Connect with us


Azimo, Interswitch Seal Instant Money Transfers Deal



Mobile Money Transfers

By Dipo Olowookere

A strategic partnership has been entered into between European digital money transfer service, Azimo, leading African payments business, Interswitch Group.

The deal, which was announced on Wednesday, is to further enable instant money transfers from 23 countries in Europe to any customer in Nigeria.

Founder and CEO of Azimo, Mr Michael Kent, disclosed that Nigeria’s teeming population makes it Azimo’s biggest market.

“A huge and rapidly growing population, coupled with the explosion of smartphone ownership, means that Africa, and Nigeria in particular, is one of the most exciting fintech markets on the planet.

“We look forward to working with fintech leader, Interswitch, to build new digital low-cost financial services that drive inclusion and transform the financial lives of our customers in both the UK and Africa,” he said.

On his part, Group Managing Director and CEO of Interswitch, Mr Mitchell Elegbe, disclosed that, “We formed this partnership with Azimo as they are a global leader in cross-border payments with great tech capability and a strong knowledge of our core markets.

“This agreement is a key milestone in our common strategy to better serve the Nigerians where ever they are located around the world.”

Digital money transfers play a significant role in the growth of Nigeria’s economy – the largest in Africa. Remittances to the nation were worth $22 billion in 2017 – the equivalent of 5.6 percent of Nigeria’s GDP and higher than the country’s oil revenues.

By reaching millions of customers in Nigeria, Azimo’s partnership with Interswitch will also help to tackle the problem of financial exclusion in a country where 40 percent of the population is unbanked.

In the longer term, the deal will see the two companies build new mobile-based financial services for Interswitch’s rapidly expanding customer base of over 25 million people in Nigeria, Kenya, Uganda and Tanzania.

The partnership comes at a time when British Prime Minister Teresa May, on a recent visit to South Africa, divulged that the scale of opportunity for London’s businesses across Africa is huge.

She noted that 111 African companies have already come to London to raise the funds needed to invest and grow, hence their desire to ensure that the UK is the partner of choice for African nations.

Nigeria is among the top five countries for inbound remittances with over $20bn received every year, according to the World Bank.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via

Click to comment

Leave a Reply


Weekly Investment in Nigerian Stocks Drops to N17.3bn



Nigerian Stocks1

By Dipo Olowookere

Last week, Nigerian stocks witnessed a sharp decline in investment as they only attracted N17.3 billion from local and offshore investors, data obtained by Business Post indicated.

In the week, investors bought and sold 1.278 billion shares in 21,052 deals compared with the 3.435 billion shares traded in 21,109 deals, which were worth N30.9 billion.

A breakdown showed that FBN Holdings, GTCO, Guaranty Trust Holding Company and Access Bank accounted for 470.7 million units worth N6.6 billion in 3,887 deals, contributing 36.82 per cent and 37.90 per cent to the total trading volume and value respectively.

It was further discovered that financial stocks led the activity chart by volume with a turnover of 984.5 million units valued at N10.3 billion traded in 11,029 deals, contributing 77.01 per cent and 59.09 per cent to the total trading volume and value respectively.

Consumer goods equities trailed with 78.7 million units worth N2.3 billion in 3,137 deals, while conglomerates shares recorded a turnover of 48.7 million units valued at N69.8 million carried out in 647 deals.

On the price movement log, 18 equities appreciated in price during the week, lower than 29 equities in the previous week, while 49 equities depreciated in price, higher than 36 equities in the previous week, with 89 equities closing flat, lower than 91 equities recorded in the previous week.

NEM Insurance was the highest price gainer with 18.42 per cent to trade at N2.25, Meyer gained 10.00 per cent to sell at 22 kobo, Linkage Assurance grew by 9.80 per cent to 56 kobo, Prestige Assurance rose by 8.51 per cent to 51 kobo, while Academy Press jumped 8.33 per cent to 39 kobo.

On the other hand, UPDC was the heaviest price loser with 24.43 per cent to quote at 99 kobo, Consolidated Hallmark Insurance moderated by 20.00 per cent to 44 kobo, UPDC REIT lost 18.81 per cent to settle at N4.10, FTN Cocoa retreated by 12.50 per cent to 35 kobo, while MTN Nigeria depreciated by 12.11 per cent to N167.00.

When the market closed for the week last Friday, the All-Share Index (ASI) and market capitalisation of the Nigerian Exchange (NGX) Limited depreciated by 2.63 per cent to 42,167.91 points and N22.003 trillion respectively.

