Finance
AfDB approves $1.3 million grant for female financial inclusion research in Africa
The African Development Bank (AfDB) has approved two grants worth $1.3 million for research aimed at increasing women’s access to a range of digital financial services on the continent. In a statement on Monday, AfDB said the grants will be disbursed by Africa digital financial inclusion facility (ADFI), a blended finance vehicle supported by the bank. The grants will be disbursed to two fintech firms, Pula Advisors Kenya and M-KOPA Kenya. AfDB said Pula Advisors will use the $1 million for research of social and economic factors that impact women farmers’ access to microinsurance in Kenya, Nigeria and Zambia while M-KOPA will use the $300,000 funding for research involving 500 women and men in Kenya’s Kisumu, Eldoret and Machakos counties. It said findings from the research will inform th...
CBN donates relief items to IDPs in Borno
The Central Bank of Nigeria (CBN), Maiduguri branch, on Monday donated relief items worth Millions of Naira to the Internally Displaced Persons (IDPs) in the State. Presenting the Items, Alhaji Lawan Tijjani Kanuriyana, the CBN Maiduguri Branch Controller, said that the gesture is to support displaced families at this critical time of needs. Kanuriyana said that that the items which included 300 bags of rice, 151 cartons of Indomie, 20 cartons of maggi, 31 cartons of tomatoes, 151 cartons of spaghetti, 150 bags of semovita, 20 cartons of vegetable oil and 11 cartons of salts would be given to the IDPs. Responding, Hajiya Yabawa Kolo, the Director General of State Emergency Management Agency (SEMA), lauded the bank for the donation, noting that it would go a long way to providing succor to ...
AfDB approves $1.3 million grants for women’s access to digital finance
The African Development Bank (AfDB) has approved two grants of $1.3 million for research aimed to increase African women’s access to a range of digital financial services, including loans and micro-insurance. According to a statement from the AfDB on Monday, the grants for $1 million and $300,000 respectively, will be disbursed through the Africa Digital Financial Inclusion Facility (ADFI). ADFI is a pan-African initiative designed to accelerate digital financial inclusion throughout Africa. It is a blended finance facility of AfDB with two financial technology firms; Pula Advisors Kenya Ltd. and M-KOPA Kenya Ltd. Pula Advisors will use the $1 million for research of social, cultural and economic factors that impact women farmers’ access to micro-insurance in Kenya, Nigeria and Zambia. Mor...
Ukheshe Confirms Global Expansion of its FinTech Operations
Ukheshe set to expand its fintech operations across the Middle East, Europe and Asia Pacific. The move comes on the back of partnerships in various African countries including Kenya, Zimbabwe, Zambia, Namibia, Nigeria, Malawi, Botswana, Angola, Tanzania, Rwanda, Burundi, Democratic Republic of Congo, Mozambique and Ghana. In addition to collaborating with numerous blue-chip banks, telcos and fintechs, Ukheshe has built strong alliances with Mastercard while acquiring two companies and raising just under R100m within a two-year period. “We will continue to look for potential acquisitions in these new markets to further support Ukheshe’s growth and strategy as we pursue our goal of reaching unicorn status within the next three years,” says Clayton Hayward, CEO of Ukheshe. “Ukheshe is ex...
AfDB provides $400,000 grant for SEC
African Development Bank Group (AfDB) on Friday signed a $400,000 grant agreement with the Securities and Exchange Commission (SEC) to strengthen securities market regulation and broaden market instruments. The funds, according to a statement from AfDB, will go towards strengthening the risk-based supervision framework, regulation of derivatives and green bonds, and build capacity for green finance. The grant will be sourced from the Capital Markets Development Trust Fund, a multi-donor fund administered by the Bank. “This collaboration further underscores our mutual goal to grow our markets and create viable avenues for sustainable economic development for Nigeria and the region,” said Lamido Yuguda, Director General of the Securities and Exchange Commission at the virtual signing ceremon...
Blockchain Usage in Finance
Most people hear the term blockchain and automatically think of cryptocurrencies, like Bitcoin. We are living in an age where cryptocurrencies actually increasing in their popularity each given day, an example of it is the increasing demand for crypto trading apps. While this is still one of the most popular uses for blockchain technology, it’s still capable of much more. Let’s look at why and how this innovation is used in finance. Blockchain is a unique type of data storage. All types of information, including account numbers and transactions, can be stored as an encrypted code. These codes connect to each other to form larger blocks of data, and then blocks are chained together. The information is stored all over the world rather than in one place. Because data is encrypted ...
