A selection of tech news from Nigeria and Africa at large.
SEC NGX Technology | Egypt’s Financial Strategy | Fintech Sharp Practices | Folopay 9PSB Wallet | Telcos Target Minors | Flutterwave Trade Fair
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SEC approves NGX Technology board listing rules – Daily Times
Nigerian Exchange Limited (NGX) is pleased to announce that the Securities and Exchange Commission (SEC) approved the Rules for Listing on NGX Technology Board on 15 December 2022.
The NGX Technology Board is a specialised platform for technology-based companies to list and raise capital on The Exchange. Through the Board, NGX aims to encourage investments in indigenous technologically inclined companies and others across Africa, provide greater visibility to these companies and ultimately deepen the Nigerian capital market.
Securities listed on NGX Technology Board will be accessible to qualified institutional investors, retail investors, and high-net-worth investors.
Commenting on the approval of the Rules, the Chief Executive Officer of NGX, Mr. Temi Popoola said, “This is a landmark achievement that will position the Exchange as an attractive destination for capital formation by companies within the Technology Sector. Read more here
Egypt’s New Financial Inclusion Strategy – Fintechnews Africa
The Central Bank of Egypt (CBE) has launched its Financial Inclusion Strategy 2022-2025, a national development plan focusing on expanding access to financial services, developing financial literacy and facilitating the introduction of innovative financial products that meet consumers as well as micro, small and medium-sized enterprises (MSMEs)’ needs. Released in November, the strategy focuses on increasing the use of digital financial services, and establishing a conducive environment for fintech innovation. The CBE said it will also encourage entrepreneurship, facilitate the integration of startups into the formal economy, and provide MSMEs with access to key resources, including financial services.
No further details on the initiatives the central bank will be spearheading have been released, but the document does highlight the establishment of a conducive legal and regulatory framework, fostering fintech and digital financial infrastructure, as well as ensuring the availability of sustainable finance and economic stability, as key enablers to building an inclusive financial system that provides fair, quality and affordable products and services. Read more here
Fintech, mobile financial services growth linked to rising sharp practices – The Guardian
The rapid growth of fintech, mobile financial services, open banking, near-instant cross-border payments and blockchain have created fertile ground for unscrupulous individuals to exploit the system.
The Publisher, BusinessDay Newspaper, Frank Aigbogun, who disclosed this during an award ceremony organised by BusinessDay Media, where digital identity and Know-Your-Customer (KYC) technology company, VerifyMe Nigeria, won the award for RegTech Company of the Year at the 2022 Banks and Other Financial Institution (BAFI) Awards, said VerifyMe has displayed excellent creativity and innovation in helping their clients evolve amidst complex regulatory requirements across the global financial services industry.
The RegTech Company of the Year award recognises a company that has achieved significant business growth through innovation by helping organisations simplify, streamline and automate the regulatory compliance processes of their businesses while reducing the risk of fines, penalties and adverse legal outcomes. Other nominees within the category were: Carbon IVS, Shufti Pro and Smile Identity. Receiving the award on behalf of the company, Chief Operating Officer, VerifyMe Nigeria, Sarah Essien said: “We are thrilled to receive this recognition for the crucial role we are playing in advancing the Nigerian digital identity and consumer insights sector. Read more here
Folopay launches 9PSB mobile wallet – The Guardian
A new digital finance company, Folopay, has unveiled its products and services with the introduction of several financial packages to enable seamless cashless transactions.
Folopay is Africa’s first financial products distribution company registered and licensed with the CBN, using mobile technology. Folopay’s team is made up of 80 per cent women and youths.
The CEO, Oliver Grace, speaking at the launch explained: “The Folopay fintech goals are in line with the overarching CBN cashless and financial inclusion policies for the economy. They are our major drive, enabling people to be included in the mainstream of offering and accessing financial services with the use of a mobile wallet.
“There are millions of Nigerians with NIN but who do not have access to financial services because they do not have bank accounts. In Nigeria, there are 45 to 50 million persons with BVN whereas the population is over 200 million with people between 15 and 65 years over a hundred million.”
Some of the services include mobile payment using 9PSB, a payment service bank, for purchases, cash transfer, health insurance, auto/gadget insurance, pension, car maintenance plans, loans and savings. The mobile wallet enables access to health insurance and pension for individuals. Read more here
African telcos target minors with new mobile money solutions – Techcabal
Until recently, young children have been saving small amounts of cash on piggy banks or in physical banks through junior accounts that only allowed limited withdrawals at scheduled times of the year. Now, African telecom operators have started re-imagining these accounts, lining up digital junior wallets to allow young individuals aged below 18 years old to make much more frequent transactions over mobile phones.
Operators in Kenya and Zimbabwe are leading this revolution that could unlock a new layer of untapped customer base- that could also be fast driving Africa’s population growth. Kenya’s giant telco by subscriber base, Safaricom, on 26th November launched M-Pesa Go, targeting teens and preteens aged between 10 to 17 years. The financial product is latched to M-Pesa App, its mobile money platform. “As M-PESA we are committed to empowering and transforming the lives of everyone, and in M-PESA Go, we are providing a revolutionary product designed for youngsters, but with oversight by parents or guardians,” said Safaricom CEO Peter Ndegwa. Read more here
Flutterwave reiterates commitment to small-scale business at Trade Fair 3.0 – The Guardian
Africa’s leading payment technology company, Flutterwave has reiterated its commitment to providing small businesses with solutions and initiatives to grow their business.
The commitment was re-echoed at the third edition of the trade fair organised in partnership with Pages by Dami. The event was held On Sunday, December 11, 2022, at Landmark Event Centre, VI, Lagos, to the attendance of over 1500 shoppers and 100 SMEs.
Flutterwave has consistently used the trade fair, which started after the pandemic, to connect SMEs to physical customers. The event was organized to help small businesses increase sales, and revenue and meet new customers by leveraging the festive season and the attendant shopping frenzy. The trade fair also served as a chance for returning and new shoppers to have a fun-filled and seamless shopping experience made possible by Flutterwave’s online and offline payment solutions. In her opening remark, Flutterwave’s Small Business Growth Partner and Founder of Pages by Dami, Damilola Bello, promised an exciting outing for both sellers and buyers. One of the vendors at the trade fair, FootCIty Ng, said: “The Flutterwave trade fair 3.0 was everything. I thank you Page by Dami and Flutterwave for the opportunity to showcase at the fair. And to all the beautiful people, who stopped by our stall and patronized us. It wouldn’t have been the same without you. Thank you. ” Read more here
