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Tag: financial

  • Platnova App helps users manage financial needs with convenience

    Platnova App helps users manage financial needs with convenience

    Platnova, the global financial technology powerhouse, continues to revolutionize personal and business finance with its innovative app, helping users across the globe manage their financial needs with unmatched convenience and efficiency. 

    Platnova’s app has become a cornerstone for users seeking seamless financial management.

    According to the founder of Platnova, Benjamin Oyemonlan, whether funding accounts in multiple currencies, sending money across borders, paying tuition fees, or managing everyday expenses, the app ensures that financial tasks are no longer a burden but a seamless part of life.  

    He said: “Platnova isn’t just an app; it’s a promise to make global finance simpler, faster, and more accessible. We’ve seen how our platform has transformed lives, and in 2025, we’re excited to help even more people achieve financial freedom.

    Read Also: Alleged N110.4b fraud: Prosecution opens case, calls first witness in Yahaya Bello, others’ trial

    As 2025 unfolds, Platnova reaffirms its commitment to simplifying global finance, offering cutting-edge solutions that cater to the diverse needs of individuals and businesses alike.

    “The app’s multiple funding options allow users to effortlessly fund their accounts through bank transfers, USDT, fiat currencies, and more, ensuring flexibility in an evolving digital economy. Its lightning-fast transfer feature enables users to send money to over 150 countries in under three minutes, making remittances and international transfers swift, secure, and hassle-free. For students and parents, Platnova simplifies global tuition payments, ensuring that education remains accessible without financial stress.  

    “Additionally the app supports worldwide bill payments, from utility bills to airtime top-ups, empowering users to stay connected and in control of their day-to-day expenses. The recent introduction of USD virtual accounts has further transformed the platform, enabling freelancers, gig workers, and entrepreneurs to collect payments from top global platforms such as Meta, PayPal, Amazon.com, and more, expanding their global reach and financial opportunities.”

  • Financial sector regulator rules out hyper-inflation

    Financial sector regulator rules out hyper-inflation

    The Financial Reporting Council of Nigeria (FRC) yesterday said all indications were that the country’s inflationary pressure remains under control and not yet within the realm of galloping prices known as hyperinflation.

    FRC, which oversees issuance and enforcement of financial reporting and corporate governance standards, ruled out the possibility of application of the International Accounting Standard (IAS) 29 on hyperinflation in preparation of accounts in the private and public sectors.

    The IAS 29 makes special provisions for financial reporting in hyperinflationary economies.

    Hyperinflation refers to a situation of uncontrollable, high and accelerating rise in prices.

    The severity of increase differentiates hyperinflation from other types of inflation.

    Typically above 50 per cent, hyperinflation erodes the real value of the local currency, such that prices of goods may change rapidly even within a day.

    It is denoted by notable and consistent aversion to local currency investment and savings and a huge switch to more stable foreign currencies.

    FRC said indepth analysis and extensive consultations showed that Nigeria’s inflationary pressure hasn’t reached near any threshold of hyperinflation and as such requires no special financial reporting consideration.

    Executive Secretary and Chief Executive Officer, Financial Reporting Council of Nigeria (FRC), Dr Rabiu Olowo, in a statement yesterday, said Nigeria was not yet a hyperinflation economy.

    According to him, IAS 29, which borders on financial reporting in hyperinflationary economies, should not be applied in the preparation of financial statements for the financial year.

    He said determining hyperinflation requires significant judgment and consideration of all relevant indicators, noting that after thorough analysis of all relevant indicators, the FRC concluded that Nigeria is not yet a hyperinflationary economy.

    “The FRC has extensively engaged various stakeholders such as the professional accounting bodies in Nigeria, external auditors, government regulatory agencies, and significant public interest entities, where an objective evaluation of the five indicators of the economic environment of a country as stipulated in IAS 29: Financial Reporting in Hyperinflationary Economies were undertaken especially to determine the relevance and applicability of the standard in Nigeria in light of the inflationary trend in the country.

    “IAS 29 outlines the accounting requirements for entities in hyperinflationary economies.

    “It does not specify when hyperinflation arises or is deemed to arise but rather outlines several indicators of hyperinflation that includes a preference for non-monetary assets, pricing in stable foreign currencies, credit sales adjusting for inflation, and a cumulative inflation rate approaching or exceeding 100 per cent over a three year period,” Olowo said.

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    He pointed out that FRC’s analysis of the five key indicators of hyperinflation for Nigeria showed that as against hyperinflationary state where the general population prefers to keep their wealth in non-monetary assets or in a relatively stable foreign currency, Nigerians have continued to massively transact in naira and keeping their funds in naira-denominated assets.

