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Power Generation Hits 3,528 Megawatts

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  • Power Generation Hits 3,528 Megawatts

The Transmission Company of Nigeria says that the nation’s power generation improved slightly to 3,528.90 megawatts on February 1 from 2,662 megawatts on January 22.

This figure was disclosed on the website of the Nigerian Electricity System Operator, a sub-agency of the TCN, in its daily forecast on power generation in Lagos on Wednesday.

It said, “The slight increase in generation is due to slightly increased gas supply to some Generating Companies to boost operations.

“The total output of 3,528.90 megawatts from all the GENCOs on Wednesday has been transferred to the 11 distribution companies across the country.”

The Nigerian Electricity Supply Industry operational report said the power sector dropped to 2,662.20 megawatt on Jan. 22 because of low water levels and challenge of accessing gas by GENCOs.

The report said the sector recorded highest system frequency of 51.50Hz and lowest system frequency of 48.80 Hz, while the highest and the lowest voltage recorded on Wednesday were 372KV and 300KV, respectively.

A reliable TCN official, who preferred anonymity, said that the gas supply to generating companies had increased slightly, thereby, boosting operations.

The source said that the GENCOs inability to pay up the debts they owed the gas company also contributed to the drop in power generation on Jan. 22.

“Government’s intervention helped the gas company to allocate some gas to generating companies.’’

Another top official of Egbin Power Station, who also preferred to remain anonymous, said due to the slight increase in gas supply, the station now generates 400 megawatts as against the previous 150 megawatts.

The station, however, has a capacity to generate 1, 320 megawatts.

The official appealed for more gas supply to the station, so that it could fire all its five units.

According to the official, the GENCOs were equally being owed a huge amount of money by the Federal Government, which posed serious challenge to their operations.

“Gas to Power should not be politicised. Government should take issues of power very serious and find lasting solution to the lingering issues.

“The 400 megawatts Egbin generated was wheeled out to the national grid at 6.00 am on Wednesday,’’ he said.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Fintech

TeamApt Transactions Hit N1.4T In May

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TeamApt - Investors King

Nigeria’s one of Nigeria’s leading fintech companies, Teamapt said it transacted N1.4 trillion ($3.5billion) value in 68 million transactions volume in May 2021 on its agency banking platform.

The data sourced from the monthly report of Shared Agent Network Expansion Facilities (SANEF), an initiative of the Central Bank of Nigeria (CBN) to promote agency banking and mobile money in the country, shows that Teamapt controls 74 percent of the total agency banking operations within the period.

The company which is currently leading Nigeria’s agency banking industry provides financial services for the underserved mass market through Moniepoint – its financial access product, and Monnify – its payment gateway infrastructure.

At a media briefing on Thursday in Lagos, officials of Teamapt revealing more of its transaction figures and financial performance for the past months said in less than two years, the company has grown rapidly to operate the largest agency banking platform with a network of over 100,000 agents.

In March 2021, it hit a milestone of transactions worth over N1trillion ($2.4bn) for the first time. In May, the value increased to N1.4 trillion ($3.5bn) with 68 million transactions in volume, and between April 2020 and April 2021, the total value of transactions processed has gone up to $16 billion.

Speaking on the company’s plans to transform financial services in Africa, CEO and founder of TeamApt, Mr. Tosin Eniolorunda said “To achieve our mission of providing financial happiness for all, we started out by building working infrastructure and distributing this in every of Nigeria’s 36 states.

“So far, Moniepoint has served over 25 percent of the 48 million banked Nigerians, previously underserved by the financial system. This is a great feat but we still have a lot of work to do. Many Nigerians are still underserved, and with this pain not exclusive to Nigeria but shared among Africans, we intend to scale into more regions of the continent.

“We remain focused on innovating, and we expect that in the future, through Moniepoint, we will reach more people across Africa and build their trust in the financial system and processes. We look forward to empowering our agents with the facilities to offer other financial services directly to customers, beyond deposits and withdrawals,’’ Eniolorunda added.

TeamApt reiterated its commitment to transform financial services in Africa, the company was founded in 2015 and started out by building infrastructure for tier-one financial institutions.

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Fintech

SEC Plans to Launch Regulatory Incubation Programme For Fintechs

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Securities and Exchange Commission- Investors King

The Securities and Exchange Commission (SEC) has announced plans to launch a regulatory incubation (RI) programme for fintech operating or seeking to operate in the Nigerian capital market.

According to a circular published on the commission’s website on Wednesday, June 16, it says that the initiative will be launched in the third quarter of 2021 and will operate by admitting identified fintech business models and processes in cohorts for a one-year period.

The RI program comprises two phases of participation – an initial assessment phase and the regulatory incubation phase.

The SEC said that the categories to be admitted into each cohort will be determined based on submissions received through the fintech assessment form and communicated ahead of each take-off date.

The circular read: “Review of completed Fintech Assessment Forms will continue on an ongoing basis. FinTechs who consider that there is no specific regulation governing their business models or who require clarity on the appropriate regulatory regime for seeking the authorization of the Commission, are encouraged to complete the Fintech Assessment Form.

The commission maintained that it designed the RI program in order to address the needs of new business models and processes that require regulatory authorization to continue carrying out full or ancillary technology-driven capital market activities.

It will serve as an interim measure to aid the evolution of effective regulation which accommodates the innovation by fintech without compromising market integrity and within limits that ensure investor protection.

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Telecommunications

Truecaller Launches Smart SMS Feature in Africa

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Truecaller- Investors King

Truecaller, the world’s most trusted and accurate Caller ID and telephone search engine, is rolling out a new feature to further augment the user experience.

The new feature Smart SMS has been introduced based on user feedback and is designed to cater to the evolving needs of our consumers. It offers a host of new services to make day-to-day communication a lot more convenient.

Smart SMS is powered by state-of-the-art machine learning models that adapt based on the feedback you give it. It supports users with important messages from banks, billers, travel companies, delivery companies and so much more.

Smart SMS also helps users stay protected from spam and fraud. Only the essential information within an SMS is highlighted and all SMS messages are categorised and easily accessible. From keeping track of your expenses to last-minute changes to your travel, Smart SMS is the future of SMS that will make life a whole lot easier.

Commenting on the new addition, Zakaria Abdulkadir Hersi, Director of Business Development & Partnerships Africa at Truecaller said: “Roughly 80% of SMSes one receives daily are from businesses, disengaging users from important/useful messages. To combat that, SMS apps need to become smarter by filtering out spam and categorising useful information.

“At Truecaller, we constantly strive to offer the best user experience by adding unique features that fit in with our core mission: to make communication safer and more efficient for everyone. Truecaller has evolved into a powerful communication hub and for the people who wish to use the app to its fullest, we want to streamline the experience as much as possible for an efficient calling and messaging experience for our end user.”

Truecaller uses the same powerful algorithms used to identify spam callers in SMS as well. The SMS intelligence is built into the app itself and it can work offline – nothing leaves your device, including all OTPs, bank SMSes and financial information.

The feature also offers a Smart Inbox that identifies unknown SMS sender numbers and SMS sender IDs are resolved to business names with logos.

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