Finance
Tanda Secures Funding for East African Expansion
Kenyan-based startup Tanda is expanding its operations after securing funding from early-stage African tech investor HAVAÍC, Zedcrest Capital, DFS Lab, Victor Asemota and three other investors. Tanda has also secured key strategic partnerships with Mastercard and Interswitch which is expected to further accelerate its growth. The company’s expansion comes on the back of successfully pioneering and proving the viability of the interoperable agent and merchant model in Kenya, a model that has only been validated in West Africa prior to Tanda. “Tanda is solving one part of the very deep and complex problem of financial inclusion that is not only Kenyan but a problem across all emerging and undeveloped markets,” says Rob Heath, partner at HAVAÍC. “HAVAÍC believes that the wider Tanda team have...
House seeks refund of N308 million wrongly paid to resident doctors
The House of Representatives committee on health care services has directed the National Association of Resident Doctors (NARD) to return N308 million in salaries wrongly paid to its members in the past four months. Chairman of the committee, Rep. Tanko Sununu said the N308 million had been with NARD and they are in touch with relevant organs of government to make sure that the money is paid back to government treasury. He however said, the monies were not refunded because the account into which the refund to be made was not given to them. He disclosed this after a closed-door meeting with NARD members on Friday. “At this meeting, we resolved and the account number was forwarded to the President of the Resident Doctors for onward transmission to the members so that the money can be paid ba...
ETI Appoints New Group Executive of Operations and Technology
Image sourced from Naija247News Ecobank parent company, Ecobank Transnational Incorporated (ETI) has appointed Tomisin Fashina as its new Group Executive of Operations and Technology – a position he will now hold in addition to his existing role of Managing Director of eProcess International. “The rapidly accelerating digital adoption by Africa’s citizenry and businesses, together with the explosion in eCommerce across the continent, is driving transformation throughout the banking and payment sectors,” says Ade Ayeyemi, CEO of Ecobank. “Winning across operations and technology is essential for the Ecobank Group’s short, medium and long-term success, and is an integral requirement of our ongoing determination to continue to meet the evolving expectations of our customers. Tomisin is well e...
Huawei Partners with Mondia to Expand Contactless Payments Across Africa
Huawei Mobile Services (HMS) has teamed up with Mondia Pay, a digital payments company, to roll out seamless and contactless payments solutions for mobile network operators. Since the commencement of the partnership in September 2020, demand for the implementation of Direct Carrier Billing service (DCB) for seamless, contactless payments for mobile users in the MEA region has grown. Mondia Pay’s direct carrier billing service integration was launched with Vodafone Egypt and Etisalat UAE. During this quarter the following operators – Ufone Pakistan, Cell C South Africa, Orange Tunisia and Ooredoo Algeria – will go live with the DCB service, following the testing phase. As a DCB services for consumers, Mondia Pay is available on HuaweiAppGallery, to facilitate online payments. Subscribers ca...
IMF, World Bank advocate flexible fiscal support, debt relief
Against the backdrop of a pandemic impacted global and national economies, the International Monetary Fund (IMF) and World Bank have urged fiscal authorities to execute flexible and supportive fiscal policies to support economic recovery and cushion the long-term impact of the pandemic. In a paper that was titled: ‘Tailoring Government Support’, IMF staff said until the pandemic is brought under control, fiscal policy will have to remain flexible and supportive. It advised governments to prioritize certain policy measures that include targeted support to vulnerable households, investment in health system and more focused support to viable firms, warning that if the pandemic persists, widespread corporate insolvencies could result, destroying millions of jobs, particularly in contact-intens...
Nigeria to benefit as G-20 approves extension of debt relief
Finance ministers of G-20 countries have approved an extension of debt relief for the world’s poorest nations till December 2021. David Malpass, World Bank president, made the announcement at the virtual spring meeting, on Wednesday. TheCable had earlier reported that the G-20 countries will meet this week to consider an extension of the debt freeze. The G-20, is a group of finance ministers and central bank governors from 19 of the world’s largest economies, including those of many developing nations, along with the European Union. G-20 countries had established a debt service suspension initiative (DSSI) which took effect in May 2020. Nigeria had benefited from the initiative which delivered about $5 billion in relief to more than 40 eligible countries. The suspension period which was or...