    Olowo said: “Data shows that Nigerians continue to transact in local currency and invest in naira-denominated assets, indicating confidence in the local currency.

    “There is no indication that the general population prefers to keep its wealth in non-monetary assets or in any other relatively stable foreign currency. 

    “Data from the Central Bank of Nigeria (CBN) and the financial statements of Nigerian financial institutions continue to show that investment in monetary assets such as treasury bills, mutual funds, fixed and current deposits and other short-term monetary assets have been increasing over the last three years.

    “Data from the National Pension Commission shows that the Nigerian pension assets which are predominantly held in monetary assets have also continued to increase.

    “The pension assets totaled N22.25 trillion as at November 2024 compared to N18.35 trillion as at December 2023.

    “The currency in which most of these non-monetary assets is denominated is in the naira.

    “There is no rejection of the local currency as a medium of exchange in Nigeria as the naira still serves as its base currency for all transactions.”

    According to him, contrary to hyperinflation trend where the general population regards monetary amounts not in terms of the local currency but in terms of relatively stable foreign currency with prices possibly quoted in that foreign currency, trading and transactions in Nigeria remain in naira.

    Olowo added: “Monetary amounts in Nigeria are in naira being the local currency. Salaries and wages for labour are paid in naira.

    “Goods and services are quoted in naira as well. This is evident from a review of the major e-commerce platforms and shopping malls in Nigeria such as Jumia, Slot, Konga, Jiji etc.

    “The prices of general goods and services are determined and charged in naira. Monetary amounts are predominantly regarded in terms of the Nigerian naira by the general population and not in terms of any other foreign currency suggesting that this indicator is not met.”

    He said there was no evidence of hyperinflation where purchases on credit take place at prices that compensate for the expected loss of purchasing power during the credit period, even if the period is short.

    He added that there were no evidence that the price of credit transactions is adjusted for inflation as sales and purchases on credit do not take place at prices that compensate for the expected loss of purchasing power during the credit period.

    “Following from our review of the financial statements and other relevant documents of reporting entities in Nigeria, our understanding from business entities in Nigeria is that they offer credit terms to their customers based on the terms of the contract, the risk appetite of the business and the risk profile of the customer.

    “Based on our consultations, we know that expectations on inflation or speculations do not drive the pricing of goods and services.

    “Since there is no publicly available data about details of contracts with customers from businesses in Nigeria, the evidence available to us at the micro level does not indicate that sales and purchases on credit take place at prices that are driven by inflation to compensate for the expected loss of purchasing power during the credit period,” Olowo said.

    On the fourth indicator of hyperinflation relating to linking of interest rates, wages, and prices to the Consumer Price Index (CPI) or inflation rate, the FRC stated that historical data showed that wages and prices were not consistently linked to a price index, and interest rates were adjusted primarily to control inflation.

    “In Nigeria, historical evidence shows that minimum wage when negotiated, remain fixed for average of four to five years and are not updated on annual basis.

    “For example, in 2019, minimum wage increased from N18,000 to N30,000 after eight years since the last revision.

    “The minimum wage remained N30,000 until July 2024 when it was increased to N70,000 after another five years.

    “On interest rates, the CBN has increased the monetary policy rate over time in a bid to curtail inflation.

    “The interest rate in Nigeria is currently at 27.50 per cent but prime lending rate is currently 18.39 per cent.

    “On the prices of commodities, prices are determined based on the cost of inputs-raw materials and directs costs and the margin charged by businesses to recover their operational costs.

    “There is no evidence that suggests that other than the recovery of direct costs and operating margin, that businesses charge prices that are inflation-linked or linked to a price index.

    “Based on these factors, this indicator does not support that Nigeria is a hyperinflation economy,” Olowo said.

    He explained that while Nigeria’s three-year cumulative inflation rate stood at 110.9 per cent as at December 2024, as against hyperinflation situation of approaching or exceeding 100 per cent, there were all indications to expect decline in inflationary pressure.

  • Chart Your Success: Setting and Achieving Financial Goals

    Chart Your Success: Setting and Achieving Financial Goals

    Introduction

    Setting financial goals is a critical step towards financial security and success. Research indicates that individuals who set financial goals are more likely to achieve financial stability and satisfaction. Goals provide direction and motivation, transforming vague intentions into actionable plans. Utilizing resources like https://astral-edge.org/ can provide valuable insights and education on effectively setting and achieving these goals.

