Economy
Western Union, MFS Africa to Enable Money Transfers Across Africa
By Modupe Gbadeyanka
To enable individuals and businesses across Africa to receive money from over 200 countries and territories, the continent’s largest payment gateway, MFS Africa, has partnered with Western Union.
It was gathered that the partnership would enable funds to be sent from countries around the world to mobile wallets across Africa through the organization’s licensed payment rails. The service will first launch in Madagascar and eventually in other countries across the continent.
Kumar Shourav, Managing Director, MTO’s at MFS Africa, noted that a partnership like this is unprecedented in the industry, with huge potential benefits, value, and impact implications in the long run.
“At MFS Africa, we have always believed in making payments as simple as possible. Payment infrastructures globally have traditionally remained fragmented and local in nature. Africa’s 54 countries are diverse in terms of population, development levels, growth rates, stability, payment infrastructure, and regulations.
“Africa’s fast-growing populations and markets present important opportunities for businesses and individuals in an environment of slowing global growth. MFS Africa has more than a decade’s worth of experience in navigating the challenging African payments landscape.
“Its direct relationship with mobile wallet players, banks, cash pick-up networks and regulators on the continent is unmatched in the industry.
“Western Union is a global leader in cross-border, cross-currency money movement and payments. Through this partnership, both organisations will provide customers, businesses and Global Development Organisations across the world with access to convenient payout options in Africa.
“This will foster better integration between Africa and the rest of the world and will go a long way in supporting financial inclusion across the continent. Therefore, this partnership made complete sense,” he said.
Similarly, Western Union’s ethos is based on empowering the aspiring populations of the world with accessible financial tools to improve the lives of their loved ones and communities.
Hassan Chatila, Global Head of Account Payout Network, Western Union, said, “At Western Union, we aim to be the global leader in providing accessible financial services to the world’s populations and increasing global financial inclusion.
“Our efforts to drive global financial inclusion means delivering on customer needs today and into the future. Through our partnership with MFS Africa, we are excited to come together and deliver on our joint commitment to bring innovative solutions for customers as they support their families and accelerate their momentum up the economic ladder.”
Mohamed Touhami El Ouazzani, Regional Vice President of Africa, Western Union, “Innovation, commitment to customer focus and financial inclusion are at the heart of everything we do at Western Union.
“We are deeply committed to the region and remain focused on advancing cross-border money movement solutions for the people in this region, their communities, and the broader economy. Through our collaboration with MFS Africa, we look forward to achieving our common critical role in getting money to the places where and when it is most needed.”
By Adedapo Adesanya
It was another outstanding performance for the Nigerian Naira in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, March 17, as it further appreciated against the US Dollar by N8.46 or 0.62 per cent to trade at N1,344.04/$1, in contrast to Monday’s closing rate of N1,357.77/$1.
It also gained N6.85 against the Euro in the official FX market during the session to sell at N1,551.46/€1 compared with the previous day’s N1,558.31/€1, but weakened against the Pound Sterling by N6.33 to close at N1,795.87/£1 versus Monday’s value of N1,789.54/£1.
At the GTBank forex counter, the Naira improved its value against the Dollar yesterday by N20 to settle at N1,365/$1 compared with the preceding session’s N1,385/$1, and in the black market, it remained unchanged at N1,395/$1.
With over $50 billion in foreign reserves, analysts assert that the outlook for the Naira is positive, powered by expectations of increased forex receipts from Nigeria’s hydrocarbon sales, as potential disruptions to global oil supply have increased volatility in energy markets.
The pressure that has piled on the local currency appeared to ease, buoyed by higher oil prices that have continued to bolster market sentiment.
Call for allies to help reopen the Strait of Hormuz was ignored, prompting traders to speculate that a continued closure is likely, which means oil prices will remain higher.
Meanwhile, the cryptocurrency market was in green ahead of a Federal Reserve meeting. There are no expectations that the US central bank will move rates at its Wednesday meeting, but Chairman Jerome Powell’s tone regarding the inflation outlook could prove a catalyst.
Analysts noted that a hawkish tone alongside hot February Producer Price Index (PPI) inflation data could weigh on equities and crypto, but Mr Powell’s signal that the Federal Reserve is treating rising oil prices as a temporary shock could extend the crypto rally.
