Category: Money

The Chief Technology Officer (CTO), Remita, Mujib Ishola, has advocated the increased adoption and acceptance of the Central Bank Digital Currency – eNaira.

In a report on the eNaira  operation entitled: ‘Why opening an eNaira account is a game-changing opportunity’, Ishola said the easiest way to understand the differences between the Naira and eNaira is to compare a typical bank account with a digital wallet and an eNaira account.

He outlined the major differences between the naira and the eNaira, and highlighted what makes having an eNaira account a necessity.

“The easiest way to do this is to compare a typical bank account, with a digital wallet and an eNaira account,’’ Ishola added.

According to him,  eNaira is the digital version of the naira. While naira notes and coins were physically minted and produced by the Nigerian Security Printing and Minting Company Plc, he said, the eNaira was digitally minted at the CBN on secured servers that made use of advanced cryptographic algorithms and technologies.

There were many reasons the eNaira was a compelling proposition for individuals and businesses in developing economies, he said.

According to him, it was clear that many people were still trying to come to terms with the difference the currencies.

Ishola said: “Funds in eNaira accounts are secured by the CBN up to the full value of the amount in the account at any time. eNaira accounts can be opened and operated digitally from CBN’s eNaira mobile application called the Speed Wallet or through licensed fintech apps like Remita.

He said the eNaira account was easy to open, as well as a cost-effective account to manage, which guaranteed 100 per cent protection of funds.

“eNaira is well-positioned to push Nigeria into the next phase of digital payments, financial inclusion and to unlock new opportunities in cross-border trade,” he said.

He explained that a digital wallet is a store of funds offered by licensed mobile money operators and banks.

It allowed customers to store, and manage, their funds digitally, he added.

Ishola said: “Digital wallets are primarily designed for individuals and SMEs, for funds transfers, bills payment, and merchant collections mainly through mobile phones. They are beginning to witness massive adoption, especially by first-time account holders.

“Funds in digital wallets are also protected to a maximum of N500,000 by Nigeria Deposit Insurance Corporation (NDIC). Examples of digital wallets providers in Nigeria include Paga, OPay, Palmpay, among others.”

Ishola further said a bank account is offered by a licensed financial institution for safe-guarding funds and providing access to it.

He added: “Bank accounts are  the most widely adopted financial solution for storing funds. They are also used by individuals and organisations for a diverse range of financial transactions.”

Fidelity Bank Plc has announced plans to host the second  Fidelity International Trade and Creative Connect (FITCC) conference in Houston, Texas, the United States.

The maiden edition of the FITCC was held in London, United Kingdom last November.

Tagged FITCC Houston, the event would hold between October 24 and 25 at the George R. Brown Convention Centre, 1001 Avenida de las Americas, Houston, Texas 77010.

The Managing Director/Chief Executive Officer, Fidelity Bank Plc, Nneka Onyeali-Ikpe stated: “Fidelity Bank is very much invested in supporting export trade and has consistently demonstrated this by the interventions and innovations that we bring to the space.

“Beyond the instrument of financing, some of our key interventions in the space revolve around business management capacity development with initiatives like the Export Management Programme (EMP), which we host in partnership with the Lagos Business School and the Nigerian Export Promotion Council (NEPC) and market access development initiatives like FITCC.”

To promote Nigeria’s non-oil exports and facilitate integrations to global supply-chain networks, FITCC Houston will host leading businesses, entrepreneurs, investors and regulators operating in the commodity, service, creative, fashion and FinTech sectors in Nigeria and the United States.

The participants would explore partnership, co-creation and foreign direct investments opportunities.

Participating businesses will benefit from curated market access engagements, investment and partnership opportunities, extended brand exposure before a global audience as well as speaking and networking opportunities, among a long list of benefits in FITCC Houston.

The Private Infrastructure Development Group (PIDG’s) new strategic framework is expected  to attract $1.6 billion in funding, deliver $9 billion in commitments, and mobilise $25 billion in additional finance over 10 years. The accelerated movement of finance will be aimed at moving markets and stimulating flows worth many multiples of their original value.

In a statement, the PIDG said it introduced its 2030 strategy at a business reception in London – affirming its leadership position as a mover and multiplier of infrastructure finance in sub-Saharan Africa and south and south-east Asia.

