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The value of transactions carried out online by bank customers jumped to N22.77tn in March 2021, the latest data from the Nigeria Inter-Bank Settlement System have shown.
This shows a growth of 99 per cent from the mobile transaction figures of N11.44tn recorded in the corresponding period of 2020.
Bank customers conducted the transactions on the NIBSS Instant Payment, Point of Sales and e0lectronic bills platforms.
NIP was the most preferred platform in March, accounting for N22.02tn of the total online transactions’ value.
The instant payments were carried out by customers via bank branches, Internet banking, mobile apps, Automated Teller Machines and Unstructured Supplementary Service Data.
API-based open banking helps enterprises reach potential customers, while cutting costs associated with risk assessment and the development of new payment, transaction and lending services
Ibadan, April 6, 2021 The Shareholders Association, Ibadan Zone, has urged companies in Nigeria to be decisive and cut operational costs to catalyze the business environment in the face of economic challenges.
Mr Eric Akinduro, the Chairman of the Association, gave the advice in an interview with Naija247news in Ibadan on Tuesday while speaking on the performance of the Nigerian Stock Exchange (NSE) in recent time.
He said “Presently I think the whole economy is somehow challenging, but what we are looking at as investors now is the final returns being declared by each company, which eventually would determine their dividends declaration.
Vanguard News
60m unbanked: Expert advocate open banking
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ew indications have emerged that open banking would create a new stream of revenue for banks and also drive the 60 million unbanked population into the formal banking system.
These were the submissions of the financial experts under the Committee of e-Banking Industry Heads (CeBIH) during a webinar tagged: ‘‘Advancing Open Banking in Nigeria’’.
Speaking at the webinar, Trustee, Open Technology Foundation in Nigeria, Mr. Adedeji Olowe, said that ‘‘open banking would foster financial inclusion, adding that it would provide the much needed foundations-regulatory framework, database, strategic partnerships among others, “for third parties like fintech to build affordable solutions, easily integrating with other ecosystem players such as the Telcos and banks.”
Nigeria Inter-Bank Settlement System Plc (NIBSS) today announced the launch of the NQR payment solution; an innovative payment platform implemented on behalf of all financial service providers. The New Quick Response code solution offers a robust platform that delivers instant value for P2B and P2P transactions by simply scanning to pay. It is a solution that will unify the available closed QR Code schemes in the country for consistent user experience and accelerated digital adoption.
This Payment Solution designed to be “low cost” for merchants would see shoppers scan a QR code generated by a seller to pay for an item. Each code will have unique details containing the information relating to the transaction and would link with a customer’s Banking App, already enabled on their smartphone.