E-Financial
Mobile Money Transactions Hit N8m Daily
Some N8 million are exchanged daily by mobile money schemes in the country, underscoring the growing acceptance of the scheme after a lethargic take off, according to findings by Nigeria CommunicationsWeek.
Transactions among mobile money schemes commenced in March this year after the expiration of the February 28 deadline of by the Central Bank of Nigeria (CBN) to operators to connect to National Central Switch (NCS) that is offering the handshake.
The handshake otherwise interoperability is basically the ability of the user of one mobile money service to send money directly to the wallet of a user on any other service.
Without interoperability the difficult decision of which mobile money service to choose might be influenced by which members of the customer’s peer group are already using a given service.
Nigeria CommunicationsWeek investigations revealed that the daily transactions value of N8 million is carried out in over 200 transactions every day.
These are specifically transactions from one mobile scheme wallet to another as well as from mobile scheme wallet to bank accounts.
But transactions within a mobile scheme are not recorded in this value and volume as their transactions are not routed through NCS.
Emmanuel Okoegwale, principal associate, MobileMoneyAfrica, said there are different levels to achieve interoperability. It could be platform, agency or even via other channels like merchants.
“Essentially interoperability enables the acceptance of e-money seamlessly across providers, agency network and event merchants. Interoperability for agent revolves around agents’ ability to meet the needs of subscribers across multiple providers for cash out and cash in service, same way ATMs don’t discriminate between cards of firms that had entered into interoperability agreements at National or even at international level. It significantly reduces the cost for ecosystem players across agency network,” he said.
Okoegwale added that when interoperability is achieved in the system a subscriber of scheme provider A, can send mobile money from his wallet to subscriber that is enrolled in scheme provider B and the funds in the wallet can be spent directly at a merchant location or cash out at own agent locations.
It would be recalled that Central Bank of Nigeria (CBN) had issued licences to 16 companies to operator mobile money transactions.
The CBN had said that the MMOs were licensed to accelerate the transformation of the nation’s payment system which would emphasis use of mobile phones.
Mr. Chalapathi Rao Immidi, director and head, Global Business Development, Mfino, said interoperability was needed for providers to share their infrastructure networks, thereby enabling multiple allowances, without which the economy would not grow.
“Imagine all of us not being able to talk to people not on our mobile network, because they are on other networks,” he said.
Rao Immidi said providers would have to operate in unison to make the adoption of mobile money easier.
“This will enable many factors and many people and organizations and banks will be encouraged to participate and there will be more range of products to offer customers,” he said.
According to him, mobile money has a lot to offer apart from the basic sending and receiving of money, as it can be used for government disbursement, salary payment, settling of daily paid workers and more.
E-Financial
First Securities Brokers Empowers Nigerians to Trade in the Stock Market with the Launch of FirstInvest App
First Securities Brokers, one of Nigeria’s leading stockbroking firms and a subsidiary of FirstHoldCo Plc, is pleased to announce the official launch of the FirstInvest App, an innovative mobile investment platform designed to make stock market investing simpler, faster, and more accessible for Nigerians.
The FirstInvest App offers investors a seamless digital experience, enabling them to open and manage their investment accounts, monitor their portfolios, and trade equities listed on the Nigerian Exchange (NGX) directly from their mobile devices.
Designed with both new and experienced investors in mind, the platform combines convenience, security, and ease of use to help users make informed investment decisions anytime and anywhere.
As Nigeria continues to embrace digital financial services, the FirstInvest App reinforces First Securities Brokers’ commitment to driving financial inclusion and expanding access to wealth creation opportunities through technology.
Speaking on the launch, Fiona Ahmed Ahimie, Managing Director of First Securities Brokers, said: “The launch of the FirstInvest App represents another significant milestone in our digital transformation journey and our commitment to delivering innovative investment solutions to our clients.
“We understand that today’s investors value convenience, speed, and accessibility. FirstInvest has been developed to provide exactly that: a secure and intuitive platform that empowers individuals to participate confidently in the capital market from wherever they are.”
She added: “Our goal is to remove the traditional barriers associated with investing by placing the power of timely investment and decision making in the stock market directly in the hands of Nigerians. Whether you are taking your first investment step, actively managing your portfolio or just evaluating your investment, FirstInvest provides the tools and flexibility needed to support your financial aspirations.”