Climate and nature, together with sustainable development, are the core focus of the new strategy and will inform all of PIDG’s infrastructure financing and development activities. Working even more systematically in partnership with the private sector, development finance institutions, and providers of catalytic capital will be key to successful delivery.

Over the last 20 years, PIDG has successfully delivered 211 infrastructure projects, providing 222 million people with access to new or improved infrastructure. It has mobilised $40 billion of investment in PIDG projects, of which $25 billion were commitments from the private sector. PIDG is funded by the governments of the United Kingdom, the Netherlands, Switzerland, Australia, Sweden, Germany and the IFC.

PIDG’s new strategy is designed to build the momentum it has created while responding to the macrotrends that are reshaping the infrastructure market in Emerging Markets and Developing Countries (EMDCs). These include strong economic headwinds, the acceleration of the climate crisis, and a changing geopolitical context.

Working against this backdrop, PIDG is raising its ambition on the scale of project development it undertakes and introducing new local currency guarantee solutions. It aims to improve climate resilience and economic opportunities for 100 million people by 2030.

It will also accelerate the flows of public and private finance deployed for climate action and sustainable development – including attracting $1.6 billion in funding, to deliver over $9 billion in new commitments in projects that mobilise over $25 billion in additional finance

United Kingdom Minister of State for Development and Africa, Andrew Mitchell, said: “The Private Infrastructure Development Group’s new strategy will help deliver more climate resilient infrastructure across developing countries in Africa and Asia.

PIDG has over two decades of expertise in creating development impact and has given over 222m people access to new or improved infrastructure. The UK is proud to be a long-standing supporter and funder of this brilliant organisation.”

CEO, PIDG, Philippe Valahu said: “With the new strategy, PIDG is entering a new chapter – one that will be defined by a focus on climate and nature, together with sustainable development. Private sector has a key role to play to develop and finance infrastructure that delivers economic opportunities and climate resilience for all. Drawing on our legacy of providing new and improved access to infrastructure, we will scale our efforts through ambitious, collaborative partnership that reshapes sectors and markets for the benefit of all.  We know we cannot address the scale of challenge on our own – this strategy is a call to collaborate, to make it happen together.”

Nigeria had N3.5 trillion ($7.8 billion) in assets under management (AuM) as at the end of last year, a firm Agusto & Co has said.

  Thus,  Nigeria becomes the third largest investment management zone in sub-Saharan Africa, after South Africa and Morocco.

This represents a 25 per cent increase from the prior year. This growth was driven in part by increased investor confidence following the gradual rise in the yields offered on naira-denominated investments during the latter half of the year and growth in dollar-denominated portfolios as  Nigerians hedge against the persistent devaluation of the naira.

According to the report, entitled: “The Nigerian Asset Management Industry: Segregated Portfolios Take Centre Stage”,  despite Nigeria’s sub-population of 220 million  and the high foreign exchange remittance inflows from Nigerians living in the diaspora ($20.9 billion or N9.3 trillion in 2022), the asset management industry continues to underachieve.

The industry’s growth remains constrained by a large informal sector (estimated at 65 per cent of Gross Domestic Product), a high poverty rate of 40 per cent and limited investment opportunities offered by the Nigerian capital market.

The challenging operating environment has led to an erosion of real incomes and purchasing power, prompting a surge in investors’ inclination towards dollar-denominated assets.

The escalation of the year-over-year inflation rate from 15.6 per cent in January to 21.37 per cent in December, last year is indicative of an unfavourable macroeconomic climate. In addition, the parallel market exchange rate stood at N750/$ as at December 31, 2022, indicating a 63 per cent arbitrage from the official market rate and a 32 per cent depreciation from N570/$ recorded in the corresponding period of the prior year.

Naira-denominated investments have lost their lustre in light of current market conditions, and investors are instead looking to high-yield alternatives and FCY-denominated investments. 

Last year, segregated portfolios accounted for more than half of total managed assets (52 per cent), which amounted to N1.76 trillion as at December 31, 2022 – 40.2 per cent higher than in 2021 – marking a noteworthy shift in the industry as segregated portfolios overtook collective investment schemes (CISs) in terms of AuM share for the first time in three years.

