- CBN, Banks Target 50 Million Unbanked Nigerians with SAN
The Central Bank of Nigeria, Deposit Money Banks, licensed mobile money operators and super agents have agreed to roll out 500,000 Shared Agent Network to accelerate financial inclusion in Nigeria.
The agreement would enable them to fund the expansion of SAN to deepen financial inclusion in the country.
The agreement entails an aggressive rollout of 500,000 agent network within two years to offer basic financial services, such as cash-in, cash-out, funds transfer, bill payments, airtime purchase, government disbursements as well as remote enrollment on BMS infrastructure (Bank Verification Number) to an estimated 50 million Nigerians that are currently under-banked or unbanked.
Ten licensed mobile money operators and super agents are expected to deploy financial services agents or outlets immediately in underserved urban and rural areas in Nigeria, with higher priority in the Northern geo-political zones where financial exclusion is most predominant.
According to a statement, the approved CBN–Bankers Committees’ rollout ratio are: North-East 30 per cent; North-West 30 per cent; North-Central 20 per cent; South-South 7.5 per cent; South-East 7.5 per cent; and South-West five per cent.
The statement noted that some of the prequalified CBN-licensed operators include Capricorn Digital Limited, Cellulant Nigeria Limited, eTranzact Limited, Innovectives Limited, Inlaks Limited, Interswitch Financial Inclusion Services Limited, Paga Tech Limited and Unified Payments Nigeria Plc.
According to the plan, the CBN and Nigerian banks will over the next few months also roll out new initiatives, products and services to accelerate and deepen financial inclusion in the country.
To this end, renewed focus will be given to driving low cost digital access, broadening financial literacy campaigns, and creating micro loans, micro insurance and micro investment products for the benefit of excluded, underserved and low-income Nigerians.
Commenting on the Shared Agent Network expansion programme, the Chairman, Body of Bank CEOs, Mr. Herbert Wigwe, who is also the Chief Executive Officer of Access Bank Plc said, “This agreement reflects our commitment to aggressively pursue the CBN 2020 financial inclusion target in an integrated way with minimal systemic risk to the financial system. This initiative will also generate over 500,000 new jobs over the next two years”.
Commenting on behalf of the mobile money operators, the founder and CEO of Paga, Tayo Oviosu, was quoted as saying, “To significantly grow financial inclusion in Nigeria we need to offer truly effective digital financial services that operate on all mobile telecom networks and a robust nationwide network of agents for convenient access.”
“The Shared Agent Network Expansion programme supports our plans to rapidly scale up the agent network over the next year. With this expansion program, the entire financial industry will reach deeper into even more communities and give millions of Nigerians convenient access to financial services.”
Investors Oversubscribed for FGN Bonds by N205.87 Billion in October
FG October Bonds Oversubscribed by N205.87 Billion
The Debt Management Office (DMO) has said investors oversubscribed for the Federal Government’s October bonds by N205.87 billion.
The DMO stated this after concluding the monthly FGN bonds auction on Wednesday.
Two instruments of 12.5 per cent FGN March 2035 re-opening 15-year bond and 9.8 per cent FGN July 2045 re-opening 25-year bond were auctioned.
The two bonds of N15bn each with a total auction figure of N30bn received a subscription of N235.87bn.
The 15-year tenor and 25-year tenor bonds received 99 and 67 bids but recorded 21 and 26 successful bids respectively.
The amounts allotted for each of the bids were N20bn and N25bn respectively.
According to the DMO, successful bids for the 15-year tenor bond and 25-year tenor bonds were allotted at the marginal rates of 4.97 per cent and six per cent respectively.
However, it added, the original coupon rates of 12.5 per cent for the 12.5 per cent FGN March 2035 bond and the 9.8 per cent for the 9.8 per cent FGN July 2045 bonds would be maintained.
Lafarge Africa Sustains Growth in Third Quarter, Reports N53.3bn Revenue
Lafarge Africa Grows Revenue by 31.4 Percent to N53.3bn Revenue in Q3 2020
Lafarge Africa Plc, a cement manufacturer headquartered in Lagos, sustained its strong growth in the third quarter (Q3) ended September 30, 2020.
In the company’s financial results released on the Nigerian Stock Exchange on Friday, the cement manufacturer’s revenue rose by 31.4 percent from N45.172 billion posted in the third quarter of 2019 to N59.337 billion in the third quarter of 2020.
Similarly, operating profit grew by 7.2 percent from N7.746 billion in the corresponding quarter to N8.302 billion in the quarter under review. This strong performance continues across the board as net income expanded by 2.8 percent to N4.867 billion, up from N4.734 billion posted in the third quarter of 2019.
Lafarge earnings per share rose by 2.8 percent to 30 kobo in the third quarter, again up from the 29 kobo posted in the same period of 2019.
On the outlook for the company going forward, the company said:
Market demand is expected to remain strong in Q4.
Naira devaluation and inflation remain a concern in Q4.
The implementation of our “HEALTH, COST & CASH” initiatives would continue to deliver
improvement in our performance.
We will maintain a healthy balance sheet.
Speaking on the company’s performance, Khaled El Dokani, CEO, Lafarge Africa Plc, said “Our robust results for the first 9 months reflect the strong recovery of the demand in Q3 and the successful implementation of our “HEALTH, COST & CASH” initiatives. Both have delivered considerable improvement in recurring EBIT, net income and free cash flow, despite the impact of the COVID-19 pandemic and Naira devaluation, particularly in Q3.”
Despite COVID-19 Pension Assets Hit N11.4 Trillion
Total Pension Assets Expand to N11.35 Trillion
The National Pension Commission has revealed that the total pension assets rose to N11.35 trillion as of the end of August 2020 despite the COVID-19 pandemic that disrupted businesses and economic productivity.
According to the latest figures from the National Pension Commission, the commission assets expanded from N11.08 trillion in June 2020 to N11.3 trillion in July.
The report noted that 66.27 percent or N7.51 trillion of the funds had been invested in the Federal Government’s securities.
While some of the funds were also invested in domestic and foreign ordinary shares, corporate debt securities, local money market securities and mutual funds.
In the commission’s second quarter (Q2 2020) report, it said that following “the issuance of demand notices to some defaulting employers whose outstanding pension contribution liabilities had been established by recovery agents, 16 of the affected employers remitted N261.33 million during the period.
“PenCom said this represents a principal contribution of N152.79 million and penalty of N108.54 million during Q2 2020.”
In the commission’s Q2 2020 report, it said “the pension fund administrators (PFAs) 2,839 contributors under the micro pension plan, remitted a total of N7.4 million to the RSAs as pension contributions.”
Also in the same quarter, it said the PFAs recaptured 56,990 RSA holders and uploaded their data to the enhanced contributory registration system (ECRS).
PenCom further said the growth in the industry’s membership was driven by the RSA scheme, which had an increase of 41,147 contributors, representing 0.46 percent.
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