PalmPay, an Africa-focused fintech firm, has launched a new mobile wallet application in Nigeria to aid the Central Bank of Nigeria’s cashless policy and reward users with bonuses for making payments on the platform.
The initiative, which was also designed to attract Nigeria’s unbanked, offers consumers a range of digital services via its mobile application, including P2P transfers, airtime and bill payment.
Details: Palmpay, which is backed by TECNO mobile, enables even unbanked Nigerians to access financial services through the use of a mobile app that is available on both Android and iOS. It also offers customers a platform to top up funds electronically or via offline access points, with the ability to make and accept individual and merchant payments.
Global Chief Executive Officer, PalmPay, Greg Reeve, said, “The mobile wallet will be open to absolutely everyone, whether banked or not. We will not leave anyone behind, and instead, bring forward a new era in inclusive finance in Nigeria and across Africa. Over a million transactions have been made on the platform within its first two months of pilot operations in Nigeria.
“That is because we reward customers for carrying out airtime purchases and bill payments on the platform and offer fee-free transfers to other PalmPay wallets and N10 transfer rates to bank accounts. Our USP of offering cashback and discounts to users has caught on in the price-sensitive Nigerian and Ghanaian markets.”
The PalmPay platform will provide access to a variety of other financial products and services offered by third parties. For instance, it plans to leverage the network of 100,000 merchants belonging to Visa, which the company counts as strategic partners.
He added that the company obtained an Approval-in-Principle to operate as a Mobile Money Organisation (MMO) from the Central Bank of Nigeria earlier in 2019. This is expected to allow it to build an agent network to facilitate in-person cash in and cash out to its mobile wallet.
Why it matters: Considering the fact that only 40% of adults in Nigeria have access to a formal financial account, Africa’s most populous market is still a cash-based economy and that means more work needs to be done in breaking the jinx of the cash-based economy.
Some benefits of a cashless society, which the platform is expected to aid, are that it seeks to reduce money laundering and other related cash crimes to a minimum.
Role of Tecno Mobile: The device brand is also supporting PalmPay with an exclusive pre-install deal, which will see at least 20 million phones come with the app out of the box from 2020.
General Manager, Tecno Mobile, Stephen Ha, said, “Tecno has helped expand access to smartphones among the Nigerian population. We are now looking to leverage this infrastructure to further improve people’s lives.
“We see a huge growth opportunity in mobile payments and financial services on the continent and are looking forward to working together with the PalmPay team to help shape the future of payments in Africa.”
#EndSARS: Lagos State needs N1 trillion to rebuild losses – Gbajabiamila
Gbajabiamila has said that the Lagos State Governor told him that the state would need N1 trillion for the reconstruction of destroyed assets.
The Speaker of the House of Representatives, Femi Gbajabiamila has disclosed that Lagos State will need about N1 trillion for the reconstruction and repair of the properties and infrastructure that was vandalized and destroyed by hoodlums.
Gbajabiamila disclosed this while responding to questions from State House Correspondents after the assessment visitation of some of the properties that were destroyed during the protest.
What you should know
The #EndSARS protest which started as a peaceful demonstration by thousands of youths, degenerated into chaos after the protests were hijacked by hoodlums. The distasteful actions of hoodlums and arsonists have seen properties worth billions of naira vandalized, destroyed and razed down.
One of the consequences of these events was reported by Nairametrics as the Lagos State Government revealed that 27 of the burnt Bus Rapid Transit (BRT) vehicles in the Oyingbo and Ojodu Berger areas of the state cost $200,000 each, while 57 of them cost $100,000 each, which gives a total of N3.9 billion.
What they are saying
According to information gathered by The Punch, the Speaker said, “The House of Representatives will do all it can to compensate all those who suffered brutality, including policemen that lost their lives in the process.
“However, we want to know what exactly happened at the Lekki Toll Gate. The judicial panel must reveal this. However, I want to encourage Nigerians to allow peace to reign.
“I learnt from the governor of Lagos State that it will take N1trn to rebuild what had been lost and asked him what’s the budget size of the state, he said about N1trn. You can see we are moving backwards.
“Hence, we must consider the consequences of our actions before embarking on any venture. I, therefore, appeal to the youth to allow peace to reign henceforth. I still believe in the unity of Nigeria.”
#EndSARS: NBC fines AIT, Channels and Arise TV over use of “unverifiable” footages
The NBC has sanctioned three major Nigerian television stations over their reportage of recent unrest across the country.
The National Broadcasting Commission, NBC, has fined Nigerian media houses including AIT, Channels TV and Arise News, claiming they used unverifiable video footages from social media to cover the #EndSARS protests.
This was disclosed in a report by AIT on Monday afternoon. According to media reports, the regulators imposed various fines on Arise TV, African Independent Television (AIT) and Channels Television between N2million and N3million.
“The National Broadcasting Commission has sanctioned Africa Independent Television, AIT, Arise TV and Channels for what it calls, a gross violation of the broadcast code, top of which is the use of unverifiable online video footages on the social media,” AIT said.
The Acting Director-General of the commission, Armstrong Idachaba, warned that further sanctions will be harsher and announced that the owners of AIT, DAAR Communications would be fined separately for alleged reports of a fire incident at the National Christian Centre.
The sanction according to Idachaba, will be a fine of not less than N2 million.
The NBC had warned last week that broadcasters must “perform the role of a peace agent by adhering to the principle of responsibility, accuracy and neutrality” in reporting the protests.
More details later..
Why Okonjo-Iweala should win the WTO DG role – Prof. Moghalu
Professor Kingsley Moghalu has thrown support behind Dr. Ngozi Okonjo-Iweala to win the World Trade Organization top job.
A former Deputy Governor of the Central Bank of Nigeria, Professor Kingsley Moghalu, has publicly canvassed support for Dr. Ngozi Okonjo Iweala to win the World Trade Organization (WTO) top job.
The former professor of public policy at Fletcher School, Tufts University, made the disclosure via his official Twitter handle, as seen by Nairametrics
Prof. Moghalu made a strong case for why Africa’s candidate should be considered for the top shot, noting that the need for Africa to get a better deal in the world trading system should be a major criterion in selecting the next WTO DG. He also believed that correcting this negatively skewed trade deal will help tackle poverty and underdevelopment in Africa.
The dynamics of world trade are rigged against Africa, keeping the continent poor and undeveloped. In this piece for Project Syndicate @ProSyn I make a strong case for why Africa’s candidate, @NOIweala, should be selected as the next Director-general of @wto https://t.co/G4Fyxd1z91
— Kingsley Moghalu (@MoghaluKingsley) October 26, 2020
What you should know
Nairametrics had earlier reported that Nigeria’s Ngozi Okonjo-Iweala and South Korea’s Yoo Myung-hee have emerged as the last two candidates for the top WTO job.
Prof. Moghalu also disclosed that the final selection decision is expected this week or very early next week.
Prof. Moghalu said, “The dynamics of world trade are rigged against Africa, keeping the continent poor and undeveloped. In this piece for Project Syndicate @ProSyn, I make a strong case for why Africa’s candidate, @NOIweala, should be selected as the next Director-General of @wto.
“The final selection decision is expected this week or very early next. Alongside the case for why the African candidate Okonjo-Iweala is best placed to lead WTO, I make the case for the continent more broadly as to how and why it must get a better deal in the world trading system.”
What this means
If finally selected for the top job, the opportunity will present Dr. Okonjo the platform to solve some global trade-related issues, one of which is Africa’s trade position with the rest of the world.