A steady decline in the traditional cheque transaction may push the growth of mobile money in the country, a new report has shown.
There have been general declines in monthly cheque transactions in the country since 2016, sliding from N501.166bn in the month of February to N488.627bn in June.
A report from the Nigerian Interbank Settlement System on Sunday showed that cheque transactions worth of N464.553bn were carried out in January; N501.166bn in February; and N487.572bn in March, ending the first quarter.
In the second quarter of the year, spanning April, May and June, cheque transactions worth N472.465bn, N480.409bn and N488.627bn, were respectively executed.
Going by the details of the data, what this means is a decline in the volume of transaction by 675,702 this year, when compared with what was transacted last year.
However, the report stated that Nigerians were moving away from traditional cheque transaction to a more convenient electronic means of carrying out financial exchanges, “as the value of half-year cheque transactions in 2016 dropped by more than 10 per cent.”
According to the NIBSS, the decline compares with the value of transaction during the same period last year, where more cheque transaction took place.
It stated in its report that from a total of N3.194tn cheque issuance value in the first half of last year, the figure crashed to N2.894tn during the same period this year.
From the report, the N300bn transaction difference represents about 10.36 per cent decline in cheque transactions this year.
A further analysis of the report showed that in January, February and March last year, the cheque issuance value stood at N541.062bn, N548.116bn and N565.138bn, respectively.
In April, the transaction value was N510.442bn; N487.937bn in May; and in June 2015, the figure stood at N542.08bn.
Meanwhile, the NIBSS stated that the steady move by Nigerians from traditional cheque transactions to electronic transactions might have positively impacted on the growth of mobile money.
In its fact sheet, it stated that the total number of customers on mobile money operations had risen to 29.13 million.
The report showed that the total number of agents enrolled at the end of the first quarter of 2016 (March) was 106,636; transaction volume within the quarter was at 14.09 million, while transactions value averaged N0.14tn.
From the document, the Central Bank of Nigeria has so far licensed 21 mobile money operators, with all of them already integrated to the NIBSS platform for interoperability.
It also indicated that Nigerian banks had issued over 24 million Bank Verification Numbers to their customers as of March ending, this year.
The report stated that while over 30.1 million account holders had enrolled for the BVN, only 24 million had received their verification numbers.
The number of enrolled bank customers thus represents about 34.7 per cent of the total 86.5 million bank accounts opened by government, corporate and individuals with various banks in the country.
“The purpose of the project is to use biometric information as a means of first identifying and verifying all individuals that have account(s) in any Nigerian bank and consequently, as a means of authenticating customer’s identity at point of transactions,” the Executive Director, Technology and Operations, NIBSS, Mr. Niyi Ajao, said.
“The BVN exercise will also provide a uniform industrially accepted unique identity for bank customers, to authenticate transactions without the use of cards, using only biometric features and Personal Identity Number identification of blacklisted customers,” Ajao added.
According to the NIBSS, starting from January 2015, 2.2 million accounts were enrolled; 2.7 million in February; 3.3 million in March; and by April, May and June, the figures increased to 7.7 million; 9.2 million and 12.4 million, respectively.
In July, August and September, the figure rose to 12.7 million; 13.7 million and 14. 5 million accounts, respectively.
The report added that in the last quarter of the year, 16.3 million accounts were enrolled in October; 21.2 million in November; and in December, the figure stood at 28.2 million.
In the first quarter of this year, the number of enrolled bank accounts for the BVN further increased to well over 32.1 million.
The data also revealed that the number of bank accounts opened with different banks in the country so far had reached 86.5 million.
The number of accounts opened so far in the country had increased from 75 million in January last year to 85 million by the end of December last year, it stated.
It also said the number of bank accounts residing with various banks in January this year rose to 86.5 million.
A further analysis of the bank accounts data, however, showed that the total active accounts in the country dropped from 59 million last December to 58.5 million at the end of January this year.
This means only 67 per cent of the total bank accounts opened in the country are active while 33 per cent are redundant.
Also, as of January this year, 59.7 million bank accounts were savings accounts; 23.4 million were current accounts; while other forms of accounts such as domiciliary, fixed deposit totalled 3.3 million.
Despite the number of inactive accounts, most account holders significantly used various electronic payment platforms for transaction in 2015.
According to the NIBSS Electronic Fact Sheet for the Year 2015, over N35.5tn transactions were carried out on various electronic payment platforms.
The transactions were carried out through the Nationwide Cheque Truncations Services platform, the NIBSS Instant Pay, the Electronic Bills Payment, Point of Sales, Automated Teller Machines and mobile money operators.
The NIBSS report showed that the number of the ATM cards so far issued by commercial banks in Nigeria had hit 41.89 million.
