Business and Economy

The Nigerian stock market started the week with a loss of 0.66% as the All Share Index slipped to conclude

Chipper ID, an AI-powered suite of verification services designed to solve industry-wide client onboarding and compliance concerns in the African

The Nigerian stock market lost 1.39% on Friday as the All-Share Index fell to market forces to close the week

According to a recent report by the Foreign Market Dealers Quotation (FMDQ) Securities Exchange, total turnover in the foreign exchange

The National Bureau of Statistics (NBS) reports that Nigeria’s trade balance remained in excess for the third quarter in a

The Central Bank of Nigeria (CBN) has announced the launch of the CBN Licensing, Approval, and Other Requests Portal (CBN

The Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) has postponed its 293rd meeting, which was scheduled for Monday

The Nigerian stock market NGX All-Share Index lost 0.09% today Thursday to close at 68,271.14 points. As a result, the

TelCables Nigeria (www.TelCables.co.za), a prominent telecommunications company and an Angola Cables affiliate, is pleased to announce the inauguration of its

Verve, Africa’s top payment card and digital tokens brand, has partnered with Moniepoint Microfinance Bank, a rapidly growing customer-oriented financial institution, to increase Nigerians’ access to financial services with the launch of the Moniepoint Verve Debit Card. Cardholders will also benefit from Verve’s reward programs, in addition to other exciting promotional efforts. The combination of Verve and Moniepoint demonstrates the businesses’ shared commitment to providing customers with smooth and safe payment choices. Verve, Africa’s top payment card and digital tokens brand, has partnered with Moniepoint Microfinance Bank, a rapidly growing customer-oriented financial institution, to increase Nigerians’ access to financial services with the launch of the Moniepoint Verve Debit Card. This collaboration represents a big step forward in the revolutionization of personal banking and the expansion

The Nigerian stock market All Share Index lost 0.03% on Wednesday to close at 68,335.72 points. As a result, the year-to-date (YTD) return dropped to +33.34%, and the market capitalization dropped by N12.87 billion to close at N77.30 trillion. Gains from AIRTELAFRI (+1.57%), GTCO (+0.56%), and WAPCO (+0.17%) were overshadowed by profit taking by ACCESSCORP (-1.15%), FBNH (-2.01%), and UBA (-2.29%), bringing the market down. Trade turnover was lower than it was 9n Tuesday’s trading session

MSF implores the international community to immediately scale up support to improve treatment, preventive measures, and contact tracing to control

The International Finance Corporation (IFC), Proparco, and the French Public Investment Bank participated in a US$5M pre-Series A extension round that was headed by Anka, the “All-in-one SaaS for global African businesses,” and it has now been closed. The current round of funding takes the company’s total investment to date since its founding in 2016 to US$13.5M. ANKA will use this funding to support its efforts in product development and service expansion in order to promote and enhance the growth of African entrepreneurship on a global scale. The company plans to expand its reach in key markets where it has already had unmatched growth, including the US for its customers and subscribers as well as Nigeria and Kenya for the number of vendors. In addition, ANKA intends to actively hire sales, technical, and product talent with the funding to fuel its expansion. Since its most recent capital infusion in 2022, ANKA’s margins and its network of African SMEs in 47 of the continent’s 54 countries have nearly doubled. In more than 175 nations throughout the world, the firm handled transactions totaling more than $50M USD. Since 2022, when ANKA raised its first round of funds, its annual revenue has climbed more than 18 times, from €200k to €3.6M. By 2030, the platform hopes to have 100,000 African sellers registered, promoting the international trade of “all things made of Africa” to a wide audience. These accomplishments highlight ANKA’s significant contribution to the African e-commerce ecosystem. In addition, it aspires to be the equivalent of “Paypal” for all African entrepreneurs. ANKA offers African business owners a platform with a subscription-based business model to: Sell products on Instagram, WhatsApp, or a bespoke storefront. Receive payment for goods and services using international payment methods, and instantly withdraw cash using domestic payment methods (such as mobile money or bank transfers) or the specific VISA cards issued by ANKA. Having access to a collection of the best shipping options, such as DHL service for less than $20 up to 2kg in under 72 hours, is essential when delivering goods. The co-founder and CEO of ANKA, Moulaye Taboure, expressed his excitement about the fundraising effort: “We are beyond happy to see our vision for our sellers and clients coming to life at an unprecedented scale. The advancement of the creativity and innovation that we know are being led by the continent and that are shouting louder than ever on the world stage is dependent upon this fresh round of funding from our partners. Africans are thrilled that they, along with our other investors, can help us continue to fulfil our aim of “Unleashing the growth of African entrepreneurship” because the IFC in particular has long believed that Africans are the leaders in these areas. Abdoul Kadry Diallo, ANKA’s COO and Co-Founder, continued, “We have always believed in the continent’s undiscovered cultural treasure. Amazing people, goods, and services may be found on our continent and can have a big impact on the world economy. We will be able to continue increasing our operational effectiveness thanks to this second amount of funding, which will help us reach the next level of lucrative growth for both our company and our sellers.

The Nigerian stock  market gained 0.71% to settle at 68,359.22 points on Tuesday. The ASI’s year-to-date (YTD) return climbed to 33.38%, and the market capitalization increased by

Nigerian stock market investors gained on Monday trading session as the All Share  Index increased by 0.71% to conclude at 67,877.17 points. As a result, the year-to-date (YTD) return for the ASI increased to 32.44%, and the market capitalization increased by N263.49 billion to close at N37.15 trillion. A rise in telco heavyweight AIRTELAFRI (+1.60%), together with GTCO (+0.14%) and STANBIC (+9.58%), was principally responsible for the market’s success. Trade turnover settled higher than it did last Friday

