World Bank Extends Nigeria's Digital ID Project Deadline to 2026. The World Bank has announced a restructuring of the Nigeria Digital Identity for Development (Nigeria ID4D) project, extending its deadline from June 30, 2024, to June 30, 2026. This $430 million initiative, co-financed by the French Development Agency and the European Investment Bank, aims to expand national ID issuance in Nigeria and simplify access to essential services. The extension comes as Nigeria fell short of its target to enroll 148 million people for national digital ID by the original deadline. Despite facing a 22-month delay at the start and achieving only a 37.37% disbursement rate, the World Bank describes the project's progress as "moderately satisfactory." The restructuring ensures continued support from all co-financiers and allows time for Nigeria to meet critical objectives, including amending the NIMC Act and expanding the Automated Biometric Identification System. The World Bank emphasizes that this extension is crucial for developing an inclusive and trusted ID system that will enhance governance transparency and improve public service delivery in Nigeria. #DigitalID #DigitalEconomy #Tech #Africa #Nigeria
Fintech Association Of Kenya’s Post
More Relevant Posts
-
𝗔𝗳𝗖𝗙𝗧𝗔 𝗦𝗸𝗶𝗹𝗹𝘀 𝗜𝗻𝗶𝘁𝗶𝗮𝘁𝗶𝘃𝗲: 𝗣𝗿𝗲𝗽𝗮𝗿𝗶𝗻𝗴 𝗘𝗻𝘁𝗲𝗿𝗽𝗿𝗶𝘀𝗲𝘀 𝗳𝗼𝗿 𝗮 𝗨𝗻𝗶𝗳𝗶𝗲𝗱 𝗔𝗳𝗿𝗶𝗰𝗮𝗻 𝗠𝗮𝗿𝗸𝗲𝘁. African Export-Import Bank (Afreximbank) has announced the launch of a paid capacity development program aimed at empowering African corporates to capitalize on the opportunities presented by the African Continental Free Trade Area (AfCFTA) Secretariat. Led by Afreximbank Academy in collaboration with the AfCFTA Secretariat, the program will equip businesses with the necessary skills and knowledge to navigate and thrive in the intra-African trade landscape. The program is scheduled to run from September 9 to 13, 2024, in Cairo, Egypt, and will be delivered in collaboration with the American University in Cairo and the AfCFTA Secretariat. It will focus on the business implications of AfCFTA and the numerous opportunities it presents for African corporates. The program will provide practical insights to members of Afreximbank’s TRADAR Club and other participants, helping them leverage the benefits of the Agreement. The training program aims to remove hurdles in the business environment and tackle the capacity constraints of African companies, supporting the transition from local production for local consumption to local production for continental and international export markets. Participants will include African corporates, trade support institutions, export trading companies, the foreign trade community, and bank executives. Learn more about the program: https://lnkd.in/ggWiFvVh Image Credits: Afreximbank Academy.
To view or add a comment, sign in
-
-
Trade Catalyst Africa Appoints Antoinette Tesha as Investment Director Trade Catalyst Africa (TCA) has named Ms. Antoinette Tesha as its new Investment Director, bringing a wealth of experience in investment, finance, banking, and development to the organization. With over a decade of expertise, Antoinette most recently headed Gatsby Africa’s Regional Textiles and Apparel program in Kenya, focusing on enhancing export growth across East Africa. Her career journey spans various strategic roles, including positions at Stanbic Bank Tanzania , Thomson Reuters, and Absa Capital Private Equity in South Africa. She has excelled in financial markets, development financing, and debt capital markets, demonstrating a strong track record in program management and enterprise development. Photo | Courtesy , Antoinette Tesha
To view or add a comment, sign in
-
-
ILAM Fahari I-REIT Lists on NSE’s Unquoted Securities Platform ICEA LION Group Asset Managers (ILAM) Fahari I-REIT has made its debut on the Unquoted Securities Platform (USP) of the Nairobi Securities Exchange PLC (NSE) following its delisting from the Main Investment Market earlier this year in February 2024. This transition marks ILAM Fahari as the first real estate investment trust (REIT) in Kenya to convert from unrestricted status to restricted, undergo a redemption process, and move to the USP. The REIT joins Acorn I-REIT, Acorn D-REIT, and the Linzi Sukuk on the USP, commencing trading at KSh 11 on its first day in this segment. The decision to restructure and delist was ratified by the REIT's unitholders and subsequently approved by the Capital Markets Authority (CMA). Wyckliffe Shamiah, CEO of the Capital Markets Authority- Kenya, praised ILAM Fahari's successful admission to the USP, highlighting the move as a testament to their innovation and excellence in the REIT sector. He emphasized that this achievement enhances visibility and credibility and broadens investment opportunities for Kenyan and international investors. Looking ahead, ILAM Fahari I-REIT will consider relisting on the main market segment once its strategies on the USP are successfully implemented.
