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Firm says only 20% enjoying cashless system, launches new solutions, Payedin

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7 months ago

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A fintech firm, PayedIn Technology, has launched a simple and secure electronic payment solution in Nigeria.
The firm said in a statement on Wednesday that the introduction of the new solution was to improve on the existing system in which only the top 20 per cent of organisations, businesses and entrepreneurs were enjoying cashless payments.
It stated, “In support of digitalisation of the economy, all organisations, businesses, and entrepreneurs should have access to a secure and easy-to-use electronic payment solution.
“The current crop of payment solutions available in the country are complex and often require complicated hardware, payment intermediaries or complex systems integration. What this means is that only the top 20 per cent of organisations, businesses and entrepreneurs with the requisite skills, capabilities and resources are enjoying cashless payments.”
Co-founder and Chief Executive Officer of PayedIn, Debo Shopade, said, “We have developed a payment platform that is easy-to-use and secure without the need for hardware, intermediaries or systems integration. To get started, recipients only need to go through a simple sign-up process.”
Also commenting on the new solution, Co-founder and CTO of Payedin, Aditya Padhi, was quoted as saying, “PayedIn is secure by design with state-of-the-art security features including email and phone number verification, two-factor authentication and biometric security to keep transactions secure.”
The new payment solutions are said to be available for all major sectors of the economy such as utility, services, transportation, education, e-commerce, charity, and religious sectors.
It gives features for payment recipients as payment links for remote payments, integrated transaction reporting dashboard, scan to pay, crowdfunding and instant payment notifications.
For those making payments, the features are given as scan (QR code) to pay, pay by link, location triggered payments, recurring payments, push notifications, transaction receipts and transaction reports.
PayedIn, according to the statement, is available on all platforms including web, iOS and Android mobile apps stores.

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Ortom suspends mining activities in Benue to curb insecurity

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8 hours ago

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August 18, 2022

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Benue State Governor, Samuel Ortom, on Thursday ordered the immediate suspension of mining activities in the state as a means of curbing security threats emanating from that area.

He gave the directive at the meeting held with Kwande stakeholders at the Benue State Government House, Makurdi.

The governor said the activities of miners were already posing threat to the peace of the state.

He said that the state government would set up committees at state, local government and ward levels to regulate the activities of the miners.

He said, “Recent events in the Kwande Local Government Area are posing danger and threat to the peace in council and the state in general and this is as a result of mining activities in the area.

“We know that there are some miners with licences from the Federal Government because it is the responsibility of Federal Government to grant licences.

“We know that some of the miners don’t have licences; we have foreigners and indigenous ones among them.

“As a result of the danger the activities of the miners pose in the state, we hereby suspend all mining activities in the state including those with licences.

The governor asked all licensed miners to register with the state Ministry of Land, Survey and Solid Minerals.

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Emirates Suspends All Nigerian Flights Over $85m Blocked Funds

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18 hours ago

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August 18, 2022

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Emirates Airlines has announced the suspension of its flights from Nigeria with effect from September 1, 2022.
The decision was due to the inability of the airline to repatriate its funds from Nigeria.
Recall that the airline had in a leaked letter to the Minister of Aviation, Senator Hadi Sirika, said it would reduce its frequencies in Nigeria from 11 to seven by mid August over its trapped $85m in Nigeria.
Daily Trust reports that other airlines may also follow suit as blocked funds belonging to foreign airlines have hit over $600m which they are unable to repatriate as the Central Bank of Nigeria (CBN) could not meet airlines’ request for dollars.
In line with the bilateral air service agreements (BASAs), foreign airlines are expected to issue their tickets in naira while the CBN provides the dollar equivalence for repatriation to their home countries.
In a statement on Thursday morning, Emirates said it would stop all its flights to Nigeria, adding it might re-evaluate its decision if there was any positive development in the coming days.
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The statement read: “Emirates has tried every avenue to address our ongoing challenges in repatriating funds from Nigeria, and we have made considerable efforts to initiate dialogue with the relevant authorities for their urgent intervention to help find a viable solution.
“Regrettably there has been no progress. Therefore, Emirates has taken the difficult decision to suspend all flights to and from Nigeria, effective 1 September 2022, to limit further losses and impact on our operational costs that continue to accumulate in the market.
“We sincerely regret the inconvenience caused to our customers, however the circumstances are beyond our control at this stage. We will be working to help impacted customers make alternative travel arrangements wherever possible.
“Should there be any positive developments in the coming days regarding Emirates’ blocked funds in Nigeria, we will of course re-evaluate our decision. We remain keen to serve Nigeria, and our operations provide much needed connectivity for Nigerian travellers, providing access to trade and tourism opportunities to Dubai, and to our broader network of over 130 destinations.”
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Niger, Benin, Togo Owe Nigeria N5.8bn For Power In 2020 – Report

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19 hours ago

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August 18, 2022

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The Republic of the Niger, Republic of Benin and Togolese Republic did not pay a N5.86 billion electricity debt in 2020 from an invoice of N16.31bn issued to them by the Nigerian Electricity Market (NEM) for the year.

According to the report for 2020 released by the Nigerian Electricity Regulatory Commission (NERC), the companies for each of the countries are Societe Nigerienne d’electricite (SNE), Societe Beninoise d’Energie Electrique (SBEE) and Compagnie Energie Electrique du Togo (CEET) respectively.

The remittances showed that the Nigerian Market Operator (MO) gave the countries N16.31bn from which they paid N10.45bn for the services received from MO, while N5.86bn was outstanding.

Ajaokuta Steel Company Ltd, termed a special customer in Nigeria, and its host community did not pay anything after consuming N1.08bn worth of electricity in the year. The invoice from Nigerian Bulk Electricity Trading (NBET) to the company was N930m, while that of MO was N150m. NERC recommended in the report that, “MO and NBET must activate the relevant safeguards against continued non-settlement of market obligations by these market participants.”

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Also, in 2020 NERC issued five new generation licences and renewed three others which would add 667.70 megawatts (MW) to the grid. The new licences can add 235MW while the renewed licences were for 346MW capacity of electricity generation. It also gave approval to 33 Meter Asset Providers (MAPs) and certified 17 Meter Service Providers (MSPs).

On metering, the report indicated that 537,400 meters were installed for consumers in 2020, a 60.4 per cent higher figure than the 334,896 meters installed in 2019.

Despite this, the huge metering gap for end-use customers is still a key challenge in the industry. Registered customers grew to 11,841,819 (11.8m) in 2020 but just 4,666,191 (4.6m) or 39.40 per cent of them were metered.

“Therefore, 60.60 per cent of the registered electricity customers are on estimated billing contributing to apathy toward payment for electricity bills,” it stated.

Daily Trust

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