According to information provided by the Nigerian Communications Commission (NCC) based on calculations made by the Nigeria Bureau of Statistics (NBS), the telecom sector’s share of the country’s Gross Domestic Product (GDP) climbed dramatically to 16% in the second quarter of 2023. This was expressed in a keynote speech by Prof. Umar Danbatta, Executive Vice Chairman of the NCC, on Thursday in Lagos at the Association of Telecom Companies of Nigeria (ATCON)-hosted annual Telecom Executives and Regulators Forum (TERF). According to Danbatta, the telecommunications sector contributed 16% to the national GDP in the second quarter of 2023, breaking the previous record of 14% set in the first quarter of 2023 and surpassing the previously held record of 15% set in the second quarter of 2022. Danbatta walked the audience of eager telecom executives and other industry stakeholders through the enormous strides being made by the Commission as he spoke on the topic of “Success Factors and Barriers to National Broadband and Digital Economy Aspirations.” Danbatta, the EVC of NCC, stated that quarterly GDP has greatly increased to achieve its present level of 16% and that this has continued to favourably impact all parts of the economy from an approximate 8% contribution to GDP in 2015 when he joined the organisation. The industry has expanded rapidly over the past 20 years because to the Commission’s consistent regulatory perfection and operational efficiency, which has had a positive impact on all other economic sectors. Our primary competitive advantage as an industry has been the excellent regulatory framework established by the NCC with the backing of all stakeholders, according to Danbatta. The EVC noted that while there are obstacles to broadband deployment in the nation, including the right-of-way (RoW) issue, fibre cuts, high capital requirements for deployment, multiple taxes, and challenges, the NCC is navigating regulatory complexities, digital divide and literacy, security concerns, and other issues with firmness and increased collaborations with necessary stakeholders, such as ATCON, to develop measures to address the obstacles Regarding the RoW dilemma, the EVC stated that now, there are around 46 various taxes aimed at the telecom industry. Some agencies and levels of government, particularly at the state and local levels, impose these fees and levels on telecom providers under a variety of titles. Danbatta claimed that the difficulty results in additional financial pressures for the nation’s telecom users. In reference to connectivity, Danbatta stated: “Over the years, we have identified some clusters of access gaps all over the country but we have recorded a significant drop in the number of access gaps, as we continue to drive initiatives that boost access to telecommunications services. According to him, the Commission accomplishes this by encouraging investment and funding, encouraging the development of infrastructure, encouraging digital inclusion and literacy, promoting competition and market liberalisation, encouraging the effective allocation of spectrum, as well as fostering the e-government ecosystem. “The NCC is confident that we are going to reach 50% broadband penetration threshold by the end of 2023 and by 2025, we would have met and possibly exceeded the 70% broadband penetration target, as contained in the Nigerian National Broadband Plan (NNBP), 2020-2025,” Danbatta said in reference to various ongoing regulatory efforts The ATCON and its members received special praise from the EVC for being active participants in progress and for consistently collaborating with the Commission in positive ways to address the many issues facing the sector. A robust digital economy and a nationwide broadband network are not without difficulties, according to the EVC. “However, these difficulties can be overcome with perseverance, inventiveness, and strategic planning. We can build a future in which every Nigerian has access to the opportunities that the digital world offers by concentrating on the success elements and removing the obstacles,” he continued. The achievement

The National Bureau of Statistics (NBS) reports that in the second quarter of 2023 (Q2 2023), Value Added Tax (VAT) and Company Income Tax (CIT) revenues grew in Nigeria. The total amount of company income tax for Q2 2023 was estimated to be N1.53 trillion, up from N469.01 billion in Q1 2023. This growth rate indicates a quarterly growth rate of 226.40%. In Q2 2023, local payments totaled N1.02 trillion, while foreign CIT payments contributed N505.91 billion, according to the CIT report. Additionally, Value Added Tax for Q2 2023 was reported at N781.35 billion, representing an increase of 10.11% from N709.59 billion in Q1 2023 on a quarterly basis. In Q2 2023, local VAT payments totaled N512.03 billion, compared to N142.63 billion in foreign VAT payments and N126.69 billion in import VAT. To lessen the need for public debt, the government must continue to receive this considerable rise in tax revenue. By utilising technology and data analytics to detect tax evaders and improve the tax collection process, the government should first concentrate on improving tax compliance and collection procedures. Additionally, it is critical to keep the tax code simple and remove administrative roadblocks in order to motivate more organisations and people to voluntarily comply with tax laws. A culture of tax compliance can be promoted among the populace by funding tax education and awareness programmes. In order to show citizens the practical advantages of taxes

Nigeria’s GDP (Gross Domestic Product) increased 2.51% (year over year) in real terms in the second quarter (Q2) of 2023, according to the National Bureau of Statistics (NBS). The services sector, which achieved a growth rate of 4.42 percent in the time period and contributed 58.42 percent to the total GDP, is the main driver of this growth rate, which is lower than the 3.54% registered in the Q2 2022. In a similar vein, the agricultural sector expanded by 1.50%, up from 1.20% in Q2 2022. However, the industry sector saw a relative decrease in growth of 1.94%, matching the -2.30% decline seen in Q2 2022. Agriculture and industry sectors contributed less to the total GDP in Q2 2023 compared to Q2 2022 in terms of their percentage of the GDP. To encourage Nigeria’s economy to thrive sustainably, the government must act decisively. The government should place a high priority on economic diversification, investing in industries other than oil, like boosting agricultural output through the use of modern technologies and giving farmers access to fertiliser and improved seedlings. Infrastructure development is essential for lowering corporate costs and luring investments into the nation, especially in the transportation and energy sectors. Given that human capital is a key economic activity driver, investing in education and skill development will empower the labour force and boost growth in the services sector. Additionally, creating an environment that is favourable to investors through

The National Bureau of Statistics (NBS) most recent report in its series on international commerce indicates that the overall value

The Nigerian stock market NGX All-Share Index gained 0.09% on Friday to close at 67,395.74 points. The year-to-date (YTD) return

The Nigerian stock exchange All Share Index closed negative today with a loss of 0.06% (i.e. 6bps) to end the

Great news from the world’s largest and most successful business referral and networking organization, BNI! With more than 14.6 million

The Nigerian Communications Commission (NCC) has authorized the transfer and assignment of the 10MHz frequency division duplex (FDD) in the

The Nigerian stock market All Share Index gained 0.98% to settle at 67,414.40 points at the close of Wednesday’s trading

The Nigerian stock market All-Share Index fell 0.80% to close at 66,760.20 points on Tuesday. As a result, the ASI’s

Yellow Card (https://YellowCard.io/), a pioneering African fintech company, and MoonPay, a global leader in the cryptocurrency ecosystem, have partnered to

The Nigerian stock market closed lower for the second consecutive day as the All Share Index fell by 0.30% to

