DD
MM
YYYY

CATEGORIES

PAGES

DD
MM
YYYY

spot_img

CATEGORIES

PAGES

Home Blog Page 4317

MTN Nigeria Reveals Plans to Merge Its Two Financial Subsidiaries Momo PSB and Yello Digital Financial Services

By
Ojukwu Emmanuel
-
0

Multinational mobile telecommunications company, MTN Nigeria has revealed plans to merge its two finance subsidiaries, Momo Payment Service Bank Limited and Yello Digital Financial Services Limited to form one company.

This was revealed in the company’s proposed resolutions for its 2023 Annual General Meeting scheduled to hold on the 18th of April 2023, at the Balmoral Convention Center.

MTN disclosed that the proposed merger will hold the Payment Service Bank license granted by the Central Bank of Nigeria (CBN) and will also be capable of performing super-agent services and other permissible activities.

Speaking on the merger of Mono PSB and Yello Digital Financial Services (YSFS), MTN’s board of directors said,

“It has been proposed that two of the company’s subsidiaries (MoMo PSB and YDFS) be merged and integrated to form one company, which will hold the Payment Service Bank license granted by the Central Bank of Nigeria and will also be capable of performing super-agent services and other permissible activities. It is anticipated that the merger will enhance the value for the company and its shareholders.” the director stated in the document.”

Also commenting on the Merger, Regarding Momo PSB and YDFS, MTN Nigeria’s CEO Karl Toriola stated that it demonstrates solidarity for the federal government’s drive towards financial inclusion in Nigeria.

He added, “Not just for those in urban centers and markets, but also people in rural and remote areas of the country who remain excluded from the financial system.”

MTN Nigeria’s fintech subsidiary, Mobile Money Payment Service Bank (MoMo PSB), has so far gained traction and contributed to the country’s financial inclusion push. Within a few weeks of commencing operation, the PSB generated transaction volumes of approximately 7 million.

In May 2022, MoMo PSB formally commenced operation following the final approval for a Payment Service Bank (PSB) granted by the Central Bank of Nigeria (CBN).

The key objective of issuing a PSB permit by the CBN was to boost financial inclusion, especially in rural areas, and facilitate transactions.

Momo PSB is a partner in facilitating the actualization of the CBN’s financial inclusion strategy. It is also part of the overall 2025 strategic priorities of the MTN Group.

On the other hand, Yello Digital Financial Service (YDFS) is a subsidiary of MTN Nigeria, which secured a license to begin operations from the Central Bank of Nigeria in 2019. In June 2018, YDFS, registered as a financial technology company in a bid to meet the criteria for a CBN license, was created; it is MTN’s core foothold in Nigeria’s financial ecosystem.

The Super Agent license enables the scale launch of MTN Nigeria’s fintech strategy. The license will enable MTN to convert its existing airtime agents and recruit other small businesses to distribute financial services.

Through its fintech offerings, MTN seeks to unlock economic growth through financial and digital solutions for consumers and businesses of all sizes in Nigeria.

The Show of Violence Called Election in Nigeria

By
Stanley Alieke
-
0

God willing, this will be the last time I will ever write about Nigerian politics or discuss it. It is draining, disheartening and heartbreaking that things like these still go on in Nigeria in the name of politics and electioneering. 

Here I was thinking that the 25th February 2023 general election is the worst election ever conducted in the history of politics in Nigeria. Little did I know that the worst is yet to come and it will be the gubernatorial election conducted today. It really does seem that the Nigerian system grows from evil to evil; from bad to worst. Never in my life have I ever seen or experienced this level of election thuggery and brazen display of violence that took place today in the guise of the election. 

It appears that everyone who stepped out to vote today was attacked, especially in Lagos state. There is a flood of blood flowing on social media pages from attacks by thugs on victims in the polling units. Even celebrities and public figures were not left out; the nollywood legendary Actress; Chioma Chukwuka had to run for her life from her polling unit after being attacked, same with Kate Henshaw.

Everyone was attacked; both old, young, man or woman, even the media personnel covering the electoral processes were attacked; an Arise Tv reporter was brutally attacked and beaten and his media equipment was seized by thugs. If you dare to cast your vote and you are seen or marked or appear like someone who will not vote for APC in Lagos state thugs will mob you and chase you out of the polling Unit. 