The app delivers a range of features designed to enhance your investing experience, including: Secure digital account opening and onboarding, Real-time access to investment portfolios, Buy and sell Nigerian equities with ease, User-friendly trading interface, Secure transaction processing, Convenient access to market information and investment opportunities.
The launch of FirstInvest aligns with First Securities Brokers’ broader strategy of leveraging technology to improve customer experience while supporting the growth of retail participation in Nigeria’s capital market.
First Securities Brokers remains committed to providing trusted investment advisory services, innovative financial solutions, and exceptional customer service, helping clients build and preserve wealth across generations. The FirstInvest App is now available for download on the Google Play Store and the Apple App Store.
The next currency crisis could accelerate the shift of the roughly $315 billion global stablecoin market into a digital-dollar alternative for citizens in emerging economies, notably in regions like sub-Saharan Africa and Latin America.
As local fiat currencies face devaluation and high inflation, citizens and businesses are increasingly utilizing smartphone-based stablecoins (such as USDT and USDC) as hedges and primary mediums of exchange.
According to the International Monetary Fund (IMF), the rapid adoption of dollar-linked digital assets—particularly in countries heavily affected by inflation like Nigeria—poses significant risks to monetary sovereignty.
With up to 95% of surveyed individuals in some African markets preferring to receive payments in stablecoins over local fiat, the rising volume of these decentralized, cross-border channels weakens domestic currency demand and dilutes the effectiveness of local monetary policy.
IMF observed in a report titled “Stablecoins in Nigeria: A Growing Cross-Border Channel” noted that the widespread use of stablecoins poses risks to monetary sovereignty, particularly as more individuals and businesses turn to digital dollar-linked assets for savings and transactions.
Nodding in agreement is Future Investment Initiative Institute (FII Institute), a non-profit organisation run by the Public Investment Fund, Saudi Arabia’s main sovereign wealth fund.
FII Institute said that central banks face structural challenges.
And according to the institute, when citizens move savings out of national banks and into private digital wallets, conventional capital controls lose their grip.
Institutions like the Bank for International Settlements warn that interest-bearing stablecoins compete directly with domestic-currency deposits, complicating financial oversight and making smartphone-based transfers incredibly difficult for authorities to monitor.
In Nigeria, Naira depreciation has pushed users toward dollar-stablecoins, according to report by Gino Matos in cryptoslate.com.
A stablecoin is a type of cryptocurrency designed to maintain a steady value by pegging its price to a reserve asset, such as a fiat currency (e.g., the U.S. dollar) or a commodity (e.g., gold).
They act as a bridge between traditional money and the digital asset world, providing the speed of crypto without the extreme price swings of assets like Bitcoin.
Federal government has reopened three federal government of Nigeria (FGN) bond issues valued at N1.2 trillion for subscription as part of efforts to raise long-term funds from the domestic debt market.
The Debt Management Office (DMO), which announced the offer on Tuesday, said the three reopened bond issues are each valued at N400 billion.
According to the DMO, the first offer is the January 2035 FGN Bond, a 10-year reopening, carrying an interest rate of 22.60 per cent per annum.
The second is the May 2028 FGN Bond, a 15-year reopening, with a coupon rate of 15.45 per cent per annum, while the third is the June 2037 FGN Bond, a 20-year reopening, also valued at N400 billion.
The office said the bond auction is scheduled for July 20, while successful subscriptions will be settled on July 22.
It explained that the bonds are offered at N1,000 per unit, with a minimum subscription of N50 million and additional investments in multiples of N1,000.
For the reopened bonds, the DMO said successful bidders would pay a price based on the yield-to-maturity that clears the auction, in addition to any accrued interest on the instruments.
Interest on the bonds will be paid every six months, while the principal will be repaid in full on the respective maturity dates.
The DMO reaffirmed that FGN bonds are backed by the full faith and credit of the Federal Government and constitute obligations chargeable on the general assets of the federation.
It added that the bonds qualify as trustee investment securities under the Trustee Investment Act and enjoy tax exemptions for eligible investors, including pension funds, under the Company Income Tax Act and Personal Income Tax Act.
The bonds are listed on the Nigerian Exchange (NGX) and FMDQ Securities Exchange and also qualify as liquid assets for banks in computing their liquidity ratios.
FGN bonds are long-term debt instruments through which investors lend money to the Federal Government in exchange for periodic interest payments and repayment of the principal at maturity.
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