Nigerian stock market investors gained 1.11% on Monday as the All Share Index closed at 68,279.14 points. As a result,

The Nigerian stock market recovered from Wednesday loss to gain 0.16% on Thursday and closed at 66,548.99 points. As a result,  the year-to-date (YTD) return increased to 29.85%, and the market capitalization increased by N59.91 billion dollars to close at N36.42 trillion. Nigerian stock market gains The market remained positive as gains from GTCO (+1.10%), SEPLAT (+9.95%), and STANBIC (+3.67%) helped to offset losses from WAPCO (-0.17%), DANGSUGAR (-5.66%), and INTBREW (-6.52%). Trade turnover decreased in

Today, Uber announced the introduction of Electric Boda in Kenya, a first for the company in the continent and a significant step towards more environmentally friendly transportation. With the introduction of electric motorcycles, the country’s transition to a greener economy now has a dependable, comfortable, and economical means of transportation within cities. Since everyone should be able to go green, using Electric Boda will initially cost 15% to 20% less than using Uber Boda. Electric Boda by Uber With the introduction of the Electric Boda by Uber, drivers, for whom fuel is one of the biggest expenses, will experience a 30–35% reduction in operating costs. The World Bank estimates that Kenya’s boda boda industry employs over 1.5 million young people and generates Kshs. 202 billion in economic output yearly. Now is the time to make wise decisions that will strengthen sustainable practises, and as a company, we are dedicated to taking part in the worldwide initiatives to lessen our carbon footprint. We are pleased to offer Kenyans an option for emissions-free transportation with the introduction of Electric Boda on our platform. According to Frans Hiemstra, Director and Regional General Manager, Uber, Middle East and Africa, “This launch also supports our global efforts to become a zero-emissions platform by 2040.” The debut coincides with the introduction of the National Electric Mobility Plan by the Kenyan government, which aims to develop a more environmentally friendly transport network and introduce a number of initiatives for long-term sustainable road traffic management. “We are doing our part to promote societal sustainability goals and the move to environmentally friendly transportation products. With rates 15–20% less than those of our current product, the introduction of Electric Boda would give Kenyans one of the most economical methods to get from place to place, according to Imran Manji, Head of East Africa for Uber. With ambitions to grow, Uber Electric Boda will first be offered in Nairobi, allowing travellers all around the nation to receive emissions-free rides. Uber continues to prioritise safety, and new

The Nigerian stock market All-Share Index fell 0.08% to settle at 66,439.53 points today, Wednesday. As a result, the ASI’s

Samsung Electronics has released a promotional video titled “Everyday SmartThings with Son,” which stars global football sensation Son Heung-min. The

The Nigerian stock market gained another 0.51% on Tuesday to close at 66,490.34 points. As a result, the year-to-date (YTD)

Nigerian stock market All-Share Index closed 0.90% higher at 66,151.38 points today. As a result, the year-to-date (YTD) return increased

The Nigerian stock market rebounded and gained 0.24% on Friday to close at 65,558.91 points. As a result, the year-to-date

According to the most recent Nigerian Communications Commission (NCC) figures, internet subscriptions reached at 159.5 million in June ’23, representing

Kwik (https://Kwik.delivery), a rapidly expanding digital platform for logistics services, today announced the opening of KwikShelf, its first on-demand e-commerce

The Nigerian stock exchange lost 0.14% today as the All Share Index succumbed to market forces to settle at 65,401.82

Nigeria’s inflation rate increased by 1.29% points in July 2023 to 24.08%, up from 22.79% the previous month. This is

In response to the current exchange rate crisis and the desire to improve exchange rate market efficiency, the Central Bank

The Africa Digital Media Institute (ADMI) has stated that it will collaborate with African digital professionals to teach them Green

The price of stocks on the Nigerian Stock Exchange rose by N2.7 billion on Wednesday to settle at N35.84 trillion.

The Nigerian stock exchange extended its market gain with the benchmark index rising 0.44% to close at 65,488.67 points. As

The National Bureau of Statistics (NBS) Transport Fare Watch for June 2023 shows an increase in the fares paid for

The Nigerian stock market Index fell 0.27% today, Thursday, to close at 64,448.96 points. As a result, the market is

The Nigerian stock market NGX All-Share Index lost 0.47% to close lower at 64,625.28 points today Wednesday. As a result,

The Nigerian Exchange Limited (NGX) issued a report on the performance evaluation of local and foreign portfolio investments, which revealed

According to the International Monetary Fund’s (IMF) current World Economic Update, released in July 2023, the Nigerian economy will decelerate

The Nigerian stock market NGX All-Share Index lost 0.18% on Monday to close at 65,210.49 points. As a result, the

Truecaller, the top worldwide communications platform for validating contacts and banning unwanted communication, has teamed forces with Termii, Africa’s best

The Nigerian stock market closed positive on Friday with the All-Share Index closing 0.18% higher at 65,325.37 points. Gains in

Afrobarometer (https://www.Afrobarometer.org/), the world’s leading source of high-quality data and analysis on what Africans think, is pleased to announce a

The Central Bank of Nigeria published its audited accounts for the fiscal year ending December 2022, revealing a profit after

In July ’23, the Federation Account Allocation Committee (FAAC) distributed N907.05 billion to the three levels of government and public

Investors in the Nigerian Stock market got a reprieve on Thursday as the market closed with 1.62% gain with the All-Share Index settl8ng at 65,204.62 points.

