- NIBSS, CBN, Others Target 80% Financial Inclusion By 2020
The Nigeria Inter-Bank Settlement System Plc (NIBSS), the Central Bank of Nigeria, (CBN), banks and telecommunication firms in the country have entered into a partnership on the Unstructured Supplementary Service Data (USSD) payment solution to further deepen financial inclusion.
The new initiative tagged ‘microCash (mCash) was unveiled in Lagos, yesterday by the lead promoter -NIBSS, with the CBN projecting that it would to facilitate 80 per cent financial inclusion in the country by 2020.
‘Mcash’ is a solution designed to facilitate low-value retail payments and growing e-payments by providing accessible electronic channel which is USSD. This would enable merchants and customers conduct transactions instantly as fast as a cash transaction.
This product is presently being operated by Wema, Zenith, Fidelity, Diamond, Unity banks, with other banks expected to sign up before the end of the year.
Also signed up are Airtel, Mtn, Etisalat and Glo. Under this platform, transactions below N10,000 would be conducted at no cost.
Speaking at the launch of Mcash, the Managing Director/ Chief Executive Officer NIBSS, Mr. Ade Shonubi said: “With Mcash, the whole intention is to broaden the opportunity for people who today use cash to find a convenient means of making payments. The central bank has been pushing the cashless initiative for a long time and we have seen significant gains but a lot of the people who have benefited so far have the 27 million banking customers.”
“As we begin to deepen and reach out to a lot more people, we biennial to make real the dream for financial inclusion as we begin to realised that a lot of government social programs would touch a different set of people so we have to start creating opportunities for them to have commerce that is not just lied around cash.”
He further added: “To achieve that, the banking industry and telecoms have come together to partner and find a way to deliver a service at a reasonable value point which is in terms of efficiency and price and addressing concerns of being able to attain that their transactions are made.”
“The people we are trying to bring into this space use cash and the advantage of cash is that you can exchange it immediately. The ability to get your money almost immediately is the key. Secondly, if you are trying to move the. To something other than cash, it also has to be continent.”
On his part, the Director, Banking and Payment, CBN Mr. Dipo Fatokun, described the solution as another effort by the apex bank in increasing financial inclusion to meet its Payment Systems Vision 2020.
Fatokun who was represented by a Principal Manager at the CBN, Mr. Joe Ogbogu said: “We endorse this because it would take our payment system to the next level. Nigeria is at the top pendulum of payment system in the whole world. And because of this, various countries come to understudy our payment system and this is one product I hope they would understudy in the near future.
“Another reason for this endorsement is that it is going to drive our financial inclusion. We have have challenges of acceptance of POS transactions because they don’t get instant value for their services some cases the next. With this product, merchants get instant value which is a big plus.”
He further added: ” I am sure this product would drive financial inclusion to level the it is desired. We have projected that by 2020, Nigeria should be able to get inclusion level of 80 percent and I’m sure this is one of the initiatives that would drive that.”
Speaking on behalf of the banks, the Chairman Committee of E-banking Heads, Mr. Dele Adeyinka said: “As an association, we have a timeline that says we want to drive excellence through collaboration and for banks who are always looking for opportunities to serve our customers better.”
Also Head mobile financial services Etisalat, Mr. Seun Omotosho said: “We at Etisalat are excited about this solution and all all of us have heard on what is happening in east Africa with Mpesa and co and we believe this is going to rival this. We are going the direction of payment because we believe payment is what will drive inclusion. This solution is simple and addresses what customers need.”
MTN Nigeria Generates N1.35 Trillion in Revenue in 2020
MTN Nigeria Grows Revenue by 15.1 Percent from N1.169 Trillion in 2019 to N1.35 Trillion in 2020
Despite the COVID-19 pandemic and challenging business environment, MTN Nigeria realised N1.346 trillion in revenue in the financial year ended December 31, 2020.
The leading telecommunications giant grew revenue by 15.1 percent from N1.169 trillion posted in the same period of 2019.
Operating profit surprisingly jumped by 8.5 percent from N393.225 billion in 2019 to N426.713 billion in 2020.
This, the telecom giant attributed to the surge in finance costs due to increased borrowings from N413 billion in 2019 to N521 billion in 2020.
MTN Nigeria further stated that the increase in finance costs was the reason for the decline in growth of profit before tax to 2.6 percent.
