The Secretary General of the Organisation of Petroleum Exporting Countries (OPEC) Mohammed Barkindo has said that time has come for the organization to start looking beyond petroleum and embrace technology to explore opportunities outside its primary mandate. To this end, OPEC will start exploring the future of blue hydrogen, digitalisation in the energy sector, cyber security and blockchain technology, adding that the oil and gas sector has always been keen on deploying the latest technologies to improve productivity.
Secretary General of the Organisation of Petroleum Exporting Countries (OPEC) Mohammed Barkindo
“The energy industry, particularly the oil sector, has always been eager to utilise and develop the latest cutting-edge technologies to improve efficiency and effectiveness of its operations, along with its environmental credentials.
“We at OPEC constantly review and analyse the latest technologies emerging in our industry and their impacts on the various sectors, including the supply chain. These technologies have changed us a lot, and we expect them to continue doing so in the future,” Barkindo said in a statement posted on the group’s website.
The group said it will host the second workshop on energy and information technology (IT) on September 21 via videoconference. According to OPEC, the aim of the workshop was to discuss and exchange information on a number of “key topics” relevant to energy technology and innovation. This year’s event will focus on issues such as the future of blue hydrogen, digitalisation in the energy sector and cyber security and blockchain technology.
Experts from OPEC member countries, other oil producing and consuming nations, international organisations and leading global corporations will be invited to participate in the workshop, OPEC noted. The event is part of OPEC’s ongoing research programme which the group said holds workshops and technical meetings that act as a forum for discussion and information exchange on some of the energy industry’s most pressing issues.
OPEC described itself as a permanent inter-governmental organisation of 13 oil-exporting developing nations comprising Nigeria, Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Saudi Arabia, United Arab Emirates and Venezuela.
Following the outbreak of the COVID-19 pandemic, the group has conducted its last few meetings through video conferences. Other oil and gas events have also gone down the virtual route in response to the pandemic.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
London listed Nigerian petroleum firm Lekoil Limited has said that it is raising $100 million before it can start drilling in its Ogo oilfield. The company says that it has reached a deferred payment deal earlier this year to keep its stake in OML 310, where Ogo sits, after it discovered a $184 million loan it wanted to use for the purchase was fraudulent.
Chief Executive of Lekoil Lekan Akinyanmi
The Chief Executive of Lekoil Lekan Akinyanmi said the company was able to finance much of the Ogo preparation work with cash from its producing field, Otakikpo, and will drill once it raises the money. Lekoil is in talks for a mix of direct investment into the asset and vendor financing, which Akinyanmi said is the most cost-effective way to raise money for drilling. He expects to spend $1 billion developing Ogo through its life cycle.
“We want Ogo to raise its own capital so that we can actually start to build cash…and maybe in a few years start to pay dividends,” he said, adding that Otakikpo, which produced an average of 5,305 barrels per day (bpd) last year, yielded $15-$16 million in free cash. Shares in London-listed Lekoil plunged in January after it revealed the loan that it thought was from the Qatar Investment Authority (QIA) was a “complex facade”.
In results published this week, Lekoil posted a $12 million loss in 2019, compared with a $7.8 million loss in 2018. Its cash balances dropped to $2.7 million from $10.4 million. Lekoil is also targeting a 40% reduction in annual general and administrative expenses due to this year’s oil price crash.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Nestlé has appointed Mauricio Alarcon as new Chief Executive Officer of Nestlé Central and West Africa Ltd, effective September 1, 2020. Mr. Alarcon has a robust and in-depth understanding of Central and West Africa. In 2014, he became Managing Director of Nestlé Côte d’Ivoire where he drove business growth and efficiency. He also headed Nestlé’s operations in Senegal, Guinea, Guinea Bissau, Gambia, Mauritania and Cape Verde.
