Central Bank of Nigeria

Tingo Group, Inc. Reports Third Quarter 2023 Financial Results

Retrieved on: 
Dienstag, November 14, 2023
Webcast, EBITDA, Food, Depreciation, Workforce, Revenue, Smartphone, Commodity, Phase 1, Consolidated, Central Bank of Nigeria, Marketing, Australian Financial Review, Farmer, Nigerian naira, Conference, Partnership, Food processing, Central bank, Growth, IOS, TIO, Visa, DMCC, Government, Rare-earth element, Cryptocurrency, Agriculture, Mobile phone, Drug, Film industry, Holding company, Tingo District

While there was some impact on net revenues for the second quarter, the impact was significantly greater in the third quarter due to the fact the devaluation covered the entire quarter.

Key Points: 
  • While there was some impact on net revenues for the second quarter, the impact was significantly greater in the third quarter due to the fact the devaluation covered the entire quarter.
  • The businesses of Tingo Mobile and Tingo Foods, and their respective revenues, were temporarily adversely affected during the second quarter of 2023 by the economic disruption following Nigeria’s government elections and subsequent change of presidential administrations.
  • The gross profit for the three months ended September 30, 2023, represented a decrease of $208.1 million compared to the three months ended June 30, 2023.
  • The increase is mainly attributable to the addition of the Tingo Mobile and Tingo Foods acquisitions completed on December 1, 2022, and February 9, 2023, respectively, and the commencement of export trades through Tingo DMCC in May 2023.

MSCI to Reclassify the MSCI Nigeria Indexes from Frontier Markets to Standalone Markets Status

Retrieved on: 
Donnerstag, Oktober 26, 2023
Data Analytics, Asset Management, Professional Services, Finance, Index, NYSE, Central Bank of Nigeria, Central bank, Frontier markets, MSCI, Market, Cryptocurrency, Film industry, FX

MSCI Inc. (NYSE: MSCI), a leading provider of critical decision support tools and services for the global investment community, announced today that the MSCI Nigeria Indexes will be reclassified from Frontier Markets to Standalone Markets status in one step coinciding with the February 2024 Index Review.

Key Points: 
  • MSCI Inc. (NYSE: MSCI), a leading provider of critical decision support tools and services for the global investment community, announced today that the MSCI Nigeria Indexes will be reclassified from Frontier Markets to Standalone Markets status in one step coinciding with the February 2024 Index Review.
  • This conclusion follows feedback received from market participants from its recent extended Consultation on a Market Reclassification Proposal for the MSCI Nigeria Indexes.
  • This has caused international institutional investors to face recurring challenges with index replicability and investability of the MSCI Nigeria Indexes and other indexes they are part of.
  • This has led to MSCI’s decision to reclassify the MSCI Nigeria Indexes.

Multigate Secures Money Remittance Business Licenses for Uganda and Nigeria

Retrieved on: 
Donnerstag, Oktober 5, 2023
Transfer, BFI Production Board, Acquisition, Non-bank financial institution, Multigate device, FINTRAC, World Bank, Central bank, ISO, Banking in Uganda, Central Bank of Nigeria, Bank, International Money Transfers System Leader, MSB, African

These Money Remittance Business licenses are in addition to Multigate’s Money Services Business (MSB) registration with the Canadian FINTRAC.

Key Points: 
  • These Money Remittance Business licenses are in addition to Multigate’s Money Services Business (MSB) registration with the Canadian FINTRAC.
  • “The acquisition of a Money Remittance Business licenses from the Bank of Uganda and from the Central Bank of Nigeria, following the same from Canada, further strengthens our position as a trusted solutions provider that takes regulations seriously.
  • With these licenses, we are excited and prepared to expand our cross-border payment solution to our valued clients and partners in Uganda and Nigeria,” said Eghosa Nehikhare, CEO of Multigate.
  • Whilst Nigeria accounts for 38% of remittances in Sub-Saharan Africa, it is predicted that Uganda’s remittance growth rate will double that of Nigeria.

Tingo Group, Inc. Reports Second Quarter 2023 Financial Results

Retrieved on: 
Donnerstag, August 31, 2023
Partnership, Dividend, Earnings before interest, taxes, depreciation and amortization, Marketing, Farmer, Financial result, Central bank, Central Bank of Nigeria, Law practice manager, Devaluation, EBITDA, International use of the U.S. dollar, Depreciation, TIO, Lifting, Webcast, Growth, Consolidated, Ecosystem, PCX, National Diet of Japan Fukushima Nuclear Accident Independent Investigation Commission, Relaxation, Conference, Second, Video game, Pharmaceutical industry, Mobile phone, Rare-earth element, Life insurance, Agriculture, Holding company, Cryptocurrency, Nigerian naira, Tingo District, Revenue

Net revenues of Tingo Group for the second quarter 2023, were $977.2 million, compared to $12.0 million for the second quarter 2022, up 8,072%.