Segregated portfolios, which include privately managed discretionary and non-discretionary client funds as well as other private collective investment schemes, provide investment options that are tailored to the unique risk profiles and investment objectives of individual clients.

Unlike collective investment schemes, segregated portfolios provide more flexibility and autonomy as they are not directly subject to the scrutiny and monitoring of the Securities & Exchange Commission (SEC).

Leading innovative and sustainable building solutions company, Lafarge Africa Plc, has announced the launch of Eco Label brand to communicate the environmental benefits of its sustainable building solutions. The Eco Label branding builds on the company’s net zero pledge and supports its ambition to accelerate green construction with the use of lower-footprint products.

Lafarge UniCem brand, which contributes about 23 per cent of the company’s entire volume is now eco-friendly.

The products that are certified to be eco-friendly have a lower 30 per cent carbon footprint compared to the local industry standard.

Eco Label represents a broad range of green cement for high performance, sustainability and circular construction. By the production of this eco-friendly cement, Lafarge’s end-users have the opportunity to make greener choices and accelerate the country’s carbon reduction journey in the manufacturing sector.

Country Chief Executive Officer, Lafarge Africa Plc., Khaled El Dokani, termed it a significant milestone for the company, in demonstrating its efforts towards the global climate change commitment of net zero emissions.

 “Lafarge Africa is proud to be the first local cement manufacturer of eco-friendly cement to the Nigerian market. With the rollout of this Eco brand, we are accelerating the transition to more sustainable building materials for greener construction.”

 “We are proud of turning our net zero pledge into action with our broad range of green building solutions. The Eco Label is a key milestone on this journey, confirming our group’s commitment to leading the way in sustainability and innovation,” El Dokani added.

Reflecting further on Lafarge’s commitment to supporting sustainable building in the exceptionally competitive local market, El Dokani stated that “the development of these unique products, combined with our holistic customer service, differentiates Lafarge in the marketplace by enabling us to work closely with our customers and offer them better value solutions for their building needs.”

In his remarks during the formal unveiling of the product at the company’s Mfamosing Plant in Calabar, SotiriosValsamakis, Plant Manager, of Lafarge Mfamosing Plant, reiterated the company’s continuous commitment to ensure sustainable development through its effective management in line with global best practices in Environmental, Social and Governance.

He added that Lafarge Africa as a member of Holcim is leveraging its four sustainability pillars of Climate and Energy, Circular Economy, Environment, and Community in reinforcing innovation which has led to the introduction of this Eco-friendly cement brand.

On his part, VorkeEnite, Plant Customer Development Manager, Sales & Marketing, Lafarge Africa Plc., said: ‘This  Eco Label launch is an epoch making event and it is heart-warming to note that Lafarge is the first cement company in Nigeria to achieve this feat. With 30per cent decarbonisation, Lafarge remains committed to building progress for People and the Planet and delivering value to our numerous customers and stakeholders. The product quality is still of certified standard and our customers are happy.’

He continued: ‘Lafarge has been in the country for more than 60 years; our product quality is still the same. The Eco Label launch is a zero-emission initiative and is in compliance with global best practices. It is the same quality, the same efficacy and the same value for our customers/stakeholders.’

In addition, the Quality Manager, Mfamosing Plant, Victor Nsidieti during the event made a presentation on Product composition and the Eco Label advantage.

Also speaking at the event, the State Coordinator of the Standards Organisation of Nigeria (SON) in Cross River State, Engr. Ninma Apim, while emphasizing the need to mitigate global warming by reducing greenhouse gas emissions commended Lafarge Africa for being the first cement factory in Nigeria to introduce a cement brand such as the Unicem Portland Limestone Cement which is certified as eco-friendly.

 “It is a good initiative and since it has started with Lafarge with this plant, we are hoping it will extend and other plants will follow suit and reduce carbon emission because cement factories emit a lot of it into the atmosphere. And if we continue to reduce emissions, we will have a greener earth,” he concluded.

The Elevation Church  will hold its Vantage Forum’s Business and Real Estate exhibition on July 1. 