    Understanding Financial Goals

    Financial goals are specific monetary objectives individuals aim to achieve over time. They play a crucial role in personal finance by providing clear targets and a sense of purpose. Financial goals can be categorized into three types:

    • Short-term goals: These are objectives that can be achieved within a year, such as saving for a vacation or paying off a small debt.
    • Medium-term goals: These goals typically take one to five years to accomplish, such as saving for a down payment on a house or funding a significant education expense.
    • Long-term goals: These are long-duration goals, often taking more than five years, like saving for retirement or a child’s college education.

    The SMART Approach to Goal Setting

    The SMART criteria provide a structured approach to setting effective financial goals:

    • Specific: Clearly define what you want to achieve. For example, instead of saying “I want to save money,” specify “I want to save $10,000 for a down payment on a house.”
    • Measurable: Ensure you can track your progress. For example, “I will save $500 per month.”
    • Achievable: Set realistic goals considering your current financial situation. For instance, saving $500 per month might be feasible based on your income and expenses.
    • Relevant: Ensure the goal aligns with your broader life objectives. If homeownership is a priority, saving for a down payment is relevant.
    • Time-bound: Set a deadline to create urgency. For example, “I will save $10,000 in 20 months.”

    Applying the SMART approach transforms vague aspirations into clear, actionable plans.

    Identifying Your Financial Goals

    Identifying and prioritizing financial goals involves introspection and planning. Here are strategies to help:

    1. Assess Your Financial Situation: Start with a comprehensive review of your income, expenses, debts, and assets. This gives a clear picture of your financial health.
    2. Define Your Priorities: Determine what matters most to you. Is it paying off debt, buying a home, or building an emergency fund?
    3. Set Realistic Goals: Based on your financial assessment, set goals that are challenging yet attainable.
    4. Use Financial Tools: Utilize tools like budgeting apps, financial planners, or online calculators to help clarify and prioritize your goals.

    Creating Your Financial Roadmap

    Once you’ve identified your goals, develop a plan to achieve them. Here are steps to create a financial roadmap:

    1. Budgeting: Create a budget to manage your income and expenses. Allocate funds towards your goals.
    2. Saving Strategies: Implement saving strategies like automatic transfers to savings accounts, cutting unnecessary expenses, and taking advantage of savings programs like employer-sponsored retirement plans.
    3. Investment Planning: Consider investing as a way to grow your savings. Choose investments that align with your risk tolerance and time horizon.

    A detailed roadmap ensures you stay on track and make consistent progress towards your goals.

    Overcoming Challenges and Staying Motivated

    Achieving financial goals can be challenging. Here are common obstacles and ways to overcome them:

    1. Unexpected Expenses: Build an emergency fund to cover unforeseen expenses without derailing your goals.
    2. Lack of Motivation: Regularly review your goals and visualize the benefits of achieving them. Set smaller milestones to maintain motivation.
    3. Financial Setbacks: If you encounter setbacks, reassess and adjust your plan. Stay flexible and resilient.

    Staying motivated requires discipline and regular review of your progress.

    Monitoring and Adjusting Your Goals

    Tracking progress is essential to achieving financial goals. Here are steps to effectively monitor and adjust your goals:

    1. Regular Review: Set monthly or quarterly reviews to assess your progress. Use financial tools and apps to track your savings and investments.
    2. Adjust as Needed: Life circumstances change, and so should your goals. If you get a raise, you might save more. If expenses increase, you may need to adjust your saving rate.
    3. Celebrate Milestones: Recognize and celebrate when you achieve milestones. This reinforces positive behavior and keeps you motivated.

    Regular monitoring and flexibility ensure you stay on the path to financial success.

    Conclusion

    Setting and achieving financial goals is a dynamic process that requires clear planning, dedication, and flexibility. By understanding the types of goals, applying the SMART criteria, identifying your priorities, creating a financial roadmap, overcoming challenges, and regularly monitoring progress, you can chart a successful financial future. Start today and take control of your financial destiny.

  • Human Manager lists identity management role in financial inclusion

    Human Manager lists identity management role in financial inclusion

    Managing Director of HumanManager Ltd, a leading provider of Human Resources Management solutions in Nigeria, Adekunbi Ademiluyi has stressed the need for a well-defined Individual Identity Management System to achieve financial inclusion during the inaugural Nigeria Fintech and Financial Inclusion Roundtable.

    This pivotal event, held recently in Lagos, Nigeria, brought together a panel of esteemed experts to deliberate on the future of fintech and financial inclusion in Nigeria.

    Nigeria’s progress towards achieving financial inclusion has been marked by significant strides, yet the country still falls short of its ambitious goal of getting 95% of its population fully banked by 2024.

    Read Also: Why we proposed N615k as minimum wage, by NLC boss Ajaero

    According to EFInA, a UK government-backed firm dedicated to deepening financial inclusion in Nigeria, the percentage of adult Nigerians with formal financial services – including bank accounts, insurance, and mobile money – rose to 64 per cent in 2023 from 56 per cent in 2020.