Key Points: 
  • Net revenues of Tingo Group for the second quarter 2023, were $977.2 million, compared to $12.0 million for the second quarter 2022, up 8,072%.
  • Gross profit of Tingo Group for the second quarter 2023, was $346.0 million, compared to gross profit of $2.1 million for the second quarter 2022.
  • Operating profit of Tingo Group for the second quarter 2023, was $181.7 million, compared to a loss of $13.8 million for the second quarter 2022.
  • EBITDA1 of Tingo Group for the second quarter 2023, was $283.1 million, compared to a EBITDA1 Loss of $12.2 million for the second quarter 2022.

LemFi Raises $33 Million To Transform Financial Services For Immigrants Everywhere

Retrieved on: 
Donnerstag, August 24, 2023
Olive, Transfer, Maintenance, Partnership, Central bank digital currency, Face, Financial Conduct Authority, Central bank, Central Bank of Myanmar, EMI, Acquisition, Oracle bone, Central Bank of Nigeria, Digital, International Money Transfers System Leader, Y Combinator, Cryptocurrency, Bank

OAKLAND, Calif., Aug. 24, 2023 /PRNewswire/ -- LemFi , a leading fintech platform transforming financial services for immigrants, has raised a $33 million Series A round led by Left Lane Capital.

Key Points: 
  • OAKLAND, Calif., Aug. 24, 2023 /PRNewswire/ -- LemFi , a leading fintech platform transforming financial services for immigrants, has raised a $33 million Series A round led by Left Lane Capital.
  • Each year, millions of immigrants move abroad to start new lives, and the biggest hurdle they face is access to financial services.
  • "This has driven immigrants to often use unsafe, informal channels or to stitch together several other services to solve some of their basic financial needs.
  • LemFi remains committed to offering accessible and transparent financial services to migrant communities across the globe.

LemFi Raises $33 Million To Transform Financial Services For Immigrants Everywhere

Retrieved on: 
Donnerstag, August 24, 2023
Olive, Transfer, Maintenance, Partnership, Central bank digital currency, Face, Financial Conduct Authority, Central bank, Central Bank of Myanmar, EMI, Acquisition, Oracle bone, Central Bank of Nigeria, Digital, International Money Transfers System Leader, Y Combinator, Cryptocurrency, Bank

OAKLAND, Calif., Aug. 24, 2023 /PRNewswire/ -- LemFi , a leading fintech platform transforming financial services for immigrants, has raised a $33 million Series A round led by Left Lane Capital.

Key Points: 
  • OAKLAND, Calif., Aug. 24, 2023 /PRNewswire/ -- LemFi , a leading fintech platform transforming financial services for immigrants, has raised a $33 million Series A round led by Left Lane Capital.
  • Each year, millions of immigrants move abroad to start new lives, and the biggest hurdle they face is access to financial services.
  • "This has driven immigrants to often use unsafe, informal channels or to stitch together several other services to solve some of their basic financial needs.
  • LemFi remains committed to offering accessible and transparent financial services to migrant communities across the globe.

eNaira: Nigeria's digital currency has had a slow start - what's holding it back

Retrieved on: 
Mittwoch, Juli 19, 2023
Adoption, Technology, Blockchain, Bank for International Settlements, Awareness, Internet, Central Bank of Myanmar, Central bank, Policy, Central Bank of Nigeria, Fear, Electricity, ENaira, Central, Bank Verification Number, US, Center, Pandemic, Bitts, Intention, Documentation, National identity, City, Bank, Public sector banks in India, Ownership, Cryptocurrency, Mobile phone, Renewable energy

Nigeria was the first country in Africa to roll out a central bank digital currency.

Key Points: 
  • Nigeria was the first country in Africa to roll out a central bank digital currency.
  • Central bank digital currencies are well placed to serve as the anchor for all forms of digital assets and digital currencies.
  • The Central Bank of the Bahamas and the Eastern Caribbean Central Bank have issued their own central bank digital currency.
  • Adoption has been slow and accessing central bank digital currency has been a challenge.
  • It is piloting its central bank digital currency, called e-CNY, in 26 cities but still experiencing poor adoption.

Barriers to adoption

    • It is believed that the Central Bank of Nigeria wants to develop its own software for the digital currency.
    • It is, however, reported that banks and financial institution staff do not appear well trained to get users on board.
    • So the system is not fully ready for adoption.
    • Data privacy: Under the current design, the central bank will be able to see all transactions of users of the eNaira.

