Technext Technext
  • Home
  • Stories
    • Andela Announces Global Expansion With Developers in 37 Countries Including Latin America
      Andela Announces Global Expansion With Developers in 37 Countries Including Latin America
      2 hours ago 0
      37
    • Tech Events this Week: Digital Economic Summit, Crypto Regulation Webinar and Others
      Tech Events this Week: Digital Economic Summit, Crypto Regulation Webinar and Others
      3 hours ago 0
      15
    • Social Media Roundup: Twitter in Ghana, Ahmed Musa Rejoins Kano Pillars and others
      Social Media Roundup: Twitter in Ghana, Ahmed Musa Rejoins Kano Pillars and others
      2 days ago 0
      39
    • ‘Banks Told me I was too Young to Buy Stocks’ – Tomie Balogun on why she Ventured into Investments
      ‘Banks Told me I was too Young to Buy Stocks’ – Tomie Balogun on why she Ventured into Investments
      2 days ago 0
      81
    • Global Tech Roundup: Facebook Faces $3.4Bn Fine for Latest Data Breach
      Global Tech Roundup: Facebook Faces $3.4Bn Fine for Latest Data Breach
      2 days ago 0
      53
    • ‘We are Reviewing our Rates,’ Bolt Tells Boycotting Drivers in Kenya
      ‘We are Reviewing our Rates,’ Bolt Tells Boycotting Drivers in Kenya
      3 days ago 0
      93
    • Possible Reasons why NCC Resumed SIM Sales and Registration Before Concluding its Audit
      Possible Reasons why NCC Resumed SIM Sales and Registration Before Concluding its Audit
      3 days ago 0
      71
    • uduX Partners Piggyvest to Help Nigerians Invest in their Favorite Musicians
      uduX Partners Piggyvest to Help Nigerians Invest in their Favorite Musicians
      3 days ago 0
      70
    • Jamb Isn’t the First! Here are 10 times Nigerian Govt Agencies have Been Hacked in the Last Decade
      Jamb Isn’t the First! Here are 10 times Nigerian Govt Agencies have Been Hacked in the Last Decade
      4 days ago 0
      93
  • Features
    • Jamb Isn’t the First! Here are 10 times Nigerian Govt Agencies have Been Hacked in the Last Decade
      Jamb Isn’t the First! Here are 10 times Nigerian Govt Agencies have Been Hacked in the Last Decade
      4 days ago 0
      93
    • Ramadan Kareem: 5 Ways Tech Can make Ramadan Easier for Your Body and Soul
      Ramadan Kareem: 5 Ways Tech Can make Ramadan Easier for Your Body and Soul
      6 days ago 0
      125
    • Identity Theft, Foolproof Scams: How Data Breaches in Tech Companies can Cost You
      Identity Theft, Foolproof Scams: How Data Breaches in Tech Companies can Cost You
      7 days ago 0
      133
    • CBN’s BVN Verification Ban: What it Means for Nigerian Fintechs and their Customers
      CBN’s BVN Verification Ban: What it Means for Nigerian Fintechs and their Customers
      1 week ago 0
      495
    • ‘Limiting Mindsets Prevent Women from Making the Most of Tech Communities’ – Temilade Adelakun
      ‘Limiting Mindsets Prevent Women from Making the Most of Tech Communities’ – Temilade Adelakun
      2 weeks ago 0
      191
    • Electronic Transactions Increased by 77% to N2.3bn in 2020 as USSD Transactions Increased by 80%
      Electronic Transactions Increased by 77% to N2.3bn in 2020 as USSD Transactions Increased by 80%
      2 weeks ago 0
      189
    • The dying cybercafe culture is still driving ICT penetration in low-income areas
      The dying cybercafe culture is still driving ICT penetration in low-income areas
      2 weeks ago 0
      259
  • Reviews
    • Tech Events this Week: Digital Economic Summit, Crypto Regulation Webinar and Others
      Tech Events this Week: Digital Economic Summit, Crypto Regulation Webinar and Others
      3 hours ago 0
      15
    • Global Tech Roundup: Facebook Faces $3.4Bn Fine for Latest Data Breach
      Global Tech Roundup: Facebook Faces $3.4Bn Fine for Latest Data Breach
      2 days ago 0
      53
    • Fundall is Helping Nigerians Gain Financial Intelligence and Make Investments
      Fundall is Helping Nigerians Gain Financial Intelligence and Make Investments
      4 days ago 0
      68
    • Lagos is the PoS Capital of Nigeria with about 70% of Total Transactions Carried out in 2020
      Lagos is the PoS Capital of Nigeria with about 70% of Total Transactions Carried out in 2020
      5 days ago 0
      127
    • Tech Events this Week: Cashless Africa, Deloitte’s Black in Tech Summit and Others
      Tech Events this Week: Cashless Africa, Deloitte’s Black in Tech Summit and Others
      1 week ago 0
      132
    • Global Tech Roundup: Twitter Wanted to Buy Clubhouse for $4 Billion!
      Global Tech Roundup: Twitter Wanted to Buy Clubhouse for $4 Billion!
      1 week ago 0
      166
    • Scholarships Africa Connects Students to Hundreds of Int’l Scholarships in Minutes
      Scholarships Africa Connects Students to Hundreds of Int’l Scholarships in Minutes
      1 week ago 0
      179
  • Women in Tech
  • Videos
  • Contact Us
Go to...