Public health is seriously threatened by gender-based violence and sexual exploitation and abuse (GBV/SEA). In order to support the government of Adamawa state in providing quality care for survivors of gender-based violence, particularly those receiving humanitarian aid, the World Health Organisation (WHO) has done so. In order to provide sensitization on GBV and the role of the health provider for survivors in accordance with the WHO guideline, WHO assisted the state government in training 65 health workers and volunteers (dubbed GBV Champions) with funding from USAID’s Bureau of Humanitarian Assistance (BHA) and the Government of Germany. The 65 GBV Champions had the knowledge and abilities to recognise warning signs of violence, provide appropriate first-line assistance, including psychosocial assistance, and make pertinent referrals to medical institutions and social services. Confidently asking for assistance Jessica Matthew, 37, a GBV survivor who had been sexually assaulted by her brother-in-law for more than five years, was able to receive medical care because to their efforts. She endured the psychological and physical abuse unaided until she met a GBV champion in the Girei Local Government Area (LGA). “I was unable to tell anyone that I was living in fear. They won’t believe me, I thought,” she remarked. As a result of the abuse, Jessica had health issues like depression, anxiety, and self-inflicted wounds. She had been hesitant to speak up for fear of being stigmatised or having people not believe her. In addition to the health intervention and counselling provided by the health worker, she stated with a smile, “I was able to tell my husband about the abuse, and he believed me since he too had the chance to receive education from the health officers. Women’s physical, sexual, reproductive, and mental health, as well as their emotional and social well-being, are seriously harmed by GBV in the short- and long-term. Adamawa state does not have information on the prevalence of GBV in a humanitarian setting, but the Nigeria Demographic Health Survey calculates that 44.4% of the state’s female residents between the ages of 15 and 49 have experienced physical, emotional, or sexual violence at some point in their lives. Gender-based violence (GBV)—which includes sexual and/or intimate partner abuse and other types of violence based on gender inequality—occurs at higher rates in humanitarian situations. GBV interventions are intended for 1,317,980 million people as part of the humanitarian response strategy for 2023. Out of the total targets, 34% are located in Yola, Adamawa state, of which 32% are internally displaced persons (IDPs), 25% are returnees, and 43% are members of the host community. Providing assistance GBV is a big problem in the humanitarian northeast states, according to Dr. Beatrice Mauraguri, WHO Emergency Manager in northeast Nigeria. The WHO is assisting the health sector in responding to GBV, including physical, sexual, and emotional violence, all of which can have substantial negative effects on physical, psychological, and reproductive health. Health systems can assist women who have experienced violence. Over 141,200 women were exposed to GBV key messages in Adamawa state between January and May 2023.

The National Emergency Management Agency (NEMA) has started giving aid to the 13,299 homes in Gombe State that would be impacted by the flood disaster in 2022. The governor thanked the federal government for its assistance and urged recipients to use the gifts wisely. The governor was represented by the secretary to the state government. According to NEMA’s Chief Administrative Officer, as part of the Special National Economic and Livelihood Emergency Intervention (SNELEI), both food (such as rice, beans, and sorghum) and non-food items (such as sewing machines and grinding machines) have been delivered. The flood of 2022 significantly damaged 33 settlements in the state, and the executive secretary of the Gombe State Emergency Management Agency expressed gratitude for the assistance. Mr. Adamu Jibril, one of the beneficiaries, commended the federal government for its participation while emphasising

According to the Central Bank of Nigeria’s (CBN) Money and Credit Statistics, banks’ net domestic credit to the Nigerian economy

The National Bureau of Statistics (NBS) reported in its Consumer Price Index (CPI) report for June 2023 that Nigeria’s headline

Airtel Africa and Mastercard announced the launch of a new cross-border remittance transfer service in collaboration with Mastercard, allowing Airtel

The Nigerian stock market gained 1.55% at today’s trading session to close at 65,263.06 points. As a result, the ASI

Send App by Flutterwave now accepts payments from the US and Canada and has expanded its network to include Egypt and Senegal as recipients. In order to make it quicker, simpler, and more economical for individuals in the diaspora to send money to their relatives, friends, and loved ones in Africa, Flutterwave, the continent’s top payments technology firm, as unveiled improvements to its $end Mobile product, now known as Send App by Flutterwave. Send by Flutterwave, which was introduced in 2021, has been achieving its goal of giving the African Diaspora a quick, transparent, and secure means to interact with family and friends back home The rebranding comes as remittances to the continent have increased by twofold over the past ten years, with the United Nations projecting that they will reach $100 billion in 2022. These remittances will help to pay for the living expenses and medical expenses of an estimated 200 million relatives in Africa. With the help of Send App, sending money has been elevated to the level of an act of love and support and a way to improve the lives of those you care about. Without sacrificing transparency, costs, security, or delivery times, Flutterwave is dedicated to assisting the diaspora communities in reconnecting with their ancestors. The app, which is presently offered on the Play Store and the App Store, seeks to improve the user experience. Real-time support and exchange rate updates, an updated activity area that tracks transactions in real-time, and a new voucher code section that enables users to receive discounts on transactions are some of the other main features of the Send App. Temioluwa Adesina, Lead Product Manager at Send, commented on the relaunch, saying, “We’ve been hard at work iterating to make Send App the ultimate money transfer option for Africans in the diaspora. I’m glad we’re putting it into use now so that millions of Africans both at home and abroad may assist and connect with one another via money transfers on Send App in a simple, secure, and timely manner. The new brand identity for

Nigerian stock market All Share Index gained 0.12% on Wednesday to close at 64,267.36 points. As a result, the year-to-date

The Indian government will contribute $2 million to the African Development Bank’s (www.AfDB.org) Africa Digital Financial Inclusion Facility (ADFI), reaffirming

Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) has asked Google to remove 18 lending apps from Play store for

InfraCredit and FSDAi invests £10k in a Risk Sharing Backstop Facility that would enable local currency funding for the construction of sustainable infrastructure in Nigeria. By encouraging local institutional investment through bonds into potential early-stage or greenfield climate-aligned infrastructure projects, the Risk Sharing Backstop Facility (RSBF) will solve the issue of low credit enhancement. The facility will assist Nigeria in accelerating its social and economic growth, making the transition to a green economy, and meeting its climate targets by making financing for “climate-aligned” infrastructure projects more readily available. FSDAi is thrilled to be making this £10 million investment in cooperation with InfraCredit, a recognized leader in the sustainable infrastructure sector, with support from the UK International Development through the Foreign, Commonwealth and Development Office (FCDO). The breadth and diversity of projects this facility will support are shown by InfraCredit is current investments and project pipeline, which include projects like distributed renewable energy services for urban residences, commercial and industrial renewable projects, edge-certified green housing, and e-mobility infrastructure. Risk Sharing Backstop Facility – RSBF The RSBF plans to gather money in stages, first from FSDAi and then from additional funders, with the goal of achieving a total capital base of up to US$50 million.As a result, this investment supports one of FSD Africa’s main goals, which is to expand capital markets by removing systemic barriers. “This investment further demonstrates the UK’s commitment and contribution to Nigeria’s transition to clean energy and builds on decades of UK leadership in mobilizing support for climate-related infrastructure challenges,” said James Cleverly, MP, the foreign secretary of the UK.

