Economy

Catalyst Absolves More Firms to Deepen Financial Inclusion

Published

5 years ago

12/08/2021

By Sodeinde Temidayo David

Global inclusive tech accelerator, Catalyst Fund, managed by BFA Global, has announced its ninth cohort of fintech companies building solutions designed to improve the resilience of underserved customers and communities.

Catalyst Fund has been created to support early-stage startups that are building affordable, accessible and appropriate digital financial solutions that improve the financial health of underserved communities in emerging markets.

It also aims to fill important gaps in the innovation ecosystems across emerging markets, including lack of patient capital to test and iterate products in-market, lack of skill sets to rapidly build viable solutions for underserved customers and lack of personal connections with global and local investors and corporate partners.

Underserved communities in emerging markets are the most vulnerable and exposed to the impact of climate change, though they contribute the least to harmful emissions.

These populations tend to rely on the physical environment for their livelihoods and domestic food consumption, are more likely to live in climate disaster-prone areas and have more of their wealth in physical assets prone to destruction during climate-related disasters.

It was noted that with worsening climate change, households and small businesses will be further pushed back into poverty and worsen their helplessness.

In order to fulfil its aims, the Catalyst Fund Inclusive fintech program welcomes PayPal as a new supporter as it explores the role digital finance can play in enabling climate resilience with select companies over the next two cohorts.

PayPal is now added to the existing supporters, UK Foreign, Commonwealth and Development Office (FCDO) and JPMorgan Chase & Co.

Remarking on the new support investor, the Managing Director (MD) of Catalyst Fund, Mr Maelis Carraro expressed his excitement and announced an additional focus on digital finance solutions for climate resilience.

He said, “Climate change is already severely impacting low-income populations in emerging markets, who lack financial safety nets to cope with these additional shocks.

“Digital finance can be a game-changer in enabling climate resilience solutions to better reach vulnerable populations, as we’ve already seen the ways in which it can enhance the breadth, depth, and affordability of solutions across industries. We look forward to exploring this space and continuing to build the resilience of vulnerable populations across emerging markets via fintech innovation, with the invaluable support of PayPal, JPMorgan Chase, and FCDO.”

Other companies, including a Nigerian own firm, Crop2Cash were also announced to join the ninth Inclusive Fintech cohort. They were added to Catalyst Fund’s existing portfolio of 45 companies.

Crop2Cash is set to unlock affordable financing for smallholder farmers and provides digital finance solutions along the agriculture value chain, increasing efficiency and productivity.

The other companies include HealthDart from South Africa, Kazi from Kenya, Ohm Mobility of India, PocketFin also from India, Verqor from Mexico.

For the purpose of accelerating the new inclusive Fintech startups, including others in the Catalyst Fund’s portfolio, the program offers a combination of catalytic grant capital, bespoke venture-building support from BFA Global, and direct connections with investors and corporate innovators that can help them scale.

To date, Catalyst Fund has raised more than $247 million in follow-on funding and reached over 6.5 million low-income customers. Startups in this cohort were approved by Catalyst Fund’s Investor Advisory Committee (IAC), comprising experienced fintech and emerging markets investors, including Anthemis, Quona Capital, Better Tomorrow Ventures, Flourish Ventures, Accion Venture Lab and Gray Ghost Ventures.

Economy

NRS Launches Unified Tax ID System

Published

5 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.

The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.

According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.

The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.

“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.

The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.

According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.

“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.

The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.

Economy

OTC Securities Exchange Falls 1.31% as Key Stocks Decline

Published

7 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.

This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.

Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.

The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.

During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.

Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.

GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.

Economy

FX Pressure Pushes Naira Lower to N1,373/$1 at Official Market

Published

7 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

It was a horrible day for the Nigerian Naira in the different segments of the foreign exchange (FX) market on Monday, May 15, as its value further weakened against the United States Dollar.

In the black market window, the Naira lost N5 against the Dollar yesterday to sell for N1,390/$1 compared with the previous value of N1,385/$1, but at the GTBank forex counter, it remained unchanged at N1,383/$1.

In the Nigerian Autonomous Foreign Exchange Market (NAFEX), the Nigerian currency depreciated against the greenback by N2.66 or 0.19 per cent to sell for N1,373.70/$1 compared to last Friday’s rate of N1,371.04/$1.

Equally, it fell against the Pound Sterling in the same market segment by N9.05 to trade at N1,839.66/£1 versus N1,830.61/£1, and lost N5.42 on the Euro to close at N1,600.49/€1 versus N1,595.07/€1.

The performance of the local currency during the session indicates early worries despite all signals pointing to stability, amid improved Dollar sales by the Central Bank of Nigeria (CBN), with steady, higher oil receipts to bolster the nation’s reserves.

Activity at the market showed that turnover rose 57.3 per cent to $76.29 million on Monday from $48.49 million posted on Friday.

Over the weekend, S&P raised Nigeria’s credit ratings for the first time since 2012 and highlighted improved FX market liquidity and $10 billion turnover recorded in April 2026 as one of the major gains of the CBN-led FX reforms.

The agency said the liberalisation of the exchange rate has bolstered access to foreign currency and enabled a market-driven exchange-rate environment while supporting investor and consumer confidence.

Meanwhile, the cryptocurrency market was bullish on Monday as investors monitored developments in the Iran conflict and weighed the impact of surging oil prices on inflation and US interest-rate expectations.

Ethereum (ETH) gained 0.7 per cent to trade at $2,134.10, Cardano (ADA) rose by 0.6 per cent to $0.2515, Solana (SOL) expanded by 0.3 per cent to $85.11, Binance Coin (BNB) jumped 0.2 per cent to $643.29, TRON (TRX) increased by 0.03 per cent to $0.3565, and Bitcoin (BTC) advanced by 0.02 per cent to $76,912.12.

On the flip side, Dogecoin (DOGE) slid by 1.5 per cent to $0.1044, and Ripple (XRP) decreased by 0.5 per cent to $1.38, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.