Finance
Open Vector CEO at Lagos Fintech Week speaks on opportunities for Startups
BY: Nmerichukwu Igweamaka
Startups in the Financial Technology (FinTech) space will redefine service offering experiences to customers, says the Chief Executive Officer of Open Vector Limited, Carlos Figueredo.
Figueredo who delivered a paper at the opening of Lagos Fintech Week on Tuesday at Oriental Hotel, said in an interview with TechEconomy.ng that open banking system offers startups and others in the ecosystem a level playing fields to grow the economy, especially through financial inclusion.
Open Vector was established in 2017 with the purpose of leveraging the extensive knowledge achieved in the UK with the creation, implementation and go live of the first in country open banking strategy worldwide.
It is Open Vector’s remit to use this experience to become the “center of expertise for Open API”.
In his words, Figueredo said, “For me, the startups will define the new dynamics in banking and that is what Open Banking brings to the table. It offers all a level playing field which is an opportunity that startups never experienced before now. Open Banking means that through new collaborations and innovations young fintechs can now create solutions and services and can be able to sell them to large institutions.
“So, I encourage fintechs in Nigeria to tap into this space. I have seen amazing talents here in the country.
Discussing on how fintechs can bridge the financial inclusion, especially among the rural dwellers, he said, “I think the fintechs and financial institutions have not yet understood the commercial opportunity of reaching out to the villages – people that are outside the cities. Even the Deputy Governor of the CBN who spoke earlier expressed the same thing. I think there are huge opportunities among those people; it is just that the fintechs and banks have not been able to create those services and products that will incentive those people to want to consume those products. I think that is where the opportunity is.
Speaking on security concerns with regards Open Banking system, the Open Vector’s CEO noted that, “The operators in the open banking ecosystem are working hard to ensure hitch-free operations. Anything financially based would always attract the attention of the cyber attackers. But the greatest risk revolves around lack of education.
“If you are completely educated on how to do what you do, things are going to be a lot easier and protected. To give you an example, in the way we use our passwords for banking, if you are not educated on how to do it, you put yourself in risk, because you share your information. But if you can protect your password, it is also applicable to the open banking system, he added.
On regulations that need to be in place to drive the ecosystem, he suggested that regulations that are solid enough to protect the consumer must not be neglected.
He further said that the consumer deserves the right to make choices while using third-party or payment providers’ platforms.
On what the consumer stands to gain from open banking, Figueredo, said “Everything. This is an amazing opportunity for the consumer to make choices. Before now, products were designed (without sounding negative) to somehow protect the banks and not really the consumer but in today’s world, the banks will have to compete with ‘banks of all sizes’; the digital banks, small banks, big banks, etc. So, new services and products will grant consumers easier access to services and products through their devices.
Lagos Fintech Week (LFW) which continues today, is an invigorating week of distinct FinTech events that delivers exciting discussions, stimulating demos and insightful debates.
The Week is for startups, technology companies, investors, financial institutions, research institutes and innovation professionals.
Other panelists include: Jameel Taiwo, MD/CEO Credit Registry; Faith Adesemowo, CEO, Social Lender; Tunde Popoola, MD/CEO, CRC Credit Bureau; Damilola Salawu, Partner, Olaniun Ajayi. The session will also be moderated by Onajite Regha, CEO, EPPAN.
Source: TechEconomy.ng
Finance
Stanbic IBTC Capital leads Presco PLC’s ₦82.9 Billion Bond Issuance to drive West African market growth
Reporter: SANDRA ANI
Presco PLC (Presco or the “Company”), has achieved a significant milestone with the successful issuance of its ₦82,896,000,000 7-year 23.75% senior unsecured fixed rate Series I Bonds under its ₦150 billion bond issuance programme (the “Transaction”) with the Securities and Exchange Commission (“SEC”). Stanbic IBTC Capital Limited (“Stanbic IBTC Capital”) acted as the Lead Issuing House on the Programme.
The proceeds from the Transaction will enable the Company fund its acquisition of a 100% equity stake in Ghana Oil Palm Development Company (GOPDC), further supporting its strategic expansion objectives.
Speaking on the transaction registration, Mr Reji George, Managing Director / CEO, Presco PLC commented:
“The successful completion of our Series 1 Bond issuance solidifies Presco’s foundation for continued growth and expansion. Aligned with our strategic objectives of increasing our planted area of palm oil and, to lead Africa in the fully integrated edible oil and fats business in the nearest future, the proceeds from this issuance will be primarily directed towards the acquisition of a majority equity stake in the Ghana Oil Palm Development Company (GOPDC).
This not only enhances our operational efficiencies, It also solidifies our market presence and competitive advantage in the palm oil sector beyond Nigeria. Most importantly, this will enable us to better serve our valued customers and deliver sustainable value to our shareholders. We extend our sincere gratitude to Stanbic IBTC Capital and all our advisors for their support throughout this process.”
Also speaking on the transaction registration, Oladele Sotubo, Chief Executive, Stanbic IBTC Capital, said:
“Stanbic IBTC Capital is proud to have advised Presco PLC on the successful issuance of its ₦82.9 billion Series 1 bond. As the largest local currency corporate bond issuance in the Nigerian market in recent years, this milestone underscores our deep expertise in capital markets and our commitment to delivering innovative, high-impact financial solutions.