These include the Chip and PIN ATM card brands from indigenous Verve, MasterCard and Visa.
Following the report, “the country recorded a total number of the ATMs as of March 2016 stood at 16,660; the total number of active cards, 41.89 million; while the volume and value of the ATM transactions between January and March, 2016 stood at N0.12bn and N1.07tn, respectively.”
Heirs Oil & Gas Announces CEO and Board Appointments
Heirs Oil & Gas (HHOG), the leading African integrated energy company, has announced the appointment of Osayande Igiehon as Chief Executive Officer, effective May 4, 2021, together with a distinguished non-executive board, bringing together leading industry figures, with considerable global and regional experience.
Heirs Holdings Limited’s (HH) portfolio company, HHOG, completed the acquisition of OML17 in January 2021, in one of the largest oil and gas financings in Africa in more than a decade, with a financing component of US$1.1 billion. The transaction represents a further implementation of the HH Group strategy of creating the leading integrated energy business in Africa. Through a series of strategic portfolio holdings, HH is executing this strategy. Most recently, affiliate company, Transcorp made a US$300 million acquisition of Afam Power, increasing the Group’s installed electricity generating capacity to 2,000MW.
Mr. Igiehon, who joins from the Royal Dutch Shell (Shell), where he was previously a Vice-President with the Group in the Hague, Netherlands. He brings over twenty-seven years of experience and expertise in the oil and gas sector with Shell, where he held a series of senior management positions. Mr. Igiehon previously served as Chairman and Chief Executive Officer of Shell Gabon, where he led the successful turnaround of the operational, safety and financial performance.
HHOG is also pleased to announce the appointment of the following distinguished private sector and senior industry leaders to the Board:
- Tony O. Elumelu, CON is the Chairman of Heirs Holdings, the United Bank for Africa (UBA), Transnational Corporation of Nigeria (Transcorp), and Founder of the Tony Elumelu Foundation.
- Sally Udoma who previously served as general counsel for Chevron Europe, Eurasia, and the Middle East Exploration and Production. Previously, she was general counsel for Sasol Chevron Consulting Limited and managing counsel at the London Legal Service Centre for Chevron Global Upstream and Gas. She has also served as general counsel and general manager for Chevron Nigeria Limited.
- Anil Dua is a founding partner at Gateway Partners Limited, a private equity fund specialising in dynamic growth markets including Africa, the Middle East and Asia. Prior to this, Mr. Dua worked for over thirty-five years with Standard Chartered Bank in Asia, Africa, Europe and the US, where he held various roles including Regional CEO West Africa and Regional Head of Origination and Client Coverage, Africa.
- Ahmadu Kida Musa who previously served as Deputy Managing Director of Total Exploration and Production Nigeria Limited, has over thirty-two years of experience in the Oil and Gas industry and brings considerable expertise in Nigerian oil and gas.
- Stanley Lawson currently serves on the board of Transnational Corporation of Nigeria Plc. He is Managing Partner at Financial Advisory & Investment Consultants Ltd. Dr Lawson previously occupied the position of Group Executive Director-Finance & Accounts at Nigerian National Petroleum Corp.
- Samuel Nwanze is the Chief Finance Officer at Heirs Oil and Gas. Prior to this he was the Chief Investment Officer at Heirs Holdings responsible for investment and capital management.
Commenting, Mr. Igiehon stated: “HHOG represents an extraordinary opportunity, to create Africa’s first true integrated energy company, with a mission to ensure that Africa’s natural resources are directed toward value creation in Africa, powered by sustainable, robust and abundant African energy. I am excited to join the Heirs Oil and Gas leadership team and look forward to the opportunity to transform the energy sector, purposefully address Africa’s energy needs and improve the lives of people across Africa.”
The Chairman of the Board, Tony O. Elumelu, CON, stated: “I am delighted to welcome our new board members. We are building a role model institution for African businesses and our investment in human capital is a further strong demonstration of our intent. The regional and global expertise of our board members will serve to further drive value creation to our continent, as we execute our goal of becoming Africa’s largest, indigenous, integrated, energy company.”
CHI Limited Celebrates Its Maiden Hollandia Dairy Day
Nigeria’s leading dairy brand, Hollandia, is set to hold the maiden edition of its Hollandia Dairy Day. The event which will be celebrated on the 18th of May 2021 will provide a veritable platform to drive the national discourse on the unrivaled health and nutrition benefits of dairy consumption to people of all ages.
Set to be hosted as a conference, the theme of this year’s event is “Dairy Nourishment to Support Healthy Living”, and it focuses on the vital role dairy consumption plays in our everyday nourishment, its benefit to our overall health, and why dairy products should be included in our diets every day.