To view or add a comment, sign in
-
-
GSMA Forms Coalition to Boost Smartphone Affordability in Developing Countries The GSMA (GSMA) announced the establishment of a global coalition aimed at enhancing the affordability of smartphones in some of the world's poorest nations. The GSMA 'Handset Affordability Coalition' is a powerful union that brings together major global telecom operators, device manufacturers, ecosystem partners, and international organizations including the World Bank Group, the International Telecommunication Union (ITU), and the WEF Edison Alliance. According to GSMA, the coalition's primary objective is to improve access to affordable internet-enabled devices, thereby addressing the 'Usage Gap' that hinders approximately three billion people globally from fully participating in the digital economy. "Mobile remains the predominant method, and often the only way, through which people in Low- and Middle-Income Countries (LMICs) access the internet, accounting for 84% of broadband connections in 2023," GSMA stated. Despite mobile internet coverage reaching these populations, barriers such as digital literacy, lack of relevant content, online safety concerns, and access issues prevent 38% of the global population from utilizing these services. "Handset affordability is widely acknowledged as the primary obstacle preventing broader internet access," noted the London-based telecom lobby group. The coalition plans to explore various strategies to lower the cost of entry into the digital economy, focusing particularly on LMICs in regions like Sub-Saharan Africa and South Asia where smartphone affordability remains a significant hurdle. "With the 2025 Broadband Commission affordability target looming, this global coalition complements the efforts of the Commission's Working Group on Smartphone Access. It has the potential to accelerate affordability and bring us closer to achieving universal meaningful connectivity," remarked Doreen Bogdan-Martin, Secretary General of the ITU.
To view or add a comment, sign in
-
-
Ethio Telecom Reports 20% Surge in Full-Year Revenue and Net Profit Ethiopia's state-owned telecom giant, ethio telecom, announced financial results on Wednesday, with its full-year revenue and net profit surging by more than 20% in the fiscal year ending June. According to Chief Executive Frehiwot Tamiru, Ethio Telecom's revenue climbed by 22% to reach 93.7 billion birr ($1.63 billion), while net profit rose by 21% to 21.79 billion birr. The company also reported a notable increase in its subscriber base, with total subscribers growing by 9% to 78.3 million. Tamiru highlighted the significant growth in Telebirr, ethio telecom's financial service, which saw its customer base expand to 47.55 million, up from 34.3 million the previous year. Prime Minister Abiy Ahmed had previously indicated plans to sell a 10% stake in Ethio Telecom through a local stock exchange, slated for launch later this year. The move is part of Ethiopia's broader economic liberalization efforts initiated by Abiy since assuming office in 2018. Despite the telecom sector's attractiveness to investors given Ethiopia's large population of approximately 120 million, challenges such as security issues and concerns over regulatory changes have tempered investor enthusiasm.
To view or add a comment, sign in
-
-
𝐌𝐚𝐣𝐨𝐫 𝐍𝐢𝐠𝐞𝐫𝐢𝐚𝐧 𝐁𝐚𝐧𝐤𝐬 𝐉𝐨𝐢𝐧 𝐙𝐨𝐧𝐞'𝐬 𝐃𝐞𝐜𝐞𝐧𝐭𝐫𝐚𝐥𝐢𝐬𝐞𝐝 𝐏𝐚𝐲𝐦𝐞𝐧𝐭 𝐍𝐞𝐭𝐰𝐨𝐫𝐤 First Bank, United Bank For Africa (UBA), and Zenith Bank Plc have officially become part of Zone's decentralised payment network, solidifying their commitment to advancing digital finance in Nigeria. This development follows Zone's recent securing of $8.5 million in seed funding led by Flourish Ventures and TLcom Capital LLP, as announced by Olayiwola Osoba, Vice President of Marketing and Corporate Communications at Zone. Osoba highlighted that Zone's new decentralised Point-of-Sale Payment gateway, ZonePOS, enhances its position as Africa’s leading payment infrastructure provider. Zone, a regulated blockchain network facilitating digital currency payments, emphasized its commitment to transparency and security. Osoba stated that integrating these banking giants into Zone's network signifies a step towards realizing a cashless society in Nigeria, ensuring fraud prevention and same-day settlements through automated reconciliation. Obi Emetarom, CEO and co-founder of Zone, expressed enthusiasm about the collaboration, emphasizing that the participation of First Bank, UBA, and Zenith Bank reflects growing confidence in Zone's technology.