Beyond reinforcing Presco’s strategic growth, this transaction enhances funding diversification within the agricultural sector, driving sustainable industry expansion. We appreciate Presco PLC’s trust in Stanbic IBTC Capital and the consortium of advisors who contributed to the successful execution of this landmark deal.
Flutterwave, Africa’s leading payments technology company, has announced today that its online merchants in Nigeria can now accept American Express payments.
American Express Card Members – with consumer, business, or corporate cards – will be able to make payments directly to e-commerce businesses using Flutterwave in Nigeria.
This service will also be available to Flutterwave merchants in other countries including Tanzania, Rwanda, Ghana and Uganda in the near future.
This collaboration facilitates online transactions and offers a range of benefits for both merchants and online shoppers:
- Flutterwave merchants can attract business from a new customer base of American Express Card Members in Africa and around the world. This includes consumers with personal cards and spenders with business or corporate products. Terms and conditions apply.
- For shoppers, there is more choice when it comes to being able to select their preferred method of payment when transacting with Flutterwave merchants. This collaboration strengthens the American Express global network and increases the number of locations across Africa that can be used by American Express Card Members to purchase a range of different goods and services.
Speaking on the development, Olugbenga ‘GB’ Agboola, Founder and CEO, Flutterwave, said:“At Flutterwave, we’re always looking for ways to connect the world to Africa through payments. This is one of our initiatives to ensure that more people across the world can pay using Flutterwave in Africa. We understand the value of providing shoppers with payment methods that work for them, as well as helping businesses to expand their customer bases. This collaboration also provides more options of where to shop and what to buy to American Express card holders across the globe. By offering American Express as a method of payment, Flutterwave will make the payment process faster and simpler for American Express card holders, and improve the experience for e-commerce businesses using Flutterwave, helping them to start locally and sell globally.”
On his part, Briana Wilsey, Vice President and General Manager of Global Network Services EMEA at American Express, said: “American Express continues to expand in Africa to enable greater payment choice for businesses and consumers. Through the agreement with Flutterwave, a trusted payment provider, we are giving e-commerce merchants in Nigeria the opportunity to reach American Express Card Members around the world. The collaboration is a win-win because it also increases the number of places where our Card Members can use their Cards in Nigeria.”
Flutterwave and American Express share similar visions; to enable businesses across the world to expand their operations in Africa and other emerging markets through a platform that enables local and cross-border transactions via one Application Programming Interface (API).
Flutterwave has processed over 630M transactions in excess of USD $31B, serves global and African customers like Uber, Air Peace, Bamboo, PiggyVest, and across various industries. On the other hand, American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success.
…Posts N3.3trn Net Profit, Declares N2.1trn Dividend
…Targets 2mbpd Crude Oil Production by December 2024
The NNPC Limited has released its 2023 Audited Financial Statement (AFS), declaring a net profit of N3.297 trillion at the close of the financial year which ended in December 2023, an increase of over N700billion (28%) when compared to the 2022 profit of N2.548trillion.
In a world press conference held at the NNPC Towers in Abuja on Monday, the Chief Financial Officer of the Company, Mr. Umar Ajiya said the release of the AFS is a testament to the Company’s commitment to transparency and accountability.
“Our fiscal performance reflects both strategic foresight and operational resilience. Despite inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company,” Ajiya stated.
Ajiya added that posting such impressive returns demonstrates NNPC Ltd’s commitment to sustaining profitability and supporting the attainment of national energy security as stipulated by the Petroleum Industry Act (PIA) 2021, and by extension, as expected by the Company’s shareholders.
Explaining that the NNPC Ltd will announce Initial Public offer (IPO) once the shareholders and Board make a decision, Ajiya also debunked claims on subsidy payment, saying the Company was only taking care of the shortfall on PMS importation between it and the Federation.
Speaking earlier at the press conference, the Chairman of the NNPC Ltd Board, Chief Pius Akinyelure said that the excellent performance came as the fruit of the PIA 2021, the commitment of the Board, Management and staff of the company.
Akinyelure added that the shareholders of the company have since approved a final dividend of N2.1trn in line with PIA 2021 provisions.
In her remarks at the briefing, the Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan said with improvements witnessed as a result of the renewed vigour in the war against crude oil theft and pipeline vandalism, NNPC Ltd is targeting 2million barrels per day crude oil production by the the end of the year.
On the current fuel queues in parts of Lagos and the FCT, the Executive Vice President, Downstream, Mr. Dapo Segun appealed for understanding from Nigerians, saying that the the Company is working with relevant stakeholders to address the distribution, evacuation and logistics challenges.
It would be recalled that in 2021, NNPC declared profit in its operations for the first time. From a loss position of N803 billion in 2018, it reduced the loss further down to N1.7 billion in 2019.
However, in 2020, it posted its ‘first ever’ profit of N287 billion, then in 2021, it recorded a N674.1 billion profit and in 2022, the profit grew to N2.548, an unprecedented achievement in its financial performance. The N3.297 trillion profit declared for 2023 is the highest since the Company’s inception, 46 years ago.
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