Similarly, all other indices finished lower with the exception of the insurance index, which appreciated by 2.97 per cent, while the ASeM, growth and sovereign bond indices closed flat.

Continue Reading


NASD OTC Exchange Jumps 0.1% in 48th Trading Week of 2021



NASD OTC market

By Adedapo Adesanya

The 48th trading week of 2021 at the NASD Over-the-Counter (OTC) Securities Exchange closed on a positive note with a marginal 0.1 per cent growth influenced by three companies.

The three securities responsible for the expansion posted by the alternative bourse were UBN Property Plc, NASD Plc and Friesland Campina Wamco Nigeria Plc.

UBN Property Plc appreciated week-on-week by 10.00 per cent to close at 99 kobo per share compared with 90 kobo per share it closed in week 47.

NASD Plc, on its part, appreciated by 7.0 per cent to N26.99 per unit in contrast to the preceding week’s N25.22 per unit, while Friesland Plc grew by 1.3 per cent to N121.00 per share versus N119.42 per share of the preceding week.

Business Post reports that the market recorded price losers in the week and they were just two led by Food Concepts Plc, which depreciated by 10.00 per cent to 81 kobo per unit from 90 kobo per unit of the earlier week.

The second price decliner was Mixta Real Estate Plc, which fell by 9.7 per cent to settle at N1.76 per share as against the previous week’s N1.95 per share.

But at the close of transactions for the five-day trading week, the NASD Unlisted Security Index (NSI) increased by 0.54 points to 745.44 points from 744.9 points recorded at the previous week, while the total value of stocks on the exchange expanded by N440 million to N615.86 billion from N615.42 billion.

In the week, the total value of shares transacted by investors increased by 141.2 per cent to N84.1 million from the preceding week’s N34.8 million, while the total volume of trades jumped by 896.6 per cent to 23.4 million units from 2.3 million units, with the number of deals closing flat at 30 deals.

At the close of the week, Food Concepts Plc was the most traded security by volume with 20.1 million units, NASD Plc traded 2.4 million units, UBN Property Plc exchanged 700,000 units, Mixta Real Estate Plc transacted 200,000 units, while FrieslandCampina WAMCO Nigeria Plc traded 23,079 units.

By value, NASD Plc was the most active with N63.9 million, Food Concepts Plc followed with N16.2 million, FrieslandCampina WAMCO Nigeria Plc posted N2.8 million, UBN Property Plc recorded N648,000, while Mixta Real Estate traded N352,000.

In the year so far, investors have traded a total of 12.8 billion units of securities worth N30.1 billion in 4854 deals.

Continue Reading


Dolidol Eyes African Market Dominance After Mouka $60m Deal




By Adedapo Adesanya

Following its acquisition of top Nigerian mattress brand, Mouka Foam, Moroccan mattress maker, Dolidol, has set its sight on becoming a Pan-African beddings and mattress company by dominating the market.

According to a recent report, the transaction was backed by UK-based private equity firm Development Partners International and was priced at $60 million.

The deal is expected to present an immense growth opportunity, as Dolidol and Mouka Foam will bring together their highly complementary capabilities, banking on the large market share in Nigeria.

Dolidol will also bank on this and more by developing new products for Nigeria’s teeming youth population and growing middle class.

Speaking on this, Ms Sofiane Lahmar, a Partner at Development Partners International said, “As the most populous country in Africa, Nigeria shares many of the same trends as the continent, including positive demographics, a fast-growing middle class and rising consumer spending.”

“Dolidol’s acquisition of Mouka presents an exciting opportunity for growth, creating a greatly expanded addressable market, and enables the business to accelerate its growth in West Africa, while continuing to expand its footprint across the continent.

“We remain confident in the future of the business and look forward to working with both management teams to execute the company’s ambitious strategy and vision,” she further explained.

The Chairman of Dolidol, Mr Saad Berrada, also commented on the deal, describing it as an ‘important milestone’ for the company.

According to him, the deal would help Dolidol to position itself as a regional leader in both North and West Africa.

This will also further the company’s overall ambition to dominate Africa’s growing mattress and beddings market.

It should be noted that Dolidol was established in 1972 and is already present in five Francophone African countries, including Ivory Coast.

Mouka Foam, on the other hand, was established in 1974 and has three factories located across Nigeria.

Continue Reading

Like Our Facebook Page

Latest News on Business Post


%d bloggers like this: