Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

E-Financial

Standard Chartered Unveils Consumer Price Tracker

Published

on

standard-chartered-bank.jpg
Kindly share this post

A new devise to capture real-time price trends in the Nigerian formal and informal markets has been officially unveiled by Standard Chartered Bank (SCB) to enable it obtain accurate price data, which it said have always been a challenge in developing economies.

The technique, Standard Chartered-Premise Consumer Price Tracker (SC-PCPT), is being implemented in partnership with Premise and adopts innovative crowd-sourcing technology to gather real-time, on-field data on prices of grains/flours and starchy vegetables, which are key drivers of this price trend.

In a teleconference, Razia Khan, head, Africa Macro Research, SCB, UK, told newsmen that ahead of official Consumer Price Index (CPI) releases, “there are often limited means of observing underlying price trends, which contributes to information asymmetry and to greater uncertainty and costs for market participants.”

However, “by adopting innovative crowd sourcing technology, we provide a potential solution to this problem.”

The method, beginning with Nigeria in the African continent, will concentrate on the more populous centres of Lagos and Kano, alongside a few Abuja-based observations, while it would be extended to other African economies over time.

Bola Adesola, SCB chief executive officer, disclosed that over 350 people are engaged in capturing price information with their smartphones, taking photographs of food staples and their price tags (where available or information is taken) and uploading them to a central database.

According to her, “each week, price information on 21,000 data items is captured in this way. Geo-tracking provides location information. Participants are paid through top-up mobile phone credits. This allows for real-time collation and understanding of price trends and their geographic dispersion much sooner than it is likely to be available from any other source.”

This effort becomes necessary in view of the increased investment in Africa, which led to demand for better data, while “micro-level data is needed to support or refute big macro revisions.

Meanwhile, the August data analysis showed no significant effect of the Ebola outbreak on the Nigerian economy, owing mainly to government’s effort at containing its spread, the bank said.

Nevertheless, the bank said the exercise is not meant to create a new Nigerian CPI but, “as a grassroots data collection effort that allows us to engage better with local communities, it is aimed primarily at obtaining more accurate price information for a few staples.

“Over time, it will likely be possible to extend the price observations to other items. Through the innovative use of technology, we hope to resolve an age-old problem – information asymmetry – in a way that will allow us to deepen our understanding of the Nigerian economy.”

It noted further that “rapid real GDP growth and increasing investor interest in the region have highlighted the extent of the persistent data gap. Until now, the publication of high-frequency data for key African economies has not kept pace with expanding investor interest.

“This year alone, Nigeria, Zambia and Kenya announced sizeable revisions to their GDP, ranging from 20-89 percent. While the need for timelier rebasing of GDP data is now commonly accepted, there is also a growing realisation that better micro-level data is needed to complement this.

“Micro-level data can provide an additional check on large macro revisions, supporting or refuting what was previously believed. Greater investor involvement in individual markets also creates demand for more robust data. In order to scale up investor involvement in any market and attract greater capital flows, data availability needs to be enhanced.”


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Financial

SEC Alerts Public on Silverkuun, Trending Dubious Investment Schemes

Published

on

Kindly share this post

Securities and Exchange Commission  (SEC) has warned the public against investing in unregistered investment schemes, including Silverkuun Investment Cooperative Society/Silverkuun Limited.

SEC Alerts Public on Silverkuun, Trending Dubious Investment Schemes

In a circular issued in Abuja, yesterday, the commission said its attention had been drawn to the activities of these entities, which falsely present themselves as investment advisers and fund managers in the Nigerian capital market.

“The attention of the Securities and Exchange Commission has been drawn to the activities of Silverkuun Investment Cooperative Society/Silverkuun Limited which holds itself out as an Investment Adviser/Fund Manager.

“The Commission hereby informs the public that Silverkuun Investment Cooperative Society/Silverkuun Limited is not registered to operate in any capacity in the Nigerian Capital Market.”

SEC advised the public to refrain from engaging with Silverkuun Investment Cooperative Society/Silverkuun Limited or its representatives in respect of any business in the Nigerian capital market.

“The Commission uses this medium to reiterate that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to financial risk including fraud and potential loss of investment.

“The investing public is therefore reminded to verify the status of companies and entities offering investment opportunities on the Commission’s portal before transacting with them,” the SEC added.

Dr. Emomotimi Agama, director-general of the SEC, recently warned that the Commission would not hesitate to shut down the operations of such unregistered entities while also ensuring that the promoters are made to face the full weight of the law.

Agama said, “we will shut down their operations and the promoters will be made to face the full weight of the law.

“In a major reform, ISA 2025 officially brings digital assets under the SEC’s regulatory purview, defining them as securities and mandating registration for all virtual asset service providers (VASPs) and digital asset exchanges. This development aims to close the regulatory vacuum that has allowed many Ponzi-style platforms to thrive under the guise of cryptocurrency and digital finance.”

Agama also emphasized the Commission’s education-focused strategy to combat fraud through podcasts, digital campaigns, and the introduction of capital market literacy in schools and universities, the SEC aims to equip Nigerians with the knowledge to detect and avoid dubious investments.

 

 

 


Kindly share this post
Continue Reading

E-Financial

Africa Cross-border Payments Set to Hit $1 trillion by 2035

Published

on

Kindly share this post

Africa’s cross-border payments market is on track to hit $1 trillion by 2035, according to a new report by venture capital firm Oui Capital. Titled “Africa’s Cross-Border Payment Landscape—a deep dive into the systems, players, and shifts shaping Africa’s cross-border payment flows,” the report states that the market is currently valued at $329 billion and growing at a compound annual growth rate  of 12%.

It identifies Africa’s booming digital adoption, increasing intra-African trade, and a surge in mobile money usage as the key growth drivers.

Despite the impressive growth, the report highlights systemic inefficiencies.

“Legacy rails, double currency conversions, and fragmented regulations still siphon billions in hidden costs,” Oui Capital states, noting that the continent continues to have the highest global remittance costs, averaging 7–8%.

However, digital innovation is helping reshape the landscape. Mobile money is now a key channel, with 30% of Sub-Saharan remittances flowing through mobile wallets.

In 2022, Africa accounted for 66% of global mobile money transaction value, demonstrating the rapid formalisation of what was once a predominantly informal cash ecosystem.

Oui Capital sees significant investment potential in addressing these inefficiencies. “Infrastructure plays—interoperable API layers, decentralised FX liquidity pools, and PAPSS integrations—represent $10 billion-plus opportunities,” the report says.

The Pan-African Payment and Settlement System is one such initiative pushing for local currency settlements and reduced reliance on USD/EUR clearing, which presently adds around $5 billion in annual costs.

According to the report, cryptocurrencies and Stablecoins are emerging as promising alternatives, cutting remittance costs by up to 60% in markets with clear regulations.

“Fintech APIs are already pushing fees as low as 1.5–3%,” the report notes.

Still, the venture capital firm warns that challenges persist as only 55% of African jurisdictions allow full electronic KYC, limiting the scalability of fintech solutions.

The report urges founders to go beyond peer-to-peer transfers by embedding services like lending and insurance.

“Africa’s payments race is now a scale game. Those that solve for liquidity, compliance and cost will define the continent’s digital trade backbone over the next decade,” it concludes.


Kindly share this post
Continue Reading

E-Financial

SANEF, CIBN Partner to Expand Agency Banking Certification

Published

on

L-r: Prof. Pius Deji Olanrewaju, President/Chairman of Council, the Chartered Institute of Bankers of Nigeria (CIBN) and Uche Uzoebo- MD/CEO, Shared Agency Network Expansion Facilities (SANEF) at the signing of Memorandum of Understanding (MoU) between the two organizations for the expansion of Agency Banking Certification Programme held in Lagos recently,
Kindly share this post

Chartered Institute of Bankers of Nigeria has expanded its Agency Banking Certification Programme through a tripartite collaboration between the Institute, FIC, and SANEF Limited.

This partnership according Prof. Pius Deji Olanrewaju, President/Chairman of Council the Chartered Institute of Bankers of Nigeria, CIBN, is timely and strategic, “as we aim to broaden the reach of the certification across Nigeria’s agent banking sector. With SANEF’s deep integration in the financial inclusion ecosystem and established relationships with leading super agents, we are confident that this collaboration will strengthen the quality and visibility of the programme.

“The goal is clear, to enhance professionalism among agent bankers, support the national financial inclusion strategy, and contribute to building trust and integrity within this growing segment of the financial services sector. This collaboration presents an excellent opportunity for further implementation of the competency framework for the banking industry in Nigeria”.

He noted that the collaboration among others is part of his LEGACY agenda which highlights the multifaceted role of financial institutions in shaping Nigeria’s economic future.

The letter C in the LEGACY agenda refers to Competence in the banking and Finance industry, which is a very crucial factor in the banking and finance sector. Competent individuals in this industry are equipped with the necessary knowledge and skills to effectively manage financial resources. Individuals with expertise in this field can contribute to the growth and stability of the economy.

Mrs. Uche Uzoebo, Managing Director/Chief Executive Officer, Shared Agency Network Expansion Facilities, SANEF, described the memorandum of Understanding, MoU, as a visionary partnership that seeks to expand Financial Inclusion through Agent banking training, Financial Literacy and knowledge impartation, an objective that forms a key pivot of what SANEF represents.

“Over the years, SANEF, in strong collaboration with our key stakeholders, Banks and Licenced Super-Agents/Mobile Money Operators and other Financial Service Providers, have continued to deepen the frontiers of Financial Inclusion and agent bank. Financial Literacy and training have remained a key part of this objective.

“This MOU ceremony is a fulfillment of a shared vision through the expansion of Agent Banking, Financial Literacy, capacity building, thought leadership, training and competency.

She further explained that the agreement provides a training structure with well-curated and knowledge filled training modules and materials that will deepen the knowledge and capacity in agent banking.

“It will go ahead to deepen and expand the knowledge and capacity of all participants that will take part in this training and we believe that with the quality and cooperation of all parties present, this very important objective of impartation of knowledge and thought leadership, grooming and training minds to be empowered and learned and contributing our quota to nation building and be a better place,” she added.

 


Kindly share this post
Continue Reading

Trending