Speakers, including Kennedy Okonkwo, founder/CEO, Nedcomoaks Limited, Lolu Akinyemi, GMD/CEO of Lafarge, Mr Tunde Balogun, Co-founder/CEO of SmallSmall, Mr Iyin Aboyeji, Founding Partner of Future Africa, Kunbi Adeoti, Chief People Experience Officer, Leadway Assurance, and Jide Odunsi, Co-founder/CEO of Moove, will share insights that will guide participants towards new horizons of success in the business of the real estate.

The convener of this year’s conference, Pastor Godman Akinlabi, said. “We are delighted to welcome you to the Accelerate Conference.

This year, our goal is to help you unleash the extraordinary potential that lies within you. You will learn from respected voices who will equip you with spiritual insights and practical realities for your business and market.

When you align your pursuits with God’s wisdom and principles, you are unstoppable. Prepare yourself for a transformative encounter with God.’’

The Accelerate Conference 2023 will be held at the Pistis Conference Centre at Lekki, Lagos. Sessions will take place daily at 9 am and 6 pm. Experience/Watch Centres will be located across Maryland, Ikorodu, Abuja, Sangotedo, and Lekki branches of The Elevation Church so that attendees in different locations can also participate fully. The sessions will also be streamed online across all the church’s online platforms.

Participants will have the opportunity to engage in transformative worship experiences, gain divine insights, and network with like-minded individuals who are pushing boundaries and thinking outside the box. For more information, visit the official website at elevationng.org/accelerate.

The annual Accelerate Conference organised by The Elevation Church is set to hold its 8th edition in Lagos from Wednesday 28th June to 2nd July 2023. Headlined by reputable speakers and captains of industry yearly, the conference is designed to help empower individuals with spiritual, intellectual, and practical insights to unlock their true potential and for their personal advancement. 

This year’s theme, “Skyborne: The Unusual Edge,” is focused on unlocking business, career, and real estate opportunities with a blend of spiritual teachings and insightful sessions. This five-day event will leave attendees inspired, challenged, and equipped to reach new heights in their personal and professional lives.

Esteemed ministers of the Word of God, such as Apostle Joshua Selman, Senior Pastor and Founder of Koinonia, Pastor Yemi Davids, Global Lead Pastor of Global Impact Church, Dr Andy Osakwe, Senior Pastor of Summit Bible Church, and the hosts, Co Global Lead Pastors of The Elevation Church, Godman and Bola Akinlabi, will spearhead the event, delivering impactful messages that will ignite faith and stimulate impactful living.

• Upgrades app for efficiency, safety 

Rida Nigeria, the set-your-price ride-hailing service, has said it adopted an option of not taking commission from riders as an investment in resources.

The company said it is part of its commitment to supporting the sector and growing the economy. 

The company also announced  significant update to its Rida app for passengers and Ride driver app for drivers in a major push to add value to customers and support economic growth.

According to the company, the new upgrade, now available on both the Google Play Store and iOS App Store, aims to provide customers with a seamless and enjoyable ride experience while empowering drivers with enhanced features and safety measures.

Speaking yesterday in Lagos,  a City Lead for Rida, James Arewa emphasised:  “The Rida app update was designed to give drivers a seamless, stress-free, and cost-efficient way to earn an income. For riders, it is designed to provide a faster, more reliable, and enjoyable ride experience without breaking the bank, as they can negotiate their fares.”

The latest version of the Rida app introduces a time-saving and super-fast navigation system, allowing riders to set their own prices and enabling nearby drivers to bid for rides within 20 seconds. This streamlined process enhances convenience and ensures that both passengers and drivers have a mutually beneficial experience.

One of the key additions to the Rida app is the safety button, which allows customers to send an instant SOS message to customer support during emergency situations. This feature ensures prompt assistance and reinforces Rida Nigeria’s commitment to passenger safety.

The Rida driver app includes an activity score, which helps monitor driver behavior and ensures compliance with professional ethics. By promoting responsible conduct, Rida Nigeria creates a safe and conducive atmosphere for both drivers and customers.

Moreover, customers can now share their live location with friends and family, enabling them to monitor their rides from anywhere in the world. Rida Nigeria has also implemented a 24/7 customer support service with well-trained professionals to address queries and issues promptly, ensuring seamless resolutions.