Some were disenfranchised merely because they looked like Igbos, even after their series of claims that they are Yourubas and should be allowed to vote, they weren’t allowed to vote. Once you look like an Igbo person you will not be allowed anywhere close to the polling unit; this is what Nigerians experienced today, the 18th day of March 2023 in Lagos state. 

Mc Oluomo was seen in a video threatening the Igbos yesterday that if they know they won’t be voting for the Yorubas they should rather stay in their house and not dare to come out; thugs were as well seen in the early hours of today chanting that those who won’t be voting for APC in Lagos state should stay at home otherwise they will meet their Waterloo. 

To top it all, Seventeen INEC ad-hoc staff were abducted today in Imo state. How can all these be happening in 2023? Maybe it has always been happening in previous elections but the availability of technology and smartphones made it possible for people to now record what is happening and for the whole world to see what has been going on in the animal kingdom called Nigeria. 

I have never been this scared of going out to vote and scared for the lives of those that went out to vote. You will be attacked from nowhere by some thugs who have nothing to lose. 

Nigeria is really an animal kingdom; the thought that this election despite the obvious reasons is not an election but a display of violence will never be cancelled and some impostors will be declared winners of this election is saddening.

Fed fear, and lack of confidence in long term durability of $USD

By
John Mc Keown
-
0

During the week, I released an article for Tekedia institute.

https://www.tekedia.com/the-success-of-the-cryptocurrencies-of-the-future-will-depend-on-their-ecosystem-having-a-strong-and-diversified-gdp/

The article, entitled: ‘The success of the cryptocurrencies of the future will depend on their ecosystem having a strong and diversified GDP’ took an aside to explain how the US dollar is under pressure from two sides.

‘With the US Debt/GDP running at 120.36%. USD position as the defacto international trade medium is critical to its stability, and the life of the US economy.

There is a fight the USD now feels it has to wage, not only against a diversification away from the dollar by sovereign actors, but also by increased interest in cryptocurrency payment media by global corporations and domestic individuals.

The US is increasingly seeing a world not transacting in dollars, and doesn’t like it.’

Barnett Frank, familiarly known as ‘Barney Frank’ was a member of the U.S. House of Representatives from Massachusetts from 1981 to 2013. He served as chairman of the House Financial Services Committee from 2007 to 2011.

Yesterday, Wall Street Journal – Opinion Reported:

Barney Frank says regulators seized Signature Bank last weekend because they wanted to send a message to other banks not to do business with the crypto industry. The evidence increasingly suggests the former Congressman could be right….

…New York’s Department of Financial Services took possession of Signature on Sunday after it experienced a run on deposits following the collapse of Silicon Valley Bank (SVB).’

Unfortunately for them,  the plan of the regulator has backfired.

https://www.msn.com/en-us/money/markets/wsj-opinion-was-svb-the-first-twitter-fueled-bank-run/vi-AA18GdQK

While ‘Blockchain Industry Assets’ across the board fell during FTX, and fell during Silvergate, SVB was seen as an established piece of the traditional banking community. Attacking Signature, was going even deeper into ‘traditional’ territory.  This prompted a recovery of Blockchain Industry Assets as investors piled into them as one of several alternatives to the traditional banking community.

It is well publicized that my brand, 9ja Cosmos, achieved the first Web 3 ccTLD (Country Top Level Domain)  in the world (for Nigeria) in September last year.

9ja Cosmos operates off Handshake, which is a hard fork of Bitcoin. It’s native currency is a token called ‘HNS’ Between the week spilling over from October to November 2022, HNS hit an all time low of $0.0194. It had recovered in early 2023 to above $0.04 but in empathy with what other Blockchain Industry Assets were doing in the wake of Silvergate, it dropped to just above $0.03.

On SVB, and further, Signature news, HNS has rallied and is now above $0.04 as of this instant.

The creation and sale of Web 3 Domains off the Handshake chain is the utility that drives the value of the HNS coin.

While 9ja Cosmos main products are Second Level Domains off .9jacom and .9javerse. in a non-core part of our operations, we separately sell complete TLDs to peers. 2023 to date, we have sold 177 TLDs alone.

This isn’t a boast but just an indicator of the power of the Blockchain Asset Industry as a whole, something in which 9ja Cosmos is just a very small part.

As indicated by Barney Frank, this is an industry of which Sovereign Finance Actors, are very, very afraid.

