Economy
Quick Money Access Across the Continent with Airtel Africa & MoneyGram
Airtel Africa’s partnership with MoneyGram, announced on August 21st, is supposed to provide millions of users across the continent with a quick way to receive money.
Airtel Africa is well known as a provider of telecommunications and mobile money, available in 14 African countries (primarily in East, Central, and West Africa).
In March last year, the company had over 99 million subscribers, 19 million of which use a mobile payment app called Airtel Money The great appeal of Airtel Money, in addition to its national and international money services, is their offer of very cheap data plans in Nigeria.
Speaking about the new partnership, the CEO of Airtel Africa, Raghunath Mandava said: “We are delighted to work with MoneyGram to provide millions of customers with fast, secure, and convenient options to receive and send money as well as access their funds from a vast distribution of exclusive kiosks, agents and branches at their convenience.”
He also added: “This is a significant step forward in our ambition to transform lives through greater financial inclusion and empowerment across the continent. Maximizing access to global remittances is a key part of this – even more so given the disruption and economic hardship faced by many because of the COVID-19 pandemic.”
This partnership is just one step in the company’s journey. Airtel Africa also closed a deal with Standard Chartered Bank in order to allow its clients to make online deposits and withdrawals from the bank in real-time as well as internationally receive money to their wallet and access their savings, in addition to other features. Last year, they also partnered up with a payment and foreign exchange services firm Ecobank and Finablr – a pan-African banking giant.
MoneyGram International Second Biggest Worldwide
On the other hand, MoneyGram International is a global remittance company based in the USA. They specialize in cross-border peer-to-peer payments and money transfers and are the second-biggest provider of these services in the world.
When it comes to the Airtel deal, John Gely, Head of MoneyGram Africa said: “This partnership with Airtel will enable millions of consumers instant access to our global platform to receive money from over 200 countries and territories without having to even step outside.”
Gely added: “We’re excited about how this customer-centric partnership with Airtel will expand our mobile wallet capabilities, build upon our strong momentum in Africa, and further accelerate our digital growth across the globe.”
MoneyGram already has similar arrangements with Safaricom, which allows Tanzanian and Kenyan users to access the platform, as well as with Zimbabwe’s Ecocash and various providers in Ghana, such as Vodafone Cash, Airtel Tigo Money, and MTN MoMo.
There was also talk of Western Union approaching MoneyGram and proposing a takeover deal but, so far, it looks like nothing came of it. Furthermore, the company is relying on blockchain and its decentralized technology to make its transfers faster and more efficient. Ripple, a blockchain payments company, made a significant investment in MoneyGram and now holds around 10% of its common stocks.
The Airtel Africa/MoneyGram deal means that Airtel Money’s customers will be able to receive transfers from their friends and family through MoneyGram and put it directly into their mobile wallets. The money will be available instantly and can be used for a variety of purposes, from paying the utility bills to transferring it to other individuals.
Seeing as how the coronavirus pandemic encouraged people to replace cash with various digital payment apps, it’s no wonder that there is more and more use of this method in e-commerce, mobile banking, and mobile gambling industries. Being somewhat of a data security freak, the stamp of approval from the online gambling industry means a lot.
As the pay by phone page on casinos.co.za says, ‘the latest data encryption technology should be implemented to keep your personal details and banking information completely secure’. Indeed, to make a purchase or money transfer, a verification code is sent to the specific phone number. It’s one of the safest methods because you can only complete the transaction if you are holding the phone.
What is more, paying by phone is one of the most convenient ways of paying as chances are that everyone has their phone on them at all times. Furthermore, this is one of the safest methods because only a phone number and a verification code sent to that number are required to make a purchase or payment.
However, it is important to note that the Communication Authority of Kenya (CAK) is yet to approve this deal. If and once the deal is approved by this regulatory body, the Airtel Money customers will be able to experience all the benefits of this partnership.
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.
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.
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.
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