    However, only 52 per cent of Nigerians have a bank account, and widespread poverty in Africa’s most populous country continues to hinder more comprehensive adoption.

    Against this backdrop, the inaugural Nigeria Fintech and Financial Inclusion Roundtable was convened to explore innovative solutions and strategies for advancing financial inclusion in Nigeria.

    The event featured different Keynote speakers and panellists including Ms. Adekunbi Ademiluyi, Managing Director of HumanManager Ltd.; Dr Agada Apochi, Group Managing Director and Chief Executive Officer, Unified Payment Services Limited; Mrs. Joy Utubo, Head of Group Communications, Security Exchange Commission; and Alhaji (Dr) Umaru Kwairanga, Group Chairman, Nigerian Exchange Group.

  • ‘Allegation of financial wrongdoings against PAP frivolous, inciting’ – New Era Movement

    ‘Allegation of financial wrongdoings against PAP frivolous, inciting’ – New Era Movement

    The immediate past spokesman for the Ijaw Youth Council (IYC) Worldwide, Comrade Ebilade Ekerefe, has faulted the claims of alleged financial wrongdoing levelled against the Niger Delta Presidential Amnesty Programme (PAP) over payments made to beneficiaries of the programme through their leaders in 2023.

    An online publication had claimed in a report that the office of the Special Adviser to the President on Niger Delta was among the government Ministries, Departments and Agencies (MDAs) that had violated the financial transparency laws by authorising the payment of huge sums of public funds into private accounts.

    The report partly indicated: “The Office of the Special Adviser to the President on Niger Delta tops the list of MDAs making such controversial payments with a total payment of N8.3 billion in 130 transactions to Ebikabowei Victor-Ben, an ex-Niger Delta militant.

    “Findings showed that the Office of the Special Adviser to the President on Niger Delta paid N4.72 billion into individual accounts of some camp leaders in the Niger Delta where the struggle for oil wealth and agitations against environmental hazards has propelled ethnic militias to pick up arms against the state.

    “For instance, in a total of 10 transactions, Mr Victor-Ben, the ex-militant also known as Boyloaf, received N564.7 million from the office between July and November 2023. According to the transactions’ descriptions, the money was meant for “delegates of Boyloaf camp.”

    But reacting to the reports via a statement yesterday, Comrade Ebilade Ekerefe said the claims of the online publication lacked due diligence.

    He also said the report did not recognise the fact that PAP, which is under the remit of the office of the Special Adviser to the President on Niger Delta, is a classified security programme that serves as an instrument for peace building and stability in the region.

    According to him, despite attempts to compare the payments made by the Amnesty Office to beneficiaries and their leaders, the claims of alleged financial wrongdoing are frivolous and a clear attempt to cause disaffection among its delegates and stakeholders.

    Read Also: Military capable of tackling security challenges, Tinubu assures

    Ekerefe, who is also the leader of a Niger Delta advocacy group, New Era Movement (NEM), expressed concern that the report could also trigger unrest in the peaceful region.

    The Ijaw youth leader insisted that since he assumed office as Interim Administrator of the PAP, retired Major General Barry Ndiomu, has ensured that the financial dealings and transactions of the programme was in tandem with the financial transparency laws of the Federal Government.

    He said the administration of Ndiomu at PAP had raised the bar in the areas of probity, accountability, and proper management of resources which had led to several achievements, including the zero cases of protests and controversy over the delay of monthly payments of stipends.

    The former IYC spokesman commended Ndiomu for using the instruments of his office to contribute immensely to the sustainable peace in the region when compared to the other regions of the country where violent crimes and insecurity has increased.

  • Achieving more inclusive financial solutions with Fintechs

    Achieving more inclusive financial solutions with Fintechs

    The demand for smart and innovative solutions that facilitate seamless digital transactions has become more critical. How tech companies navigate and meet these expectations hinges on their profound understanding of marketplace challenges, combined with their astute ability to stay ahead of the curve through predictive intelligence and product engineering, writes Assistant Business Editor COLLINS NWEZE

    Michael Stevens, 30, was leaving home for work when his smartphone beeped with a familiar Facebook message alert. It was a reminder for him to send monthly allowance to his 80 year-old mother living in Ijebu Ode, Ogun State.

     His wife, Victoria, had reminded him the previous night of the allowance and how badly his mother needed the money to pay her medical bills. Two payment options came to his mind. The first was to pay through internet banking platform of a commercial bank. The other options were to use Zest QR Codes, Quickteller or Paga network.

