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Coronavirus Pandemic hype Mobile Money Transactions in Nigeria
Coronavirus Pandemic hype Mobile Money Transactions in Nigeria
With Nigerian businesses struggling and trying to adjust because of coronavirus lockdown measures, the use of mobile money and “no-touch”, cashless transactions in the business are developing quickly. The use of mobile money/transfers grew by almost 15 percent in March, and experts say the practice is expected to become even more common as the pandemic continues.
“Cashless Payments Only” is an inscription at the entrance of Washme laundry in Nigeria’s capital, Abuja.
Laundry manager Paul Godiya says it’s a recent measure to limit physical contact with cash to prevent the spread of COVID-19.
“There are different people that come here from different places and money is generally accepted which is coming from different people and is circulating from different angles. It may be that Mr. A has this disease or Mr. B has this disease. So, in the process of circulating it may get to me and affect me,” Godiya said.
With more businesses like this Abuja laundry switching to payment technology to ensure health and safety during the coronavirus pandemic, the mobile money industry is experiencing significant growth.
Analysis by the Nigeria Interbank Settlement Scheme (NIBSS) shows mobile money transactions went up by 14.5 percent between February and March – a period when the virus was first reported in Nigeria.
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Mobile money agents like Isaac Odah, whose business has been booming say the trend has continued to increase since the pandemic.
“We are rendering essential services, so our services are not something you can do without because people transact, people pay for one or two things every day, and will need money to carry out such transactions. That’s why our services are booming during this pandemic,” Odah said.
As Africa’s largest nation, Nigeria is a huge market for mobile money and financial technology operators. But for many years restrictive government regulatory policies limited investment in this sector.
In 2018, Nigeria’s Central Bank relaxed the restrictions, with the aim of having 80 percent of Nigerian adults use mobile money by 2020. Last December, it issued a license to fifteen mobile money operators.
Financial technology expert, Raphael Inusa, says the pandemic could fast track this goal.
“There has been a steady growth or increase in the fintech sector. And even way before the coronavirus hit Nigeria, the fintech sector had attracted a lot of foreign investments, from VISA investing in Interswitch, to Flutter wave to several other fintech companies. But the coronavirus pandemic has accelerated a whole lot, we now have increased transactions online,” Inusa said.
Apart from favorable government policies, the expansion of Nigeria’s internet penetration by about 20 percent in the last two years is also enabling the mobile money industry to thrive in the West African nation.
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Kogi state governor, Yahaya Bello, has approved the implementation of N30,000 as minimum wage for the workers in the state.
The secretary to the state government, Folashade Ayoade disclosed this on Tuesday after an extensive meeting with the organized labour in Lokoja
She blamed the delay in the implementation on the inability for the committee to meet regularly due to the covid-19 pandemic which has been overcome.
The SSG equally commended the organised labour for their understanding and patience, which she said has resulted into the signing of the implementation of the new minimum wage.
Read Also: FCTA Set to Implement Minimum Wage for FCT Workers
Author: Eunice Johnson, Abuja
The Central Bank of Nigeria (CBN) has put Deposit Money Banks (DMBs) on notice that it will stop selling forex to them by the end of 2022. CBN Governor Godwin Emefiele made this known in Abuja on Thursday at the end of the Bankers’ Committee Meeting where he also introduced the RT200 Programme.
Emefiele said the time had come for the banks to go out there and source for forex by funding entrepreneurs with ideas. The CBN, Emefiele said, will support the banks by granting rebates and other support until the banks find their feet in sourcing their forex by themselves.
He also disclosed that the apex bank’s policies and measures have led to a significant improvement in diaspora inflow from an average of US$6 million per week in December 2020 to an average of over US$100 million per week by January 2022. He added that the CBN would be reviewing these intervention programmes going forward to ensure that they continue to achieve the desired results.
He said international bodies, including some embassies and donor agencies, have been complicit in illegal forex transactions that have hindered the flow of foreign exchange into the country.
Read Also: CBN Encourages Nigerians to Accept E-Naira
Author: Gift Wada, Abuja
The Comptroller General of Customs Col. Hameed Ibrahim Ali (Rtd.) has approved the deployment of 37 Comptrollers to various Units, Departments and Commands across the country.
This was disclosed in a release signed on Tuesday by the Customs Deputy National, DC Timi Bomodi for the Comptroller General of Customs.
Among those deployed are the present National PRO of Customs Comptroller Joseph Attah who will assume the office of Area Controller of Kebbi Command, Comptroller AAS Oloyede who shall be moving from ICT/MOD to Tin Can Island Port Command, while Comptroller SI Bomoi to FCT Command. Other postings are Comptroller BA Jaiyeoba to Oyo/Osun Command, Comptroller A Dappa-Williams to Eastern Marine Command, Compt. MA Umar Kano/Jigawa, Compt. KC Egwuh ICT/MOD, Compt. LM Mark Enugu/Anambra/Ebonyi, Compt. T Tachio CTC Kano, Compt. AA Umar Western Marine, Compt. M Dansakwa North Eastern Marine, Compt. AC Ayalogu T & T and Compt. KD Ilesanmi will assume duty as Comptroller Board among others.
Ali in postings released on 7th of February, charged the newly posted Comptrollers to justify the confidence reposed in them by NCS Management by bringing to bear their years of experience and training in trade facilitation and anti-smuggling activities on their new assignment.
Given the enormous expectations of government regarding revenue generation in the current year, the Comptroller General reiterated the need for all Area Controllers and Unit heads to take full charge of the affairs of their Commands by ensuring absolute compliance with extant fiscal policies while leveraging on the efficient management of data to optimize trade facilitation and revenue collection.
Furthermore, the CGC directed all officers to be extremely vigilant in protecting the lives and wellbeing of Nigerians by ensuring the full fortification of our borders against the incursion of smugglers and other cross border criminals.
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