Workable solutions

    • Users could also get incentives to use the digital currency, in the form of discounts when paying taxes and for other public services.
    • If these challenges can be surmounted and policy approaches to adoption implemented, adoption of the eNaira is likely to pick up.

WorldRemit Adds Naira Currency as Payout Option for Customers Sending Money to Nigeria

Retrieved on: 
Donnerstag, Juli 13, 2023
Central bank, Central Bank of Nigeria, Guatemala and the International Monetary Fund, Currency, International Monetary Fund, WorldRemit, Friends, Movement, Film industry

LONDON, July 13, 2023 /PRNewswire/ -- Today, WorldRemit, the global remittance platform within Zepz, announces Naira currency remittances as an expanded offering for Nigerian customers, available through bank transfer, airtime top up and at all cash pick-up locations throughout the country.

Key Points: 
  • With the newly appointed Central Bank of Nigeria governor's shift towards creating a safer path for Naira currency, Nigerians are able to feel safer about how they move money to their loved ones.
  • "Enabling Naira currency for this expansive community is a necessary and obvious choice to ensure Nigerians around the world are able to access reliable, safe methods of money movement."
  • To send money in Naira, WorldRemit users simply select 'Nigeria NGN' and then have the option to select Cash Pick-Up for the receive method.
  • In most cases, transfers sent using WorldRemit arrive within minutes, making sending money to loved ones easier than ever.

WorldRemit Adds Naira Currency as Payout Option for Customers Sending Money to Nigeria

Retrieved on: 
Donnerstag, Juli 13, 2023
Central bank, Central Bank of Nigeria, Guatemala and the International Monetary Fund, Currency, International Monetary Fund, WorldRemit, Friends, Movement, Film industry

LONDON, July 13, 2023 /PRNewswire/ -- Today, WorldRemit, the global remittance platform within Zepz, announces Naira currency remittances as an expanded offering for Nigerian customers, available through bank transfer, airtime top up and at all cash pick-up locations throughout the country.

Key Points: 
  • With the newly appointed Central Bank of Nigeria governor's shift towards creating a safer path for Naira currency, Nigerians are able to feel safer about how they move money to their loved ones.
  • "Enabling Naira currency for this expansive community is a necessary and obvious choice to ensure Nigerians around the world are able to access reliable, safe methods of money movement."
  • To send money in Naira, WorldRemit users simply select 'Nigeria NGN' and then have the option to select Cash Pick-Up for the receive method.
  • In most cases, transfers sent using WorldRemit arrive within minutes, making sending money to loved ones easier than ever.

Nigeria's mobile money system has a dark side even though it's convenient - new study explores the risks

Retrieved on: 
Dienstag, Juni 27, 2023
Association, Technology, Fintech, Developer, Awareness, Education, Face, Internet, Central bank, Solution, Research, Banking agent, Attention, World Bank, CCTV, Sale, ATM, Trust, Compliance, Central Bank of Nigeria, Fraud, Online shopping, Bank, Cryptocurrency, Renting

Another 2021 study shows that nearly one in two adults don’t use any formal financial services.

Key Points: 
  • Another 2021 study shows that nearly one in two adults don’t use any formal financial services.
  • They can’t enjoy all the advantages that come with being part of the formal financial system – like keeping their money safe and using credit.
  • While withdrawing from an ATM may be free, mobile money operators may charge N100 (14 US cents) for withdrawing N5000 (US$6.79).
  • Mobile money operators also have an association, the Association of Mobile Money and Bank Agents in Nigeria.
  • We found that the mobile money system presents challenges of fraud, insecurity, high costs and poor infrastructure.

Mobile money risks and challenges

    • Our objective was to uncover any risks and challenges associated with these business operations, as well as the implications for stakeholders.
    • The study revealed several key issues associated with mobile money operations.
    • Lack of security Operators are aware of the risks they face because they have less robust security measures than traditional banks.
    • They try to avoid the risks by, for example, operating during daylight hours, working in shops with burglar proofing and installing CCTV systems.
    • Internet connections and servers are often inadequate, which can impede the smooth operation of mobile money transactions.

Solutions

    • Mobile money systems have effectively replaced cash and traditional bank accounts, enabling financial inclusion and improving the financial well-being of customers.
    • The financial inclusion rate increased from 56.8% in 2016 to 63.2% in 2018.
    • Customers, especially those who are sceptical about the technology and the agents, prioritise the security of their financial activities.
    • Other steps include increasing transparency, and providing education and awareness programmes to ensure safe and responsible use of mobile money services.