CBN Grants Airtel Approval-in-Principle to Operate Super Agent – Newstrends
Connect with us

Business

CBN Grants Airtel Approval-in-Principle to Operate Super Agent

Published

on

The Central Bank of Nigeria (CBN) yesterday granted Airtel Nigeria the approval in principle to operate super-agent network in Nigeria.

Airtel Africa, the parent company of Airtel Nigeria, announced this in a statement.

With the super-agent licence, Airtel would be able to create an agent network that could service the customers of licenced Nigerian banks, Payment Service Banks (PSB) and licenced mobile money operators in Nigeria.

READ ALSO:

The approval came few days after the CBN granted Airtel and MTN approval-in-principle to operate as PSBs in Nigeria.

According to the statement, “Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, announces that its subsidiary Airtel Mobile Commerce Nigeria Ltd has been granted approval in principle by the Central Bank of Nigeria to operate as a super-agent in Nigeria.

“The super-agent licence is distinct from the PSB licence, for which we received approval in principle on November 4, 2021.” The PSB licence was required for Airtel to be able to provide financial services in Nigeria such as accepting cash deposits and carrying out payments and remittances, issuing debit and prepaid cards, operating electronic wallet and rendering other financial services.

“Under the super-agent licence, we would be able to create an agent network that can service the customers of licensed Nigerian banks, Payment service banks and licenced mobile money operators in Nigeria,” it added.

Just like the CBN’s approval in principle for PSB operational licence, the final CBN’s approval of the super-agent licence to Airtel Nigeria, is also subject to the Group satisfying certain standard conditions.

Thisday

Business

Tinubu orders creation of single-digit tax system

Published

on

Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

Continue Reading

Business

Naira gains further against dollar

Published

on

Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

READ ALSO:

The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

Continue Reading

Business

CBN jacks up interest rate amid soaring inflation

Published

on

CBN jacks up interest rate amid soaring inflation

The Central Bank of Nigeria (CBN) on Tuesday raised the interest rate from 22.75 per cent to 24.75 per cent amid soaring inflation.

Governor of the central bank, Olayemi Cardoso, made this known after the two-day Monetary Policy Committee (MPC) meeting held on Monday and Tuesday.

The country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent for last month, fueled by a continuous rise in food prices.

Cardoso disclosed that the MPC voted to adjust the asymmetric corridor around the MPR at +100 to -300 basis points.

He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.

The committee also voted to retain the liquidity at 30 per cent.

He said, “Members noted the continued rise in headline inflation driven largely by food prices, because of supply shortages, and high cost of Logistics and Distribution.

“The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures.”

Continue Reading

Trending

Skip to content