E-Financial
Mobile Money Platform Gets Boost with Glo Xchange
Mobile money financial services in the country received boost with the launch of Glo Xchange, a mobile money agent network that is aimed at accelerating the mobile money revolution in the country.
Godwin Emefiele, Governor, Central Bank of Nigeria (CBN), said that the launch of the partnership in Lagos yesterday that the apex bank is determined to use telecommunications to deepen financial services in the country in order to reduce the 46 percent of the population that does not have access to financial services.
He noted that a functioning payment system will bring about economic growth. He added that: “it is my expectation that existing telecommunications operators form a synergy with mobile money operators to build Agent network, it is in view of this expectation that I’m delighted in the launch of Glo Xchange”.
He describes the initiative as first mobile money super-Agent network in Nigeria.
Kamaldeen Shonibare, head of corporate Sales, Globacom, said that Glo Xchange was painstakingly developed in partnership with licensed mobile money operators, Firstmonie, Ecobank, Stanbic IBTC and Zenith bank.
“With this initiative, Globacom has provided the requisite platform for our partner banks to deploy mobile money services. Glo Xchange will enable the banks’ current and potential customers to carry out transactions under the three areas of banking transactions- deposits, withdrawals and transfers. Our partners will leverage on our company’s Gloworld shops, Glo Zones and Dealers’ outlets as well as their extensive retail financial market experience and customer base to push the service nation-wide. Under this arrangement, Globacom will be required to provide agent recruitment, training and management service to Glo Xchange,” he said.
He explained further that Glo agents will serve all the banks’ mobile money customers and Glo Mobile subscribers whether they have bank accounts or not.
“The banks, on their part, will provide their mobile money platform to mobile subscribers in the compliance with CBN policy on mobile payments. It will also provide specialized trading platform and merchandising materials to the recruited agents while managing customer accounts and support services,” he stated.
Minister Commends Etisalat for Promoting Entrepreneurship Drive
Dr. Oluseguin Aganga, minister of Trade and Investment, has commended Etisalat Nigeria, Pan Atlantic University and the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) for consistently promoting initiatives aimed at the growth of Small and Medium Enterprises in the country. This commendation was made in a keynote address delivered at the Abuja leg of the Etisalat sponsored Market Access recently held at Ibeto Hotel.
He noted that the one-day business networking and knowledge sharing session will afford small and growing businesses the opportunity to key into the value chain of large enterprises and help drive entrepreneurship spirit in Nigeria.
According to him, Small and Medium Size Enterprises remain the backbone of the development for most economies around the world adding that the sector is currently has abundant growth opportunities.
“I must commend the partnership of Etisalat Nigeria, Pan African University and the Small and Medium Enterprise Development Agency (SMEDAN) for being consistent with the initiative. SMEs are the most economic sector in the country and it is my day to day goal to bring massive growth to this sector of the country. I am always inspired to attend events like this where stakeholders in the SME sector converge.” He said.
Addressing participants at the seminar, Bidemi Ladipo, head, Business Segment Marketing, Etisalat Nigeria, expressed delight at the turnout of participants at the session, noting that the attendance and testimonies of the impact of the seminar is encouraging.
“At Etisalat, we are passionate about the growth of growing businesses and entrepreneurs. We remain committed to providing them with every necessary support they need to thrive in their various industries. We recently awarded N2 million each to 10 entrepreneurs in our Easybusiness Millionaires Hunt scheme and I am delighted that some of them are present here in Abuja to share their experiences and how far they have gone in their businesses.” He stated.
The Market Access platform, now in its third year, is a quarterly networking event that has recorded tremendous success in the SME segment.
The initiative has held in different cities across the country in a bid to empower small and medium scales enterprises across the country. Before the Abuja leg, the event has held in Lagos, Port Harcourt, Enugu, Calabar and Uyo. It has recorded a combined total audience of over 2,000 people.
FCMB Capital Markets Ltd. successfully led the issuance of GLNG Funding SPV Plc’s ₦11.85 billion 10-Year Series 2 Senior Guaranteed Fixed Rate Infrastructure Bond, which closed in February. This milestone underscores investor confidence in Nigeria’s clean energy transition.
The bond, issued by GLNG Funding SPV Plc and sponsored by Green Liquified Natural Gas (GLNG) as part of its capital-raising plans, is a key step in financing the construction of a mini-LNG plant with a liquefaction capacity of 200,000 standard cubic meters of gas per day.
The facility will help bridge Nigeria’s power supply gap and offer industries a cleaner, cost-effective alternative to diesel.
The issuance was backed by InfraCredit, an AAA-rated infrastructure credit guarantee firm, and is expected to generate over 500 direct and 2,000 indirect jobs, supporting Nigeria’s sustainable economic growth.
“FCMB Capital Markets remains committed to financing projects that drive clean energy adoption and long-term economic impact,” said Ikechukwu Omeruah, Managing Director, FCMB Capital Markets Limited.
“We appreciate the trust placed in us by GLNG and the invaluable role played by InfraCredit and investors in enabling the successful conclusion of this transaction.”
