The African Export-Import Bank’s (Afreximbank) Fund for Export Development in Africa (FEDA) has announced that it has received internal approvals to acquire a strategic minority stake in Geregu Power Plc.
FEDA is the development impact investment platform of Afreximbank with the mandate of providing capital towards advancing intra-African trade, export development and industrialization in…
Africa’s payments scene has been defined by a constant influx of technologically advanced new solutions. While businesses changed the way they operated to keep up with trends around the world, some failed to adapt and lost market share due to a lack of innovation.
CBN cash limit claim to fix inflation counterfactual, says Bismarck Rewane
December 20, 2022
The cash withdrawal cap and new currency policies, which seek to lower inflation, increase the value of the naira, and minimize vote buying, have been criticized by Bismarck Rewane, managing director and CEO of Financial Directives, as being contrary to economic theory.
The…
The World Bank has warned Nigeria to avoid a recession like the one it experienced in 2016.
December 20, 2022
According to the World Bank, Nigeria could experience a recession akin to that of 2016 if significant reforms are not carried out before the price of crude oil falls significantly.
According to the multilateral lender, Nigeria’s inability to take full advantage of the rise in global oil prices has deteriorated its fiscal situation as the country struggles to generate money while shouldering…
As earnings increased to N13.4 billion in September 2022, up 41.6 percent from N9.46 billion in September 2021, Sterling Bank announced its best nine-month profits in seven years.
The bank’s most recent financial statement shows that it earned N90 billion in interest…
The Nigerian Inter-Bank Settlement Scheme (NIBSS) data for the past eleven months reveals that the amount of Point of Sale (PoS) transactions climbed by 20.5 percent to 1.06 trillion from 883 million in the same time of 2021.
However, its worth increased by 32% from N5.73…
Cherry Finance has been introduced by Payday to boost international money transfers.
December 17, 2022
Payday, a Pan-African Fintech startup, unveiled Cherry Finance, a new remittance product that would make it easy and safe for African immigrants in North America (the US and Canada) to send money home.
With a flat fee of $2 for each transaction or transfer, Cherry Finance reportedly boasts one of the lowest cost-per-transfer rates in the industry.
Favour Ori, the person behind Cherry, stated in a…
Visa promises to invest $1 billion in Africa's payment system over the next five years.
December 17, 2022
Visa has committed to spending $1 billion over the following five years to improve Africa’s payment environment. The international payment company made the investment announcement on Wednesday during the US-Africa Business Forum.
The investment will, in the…
Withdrawal Limit Policy: According to Emefiele, there are 1.4 million mobile bankers in Nigeria.
December 11, 2022
Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, on Thursday, said there are about 1.4 million super agents (mobile banking operators including POS agents) in the country for Nigerians to patronise for business transactions.
Emefiele said this while reiterating…
TransferGo begins in Ghana and five other nations as it extends its money-transfer business to Africa.
December 11, 2022
You can now make international money transfers to Ghana, Senegal, Uganda, Kenya, Morocco and Benin Republic without having to pay high transaction fees—thanks to TransferGo, a digital financial institution that offers fast and easy online money transfers worldwide to over 160 countries.
London – TransferGo, a payment institution offering international online money transfer services, has…