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MTN Nigeria’s MoMo Formally Commences Operation

MoMo has commenced a full commercial Payment Service Bank operations, today, 19th May, 2022

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MTN

MTN Nigeria’s subsidiary company, MoMo has commenced a full commercial Payment Service Bank (PSB) operations, today, 19th May, 2022.

This comes after a successful trial that began on May 16, 2022, to commemorate the start of MTN’s GSM operations on May 16, 2001, and MTN’s listing on the Nigerian Exchange Limited on May 16, 2019.

Investors King had reported the CBN’s approval of this process some months back stating; “This is the first step in the process towards a final approval, subject to the fulfillment of certain conditions as stipulated by the CBN. The decision to issue a final approval is firmly within the regulatory purview of the CBN and we respect their right and judgment in that regard.

“MTN Nigeria affirms its commitment towards the financial inclusion agenda of the CBN and the Federal Republic of Nigeria and continues to explore means whereby it can contribute to its fulfillment…”

MoMo PSB is determined to enable millions of Nigerians to access a broad range of financial service products. With an expansive agent network of over 166,000 active agents and digitized partnership infrastructure, MoMo PSB will continue to expand its agent network in order to serve Nigerians across the country and eliminate friction from routine transactions by digitizing cash payments.

Customers can open a MoMo wallet, send money to any phone number in the country, and pay their bills by dialing *671# from any network.

Furthermore, MoMo wallets will allow Nigerians in the Diaspora to send money to any phone number in the country in the future, a crucial feature considering Nigeria’s position as the top recipient of remittances in Sub-Saharan Africa.

“We are grateful to the Central Bank of Nigeria (CBN) for their support and guidance through the process,” said Karl Toriola, CEO of MTN Nigeria. “This is an important milestone for MTN Nigeria in our mission to support the government’s drive towards financial inclusion in Nigeria.

Not just for those in urban centers and markets, but also people in the rural and remote areas of the country who remain excluded from the financial system,” he added.

MoMo PSB CEO, Usoro Usoro said: “Providing easy to use, accessible and affordable financial services to all Nigerians is essential to executing the CBN’s financial inclusion strategy and the digital inclusion agenda of the Minister of Communications and Digital Economy. We look forward to playing our part and are excited about the opportunities to partner with relevant institutions across various sectors to co-create and expand access nationwide.”

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Finance

CBN Offers Farmer N131 Billion Loan Guarantee

The Central Bank of Nigeria (CBN) through its Agricultural Credit Guarantee Scheme Fund (ACGSF) has guaranteed loans estimated at N13.903 billion for farmers across the country.

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Food Security - Investors King

The Central Bank of Nigeria (CBN) through its Agricultural Credit Guarantee Scheme Fund (ACGSF) has guaranteed loans estimated at N13.903 billion for farmers across the country.

The CBN disclosed this on Thursday at the national award ceremony for the 2021 Best Farmer of the Year Award organised by the ACGSF in Abuja.

According to Mr Stephen Okon, the Chairman ACGSF, “A total of 1,232,326 loans valued N130.903b were guaranteed from inception to May 2022 out of which 973,646 beneficiaries had repaid a total of N98.91b.”

In the Federal Capital Territory (FCT), ACGSF guaranteed a total of 82 loans worth N22.580 million between January to May 2022. This, according to Okon, brought the total loans guaranteed in FCT from the begining of the scheme in 1978 to May 2022 to 14,258 and at a value of N1.748 billion.

In terms of loan recovery, the Chairman said FCT farmers have repaid 11,726 loans worth N801.058 million since inception, adding that the positive result showed a high level of commitment of loan offers in FCT as well as the determination of the farmers.

“We do hope that before long, participants in the agricultural value chain in the FCT will take advantage of the opportunities provided in the Amended Act,” he said.

The ACGSF was created under in April, 1978 to de-risk agricultural loans by providing guarantees to deposit money banks offering loans to the agricultural sector.

Speaking on Thursday ceremony, Michael Onyeka Ogbu the Abuja Branch Controller, said the gathering shows CBN commitment to supporting hard work, innovation, and productivity in the agricultural value chain.

“To this end, the CBN challenges Nigerian farmers to explore our various agricultural interventions aimed at enhancing value addition to their output towards attaining food self-sufficiency, provision of raw materials to our manufacturing industries and also for export, which ultimately assists in diversifying and improving the foreign exchange earnings base of our economy,” he said.

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Banking Sector

FirstBank Launches Single-Digit Loan for Women-Owned Businesses, Reinforces its Role in Strengthening Gender Inclusion in Nigeria

First Bank of Nigeria Limited, has announced the launch of the FirstGem fund (FirstGem loan); a single-digit loan scheme, exclusively designed to put women at an advantage in contributing to the socio-economic development of the country.

