A slowed rate of economic growth results from the growing number of unbanked people in certain areas, which in turn exacerbates the poverty headcount ratio. Large numbers of unbanked people who do not yet have access to financial services present a major obstacle to Africa’s financial inclusion efforts. According to the World Bank, nearly 1.6…
CBN has no intention of defending the naira with foreign reserves. — Cardoso The value of the naira has increased in relation to the dollar in recent weeks, rising by more than 40%, from roughly ₦1,900/$ to roughly ₦1,000/$1. Yemi Cardoso, the Nigerian Central Bank Governor According to Central Bank of Nigeria (CBN)…
How KYC concerns prompted the CBN to recently prohibit Opay, Kuda, and two other fintechs The fintech companies include Palmpay, Kuda, Opay, and Moniepoint. Financial institutions in Nigeria have been rocked by the Central Bank of Nigeria’s recent directive to cease fintechs’ onboarding of new clients. The Central Bank of Nigeria (CBN) ordered four fintechs,…
Naira weakens somewhat versus the US dollar on the official market The naira fluctuated in value against the dollar at the Investors and Exporters (I&E) window, moving between ₦1,445.00 and ₦1,299.42. At the official market on Thursday, the value of the naira dropped slightly, closing at ₦1,402.67 to the US dollar. The naira dropped…
Import clearance costs increase by 23% due to exchange rate volatility The cost of clearing imports went from ₦1,150.16/$ on April 23, 2024, to ₦1,412.6/$ on May 8, 2024, a 23% rise in just 16 days. Due to currency changes, import clearance fees for Nigerian manufacturers and importers have increased by 23 percent. After…
Senate Moves To Investigate $18.5 Billion Abandoned Abuja Centenary City Project The Senate has established a seven-member ad hoc committee to investigate the reasons behind the delay in the $18.5 billion Abuja Centenary Economic City project, a decade after it began. The committee was formed after Senator Ashiru Yisa, the Deputy Senate Leader, put forward…
Wigwe’s Death: Aig-Imoukhuede Emerges As New Access Holdings Chairman Access Holdings Plc (‘the Holdco’) has appointed Aigboje Aig-Imoukhuede, the former group managing director/CEO of Access Bank Plc, as its non-executive chairman. The company secretary, Sunday Ekwochi, announced that Aig-Imoukhuede will take over from Abubakar Jimoh. Jimoh will continue to serve on the Board as an…
The Francophone Africa Business Summit 2024 encourages entrepreneurship and cooperation Participants in the conference held enlightening conversations with the goal of removing obstacles and improving cooperation between African countries. The Francophone Africa Business Summit 2024 concluded on February 29, 2024, after two days of intense programming in Lagos, Nigeria. The summit, which was organized by…
Beyond Boundaries and the Ascend Studios Foundation collaborate to strengthen African women For forty high-potential tech and tech-enabled firms, the program offers a rare chance to acquire the knowledge and coaching necessary to grow their companies. The Leap Women Africa program, an accelerator aimed at supporting women leading tech-driven startups across the continent, and Ascend…
The International Finance Corporation claims that commodity price increases is more severe in African nations Although food is a basic human need, not everyone has access to it. On a continent the size of Africa, food security is still a major problem that affects millions of people in various ways throughout its member states. Insider…