As gas adoption accelerates in Nigeria, a 2022 Clarke Energy report estimates that manufacturers could save up to 30% by switching to gas from the grid and as much as 80% compared to diesel.
FCMB Capital Markets, a part of FCMB Group, has been instrumental in raising over ₦3 trillion in debt and equity capital for leading corporate organizations in Nigeria over the past five years, reinforcing its position as a key player in the country’s capital markets.
Nine leading Nigerian banks collectively generated N14.26 trillion in interest income in 2024, reflecting a 119.55% increase from N6.49 trillion in 2023.
This surge is attributed to the Central Bank of Nigeria’s Monetary Policy Committee raising benchmark interest rates to combat inflation, which reached 34.80% by the end of the year.
Among the banks, Zenith Bank recorded the highest actual income increase, while First Holdco led in percentage growth. Access Holdings, UBA, GTCO, Stanbic IBTC, FCMB Group, Fidelity Bank, and Wema Bank also reported significant gains.
However, a portion of this income was derived from non-performing loans, raising concerns about the sustainability of these earnings.
In contrast, the manufacturing sector faced operational costs of N2.5 trillion, with high interest and energy expenses straining growth. Industry leaders have called for a halt to further rate hikes, warning of potential risks to the real sector’s recovery.
This financial dynamic underscores the contrasting fortunes of Nigeria’s banking and manufacturing sectors. What are your thoughts on these developments?
In a bid to woo global capital and enhance investor’s confidence, Nigeria’s top financial leaders presented a unified front at a strategic investment forum hosted at the Nasdaq MarketSite in New York.
The event was organised by the Central Bank of Nigeria (CBN) in collaboration with Nigerian Exchange Group (NGX Group), JPMorgan, and the African Private Capital Association (AVCA).
The exclusive gathering brought together leaders from the Nigerian diaspora, global investment institutions, and corporate executives for insightful dialogue on the country’s evolving financial landscape and its readiness to attract global capital for sustainable growth.
Governor of the CBN, Olayemi Cardoso in a fireside chat with Nobel Prize-winning economist Dr. James Robinson, outlined Nigeria’s monetary policy direction, growth prospects, and efforts to deepen its financial markets.
He reaffirmed the CBN’s commitment to disciplined policy management, market-friendly reforms, and enhanced transparency to foster a stable, investor-friendly environment. Cardoso also stressed the importance of strong collaboration between regulators like the CBN and market operators such as NGX Group, describing it as critical to building a resilient financial system and mobilising long-term investments.
Temi Popoola, Group Managing Director/CEO of NGX Group, moderated an engaging discussion on how Nigeria’s reforms are repositioning the country as an increasingly attractive destination for global capital.
“Today’s dialogue marks a pivotal step in reshaping global perceptions of Nigeria’s investment story,” said Popoola. “The candid engagement between policymakers, market operators, and investors reflects the real progress Nigeria is making. NGX Group remains committed to supporting reforms that strengthen market structures, drive innovation, and accelerate economic growth.”
While investors welcomed Nigeria’s reform agenda, they emphasized that sustained confidence will require consistent FX policies, lower transaction costs, reduced regulatory friction, clearer direction on non-oil revenue reforms, an improved ease of doing business, and continued transparency in monetary and fiscal communication.
The forum ended on an optimistic note, with participants expressing strong confidence in Nigeria’s economic prospects and its potential for deeper integration into global financial markets, provided reform momentum continues.
FG to Introduce New Tax Credit Scheme to Replace Pioneer Status Incentive
NITDA Fixes Date for Inaugural Meeting of the Startup Consultative Forum
OpenAI Eyes Chrome Acquisition if Google is Forced to Sell
Nigeria Hits 1 Terabit Internet Traffic Milestone
Digital Consumers are Driving a New Era of Online Shopping, Transforming how Nigerian Youth Buy
We’re Confident in the Super Eagles – Karl Toriola
FG to Harmonise Fiscal Data Across MDAs
EFCC Arrests 133 @ Ponzi Scheme Training Academy
FG, UK FCDO, and Ghana Partner to Launch Sankore
Five WhatsApp Business Features Every Small Business Should Be Using
Telecom2 days agoMTN Nigeria Takes Broadband Services to the Next Level with FibreX Launch
News2 days agoSERAP Files Lawsuit Against NBC Over Ban on Eedris Abdulkareem’s Protest Song Tell Your Papa
Telecom1 day agoDigital Transformation Remains Africa’s Gateway to Economic Advancement – Adumike
Telecom1 day agoPAFON 2.0: Experts Discuss Pathways to Boost Financial Inclusion in Nigeria
E-Financial1 day agoCBN, NGX Group Defend Economic Reforms at Nasdaq
General News1 day agoEFCC Clarifies SCUML Certificate Misuse amid CBEX Ponzi Scheme Scandal
E-Financial2 days agoFCMB Group Redefines Corporate Storytelling with The Power Of The Group TVC
General News1 day agoFlashChange Partners Ruth Foundation to Empower Vulnerable Children in Alimosho with Skill Acquisition