Finance
Visa Could Soon Allow Users to Settle Payments with Cryptocurrency
Image sourced from Headquarters Office Visa has revealed that it could soon let customers settle transactions using cryptocurrency. According to Reuters, the company has launched a pilot programme that uses USD Coin – a stablecoin that is pegged directly to the US dollar – across its payment network. “We see increasing demand from consumers across the world to be able to access, hold and use digital currencies and we’re seeing demand from our clients to be able to build products that provide that access for consumers,” says Cuy Sheffield, Head of Cryptocurrency at Visa. This comes shortly after crypto-enthusiast and Tesla founder, Elon Musk confirmed that the electric car company will now accept Bitcoin as a form of payment – news that has caused the price of Bitcoin to rise 5%. ...
Apple Pay Launches in South Africa
Image sourced from BusinessTech Apple Pay – Apple’s digital payment platform – is now available in South Africa. The service allows users to load their bank cards – from supported banks like Absa, Discovery Bank, and Nedbank – onto their Apple devices in order to make contactless payments. According to Discovery Bank, every Apple Pay purchase is secure because it is authenticated with Face ID, Touch ID, or device passcode, as well as a one-time unique dynamic security code. Apple Pay users can also make faster and more convenient purchases in apps or on the web in Safari without having to create accounts or repeatedly type in shipping and billing information. “We are thrilled to announce Apple Pay is here for all Discovery Bank clients, providing an easy, secure and contactless way to pay,...
EFCC warn POS operators over illegal cash transaction
The Economic and Financial Crimes Commission, EFCC, recently warned operators of Mobile Money and Banks Agents otherwise known as POS operators over illegal cash transactions. The Commission’s Zonal Head in Sokoto CDS Bawa Usman Kaltungo on Thursday March 25, 2021 gave the warning at a meeting with the Sokoto Chapter of Mobile Money and Banks Agents Association, (MMBA) Sokoto State Chapter in his office. EFCC boss express concern at the high rate of mobile money fraud in the country, and called on the association to join hands in the fight against money laundering and electronic transaction fraud. But while reacting to this, the South West coordinator of Moniepoint, Israel Eniolorunda frowned at this development noting that nefarious activities of many of these POS operators in the country...
Nigerian government blames states for failure of past development plans
Federal Government has blamed the states for the shortcomings of the past development plans, saying it did not receive the needed co-operation from the sub-national governments. Speaking at the closing of 19th National Council on Development Planning (NCDP) meeting on Friday in Abuja, Minister of Finance, Mrs Zainab Ahmed, said the overall score card of previous plans were adjudged to be below expectations because of inadequate collaboration from the subnational governments. According to her, the previous plans did not make much impacts based on the assertion that the plans were more of federal government than national. “However, the overall scorecard of previous Plans were adjudged to be below expectations and these were among other factors attributed to inadequate collaboration from Sub-...
Minister: Nigerian government to establish micro enterprises in 774 local council areas
Dr George Akume, the Minister of Special Duties and Inter Governmental Affairs, on Wednesday said that micro enterprises will be established in the 774 Local Government Areas (LGAs) of the country. The Minister disclosed this in Abuja at the Association of Local Governments of Nigeria (ALGON) General Assembly with the Theme: Strategic Positioning for the Future: A New Era. “As a ministry, we have proposed the establishment of Micro, Small and Medium enterprises in the 774 local governments in Nigeria based on economic corridors. “We believe that this will create jobs and ensure improvement in the well-being of the local populace,’’Akume said. The minister, who was represented by Mr Simon Tyungu, Deputy Director, Office of the Minister, said that the establishment of the micro enterprise wa...
Elon Musk Confirms Tesla Now Accepts Payment in Bitcoin
Image sourced from CNBC Telsa CEO, Elon Musk has confirmed that the electric car company will now accept Bitcoin as a form of payment – news that has caused the price of Bitcoin to rise 5%. In a tweet, Musk says “You can now buy a Tesla with Bitcoin” and then goes on to reveal that Tesla is only using internal and open-source software and operates Bitcoin nodes directly. And that Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency. You can now buy a Tesla with Bitcoin — Elon Musk (@elonmusk) March 24, 2021 According to Simon Peters, crypto analyst at eToro, the decision for Tesla to accept Bitcoin as a form of payment “will likely build more momentum for the cryptoasset“. /* custom css */ .tdi_3_65b.td-a-rec-img{ text-align: left; }.tdi_3_65b.td-a-rec-img...
