News
PalmPay Partners CAC to Register 219,000 Small Businesses
Per the Companies and Allied Matters Act (CAMA) 2020 provisions, leading fintech company PalmPay has partnered with the Corporate Affairs Commission (CAC) to register 219,000 small businesses to boost Nigeria’s economy.
In a press briefing announcing the initiative recently in Abuja, Hussaini Magaji, the Registrar-General of CAC, said the exercise aligned with the commission’s target to register more than 20 million small businesses by the end of 2024.
“To enforce the law mandating business registration, today, Palmpay Nigeria Limited is handing over 219,000 small businesses for registration to the Corporate Affairs Commission (CAC), thereby legitimising and regularising and creating jobs for 219,000 youths,” according to the Registrar-General.
Also speaking, Chika Nwosu, the Managing Director of PalmPay, reassured of the fintech company’s readiness to partner with the CAC to support the government to grow the economy, adding that millions of Nigerians subscribe to PalmPay.
“Since we registered under a mobile money operator (MMO) license in 2019, PalmPay has always remained committed to driving financial inclusion in Nigeria and helping to grow the country’s economy. Partnering with the federal government through the CAC expresses that commitment,” Mr Nwosu said.
World Bank data states that small businesses represent about 90% of businesses and more than 50% of global employment, with formal SMEs contributing nearly 50% of the Gross Domestic Product (GDP) of emerging economies like Nigeria.
Big on secure digital payments, PalmPay offers digital financial tools to help small businesses scale and grow their revenue such as PalmPay Business app and Point of Sales (POS) machines for business owners to collect payments from customers.
More than 40 million people, representing 1 in 5 Nigerians, trust PalmPay’s network to shop and pay for utilities monthly. This number represents the number of people who have accessed PalmPay services through its secure and seamless smartphone apps or merchant and agent networks.
As of 2023, PalmPay’s cashless payment ecosystem processed up to 15 million daily transactions and $6 billion monthly transaction value, earning it one of the highest retention rates in the market, with 75% of users returning every month to transact.
The initiative by the CAC and PalmPay to register 219,000 small businesses is pivotal to Nigeria’s economic growth at this critical time, including reducing poverty levels. It is expected that the partnership will help boost the economy.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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