Hellopay to Roll Out Mastercard’s ‘Tap on Phone’ Tech in South Africa
Hellopay and Mastercard have partnered to roll out SoftPOS – a contactless acceptance solution that turns any NFC-enabled Android device into a physical point of sale. This move is expected to boost digital payment acceptance at small informal enterprises in South Africa, while supporting consumers’ preference for touch-free payments amidst social distancing. SoftPOS leverages Mastercard Tap on Phone technology developed for micro and small businesses like spaza shops, independent retailers, market stall traders, mobile servicemen and tradesmen who tend to operate in a cash economy due to the costs and complexity of obtaining traditional point of sale devices. “The SMME market represents 98% of businesses in South Africa and has been deeply impacted by the pandemic. We recognise the o...
Energy firms’ bank debts rise to N5.94 trillion
The debts owed to Nigerian banks by oil and gas operators as well as power companies in the country rose to N5.94tn at the end of 2020 from N5.25tn in December 2019. The N5.94tn represents 29.16 per cent of the N20.37tn loans advanced to the private sector by the banks as of December, according to the sectoral analysis of banks’ credit by the Central Bank of Nigeria. Oil and gas firms, which received the biggest share of the credit from the banks, increased their debt by N600bn to N5.18tn in December 2020 from N4.58tn in December 2019. The debt owed by power firms to the banks rose to N763.22bn in December 2020 from N671.45bn in December 2019, the CBN data showed. Oil firms operating in the downstream, natural gas and crude oil refining subsectors owed N393tn as of December, up from N3.42t...
Luno Reaches 7 Million Users Milestone
South African-founded Luno has officially recorded seven million customers (wallets) – just seven weeks after reaching the milestone of six million customers. The business believes this growth is due to the simplicity of its online and mobile platforms, offering education, bank-grade security and self-regulation. It is actively working with regulators and banks to safely increase access to cryptocurrencies. Luno was ranked in the top six cryptocurrency exchanges worldwide in the latest CryptoCompare Exchange Benchmark and also received the top tier AA rating. South Africa is one of Luno’s strongest markets and the appetite for cryptocurrency trades continues to grow. Reaching seven million wallets demonstrates the growing adoption of cryptocurrencies across the globe. /* custom css */...
Chukwuma Soludo: I received 19 threats during banking consolidation era
YouTube The former governor of the Central Bank of Nigeria, CBN, Professor Charles Chukwuma Soludo, at the weekend in Awka, narrated how he received 19 written threats on his life following his decision to embark on banking consolidation in Nigeria in 2004 when he became the boss of the nation’s apex bank. In an interview, Soludo also recalled attempts made to kidnap his children at Offa, Kwara State where they were at the time because many people felt threatened by the policy. He said: “I am a very impatient person to see change happen and I am passionate in anything I focus on. When I was the chief economic adviser to President Olusegun Obasanjo, and the tenure of the former CBN governor ended and I came in. within one month, I announced a 13 – point agenda for banking consolidation. “At...
Live Nation Revenue Fell 92% in 2020 as Concerts Prepare for Comeback
The concert business had similar declines across the market. Madison Square Garden’s fourth-quarter revenue deficit was 94% following annual declines of 96% and 92% in the first and second quarters. Big Hit Entertainment, the South Korean company behind K-pop group BTS, posted 98% lower concert revenue in 2020. With the help of financial maneuvers since March 2020, Live Nation has a financial cushion of $643 million of free cash, helped by $417 million of debt raised in early January, and $962 million of available debt capacity, which the company believes is enough to fund operations until concerts return this summer. There’s good news on the horizon, though, with heightened anticipation that the recent availability of vaccines will spe...
Spotify Takes on $1.3B in Debt
Exactly how Spotify intends to use the money is unclear. The press release broadly states the company intends to use the proceeds for “general corporate purposes” — a term loose enough to cover capital expenditures, marketing or strategic acquisitions. Such a large amount suggests Spotify doesn’t intend to use the money for everyday costs of running the company. Instead, $1.3 billion is enough to make numerous acquisitions to build out its podcasting business, for example, and have a cushion for any uncertainty its leadership foresees in 2021 and beyond. Spotify will reserve the right to redeem the notes in a variety of scenarios. Until March 20, 2024, Spotify has the option to redeem the notes with cash, shares or a combination of the two if the company’s share price “exceeds 130% o...