Since its launch in March 2020, Rida Nigeria has been charging zero commission on fees earned by drivers, allowing them immediate access to their earnings without any transfer period. The ability for drivers to bid for trips, view full routes before accepting rides, and the flexibility to skip trips without penalties have made Rida’s model highly appealing and empowering for drivers.

With the introduction of the enhanced app features and the exceptional Rida team, Rida Nigeria is well-positioned to lead the ride-hailing industry in Nigeria. 

Rida Nigeria’s CEO Osi Oguah stated, “We are committed to listening to our stakeholders, including customers and drivers, to consistently improve our product and exceed their expectations.”

FirstBank of Nigeria Limited has won the Financial Institution of the Year Award at the African Export-Import Bank (Afreximbank) Pan- African Business and Development Awards.

  The ceremony marked the 30th Anniversary of Afreximbank as it hosted the inaugural Pan-African Business and Development Awards in association with the Business Council for Africa (BCA), in Accra, Ghana.

The award bestowed on FirstBank  is in recognition of the bank as an epitome of the Pan-African spirit through its leading role in promoting trade and investment across the continent. 

Among its role in facilitating transactions across borders, in 2021, the bank launched its First Global Transfer (FGT) initiative, to ensure safe, timely and improved efficiency in the transfer of funds across the bank’s subsidiaries in Africa.  

Read Also: FirstBank The Voice Nigeria: Pere’s road to fame and fortune

 CEO, FirstBank Dr. Adesola Adeduntan said: “We thank the organisers of the event (Afreximbank, BCA) for the recognition as it reinforces our commitment to promoting trade, finance and investment opportunities across borders which have been instrumental to the continued growth and development of the continent and the world.’’

He dedicated the award to  FirstBank Group’s employees for their diligence and hardwork.

President/Chairman, Afreximbank, Prof. Benedict Oramah, said: “We are recognising outstanding leaders and institutions. Having joined the bank in 1994, I have been fortunate to have worked with many of them … At Afreximbank, contributing to Africa’s development is a life-time vocation, as I know it is for all those that we have recognised tonight.”

 Chair of the BCA and former Group CEO of Ecobank, Arnold Ekpe, said: “Too often our business leaders do not get the praise they deserve. Succeeding in business on the continent is not always easy, but it is rewarding and more importantly it is possible to build strong, profitable businesses that are globally competitive. Our winners tonight have demonstrated this.”

FirstBank has been recognised by reputable global organisations for its  outstanding performance and among the streak of recent wins is the award for Best Financial Inclusion Service Provider Nigeria by Digital Banker Africa as well as Best Private Bank for Sustainable Investing in Africa by Global Finance. 

A former Group Managing Director of Access Bank Plc, Aigboje Aig-Imoukhuede has emerged the ninth Honorary Fellow of the Chartered Institute of Stockbrokers (CIS).

The institute, at an investiture  in Lagos said its Governing Council had decided to admit into its membership, persons who have distinguished themselves as professionals of the calibre deserving of being a stockbroker.

President and Chairman of Council, Chartered Institute of Stockbrokers, Oluwole Adeosun, noted that Aig-Imoukhuede’s involvement with the capital market reached a significant peak in 2013 when he succeeded Aliko Dangote as President of the Nigerian Stock Exchange.

He described the new fellow as a leading banker, investor and philanthropist who, as a president of the Nigerian Exchange Group, exercised great passion for the demutualisation of the entity when it was a non-profit known as the Nigerian Stock Exchange.

Adeosun said: “He was also the Founding Chairman of the FMDQ Securities Exchange, which is another major securities exchange, especially in the fixed-income trading area. You will agree with me that it is no mean feat to have served as the lead driver of the two significant exchanges in Nigeria at one time or the other.

Read Also: Fashola, others bag LASU honorary doctorate degrees

“By the same measure, it is obvious that our investee is eminently qualified to stand in the Hall of Fellows of the Chartered Institute of Stockbrokers, more importantly, as an honorary fellow.”

Aig-Imoukhuede, who is also the founder and Chairman of Coronation Capital Limited, said if operators of a  capital market were properly resourced in terms of skill, capacity and conduct, nothing could stop its citizens from leaving the tarmac and developing from third world to first world.

According to him,  it is stockbrokers who planted the trees of merchant banking, investment banking, investment management, venture capital, among others, that have grown into the financial ecosystem.

