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 Dipo Olowookere
Renewed buying interest raised the Nigerian Exchange (NGX) Limited by 0.33 per cent on Monday, with gains recorded in almost all the major sectors of the bourse at the close of transactions.
According to data harvested by Business Post, the insurance counter expanded by 0.62 per cent, the banking index grew by 0.59 per cent, the energy sector appreciated by 0.40 per cent, and the consumer goods space improved by 0.10 per cent, while the industrial goods segment closed flat.
When the closing gong was struck by 4 pm to signify the close of business on Customs Street, the All-Share Index (ASI) was up by 1,113.76 points to 243,707.07 points from 242,593.31 points, and the market capitalisation chalked up N714 billion to close at N156.308 trillion compared with the previous session’s N155.594 trillion.
Interest in Nigerian stocks yesterday resulted in a rise in the activity level, with the trading volume soaring by 17.86 per cent to 717.2 million units from 608.5 million units. The trading value advanced by 77.19 per cent to N56.7 billion from N32.0 billion, and the number of deals surged by 36.22 per cent to 73,321 deals from 53,826 deals.
FCMB was the busiest stock during the trading day, with a turnover of 152.3 million units worth N1.8 billion, Premier Paints exchanged 61.0 million units valued at N135.3 million, Dangote Cement traded 34.7 million units for N29.7 billion, The Initiates sold 32.8 million units worth N1.0 billion, and Jaiz Bank transacted 32.6 million units valued at N293.3 million.
Yesterday, the market breadth index was positive after the exchange closed with 37 price gainers and 28 price losers, representing strong investor sentiment.
International Energy Insurance gained 9.92 per cent to settle at N7.98, the Initiates added 9.91 per cent to its share price to quote at N32.15, ABC Transport garnered 9.68 per cent to trade at N6.80, Abbey Mortgage Bank grew by 9.63 per cent to close at N10.25, and Linkage Assurance soared by 9.36 per cent to N1.87.
On the flip side, Fidson Healthcare gave up 10.00 per cent to finish at N122.85, Academy Press crashed by 9.70 per cent to N7.45, RT Briscoe depreciated by 9.43 per cent to N13.45, SUNU Assurances tumbled by 9.37 per cent to N4.06, and Learn Africa decreased by 8.70 per cent to N10.50.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a marginal 0.05 per cent drop on Monday, June 8, depleting the market capitalisation by N1.27 billion to N2.606 trillion from N2.607 trillion, and cutting the Unlisted Security Index (NSI) by 2.12 points to 4,356.20 points from the previous 4,358.32 points.
The contraction witnessed during the session was triggered by a price loser, which overpowered that gains recorded by two securities on the trading platform.
Data indicated that MRS Oil Plc lost N6 at the close of business to settle at N165.00 per share compared with last Friday’s price of N171.00 per share.
Conversely, Lighthouse Financial Services Plc added 9 Kobo to sell at N1.03 per unit versus 94 Kobo per unit, and Central Securities Clearing System (CSCS) Plc appreciated by 8 Kobo to N78.48 per share from N78.40 per share.
The volume of securities traded by investors yesterday soared by 51.9 per cent to 213,188 units from 140,345 units, and the value of securities increased by 12.6 per cent to N20.2 million from N17.9 million, while the number of deals executed fell by 7.4 per cent to 25 deals from 27 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 Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 64.8 million units exchanged for N4.4 billion.
GNI Plc also remained as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Adedapo Adesanya
The Naira opened the new trading week on a negative note on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEX) and the black market.
At the parallel market, the Nigerian currency weakened against the US Dollar by N5 to sell for N1,380/$1 compared with the preceding session’s rate of N1,375/$1, and at the GTBank FX desk, it shed N1 to trade at N1,373/$1 versus N1,372/$1.
At the official market, it lost 63 Kobo or 0.05 per cent against the Dollar during the session to close at N1,362.84/$1, in contrast to last Friday’s value of N1,362.21/$1.
However, the Nigerian Naira gained N2.30 against the Pound Sterling at the spot market yesterday, quoting at N1,821.29/£1 compared with the previous rate of N1,823.59/£1, and improved against the Euro by 23 Kobo to settle at N1,574.35/€1 versus N1,574.58/€1.
Data from the Central Bank of Nigeria (CBN) showed that interbank forex turnover increased to $92.248 million across 90 deals, from $73.565 million last Friday.
On the policy front, participants believed that the application of the fourth edition of the Foreign Exchange Manual of the central bank, which introduces updated guidelines for foreign exchange transactions and tightening compliance requirements for authorised dealers and market participants, will enhance market flexibility and ease previous restrictions.
Meanwhile, the cryptocurrency market snapped from recent declines, jolted by Strategy’s purchase of 1,550 Bitcoin for approximately $101 million, increasing its total holdings to 845,256 BTC. The company raised $181 million through common stock sales, using the proceeds to fund the bitcoin purchase and increase its cash reserves to $1 billion, pushing the price of the coin higher by 3.2 per cent to $63,731.69.
Cardano (ADA) appreciated by 8.4 per cent to $0.1738, Ethereum (ETH) rose by 5.2 per cent to $1,711.54, Solana (SOL) expanded by 5.1 per cent to $67.82, and Ripple (XRP) improved by 4.9 per cent to $1.18.
Further, Dogecoin (DOGE) jumped by 4.3 per cent to $0.0873, Binance Coin (BNB) soared by 2.7 per cent to $609.50, and TRON (TRX) increased by 0.7 per cent to $0.3274, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $0.9997 and $0.9998, respectively.
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