Op-ed: A Bank in Every Pocket

Op-ed: A Bank in Every Pocket   By Murray Gardiner, MD of Bluecode Africa  Confidence in African digital payment solutions is essential to minimising fraud and corruption while improving the free flow of funds to boost business and economic activity. Their value is illustrated in statistics released by the South African Banking Association (SABRIC) in June 2020. The report found that digital banking fraud had risen by 20% but that the fraud losses on banking applications had only increased by 1%, in spite of a significant rise in transactions.  Mobile…

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NEWS ANALYSIS: SIMs/NINs Directive: Time to rescue telecoms industry

47.8m subscribers now NIN-SIM compliant

NEWS ANALYSIS: SIMs/NINs Directive: Time to rescue telecoms industry   THE directive last week by the Ministry of Communications and Digital Economy that the National Identity Number, NIN, has become mandatory for a subscriber to carry a mobile phone is not only a slap on the faces of Nigerians already going through very troubled times but a plain manifestation that arbitrariness is being elevated to the dizzy heights of national policy. Operators have been given only two weeks to comply and ensure that over 190m subscribers on their networks are properly…

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FG mulls travel ban over COVID-19 new strain

FG mulls travel ban over COVID-19 new strain

FG mulls travel ban over COVID-19 new strain   Worried by the mutated strain of COVID-19 in the United Kingdom, the Federal Government says it may impose a travel ban to and from certain parts of the world. The News Agency of Nigeria reported that the Minister of Information and Culture, Alhaji Lai Mohammed, disclosed this on Monday in Abuja at a special forum organised by the agency. Mohammed, a member of the Presidential Task Force (PTF) on COVID-19, said while the government appreciated the negative economic impact of another…

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Dangote Cement commences share buyback with 85.203m shares

Dangote Cement completes share buyback

Dangote Cement commences share buyback with 85.203m shares Limits repurchase to 10% of issued capital Cautions investors in dealing with its shares Dangote Cement Plc (Dangote Cement or DCP) has announced the commencement of the Tranche I of its long-awaited share buyback programme. The most capitalized securities at the Nigerian Stock Company disclosed this through a filling at the bourse on Monday, giving details of the programme. Stock buybacks refer to the repurchasing of shares of stock by the company that issued them. A buyback occurs when the issuing company pays shareholders the market value per share and re-absorbs…

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Dangcem leads bulls to N334bn gain as week opens

Equities bullish with N213bn gain

Dangcem leads bulls to N334bn gain as week opens   Dangote Cement led charges as the Nigerian equity market on Monday sustained its positive outlook to close the opening session of the week in the green territory. Overall, the Nigerian Stock Exchange All Share index (NSEASI) and market capitalisation rose further by 1.73 per cent. This was a record against the odd of flat sentiments, measured by market breadth that closed with emergence of 23 gainers against 23 decliners. Consequently, the All-Share Index grew by 638.65 basis points or 1.73…

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Eterna shareholders to sell stakes to new investor

Eterna shareholders to sell stakes

Eterna shareholders to sell stakes to new investor   Eterna Plc has announced the decision of some of its shareholders to sell equity holdings in the company to a “new investor.” The listed company disclosed this via a filling at the Nigerian Stock Exchange (NSE) on Monday, stating that the sale was driven by some of its substantial shareholders. The oil company said the new investor intended to undertake due diligence exercise on the company and had been granted approval by the board of directors. It said, “This is to…

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Banks’ credit to private sector hits N19.54trn in November

credit to private sector

Banks’ credit to private sector hits N19.54trn in November Nigerian banks’ gross credit to players in the private sector has increased to N19.54 trillion as at November 13, 2020, Ahmad Aishah, a member of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has disclosed. She made this known in her personal statement contained in the just released communiqué for the committee’s last meeting held in November. Specifically, she noted that gross credit grew by N290.13 billion between end-August 2020 and November 13, 2020. Similarly, total gross…

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Concerns as Nigeria’s forex reserves shed $132.06m

forex reserves shed

Concerns as Nigeria’s forex reserves shed $132.06m   Nigeria’s foreign exchange (forex) reserves dropped by $132.06 million at the weekend as the apex bank continued to use the forex reserves as a buffer against currency depreciation despite slowdown in forex inflows. A report by investment banking group, Cordros Group, at the weekend indicated that Nigeria’s forex reserves declined during the week by $132.06 million to close the week at $34.84 billion. Reports by several investment bankers, meanwhile, showed a largely stable naira. FSDH Group reported that naira closed flat at…

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NAICOM tasks insurers on N463.1bn annuity business

NAICOM tasks insurers

NAICOM tasks insurers on N463.1bn annuity business   The National Insurance Commission (NAICOM) has expressed worries over the declining participation of life companies in retiree life annuity (RLA) business, which is considered a huge opportunity for the industry. RLA is a pension benefit administered by life insurance companies, which provides pension benefits for retirees all through their lifetime. It is estimated to have a pool of funds over N463.1 billion. Sunday Thomas, the commissioner for insurance, who raised the concern at the 2020 Insurance Directors’ Conference, organised by NAICOM and…

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Africa faces $108bn annual infrastructure deficit – Adesina

AfDB approves $7m

Africa faces $108bn annual infrastructure deficit – Adesina   African countries are faced with a collective deficit of $108 billion to bridge infrastructural gap in the continent, Akinwumi Adesina, the president of African Development Bank (AfDB) has said. To overcome this challenge, Adesina has urged African leaders to tackle to commit to financing the infrastructural gap. According to a statement from the bank, Adesina made the call at the International Forum on African Leadership organised by the African Leadership Magazine. In his keynote address, the AfDB president called for strong…

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