session of

The crypto arena may be on unstable ground, with the likes of LUNA and BTC struggling, but it could yield great returns for XMU holders. It’s safe to say that May has been a difficult month for millions of crypto investors around the globe. One look at the current state of play in the cryptocurrency landscape will show that a lot of digital tokens are seeing red. In the worst cases, like Terra LUNA, over 99% of its value has been lost within a matter of days. Yet, despite the widespread problems, some coins like Mushe (XMU) now look even