CBN: Currency in circulation hits N2.426trn in September

CBN, Currency in Circulation, DMBs, Naira

Currency in circulation (CIS) rose by N56.44 billion in one month from N2.369 trillion as of the end of August to N2.426 trillion as of the end of September, the Central Bank of Nigeria has revealed. The latest report on CIC released by the apex bank on Wednesday showed that the figure, which stood at N2.35 trillion as of the end of May, rose to N2.39 trillion as of the end of July. The currency-in-circulation on quarter-on-quarter basis fell by 6.0 per cent to N2.29 trillion at the end of…

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Nigerian venture plans to raise N480bn for power gap

power electricity

A Nigerian venture plans to raise N480 billion ($1.2 billion) over the next three years to buy electricity meters and help power distributors plug a revenue gap in Africa’s most populous nation. Less than a 10th of Nigeria’s 41 million households have their electricity consumption metered and half of those are faulty, according to PricewaterhouseCoopers. As a result, distribution companies have to estimate bills, resulting in disputes that delay payments. According to Bloomberg News, Meter Assets Finance and Management Co. hopes to end that by raising funds to purchase and…

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CBN releases framework for metering financing, promotes local content

Power: Deal With Siemens - The Birth of a New Era?

The Central Bank of Nigeria (CBN) has released the framework for the financing of National Mass Metering Programme (NMMP). The programmed is aimed at closing the current metering gap of over 10 million in the Nigeria Electricity Supply Industry (NESI). According to the apex bank, the closing of this gap is expected to enhance efficiency of revenue collection by distribution companies (DisCos), thereby facilitating meeting their obligations to other upstream market participants. The framework, which outlines the operational modalities of the CBN financing support to the DisCos (downstream) and local…

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Law Union & Rock to delist as NSE places its shares on full suspension

All is set for Law Union & Rock Insurance Plc to delist its shares from the Nigerian Stock Exchange (NSE) following approval by the Nigerian bourse. The insurance firm disclosed in a press release over the weekend that following the approval, it is set to commence the payment of N1.23 per share for every 50 kobo ordinary share to shareholders. Meanwhile, management of the bourse on Friday placed the shares of the company on full suspension, implying a total cessation of trading activities on the shares. The NSE explained that…

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Heritage Bank begins fresh exercise for SPW’s 774,000 participants

Heritage Bank Standard

Heritage Bank Plc is set to commence the account opening with Bank Verification Numbers (BVN) for the earmarked 774,000 participants of the Special Public Work (SPW) programme in their branches, throughout the 774 Local Government Areas. The participants are to be paid an allowance of N20, 000 only, monthly and the programme is to kick off from November 1, 2020, while a total of 129 LGAs have been assigned to Heritage Bank Plc. The SPW is a post-COVID-19 poverty alleviation initiative, approved by President Muhammadu Buhari and the Federal Ministry…

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Union Bank issues statement on $40m IFC deal

Union Bank issues statement on $40m IFC deal

Union Bank of Nigeria has intimated the Nigerian Stock Exchange (NSE) and the investing public on its recent finance deal with the International Finance Corporation (IFC). The IFC, a member of the World Bank Group, had recently announced a $40 million finance guarantee facility to Union Bank to boost access to finance for local business, enable increased international trade for Nigeria. The US$40 million facility, under IFC’s Global Trade Finance Program (GTFP), will support Union Bank to establish working partnerships with nearly 300 major international banks within the GTFP network,…

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Lagos-based fintech firm, Paystack, acquired for $200m by Stripe

Lagos-based fintech firm, Paystack, acquired for $200m by Stripe

Stripe has acquired Paystack, an e-payment startup based in Lagos, Nigeria for a sum in excess of $200 million, TechCrunch reported on Thursday. The report added that the move is a critical step in Stripe’s plan to penetrate the African e-payment market. Paystack and Stripe share similarities such as the provision of a quick way to integrate payments services into an online or offline transaction by way of an API Paystack currently has around 60,000 customers, including small businesses, larger corporates, fintechs, educational institutions, and online betting companies, and the…

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2020: Global life & health insurance becomes biggest industry with $4.4trn revenue

2020: Global life & health insurance becomes biggest industry with $4.4trn revenue

According to the research data analyzed and published by ComprarAcciones.com, life and health insurance will be the biggest industry globally in 2020. The sector has been growing at an average rate of 2.4 per cent from 2015 to 2020 and will surpass $4.384 trillion. According to Global Data, the insurance sector as a whole raked in $2.611 trillion in 2019 and was the sixth largest. Notably though, an Allianz Global insurance report projects a decline of 3.8 per cent for the industry worldwide in 2020. 2019 was a great year…

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Global fintech lending on 25% growth to hit $335bn by 2021

Global fintech lending on 25% growth to hit $335bn by 2021

Lending by fintech to grow 9.1% SMEs’ search for fund driving momentum ___________________________________ Although traditional banks and credit suppliers still hold the largest market share for consumer and business loans, recent years have witnessed considerable demand for fintech lending. With millions of SMEs searching for necessary financial backing to support their businesses amid the COVID-19 pandemic, 2020 witnessed a new rise in the number of these alternative loans. According to data presented by BuyShares.co.uk, the entire fintech lending industry is expected to grow 9.15 per cent year-over-year to $291.5 billion…

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CBN enforces SWIFT code on banks

CBN, Currency in Circulation, DMBs, Naira

The Central Bank of Nigeria (CBN) has ordered banks to comply with the SWIFT universal payment confirmation. It stated this in a circular titled ‘Compliance with the SWIFT universal payment confirmation’ signed by Sam Okojere, the director, banking services department, to all banks which was released on Friday. The circular read in part, “All banks operating in Nigeria are by this circular reminded of the need to ensure full compliance with SWIFT universal confirmation requirements. “All SWIFT customers are required to provide confirmation on the outcome of all their incoming…

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