E-Financial
NIBSS, Global Tech Giants Partner on Cashless Policy
Nigeria’s cashless policy agenda received a boost recently as the Nigeria Inter-Bank Settlement Systems PLC (NIBSS), in conjunction with two global technology giants, Samsung and International Business Machine (IBM), renewed commitment to the project.
Specifically, 10 Nigerians emerged winners in the 2015 eNNovation Challenge, organised by the collaborating organisations.
The eNNovation Challenge is an online crowd sourcing contest open to members of the public.
“The contest seeks to promote the spirit of innovation, and showcase the depth and variety of talent available for cognitive cultivation in the national economy,” says Ade Shonubi, Managing Director/CEO, NIBSS.
NIBSS conceptualised this pan-Nigeria, multi-disciplinary contest, collaborating effectively with IBM and Samsung to ensure that the initiative benefitted from the global best practices and benchmarking standards of these two technology companies.
According to NIBSS, the entries were assessed using several parameters, including creativity, uniqueness, practical application/impact and potential for commercial viability.
“The contest was borne out of our proactive measure to solve some of the challenges posed by the nation’s cashless policy programmes,” Shonubi explained.
Slightly over 1,800 entries were received at the initial stage of the competition earlier this year. The screening and judging panel comprising of top industry executives from Central Bank of Nigeria, NIBSS, eTransact, Microsoft, Paga, Konga, Samsung, IBM, TEP, Dudu Mobile, and the immediate past managing director of CitiServe Ltd.
The best 30 entries were shortlisted, from which the top 10 ideas were selected. Eventually, only four of the entries in this top 10 group met the project/judges’ pre-defined standards for ‘outstanding innovation’, earning each of them the top prize of N350, 000 in addition to other gift items. All the top 10 finalists also received Samsung tablets, printers, notebooks and T-shirts.
The prizes were presented to the finalists during the grand finale event, an ideas and prize presentation ceremony of the eNNovation Challenge held at the IBM Client and Innovation Center in Lagos. Expectedly, this maiden edition of the competition succeeded in harvesting innovative ideas that tackle and resolve some of the salient obstacles against electronic payments systems whilst deepening and fomenting the culture of electronic cum digital payment channels in Africa’s largest economy.
“A cash-based economy poses many challenges. It is an increasingly expensive and insecure way to transact business,” said Charles Chukwuemeka, Mobility Manager, Samsung Nigeria Ltd.
“Mobile money is the future of retail and commerce. Soon, almost everybody will be using one type of mobile device and this eNNovation challenge offers us a good platform to promote mobile innovation. Samsung believes in innovation and we invest a lot in young people,” he added.
Odimayo Adesokan, a bio-chemistry graduate of Ladoke Akintola University, was one of the top four prize winners. His “Cashless Campus” idea conceptualised a nation-wide ecosystem of university campuses devoid of cash.
Another outstanding winner, Rukevwe Onoge, a freelance web developer and graphic artist, showcased a “Mobility Monitoring and Payment” system. She hopes to fine-tune her idea into a commercially viable solution in the near future.
“The 2015 eNNovate challenge has been a mind opening experience for me,” she said.
“IBM is proud to be associated with this laudable initiative which aligns superbly with our focus on promoting technology innovation and talent,” said Taiwo Otiti, Country General Manager, IBM West Africa.
“Competitions like this help to expose home grown applications and software solutions to the rest of the world. We look forward to supporting all the winners of this eNNovate challenge with IBM’s suite of software solutions and platforms in the very near future.”
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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