    Financial Inclusion: CBN May Relax Policies to Allow Wireless Carriers Transfer Cash

    Oluwadamilare AkinpeluOluwadamilare Akinpelu
    January 8, 2019
    Financial Inclusion: CBN May Relax Policies to Allow Wireless Carriers Transfer Cash

    There are indications that Nigeria’s apex bank, Central Bank of Nigeria (CBN) is preparing to relax its Fintech license regime in a bid to allow for Mobile network operators (telcos) to handle cash transfer.

    According to Bloomberg, the CBN would be rolling out a policy that uses a
    “non-bank led model” that would allow non-banking organizations including telcos and even supermarket chains apply acquire licenses that will allow them “create units that can collect deposits and maintain savings accounts.”

    Nigeria Softens Rules Shielding Banks From Wireless Rivals – Bloomberg https://t.co/aMeWhdwlqQ via @nuzzel thanks @ASYBrookings

    — Elias Mageto (@motaroki) January 8, 2019

    This poses a huge potential considering that the telecommunications industry is one with over 160 million subscriber base. This is in an effort by the apex bank to reach its target of 80% financial inclusion by the year 2020.

    Noticing that its sole dependence on traditional banks might not be enough to achieve this objective, it has decided to open the field a little wider for more players, but of course with protection for the banking industry.

    Nigeria has missed out on Sub-Saharan Africa's mobile money boom.

    The central bank is now allowing telecommunications companies to offer mobile money services: https://t.co/cOY9LMZWE9

    It will be interesting to see what impact this has on financial incluson in Nigeria, if any.

    — World Bank Findex (@GlobalFindex) January 8, 2019

    The policy won’t allow licensees to “lend, pay interest or accept foreign-currency deposits”. And without this incentives available for users, it provides a valid field of play for traditional banks.

    The policy is also expected to require that at least one quarter of the total access point be located in rural/underserved areas – which are the main focus for inclusion.

    Could This Spurn Innovation?

    While the policy provides protection for the banks to an extent, it also opens up an avenue for competition. And this additional competition might stimulate innovation and interest in financial services, especially in areas shunned by banks, where people rely mainly on cash to transact.

    CBN Seeks Middle Ground Between Telcos and Banks, Proposes -Payment Service Banks

    And as these customers would be getting used to transferring money via their phones, banks will be forced to develop innovative banking services or risk loosing customers to the telcos.

    Already Kenya’s M-pesa has shown the world that mobile money remains one of the most veritable tools for financial inclusion. Its nice seeing Nigeria catching on and Nigerian telcos seeming to be gearing up for the challenge as Airtel Nigeria and MTN are already pushing to get licenced as payment service banks (PSB).


    If you’d like to get featured on our Entrepreneur Spotlight, click here to share your startup story with us.


    SUBSCRIBE

    Get latest Technology news, reviews, business-related content with a deliberate emphasis on the African narrative and insightful analysis in Nigeria – straight to your inbox.


    Comments

    Share :
    • Facebook
    • Twitter
    • Google+
    • Pinterest
    • Linkedin
    • Email
    Oluwadamilare Akinpelu

    Oluwadamilare Akinpelu

    Oluwadamilare Akinpelu is a lover of the Tech World. He is a calm person and also a protean writer.

