Economy
Only 28% of 80% Africans with Mobile Phones Have Bank Account
By Modupe Gbadeyanka
Efforts are being made by different bodies to deepen financial inclusion in Africa and bring the continent at par with other more civilised in the world.
Although over 80 percent of Africans have mobile phones, only around one quarter (28 percent) of them have bank account.
But mobile banking and e-wallets are helping to break the banking logjam, offering a range of alternative payment methods as well as lending and savings services. This has boosted the overall financial inclusion rate to 34 percent, and it is growing each day.
According to Ecobank, the leading independent pan-African banking group, Fintech is boosting financial inclusion across Africa.
The lender is a pioneer in Africa’s digital transformation and the main sponsor of the 2018 Africa Tech summit taking place today.
It is important to note that there are many barriers to wider use of new technology where a step change is needed in attitudes and approaches towards innovation.
Ecobank’s work with e-commerce, small business, and consumers – through their mobile banking app and other e-products – is helping organisations and individuals to overcome these barriers and stimulate wider usage.
Head of the UK representative office of Ecobank and Group Research, Dr Edward George, will give a keynote address at the opening of the summit where he will look at the acceleration of disruptive technology in Africa – technological innovations that are causing a step change in the way we do business and transact – and describe some of the latest banking & tech innovations that are helping individuals and businesses to meet the challenges like using mobile and customer data to create individualised credit scores, unlocking the potential for mobile lending and micro-insurance.
Others are a key obstacle for access to new services is poor Internet access, and the high cost of downloading data: BluPoint & BRCK (Moja) are two companies looking to provide free (or near free) access to the Internet for ordinary Africans; some innovators have focused on clearing a single blockage in the system, such as TagPay (using encrypted sound to make mobile payments over any mobile phone) and ZirooPay (using encrypted SSDN to make credit card payments over the mobile network when the Internet is down).
“Nearly all the growth in financial inclusion since 2011 has been due to mobile banking services,” said Dr George. “With around 100 million users of e-wallets, Africans account for around half (57.6%) of all mobile wallets in the world.”
“However, people are often stuck in their ways – whether a market trader or top executive – and the challenge is to change the mind set and open them up to the opportunities of digital.
“Disruptive technology is about recognising these challenges and seeing technology as an enabler, not a panacea, and by adapting innovations to the reality on the ground. That is what we are doing at Ecobank to help businesses and individuals take the digital leapfrog,” Dr George added.
The Africa Tech summit takes place on 14 and 15 February in Kigali, Rwanda. It will explore the latest trends in digital technology with some 250 key African and international tech leaders from across the continent.
Other speakers will include Alice Kilonzo Zulu, Managing Director of Ecobank Rwanda, who will talk about Ecobank e-commerce and how cashless innovations are spurring SME growth, and Nshuti Mbabazi, Vice President, Push Payments at Ecobank, who will look at how Ecobank’s digital strategy is helping deliver the cashless society in Africa.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.
Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.
In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.
Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.
Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.
On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.
Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.
Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.
By Adedapo Adesanya
Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.
In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.
Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.
“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.
He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.
Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.
“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”
By Adedapo Adesanya
The Naira closed the pre-Christmas trading day positive after it gained N6.61 or 0.46 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 24, trading at N1,443.38/$1 compared with the previous day’s N1,449.99/$1.
Equally, the Naira appreciated against the Pound Sterling in the same market segment by N1.30 to close at N1,949.57/£1 versus Tuesday’s closing price of N1,956.03/£1 and gained N2.94 on the Euro to finish at N1,701.31/€1 compared with the preceding day’s N1,707.65/€1.
At the parallel market, the local currency maintained stability against the greenback yesterday at N1,485/$1 and also traded flat at the GTBank forex counter at N1,465/$1.
Further support came as the Central Bank of Nigeria (CBN) funded international payments with additional $150 million sales to banks and authorised dealers at the official window.
This helped eased pressure on the local currency, reflecting a steep increase in imports. Market participants saw a sequence of exchange rate swings amidst limited FX inflows.
Last week, the apex bank led the pack in terms of FX supply into the market as total inflows fell by about 50 per cent week on week from $1.46 billion in the previous week.
Foreign portfolio investors’ inflows ranked behind exporters and the CBN supply, but there was support from non-bank corporate Dollar volume.
As for the cryptocurrency market, it witnessed a slight recovery as tokens struggled to attract either risk-on enthusiasm or defensive flows.
The inertia follows a sharp reversal earlier in the quarter. A heavy selloff in October pulled Bitcoin and other coins down from record levels, leaving BTC roughly down by 30 per cent since that period and on track for its weakest quarterly performance since the second quarter of 2022. But on Wednesday, its value went up by 0.9 per cent to $87,727.35.
Further, Ripple (XRP) appreciated by 1.7 per cent to $1.87, Cardano (ADA) expanded by 1.2 per cent to $0.3602, Dogecoin (DOGE) grew by 1.1 per cent to $0.1282, Litecoin (LTC) also increased by 1.1 per cent to $76.57, Solana (SOL) soared by 1.0 per cent to $122.31, Binance Coin (BNB) rose by 0.6 per cent to $842.37, and Ethereum (ETH) added 0.3 per cent to finish at $2,938.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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