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FG to Disburse of N220Bn MSME Fund Today-CBN

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Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN) has said that President Goodluck Jonathan will today begin the disbursement of the N220billion Micro, Small and Medium Enterprises (MSMEs) development fund.

Emefiele, disclosed this yesterday in Abuja while speaking at the 8th annual MSME finance conference.

The conference with theme “MSME financing in Nigeria: Past, present and future” was conceptualized to look at the MSME finance sub-sector from a holistic perspective.

Sixty per cent of the fund has been earmarked for providing financial services to women in order to address their peculiar financial exclusion circumstances.

Based on the guidelines of the fund, each state of the federation would be able to access the sum of N2bn which would be administered to beneficiaries at an interest rate of nine per cent.

It would be recalled that the apex bank had signed Memorandum of Understanding with  governors from Delta, Akwa Ibom, Osun, Oyo, Bayelsa, Gombe, Zamfara, Enugu, Ondo and Benue state to access the fund.

Also, two per cent of the fund would be made available for economically active physically challenged entrepreneurs.

Speaking at the event, Emefiele said since the economy in recent time had been driven by growth in the non oil sector, there is need to provide affordable and efficient finance services for MSMEs.

He said, “In the last seven years,our economy expanded by seven per cent and in the first quarter of 2014, the real Gross Domestic Product grew by 6.2 per cent mainly driven by an 8.2 per cent growth in the non oil sector.

“However, sustaining the developmental strides with inclusive growth would depend largely on provision of affordable and efficient financial services for MSME particularly the micro enterprises who account for about 90 per cent of MSME in Nigeria.

“It is imperative that this segment of the financial system be strengthened in order to forestall the social adverse consequences of financial exclusion.”

He said access to finance has a multiplier effect on the economy as it would have the much needed catalytic effect on job creation and poverty reduction.


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E-Financial

Access Bank Staff Arrested for Allegedly Stealing from Customers’ Accounts

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The Katsina State police command, on Thursday, paraded one Adewumi Gabriel, Head of ATM Operations of Access Bank Daura branch, for conspiring with a colleague to steal the sum of N18 million from a customer’s account.

Adewumi confessed to conspiring with David Mesioye, now at large, using their expertise of the bank’s operations to carry out the theft discovered during an audit.

Spokesperson of Katsina State Police Command, Abubakar Aliyu said, some of the exhibits recovered from Adewumi include the sum of N10.18million from his different bank accounts and a physical cash of N366,900, among other valuables.

In a separate incident, Bishir Abdullahi, a 37-year-old resident of Sokoto State, was arrested at an Old Generation Bank ATM in Katsina with 14 stolen ATM cards in his possession.

According to Sadiq, the suspect was a notorious fraudster who specialised in swapping ATM cards of unsuspecting members of the public at ATM points.

He explained that the suspect was arrested by a police officer on duty at the bank’s branch of Tudun Katsira quarters in the Katsina metropolis, following suspicious activities around the ATM machine.

“Upon instant search, 14 suspected stolen ATM cards of different banks were found in his possession.

“Preliminary investigation revealed that the suspect had been using the stolen ATM cards to withdraw sums of money from his victims’ accounts.

“The total amount withdrawn by the suspect from the victims’ accounts is N2.705million. The suspect will be charged to court upon completion of the investigation.”


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PalmPay Reaffirms Commitment to Combating Financial Fraud

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PalmPay, a leading fintech company in Nigeria, has reiterated its commitment to combating financial fraud through cutting-edge technology. This was emphasized during a high-level courtesy visit by the company’s Managing Director and management team to the Nigerian Financial Intelligence Unit (NFIU).

Addressing the growing prevalence of fraud in the country, Chika Nwosu, Managing Director of PalmPay Limited, stressed the need for robust collaboration between fintech companies and government agencies. “At PalmPay, we believe that a secure financial ecosystem is the foundation for a thriving digital economy,” he stated.

“Our partnership with the NFIU underscores our dedication to supporting Nigeria’s anti-fraud and anti-money laundering (AML) efforts. Together, we aim to ensure a safer digital experience for all Nigerians.”

Chika also highlighted the significant rise in electronic payment transactions across Nigeria’s financial system, underscoring the importance of proactive measures to address emerging threats.

PalmPay reaffirmed its support for the NFIU’s mission to safeguard the country’s financial infrastructure. The company outlined plans for close collaboration with the agency, including knowledge-sharing initiatives, stakeholder training programs, and the development of innovative solutions to combat fraud in the digital space.

Hafsat Abubakar Bakari, Chief Executive Officer of the NFIU, commended PalmPay for its proactive approach to financial security and its commitment to aligning with national and international regulatory frameworks. She emphasized the importance of continuous collaboration between private sector players and government institutions in the fight against financial crimes.

PalmPay’s visit to the NFIU reflects its vision of contributing to a secure, transparent, and inclusive financial ecosystem in Nigeria. As a fintech leader, PalmPay remains steadfast in its mission to create a digital economy where trust and security drive growth and innovation.

 


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AfDB, Italian Insurance Group Sign $6bn Deal to Foster Investment in Africa

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In a bid to provide credit protection to foster investment in Africa under the “Mattei Plan”, SACE, an Italian insurance-financial group and the African Development Bank Group (AfDB) have signed a $6bn deal.

The collaboration between SACE and AfDB is to sustain the development of initiatives with Africa’s public and private sectors, with additional opportunities for Italian businesses in education, agribusiness, healthcare, energy, water and infrastructure.

The signing took place during the African Investment Forum (AIF) 2024 Market Days currently underway in Rabat, Morocco. The AIF is a platform that helps develop bankable projects, secures funding, and facilitates deal closures. Its goal is to mobilize capital for key sectors, supporting the UN’s Sustainable Development Goals and Africa’s development agendas.

The collaboration agreement was signed by Michal Ron, chief international business officer of SACE responsible for the Overseas Network, and Hassatou N’Sele, AfDB’s vice president for finance and chief financial officer.

“The $6 billion Mattei plan to bolster economic links and create an energy hub for Europe, while curbing African emigration to Europe, was unveiled by Italian Prime Minister Georgia Meloni in February this year. The Italian Government and the African Development Bank Group have planned a series of joint initiatives to support the implementation of the Mattei Plan.”

This initiative establishes synergies between SACE’s products, such as the Push Strategy as an untied export credit product, traditional export credit insurance, and the financial products offered by the African Development Bank Group.

It will support the financing of high-impact projects in Africa while jointly generating opportunities for business matching between African and Italian companies.

The initiative brings together SACE’s products, including untied export credits, traditional export credit insurance, and financial solutions from the AfDB. The collaboration aims to finance high-impact projects in Africa while fostering business partnerships between African and Italian companies.

“Africa represents a market of great potential for our companies, and our collaboration under the “Mattei Plan” will strengthen their positioning in key sectors for the continent’s development, in line with the purpose of the Mattei Plan,” said Ron.

“In particular, we are already identifying new business opportunities where SACE can make a difference thanks to the Push Strategy, a financial instrument that, through guarantees, connects African buyers with Italian SMEs, involving them in strategic projects related to infrastructure, agribusiness, healthcare, energy, and education: priority sectors where Made in Italy, with SACE’s support, can offer a significant contribution.”

The collaboration also looks to expand commercial relations between Italy and Africa, encouraging the business of Italian companies interested in operating on the continent in priority sectors of the Mattei Plan: education and training, agriculture/agro-industry, healthcare, energy, water, infrastructure, including digital economy infrastructure.

 


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