Can Neobank/Fintechs sustain a zero charge strategy in Nigeria? -on July 3
Inclusion Times examined the continuity of lower interest rates and zero charges on deposits and withdrawal offers by Neobanks/Fintechs in Nigeria, as many have struggled, especially with Nigeria's unstable economy and the harsh realities in the fintech ecosystem. Read here
Over 50 Million Verve cards were issued in Nigeria - on July 7
In early July, Verve International, a subsidiary of Interswitch, announced it had issued more than 50 million cards across Nigeria, making it one of the most preferred payment cards in Nigeria's financial industry. This commendable achievement signalled significant progress in the country's financial inclusion agenda in 2023. Read here
Flutterwave launched a new payment product, Tuition - on July 12
With Nigeria leading the ranks with the most students studying abroad, Flutterwave launched a new payment product, Tuition, that would help Nigerians who look to study anywhere globally worry less about the challenges related to paying fees and enable users in Nigeria and Africa conveniently pay fees to educational institutions like high schools, universities and colleges within Africa and abroad by using the Naira or any local currency. Read here
Central Bank lifted its ban on Naira payout for diaspora remittance - on July 13
The Central Bank of Nigeria has authorised banks and International Money Transfer Operators (IMTOs) in Nigeria to commence remittance payment of the Naira to beneficiaries. It is ending a three-year ban on banks and other financial institutions from paying beneficiaries in Naira, making the Naira optional in addition to the US dollars and e-Naira. Read here
Access Bank made strategic acquisitions in Sub-Saharan Africa - on July 14
Access Bank had completed the acquisition of majority shares of Finibanco (an Angola Commercial Bank) and was also set to acquire the sub-saharan subsidiaries of Standard Chartered Bank. These deals will see Access Bank expand its territorial dominance across Angola, Cameroon, Gambia, and Sierra Leone. Read here
The CBN revoked over 2000 licences of BDC operators - on July 21
The Central Bank of Nigeria has withdrawn the licenses of about 2,698 Bureau de Change operators in Nigeria as it strives to establish stability in the parallel market and unification across the forex market in the country. Read here
