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Economy

Fintech Firms Partner to Enhance Financial Service in Nigeria

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OnePipe financial service

By Ashemiriogwa Emmanuel

OnePipe, an infrastructural fintech company, has partnered with Kudi, a payments service company, to provide financial service to millions of users across Nigeria through the Kudi benefit account.

The financial solution, which is set to deepen financial access to millions of users who already rely on Kudi’s payment service for various cash transactions, was vitalized by the collaboration of Polaris bank limited, Migo, Zitra investments, Kudi and OnePipe.

According to a statement issued on the innovation, Polaris Bank Limited will facilitate the provisioning of full-fledged, regulatory compliant accounts through its digital banking platform, Vulte, while the combined investments of Migro and Zitra will provide the lending resources for the financial solution.

Commenting on the partnership, OnePipe’s CEO, Mr Ope Adeoye, stressed the need for present financial services stakeholders to collaborate with innovators in extending the digital financial ecosystem to over 38 million Nigerian adults who do not have access to digitised financial services.

He further said that “the collaboration of Polaris Bank, Migo, Zitra Investments, Kudi and of course OnePipe has birthed the value proposition driving the Kudi Benefits Account.”

In the same vein, the CEO of Kudi, Mr Yinka Adewale, emphasised the need to venture into the various channels in providing financial access to underserved Nigerians across the country as a payment service company.

According to him, “It is important to us to continue exploring various channels to drive financial access to every Nigerian regardless of who they are or where they live.

“Leveraging OnePipe’s infrastructure, partnership with Polaris Bank and others, we can now provide full utility, Nigeria Uniform Bank Account Number (NUBAN) bank accounts laced with a no-friction credit proposition via kudibenefits.chat and very soon we will be issuing debit cards to millions of users and expand our service offerings to them.”

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Economy

Inflation in Nigeria Jumps to 16.82% in April 2022

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inflation rate Nigeria

By Aduragbemi Omiyale

The National Bureau of Statistics (NBS) on Tuesday disclosed that inflation in Nigeria increased by 16.82 per cent in April 2022 from the 15.92 per cent recorded in March 2022.

However, on a year-on-year basis, the rate moderated by 1.3 per cent as inflation was 18.12 per cent in the corresponding month of 2021.

The NBS disclosed that the percentage change in the average composite consumer price index (CPI) for the 12 months period ending April 2022 over the average of the CPI for the previous 12 months period was 16.45 per cent, 0.1 per cent lower than the 16.54 per cent recorded in March 2022.

It also stated that in the month under review, the urban inflation rate increased to 17.35 per cent (year-on-year) in April 2022 from 18.68 per cent recorded in April 2021, while the rural inflation rate increased to 16.32 per cent in April 2022 from 17.57 per cent in April 2021.

On a month-on-month basis, the urban index rose to 1.78 per cent in April 2022, up by 0.02 from the rate recorded in March 2022 at 1.76 per cent, while the rural index also rose to 1.74 per cent in April 2022, up by 0.01 from the rate that was recorded in March 2022 at 1.73 per cent.

The corresponding 12-month year-on-year average percentage change for the urban index is 17.01 per cent in April 2022, lower than 17.10 per cent reported in March 2022, while the corresponding rural inflation rate in April 2022 is 15.91 per cent compared to 16.00 per cent recorded in March 2022.

In the report, the stats agency said in April 2022, the composite food index rose by 18.37 per cent in contrast to the 22.72 per cent achieved in April 2021, attributing the increase to a hike in the prices of bread and cereals, food products n.e.c, potatoes, yam, and other tubers, wine, fish, meat, and oils.

On a month-on-month basis, the food sub-index increased to 2.00 per cent in April 2022, up by 0.01 per cent points from 1.99 per cent recorded in March 2022, the report added.

It was further stated that the average annual rate of change of the food sub-index for the 12-month period ending April 2022 over the previous 12-month average is 18.88 per cent, 0.34 per cent points from the average annual rate of change recorded in March 2022 at 19.21 per cent.