Mauricio Alarcon, new Chief Executive Officer of Nestlé Central and West Africa
In 2016, he became the Managing Director of Nestlé Nigeria, the largest Nestlé operation in the region. During his tenure in Nigeria, Mr. Alarcon was a catalyst for change and innovation to achieve superior business performance amidst a volatile environment. He also demonstrated a strong personal commitment to improving the lives of people within the company as well as in the communities it operates.
Mr. Alarcon is a Mexican national with a Master’s degree in Engineering from the University of Manchester, United Kingdom. He worked in the banking sector before joining Nestlé Mexico in 1999. In 2004, he was appointed as Marketing Manager for the Ice Cream business in Australia. He moved to Nestlé’s North and Eastern Africa Region as Business Executive Manager for Ice Cream in 2010, transforming the business by doubling turnover and improving profitability.
“I’m honored and excited to lead Nestlé Central and West Africa Ltd. I look forward to joining forces with all our stakeholders to deliver Nestlé’s purpose, which is to unlock the power of food to enhance quality of life for everyone, today and for generations to come”, said Mr. Alarcon.
“We will achieve this by bringing to life our vision of delivering affordable and accessible nutrition to everyone in Central and West Africa. We will also continue to build strong communities by improving livelihoods as well as intensify our efforts to protect our planet for future generations.” he added.
Nestlé operates in 25 countries and directly employs more than 5,400 people in Central and West Africa region. The region has 9 factories and 3 co-packers. As a company in society, Nestlé helps address the specific nutritional needs of the population by offering tastier and healthier foods & beverages; and by promoting balanced diets and healthy lifestyles. Nestlé’s portfolio in Central and West Africa spans food and beverage categories including dairy, culinary, coffee, beverages, infant nutrition and bottled water. MAGGI® MILO®, CERELAC ®, GOLDEN MORN®, NESCAFÉ®, NIDO® and PURE LIFE® are just some of our most popular brands in the region. The company’s purpose is “unlocking the power of food to enhance quality of life for everyone, today and for generations to come.”
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
There’s been a definite shift around the discussion about the cloud in Africa. Businesses now accept that the future of organising, processing and presenting their data is in the cloud. And with services like cloud-based email, many companies are already using this innovative technology – whether they realise it or not. The conversation has changed from asking ‘what is cloud technology?’ to look at how it can be harnessed to achieve business success.
Patrick Ndegwa, Business Sales Lead for SEACOM East Africa
Organisations need to be able to adapt at the same speed as this new technology and take advantage of the opportunities it presents. This will ensure business continuity and resilience in the long term. So what’s next for the cloud?
The future of cloud computing: opportunities for Africa
The Internet of Things is set to become even more prominent, with companies able to automate and optimise more processes as connected ‘smart’ machines are used. Interconnected systems mean that business processes and actual equipment will be linked to ensure ease of access and optimisation. This has the power to significantly improve efficiency for businesses that can get it right. This could include inventory systems that automatically order more stock when levels are low; smart machines that notify you before a part needs to be replaced; or logistics tracking that optimises routes and delivery based on orders and current traffic congestion. As we progress into this digital world of work, systems will become more interlinked and intertwined, providing opportunities for companies that are ready to take advantage.
Furthermore, the cloud enables remote working and service provision, regardless of where employees or organisations are located. This opens up business opportunities as distance from customers and clients is no longer a stumbling block. African companies can offer their services to a wider market – and in turn use additional services – as a result of a digitally connected world. The same applies to workers; employees can search for jobs nationally and internationally, as opposed to simply searching for opportunities in their immediate area.
Business flexibility and scalability will be key to enabling growth while reducing unnecessary costs as a result of more streamlined operating systems and access to more markets and a wider range of service providers.
Ensuring the safety and security of the business
The importance of security in this new cloud-connected world cannot be stressed enough. As more data is moved to a cloud environment, businesses that don’t take security seriously become more susceptible to data breaches.
