Osinbajo Meets MasterCard President to Discuss ICT Development

By Precious Olisa A Cameroon-based company, Koree, has emerged as the winner of the 2023 edition of the Ecobank Fintech Challenge, going home with a prize of $50,000. The firm was announced as the winner of the contest by the panel of judges during the competition’s grand finale at the bank’s headquarters at the Pan African Centre in Lomé, Togo. The organisations made it to the final from an initial pool of over 1,400 fintechs from 64 countries, underscoring the significant growth in popularity of the competition since its inception six years ago, as well as the wealth of innovation

On Wednesday, Google rolled out its Search Generative Experience (SGE) in the SSA region as an opt-in experiment in Search Labs. This AI-powered experience is available in English. With new breakthroughs in generative AI, Google is reimagining what a search engine can do and is bringing these powerful new capabilities to Search in a bold and responsible way. This powerful new technology can unlock entirely new types of questions that Search could not previously answer and transforms the way information is organized in Search to help people sort through and make sense of what’s out there. Improving Search with generative

By Adedapo Adesanya The Minister of Communications, Innovation, and Digital Economy, Mr Bosun Tijani, has revealed that plans to onboard three million tech talents in Nigeria will be done in phases, starting with the training of 30,000 persons in the next three months. Appearing as one of the lead guests at Moonshoot by TechCabal, a two-day event organised by the tech publication in Lagos on Wednesday, he said his ministry would apply a 1-10-100 model, which by definition is a three-phase model. “We are using a 1-10-100-model. We are starting with 1 per cent of our 3 million target, and

By Adedapo Adesanya The Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of the Nigerian Communications Commission (NCC), Mr Aminu Maida, has charged Nokia Networks to increase its investments in Research and Development (R&D) to support the growth of Information and Communication Technology (ICT) in Nigeria. Mr Maida spoke when a delegation from Nokia Networks of Finland led by the Deputy Minister, Under-Secretary of State for International Trade from the Ministry for Foreign Affairs of Finland, Mr Jarno Syrjala, visited the commission recently to explore further opportunities for mutually beneficial relationships. He told the delegation that the Nigerian government is

“Alone we can do so little; together we can do so much.” This statement aptly describes the success achieved in the financial and payment landscape in Nigeria through the strategic partnership between fintechs and banks in the financial services industry. Years ago, daring criminals would unleash mayhem on unsuspecting victims coming from banking halls and dispossess them of their valuables.  This was because consumers had to move around with cash. At the time, the majority of the people living in both urban and rural areas were unbanked and did not have access to financial products and services. But as technology

By Dipo Olowookere Nigeria has lost its spot as Africa’s top oil producer to Angola, producing 1.651 million barrels per day (bpd) compared with the 1.604 million bpd produced by the West African country. In a report released on Monday by the Organization of Petroleum Exporting Countries (OPEC), it was disclosed that crude oil production declined in Saudi Arabia, Nigeria and Venezuela. However, in the OPEC’s Monthly Oil Market Report (MOMR), crude oil output increased the most in Iraq, Angola and Libya. “Crude oil output increased the most in Iraq, Angola and Libya, whiles production in Saudi Arabia, Nigeria and

By Adedapo Adesanya Fidelity Bank Plc has announced plans to issue bonds worth N100 billion in the fourth quarter of the year to boost its capital ratios and funding capacity. This was made known by the bank’s Chief Operations and Information Officer, Mr Gbolahan Joshua, during an analysts’ call on Tuesday. The Lagos-based lender will issue the debt in a series, starting with a N50 billion offer which will commence anytime from October. The extra funds will help increase the bank’s capital adequacy ratio by 2 percentage points, from 18.8 per cent in June, he said. The bank also plans

By Dipo Olowookere New and existing investors interested in buying shares of NPF Microfinance Bank Plc now have the opportunity to do so as the company has commenced its rights issue and public offer. Recall that in 2018, the company, at its 24th Annual General Meeting (AGM) held in Kano, had expressed its intention to raise fresh capital through a public offering. A year later, the organisation said the funds, which would be used for the smooth running of the company, would be sourced from rights issue or public offer by creating additional 3 billion shares. Business Post has now

By Adedapo Adesanya For the ninth straight session, FrieslandCampina WAMCO Nigeria Plc appreciated in value at the National Association of Securities Dealers (NASD) Over-the-Counter (OTC) Securities Exchange, lifting the bourse higher by 0.71 per cent on Thursday. The Friesland stocks gained N7.60 or 3.8 per cent yesterday to close at N200.00 per unit in contrast to the N192.40 per unit it traded on Wednesday. Business Post reports that the rise in the price of the stock moved the market capitalisation of the exchange higher by N7.28 billion to N1.03 trillion from N1.02 trillion. Also, the NASD Unlisted Securities Index (NSI)

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By Dipo Olowookere The secondary market for treasury bills in Nigeria closed bullish on Friday as traders took interest in debt instrument, mopping up some of the maturities amid liquidity ease. For most of the tenors tracked by Business Post during the trading session yesterday, yields closed in the red territory, with the six-month maturity posting the heaviest depreciation. The 180-day bill suffered a 0.08 percent decline in yield on Friday to close at 12.89 percent from 12.96 percent in the previous trading session. Yield on the 90-day tenor went down by 0.06 percent to 12.61 percent from 12.67 percent,

By Dipo Olowookere Indigenous rating agency, Global Credit Ratings (GCR), has announced according its national scale long term and short term ratings of A-(NG) and A2(NG) respectively to Coronation Merchant Bank Limited, with the outlook stable. In a statement issued by the firm, it explained that the ratings reflect Coronation MB evolving competitive position in the merchant banking subsector since commencement of operation in the second half of FY15. The bank has been able to leverage off its experience and track record of over two decades in the financial services industry. Furthermore, cognisance is taken of the fact that the