Industry News

Retail Banking Without Branches: 7 Critical Elements of the New Reality

In the blink of an eye the world of retail banking has changed. Traditional branch banking, long a pillar of the sales strategy for financial institutions, has all but disappeared. Furthermore, consumer habits and behavior have permanently changed. When the current health crisis is finally behind us, we will not be returning to the high-touch […]
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How the COVID-19 crisis may affect electronic payments in Africa

The COVID-19 pandemic is a global health crisis and a global humanitarian blight. In Africa, thousands of lives have been lost, and our initial estimates suggest that one-third of the working population could either lose their jobs or have their salaries reduced as the lockdowns, curfews, border closures, and shutdowns continue. A level of disruption is […]
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Financial Inclusion Does not only mean Walking into a Bank or Using a Phone to Make Transactions – NDIC

The managing director and CEO of Nigeria Deposit Insurance Corporation [NDIC] Alhaji Umar Ibrahim said that the Central Bank of Nigeria [CBN] financial inclusion strategy is more than having engagements with the bank. Ibrahim said, “Financial inclusion does not only mean walking into a bank or using a phone to make transaction, but also allowing the citizen […]
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Instant bank transfers rise to N41.48tn in five months

The value of transactions via the Nigeria Interbank Settlement System Instant payment system rose to N41.48tn in five months of this year as banks, fintechs and telecommunications companies intensify efforts to deepen financial inclusion. This is a 36 per cent increase in the value on the transactions compared with N30.448tn transactions in the first five months […]
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Bank’s e-transactions hit N34tn in Q1

A total volume of 557,083,712 transactions valued at N34.02tn were recorded in Q1 2019 as data on Electronic Payment Channels in the Nigeria’s banking sector. The National Bureau of Statistics disclosed this in a report on Selected banking sector data: Sectorial breakdown of credit, ePayment channels and staff strength. NIBSS Instant Payments transactions dominated the volume […]
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Beyond Mobile Payments: Going up The Value Chain of Fintech in Africa

Amadou Sy Sub-Saharan Africa has become the global leader in mobile money adoption, usage, and innovation. The challenge now is to go beyond the success in payments to meet the unmet demand in the region for other, underdeveloped financial services that can facilitate the digitalization of other segments of the economy. In a new report, my colleagues […]
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Payments System Vision 2030: CBN Begins Implementation

The Central Bank of Nigeria (CBN) has started the implementation process of Payment System Vision 2030 strategy, which will define the strategic agenda for the Nigerian Payments System over the next ten years. The new Payments System is coming just one year after the introduction of Payment System Vision (PSV) 2020. The information is contained in an official […]
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CeBIH will expedite financial inclusion leveraging digital -Stanley

Committee of E-Business Industry Heads (CeBIH) will promote digital solutions targeted at the bottom of the pyramid in a bid to expedite access to financial services across the country. Newly elected Chairman CeBIH, Mr. Stanley Jacob stated this in his acceptance speech at the election of new executives held in Lagos at the Keystone Bank headquarters. Stanley, who is also the […]
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