For direct cash withdrawals from their correspondent banks, microfinance banks and principal mortgage banks are exempt from the cash withdrawal limits, according to a letter to banks and other financial institutions from CBN Director, Payment System Management Department, Must Jimoh. Jimoh stated in a circular titled “Exemption of Primary Mortgage Banks and Microfinance Banks from Cash Withdrawal Limits” that “The Central Bank of Nigeria hereby directs the exemption of microfinance banks and primary mortgage banks that provide banking services to the economically active poor from paying the processing fees for withdrawals above the cash withdrawal limits for direct cash withdrawals from their correspondent banks.” He continued by saying that the change will allow them to continue to fulfil their predetermined responsibilities in

Nigeria’s Securities and Exchange Commission declared in a notification that all Cryptocurrency activities and cryptocurrency platform providers must stop recruiting Nigerian nationals and that Binance’s operations are prohibited in the country. According to the SEC, the post was a reiteration of a caution issued on June 9 against a business known as Binance Nigeria Ltd. At the time, Binance informed CoinDesk that the firm was not connected to it. The SEC particularly mentioned the website of the cryptocurrency exchange in its notification on Friday. “The commission again reiterates that the activities of Binance, https://www.binance.com and any such other platform through which the company solicits investors are neither registered nor regulated by the commission and its operations in Nigeria are therefore illegal,” the SEC stated. The regulatory body directed all cryptocurrency-related platform providers to stop contacting Nigerian investors. The SEC declared last year that it sees all cryptocurrencies as securities. On a trial basis, the nation has been processing applications to register crypto exchanges; but, registration won’t be finalised unless an agreement is made with the central bank, which has forbidden local financial institutions from working with crypto service providers. Generalised warnings from the Commission to the public included “to be wary of investing in crypto assets and other products offered or operated by entities not registered or regulated by the Commission.” The statement said: “By this circular, all platform providers making such solicitations are hereby directed to immediately cease soliciting Nigerian investors in any manner whatsoever.” SOURCE: Coindesk

The Nigerian stock market tumbled further on Monday with the All-Share Index losing 1.10% to close at 64,337.52. As a

Global economic growth is projected to slow from 3.5% in 2022 to 3.0% in both 2023 and 2024. This is

Flapmax, a pioneering artificial intelligence (AI) firm, announced today a strategic alliance with Intel, the world’s leading technology corporation, to

The Nigerian exchange group (NGX Group) has released its unaudited results for half year 2023. below are the major highlights

The Nigerian stock market All Share Index lost 0.65%on Friday to close at 65,056.39 points. However, despite losing three (3)

The assets under management (AUM) of Pension Fund Administrators (PFAs) rose by 17.5% y/y to N16.8 trillion in June ’23, according to the most recent monthly data made public by Nigeria’s Pension Commission (PENCOM). The AUM increased on a monthly basis by 6.3%. We observe that in June 2023, 64.8% of the entire AUM was made up of FGN debt securities. ’23, as opposed to the 64.2% observed over the same period in 2022. The Pension Fund Administrators’ (PFAs’) total holdings of FGN debt instruments climbed by 20%. 3.8% monthly and y/y, respectively. Given the high inflation (now 22.79% y/y), the PFAs

Nigerian stock market All Share Index declined by 0.31% on Thursday to close at 65,482.91 points. As a result, the

Google has announced that Nigerians can now use the Naira to make payments on the Play Store. This follows its

BlackBerry Limited today announced its participation in Cybertech Africa in Rwanda. The inaugural event in the region will bring together

The Nigerian stock market today slumped to market forces as it lost 0.46% to settle at 65,687.16 points. As a

Nigeria trails South Africa and Kenya in the adoption of key B2B payment processes across Africa, such as speed of processing invoices and payment automation, according to a new report from Duplo, a business payment platform for African businesses of all sizes. According to the Exploring the State of B2B Payments in Africa report, which includes the opinions of more than 1,200 professionals from Kenya, Nigeria, South Africa, and Ghana, electronic bank transfers are preferred by 49.1% of South Africans, who are followed by 48.5% of Nigerians, 34% of Ghanaians, and 31.9% of Kenyans. South Africa leads the way in this regard, followed by Nigeria (48.5%), Ghana (34%) and Kenya (31.9%). Compared to Nigeria (79.9%), South Africa (71.69%), and Ghana (67.23%), Kenya leads the world in terms of payment automation, with 83.4 percent of Kenyans saying that their payment system is either semi-automated or fully automated. South Africa narrowly leads Nigeria in terms of how quickly invoices are processed, with 39.93 percent of respondents saying that this is usually the case, as opposed to Nigeria’s 39.74 percent. The B2B payments market in Africa presents a huge but mostly unexploited opportunity. B2B payments’ complexity

One of the greatest dangers to information security both internationally and in the META area continues to be ransomware attacks. According to IBM’s data breach report, the average cost of a ransomware assault was US$4.54 million in 2022, and Kaspersky (www.Kaspersky.co.za) solutions found over 74.2M attempted ransomware attacks (a 20% increase from 2021). While the number of ransomware assaults decreased in the beginning of 2023, several regions experienced an increase in attacks in Q2, especially when compared to the same time period in 2022. Data from the Kaspersky Security Network shows that compared to H1 2022, ransomware attack attempts against individual and business users in Nigeria increased by 7% in H1 2023. Although there was a 3% decline in Kenya between H1 2023 and H1 2022, there

Hughes Network Systems, LLC, an EchoStar company, has announced that Africa Mobile Networks (AMN), a provider of services to Africa’s

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) today raised the monetary policy rate or MPR

The Nigerian stock market All share Index extended its gains for the fourth consecutive day rising 1.11% to close at

Salient Advisory, a healthcare consulting firm, has released its latest annual market intelligence report, which highlights a powerful pan-African ecosystem

The Nigerian stock market All-Share Index gained 0.41% higher to close at 65,268.28 points on Monday, the highest level since

The UBA Foundation has launched its 2023 Tree Planting Campaign in collaboration with the Lagos State Parks and Garden Agency

