Finance
Fintech News Trending

NANS Calls for Immediate Reversal of N50 Fintech Transfer Levy as September 9 Deadline Hits

The National Association of Nigerian Students (NANS) has raised its voice against the newly introduced N50 Electronic Money Transfer Levy (EMTL), which is set to take effect from September 9, 2024. This levy mandates a deduction of N50 for every electronic transfer of N10,000 and above through fintech platforms like OPay and Moniepoint. In a […]

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Business Fintech

FIRS Extends EMTL to Fintechs: Moniepoint, OPay Set to Deduct N50 on Inflows Over N10,000 from September 9th, 2024

The fintech revolution in Nigeria has long promised customers a seamless, low-cost banking experience. From quick money transfers to free deposits, these platforms—Moniepoint, OPay, PalmPay, and others—have enjoyed widespread popularity. But come September 9, 2024, things will change for users of these services.  It’s a regular Saturday morning, and Moniepoint’s customers receive a notification on […]

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Business Analysis Business News

Economic Challenges Weaken Nigeria’s Manufacturing Sector: Contribution to GDP Falls by 20.95%

Nigeria’s manufacturing sector has faced significant economic Economic Challenges Weaken Nigeria’s Manufacturing Sector: Contribution to GDP Falls by 20.95%challenges in recent times, as evidenced by a notable decline in its contribution to the Gross Domestic Product (GDP). According to data from the National Bureau of Statistics (NBS), the sector’s contribution dropped by 20.95% in the […]

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Image: Mitesh Popat
Fintech

Mitesh Popat’s Appointment as CFO Signals a New Era for Flutterwave

Flutterwave, a leading payments technology company in Africa, has recently welcomed Mitesh Popat as its new Chief Financial Officer. Popat’s appointment marks a pivotal moment for the company, bringing with him two decades of extensive experience in global financial services that spans North America, Europe, the Middle East, and Africa. His deep expertise and track […]

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Business Stock Market

Oando’s Historic 1286% Stock Increase: Now in N1 Trillion Market Cap League

In a year marked by significant fluctuations in the global energy markets, Oando Plc has achieved a remarkable milestone on the Nigerian Exchange Limited (NGX). The company’s share price soared by an incredible 1,286% between September 4, 2023, and September 2, 2024, pushing Oando into the elite N1 trillion market capitalization league for the first […]

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Startups

€30 million fund generated by Satgana to support African climate tech startups

A European venture capital (VC) firm headquartered in Luxembourg, has closed a €30 million fund to fund startups that tackle climate change problems in Africa. The fund will do so by investing up to €500K in the pre-seed and seed stages of startups across Europe and Africa.  The VC will leverage the network of its […]

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Business Economy Finance

Yellow Card gets $40 million dollars Series B funding

Pan-African cryptocurrency exchange Yellow Card has announced the close of its $40M Series B funding led by Polychain Capital. Other investors participating in the round include Valar Ventures, Third Prime, Sozo Ventures, Castle Island Ventures, Fabric Ventures, DG Daiwa Ventures, The Raba Partnership, and others. According to a statement, the company will use the funding to drive business […]

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Business Finance

Kuda in trouble? Nigerian Neobank incurs over N6 Billion loss in 2021

The last two years have seen losses for Kuda MFB, a neobank with a Nigerian microfinance bank license. According to the company’s financial report, reviewed by Business Verge, it lost $6,092,554,866 ($14,214,681) by the conclusion of the 2021 fiscal year, an increase of 602% over the $2,025,295 loss it suffered in 2020. The company’s sales […]

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Business Finance

Google provides $4 million in equity-free funding to 60 African companies.

At the Transcorp Hilton Hotel in Abuja, Google announced that 60 African startups have been selected for the second cohort of its Google for Startups Black Founders Fund.  Each of the selected startups will receive support in the form of a 6-month training programme that includes tailored workshops, community-building sessions and access to a network […]

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Business Economy

The five largest insurance companies in Nigeria would increase gross premium to N139 billion in half of 2022.

Nigeria’s leading insurance companies earned a whopping sum of N139.440 billion as revenue in the half year of 2022, outperforming their earnings in the corresponding period of 2021 of N115.530 billion. According to the information contained in the half year financial statements of these companies and compiled by Nairametrics research, the companies’ premiums rose by […]

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