Court urged to restrain Nigerian government on £4.2 million James Ibori loot
The Federal Government has been sued over its planned use of the £4.2million linked to former Delta State Governor James Ibori. The President, League of Ndokwa Professionals (LNP), Chief Tony Amechi and Legal Adviser, Evans Ufeli, on behalf of the people of Delta State, are challenging the Federal Government’s plan to deploy the funds to projects outside Delta. The Attorney-General of the Federation (AGF), the Federal Executive Council (FEC) and the Minister for Finance are the defendants. In their originating motion, the plaintiffs seek a declaration that the first and second defendants’ decision to deploy the yet to be repatriated sum of £4.2million belonging to Delta State government (when repatriated) for Federal Government’s projects is unconstitutional and repugnant to natural justic...
Jordan arrests ex-top aide, royal family member in crackdown
Jordanian security forces have arrested a former adviser to King Abdullah and others on “security related” grounds, the Petra state news agency said. Bassem Awadallah, a long-time confidant of the king who later became minister of finance, and Sharif Hassan bin Zaid, a former royal envoy, were detained along with other unnamed figures, Petra said. It gave no further details and said an investigation was under way. اعتقال الشريف حسن بن زيد وباسم عوض الله وآخرين لأسباب أمنيةhttps://t.co/3SzKcWHzln#بترا — Jordan News Agency (@Petranews) April 3, 2021 Arrests of top officials close to royal family members are rare in Jordan. Awadallah, who was a driving force behind economic reforms before he resigned as chief of the royal court in 2008, has long faced stiff resistance from an old guard and an...
Bayelsa: We won’t retrench workforce amid dwindling revenues – official
The Bayelsa state government has assured civil servants in the state that it had no plans to downsize the workforce, amidst dwindling revenue. The government said on Thursday that although it was contending with an unwieldy wage bill, it would seek alternative sources of revenue to shore up its finances. The Commissioner for Finance, Maxwell Ebibai, gave the assurance at the transparency briefing for the months of January and February 2021, in Yenagoa, the state capital. Newsmen report that under the state’s Bayelsa Transparency Law, it had become mandatory for the government to make public its income and expenditures on a monthly basis. Ebibai, said the state government received N6.8 billion for February, 2021, as net receipts from the Federation Account, after first line deductions, as a...
Ekiti reduces stake in Wema Bank
Ekiti State, one of the shareholders of Wema Bank Plc, has reduced its stake in the bank by 666.670 million from 1.191 billion shares. Ekiti, Oyo, Ogun, and Osun States are shareholders in Wema Bank. While Oyo, Osun, and Ogun held 666.670 million or 1.73 per cent each, Ekiti held 1.191 billion or 3.09 per cent as at December 31, 2019. But in a notification to the Nigerian Stock Exchange (NSE), signed by the Company Secretary of Wema Bank Plc, Johnson Lebile, the bank said Ekiti State Government sold 666.670 million shares at 65 kobo per share on the floors of the NSE, amounting to N433.336 million. According to the bank, the transaction took place between March 3 and 4, 2021. With the transaction, Ekiti State now holds about 524.1 million shares. Neem Tree Limited remains the majority shar...
NuovoPay Partners with Angaza to Drive Smartphone Accessibility
NuovoPay, a solution pioneering in de-risking device financing for OEMs, telecom carriers and device financing institutions has now joined hands with Angaza, a leading provider of software technology designed specifically for last-mile distribution businesses. Growing Demand for Smartphones The global market for affordable smartphones is steadily expanding, with Africa observing a large spike in demand for smartphone devices in late 2020. Nearly 22.9 million smartphones shipped to Africa in Q3 2020 alone despite COVID-19 restrictions, according to research from Global Market Intelligence firm, IDC. The demand for affordable technology in Africa, most notably for smartphones, is colossal and can be largely attributed to growing e-learning needs. Smartphone technology is known to provi...
Minister: 60% of dairy products consumed in Nigeria imported
Nigeria imports at least 60 per cent of dairy products the country consumes, the Minister of Agriculture and Rural Development, Sabo Nanono, has said. Mr Nanono disclosed this when speaking at the National Dairy Policy Stakeholders Engagement in Abuja on Tuesday. He said, “Despite the potentials in the dairy industry, 60 per cent of dairy products consumed in the country is imported while the remaining 40 per cent is produced locally.” The minister said Nigeria’s per capita consumption of milk is 8 litres per year, representing very low consumption levels when compared with the global average of 44 litres of milk, according to the Food and Agriculture Organisation of the United Nations (FAO). According to him, presently, the Nigerian dairy industry is largely subsistence and consists of lo...