User rights need to be properly managed and the relevant software put into place to prevent cyberattacks and data leaks. In addition to this, each individual accessing a system affects the safety of the wider network, so employee training is vital. Accessing and managing data remotely will need to become a priority. The constant influx of data that is being collected and stored needs to be organised and used strategically. Regular backups are crucial in ensuring that information is safe and easily accessible should the original data be deemed at risk. This will ensure business continuity and reduce downtime. Companies that stand to win will be those that partner with cloud providers that can help them put the right security measures in place.
Adapting to a cloud-driven world of business
Research indicates that by 2025, all of the world’s data is expected to increase by five times. This data is estimated to be worth around 123.2 billion USD. In addition to this, the mobile cloud services market will be worth an estimated 95 billion USD by 2024. This trend also applies to Africa.
As Internet usage in Africa grows, so does the amount of data created – as well as the value of that data. Accessing these huge amounts of data won’t be the biggest challenge – making sense of it will be. Companies that can collect, collate and analyse the sheer volume of data generated every day by their customers, employees and other stakeholders stand to gain a lot. If you aren’t organising your data and using it strategically, you will be left behind.
As we look to the future, the importance of partnering with a provider that can assist your business in meeting its operational needs to remain a top priority. A forward-thinking cloud partner can help your business plan for the future, while making the most of the latest innovative technology.
Patrick Ndegwa is Business Sales Lead for SEACOM East Africa
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
The North African countries of Morocco and Algeria seem to have taken their competition for regional supremacy to another level as both are in a race for Covid-19 vaccine trials. While the Chinese vaccine trials are underway in Morocco, Algeria is acquiring the controversial Russian vaccines.
Professor Richard Peto of Oxford University
Morocco and Algeria have chosen different paths in pursuing vaccines against COVID-19. Morocco has chosen to take part in clinical trials for China’s CNBG vaccine. Algeria has instead chosen to purchase the Russian “Sputnik V” vaccine. Both vaccines are in the latter stages of clinical testing, even though Russia has already claimed success.
The global race to develop COVID-19 vaccines is escalating. It began to turn into a frenzied rush after Russian President Vladimir Putin declared on August 11 the country’s Sputnik V vaccine to be the first proven inoculation. However, Russia’s vaccine is still undergoing important final trials.
Many analysts see nationalist and capitalist incentives driving the rush to produce the first vaccine. “I think there’s a big rush, a somewhat nationalistic rush and also somewhat capitalistic rush as well,” Professor Richard Peto of Oxford University told the Guardian. “It will actually make it more difficult to evaluate other vaccines,” he stated while adding, “we really do need quite strong evidence of efficacy.”
Protests emerged in Johannesburg after a local university partnered with Oxford to start Africa’s first clinical trials for a COVID-19 vaccine in July. “We are not guinea pigs,” protesters said. Now that vaccines have reached the third stage, where larger groups of people take the vaccine, opinions are changing about taking part in trials.
Morocco is one of the countries where a new vaccine is undergoing testing. Thousands of Moroccan volunteers are taking the vaccine developed by Chinese laboratory Sinopharm CNBG. By cooperating in the vaccine development process, Morocco will have earlier access to an eventual final vaccine and hopes to manufacture the drugs locally.
In the race for vaccines, Algeria has taken a different route than Morocco. According to the North Africa Journal, the Pasteur Institute of Algeria has welcomed a team of Russian researchers representing their country’s government to negotiate purchasing the vaccine.
Yet both the Chinese and Russian vaccines have yet to clear the final hurdle of clinical trials. In the last stage of vaccine development, large groups take the drug to test for side effects or health risks. Algeria’s choice to discuss purchasing large quantities of the Russian vaccine is a risk, as trial results could disprove its efficacy after the order is already placed. Morocco, in contrast, is helping with the scientific process to realize an effective vaccine, without running the risk of purchasing a faulty or dangerous drug.