This conference, which is designed as a hybrid of the physical and virtual events, will feature presentations, interviews and panel discussions from health experts and nutritionists as they provide insights and share perspectives to guide informed decisions about dairy consumption as part of a daily balanced diet. The event is opened to the public through the brand’s multiple social media platforms.
According to a report by the Food and Agriculture Organisation of the United Nations, 2019, Nigeria has low dairy consumption levels per head – 15 to 20 liters per capita consumption. This is partly attributable to the low purchasing power of the average Nigerian household, who rank milk and dairy products as non-essential luxuries and prioritize other staple foods such as rice, beans, and yam.
By provoking the conversations and stimulating public action/intervention, Hollandia aims to drive consciousness for dairy consumption and its importance to achieving optimum health, and to get many more Nigerians drinking, using, and consuming dairy products.
The past year has presented unprecedented shocks and disruptions, including a global COVID-19 pandemic. As communities throughout the world look for ways to minimize the risk of COVID-19, maintaining and boosting good health is top of mind for many. Dairy foods such as milk and yogurt contain essential nutrients, including Vitamins A and D, Zinc and Protein, which support immune function.
The Hollandia Dairy Day Conference is a public interest initiative created to highlight the importance of dairy in everyday nutrition and healthy living in Nigeria.
Nokia Launches Blockchain-Powered Data Marketplace For Secure Data Trading and AI Models
Nokia today announced the launch of the Nokia Data Marketplace as-a-service to facilitate secure sharing of data and AI models, enabling digital transformation and data monetization for enterprises.
As data volumes continue to surge, AI and machine learning are increasingly crucial in business decision making. Nokia Data Marketplace is designed to help enterprises and communications service providers (CSPs) use data in strategic decision making, by providing real-time access to massive trusted datasets.
The new service also enables enterprises and CSPs to become data marketplace providers themselves, by monetizing data exchanges between customers or business ecosystem participants.
Nokia Data Marketplace ensures trusted data exchange and authorization mechanisms. This enables a wide range of vertical use cases, including electric vehicle charging, environmental data monetization, supply-chain automation and preventative maintenance powering numerous vertical segments, including transportation, ports, energy, smart cities and healthcare.
Friedrich Trawoeger, Vice President, Cloud and Cognitive Services at Nokia, said: “Our customers need secure and trusted access to data for effective business decision making. With Nokia Data Marketplace, enterprises and CSPs can now benefit from richer insights and predictive models to drive digital ways of working and tap into new revenue streams.”
Nokia Data Marketplace accelerates AI initiatives through federated learning. This approach, combined with orchestration capabilities, facilitates the collaborative development of highly accurate machine learning models for analytics use cases. It also meets the growing demand for a platform that can efficiently apply AI and machine learning algorithms to in situ data.
Nokia Data Marketplace complements Nokia Worldwide IoT Network Grid (WING), which offers global IoT connectivity and vertical applications. For example, Nokia WING’s asset tracking solution is enriched by Nokia Data Marketplace’s blockchain to provide secure and automated data exchange and transactions between logistics’ ecosystem partners for faster turnaround.*
Kaladhar Voruganti, Senior Fellow, Office of the CTO at Equinix, said: “Nokia Data Marketplace combined with Equinix data centers allows organizations to share data and algorithms globally at more than 240 metro edge locations. Our Metal platform augments this to provide secure, proximate, on-demand infrastructure to enterprises and government agencies. Sharing and processing of data close to its point of creation mitigate issues related to latency, compliance, and network backhaul cost. These neutral and secure edge locations are connected via high-speed and secure networks to data sources spanning across public clouds, private enterprise data centers and data brokers.”
Wouter van Neerbos, Chief Executive Officer at Marlin, said: “Through automated data exchange among shipping participants, Nokia brings us the transparency and operational efficiency required in our global marine supply chain. This reduces waiting time for shipping participants in the marine ecosystem, enables faster turnaround for ships, and reduces our costs.”
Justin van der Lande, the Principal Analyst at Analysys Mason, said: “Data is the energy needed to run all future business; critical to their success in creating the best AI-based insights and needs access to the largest data sets. Data sharing between enterprise partners is vital in building complete data sets. Facilitating data sharing using a secure platform, such as Nokia’s blockchain-based Data Marketplace, accelerates enterprises’ building of new data sets and creates richer business partnerships for them.”
Nokia is leading the development of security, privacy, and trust mechanisms as part of a consortium that was recently awarded the DEDICAT 6G project by the European Union. Nokia Data Marketplace inclusion in this project focuses on creating an AI and blockchain-enabled security framework and trust management platform for IoT applications running on B5G (Beyond 5G) networks.
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