Economy
Kenya Tops Nigeria in Mobile Money Transfers
By Modupe Gbadeyanka
Latest data from Central Bank of Kenya has shown that Kenyans moved a record $33 billion via mobile money platforms such as Safaricom, Airtel or Mobikash in 2016, up from $27.8 billion from the previous year.
However, Nigerians moved N756 billion or $2.4 billion in the same period under review, though Nigeria surpassed Kenya using other electronic platforms.
It was gathered that despite the economic downturn in Nigeria last year, over N56 trillion, about $177 billion was moved through the electronic channels in the Nigerian financial system.
The surge in mobile money transactions in Kenya by about $6 billion consolidates the country’s global position in the use of the technology that has revolutionised its financial sector.
The volume of cash transacted on the platform surpasses Kenya’s 2017/2018 budget, which is estimated at 25 billion dollars, underlying the role of the service to citizens and the economy.
In 2016, mobile money use peaked at $3.1 billion per month in December, according to the regulator’s data, up from $2.6 billion last year.
Christmas and New Year festivities normally give mobile money use a boost as Kenyans send and receive various amounts of cash from their loved ones.
On the opposite, the least transactions during the period were carried out in January, with Kenyans moving $2.4 billion.
Kenyans on average transacted during the period $2.7 billion a month up from $2.3 billion in the previous year.
Kenyans use mobile platforms to perform a range of financial services that include making money deposits, remittance delivery, payment of bills, withdrawal of cash and access of micro-finance credit.
Therefore, mobile money has become a necessity in the lives of Kenyans. Many citizens are unable to operate without it.
In the period of review, according to the Central Bank, the number of mobile money subscribers hit 35 million from 31.6 million in 2015, which means only less than 10 percent of the country’s people has not subscribed to mobile money.
The number of agents during the period clocked 165,908 from 143,946 at the end of 2015 as the sector continued to be a key employer.
Monthly transactions similarly swelled considerably, with East African nation citizens making over 146 million transactions a month from 107 million in 2015.
Kenya has six mobile money service providers namely Safaricom, Airtel, Orange, Equitel, Tangaza and Mobikash.
Safaricom’s Mpesa is the most popular, carrying out over 90 percent of the transactions. The company last week partnered with its peers in Rwanda, Tanzania and Uganda to enhance use of Mpesa in East Africa, an indication of expected growth.
The apex bank’s figures paint a healthy picture of growth of mobile money but Treasury has warned that collapse of service poses fiscal risks to the economy since various financial products have been leveraged on the payment channel increasing linkage between the technology and the banking sector.
“If this system was to be compromised, the impact would be substantial considering the linkages and the corporate tax revenue for government. The financial and other institutions linked to this system would be susceptible,” notes Treasury in its budget policy statement for this financial year.
Analysts expect mobile money use to sustain growth in the coming years as companies continue to innovate, people go for paperless transactions and unsubscribed embrace the service.
In contrast to Kenya, mobile money is yet to catch on in Nigeria.
In 2016, N756 billion or $2.4 billion was transacted through the channel. The number of mobile money customers in the country as at the end of last year stood at 5.54 million that are being cared for by 23,877 agents working for 21 Mobile Money Operators (MMO).
Likewise, goods and services worth N759 billion had been paid for using the 112,847 active POS terminals across the country. Payments through e-bills channel had the lowest volume of transactions of one million. Total value of transactions done through e-bills channel for the whole of 2016 stood at N339 billion.
Payments through webpay for 2016 stood at N132.36 billion which was done in 14.09 million transactions. NIBSS said in 2016, it has processed 11.7 million cheques with a value of N5.8 trillion. Corporate cheques accounted for the largest chunk of this figure as 5.9 million Corporate cheques valued at N3.7 trillion had been processed during the year while 2.7 million individual cheques valued at N0.94 trillion was processed.
Nigeria however scored higher in other electronic platforms.
This is asides the cash transactions done over the counter in the banking halls.
Total transactions through electronic payment platforms such as Automated Teller Machines (ATMs), Point of Sale Terminals (PoS), web payments, online transfers and mobile money from January to December last year hit N56.886 trillion.
According to the Nigeria Inter Bank Settlement System (NIBSS) which records and settles all electronic transactions in the country, online payments through the NIBSS Instant Payment (NIP) recorded the highest value, accounting for 67 per cent of total value of transactions while ATMs had the largest volume of transactions.
The value of funds that changed hands through NIP stood at N38 trillion which was done in 154.5 million transactions. On a daily basis, an average of 422,142 transactions had been done through the NIP channel as more Nigerians adopt the cashless policy of the Central Bank of Nigeria.
Total bank accounts held in the country by banks at the end of 2016 rose to 96.22 million from 85.02 million in 2015, while active accounts rose from 58.97 million to 65.48 million by the end of last year.
NAN
By Adedapo Adesanya
The Central Securities Clearing System (CSCS) Plc has declared the first interim dividend in its history after posting its financial results for the first half of 2026, reflecting robust earnings growth, improved operating efficiency and stronger capital market activity.
The board approved an interim dividend of N1.00 per ordinary share for the six months ended June 30, 2026, citing the company’s strong cash generation, resilient balance sheet and confidence in the sustainability of its earnings.
The interim payout represents about 56 per cent of the total dividend of N1.78 per share paid for the 2025 financial year, underscoring its strong earnings momentum while preserving financial flexibility to invest in technology, innovation and future growth.
CSCS recorded one of the strongest financial performances in its history during the review period, with total operating income rising by 92 per cent to N18.51 billion from the corresponding period of 2025.
