Economy
Kuda CTO Commends FG’s Digital Economy Policy
By Aduragbemi Omiyale
The federal government has been commended by the Chief Technology Officer and co-founder of Kuda Technologies Limited, Mr Musty Mustafa, for its digital economy policy, noting that it is a step in the right direction.
In an interview, Mr Mustafa said cashless payment systems, bolstered by fintechs and digital solutions providers like Kuda, are poised to significantly impact Nigeria’s Gross Domestic Product (GDP), describing fintechs as a strategic non-oil contributor to national socio-economic growth.
“Fintech has a crucial role in enhancing the cashless policy’s impact on the overall economy.
“By improving accessibility and affordability, innovative solutions like Kuda enable businesses to collect payments effectively and consumers to make payments conveniently. These positive ripple effects will benefit the Nigerian economy as a whole,” he added.
Mr Mustafa further highlighted the transformative power of digital platforms and e-payment systems, revolutionizing Nigeria’s financial ecosystem.
These advancements facilitate efficient access to business funds, reduce operational costs, and enhance customer transactional convenience, all contributing to job creation and economic growth.
Acknowledging the significant growth of Nigeria’s fintech industry, with startups providing cutting-edge financial solutions, Mr Mustafa emphasized that technology has, even more to offer in enhancing the nation’s traditional banking and financial ecosystem.
He urged the government to support the industry’s growth by formulating and implementing supportive laws and programs. Additionally, Mr Mustafa advocated for continuous collaboration between traditional banks and fintechs, a robust credit system, strengthened cybersecurity measures, and increased financial literacy.
Regarding Kuda’s contribution to Nigeria’s digital economy ecosystem, Mustafa reiterated the company’s unwavering commitment to making financial services affordable and accessible to all Africans.
“At Kuda, our vision is to ensure that financial services are within reach of every African, regardless of their status or location. We strive daily to fulfil this mission and provide convenient and affordable digital solutions for retailers, consumers, and businesses,” he disclosed.
Highlighting one such solution, Mr Mustafa unveiled Kuda’s bespoke business offering, ‘Kuda for Business,’ which supports micro-businesses, retailers, and consumers with various digital solutions that foster growth and help achieve personal aspirations.
He also announced the recent launch of a softPOS feature on the Kuda Business platform, enabling micro-businesses to convert their smartphones into payment terminals, facilitating seamless payments directly into their Kuda Business accounts.
Identifying people as the most critical asset for organizational success, Mustafa emphasized Kuda’s ongoing investment in talent development. He highlighted Kuda Connect, a talent hunt initiative designed to attract and nurture exceptional talent through mentorship opportunities and potential job offers.
“Investment in people and retaining the best talent remain key focus areas for Kuda. We are committed to investing in our existing talent pool while attracting the finest talent available,” Mr Mustafa concluded.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) 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 traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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