Leveraging fintech’s growth for financial inclusion

The coronavirus outbreak is creating opportunity for financial technology growth in Nigeria. While this is expected to lift businesses in the fintech ecosystem, stakeholders believe pragmatic regulation is needed to translate the growth into financial inclusion. SAMSON AKINTARO reports     Despite initial concerns by commercial banks over plausible threats to their businesses, financial technology companies are making bold statements in the country’s financial system. The growth in the country is further emboldened by recent investments in tech start-ups, all of which are geared towards providing enhanced financial solutions for…

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Emefiele woos conglomerates to help boost economy

Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has reiterated the bank’s policy barring support for importation of items that can be produced locally. He said the bank won’t spend its foreign exchange reserves on what would not boost the economy and generate jobs for Nigerians. Speaking recently in Abuja during a virtual meeting with Chief Executive Officers (CEOs) of conglomerates in Nigeria, Emefiele said the CBN, in line with President Muhammadu Buhari’s desire, was determined to return the Nigerian economy to the period when the manufacturing…

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Capital outflows: CBN turns supplier at I&E fx window

Following increasing capital outflows, the Central Bank of Nigeria (CBN) has in recent weeks turned from being a consistent buyer to a supplier at the Investors’ and Exporters’ (I&E) foreign exchange window, FBNQuest Research has said. In a report obtained by New Telegraph at the weekend, the firm noted that: “For nine of the 10 latest weeks for which the (I&E) data is available (through to 24 to 28 September), it (CBN) has been the largest source of such inflows.” The apex bank established the I&E forex window in April…

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Emefiele: CBN may cut $8.1bn claim on MTN

The Central Bank of Nigeria (CBN) may alter the $8.1 billion it has ordered telecoms firm, MTN Nigeria Communications Limited, to repatriate as part of a dispute, the Bank’s Governor, Mr. Godwin Emefiele, reportedly said in London yesterday. Emefiele, according to Bloomberg and Reuters, said that MTN and its bankers have provided more documents on the issue that may lead the regulator to reducing its $8.1 billion claim on the telecoms giant. The CBN alleged in late August that MTN and four banks – Standard Chartered Plc, Citigroup Inc., Stanbic…

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CBN to intensify forex restriction

Mobile courts to try naira abusers The Central Bank of Nigeria (CBN) may intensify its foreign exchange restriction on certain items as part of efforts to ease pressure on the country’s external reserves and boost local production.The Managing Director and Chief Executive Officer, Access Bank, Mr. Herbert Wigwe, dropped this hint while briefing newsmen on the outcome of the Bankers’ Committee meeting in Lagos yesterday. Besides the plan to intensify forex restriction, the Bankers’ Committee also disclosed that plans had been concluded to establish mobile courts to try people who…

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WAMZ: Desire for common currency suffers setback

Emefiele advocates cooperation among regionshigh The desire for a common currency for the West African sub- region by year 2020 has suffered a setback with countries involved unable to meet all the convergence criteria and unified monetary zone. However, the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, admonished member not to despair. Addressing the 37th meeting of the Committee of Governors of Central Banks of the West African Monetary Zone in Abuja yesterday, Emefiele urged countries of the sub-region not to let the desire for a…

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Emefiele, Elumelu, IMF chief, others for FMDA confab

Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, Chairman, UBA, Heirs Holdings and Transcorp, Mr. Tony Elumelu and the International Monetary Fund (IMF) Country Chief, Mr. Amine Mati are among the dignitaries who have confirmed their attendance at the 2018 Financial Markets Conference of the Financial Markets Dealers Association (FMDA). In a statement, the association stated that the event, which is scheduled to hold at Eko Hotels and Suites, Lagos on September 21, 2018 will focus on the theme: “The Nigerian Financial Market – A Catalyst for…

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PoS: Nigerians spent N1trn in six months

    Nigerians spent N1.01 trillion in transactions over Point of Sales (PoS) terminals in the last six months, New Telegraph has learnt. This is according to latest statistics from the Nigerian Interbank Settlement System Plc (NIBSS), which shows that the Central bank of Nigeria’s (CBN) cashless policy has continued to gain traction nationwide. Last year, Nigeria recorded its highest PoS deals value since it was introduced in 2012, as deals valued at N1.4 trillion were carried out. However, with the half year performance, the country has already inched close…

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Banks begin setting lending targets for staff

In the wake of an increasingly tough business environment, especially the declining yields on government securities, Deposit Money Banks (DMBs) have started setting lending targets for their employees, as part of efforts to grow their risk assets, investigations by New Telegraph have revealed. Findings by our correspondents indicate that Tier 2 banks, which, compared with their Tier 1 counterparts, have been more adversely impacted by the harsh business environment, are at the forefront of this new aggressive campaign by banks to boost lending. The situation has, however, put further pressure…

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Maximising currency swap potential

Determined to ensure it gets the economy out of the woods and also cut down on the burden of United States dollar on the naira, Nigeria, through the initiative of Central Bank of Nigeria (CBN), recently entered into a currency swap agreement with the Peoples Republic of China. With the agreement, Nigeria will exchange N720 billion for 15 billion Chinese Renminbi (RMB) in three years under the $2.5 billion bilateral currency swap (BCS) with Peoples Bank of China (PBoC). In taking this decisive step, it is believed that the CBN…

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