    DealDey Becomes the Latest Nigerian Online Business to Crash, Unconfirmed Reports Suggest
    Next article
    DealDey Becomes the Latest Nigerian Online Business to Crash, Unconfirmed Reports Suggest
    Olu Oyinsan Launches $10m Venture Fund for Early Stage Startups in Nigeria
    Previous article
    Olu Oyinsan Launches $10m Venture Fund for Early Stage Startups in Nigeria

    Related Posts

    • Stories 2 hours ago

      Andela Announces Global Expansion With Developers in 37 Countries Including Latin America

      Andela Announces Global Expansion With Developers in 37 Countries Including Latin America
      Reviews, Stories 3 hours ago

      Tech Events this Week: Digital Economic Summit, Crypto Regulation Webinar and Others

      Tech Events this Week: Digital Economic Summit, Crypto Regulation Webinar and Others
      Stories 2 days ago

      Social Media Roundup: Twitter in Ghana, Ahmed Musa Rejoins Kano Pillars and others

      Social Media Roundup: Twitter in Ghana, Ahmed Musa Rejoins Kano Pillars and others
    • Stories, Women in Tech 2 days ago

      'Banks Told me I was too Young to Buy Stocks' - Tomie Balogun on why she Ventured into Investments

      ‘Banks Told me I was too Young to Buy Stocks’ – Tomie Balogun on why she Ventured into Investments
      Reviews, Stories 2 days ago

      Global Tech Roundup: Facebook Faces $3.4Bn Fine for Latest Data Breach

      Global Tech Roundup: Facebook Faces $3.4Bn Fine for Latest Data Breach
      Stories 3 days ago

      'We are Reviewing our Rates,' Bolt Tells Boycotting Drivers in Kenya

      ‘We are Reviewing our Rates,’ Bolt Tells Boycotting Drivers in Kenya

    Bitcoin Recent Prices

    Brandest

    Sign up for Newsletters

    Popular News

    • As Opay Comes Under Attack for its Price Hike, Here are More Affordable  Mobile Money Apps You Should Check Out
      As Opay Comes Under Attack for its Price Hike, Here are More Affordable Mobile Money Apps You Should Check
      November 8, 2019 0
    • Nigerian AI Company Road Preppers Partners with Google to Improve Transportation Experience with Chatbot Lara.ng
      Nigerian AI Company Road Preppers Partners with Google to Improve Transportation Experience with Chatbot Lara.ng
      July 30, 2019 0
    • Google Search And Facebook News Could Leave Australia if Forced to Pay News Publishers
      Google Search And Facebook News Could Leave Australia if Forced to Pay News Publishers
      3 months ago 0
    • Akon Set to Build a Wakanda-Like City in Senegal with Own CryptoCurrency, Akoin
      Akon Set to Build a Wakanda-Like City in Senegal with Own CryptoCurrency, Akoin
      June 21, 2018 0
    • Global Tech Roundup: Facebook Faces $3.4Bn Fine for Latest Data Breach
      Global Tech Roundup: Facebook Faces $3.4Bn Fine for Latest Data Breach
      2 days ago 0

    Follow Us

    Latest Tweets

    • technextdotng RT @Olutobiade: Andela Announces Global Expansion With Developers in 37 Countries Including Latin America. 10 months ago, it went complete…
      about 38 minutes ago
    • technextdotng Ten months after shutting down its physical offices, engineering talent company, @Andela, is now going global. Thi… https://t.co/TuDEVc9C4k
      about 39 minutes ago
    • technextdotng New post: Andela Announces Global Expansion With Developers in 37 Countries Including Latin America https://t.co/BFPKkSwXQt
      about an hour ago
    • technextdotng New post: Tech Events this Week: Digital Economic Summit, Crypto Regulation Webinar and Others https://t.co/EYbjM7FV6L
      about 2 hours ago

    Instagram

    technextdotng

    Technext.ng is the go-to site for news, reviews and insightful analysis in the Nigerian tech space.
    http://ow.ly/ayTM30mSlGS

    Ten months after shutting down its physical office Ten months after shutting down its physical offices, engineering talent company, @thisisandela, is now going global.