Cardano (ADA) appreciated by 2.6 per cent to $0.2905, TRON (TRX) grew by 2.3 per cent to $0.3033, Ripple (XRP) jumped 1.2 per cent to $1.52, Ethereum (ETH) rose 0.9 per cent to $2,320.83, Dogecoin (DOGE) increased by 0.8 per cent to $0.1005, Solana (SOL) gained 0.6 per cent to sell at $94.11, and Bitcoin (BTC) went up by 0.3 per cent to $74,073.07.
However, Binance Coin (BNB) lost 0.3 per cent to close at $672.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
By Adedapo Adesanya
Oil was up more than 3 per cent on Tuesday as renewed Iranian attacks on the United Arab Emirates (UAE) heightened concerns about the worsening outlook for global supply.
Brent crude futures appreciated by $3.21 or 3.2 per cent to $103.42 a barrel, while the US West Texas Intermediate (WTI) crude futures gained $2.71 or 2.9 per cent to trade at $96.21 per barrel.
Prices had fallen previously after some vessels sailed through the critical Strait of Hormuz, a vital gateway for about 20 per cent of the world’s oil and liquefied natural gas trade
The Iran war shows no signs of abating as it renewed attacks on the United Arab Emirates (UAE) on Tuesday, causing oil loading at the port of Fujairah to be at least partly halted after the third attack in four days ignited a fire at the export terminal.
Fujairah, located on the Gulf of Oman just outside the Strait of Hormuz, is a critical exit point for oil volumes equivalent to roughly 1 per cent of global demand.
The attacks on oil installations by Iran and the ongoing disruption to shipping through the Strait of Hormuz have traders worried for long-term impairment to supply that could keep prices elevated.
The effective closure of the strait has forced the UAE, which is the third-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), to reduce its output by more than half.
Several allies of the US rebuffed President Donald Trump’s call on Monday to send warships to escort shipping through the strait.
On Tuesday, French President Emmanuel Macron said France would never take part in operations to unblock the strait, and would only participate in a coalition that could provide freedom of navigation once hostilities ended.
Meanwhile, the Trump administration reiterated its position that they see the Iran conflict lasting weeks, not months.
The head of the International Energy Agency (IEA), Mr Fatih Birol, has suggested member countries could release more oil, in addition to the 400 million barrels they have already agreed to draw from strategic reserves.
By Adedapo Adesanya
A 10 per cent equity stake has been acquired by Odu’a Investment Company Limited in a subsidiary of FCMB Group Plc, FCMB Pensions Limited.
The move is aimed at strengthening its presence in Nigeria’s growing pension industry.
The company disclosed that the transaction was completed after receiving all required regulatory approvals from the National Pension Commission (PenCom) and the Central Bank of Nigeria (CBN), while the Securities and Exchange Commission (SEC) has also been duly notified.
Odu’a Investment said the acquisition represents a strategic investment in a resilient and steadily expanding segment of Nigeria’s financial services sector.
The company added that the deal also reinforces FCMB Pensions’ shareholder base through the entry of a long-term institutional investor.
Chairman of Odu’a Investment Company Limited, Mr Bimbo Ashiru, said the investment aligns with the organisation’s strategy of partnering with strong institutions operating in sectors critical to Nigeria’s long-term economic stability.
“This investment reflects Odu’a’s strategy of partnering with strong institutions operating in sectors that are central to Nigeria’s long-term economic stability and growth,” he said in a statement.
“The pension industry plays a critical role in mobilising long-term savings and strengthening the financial system. FCMB Pensions has built a solid platform serving contributors across Nigeria, and we see a significant opportunity to support its continued growth and impact,” he added.
Also commenting on the transaction, the Managing Director of Odu’a Investment Company Limited, Mr Abdulrahman Yinusa, described the deal as a vote of confidence in FCMB Pensions’ leadership and long-term prospects.
“Our partnership with FCMB Group Plc reflects confidence in FCMB Pensions’ strategy, leadership, and long-term potential. Together, we will work to expand its reach, support its strategic objectives, and deliver sustained value to contributors and other stakeholders,” Mr Yinusa said.
The investment brings together two established institutions with complementary strengths and a shared focus on long-term value creation. According to the company, the partnership positions FCMB Pensions to deepen market penetration and enhance service delivery within Nigeria’s contributory pension scheme.
Odu’a Investment Company Limited is an investment holding company jointly owned by the governments of the six South-West states of Nigeria.
The firm manages a diversified portfolio spanning real estate, financial services, hospitality, agriculture, and industrial investments, with a mandate to generate sustainable economic value and support regional development.
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