Airtel Africa to Sell $200 Million Stake in Mobile Money Business
Sourced from Comms MEA Airtel Africa is set to sell a minority stake – worth $200 million – in Airtel Mobile Commerce BV (AMC BV) to global investment company, The Rise Fund. “The transaction is subject to customary closing conditions including necessary regulatory filings and approvals, as necessary, and the inclusion of specified mobile money business assets and contracts into AMC BV,” reveals the company. According to TechCrunch, this deal values the mobile money business at $2.65 billion with operations across 14 African countries, including Kenya, Uganda and Nigeria. “Our markets afford the substantial market potential for mobile money services to meet the needs of the tens of millions of customers in Africa who have little or no access to banking and financial services, and this dema...
President Buhari appoints Adedeji Zacch as NSDC scribe
President Muhammadu Buhari has approved the appointment of Mr Adedeji Zacch as the Executive Secretary of National Sugar Development Council (NSDC) for an initial term of four years. Buhari made the announcement in a statement on Thursday by Mr Willie Bassey, Director of Information, office of the Secretary to the Government of the Federation. The statement said that Zacch’s appointment was in accordance with the provision of Section 5 (1) of the National Sugar Development Council (Establishment Act, 1993). Newsmen report that Zacch holds a Bachelor of Science degree in Management and Accounting and Masters degree in Accounting from the Obafemi Awolowo University, Ile-Ife, Osun. He also holds Executive Certificate in Economic Development from Harvard, Kennedy School of Government, Boston, ...
Flutterwave Partners with Paypal to Transform eCommerce Payments for African Merchants
PayPal has joined forces with Flutterwave to allow PayPal users around the world to pay African merchants through Flutterwave’s platform. This collaboration is expected to be ‘instrumental’ in supporting SMEs and freelancers to overcome the many challenges presented by the highly fragmented and complex payment and banking infrastructure, as well as connecting them with more than 377 million PayPal account holders globally. Traditionally, Africa’s eCommerce ecosystem has lacked suitable payment solutions to meet the demand for seamless transactions worldwide, further constraining its contributions to the global digital economy. However, this collaboration hopes to eliminate significant barriers that have previously hindered African consumers and businesses from the untapped potential of cro...
WTO chief warns against Nigeria’s continued reliance on oil & gas
Dr. Ngozi Okonjo-Iweala, Director General of World Trade Organisation (WTO), has warned of Nigeria’s continued reliance on crude oil and gas as the major source of revenue to the government. Okonjo-Iweala sounded the warning on Wednesday in Abuja at a meeting with Women Entrepreneurs in Nigeria held at the headquarters of the Nigerian Export Promotion Council (NEPC). She urged the government to transit from oil and gas based economy to other non-oil sectors. She pointed out that unless Nigeria diversifies her economy, it would be left behind by other countries. She said, “I have kept on harping that Nigeria should transit from oil and gas based economy to producing in other non-oil sector. “This is because of the climate change. Fossil fuels which are oil and gas, that Nigeria depends on, ...
WTO chief: ‘Safe Schools Initiative’ to stop abduction of students
The Director-General of the World Trade Organization (WTO), Dr Ngozi Okonjo-Iweala, on Wednesday expressed hope that the ‘Safe Schools Initiative’ will help stop the incessant abduction of students across Nigeria. Nigerian women on Wednesday came out en masse to welcome Okonjo-Iweala in her first homecoming since she became the director-general of WTO, during a visit to the Ministry of Women Affairs in Abuja. Addressing the crowd which included Senators and members of the National Assembly, former Ministers, wives of former governors, women in the Armed Forces, women societies, female political aspirants, Civil Society Organisations, as well as students, Okonjo-Iweala expressed deep concern about the incessant abduction of girls and boys in schools. The WTO boss who noted that it is shamef...
Coronavirus: CBN doubles loan disbursement to N300 billion – bank governor
The Central Bank of Nigeria (CBN) says it plans to double the Targeted Credit Facility (TCF) from the initial N149.21 billion to N300 billion following the resounding success recorded in the disbursement of the Covid-19 loans to the applicants. In his keynote address at the 2nd virtual seminar for Finance Correspondents and Editors at the weekend, the Governor said the Bank took the decision in order to accommodate many more beneficiaries as well as boost consumer expenditure which would positively stimulate the economy. He disclosed that the CBN initially created a N150 billion Targeted Credit Facility (TCF) for affected households and small and medium enterprises through the NIRSAL Microfinance Bank, adding that already, N149.21 billion has been disbursed to 316,869 beneficiaries. “Given...