This means that the company is now onboarding engineers from every country around the world.
.
.
.
#programming #programmer #programmers #programminglife #programmerlife #programmerhumor #programmingmemes #programmingisfun #programmingjokes #programminghumor #developer #developers #developerlife #softwaredeveloper #softwareengineer #softwareengineering #softwaredevelopment #coder #coders #coderlife #coding #codinglife #codingisfun #webdevelopment #insynouttech #webdevelopers #informatik #programmieren #computerscience #processor
    For many people, managing money and knowing the ri For many people, managing money and knowing the right opportunities to invest in is still a challenge. A survey of over 2,000 youths in Nigeria, Kenya, Uganda, Tanzania and Cote D’Ivoire by Geopoll revealed that more young Nigerians only save after spending than their counterparts in other countries.

More youths in Tanzania and Uganda set aside a fixed amount to save than in Nigeria and Ivory Coast, who are more likely to save what remains after spending

The popularity of apps like @Piggybankng and @Cowrywise has made more people curious about saving, investing and creating a financial strategy to grow their money. However, there is need for more apps that take a more deliberate and friendly approach towards gaining financial intelligence and map out a sustainable path to monetary stability.

This is where Fundall comes in. @get_Fundall is a fintech service whose app is available for download on android and iOS.
.
.
.
.
.
#Fundall #LifeStyleCard #FinancialPlanning #Africa #Fintech #Finance #Financial #Nigeria #SaveMoney #Payments #Nigeria
    @theflutterwave has partnered with American eComme @theflutterwave has partnered with American eCommerce fraud detection firm, Forter to enable merchants to identify legitimate buyers on their Flutterwave platforms. This effort is aimed at detecting fraudsters masking themselves as legitimate buyers on the payment platform.

The partnership touted as the first of its kind in Africa will enable merchants to accurately identify legitimate buyers from fraudsters in the hopes of increasing transaction approvals and reducing friction in the purchasing experience, all without the fear of fraud.

Read more on Technext.ng
.
.
#ecommerce #crypto #marketplace #Merchants #fraudsters #Fraud
    Things are gradually returning to normal as the nu Things are gradually returning to normal as the number of covid-19 cases continues to fall. Although it may take a while before we hug people or shake hands without second thoughts, things are getting better.

Only 523 new cases were recorded between April 6 and 13. This is a slight increase compared to the 497 people that tested positive over the previous week. Two weeks earlier, Technext reported that 584 people tested positive.

The numbers show a sustained decrease in the spread of infections across the country. Indeed the Lagos state government is now confident enough to allow event centres and relaxation centres to increase their crowd capacity. Along with that, here are other developments during the week.

Read more on Technext.ng
.
.
.

#COVID19 #Nigeria #Education #Vaccine #Government
    Today, @Google unveils a Doodle to posthumously ma Today, @Google unveils a Doodle to posthumously mark the 74th birthday of Nigerian music legend and highlife maestro Oliver de Coque, one of Africa’s most prolific recording artists of all time.

The Doodle, created by Lagos-based graphic artist and illustrator @OhabTBJ, pays tribute to the guitarist who died in June 2008 at the age of 61, following a heart attack. The creative inspiration was drawn from De Coque’s love for the guitar, his energetic performance style, his unique music brand, and his love of tradition and culture.
.
.
.
.
.
.
#afrobeats #music #music #musiclover #naijamusic #musician #musicvideo #musicislife #musicproducer #musically #musicblog #musicjunkie #Africangiant #musicjournalism
    The use of Point of Sale (PoS) machines in Nigeria The use of Point of Sale (PoS) machines in Nigeria is growing but a majority of this growth is concentrated in the country’s economic capital, Lagos. According to NIBSS Instant Payment stats, the state recorded the largest number of PoS transactions in the country.

The report shows that Lagos accounted for about 70% of the total volume of PoS transactions in 2020. This represents a 100% growth in the volume of PoS transactions in the state as the volume of PoS transactions rose from 226 million in 2019 to over 453 million at the end of 2020.

Read more on Technext.ng
.
.
.
#finance #Nigeria #Lagos #Tech #POS #ATM #Money #Cash #Funds #TechNews
    Load More... Follow on Instagram

    Random News

    • “Reliable Internet Should be for Everyone” – Akin Marinho on How FiamWiFi Hopes to Provide Low-Income Areas of Lagos with Affordable Internet
      "Reliable Internet Should be for Everyone" - Akin Marinho on How FiamWiFi Hopes to Provide Low-Income Areas of Lagos with
      November 15, 2019 0

      With more than 50% of Nigerians lacking access to affordable and reliable Internet broadband, Fiam WiFi which seeks to ...

      Read More
    Copyright 2020 technext.ng | Privacy Policy | Media Policy