For the half year ended June 30, 2023, FBN Holdings Plc has declared a profit before tax of N206 billion

The Institute of Chartered Accountants of Nigeria says it will collaborate in the fight against corruption with the Special Control

The Nigerian Stock Market gained 0.27% at the end of Thursday’s trading session to close at 63,930.72 points. As a

Nigeria recorded a 22.3% rise in total eCommerce app installs from Q1 2022 to Q1 2023 on iOS.. AppsFlyer today

The Nigerian stock market NGX All Share Index lost 0.01% on Wednesday to close at 63,757.23 points. As a result,

The Nigerian stock market gained 0.60% on Monday to close at 62,943.35 points and as a result the year-to-date (YTD)

The prestigious Euromoney Awards for Excellence have recognised Ecobank (www.Ecobank.com), the top pan-African banking group, as Africa’s Best Bank for

The National Bureau of Statistics (NBS) in its most recent “CPI and Inflation Report for June 2023,” states that the

The Arab-Africa Trade Bridges Program Launches Arab-Africa Trade Bridges (AATB) Food Security Program. The Launch Event brought attention to issues

WorldRemit, Zepz’s worldwide remittance network, has announced Naira currency remittances as Payout Option for Customers Sending Money to Nigeria, an

The Nigerian stock market suffered another huge loss on Thursday as the NGX All-Share Index fell 2.03% to close at

The Nigerian stock market All-Share Index lost 2.47% at the close of trading on Wednesday to settle at 64,046.93 points,

Seven companies, Afromedia Plc, Pharmadeko Plc, Royal Exchange Plc, International Energy Insurance Plc, C&I Leasing Plc, Presco Plc, and Ardova

Investors today gained the sum of N580.23 billion from the Nigerian stock market as the All-Share index rose 1.65% to

Flutterwave, a market-leading provider of payments technology, has introduced Tuition, a new payment service that enables African customers to effortlessly

Simi Nwogugu of Nigeria, CEO of Junior Achievement Africa (https://JA-Africa.org/), was selected the winner of this year’s Africa Education Medal,

The Nigerian stock exchange ended the week strong with the NGX All Share Index closing 1.65% higher at 63,040.87 points.

The stock market All Shate Index rose by 0.81% on Thursday to conclude at 62,019.88 points as local shares extended

According to Umar Danbatta, Executive Vice Chairman of the Nigerian Communications Commission (NCC), the investment profile in the country’s telecommunications

The Nigerian Stock Market recovered from Tuesday’s loss, posting gains as the All Share Index increased by 1.33% to settle

At the of Tuesday’s trading session, the Nigerian stock market lost 1.99% to close at 60,715.04 points. As a result,

The Monetary Policy Committee of the Central Bank of Nigeria (CBN) may need to raise interest rates by at least

The Central Bank of Nigeria (CBN) reported that the country’s foreign reserves decreased from $37.07 billion on January 3, 2023, to $34.19 billion by the end of June 27, 2023, in its data on movement on foreign reserves. This reflects a 7.7% decline in foreign reserves ($2.88 billion) in the first half of the year. The CBN’s ongoing involvement in the foreign exchange market and fluctuating export revenues are to blame for the decline in Nigeria’s foreign reserves. The need for foreign currency to import raw materials and finished goods has increased, and more Nigerians are leaving the country for employment and educational possibilities. These elements have caused a gap between the supply and demand for foreign currency, which has

The Debt Management Office (DMO) estimates that as of March 2023, Nigeria’s total governmental debt was N49.95 trillion. The Federal

The Nigerian stock market All Share Index rose by 1.61% to close at 61,949.24 points on Monday. As a result

In northwest Nigeria, the malnutrition crisis is getting worse, prompting the international medical organisation Médecins Sans Frontières/Doctors Without Borders (MSF)

Stock market investors gain as the Nigerian stock market ended the week on a positive note, driving the All-Share index

The Lagos Chamber of Commerce & Industry (LCCI) and the Nigeria Internet Registration Association (NiRA) have just formed a strong

According to a National Bureau of Statistics (NBS) study, Value Added Tax (VAT) increased by 1.75 percent from N697.38 billion

Through a series of modest increases in the monetary policy rate to 18.5%, the Central Bank of Nigeria has repeatedly

The Nigerian stock market extended its current market gains as the All Share Index rose by 1.30% to 60,108.86 points

As part of a mandated Know Your Customer (KYC) policy in the financial services industry, the Central Bank of Nigeria

According to a statement released by the World Bank on Monday, Nigeria has been given the go-ahead for a new

On Monday the All Share Index of the Nigerian stock exchange increased by 0.22% to close at 59,338.76 points. In

NOIPolls performed a new public opinion survey, which found that 62% of adult Nigerians countrywide said they were unaware of the causes of cancer. Among the other explanations listed, poor cleanliness was cited as the cause by 7% of respondents, while 14% of respondents said consuming canned food was the culprit. According to another research, the majority of adult Nigerians (77 percent) believe that cancer is common in the nation, and 28% said that they or a family member have experienced the disease. For instance, the famed Nigerian rapper and composer Sound Sultan lost his lengthy fight with throat cancer

The Exchange’s performance in the most recent trading week was inconsistent. The lagging chart was led by Paddy Rice, which

Nigeria achieved a trade surplus of N927 billion between January and March 2023, according to the National Bureau of Statistics’

The All-Share Index fell 0.01% to settle at 59,206.63 points on Friday as tye NGX exchange closed mixed with a

The Nigerian stock exchange today All share index dropped 0.19% to close at 59,211.26 points on Thursday. Thus, the ASI’s

The Transform Health Fund (THF), a blended-finance fund for growing effective and creative healthcare solutions in Africa, has been unveiled

Nigerian stocks continued to rise as the benchmark index finished 0.36% higher to close at 59,323.95 points. As a result

The Africa Trade Gateway (ATG), a collection of five digital platforms created as a single window by the African Export-Import

Airtel Nigeria has joined the 5G mobile network as it launched the service today in Lagos, Ogun and Rivers States

The Nigerian stock exchange benchmark index rose by 0.02% to settle at 59,014.85 points and s a result, the year-to-date

Radisson hotel group is adding three new hotels to its portfolio in Nigeria. two of the hotels, Radisson Collection Hotel

The NBS released the May inflation report for Nigeria which reveals –    Headline rate 22.41% y/y (22.22% April);Core rate 20.06% y/y

In order to help the trade and commerce sector in Africa manage related risks as effectively as possible, the African

The African Export-Import Bank (Afreximbank) (www.Afreximbank.com), which is building the African Medical Centre of Excellence (AMCE) in Abuja, Nigeria, has

The All-Share Index fell by 0.33% to close at 59,000.96 points on Friday. It however closed 5.49% higher w/w, up

Kaspersky has released a new edition of its endpoint security software that includes enterprise-level capabilities for small and medium-sized businesses.

