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Nigeria Records N735.6 Billion Worth of PoS Transactions in September 2022

The value of Point of Sales (PoS) transactions in Nigeria, hit a monthly all-time high of N735.6 billion in September when compared to the same period last year which recorded N556.36bn.

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The value of Point of Sales (PoS) transactions in Nigeria, hit a monthly all-time high of N735.6 billion in September when compared to the same period last year which recorded N556.36bn.

This is reportedly the highest-ever monthly record of transactions as the September figure shows a 32 percent increase when compared with the amount recorded in the same month last year.

Similarly, the volume of transactions on PoS went up as it increased by 14% year-on-year to 100.4 million in September 2022.

According to data released by the Nigeria Inter-Bank Settlement System, so far in the first 9 months of this year, Nigerians have spent a total of N6.05 trillion on PoS transactions. With 3 months before the year ends, the transactions recorded is almost the same amount recorded in the full year 2021, which stood at N6.4 trillion.

The NIBSS data further revealed that the transactions were carried out on over 1,484 million active terminals deployed by merchants across the country, indicating that a total of 568,488 additional PoS terminals have been deployed over the last 9 months as the number of deployed machines stood at 915,519 as of December 2021.

This reveals that a total of 568,488 additional PoS terminals have been deployed over the last 9 months as the number of deployed machines stood at 915,519 as of December 2021. 

However, it has been disclosed that there is still a gap between the number of registered PoS and the number of deployed machines.

According to NIBSS, a total of 2.164 million PoS machines had been registered across the country as of September this year, which showed that a total of 680,991 terminals are either yet to be deployed or have become inactive.

After the adoption of the cashless policy by the Central Bank of Nigeria (CBN) in 2011, PoS transactions have become the preferred option for Nigerians to make payments for goods and services.

It should be recalled that Investors King on September 3, 2022, reported that Nigeria’s Point Of Sale (PoS) Transactions Increased by 39% to N8.3 Trillion in 2022.

It has been predicted that the increase in PoS transactions will continue on this growth trajectory as the cashless policy of the Central Bank of Nigeria (CBN) and the introduction of the electronic naira (e-Naira) will bolster such transactions.

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

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Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

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Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

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The Nigeria Deposit Insurance Corporation (NDIC) has made a fervent plea to the Economic and Financial Crimes Commission (EFCC) to expedite the repatriation of recovered funds to its coffers to facilitate the timely reimbursement of depositors affected by bank failures.

During a recent meeting between the Managing Director of NDIC, Bello Hassan, and the Executive Chairman of the EFCC, Ola Olukoyede, at the NDIC headquarters in Abuja, Hassan stressed the importance of enhanced collaboration between the two agencies in recovering depositors’ funds lost due to bank failures.

Hassan emphasized that the return of recoveries made by the EFCC on behalf of the NDIC would significantly contribute to the prompt reimbursement of affected depositors.

He commended the EFCC for its unwavering efforts in combating corruption and financial crimes, highlighting its crucial role as a key member of the Taskforce on Implementation of the Failed Banks Act chaired by the NDIC.

The NDIC boss also highlighted the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk at the EFCC in 2022.

He disclosed that several high-profile cases referred to the EFCC were currently under investigation.

In response, Olukoyede reiterated the EFCC’s commitment to collaborating closely with the NDIC to combat financial crimes and safeguard the integrity of the Nigerian banking sector.

He pledged to intensify efforts to repatriate recovered funds promptly, acknowledging the interconnectedness between criminal activities and bank failures.

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