The growth was driven by higher transaction fee income as capital market activity strengthened, continued expansion in depository services, increased collateral management revenues and stronger contributions from data and technology-enabled services. Investment income also improved as the company optimised its investment portfolio.
Despite the sharp rise in revenue, operating expenses increased by only 38 per cent, reflecting disciplined cost management and the scalability of the company’s business model.
As a result, operating profit surged by 186 per cent to N10.11 billion, while profit before tax climbed by 115 per cent to N13.21 billion. Earnings per share also rose significantly to 190.1 kobo from 109.1 kobo in the corresponding period of 2025.
The organisation also recorded improvements in operating efficiency. Its cost-to-income ratio declined to 45.4 per cent from 63.2 per cent a year earlier, while operating profit margin improved to 54.6 per cent from 36.8 per cent.
According to the company, the results demonstrate not only the benefits of stronger market activity but also the resilience of its operating model and its ability to convert revenue growth into higher profitability, improved shareholder returns and sustainable long-term value creation.
Commenting on the interim dividend, the Chairman of CSCS Plc, Mr Temi Popoola, said the board’s decision reflected confidence in the firm’s financial strength, earnings quality and long-term strategic direction.
He said the strong performance was driven not only by increased market activity but also by sustained improvements in operational efficiency, disciplined cost management and the continued diversification of revenue streams.
Mr Popoola noted that the Board remained committed to balancing shareholder returns with investments in technology, innovation, resilience and new growth opportunities that would strengthen CSCS’ position as Nigeria’s leading financial market infrastructure and one of Africa’s foremost post-trade institutions.
The chief executive of CSCS Plc, Mr Shehu Yahaya Shantali, attributed the strong performance to the resilience of the entity’s business model, the dedication of its workforce and the confidence of market participants.
He said the first-ever interim dividend demonstrated the company’s ability to translate strong earnings growth and improved operating efficiency into enhanced shareholder value.
Mr Shantali added that CSCS would continue to strengthen its core market infrastructure, invest in technology and innovation, diversify its revenue base and enhance value creation for stakeholders while supporting the development of Nigeria’s capital market.
By Aduragbemi Omiyale
The national scale long-term issuer rating of Axxela Limited has been upgraded by GCR Rating to A+(NG), just as its short-term issuer rating was affirmed with a stable outlook.
The rating firm upgraded the long-term issue rating for Axxela Funding 1 Plc’s N16.4 billion series 1 senior unsecured bond to A+(NG), while the N11.5 billion series 1 senior secured bond was lifted to A+(NG)(EL).
GCR noted in a note that the actions reflect the leading gas and power portfolio company’s robust business model, strong earnings performance, and sustained financial profile, reinforcing its ability to deliver long-term value while maintaining financial discipline.
Axxela’s recent achievements have been driven by its continued focus on responsible growth, customer satisfaction, and creating lasting value for national development.
“The ratings upgrade by GCR is a strong endorsement of Axxela’s disciplined approach to business. Beyond recognising our financial strength, it reflects the resilience of our business model and the confidence in our strategic direction.
“Over the past few years, we have continued to make significant strides across the business by expanding our natural gas infrastructure, strengthening our operational footprint, advancing our sustainability agenda, and maintaining an unwavering commitment to operational excellence and safety,” the chief executive of Axxela, Mr Moshood Olajide, commented on the development.
As the company continues to advance its long-term growth strategy, the upgraded ratings reinforce confidence in Axxela’s credit profile, financial resilience, and ability to create enduring value for investors, customers and other stakeholders.
By Adedapo Adesanya
The Ministry of Solid Minerals Development and the National Identity Management Commission (NIMC) have strengthened their partnership to deploy digital identity technology, aiming to combat illegal mining and enhance security in Nigeria’s mining sector.
Speaking while receiving the Director-General and management of NIMC on a courtesy visit to his office in Abuja, the Minister of Solid Minerals Development, Mr Dele Alake, described the commission as a critical institution in Nigeria’s development architecture, stressing that effective governance could not be achieved without a credible identity management system.
“NIMC occupies a critical position in translating policy into reality. It is pivotal to the development of any nation because governance today is driven by data, technology and credible identity systems,” he added.
He noted that inadequate identification systems had weakened enforcement efforts over the years, allowing illegal mining activities to flourish in mineral-rich communities.
“Without identification, we cannot trace or track, and insecurity will flourish. In the solid minerals sector, we need effective monitoring of both legal and illegal operations.
“A credible identity ecosystem will strengthen regulation, improve enforcement and support our efforts to sanitise the sector,” Mr Alake said.
The minister identified technology, statistics, data gathering and digital identity as critical enablers for evidence-based policymaking, improved regulatory oversight, efficient licensing, investment promotion and national development.
On her part, the DG of NIMC, Mrs Abisoye Coker-Odusote, highlighted several opportunities for collaboration between both institutions, noting that the newly enacted NIMC Act has positioned Nigeria to fully embrace a digital governance ecosystem.
She explained that deeper integration of identity management into the solid minerals sector would facilitate database integration across government institutions, enhance regulatory compliance, strengthen security and law enforcement, improve monitoring of operators, and provide stronger support for the implementation of Community Development Agreements (CDAs) in mining host communities.
Mrs Coker-Odusote added that NIMC’s upgraded digital infrastructure is capable of supporting government institutions in building reliable databases, improving transparency and delivering more efficient public services.
Both institutions said they would immediately begin implementing technology-driven initiatives under the partnership, expressing confidence that expanding access to trusted digital identities for miners and other eligible residents would enhance accountability and strengthen governance in the solid minerals sector.