ThriveAgric, a leading agricultural technology firm, presented its 2022 Impact Report today, repeating the business’s objective to establish the biggest

Access Bank has launched two new consumer credit cards to maintain its position as Nigeria’s most creative bank: the Access

The Federal Ministry of Agriculture and Rural Development hereby informs the general public of an anthrax outbreak in various West

Investors in the Nigerian stock exchange lost N37.57 billion today as the NGX All-Share Index (ASI) declined by 0.12% to

The NGX All-Share Index (ASI) fell by 0.02% to close at 56,025.56 points. As a result the ASI’s year-to-date (YTD)

A collaborative venture between MultiChoice Group, Rapyd, and General Catalyst to create an integrated payment platform for Africa was unveiled

According to the NCC, Mobile subscriber numbers in Nigeria fell by 1% in April to 223.3 million from the 225.8

According to the most recent data from the Kaspersky Security Network (KSN), cyber dangers have increasingly focused on Nigeria, which

A persistent mobile Advanced Persistent Threat (APT) operation using previously unidentified malware to target iOS devices has been discovered by

The UNESCO International Literacy Prizes have opened for applications for the 2023 edition. It wants all literacy education specialists to

The Nigerian stock market posted gains today as the benchmark index increased by 0.42% to close at 56,038.85 points. The

Due to COVID-19 interruption, about 50,000 infants under the age of one in Imo State, South East Nigeria, would lose

Individuals, communities, civil society, corporations, and governments around the world celebrated World Environment Day today, with official events staged in

The National Bureau of Statistics (NBS) reported in May 2023 that the Nigerian economy expanded by 2.31 percent in the

The Nigerian stock exchange started the month of June with a gain of 0.07% in the All Share Index which

WhiteBIT, one of the major European cryptocurrency exchanges, is thrilled to announce its official opening in Nigeria, marking an important

The largest polio vaccine campaign in Africa since 2020 begins today in three West and Central African countries, with national

The tobacco pandemic is one of the world’s most serious public health concerns, killing more than eight million people each

The All Share Index of the Nigerian stock exchange fell by 0.20% to close at 52,821.60 points today Thursday. As

AFEX, Africa’s premier commodities market player, has been named first in the Financial Times (FT) list of Africa’s Fastest-Growing Companies

The Exchange experienced a mixed performance across commodities in the previous trading week. Sorghum topped the Exchange’s gainers chart, rising

At the May 2023 Monetary Policy Committee meeting of the CBN, the MPC unanimously voted to :• Increase the MPR

According to the National Bureau of Statistics’ (NBS) national accounts for Q1 ’23, GDP increased by 2.3% year on year,

Acting on its powers and to safeguard the banking public, the Central Bank of Nigeria, yesterday Tuesday May 23rd, revoked

According to the GSMA’s annual ‘State of the Industry Report on Mobile Money 2023,’ mobile money services are increasing faster

The Nigerian stock market benchmark index gained 0.15% on Friday to close at 52,187.93 points. The year-to-date (YTD) return decreased

According to a recent International Monetary Fund (IMF) assessment, adoption of Nigeria’s digital money, the eNaira, is disappointingly low. The

Mr Ibrahim Mohammed was 12 years old when he caught the poliovirus in Gusau, the capital of Zamfara State in

In Nigeria, at least 64% of children aged 12 to 23 months did not obtain all recommended immunizations in 2021,

In collaboration with the Committee of E-Banking Industry Heads for Nigeria (CeBIH), Mastercard organizes a first-of-its-kind Fraud and Cyber Security

The African Development Bank’s (www.AfDB.org) Board of Directors has granted a $15 million subordinated loan to Infrastructure Credit Guarantee Company

On May 25, Meta (http://www.Facebook.com) announced the third version of its pan-African ‘Made by Africa, Loved by the World’ campaign

The Nigerian Stock Exchange closed higher today with the All Share Index rising by 0.31% to close at 52,580.86 points.

The African Development Bank’s (www.AfDB.org) Board of Directors approved a $11.7 million budgeted allocation to the African Fertilizer Financing Mechanism

Deal Source Africa (https://DealSourceAfrica.co/), a comprehensive program that connects African firms with investors and transaction consultants, as well as African

Access Bank Plc (www.AccessBankPLC.com), one of Nigeria’s largest financial institutions, has created a new subsidiary in Paris, France, as part

According to the most recent data given by the Nigerian Communications Commission (NCC), the industry regulator, internet subscribers were N156.9

The Nigerian Stock Exchange benchmark index closed Monday trading session with a 0.03% gain to stand at 52,231.29 points. As

Nigerian Exchange Group Plc (NGX Group) has announced that it has received EDGE accreditation, making it the world’s first exchange

The NGX All-Share Index closed with a gain of 0.10% on friday to close at 52,214.62 points. the ASI concluded

The Nigerian lost 0.09% to close at 52,161.24 points on Thursday. The ASI’s year-to-date (YTD) return consequently decreased to 1.78%,

The Nigerian Stock Exchange closed Tuesday’s trading session with the All Share Index going up by 0.05% to close at

Nigerian stock market all share Index closed Monday trading session with 0.22% gain to settle at 52,579.52 points. As a

Organizations wanting to increase customer engagement would be prudent to maximize their client acquisition efforts during the Holy Month of

Nomba, a Nigerian company that offers payment services, has raised $30 million in a pre-Series B fundraising round to help

The All-Share Index of the NGX stock exchange fell by 0.17% to conclude at 52,207.77 points on Wednesday leading to

A new flagship office for Avanti Communications has opened in Ikoyi, Lagos. Avanti’s new office will serve as a gathering

