Nigerian Lending Start-Up PayHippo Gets $125k Seed Fund

By Aduragbemi Omiyale Despite the harsh operating environment and the unexpected policies of the government that affected businesses in Nigeria, Unity Bank Plc showed resilience in the first six months of 2023. In its half-year unaudited financial statements filed to the Nigerian Exchange (NGX) Limited over the weekend, the bank marginally improved its gross earnings by 0.37 per cent to N27.5 billion from N27.4 billion in the first half of last year. It was observed that 10 per cent growth in the fees and income commission to N3.5 billion from N3.2 billion helped the lender jerk up its income in

By Dipo Olowookere The Deputy Governor of the Central Bank of Nigeria (CBN) in charge of Financial System Stability, Mrs Aishah Ahmad, has been apprehended by the Department of State Services (DSS). The central banker was arrested by the country’s secret police to harvest vital information from her over the sale of a first-generation bank, Union Bank of Nigeria Plc, to a relatively new lender, Titan Trust Bank Limited. The acquisition of the more than 100-year-old financial institution by the less than 5-year-old bank raised eyebrows because the buyer coughed out $300 million to complete the transaction. Titan Trust Bank

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 Modupe Gbadeyanka It was a double reward for a foremost microfinance institution, Advans Nigeria, at the recently concluded Marketing Edge Awards in Lagos. The firm, a subsidiary of Advans Group, was announced as the Most Innovative Microfinance Bank of the Year and the Most Customer-centric Microfinance Bank of the Year. The double awards are coming after the organisation was recently named as The Best in Retail Banking of the Year at the Pan African International Award. Advans Nigeria won the accolades due to its top-notch financial services and unwavering commitment to its customers. “We are immensely proud to receive

By Kester Kenn Klomegah ARC Power, a British Startup, is currently helping Rwanda, a member of the Southern African Development Community (SADC), with Solar Business Parks alongside its roll-out of solar mini-grids – a collection of solar-powered commercial units – the latest energy initiative to light up Rwanda. Rwanda is increasingly adopting solar energy due to its affordability and easy accessibility to electricity for use in both urban and rural community. ARC Power designs, develops and installs large scale, off-grid AC power generation and distribution systems (ARCs) that become the hub of the community and empower families and small businesses

Atomic Wallet, a non-custodial, cross-platform cryptocurrency wallet developed by an Estonian team in 2018, supports exchange transactions and token holding. Built on its unique blockchain and Atomic Swap protocol, it facilitates rapid, direct transactions without intermediaries. The Atomic Wallet app reviewed by Traders Union offers an efficient means to minimize transaction fees. Both desktop and mobile versions are standalone, and not tied to any crypto startup. Things to know about Atomic Wallet Traders Union presents an in-depth look into the robust capabilities of Atomic Wallet, a multifaceted cryptocurrency platform: Atomic Wallet, a decentralized platform, supports over 300 tokens and altcoins,

By Adedapo Adesanya The Central Bank of Nigeria (CBN’s) eNaira website has gone live ahead of its Independence Day official launch with a promise to provide a unique form of money denominated in Naira. According to the website, www.enaira.com, the eNaira will serve as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments. It added that eNaira had an exclusive operational structure that was both remarkable and nothing like other forms of central bank money. “There are several benefits from a central bank-issued digital currency in Nigeria,

By Modupe Gbadeyanka Makers of Cowbell milk, Loya milk, Top tea and Onga food seasoning, Promasidor Nigeria Limited, has been bequeathed with the ‘Best Kept Industrial Premises’ Award by the Ikeja branch of the Manufacturers Association of Nigeria (MAN). The award, under MAN’s Total Compliance Inspection Competition initiative, is aimed at encouraging members’ adherence to environmental regulations and standards, and to also improve their environmental friendliness. To enhance its credibility and transparency, members of the award committee were drawn from the Lagos State Environmental Protection Agency (LASEPA), Federal Ministry of Environment and the National Environmental Standards and Regulations Enforcement Agency

By Adedapo Adesanya Major household condiment brand, Onga Seasoning, a product of Promasidor Nigeria Limited, treated active brand followers on social media and budding chefs to a memorable experience in this year’s Onga Foodies Hangout held in Lagos. The event themed The Jollof Showdown was packed with merriment and delicacies prepared with the brand and took place at Muri Okunola Park, Victoria Island, on Saturday, August 3, 2019. It was hosted by renowned TV host, Chuey Chu and had in attendance celebrity chefs and food bloggers led by one of the nation’s expert on food blogging, Atim Ukoh, popularly known

By Dipo Olowookere The Nigerian Exchange (NGX) Limited appreciated by 0.23 per cent on Wednesday after it closed in the red territory in the preceding trading session. The 0.94 per cent, 0.39 per cent, and 0.04 per cent gains posted by the industrial goods, the banking and the insurance sectors, respectively, supported the growth recorded by the domestic bourse in the midweek session. They helped to offset the 0.14 per cent loss printed by the consumer goods counter as the energy space closed flat. At the close of business, the All-Share Index (ASI) was up by 127.29 points to 54,427.05

By Modupe Gbadeyanka Minister of Finance, Mrs Kemi Adeosun, has been appointed as Chairman of the board of Nigeria Bulk Electricity Trading Company (NBET), following its reconstitution by federal government. Also, appointed by federal government is the Director-General of Bureau of Public Enterprises (BPE), Mr Alex Okoh, who will serve as the Vice-Chairman of NBET board, while Minister of Power, Works and Housing, Mr Babatunde Fashola, will serve as a non-executive director. Other non-executive directors of the NBET board are Director-General of the Debt Management Office (DMO), Ms Patience Oniha; Director-General of Budget Office of the Federation, Mr Ben Akabueze;