     Few minutes later, he went for the Zest QR Codes option. Zest is a platform orchestrator connecting businesses and lifestyles to payments. It is the fintech subsidiary of Stanbic IBTC Holdings Plc. Fintechs, such as Quick-teller, MoniDey, Baxi, PocketMoni, Unified Payments, Paga, Remitta and Cellulant, are now part of the financial system, offering banking services to both the banked, underbanked and unbanked.

     In the Fintech space, Zest has a mission to revolutionise the e-payment sector and boost e-commerce penetration. Positioned to become the leading end-to-end fintech services provider, the visionary leadership of Ifeoluwa Adekunle-Yusuf, Zest Vice President, Products and Engineering, guides the company’s technological advancements. Zest is a solutions-driven platform with a mission to reshape the e-payment landscape. Recently, the company unveiled a bouquet of revolutionary product offerings in key cities such as Lagos, Port-Harcourt, Kano, and the Federal Capital, Abuja. These offerings are meticulously designed to meet the e-payment needs of consumers, businesses, application developers, and other fintech service providers. Zest is primed to introduce game-changing innovations that will simplify the way businesses operate and enable individuals to navigate the financial landscape with ease.

    Customisable solutions for every business

    Zest is aiming to catalyse the next wave of growth in the financial services sector, benefiting businesses, consumers, and technology enthusiasts alike. One of Zest’s key strengths is its ability to provide product design and development services tailored to the unique needs of each business. It is meticulously crafted to manage advanced software, optimising daily transaction volumes.

     The platform offers customisable product offerings for e-commerce stores at no charge, providing increased visibility through the Zest marketplace, the central hub for all sellers. This commitment to customisation and ease of use sets a new standard for e-payment solutions. Zest executes a resolution-driven platform orchestration strategy that serves consumers, businesses, and application developers. This approach eliminates barriers and simplifies the process for businesses looking to establish their online presence and for other fintech service providers.

     By providing multiple payment rails through a unified gateway that includes cards, USSD, QR codes, and account-based payments, Zest offers unparalleled flexibility. Equipped to manage payments in over 40 different currencies, Zest is a global solution. Consumers can easily download the app from both the iOS and Android stores. The bank-agnostic app provides various payment options, including cards, USSD, and wallets.

    Innovative product design

    Ifeoluwa Adekunle-Yusuf, the Vice President of  Product and Engineering at Zest, with her exceptional skills and insights, leads a team that crafts products that meet businesses’ needs for innovative payment solutions with a flawless user experience. She is vast in digital payments product development, business expansion, and market penetration, with a deep understanding of the intricacies of payments and card scheme connectivity.

     Driving Zest to emerge as the preferred end-to-end fintech services provider for businesses and individuals and to offer product design and development services tailored to the unique needs of each business, Ifeoluwa embodies the essence of professionalism. Her background is in products and engineering, with extensive knowledge in MSO setup, MID configuration, and technical implementation. Ifeoluwa holds various certificates in Product Management, Fraud Management, Agile, Business Analysis, and Process Management. Her proficiency in Secure Payment Gateways and digital skills further underscores her commitment to excellence.

     Zest translates business requirements into innovative product solutions through a logical and organised approach. With the spirit of innovation and change that defines Zest, it seeks to continually improve smart payment options, integration, and e-commerce functionality. Zest enhances payment options, makes integration seamless, and makes e-commerce platforms more efficient. As technology continues redefining how we conduct financial transactions, Zest is a shining example of innovation with a purpose, creating customised solutions, enhancing the user experience, and breaking down barriers in the fintech landscape.

     Understanding Nigeria Fintech industry

    According to McKinsey & Company report, banking in Nigeria remains an attractive sector, with over $9 billion in value pools, but despite high levels of competition, the vast majority of consumers are underserved. Lack of access to services, especially in rural areas, issues of affordability, and poor user experience all contribute to the frustration consumers experience right across the customer spectrum.

    This has created an opening that Fintechs have been quick to take advantage of, with many stepping up to develop enhanced propositions across the value chain to address pain points in affordable payments, quick loans, and flexible savings and investments, among others. One of the significant trends in Fintechs is the increasing adoption of mobile payments, which offers convenience for users to make transactions from their mobile devices. This service has bridged gaps in financial inclusion by providing basic banking services even in remote areas where traditional banking may not be accessible.

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     At the same time, a youthful population, increasing smartphone penetration, and a focused regulatory drive to increase financial inclusion and cashless payments, are combining to create the perfect recipe for a thriving fintech sector. Nigeria is now home to over 200 fintech standalone companies, plus a number of fintech solutions offered by banks and mobile network operators as part of their product portfolio. Between 2014 and 2019, Nigeria’s bustling fintech scene raised more than $600 million in funding, attracting 25 percent ($122 million) of the $491.6 million raised by African tech startups in 2019 alone—second only to Kenya, which attracted $149 million.

