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Financial Inclusion Drives Digital Payment up 16% in 2018 — EFInA

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  • Financial Inclusion Drives Digital Payment up 16% in 2018 — EFInA

The newly unveiled 2018 access to financial service in Nigeria survey findings released by EFInA has revealed that there was a significant increase in digital payment from 12 per cent in 2016 to 16 per cent in 2018.

In a statement, the usage was driven by the deepening of financial inclusion.

The survey explained that the main barriers to financial inclusion remained lack of product/services awareness and knowledge, institutional exclusion and affordability.

According to the survey, “Banked population went up by 1.4 per cent. The growth has been driven by transaction products. A number of adults relying on informal mechanism only increased significantly as more adults moved into informal employment. Payments were mostly cashed based, driven by the size of the informal sector.”

Speaking at the unveiling ceremony in Lagos, the Chief Executive Officer, EFInA, Esaie Diei, noted that though the country was still far from meeting the target of reaching full financial inclusion,the EFInA in partnership with the key stakeholders would ensure that by 2020 they would get to the target.

He commended the Central Bank of Nigeria for issuing the payment service bank guideline, stating that the newly released survey would help stakeholders understand the position of activities in the financial services sector and what needed to be done.

According to the statement, the Director-General, Nigerian Insurers Association, Mrs. Yetunde Ilori, lauded EfInA’s for the continued release of credible market information on the Nigerian financial sector;

She also noted that the data from the research done had continued to be the most credible information needed by the industry for market development, product pricing and planning purposes.

Ilori added that the yearly report “gives a deeper analysis of our market and throws up potential opportunities that need to be realised.”

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 long experience in the global financial market.

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Finance

Remove Face Mask When Using ATM, Banks Tell Customers

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Face Mask May Cause ATM Transaction Failure, Banks Tell Customers

Deposit Money Banks have said due to their face recognition technology, customers wearing face masks may experience service failure while using the Automated Teller Machines (ATMs).

In an email issued to customers by Fidelity Bank, the bank said why the use of face masks is important to curb the spread of COVID-19 pandemic, customers should remove when performing ATM transactions.

The bank said “Wearing of face masks is a safety and precautionary measure we must all adhere to in this period of the COVID-19 pandemic.

“However, we advise that you remove your face mask while making withdrawals or carrying out ATM transactions to allow our ATM properly recognise you.

“Fidelity Bank ATM machines have face detection features installed to curb incidences of fraudulent ATM withdrawals.

“Consequently, you may not be able to carry out any transaction if our ATMs are not able to properly recognise you. We apologise for the inconvenience that this may cause you.”

Meanwhile, Guaranty Trust Bank plc continues to ease accessibility for all customers and advised customers to protect themselves.

GTBank said, “When visiting any of our branches, kindly protect yourself by wearing a face mask at all times. It is also very important that you keep a safe distance when in a queue inside or outside the branch.

“Before visiting any of our branches, please remember that you can withdraw up to N150,000 at all our ATMs and that you can do most of your banking from the safety of your home.”

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Finance

Access Bank in Talks to Acquire Cavmont Bank

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Access Bank to Acquire Cavmont Bank in Zambia

Access Bank Plc on Wednesday announced that its wholly-owned subsidiary in Zambia, Access Bank Zambia Limited (Access Bank Zambia) is in talks to acquire Cavmont Bank Limited, a subsidiary of Cavmont Capital.

According to the statement signed by Mr. Sunday Ekwochi, Company Secretary, Access Bank and released on the Nigerian Stock Exchange website on Wednesday, the ongoing discussions is to acquire 100 percent of Cavmont Capital’s interest in Cavmont Bank.

However, the lender said “there can be no certainty that a transaction will be agreed, nor as to the terms of any such agreement.

“The completion of a transaction would be subject to formal regulatory approvals. Access Bank will be updating the market as appropriate and in accordance with its disclosure obligations.”

The lender, therefore, advised shareholders to exercise caution when dealing in Access Bank’s securities.

Investors King Ltd note: This announcement further threw more lights on the recent purchases of Access Bank’s shares by Herbert Wigwe, the Chief Executive Officer and Managing Director, Access Bank.

The CEO/MD purchased 7.532 million of Access Bank‘s shares in the last one month.

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Mohammed Umar is the New Acting Chairman of EFCC

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Buhari Appoints Mohammed Umar as EFCC Acting Chairman

President Muhammadu Buhari has appointed, Mohammed Umar, the director of operations at the Economic and Financial Crimes Commission (EFCC), as the new Acting Chairman of the agency, according to the NAN.

A top official of the commission confirmed to NAN that Umar has taken charge of the agency following the suspension of Ibrahim Magu, the former acting Chairman.

Ibrahim Magu was suspended by the President on Tuesday following series of allegations bordering on frauds, financial misappropriations and abuse of power.

 

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