FG borrows N2.45tn from CBN amid fiscal risks
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DEAL: Nigerian fintech startup, TeamApt raises over $50 million to expand into new markets
TeamApt, a Nigerian fintech that provides business payments and banking platforms, has raised over $50 million in pre-series C funding. The company said the fund would allow it to expand its credit services, move into new markets, and spread financial happiness by digitising Africa’s economy. Read more…
Top 5 Nigerian insurtech startups by funds raised since 2021
As technology continues to drive a revolution in every sector of the economy, the insurance sector is also witnessing a turnaround. At the heart of this change are the insurtech startups that are coming up with different solutions to make insurance more attractive. Read more….
Flutterwave hires 200, grows workforce by 38%
Flutterwave has said it has completed the recruitment process for its inaugural graduate trainee programme and grown its staff base by 38 per cent in the process. Read more…
Nigeria’s banking sector leads, attracts $1.47 billion foreign inflows in six months
The Nigerian banking industry attracted $1.47 billion as capital inflows in the first half of 2022, an increase of 109.8% compared to $698.2 million received in the second half of last year and 46.5% higher than the $1 billion inflows recorded in the corresponding period of 2021. Read more…
Falling gasoline prices softens US inflation rate to 8.5% in July 2022
The United States’ inflation rate dropped to 8.5% for the month of July, a little figure lower than the 9.1% it hit in the month of June. Read more…
Ghana’s inflation rate rises to 31.7% in July 2022
Ghana’s inflation rate rose further in the month of July 2022 after the headline rate surged to 31.7% from 29.8% recorded in the previous month. Recall that the country’s inflation rate touched a 19-year-high in June, as a result of a surge in transportation costs. Read more…
FG borrows N2.45tn from CBN amid fiscal risks
The Federal Government’s total borrowing from the Central Bank of Nigeria through Ways and Means Advances rose from N17.46tn in December 2021 to N19.91tn in June 2022. Read more…
FG to generate N484bn from e-payment channels
The Federal Government is set to make a total of N483.73bn in three years from electronic payment boom by way of the Electronic Money Transfer Levy. Read more…
Coronation Insurance pays N7bn claims
Coronation Insurance Plc paid N7.31bn claims to its policyholders at the end of December 31, 2021 financial period. Read more…
FG, World Bank stake $700m to mitigate environmental degradation
The Federal Government, in collaboration with the World Bank, has embarked on a $700m Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project against environmental degradation in Nigeria. Read more…
NCC remits N463b in seven years, attracts $2b foreign investments
The Nigerian Communications Commission (NCC) remitted N463 billion to the Federal Government’s Consolidated Revenue Fund from 2015 to April 2022. Read more…
Quote of the Day
“A vow is fixed and unalterable determination to do a thing when such a determination is related to something noble which can only uplift the man who makes the resolve.”