The Nigeria Inter-Bank Settlement System (NIBSS) has revealed that payment of utility bills through electronic means has risen to N2.63tn in 2022.
According to NIBSS Data sighted by Investors King, N2.63tn was recorded on e-bills payment from January 2022 to November 2022 as against N2.05tn of 2021 which amounts to 28.14 per cent increase.
Investors King reports that the electronic bills volume dropped by 31.99 per cent from 841,796 to 1,111,087 in the first 11 months of 2022.
“E-BillsPay is an electronic bill payment platform that facilitates the payment of bills, fees, levies, premiums, and subscriptions, etc. by the banking public through electronic payment channels provided and managed by banks.
“The touch points for these payments include bank branches, Internet banking, mobile banking, USSD, and agent networks,” NIBSS explained.
In an interview, a telecom expert who pleaded anonymity posited that the increase in electronic payment will persist considering the Central Bank of Nigeria’s new policy on cashless transactions.
The CBN’s Naira Redesign Policy including its revised cash withdrawal limits encourages use of alternative channels like internet banking, mobile banking apps, USSD, cards/POS, eNaira and so on for payments and banking transactions.
According to the expert, people have opted for the e-payment method rather than cash payment due to its speed and avoidance of long queues at paying centers.
He stated that mobile adoption in various market spaces, convenience and speed are driving forces of the growth of electronic payments in the country.
“Convenience and speed are the two key drivers for it. Now that we are talking about financial inclusion with PSBs and other mobile money in areas without access to banks, people can use phones to carry out financial transactions.”
“Mobile is driving this adoption fast. As I have said, mobile enables on-the-go payment. It is not location-based. Mobile is the way to go; mobile is what is driving adoption,” he stated.
Fintech Company, Grey, Unveils New Look to Support its Global Expansion Strategy
Grey, a leading cross-border fintech company, has embarked on a significant global brand rebranding initiative, revealing a fresh logo and website design.
This strategic move aligns with the company’s dynamic plans to expand its footprint in the global market.
The company’s transformation was unveiled on its social media platforms on Monday, November 27, 2023. Grey aims to leverage this fresh identity to reach a broader audience and solidify its international presence. The updated brand assets visually represent Grey’s commitment to innovation, excellence, and global connectivity.
The rebranding initiative follows closely on the heels of Grey celebrating a milestone achievement of surpassing 500,000 users. The company’s rapid growth and expanding user base have spurred this bold step towards rebranding, symbolizing success and underlining its dedication to remaining at the forefront of global fintech innovation. Furthermore, the previous logo was not usable in some foreign markets due to trademark conflicts with another company.
Idee Obong, The CEO and founder of Grey, shared insights into the rationale behind the rebranding, stating, “As we chart our course toward serving a global audience, we recognized the need for trademarks and related processes. We identified similarities with existing marks during this evaluation, prompting a deliberate rebrand. The new logo and website signify our forward trajectory, emphasizing global connectivity and our commitment to creating a more interconnected world. Our focus remains on being people-centric and cultivating a lasting community.”
Grey’s brand evolution is occurring at a crucial juncture for the fintech industry, which is positioned for significant opportunities despite recent economic uncertainties. The fintech sector has faced challenges in the past year; notwithstanding, Grey has rapidly scaled, adeptly responding to the heightened demand for its services.
The company has also established key partnerships across both B2B and B2C sectors across Africa over the past months, solidifying its reputation as a trusted and reliable cross-border payments company.
Femi Aghedo, Co-founder of Grey, emphasized the strategic timing of the brand evolution, stating, “The timing simply felt right to evolve our brand. Our growth and evolution as a business needed to be reflected tangibly. We are dedicated to ongoing innovation, adapting our services to meet the dynamic needs of our customers. Our core mission is to provide seamless and secure cross-border payment solutions, empowering businesses and individuals in the global economy. We eagerly anticipate the future of fintech and the opportunities it presents for us to impact the industry positively.”
Furthermore, customers can expect a more innovative and interconnected user experience when engaging on their platforms. As Grey ventures into this exciting new chapter, the team remains committed to providing cutting-edge and secure cross-border payment solutions, fostering global connectivity, and contributing to the evolving landscape of the fintech industry.
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Kenyan Court Clears Flutterwave of Money Laundering and Fraud Allegations
African fintech firm Flutterwave can breathe a sigh of relief as the high court in Kenya has granted the country’s Asset Recovery Agency (ARA) permission to withdraw its second and only remaining case against the payments company.
The withdrawal of the case by the ARA follows further investigations, which established that Flutterwave was not involved in criminal activities, including money laundering and fraud.
The latest development concludes a legal saga that began when the ARA initially froze $52.5 million in Flutterwave’s accounts and sought to establish that these funds were proceeds of crime. The case was closed in March, with the release of the $52.5 million, after the ARA withdrew its initial case.
This legal victory is significant for Flutterwave, which has been in the process of acquiring a payments service provider and remittances license from the Central Bank of Kenya. Last year, the Central Bank of Kenya had flagged Flutterwave for operating without the required license.
The judge’s ruling also highlighted the negligence and recklessness of the ARA in commencing legal proceedings without completing its investigations, leading to potential civil or tortious liabilities falling solely on the agency’s director and the investigator rather than being imposed on the Kenyan government or public funds.
This development comes as Flutterwave intensifies its efforts to expand its fintech services in Kenya and other markets, offering payment solutions for businesses and individuals across Africa.
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