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Economy

OTC Securities Exchange Closes 0.02% Lower

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NASD OTC Securities Exchange

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange closed marginally lower by 0.02 per cent on Monday on the back of a price depreciation in Central Securities Clearing Systems (CSCS) Plc.

The stock, which was the only price loser yesterday, went down by 5 kobo or 0.29 per cent to sell at N16.95 per unit compared to the previous session’s N17.00 per unit.

At the close of transactions, it reduced the market capitalisation of the OTC securities exchange by N250 million to N1.05 trillion from N1.06 trillion and sliced the NASD Unlisted Securities Index (NSI) by 0.19 points to 807.56 points from 807.75 points.

Business Post observed that the level of activity during the session was low as the volume of securities recorded a decline of 99.8 per cent to 61,131 units from 7.5 million units, the value of trades also depreciated by 99.8 per cent to N4.6 million from N2.2 billion, while the number of deals remained unchanged at 11 deals.

AG Mortgage Bank Plc closed the session as the most traded stock by volume (year-to-date) with 2.3 billion units worth N1.2 billion, CSCS Plc was in second place with 661.6 million units worth N13.9 billion, while Food Concepts Plc held the third position with 94 million units worth N77.8 million.

But the most active stock by value (year-to-date) was CSCS Plc with 661.6 million units valued at N13.9 billion, VFD Group followed with 9.4 million units valued at N2.9 billion, and AG Mortgage Bank Plc with 2.3 billion units valued at N1.2 billion.

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Economy

FX Supply Crisis Weakens Naira to N421.50/$ at I&E

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devalue naira

By Adedapo Adesanya

The rationing of foreign exchange (FX) to traders in Nigeria by the Central Bank of Nigeria (CBN) amid a shortage in supply is putting the Naira under pressure.

At the Investors and Exporters (I&E) segment of the market on Monday, the Nigerian currency depreciated by 0.6 per cent or N2.50 against the US Dollar to N421.50/$1 from the previous session’s N419.00/$1.

According to data from the FMDQ Securities Exchange, FX traders could not execute many transactions yesterday as they could not meet the high demand for forex from their customers.

FX trades valued at $70.68 million were carried out during the session compared with the $169.38 million executed last Friday, indicating a shortfall of 58.3 per cent or $98.7 million. Amid these low FX deals, the Naira could not gain strength against its American counterpart due to a shrink in the supply end.

At the spot market, the local currency also depreciated against the Pound Sterling on Monday by N2.17 to trade at N509.50/£1 versus the preceding session’s N507.33/£1 and lost N1.18 against the Euro to close the day at N433.05/€1 compared with N431.87/€1 of the previous day.

But at the Peer-to-Peer (P2P) window, the Nigerian Naira appreciated by N1 against the greenback to trade at N614/$1 in contrast to the preceding session’s value of N615/$1.

At the cryptocurrency market, things continued to worsen for the Luna-backed coin, TerraUSD (UST) as it plunged by 27.8 per cent to trade at $0.1269.

This is coming as Luna Foundation Guard, a fund set up by Terra creator, Mr Do Kwon, said on Monday that the company spent almost all of the Bitcoin in its reserve last week in a futile attempt to save UST.

It was joined yesterday by Cardano (ADA), which depreciated by 0.2 per cent to sell at $0.5742.

However, Litecoin (LTC) gained 3.7 per cent to trade at $70.56, Solana (SOL) improved by 2.6 per cent to $56.77, Binance Coin (BNB) appreciated by 1.3 per cent to $305.71, Ripple (XRP) recorded a 1.2 per cent gain to trade at $0.4356, Dogecoin (DOGE) rose by 0.3 per cent to $0.0899, Bitcoin (BTC) increased by 0.2 per cent to $30,358.88, Ethereum (ETH) went up by 0.1 per cent to $2,075.77, while the US Dollar Tether (USDT) also gained 0.1 per cent to sell for $0.9989.

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