Finance
CIBN urges banks to strengthen cyber-security
The Chartered Institute of Bankers of Nigeria (CIBN) has urged the banks to strengthen their cyber-security architecture in order to prevent attacks by fraudsters. President/Chairman of Council of the institute, Mr. Bayo Olugbemi, made the call while delivering his remarks at the 2020 CIBN Fellowship Investiture in Lagos, at the weekend. The CIBN at its investiture formally conferred its honorary fellowship awards on 19 distinguished bankers in recognition of their contributions to the banking industry and the economy; 77 associates as elected Fellows while 105 senior management staff of banks and the academia became Honorary Senior Members of the institute at the event with the theme: ‘Financial Services in a post COVID 19 Environment: Strategic Imperative’. Some that were conferred with ...
Nigerian governors to meet with President Buhari to address security challenges
Governors of the thirty six states under the aegis of the Nigeria Governors Forum, NGF have resolved to meet with President Muhammadu Buhari to address the security challenges with continued cases of armed banditry, terrorism and kidnapping across the country. The governors are meeting with President Buhari especially to discuss last week’s gruesome beheading of about 43 Farmers in Zarbamari near Maiduguri, Borno State by Boko Haram Insurgents while they were working in their farmland without any form of resistance. The decision was part of the resolutions reached at the end of the 22nd NGF teleconference meeting. In a Communique signed by the NGF Chairman and Ekiti State governor, Dr. Kayode Fayemi, said, ” Members of the forum resolved to meet with Mr. President as soon as possible to ad...
How to Avoid Digital Fraud Over the Festive Season
With the festive season being synonymous with more transactions, especially as people typically have more money at this time of year, the greater the probability there is of fraud occurring. In fact, according to PwC’s Global Economic Crime and Fraud Survey 2020, South Africa has the third-most incidents of economic crime in the world behind India and China. “This festive season, I believe that there will be an uptick in fraud unless South African consumers and businesses are more security conscious,” says Nicho Bouma, CIO at Pay@. “More people have been forced to enter the digital space this year, due to the COVID-19 crisis. With many being new to the digital experience, they can easily fall prey to schemesters.” To prevent consumers from becoming victims of cybercrime, he urges them to o...
5 Things South Africans should know about Huawei Pay
Huawei, in partnership with Zapper, has officially launched its new mobile payment service – Huawei Pay – in South Africa. “We are proud to launch Huawei Pay in South Africa,” says Likun Zhao, VP at Huawei Consumer Business Group for Southern Africa. Huawei Pay users will be able to add their bank cards to the app and then pay in stores simply by scanning the Zapper QR Payment Code on the bill when they check out. “All local debit and credit cards from all local banks are supported. It’s a simple and convenient payment solution that we know will make the lives of South African consumers easier.” /* custom css */ .tdi_3_6c4.td-a-rec-img{ text-align: left; }.tdi_3_6c4.td-a-rec-img img{ margin: 0 auto 0 0; } Here are five things you need to know about this new digital wallet from Huawei: When...
Spotify Shares Jump 16% to All-Time High
On a related note, information about podcasts could have reinforced some investors’ belief that non-music content can improve both growth and margins. Spotify’s run-down of most popular music and podcasts revealed The Joe Rogan Experience, exclusive to Spotify as of Tuesday, is its top podcast. Its popularity suggests the controversial podcast is going to be worth the $100 million Spotify is spending to license the show from Rogan. Owned and licensed podcasts give Spotify a chance to differentiate itself from its competitors. In the last two years, Spotify has purchased podcast producers The Ringer, Gimlet and Parcast and has landed exclusives with Michele Obama and Kim Kardashian West, among many others. It has also launched proprietary, music-focused franchises such as Sound Stories: Wom...
Huawei Partners with Zapper to Introduce Huawei Pay
Huawei has joined forces with Zapper to introduce Huawei Pay – its new mobile payment service. “We are proud to launch Huawei Pay in South Africa in partnership with Zapper,” says Likun Zhao, VP at Huawei Consumer Business Group for Southern Africa. Huawei Pay users will be able to add their bank cards to the app and then pay in stores simply by scanning the Zapper QR Payment Code on the bill when they check out. “All local debit and credit cards from all local banks are supported. It’s a simple and convenient payment solution that we know will make the lives of South African consumers easier.” /* custom css */ .tdi_3_c54.td-a-rec-img{ text-align: left; }.tdi_3_c54.td-a-rec-img img{ margin: 0 auto 0 0; } Brett White, CEO of Zapper, adds, “Huawei is a favourite among a large portion of smar...