     Fintechs capitalisation in Nigeria

     The Central Bank of Nigeria (CBN) set N2 billion capital benchmarks for firms involved Fintechs and payment operations. Those in the top category, dealing with switching and processing, as well as mobile money operation, will have a N2 billion shareholders’ funds unimpaired by losses. According to a document conveying the guidelines, six categories of payment operators were newly approved by the CBN. They include those involved in switching and processing,  mobile money operators, Payment Solution Services (PSS), Payment Terminal Service Provider(PTSP), Payment Solution Service Provider (PSSP) and Super Agent licenses respectively.

    The top category will escrow refundable N2 billion into a CBN account. The payment must be made in full single lump sum. Escrowed funds are to be invested in treasury bills, subject to availability of treasury instruments, which would be refunded accordingly. For PSS, the CBN said an escrow of refundable N250 million must be deposited with the CBN, while for entities applying for the three licences will e: PSSP – N100 million, PTSP – N100 million, and Super Agent – N50 million.

    The same conditions as the first category apply but with varying amounts. “All written applications should be addressed to the Director, Payments System Management Department, Central Bank of Nigeria, Abuja, accompanied by evidence of payments of application fee and other documentary requirements,” the CBN said.

     For all of the aforementioned licences, the apex bank said all applicants would be required to pay an application and licensing fee of N100,000 (non-refundable) to the CBN, while a licensing fee of N1 million is to be paid before the issuance of the final licence, if successful. Analysts insist that Nigerian fintechs do not pose any challenge to top-tier banks across the country. According to industry experts, rather than compete, Nigerian fitechs should collaborate with Nigerian top-tier banks.

    According to them, Nigerian banks have strong balance sheets and a dominant financial position in the market and what is needed between both is collaboration rather than competition. They explained that Fintechs should leverage the backend infrastructure of traditional bank’s IT when they roll out new products and services considering the regulatory cost which might be expensive or difficult to meet but are already embedded in banking infrastructure.

    Global Fintech industry

    Financial technology has advanced quickly since the advent of the internet and mobile devices. Fintech currently refers to a broad range of technological advancements in personal and business finance, as opposed to its original meaning, which was the employment of computer technology in the back office of banks or commercial firms.

    Fintech has been known in various forms since the very beginning of the 20th century, at that time we could witness the first innovative solutions implemented with the help of Fintech such as the first Automated Teller Machine, online banking, or platforms such as PayPal. Fintech provides many payment solutions. Plenty of firms from the Fintech sector are offering various financial services such as credit card payments, debit card payments, digital wallets, bill payments, merchant cash advances and other similar banking services.

     All from above, payment solutions have a statistically significant positive effect on customer experience, what increases comfort in use of financial technology. Nowadays, innovative payment methods, such as biometric characters, are implemented to slowly replace cards, telephones, smartwatches, mobile devices, ECT.

    IBAS World is currently working on developing a method enabling digital payments even without biometric signs. Both the Internet of Things (IoT) and Blockchain have had an impact on the world of financial solutions.

    Leading countries in the Fintech space

      Since 2012, the UK’s Fintech sector has received over $2 billion in venture financing and over £100 billion through mergers and acquisitions from financial services firms. The UK has one of the most technologically advanced financial services industries in the world as a result of these investments. The UK government also makes significant investments in the Fintech industry through funding programs and regulatory changes that make it easier for fintech businesses to operate. It can be said that basically, investment drives economic growth.

     Currently, there are over 2,500 companies in London offering products or services created using financial technology. Thanks to innovations, UK obtain higher economic growth. Examples of FinTech companies on the UK market include Hydr, FreshPay, Triple Tied Out or CostTracker. The US has a robust financial technology ecosystem. FinTech services have been simplified by companies like Stripe, Coinbase and Robinhood

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     It plays a key role in the US economy, as evidenced by more than 50 per cent shares in the global Fintech market. Fintech has been seamlessly integrated into the financial activities of the United States.

     As a result, all financial services have adopted and use Fintech in the form of, for example, loans, savings, personal finance and insurance. The United States is recognised as an attractive hub for Fintech financing and investment.

  • Nigeria seeks framework to address illicit financial flows in West Africa

    Nigeria seeks framework to address illicit financial flows in West Africa

    Nigeria has urged the Action Group Against Money Laundering in West Africa (GIABA) to develop an institutional framework for the enforcement of financial crimes regulations in the sub-region.

