Africa Business Nigeria West Africa World 

Nigerian banks block MTN from banking channels

– – Nigerian banks have blocked MTN from their banking channels following a feud over fees charged for the service. MTN had reduced the banks’ commission from an average of 3.5 per cent to 2.5 per cent using USSD for banking services. The feud has left millions of subscribers unable to recharge their phones using the USSD services on MTN lines on Friday. The decision by the banks to shut off the telecoms firm has led to a lot of frustration for customers. MTN had advised its subscribers to seek…

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Africa Business West Africa World 

Nigeria targets diaspora remittances with ‘naira for dollar’ scheme

Banks in Nigeria are encouraging their clients to accept remittances in dollar from relations abroad for a reward. The scheme which was introduced by the Central Bank of Nigeria seeks to offer a reward of five naira for every $1 sent by Nigerians living abroad through international money transfer operators in the country. The scheme is to be called “naira for dollar” and an attempt to shore up the country’s revenue streams. Diaspora remittances to Nigeria totalled $25bn in 2019 but dipped to just over $5.3bn in 2020, according to…

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Africa Business East Africa World 

Uganda: Hackers steal billions from telcos and banks

– – Investigations have begun into an electronic fraud incident in Uganda leading to the loss of billions of shillings. Unidentified hackers broke into the systems of Pegasus Technologies, a company that integrates mobile money transactions between telcos, banks, and other local, regional, and international money transfer services to steal billions of shillings. Leading telcos, Airtel and MTN Uganda, as well as Stanbic Bank are the most affected. In a joint statement Anne Juuko, Wim Vanhelleputte, and VG Somasekhar, the CEOs of Stanbic Bank Uganda, MTN Uganda, and Airtel Uganda…

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Africa Business World 

How artificial intelligence helps banks, fintech startups, and users

Fintech startups and banks have always been at the forefront of tech adoption, and they’ve been curiously following the growth and development of AI for many years. And there’s a good reason for it — we, the consumers of their services, want to have access to cutting-edge technology while dealing with our finances, as well as making sure that the companies dealing with our savings be equipped with the best of what tech can offer. AI and ML have recently moved from the realm of futurism to the very crux…

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Africa Business Nigeria West Africa World 

Nigeria: Loan defaulters to lose deposits in other banks

Nigeria’s Central Bank has announced that loan defaulters will now lose their deposits in other banks. The move is in an attempt to reduce the rate at which customers of banks default in paying their loans. The central bank and other lending institutions agreed to seize the bank savings of customers that borrow money and refuse to pay back. Per the agreement all deposits in the defaulting customers’ other banks’ accounts will be used to service the unpaid loans. The decision was taken at the 345th Bankers Committee meeting in…

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Africa Business West Africa World 

Sierra Leone launches Africa’s first blockchain online ID platform

Sierra Leone has become the first African country to launch a blockchain national digital identification platform. The country’s President Julius Maada Bio officially launched the system in the capital Freetown on Wednesday. This is the first time an African country is implementing such an online credit system designed by a San Francisco-based tech charity called Kiva. With such a system it becomes easier to identify ordinary citizens seeking loans since accessing their their credit history becomes easier. The platform will enable financial institutions capable of lending to look up citizens’…

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