He said: “I acknowledge that for many years, despite my not being one of you by qualification, you have regarded me as a member of your fraternity. This spirit of partnership collaboration must be extended by you to others, particularly the Financial Market Dealers Association and other key stakeholders in our financial markets’’.

“Capital markets are the ideal platforms for driving savings, setting up financial institutions, implementing fiscal measures, facilitating public borrowing, privatisation of government owned sectors and I can go on and on.

Group Chief Executive Officer of the NGX, Oscar Onyema described Aig-Imoukhuede as a visionary that has contributed immensely to the development of Nigeria’s capital market ecosystem.

Mobile money services have taken the lead on financial services expansion to the grassroots. Banks and Fintechs have intensified mobile money services deployment to grassroots as race for customers’ onboarding gain more grounds, writes Assistant Business Editor  COLLINS NWEZE.

Mobile money has come to represent one of the easiest channels for financial services onboarding for customers at urban and rural areas.

In an increasingly digital economy, accelerated by the COVID-19 pandemic, there has been greater collaboration between the private sector and governments in Africa to further the continent’s digital and financial inclusion agenda. 

Financial inclusion, in particular, is a pre-condition and a key enabler for meeting many of the UN’s Sustainable Development Goals (SDGs), including reducing poverty, boosting economic growth and promoting market access.

To this end, various governments, including Nigeria, Kenya and Tanzania, have not only embraced digital transformation, but also provided sound and enabling policy frameworks over the years to allow for innovative solutions that empower citizens. 

For instance, mobile money platforms such as M-PESA have been vital drivers of financial inclusion on the continent. However, government tax policies pose a significant challenge to the sustainability of mobile money services and financial inclusion gains made by these innovations. Vodacom Group’s policy paper on Mobile Money Taxation unpacks some of the impact that changes in mobile money taxation has on financial inclusion on the continent.

In the paper, Vodacom Group outlines that accessibility and affordability are two of the major draw cards of mobile money on the continent, giving people access to the most basic financial services. M-PESA, the first and most successful mobile money payment service on the continent with 52 million subscribers, is available in Kenya, Tanzania, Lesotho, the DRC, Ghana, and Mozambique with plans to make it available in Ethiopia.

 “While many countries have embraced mobile money services, mobile money taxation can have unintended consequences for the people who stand to benefit significantly from these platforms,”says Stephen Chege, Group Chief Officer for Regulatory & External Affairs at Vodacom Group.

“We need to remember that many of the people who use mobile money are highly sensitive to transaction costs, therefore even a marginal increase in the fees associated with using these services could make them unaffordable. Higher transaction taxes may even compel some users to return to cash-based transactions,” notes Chege.

Read Also: Hassles of mobile money transfers

In Nigeria,mobile money are making huge inroads into the financial services sector bringing flexibility, safety and convenience to users. 

The deepening integration of digital technologies into almost every facet of people’s lives has transformed the way they communicate, socialise, learn to do business and conduct financial transactions. 

Hence, banks are not only competing for the mobile apps space, but launching new ones targeted at enhancing the banking experience of large pool of their customer base and bringing services closer to the people. 

Banking apps are not only retaining users with push and in-app notifications but are attracting prospective users who want improved banking experience and better security of transactions.

The Central Bank of Nigeria (CBN) said the challenge of banking product security and abuse is impacting the adoption of products. 

The bank explained that if people find out that digital channels are getting more secured and that there are opportunities they can leverage when they have challenges, there are more chances that they will embrace the channels. But if they discover that the security of the platforms are reducing, this can lead to reduction in the use and adoption of digital services. 

Ecobank Nigeria says its Omni Lite app  is a highly secure and integrated electronic banking platform designed to help clients manage their business accounts online in a secure, flexible, efficient and convenient manner. 

The app is in line with Ecobank’s policy direction to meet and surpass customers’ expectations, noting that it will bring flexibility, safer and convenient banking to the users. It is available to Omni Lite users, urging them to download it from the Apple Store (IOS) or the Play Store (Android).

“With the new Omni Lite app, users can view their accounts and transactions in one place, make payments and pay bills with ease, set up multiple users with different access launch, make and manage loan payment, book time deposits and view exchange rates,” the bank said.