We do however need to break from this habit of seeing Blockchain Industry Assets as rising in value simply because they become worth more $USD.

The $USD creates its own value momentum. If the Fed raises interest rates, $USD rises against other instruments. When they indulge in quantitative easing by printing a load of new money, the $USD falls against other instruments.

If a Blockchain Industry Asset has done nothing particularly new in the period to add value, then Fed shenanigans don’t make it worth more (or less). Real improvement in a particular Blockchain Industry Asset needs to be benchmarked against average performance of the industry as a whole.

Blockchain businesses need to change focus to products customers and community members can monetize through bringing their own additional work, and creativity to add REAL value…  we need to move away from products that are simply consumed… ‘collected’… or hoarded in the hope the $USD will develop a self-inflicted value problem.

For about the last six months, HNS has outstripped most things, demonstrated by the value of 9ja Cosmos products and those of some of its peers.

Hence why that article was entitled: ‘The success of the cryptocurrencies of the future will depend on their ecosystem having a strong and diversified GDP’

9ja Cosmos is here…

Get your .9jacom and .9javerse Web 3 domains  for $2 at:

.9jacom Domains

.9javerse Domains

 

All reference sites  (including those in article body) accessed  18/03/2023

https://en.wikipedia.org/wiki/Barney_Frank

https://www.wsj.com/articles/signature-banks-crypto-execution-c707bb48

Data from Silvergate and First Republic Bank Explain Recent Challenges in Public Stock Investments

By
Ndubuisi Ekekwe
-
0

Credit Suisse, one of Europe’s largest financial institutions, may be history in the next few hours. I do not just see how that brand will remain, untethered to another bigger bank. The logo may remain but the “trust bank” deposit, a core indicator in the banking system, is all but exhausted through many self-inflicted and external events. In Russia Today, their central bank was telling Russians not to worry that crises in the US and European banks will not reach them. What an irony indeed on geopolitics!

Good People,take a look at these two charts: one for Silvergate and another for First Republic Bank.  Within  the last 12 months, a $170,000 investment would be $2,000 now in Silvergate while a $150,000 investment is now  worth $23,000 for FRB within 30 days!

The message: things happen. Those are people’s retirements and making money is not free; risks abound. But for FRB, its struggles are largely due to perception since Silicon Valley Bank collapsed. Yes, even though it may be fine, and some banks have come together to cushion it with more funds, the investing public does not care. That is a more troubling scenario: “Eleven banks deposited $30 billion at First Republic on Thursday afternoon, in a government-backed bid to bolster the ailing lender and boost confidence in the U.S. banking system”.

UBS is considering a potential takeover of Credit Suisse, Reuters reports, citing anonymous sources, just days after the Swiss National Bank declared the lender solvent and offered it a $54 billion credit line. The Financial Times notes that a deal for a “historic merger” of Switzerland’s two biggest banks could be reached as early as Saturday. Regulators are urging the two to come to an agreement before markets open on Monday to bolster confidence in the banking system.

Shares of Credit Suisse dropped 25% through the last week despite its $54 billion lifeline.

Earlier in the week, Credit Suisse released its 2022 annual report which cited “material weakness,” worrying investors after the collapse of Silicon Valley Bank. (LinkedIn News)

 

INEC Postpones Election in 10 Polling Units in Lagos

By
Tiamiyu Ismail
-
0

The Independent National Electoral Commission (INEC) has postponed the ongoing governorship and state assembly elections in 10 Lagos polling units in Victoria Garden City (VGC), Eti-Osa Lacal Government Area of the State.

Mr Olusegun Agbaje, INEC Resident Electoral Commissioner in Lagos was reported to have said the ad-hoc staff deployed in the area refused to carry out their duties there because of an experience they had during the Presidential Poll. His words:

“We have eight polling units here with 6,024 registered voters and out of which 5,624 people have their PVCs,” he stated, adding that two other polling units at the estate’s main gate were also affected.

“After due consultation and further directive from the national headquarters that we should remobilise here tomorrow (Sunday) morning by 08:30am to conduct the elections.

“By 08:30am tomorrow (Sunday), we will reconvene here.”

1...4,3164,3174,318...7,984Page 4,317 of 7,984

© Tekedia. All rights reserved.

Term & Privacy

© Tekedia. All rights reserved.

Term & Privacy