Both Morocco and Algeria are taking a proactive approach in the race for vaccines, although their risks differ. Whatever the outcome of the Chinese and Russian drugs might be, both nations are actively working to ensure citizens get a working vaccine. The need for vaccines is apparent as Algeria continues to see hundreds of new cases, while Morocco is frequently recording more than 1,000 new infections daily.
Fears over the distribution of vaccines are legitimate. Rich Western countries have already implied that they will ensure vaccines first go to their populations. These developments make it ever more important for countries in the Maghreb region to find ways to procure early access as well. While much remains unclear, Morocco and Algeria at least appear proactive in ensuring adequate vaccines are made available when they pass the final clinical trials.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Nigeria’s continued slow pace of broadband penetration is a stumbling block to take off of the tech sector and ancillary industries. In an age the Internet of Things (IoT) is changing the landscape of everything in sight, Nigeria, unfortunately is lagging behind its potential to lead in providing affordable and accessible broadband for its young and teeming population. This is inpite of the recorded leap 10 per cent in the last three years from an average growth of two per cent annually since the year 2000.
Minister of Communications, Dr. Isa Patami
Speaking on the need to speed up broadband growth in the country, the Minister of Communications, Dr. Isa Patami said that the federal government remains committed to digitalising the Nigerian economy, saying the COVID-19 pandemic necessitated the need for the government to aggressively achieve a digital economy.
Pantami made this remark at the Chartered Institute of Bankers of Nigeria’s (CIBN), 2020 Graduates’ Induction/Prize Awards day, which was held virtually over the weekend. The CIBN inducted 1,311 new members and awarded the best performing students in its different professional certification categories.
Speaking on the feat recorded by his ministry, Pantami said: “In less than a year, when I came on board, the broadband penetration was a little higher than 30 per cent, from 2000 to 2019. But, by the end of July this year, broadband penetration was over 42 per cent. We achieved almost a 10 percent increase in less than a year. “With all sense of humility and modesty, before we came on board, the penetration annually was averagely less than two per cent. But this year alone, the penetration is 10 per cent which is highly unprecedented.”
He further said the growth of the digital economy was reliant on continuous innovation and entrepreneurship. “COVID-19 is clearly showing us why it is important to fast-track the digitalisation or rather the digital transformation of Nigeria. To drive the digital economy, there are two components that are key. One is digital innovation and digital entrepreneurship.” In her presentation, A Professor of Information Systems/Academic Director, Lagos Business, Prof. Olayinka David-West, noted that the digital economy was birthed alongside the information age and represents the levels of economic activity from digital connections between people, businesses and extending to devices, data and processes. According to her, such connections or interactions depend on the interconnectedness of people, organisations and machines facilitated by the internet, mobile technology and the internet of things (IoT).
“We have seen jobs transition from place to space, where work is not just a place we go to but an activity we carry out. Given that not all work is digitally enabled, the value of some roles in the organisation will be re-validated. An example of this is in the civil service, where workers below a certain grade have been away from work and unable to work for months.
“Digitally enabled work means that work activities or business processes are executed digitally (without paper) end-to-end (inter-departmental and inter-organisation). Related to this is that organisations are distributed and aggregating quality digital infrastructure at one location is inefficient because now, our homes are our workplaces and our organisations have to accommodate this shift.
“This also raises the issue of the digital tools we buy. Because our models have been place-based, desktops have dominated the workplace; but how portable are those desktops? Again this raises the dilemma of information security and data theft when organisational information is dispersed across machines. The digital infrastructure and tools deployed in our homes require hard infrastructure like electric power and housing conducive to home-based work,” David-West said.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
In preparation for the opening of the country’s international airspace for flights on September 5th, 2020, the Presidential Task Force (PTF) on COVID-19 in collaboration with the Nigerian Civil Aviation Authority (NCAA) has released new sets of coronavirus safety protocols for passengers wishing to travel out or come into Nigeria when international flight operations resume weekend.
