Banking & Finance

WorldRemit launches with Android Pay to offer mobile-to-mobile transfers to the world’s unbanked

WorldRemit Money in safe hands 2The integration will enable Android Pay users to send money to an extra 112mn mobile money accounts, accessible via WorldRemit 

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PayU moves to connect businesses to N200bn online payment market

pexels photoPayU has rolled out strategies to intensify efforts to connect businesses to Nigeria’s online payment market 


PayU has rolled out strategies to intensify efforts to connect businesses to Nigeria’s online payment market. Annual online payments in Nigeria is estimated to surpass N200bn (US$635mn) this year from N167bn (US$530mn)  in 2016.

Country Manager of PayU Nigeria, Ms Juliet Nwanguma,  says, “In order to pursue PayU’s aggressive expansion in the online payment market in Nigeria, we have identified businesses that can benefit from our  global expertise across 16 markets where we offer over 250 payment options.”

With over 2.3bn users worldwide, PayU is confident it can help businesses grow their market share and help them to achieve their business objectives.

Data recently released by the Nigeria Interbank Settlement System (NIBSS) showed that 5.5 million transactions worth N46.7bn (US$14.8mn) were generated through online sales in the first quarter of 2017. This is an increase in the quarterly average of 3.5mn transactions worth N33billion (US$10.4mn) in 2016. This 58 per cent growth is a clear indication of the increased confidence and preference for online sales amongst Nigerians.

The double-digit growth, according to Nwanguma, is far below the potential of the market for online payments in Nigeria.  

Nwanguma noted that in a country of over 180mn people, consisting of 61mn active bank customers and where e-payment transactions are worth N56 trillion (US$177bn) in a year, the potential for online payments in Nigeria is huge and waiting to be tapped.

She disclosed that the mission of PayU is to leverage on Nigeria’s 97mn active internet users to popularise and increase online payments in Nigeria.

“At PayU, we believe that with the deployment of appropriate strategies and products which are designed to encourage more businesses to adopt online payment, the market in Nigeria can record triple digit growth in both volume and value of online payments. This is the driving philosophy of PayU’s operations in Nigeria” she said.

Since last year when we entered the Nigerian market, we have used our globally tested products such as tokenisation, recurring payments for subscription services and single click payments for faster checkout. Our range of services according to different business categories especially the PayU Easy service allows start-ups to start selling online instantly without the need of a bank account or trading history. ”

“PayU has succeeded in successfully assisting small, medium and large organisations with their online payments. In particular, the robust and flexible features of PayU Plus and PayU Enterprise have assisted merchants to grow and expand their online payment business.” 

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Gambia welcomes UNCTAD’s recommendations to improve the investment climate

unctad 1High-level government officials, private sector representatives, and development partners participated in the presentation of UNCTAD's Investment Policy Review of the Gambia last week

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World Bank announces record US$57bn for sub-Saharan Africa

Sub Saharan Africa definition UNFollowing a meeting with G20 finance ministers and central bank governors, World Bank Group President Jim Yong Kim, announced on 19 March that a record US$57bn in financing for Sub-Saharan African countries over the next three fiscal years


The bulk of the financing, US$45bn will come from the International Development Association (IDA), the World Bank Group's fund for the poorest countries. The financing for Sub-Saharan Africa also will include an estimated US$8bn in private sector investments from the International Finance Corporation (IFC), a private sector arm of the Bank Group, and US$4bn in financing from International Bank for Reconstruction and Development, its non-concessional public sector arm.

Sixty percent of the IDA financing is expected to go to Sub-Saharan Africa, home to more than half of the countries eligible for IDA financing. This funding is available for the period known as IDA18, which runs from 1 July 2017 - 30 June 2020.

"This represents an unprecedented opportunity to change the development trajectory of the countries in the region," World Bank Group President Jim Yong Kim said. "With this commitment, we will work with our clients to substantially expand programs in education, basic health services, clean water and sanitation, agriculture, business climate, infrastructure, and institutional reform."

"This financing will help African countries continue to grow, create opportunities for their citizens, and build resilience to shocks and crises," Kim said.  

The IDA financing for operations in Africa will be critical to addressing roadblocks that prevent the region from reaching its potential. To support countries' development priorities, scaled-up investments will focus on tackling conflict, fragility, and violence; building resilience to crises including forced displacement, climate change, and pandemics; and reducing gender inequality. Efforts will also promote governance and institution building, as well as jobs and economic transformation. 

This World Bank Group financing will support transformational projects during the FY18-20 period. IBRD priorities will include health, education, and infrastructure projects such as expanding water distribution and access to power. The priorities for the private sector investment will include infrastructure, financial markets, and agribusiness. IFC also will deepen its engagement in fragile and conflict-affected states and increase climate-related investments.

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National Bank of Angola to continue currency transfer to commercial banks

luanda african reviewAt a meeting held in Luanda, Angola the governor of the Central Bank National Bank of Angola said he guarantees currency to commercial banks

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