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SEC says PAPSS Implementation will Aid Capital Market Diversification

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The Securities and Exchange Commission (SEC) has said that it is excited about the implementation of the Pan-African Payment Settlement System (PAPSS) as it will encourage intra-African trade and aid diversification within the capital market.

This was stated by Dr. Okey Umeano, Head, Office of the Chief Economist of the SEC, in Abuja.

The Nigerian Exchange and the Pan-African Payment Settlement System recently signed a Memorandum of Understanding to support cross-border payments across capital markets in Africa.

According to Umeano, “this MoU begins to implement something that we have been very excited about. PAPSS makes it easy to trade across Africa. It makes Intra-African trade more efficient and we have always wanted it.

It was created initially for just the usual everyday trade but we have always wanted it for the capital market because we think that if we can link the exchanges and the markets across the continent we will have a bigger opportunity set for everybody, so we have been working on that.

“We have two projects the West African Capital Market Integration project and the African Exchanges Linkage project but the problem we have always had was how to settle, how do we make payments happen? If I want to buy a Ghanaian stock, do I have to change my naira to dollars and then from dollars back to cedi’s and all that.

These where all the problems we had but with PAPSS, we can make this trades more efficient and easier. I can trade in naira and whoever I am buying from in Ghana or wherever in Africa receives in the local currency so this is a good thing and we thank Afrexim bank.

Umeano also commended the NGX for taking the lead on this, the MoU allows them to stick this up with the Ghana stock exchange and we hope that other exchanges and other market players will key in and take this opportunity.

He stated that given the way the markets are, this implementation will improve opportunities for diversification and make markets able to perform better.

“Given the way the markets are; it improves the opportunity for diversification. It improves the opportunity set everywhere. Let me give you an example, a couple of years ago when our market didn’t do so well, our bond market didn’t do so well we had issues around currency and we had the foreign investors leaving. It was reported that the market in Côte d’Ivoire, the eight nations French union their market did much better, ” he said.


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E-Financial

Nova Bank Will Make Great Impact – Oduoza

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Phillips Oduoza, chairman of Nova Bank Plc, has said that the new commercial bank is poised to create jobs and make a great impact.

Nova Bank Will Make Great Impact – Oduoza

Oduoza who spoke at the launching of Nova Bank’s first branch as a national commercial bank in Lagos, said that the bank’s foray into commercial banking and upgrade to National Banking Licence were part of a long-term goal to make an impact.

He said, “We are not here just to maximise profit, but we are here as Nova to have the greatest impact in the society. And this is one of the reasons why we decided to extend to commercial banking business.

“We have been very, very successful, as testified by our customers in the wholesale banking space. And we felt it is just necessary to extend the service to the retail end of the market, which is where you will have the largest population of banking customers.

“Therefore, we want to transfer that success story to the retail end of the market. We want to impact the Nigerian economy as a whole. We want to assist in job creation, stability of the country, which Mr President has been working on. So, by going commercial, it gives us a platform for more job creation in the country.”

Governor Babajide Sanwo-Olu, who performed the ribbon cutting for the inauguration of the first branch, commended the board and management of Nova Bank for taking the decision to invest more into commercial banking not minding the various challenges and uncertainties in the economy.

He said, “We need to encourage them; we need to stay in touch with them because they have a choice.

“They could as well have remained as a nimble wholesale bank or as a merchant bank as a matter. But they felt they need to take it further, and this means they need to dip their hands into their pockets and bring additional resources that would make it possible for them to be able to compete on a larger scale.”

 

 


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E-Financial

Wema Bank Partners NBC, SMEDAN to Empower Women in Business

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Wema Bank has partnered with Naija Brand Chick (NBC) and Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) to promote intra-continental trade and empower women in business.

This was disclosed at a briefing to announce the trade fair, which would hold August 17 and 18 in London.

Speaking, Divisional Head, Retail and SME, Wema Bank, Ayodele Olojede said the partnership seeks to address the challenges faced by women in international trade, where only 15 per cent of businesses engaged in international trade are led by women, according to the World Trade Organization (WTO).