According to the PTF, all potential travelers must be acquainted with the regulation before initiating their plan to travel so that they would not be stopped midstream after they have made financial and time commitments. The new regulation says that all intending travelers to Nigeria must have tested negative for COVID-19 by PCR in the country of departure pre-boarding and PCR test must be within seven days before departure and preferably within 72 hours pre-boarding.
For certain countries, COVID-19 PCR tests would only be acceptable from specified laboratories and tests done more than seven days before departure are not valid, and such person would not be allowed to board, but for the 72 hours minimum, this is advisory and will not preclude boarding. “All intending passengers are required to register via a national payment portal online which will soon be made available and pay for a repeat (second) PCR test to be done upon arrival in Nigeria. This payment portal will provide passengers with the options of where and when to carry out the PCR test.
“Passengers will be given an appointment time and date to present themselves at the Sample Collection Centres located in their states of residence for a repeat COVID-19 PCR test on the seventh day after arrival. A list of accredited private laboratory providers and Sample Collection Centres across the country will be available on the payment platform and the Nigerian Centre for Disease Control (NCDC) website.
“Passengers will also fill the online Health Declaration/Self Reporting form co-located on the same national payment platform and submit online or print out for presentation on arrival. They should ensure that the information/contact details provided on the form are correct, verifiable and that they can be reached on the phone number and address provided.
“Passengers must inform port health officials on arrival of any change in their health circumstances since completion of the Health Declaration/Self-Reporting form,” the statement said. The PTF further stated that prior to boarding; passengers are requested to upload their COVID-19 PCR negative results onto the national payment portal and bring along an electronic or hardcopy of the result for presentation at the airport.
At the time of boarding, all travelers will undergo thermal screening for fever and questioned for symptoms of COVID-19. Passengers with COVID-19 related signs and symptoms will not be allowed to board the flight. The PTF requested that airlines must only board passengers with test results showing that the tests were done within the stipulated seven-days before boarding and airlines that board passengers without a negative COVID-19 PCR tests or test results of more than seven days prior to boarding will be sanctioned.
It added: “Non-Nigerians may be refused entry and returned to the point of embarkation at cost to the airlines. Nigerians will be allowed entry but subjected to 14days of mandatory quarantine at a facility approved by the government and at cost to the passenger. “Airlines will be fined $3, 500 per passenger for failure to comply with the pre-boarding requirements.” For passengers/persons arriving in Nigeria, PTF stated that they would be required on arrival at the airport to go through the routine port health screening, and present electronic or print-out evidence of pre-boarding PCR test results and evidence of payment/appointment for a repeat PCR test in-country.
Passengers are required to present their international passports for clearance through the Nigerian Immigration System’s Migrants Identification Data Analysis System (MIDAS); the biodata page, including passengers’ picture, which will be forwarded to all COVID-19 PCR Sample Collection Centres to enable proper identification before sample collection.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
When we were Presidents of Nigeria and South Africa – the largest economies on the continent – our Administrations dreamt of many things. One in particular was to create drug-free societies.
We were wrong.
We were wrong because we thought prohibition, repression, and prison would protect our children. We allowed harsh penalties for drug-related offenses, including the non-violent ones. We legitimised State forces when they arrested and punished many citizens, even when, in retrospect, that was excessive.
Chief Olusegun Obasanjo, former president of the federal republic of Nigeria
It didn’t work.
It didn’t work because the prohibition that global superpowers imposed to the world at the end of World War II was a continuation of their political concerns, and cultural preferences. It was not a rational and concrete strategy to cope with addiction.
Still today, alcohol and tobacco are sold, freely consumed and pushed by sophisticated marketing and few people challenge this although those substances are harmful to people’s health. The somewhat artificial distinction between those substances and illegal drugs (such as cannabis) led the world, and us as African leaders, to many mistakes.
Those young people that were thrown in prison, did we convince them to take a better path? More often than not, the main thing they learnt in prison is the craft of crime! Those that were left without treatment or died of overdoses, who were they?
