By Modupe Gbadeyanka

A strategic collaboration aimed to drive seamless cross-border transfers has been entered into between dLocal and Panda Remit.

This partnership is expected to unlock financial access and increase payment efficiency across key markets in North, West, and East Africa.

This will drive Panda Remit’s expansion of its payout capabilities in the region, offering users secure and efficient payment solutions.

By leveraging dLocal’s payment network, Panda Remit is able to tackle these challenges head-on, offering recipients in critical African markets faster, more efficient solutions.

This collaboration reduces transaction costs, increases operational efficiency, and accelerates market expansion, ensuring reliable access to funds for those who rely on remittances.

With access to local and alternative payment methods—including bank transfers and mobile wallets like M-Pesa, Orange, and Airtel—across key markets in North, West, and East Africa, Panda Remit now offers tailored solutions that meet diverse recipient needs. This integration enables faster transfers, lower costs, and enhanced security and flexibility, improving the experience for both senders and recipients.

“Partnering with dLocal enables us to expand our presence across Africa, offering reliable payout options that meet the diverse needs of our users.

“At Panda Remit, it’s crucial to simplify international cross-border remittances and provide an affordable, efficient way for users to send and receive funds,” the Head of Region at Panda Remit, Mr Alfred Yang, stated.

Also, the Head of China at dLocal, Mr Justin Goh, said, “Seamless remittances are a lifeline for millions in emerging markets, and enabling fast, cost-effective cross-border payments is at the core of what we do.

“By partnering with Panda Remit, we’re driving their expansion of financial services across Africa, enabling faster, more secure fund transfers that not only benefit individuals but also strengthen the remittance landscape.”

Access to fast and reliable remittance services is crucial for individuals in emerging markets. However, traditional remittance solutions often come with high fees, delays, and limited accessibility.

In Africa, where mobile wallets and bank transfers are essential for financial inclusion, ensuring a seamless payout experience is critical.

According to the World Bank, Sub-Saharan Africa has the highest remittance costs globally, with an average of 8.72 per cent for sending $200 in 2022. Additionally, 5 per cent of adults in Sub-Saharan Africa lack access to formal financial services.

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange dropped by a marginal 0.01 per cent on Wednesday, May 20, with the NASD Unlisted Security Index (NSI) falling by 0.42 points to 3,154.16 points from the previous session’s 3,154.58 points.

In the same vein, the market capitalisation of the alternative stock exchange lost N240 million to remain relatively unchanged at N1.847 trillion.

During the session, the volume of securities transacted by investors went down by 30.5 per cent to 398,093 units from the 372,645 units traded in the previous trading day, the value of transactions declined by 32.4 per cent to N4.1 million from N6.1 million quoted on Tuesday, and the number of deals slid by 5.0 per cent to 19 deals from 20 deals.

Data indicated that Okitipupa Plc suffered a 50 Kobo loss to end at N240.00 per unit compared with the previous day’s N240.50 per unit, FrieslandCampina Wamco Nigeria Plc tumbled by 9 Kobo to close at N40.01 per share compared with Tuesday’s closing price of N40.10 per share, and Industrial and General Insurance (IGI) Plc dropped 2 Kobo to finish at 34 Kobo per unit, in contrast to the preceding day’s 36 Kobo per unit.

On the flip side, the price of AG Mortgage Bank Plc appreciated by 6 Kobo to 69 Kobo per share from the 63 Kobo per share it ended a day earlier.

At the close of trades, Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 536.9 million units worth N524.7 million, followed by Geo-Fluids Plc with 266.9 million units sold N471.4 million, and Okitipupa Plc with 153.6 million units valued at N4.9 billion.

In the same vein, Okitipupa Plc remained the most active stock by value on a year-to-date basis with 153.6 million units worth N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 21.8 million units valued at N837.9 million, and Impresit Bakolori Plc with a turnover of 536.9 million units sold for N524.7 million.

By Adedapo Adesanya

The Naira closed stronger against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, May 21 by N6.99 or 0.44 per cent to trade at N1,584.26/$1 compared with the preceding day’s value of N1,591.25/$1.

It also appreciated against the Pound Sterling in the official market at midweek by 36 Kobo to close at N2,126.24/£1 versus Tuesday’s rate of N2,126.60/£1 but lost N3.59 against the Euro to settle at N1,795.08/€1, in contrast to the previous trading day’s N1,791.49/€1.

In the parallel market, the exchange rate of the Naira to the Dollar remained unchanged yesterday at N1,625/$1, according to data obtained by Business Post.

The Nigerian currency has maintained stability on the greenback lately amid the decision of the Central Bank of Nigeria (CBN) to retain the Monetary Policy Rate (MPR) at 27.5 per cent.

On Tuesday, the Monetary Policy Committee (MPC) of the apex bank reiterated the Nigerian financial remains sound and stable, with performative indicators, adding that the CBN should restore confidence and rebuild trust.

Policy direction, including boosting local production, easing FX pressure, and strengthening non-oil exports also offered support to the Naira.

In the cryptocurrency market, a mix of positive momentum, buoyed by macroeconomic factors, growing optimism around US crypto regulation, and continued interest from institutional buyers pushed prices of tokens higher.

This came as investors sought alternative options as equity markets fell due to recent downgrade of US sovereign debt, with crypto acting as a hedge.

Binance Coin (BNB) added 2.9 per cent to sell for $679.40, Cardano (ADA) appreciated by 2.9 per cent to $0.7860, Solana (SOL) grew by 2.7 per cent to $175.69, Dogecoin (DOGE) jumped by 2.6 per cent to $0.2379, Bitcoin (BTC) expanded by 2.6 per cent to $110,518.89, Litecoin (LTC) increased by 2.1 per cent to $98.00, Ripple (XRP) gained 0.7 per cent to trade at $2.39, and Ethereum (ETH) soared by 0.6 per cent to $2,608.25, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat $1.00 each.