    Attorney-General of the Federation and Justice Minister Lateef Fagbemi (SAN) made the appeal at the inauguration of the 27th meeting of the Ministerial Committee of GIABA yesterday in Abuja.

    Fagbemi, who is also the Chairman of GIABA Ministerial Committee, said member-countries should prioritise their national systems on Anti-Money Laundering and Combating Financing of Terrorism.

    According to him, doing so will enable the countries to push their national institutions to perform to the highest of their capabilities and achieve progress in financial crimes control.

    Fagbemi said: “Our collective commitment to put in place legislative policy and institutional frameworks is necessary to protect the integrity of our financial systems from threats of money laundering, terrorist and proliferation financing.

    “As we come to the close of the second round of mutual evaluations, I believe we need to take some time for introspection and an assessment of where we have fallen short.

    “In particular, looking at the effectiveness of our AML/CFT/CPF frameworks, it is clear that across the region, there is significant room for improvement.

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    “As we begin preparations for the next round of mutual evaluations, our goal must be to greatly strengthen results and outcomes being achieved by our regulatory, supervisory, law enforcement and prosecutorial authorities.

    “We must ensure we go beyond just focusing on technical compliance to a results-based approach. This will require more efforts and resources than we have deployed so far.”

    Interior Minister Olubunmi Tunji-Ojo described the meeting as apt.

    He said it would boost the fights against money laundering, financing of terrorism and proliferation financing.

    The minister noted that it would also enable other member-countries to align their thoughts with the position of Nigeria.

    “For us, we understand the importance of tackling money laundering, terrorism financing, especially what we have gone through in the past 15 years.

    “The only way to remove the monster within our internal security architecture is by getting to the root of tackling the financing of these organised crimes,” Tunji-Ojo said.

  • Financial group seeks support for entrepreneurs

    Financial group seeks support for entrepreneurs

    Norrenberger Financial Group is seeking government support to drive innovation and assist in curbing the high rate of unemployment with Nigerian youths as this will boast economic growth for the nation.

    The group Managing Director, Tony Edeh said partnership with government on  robust enterprise supporting system will have direct impact on entrepreneurial growth and employment as statistics from  the International Labour Organisation (ILO) shows that micro, small and medium enterprises (MSMEs) contributes 48 per cent of Nigeria’s National GDP.

    Edeh who spoke at the 5th Anniversary celebration of Norrenberger Financial Group in Abuja maintained that all hands should be on deck to support youth enterpreuship as they are the backbone of the nation’s growth.

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    According to him, “Giant companies like Apple, Twitter and others started as a small innovative company, but with a conducive environment by their government, it has grown to what be what it is today.”

    Speaking, the Chairman of the Norrenberger Financial Group, Ibrahim Aliyu Bala stated that with the forex challenges and inflation, it was important for both government and private sector to devise innovative ways of wealth creation, with entrepreneurship in focus.

  • 9PSB steps up financial literacy campaign

    9PSB steps up financial literacy campaign

    • By: Ayomide Otitoju

    Nigeria’s foremost digital payment service bank 9 payment Service bank (9PSB) who is focused on financial inclusion has taken financial literacy and career mentorship to solid teens foundation to enlighten the teenagers who participated in the 2023 camp activities.

    The aim is to ensure they are well equipped with basic financial knowledge and take the right decisions in choosing a career in their future endeavours.

    delivering a lecture at the 2023 youth camp in Abeokuta, which centered on money circle Head ales strategic partnership and distribution 9PSB  Kunle Isiaka noted that financial literacy is key in making informed decisions on matters relating to earning, savings and investment.

    In his words ‘’there is no shortcut to making money people who take the shortcut to make money do not end well. for you to make investment decisions, you must start to earn legal money through paid employment or own your own business learn the culture of savings and make sure that a certain percentage of your earnings are saved in the bank spend wisely  decide on the kind of investment you want to put your money into which could be short term or long-term investment.’’

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    While highlighting the need for mentorship in choosing a career Head of Human Resources Alex Ohai represented by the senior human resources advisor Okechukwu Efuribe urged the participants to always seek mentors who will guide plan and see them through as they navigate through the process of choosing a profession or trade for themselves in the future.

    “In the journey of self discovery it is important you do introspection self assessment and do a continuous personality check,” he remarked.

    The Solid Teens and Youth initiative is a not for profit organisation founded with the aim to create a safe space for teens to have full expression and discovery of their identity in Christ.

    Established in 1991 the Foundation empowers stakeholders in the lift of teenagers with the knowledge tools and resources to help them reach out effectively to young people.