They were our relatives. They were our children. Our societies invested much of our scarce money and energy in repressive responses – in pursuit of the illusion of drug-free societies. We need to wake up, and abandon this illusion. As of today, we can honestly say that we regret not having questioned the certainties around drug control. We regret even more that these mistakes are being repeated, time and again, sometimes in good faith, sometimes simply to extract political dividends out of the misery of people who choose to use drugs.
Production, trafficking and consumption of illegal substances are on the rise. Criminalization constantly increases the power of criminal organizations by giving them a stronger grip on those whose livelihoods depend on these substances.
Demand is there, it is sustainable, and supply will naturally follow.
In Africa, prohibition also impacts people who did not use drugs and don’t intend to. People who are suffering intense pain in a hospital bed, as a consequence of terminal illness or surgery, do not receive the grace of pain medicine that are readily available in rich countries.
The international drug control regime has led to deprivation of pain medication on our continent, mostly because of the constant fear of diversion to the black market. As human beings able of compassion, we think that depriving people in pain of readily available medication is a disgrace and cruelty.
Kgalema Motlanthe, former President of South Africa
Some argue that African countries lack the capacity to implement health-centered reforms that include harm reduction and treatment. However, evidence shows that these services are way more cost-effective than criminalization, in Africa as on other continents. Fifty years of anti drug propaganda impedes debates, but all the “war on drugs” has achieved nothing but severely overcrowded prisons, boosted HIV transmission, and extrajudicial killings, at a horrific human and financial cost.
There are rays of hope, though.
South Africa’s judiciary has been led to accept decriminalization of cannabis for all personal use. Ghana decriminalized too, through a bold and inspiring legislative bill. The Seychelles adopted law enforcement diversion. Opioid substitution treatments are functional in Nigeria, Senegal, Kenya, Tanzania, Mauritius and Morocco. Zimbabwe, Malawi and Lesotho legalized cannabis for medical purposes.
While these moves are underway, African politicians and communities are struggling to get out of the rigid thinking imposed by the international drug control system.
Our countries have long stood by this international drug control regime. We enforced it, to comply with international obligations and – so we were told – fight organized crime. Along the way, we sometimes lose the focus on protecting our people and our children.
The war on drugs is much about using force against people. By isolating people who use drugs and dragging them through the justice system, we have reinforced marginalization, isolation and stigma, that all fuel drug consumption and addiction. By focusing on repression and prohibition, we have strengthened criminal organizations that make billions every year by trafficking drugs and crushed the fate of many of our youths.
There must be differentiation between drug trafficking barons who can get away through the eye of a needle and youth who get entangled in drug use who invariably must be treated as health issues. These were mistakes. Current leaders in Africa should learn from them. It takes a lot of courage to lead a war. It takes wisdom to know when to lose one.Current leaders must now seek for what will work humanely, humanly and justly.
Olusegun Obasanjo is the former President of Nigeria. Kgalema Motlanthe is former President of South Africa. Both are members of Global Commission on Drug Policy
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
The Central Bank of Nigeria has reiterated its commitments towards the deployment of fintech in actualizing financial inclusion goals across the country. This according to a source at the apex bank will help reduce the challenges customers continue to encounter such as regular long queues in the banking halls, consistent network towards the deployment of fintech in actualizing financial inclusion goals across the country. This according to a source at the apex bank will help reduce the challenges customers continue to encounter such as regular long queues in the banking halls, consistent network failure, stringent documentations to assess credit facilities, frequent transaction/dispensing error, delay in transaction completion and process among others.
CEO of 9mobile, Mr. Alan Sinfield
To this end, the Central Bank of Nigeria has granted final approval to Nigeria’s lifestyle and first payment service bank, 9PSB (Payment Service Bank), to commence operations in fostering financial inclusion drive in the Nigerian ecosystem. It could be recalled that a survey conducted by the Enhancing Financial Innovation and Access (EFInA) a few years ago indicated that over 54 million Nigerians above the age of eighteen are either served by informal institutions or are totally unbanked. To get these people into the system requires well designed and targeted fintech deployment such as what 9PSB offers.