MTN Nigeria grew profit before tax by 2.6 percent to N298.874 billion, up from N291.277 billion filed in the corresponding period of 2019.
The company posted N205.214 billion profit for the year, a 0.9 percent increase from N203.283 billion recorded in the 2019 financial year.
Share capital remained unchanged at N407 million. While Total equity increased by 22.3 percent from N145.857 billion in 2019 to N178.386 billion in 2020.
MTN Nigeria’s market price per share increased by 61.8 percent from N105 to N169.90.
While market capitalisation as at year-end also expanded by 61.8 percent to N3.458 trillion, up from N2.137 trillion.
The number of shares issued and fully paid as at year-end stood at 20.354 million.
MTN Nigeria margins were affected by Naira devaluations and capital expenditure due to the new 4G network coverage roll-out.
“Margins were adversely affected by the effect of naira devaluation and expenses associated with new sites’ roll-out to boost 4G network coverage in FY’20.
“On the former, we note that MTNN expanded the scope of its service agreement with IHS Holding Limited and changed the reference rate for converting USD tower expenses to NAFEX (vs CBN’s official rate previously). Thus, over the full-year period, the company’s operating margin contracted by 1.9 ppts YoY to 31.7%,” CardinalStone stated in its latest report.
Nestle Nigeria Approves Final Dividend of N35.50k per 50 Kobo Ordinary Share for 2020
Nestle Nigeria Approves Final Dividend of N35.50k per 50 Kobo Ordinary Share for 2020
Nestle Nigeria, a leading food and beverage company, has declared a final dividend of N35.50k per 50 kobo ordinary share for the year ended December 31, 2020.
The beverage company said N24.50k of the amount declared was from the after-tax profit of 2020 and N5 and N6 were from the after-tax retained earnings of the years ended December 2019 and 2018, respectively.
Nestle Nigeria stated that the amount declared is subject to appropriate withholding tax and approval at the Annual General Meeting of shareholders.
It also noted that payment will be made only to shareholders whose names appear in the Register of Members as at the close of business on 21 May 2021.
Dividends will be paid electronically to shareholders whose names appear on the Register of Members as at 21 May 2021, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.
Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on their website: www.gtlregistrars.com, complete and submit to the Registrar or their respective Banks.
Dennis Olisa Invests N53.6 Million in Zenith Bank
Executive Director of Zenith Bank Plc Buys 2 Million Shares of Zenith Bank at N53.6 Million
Executive Director of Zenith Bank Plc, Dennis Olisa, has invested a combined N53.58 million in shares of Zenith Bank.
The leading financial institution stated in a disclosure statement filed with the Nigerian Stock Exchange (NSE) on Monday.
Olisa carried out the purchase in two different transactions on February 24, 2021 at the Nigerian Stock Exchange in Lagos, Nigeria.
He purchased 1 million units of Zenith Bank at N26.60 each and another 1 million shares at N26.50 per share.
On aggregate, Olisa purchased 2 million shares of Zenith Bank at N26.79 per share or N53.58 million. See the details below.
Dennis Olisa was appointed as Zenith Bank’s executive director three years ago.
Prior to his appointment, Mr. Olisa was the Chief Inspector at Zenith Bank Plc and served as its Director from March 3, 2017 until March 16, 2017.
He also served as General Manager and Heads of the Energy Oil & Gas Group at Zenith Bank Plc and served as its Deputy General Manager. He served as Head of Internal Control & Audit Group at Zenith Bank Plc
News3 weeks ago
Doctors Warn Covid Will Become Endemic and People Need to Learn to Live With it
News1 week ago
U.S. COVID-19 Deaths Hit 500,000
Bitcoin2 weeks ago
Bitcoin Surges Above $50,000 Per Coin on Tuesday, Sets a New All-Time High
Economy2 weeks ago
Petrol Subsidy May Hit N11.2bn Per Week
Economy3 weeks ago
Petrol Landing Cost Rises to N180, Oil Crosses $60
Cryptocurrency4 weeks ago
Why CBN Bans Banks from Facilitating Cryptocurrency Exchanges
Bitcoin1 week ago
Bitcoin Rebounds To $50,881 Per Coin on Wednesday
Banking Sector2 weeks ago
Banks Turning Female Marketers to Sexual Slaves – Senator