    The Foundation offers mission service capacity building including teaching training and workshops  as well as teens camp to help guide  teach and add much needed knowledge and skill to the zeal of young people to become better and morally sound adults in the society.

  • Fed Govt raises eight-member panel on financial autonomy in varsities, others

    Fed Govt raises eight-member panel on financial autonomy in varsities, others

    •Committee to unveil roadmap for sector

    The Federal Government has set up an eight-member committee to unveil a roadmap for the education sector in line with the Renewed Hope Agenda of President Bola Tinubu.

    The eight-member committee was inaugurated by Minister of Education, Prof. Tahir Mamman yesterday in Abuja.

    The committee, headed by Dr. Nuhu Yakubu, has as one of its members a former Deputy Director-General of the Nigerian Law School, Prof. Ernest Ojukwu, and Professor Sa’ad Umar.

    Other members of the committee included Prof. Sa’ad Umar, Shulamite Paul, Dr. Garba Ibrahim, Prof. Ismail Junaidu, Hajia Hindatu Abdullahi and Mr. Joseph Achede.

    The committee was given four weeks to come up with plans that would help transform the sector.

    He said there was a need to kick-start the national assignment as ministers on a clearly defined path, to craft a turnaround in the fortunes of the country.

    Mamman said President Tinubu’s commitment to re-train 10.5 million Nigerian out-of-school children with valuable skills places education as a top priority.

    He said there was, therefore, a need for a clear roadmap and framework to guide the ministry’s efforts in achieving these ambitious goals.

    Inaugurating the committee on Tuesday, the minister said: “Mr. President has clearly laid out his vision for his administration and it is anchored on improving the lives of Nigerians in a manner that not just reflects our humanity but encourages compassion towards one another, and duly rewards our collective efforts to resolve the social ills that seek to divide us.

    “On education specifically, our president has declared his commitment and as a priority, among other missions, to see that about 10.5 million Nigeria’s out-of-school children are re-trained with skills that will make them stand on their own. We will, therefore, need a clear road map and framework that will guide the ministry to achieve these goals.

    “To achieve this vision, we must harness our human resources. But before we can harness our human resources, we need to be sure of what we need to do to fill in the gaps that have, over the years, inexplicably pulled us back.”

    Addressing the committee members on the task ahead, Mamman said: “Permit me to highlight some of the issues you may need to look at, amongst all others. As Nigeria looks towards having quality education, it is important that the curriculum, from basic to tertiary level, meets the demands of our times and needs of the society.

    “I am happy to note that work has commenced at some level, especially the secondary and tertiary levels. What we need to know is to what extent can what we already have meet contemporary demands of education globally and if it is not sufficient, how to address them.

    “Of course, I do not need to emphasise the infrastructural deficit which the Universal Basic Education Commission and Tertiary Education Trust fund as well as good-minded Nigerians, philanthropists and our development partners have been supporting. Again, we ask ourselves to what extent has such gone in putting the country where it needs to be?

    “I do expect that issues of financial autonomy in tertiary institutions, access and equity, research and innovation as well as the government-industry-academic nexus would occupy your thoughts. In the same vein, the global competitiveness of our educational system should not escape your scrutiny.

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    “Ladies and gentlemen, let me not pre-empt your thoughts as the other details of your Terms of Reference, attached to your letter of appointment, will provide further details. I must add that the Terms of Reference are not sacrosanct, as you are free to explore other areas not explicitly covered but required for a comprehensive assignment.”

    “One thing I must not fail to add is that we must have an education system that embraces technology and moves into a digital future where our education responds to the demands of society. We need to move away from education for its sake to education for the development, not only of the individual but most importantly, of the society we live in.

    “I do appreciate that the time frame of four weeks might look too tight but I am counting on your expertise, the availability of preliminary work done by the ministry in the review of the just concluded strategic plan, your commitment and patriotic zeal.”The minister urged the committee to embrace technology and steer towards a digital future, emphasising that education should not merely exist for its sake but contribute significantly to individual and societal development.

    He added: “As Nigeria looks towards having quality education, it is important that the curriculum, from basic to tertiary level, meets the demands of our times and needs of the society.

    “I am happy to note that work has commenced at some levels, especially the secondary and tertiary level. What we need to know is to what extent can what we already have meet contemporary demands of education globally and if not sufficient, how to address them.

    “I do expect that issues of Financial Autonomy in tertiary institutions, access and equity, research and innovation as well as the government-industry-academic nexus, would occupy your thoughts.

    “In the same vein, the global competitiveness of our educational system should not escape your scrutiny.

    “One thing I must not fail to add is that we must have an education system that embraces technology and moves into a digital future where our education responds to the demands of society.”