“In Africa, women only produce one-fourth of the total generated exported value, despite making up 50 per cent of the population. As a purveyor of wealth for over 8 decades, we understand that the economic prosperity of our people is directly related to ours. Africa, especially Nigeria, can only grow if we trade amongst ourselves and with other countries, regions, and continents.

“Through this partnership, we aim to increase investment, integrate Nigerian exporters into the global value chain, and facilitate foreign exchange collections using digital collection tools.”

Also speaking, the Director General of SMEDAN, Charles Odili applauded the efforts of Wema Bank at empowering women owned businesses and SMEs in the country in recent years, saying that the agency would be collaborating with the bank to make the London event a success.

He revealed that his agency would work with relevant government agency to make sure all the entrepreneurs who would be going to London for the exhibition are granted visa.

Also speaking, Tola Johnson Special Assistant to the President on Job Creation, Office of the Vice President, lauded the bank’s initiative at empowering SMEs and women in recent years through the Sara initiative.

Jhonson said his office was ready to partner with the Wema Bank on programs in the next few months to boost SMEs and create jobs for Nigerians, especially the youth.

 


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Sanwo-Olu, Lagos Gov Lauds NOVA Bank over Commercial Branch Launch

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Babajide Sanwo-Olu, governor, Lagos state, has lavishly praised NOVA Bank Limited’s leadership for inaugurating their groundbreaking new business office on Victoria Island.

Sanwo-Olu, Lagos Gov Lauds NOVA Bank over Commercial Branch Launch

Philips Oduoza, chairman of the board of NOVA (3rd left) and Babajide Sanwo-Olu, governor, Lagos state, at the groundbreaking of NOVA Bank new business office on Victoria Island.

At Tuesday’s star-studded commissioning ceremony, Sanwo-Olu lauded the bank’s resilience and investor confidence amidst Nigeria’s economic challenges, underscoring Lagos as a thriving business haven.

“We must applaud them. We must motivate them,” Sanwo-Olu declared. “The NOVA team had the option to relocate or stay in merchant banking. Instead, they chose to expand, investing significant resources to stay competitive and impactful.”

Representing the Lagos State government, Sanwo-Olu expressed his excitement over this significant milestone and commended NOVA Bank’s multi-talented team.

He gave special thanks to Philip Oduoza, chairman of the board of NOVA for his pivotal role in enhancing state security, as a one time member of Lagos State security Trust Fund, citing a remarkable absence of bank robberies in recent years.

Sanwo-Olu pledged ongoing government support to create an enabling environment for businesses to thrive.

With the opening of its first commercial banking branch in Victoria Island, NOVA Bank has transitioned to a National Commercial Bank, backed by the Central Bank of Nigeria’s final license approval.

Oduoza, chairman and founder of NOVA Bank expressed elation over the bank’s new chapter, highlighting its successful leap from wholesale to retail banking.

“This is a dream realized. We have thrived in merchant banking, and now we are bringing our excellence to the retail market, impacting far more people,” Oduoza enthused.

He spotlighted the bank’s innovative ‘PHYGITAL’ model, blending physical and digital services for unparalleled customer convenience.

Oduoza emphasized the bank’s commitment to job creation and economic stabilisation under President Bola Ahmed Tinubu’s administration. He also reassured of shareholders’ commitment towards meeting the N500 billion banking sector recapitalization requirements through robust capital-raising initiatives.

Wale Oyedeji, managing director/CEO NOVA Bank Limited boasted of the Bank’s top-tier talent and cutting-edge technology as it continues investing in industry-leading core banking software.

“We’re merging advanced technologies to serve the retail and SME sectors while staying true to our roots as a premier merchant bank,” Oyedeji stated.

NOVA Bank, established in 2018, is poised for expansion with additional branches set to open in Lagos, Abuja, Port Harcourt, and Kano, solidifying its status as a banking powerhouse.

 


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