Absa Confirms Client Data Breach
Image sourced from Wikiwand Absa bank has confirmed a data breach which exposed the personal information of a number of clients. The FSP has also pinned the leak on one of its employees who “acted unlawfully”. “Absa advises that an employee has unlawfully made selected customer data available to a small number of external parties,” says Absa to MyBroadband. “The leaked data relates to a small portion of Absa South Africa’s customer base to date, although investigations continue.” In an email to clients, the banks says “we regret to notify you that Absa has identified an isolated internal data leak whereby personal information of a limited number of Absa customers was shared with parties external to the bank”. “Unfortunately, some of your personal information formed part of this data w...
NAICOM issues operating licenses to 4 insurers, 1 reinsurance firms
File Photo The National Insurance Commission (NAICOM) has granted operating licenses to four insurance firms and one reinsurance company to operate in the nation’s insurance industry. The four insurance firms are Heirs Insurance Limited (General); Stanbic IBTC Insurance Limited; Heirs Life Assurance Limited; Enterprise Life Company Nigeria Limited; and FBS Reinsurance Limited. The Commissioner for Insurance, Sunday Thomas, while presenting the licenses to the companies in Abuja, said that they have met the statutory requirements to carry out insurance business in Nigeria. Meanwhile, Heirs Insurance Limited (general) has appointed Olaniyi Stephen Onifade as its Managing Director; Stanbic IBTC Insurance Limited appointed Akinjide Orimolade as Managing Director; Heirs Life Assurance Limited a...
Firm restates commitment to enhance financial inclusion
Nigeria-based fintech solution, NowNow, has said that it will continue to upgrade its services to attune to current realities, such that will drive economic and social growth. Founder of NowNow, Sahir Berry, while speaking on how COVID-19 pandemic has disrupted the financial space recently, mentioned that Nigeria needs to strengthen its fintech space more than before. Berry stated that it was important for Nigeria to tap into the trends and prospects of fintech given the country’s large unbanked or underbanked. He added the company recognised this gap in Nigeria, which informed its investment in the space. “In 2017 we identified that one of the two big problems in Nigeria was lack of youth empowerment and financial inclusion. With a population of almost 100 million youths, we found that ac...
Naira weakens to lowest in three years
The Naira yesterday weakened to the lowest in over three years in the parallel market due to increased demand for dollars amid foreign-currency shortages. The local currency depreciated to N495 to a dollar yesterday, lowest since February 23, 2017, widening the gap with the official rate of N379.5 to over 30 per cent. The currency traded in the interbank market at 389.74 as of 4:54p.m. in Lagos. Agency reports quoted traders as alleging a groundswell of diversion of dollars, a development which heightened scarcity of the green back in the parallel market this week. There is a diversion of inflows away from official channels to the parallel market due to the gap in rates, Murega Mungai, trading desk manager for Aza Finance said in a note Thursday. The market spread has created arbitrage opp...
Nigerian government seeks new Eurobond
The federal government yesterday disclosed that it would approach the Eurobond market next year in its effort to shore up the economy, amidst cocktails of measures being put in place to douse the effects of the Covid-19 pandemic on the economy. On the same day, Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, while speaking at the 55th Annual Bankers Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, predicted a two per cent growth in the country’s Gross Domestic Product (GDP) in 2021. Finance Minister, Zainab Ahmed, who disclosed the Eurobond plan while speaking on Bloomberg TV, explained that the decision would depend on the prevailing interest rates. She, however, did not specify the amount to be accessed from the Eurobond. The Eurobond option is ...
Rollercoaster: Bitcoiners who missed rally feel relief and regret
Arianna O’Dell, a 30-year-old entrepreneur and songwriter based in New York City, had a tumultuous four-year journey in cryptocurrency before selling her investments in February. During her rollercoaster ride, bitcoin prices swung from less than $1,000 to nearly $20,000. O’Dell may not have made optimal decisions about when to buy or sell, and missed out on the recent rally – but said she does not regret that. Investing $2,705 worth of proceeds into her business was better than enduring the stress of daily fluctuations, even though the price has since doubled, she said. “Honestly, I’ve had more luck in Vegas than I’ve had with cryptocurrencies,” O’Dell said in an interview. She is part of a relatively new class of retail investors who joined the cryptocurrency market years ago, helping pro...