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FirstBank Headquarter - Investors King

In furtherance of its role in promoting female entrepreneurship across the country, Nigeria’s premier banking institution and leading financial inclusion services provider, First Bank of Nigeria Limited, has announced the launch of the FirstGem fund (FirstGem loan); a single-digit loan scheme, exclusively designed to put women at an advantage in contributing to the socio-economic development of the country.

The FirstGem loan scheme is designed for female-owned or partnered SMEs  in the following sectors  Food/Beverage processing & Packaging, Beauty and cosmetics, Confectionaries, Catering & Restaurants, Transportation (Logistics) and Agric/Agro-Allied (retail value chain). With an interest rate of 9% per annum, FirstGem loan is a collateral-free loan that is available to the bank’s existing and prospective female customers. Based on eligibility, customers can access loans from N500,000.00 to N3,000,000.00.

To access the loan, Female owned or partnered SMEs can visit the Bank’s website – https://www.firstbanknigeria.com/personal/loans/more-financing-options/firstgem-funds/ – to download and fill out the Retail Loan Application Form. The completely filled form should be submitted to the nearest FirstBank branch with accompanying documents.

Speaking on the loan Folake Ani-Mumuney, Group Head, First Bank of Nigeria Limited said, “we are delighted with the role our FirstGem product plays in creating an avenue to enlarge the business activities and endeavours of female entrepreneurs across the country. Our FirstGem value proposition offers real solutions to constraints encountered by female entrepreneurs and working professionals, as it exposes women to opportunities for the advancement of their business. We implore every female business-minded individual to take advantage of the FirstGem loan as it puts them at an advantage to contribute their quota to the national economy.”

Launched in 2016, FirstGem has been impactful in driving financial inclusion, influencing women’s empowerment through gender-advancement programmes like savings culture, financial literacy, wealth  management and building an investment portfolio. FirstGem is  designed specifically to meet the needs of the female gender, aged 18 years and above.

FirstGem  is targeted at a broad spectrum of women, working professionals, entrepreneurs or market women through an array of benefits such as free business advisory services, access to finance, specialized training on business development initiatives (virtual  and physicalevents),  regular insights on business / investment  opportunities. and mouth-watering discounts at partner merchant outlets (spas, salons, grocery stores) offering  lifestyle products and services.

Recently, FirstBank announced its partnership with CDC Group, the UK Government’s development finance organisation to economically empower women-owned and led businesses as well as local small and medium-sized enterprises (SMEs) in Nigeria. The facility, which is in the sum of US$100 million will have a minimum of 30% allocated in the form of credit lines to women entrepreneurs. 

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Finance

Despite Paying $300 Million Debt, Nigeria’s Foreign Reserves Increased by $250 Million

Nigeria’s foreign reserves increased by $250 million in the last seven days to $39.138 billion despite the country redeeming a $300 million diaspora bond.

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Dollar

Nigeria’s foreign reserves increased by $250 million in the last seven days to $39.138 billion despite the country redeeming a $300 million diaspora bond.

According to the Debt Management Office (DMO), the five-year bond was issued on June 27, 2017 to finance the deficit of the 2017 Appropriation Act.

However, on June 27, 2022 the DMO announced that the Federal Government had redeemed the bond in a show of commitment to its obligations.

An analysis of the nation’s foreign reserves revealed that despite the huge payment, Nigeria’s reserves increased from $38.925 billion on June 24, 2022 to $39.135 billion on June 29, 2022, representing an increase of $250 million.

Still, Nigeria’s rising debt profile remained a concern given the nation’s weak revenue generation and rising population. Many experts have said rising debt and the cost of servicing debt is responsible for the nation’s weak infrastructure growth and other developments.

In the first quarter of 2022 alone, Nigeria spent N896.6 billion on debt servicing, according to data from the DMO. A total sum of N668.69 billion of the amount was spent on domestic debt servicing while another $548.79 million or N227.87 billion was dumped on external debt servicing.

In the first three months of the year, Nigeria’s total debt jumped by N2.04 trillion to N41.60 trillion, up from N39.56 trillion in the fourth quarter of 2021.

In a recent interview, the Deputy President of the Lagos Chamber of Commerce and Industry, Dr Gabriel Idahosa, said, “Essentially, our debt service is almost equal to our revenue. At some point, it was about 96 per cent of our revenue. So, really, we are borrowing to fund the government. Almost all our revenue is going into servicing debts. That’s what the numbers are looking like right now. At the beginning of the year, the estimate was that about 80 per cent of our revenue will go into debt service.

“If you look at revenue generated and debt serviced, they are almost equal. It means that everything we generate is actually going into servicing debts. That’s the situation we find ourselves and it’s going to continue unfortunately because the fuel subsidy estimate of N4trn this year, with the continuous rise in the price of crude oil, fuel subsidy could take as much as N6trn.”

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