ThetaRay, a provider of AI-powered transaction monitoring technology, and VigiPay, a Nigerian fintech that offers digital payment services, have announced

The Nigerian stock exchange NGX All-Share Index lost 0.20% to close at 52,296.48 points. As a result, the ASI’s year-to-date

Didier Drogba, a FIFA legend and the Goodwill Ambassador for Sport and Health for the World Health Organization, has commented

PAC Capital Limited is happy to have served as Access Holdings Plc (“Access Holdco”)’s lead financial adviser and fund arranger

According to the most recent NCC figures, there were 154,847,901 active internet subscribers in the fourth quarter of 2022, up

The Nigerian Stock Exchange closed 0.95% higher at 52,097.62 points on Wednesday, extending its winning streak to a sixth straight

A $1.5 million project has been established by the African Development Fund and Smart Africa Alliance to harmonize e-commerce and

Nigerian stocks market benchmark index rose 0.49% to finish at 51,606.49 points on Tuesday. The ASI’s year-to-date (YTD) return increased

The shortlist of candidates for this year’s African Banker Awards has been released by the African Banker magazine (www.AfricanBankerAwards.com). Since

The 2022 Venture Capital in Africa Report was just made public by the African Private Capital Association (AVCA). The anticipated

The Nigerian Stock Exchange continued to rise as the benchmark Index closed at 51,178.41 points, up 0.08% from yesterday. Gains

Despite prior naira scarcity and its impact on business, Nigeria’s commercial banking, insurance, and telecoms sectors have maintained good media

According to data from the National Bureau of Statistics (NBS), Nigeria’s total capital importation was $1.06 billion in the fourth

Data from the Debt Management Office show that as of December 2022, Nigeria’s overall debt stock was N46.25 trillion, made

The Nigerian stock exchange gained 0.04% to settle at 51,138.92 points on Tuesday. As a result, the year-to-date (YTD) return of

Falcon Aerospace Limited, a Nigerian business aviation company, has introduced changes to make it simpler and more accessible to hire

A new Internet Exchange has been established in Lagos, Nigeria, according to AMS-IX (https://www.AMS-IX.net/AMS), one of the biggest Internet exchange

The Abeokuta region of BNI, the worlds largest and most successful business referral organization, on Saturday April 15, officially launched

According to a recent survey of consumers by DigiPundits, Konga is rated as the most esteemed and creative e-commerce business

As of February 2023, users had abandoned a total of 96.8 million Subscriber Identity Module (SIM) cards out of 323.6

The international monetary fund (IMF) has advised the Federal Government of Nigeria to raise taxes and eliminate fuel subsidies if

The Nigerian stock market lost yet another 1.96% on Tuesday to close at 51,952.99 points. The loss represents a decrease

The All-Share Index of the Nigerian stock exchange fell by 0.05% to close at 52,994.13 points on Thursday with Market

Investors in the Nigerian stock markets lost a whooping sum of N553.71 billion on Wednesday as the NGX All Share

The Nigerian stock market NGX All-Share Index (ASI) lost 0.29% to close at 54,035.39 points on Tuesday with market capitalization

Approved money lenders Here is the list of approved digital money lenders or loan app companies in Nigeria as at

The All share index of the Nigerian stock market declined by 0.08% to close at 54,190.28 today Monday. As a

The Nigerian stock exchange lost N99 billion today as the All-Share Index dropped by 0.33% to close at 54,232.34 points.

Olakunle Alake, the group chief executive officer of Dangote Industries Ltd, expressed satisfaction with the successful listing of the company’s

the Nigerian stock market continued its recovery on Thursday as the NGX All-Share Index ended the days trading activities with

The Nigerian stock market rebounded on Wednesday with a 0.20% gain to close at 53,603.80 points. As a result of

The All share Index of the Nigerian exchange limited lost 0.47% to settle at 53,498.27 points on Tuesday and as

The Nigerian stock lost a whooping N622 billion on Monday as the NGX All Share Index fell by 2.08% to

The Ocean Cleanup, a global non-profit initiative working to develop and scale technology to clean the oceans of plastic, has

A brand-new venture studio for tech startups in Africa has been established by Factor[e] Ventures. The Delta40 studio develops and

According to the National Bureau of Statistics’ (NBS) most recent data on international trade in goods, the overall value of

The benchmark All-Share Index of the Nigerian stock exchange gained 0.06% to closed at 54,936.11 points, at the end of

The Afreximbank Trade Facilitation Program has announced an upgrade to the funding facility offered to Fidelity Bank plc, Nigeria (AFTRAF).

The Nigerian stock exchange all share-index gained 0.03% to close at 54,904.68 points at the end of today’s trading activities,

The Monetary Policy Committee of the CBN (MPC) at its March 2023 meeting raised the baseline interest rate, otherwise known

Nigerian stocks started the week with a loss of 0.05% on the All-Share Index to finish at 54,888.48 points. As

The Nigerian stock market lost further value on Thursday as the NGX All-Share Index fell by 1.04% to close at

The inflation figures for the month of February 2023 was recently released by the Nigeria Bureau of Statistics (NBS) with

The Nigerian stock market All-Share Index lost another 0.41% on Wednesday to close at 55,490.20 points marking its fourth consecutive

The Nigerian Communications Commission (NCC) has instructed mobile network operators (MNOs) to begin implementing authorized harmonised short codes (HSC) for

On Tuesday the NGX All-Share index of the Nigerian stock exchange lost 0.12% to close at 55,722.90 points, As a

The Central Bank of Nigeria has finally submitted to the supreme court ruling extending the use of the old naira

The All-Share Index of the Nigerian stock market lost 0.01% on Monday to close at 55,788.37 points. The ASI’s year-to-date

The Black Founders Fund for Startups in Africa and Europe has launched applications. Startups from Africa that apply for the

In order to enable text and documents to be translated into and out of these languages throughout the full Microsoft

The Nigerian stock exchange continues its gaining streak on Thursday as the All-Share Index went up by 0.04% higher to

The World Health Organization (WHO) has continued to offer emergency life-saving medical assistance in northeast Nigeria to assist the displaced

The Operational Guidelines for Open Banking in Nigeria has been approved by the Central Bank of Nigeria in furtherance of