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Business News

Fintech: CBN issues new license

The CBN has approved a super-agent licence to another financial technology company, Itex Integrated Services Limited.

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Fintech firm expands services, gets CBN super-agent license 

The Central Bank of Nigeria (CBN) has approved super-agent licence to another financial technology company (fintech)Itex Integrated Services Limited. The company now has the CBN’s backing to operate in the financial sector and recruit agents to carry out financial services. 

The Super Agent license will enable Itex to provide basic financial services such as account opening, BVN capture, funds transfer, cash withdrawals, bill payments to the unbanked, and others 

[READ MORE: FinTech Wars: Access Bank reveals how much it lends daily as payday loans]

Speaking on the development, the Managing Director and Chief Executive Officer, Itex Integrated Services Limited, Mr Ernest Uduje, expressed his enthusiasm at the full approval the company received to be a super agent. 

“We are indeed happy to have qualified for this licence. Our primary goal is to provide ease of financial services and transactions for our customers, including those in the rural areas. This licence gives us an opportunity to provide these services on an even larger scale, thus providing financial empowerment to the unbanked and under-banked.” 

What you should know: The super-agent licence is part of CBN’s efforts to deepen financial inclusion in the country and reduce the financial exclusion rate to 20% by 2020. The policy, which was made by CBN in 2015, is called the Licensing Framework for Super Agents. 

The aim is to encourage other infrastructure providers and operators, including telcos, to provide shared agent network services. This is expected to rapidly expand financial inclusion and extend digital financial services across the country. 

Under this CBN’s regulatory framework, super agents are responsible for monitoring and supervising the activities of agents, including the volume and value of transactions for each type of service they offer.  

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The framework also states that the volume and value of transactions should be made available to the principal financial institutions, which monitor compliance with the set limits, establish other prudential measures, and take actions such as on-site visits to ensure agents are strictly complying with the requirements of the law, guidelines and contract. 

[READ ALSO: CBN seeks standard practice from fintech operators]

 

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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Business News

FG to extend fuel subsidy for 6 months

Reports indicate that the FG plans to spend N720 billion for the next 6 months on Premium Motor Spirit (PMS) subsidies.

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Subsidy and PIB, petrol price, PPPRA, We have sufficient PMS stock for 38 days- DPR 

The Nigerian Government may have suspended plans to end its subsidy payments as reports indicate that the FG plans to spend N720 billion for the next 6 months on Premium Motor Spirit (PMS) subsidies.

This was disclosed in an exclusive report by The Guardian on Sunday, citing that President Muhammadu Buhari ordered that the subsidies remain in place for the next 6 months.

“Specifically, President Buhari has asked the Nigeria National Petroleum Corporation (NNPC) to suspend any idea on subsidy removal for five to six months so that a plan that does not harm ordinary Nigerians is evolved if the deregulation must go on,” a Government official said.

What you should know 

  • NNPC GMD, Mele Kyari disclosed last month that the “NNPC may no longer be in a position to carry that burden because we cannot continue to carry it in our books,” after reports of fuel imports under-recovery revealed the FG was spending N120 billion a month on subsidy.
  • Kyari also hinted that they may soon start selling PMS at market prices saying: “NNPC importing PMS at market price and selling at N162/L. The actual market price should be between N211 and N234/L. Meaning is that consumers are not paying the market price.
  • “NNPC is currently the sole importer of PMS, and we’re trying to exit the underpriced sale of PMS. Eventual exit is inevitable, when it will happen I cannot say, but engagements are ongoing because the government is cognisant of the implications.”

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FG to name new train station after Mobolaji Johnson

FG to name flagship train station located at Ebute Metta after the former Governor of Lagos State, Mobolaji Johnson.

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The Federal Government is set to name its flagship train station located at Ebute Metta after the former Governor of Lagos State, Mobolaji Johnson.

This was disclosed by the Ministry of Transportation via its Twitter handle on Sunday.

It tweeted, “New indoor photos of our flagship station located at Ebute Metta. It is to be named Mobolaji Johnson Station after the former Governor of Lagos State. Please share your thoughts.”

What you should know

The Federal Government has also stated why the China Civil Engineering Construction Company (CCECC) Nigeria Limited could not link the final part of the Lagos-Ibadan rail line to the sea, according to Nairametrics.

The government in its explanation said that it was due to disruption by trucks going in and out of the port complex.

According to a press statement signed by the Director, Press and Public Relations of the Federal Ministry of Transportation, Eric Ojiekwe, this disclosure was made by the Minister of Transportation, Rotimi Amaechi, while on a routine tour of the Lagos-Ibadan rail line project on Saturday, April 10, 2021.

 

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