Speaking on the vision of 9PSB’s entrant into the Nigerian financial sector, the CEO of 9mobile, Mr. Alan Sinfield stated that there’s a huge potential in the market and 9PSB is strategically positioned to expand its operations into financial services. He stated that “We are happy to be the first Payment Service Bank to provide all Nigerians with access to banking services and open up a digital world of possibilities to improve everyday lives. We know that this new development will further improve the country and the people going forward. In 2018, 9mobile partnered with Nigerian bank, UBA to roll out 9Pay, a mobile payments solution while also pushing for a fintech license. We are delighted that we have now secured final approval for a Payment Service Bank.”
In his own reaction, the CFO of 9mobile, Mr. Phillips Oki stated that “the financial inclusion that 9PSB will provide will be an enabler to achieving unparalleled benefit in everyday transactions. The *990# allows Nigerians to perform all financial transactions including utilities payment from the comfort of their phones and homes on any mobile network at no charge. With a large network of agents strategically located in both urban and rural communities, 9PSB is going to make sending and receiving money possible, easier, seamless and less stressful for all Nigerians. 9PSB is also available on mobile App and internet banking for ease of banking and simplicity. Over the coming weeks 9PSB will unveil its products and services to Nigerians.”
9PSB will no doubt bring relief to all Nigerians. This is because Payment Service Banks facilitates sending remittances across the country from one user to another, bypassing the banks. Furthermore, 9PSB will reach the people at the bottom of the pyramid to facilitate financial inclusion especially in the rural setting and increase financial payment in Nigeria.
In October 2012, the CBN introduced the National Financial Inclusion Strategy (NFIS) to provide Payment Service Banks across Nigeria with the aim of breaking the traditional barrier preventing financial inclusion and promoting low cost, secure and convenient financial services across the country.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
The Morocco’s central bank, Bank Al Maghrib has said that the country’s currency has been in a very unusual state latterly as it rose by 0.58% against the Euro and dropped by 0.44% against the dollar from August 20-26.As of August 19, Morocco’s official reserve assets stood at MAD 294.3 billion ($32.16 million), an increase of 1.8% week-on-week and a 24.8% increase year-on-year. The apex bank notes that it injected a total of MAD 112.3 billion ($12.27 billion) during this period.
Bank Al Maghrib
Of the total sum, MAD 33.4 billion ($3.65 billion) is in the form of seven-day advances to call for tenders, MAD 44 billion ($4.81 billion) is in the form of repurchase transactions, MAD 8billion ($874 million) falls under financing support for the small and medium enterprises, and MAD 3 billion ($327.8 million) falls under foreign exchange swap operations.
The bank added that no auction operations were carried out on the foreign exchange market. In terms of the interbank market, the average daily volume of trade stood at MAD 4.7 billion ($513.57 million). The average interbank rate from August 20-26 was 1.5%.
Bank Al Maghrib also injected MAD 28.7 billion ($3.14 billion) in a seven-day period advances during the call for tenders on August 26. At the level of the stock market, the Moroccan All Shares Index (MASI) dropped by 0.5%, bringing its low performance since the start of 2020 to 16.1%.
The change reflects the decline in sector indices for banks by 3.1%, while distributors declined by 2.8%. Morocco’s mines sector recorded a poor performance, decreasing by 5%. Telecommunications sectors reported an increase in indices by 2.9%, while transport services recorded an increase of 2.5%.
The overall volume of trade, according to Bank Al Maghrib, increased to MAD 259.8 million ($28.39 million) compared to MAD 257.1 million ($28.09 million) a week earlier. The average daily volume of trade reached MAD 44.5 million ($4.86 million) from August 2026 against MAD 63 million ($6.88 million) the previous week, in terms of the central equity market.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