To view or add a comment, sign in
-
-
Development Finance Institutions Crucial for Economic Growth, Say Experts During the recent African Hospitality Investment Forum in Windhoek, experts outlined the role of Development Finance Institutions (DFIs) in economic development, particularly in sectors like tourism and hospitality. John Steytler, CEO of the Development Bank of Namibia (DBN), and Hellen Amupolo, DBN’s Chief Investment Officer, emphasized that DFIs like DBN play a distinct role complementary to commercial banks. They highlighted DFIs' focus on long-term, patient capital that supports capital projects across various economic sectors. Steytler noted that while commercial banks provide short-term financing, DFIs prioritize public interest over profit, facilitating medium and long-term credit lending critical for sustainable development. Amid calls for expedited economic growth, the role of DFIs in building ecosystem development remains crucial, from the viewpoint of their contribution to job creation and revenue stability across sectors. Photo | John Steytler, CEO of the Development Bank of Namibia (DBN), and Hellen Amupolo
To view or add a comment, sign in
-
-
Delays in Passport Processing Frustrate Kenyan Citizens Despite promises from the government to streamline passport services, frustrations mount among Kenyan citizens over prolonged delays in processing their travel documents. Located at Nyayo House, the nerve center for passport applications, the process has shifted in recent years with the introduction of online applications and biometric appointments. This transition was intended to eliminate the notorious early morning queues, yet complaints persist regarding extended waiting periods. In April, Interior CS kithure kindiki assured the public that passport applications would be processed within three weeks starting May 1, with a further reduction to just three days effective September 1. However, many applicants report waiting far longer than promised, disrupting travel plans and causing personal inconvenience. While government spokesperson Isaac Mwaura attributed the shortages to delayed deliveries from suppliers, complaints persist about the unavailability of the standard 34-page passports, forcing many to endure prolonged waits or opt for costlier alternatives. As frustrations continue to mount, Kenyan citizens urge authorities to expedite passport processing, emphasizing the need for transparency and efficiency in the issuance of crucial travel documents.
To view or add a comment, sign in
-
-
Sanlam Launches New Investment Scheme in Tanzania Sanlam Unit Trust Scheme (SUTS) has received approval from the Capital Markets and Securities Authority (CMSA) to operate as a collective investment fund in the country. This latest addition expands the mutual funds landscape to four, alongside UTT AMIS, Faida Fund, and Timiza Fund. SUTS comprises two distinct offerings: the Sanlam Pesa Money Market Fund for local currency investors and the Sanlam US Dollar Fixed Income Fund tailored for non-Tanzania residents. Speaking at the launch event in Dar es Salaam, CMSA CEO Nicodemus Mkama emphasized that these funds align with government strategies to enhance financial inclusion across urban and rural areas. "Both funds have met all legal requirements for Collective Investment Schemes," Mkama affirmed. Sanlam Investments East Africa Limited (SIEA) will manage the open-ended collective investment schemes, with an initial public offering (IPO) set to run for one month from yesterday. Subsequent trading and unit transactions will adapt to market conditions. Entry-level investments start at 10,000 Tanzanian Shillings for the local fund and 1,000 US Dollars for the dollar-denominated fund, offering wide accessibility. CRDB Bank Plc serves as the custodian bank under SIEA's management. Jonathan Stichbury, CEO of SIEA, highlighted the company's commitment to supporting Tanzania's economic growth and financial inclusivity objectives. "By encouraging savings and investment, we aim to foster a prosperous future for all Tanzanians," Stichbury remarked. The funds will primarily invest in low-risk securities such as government bonds, treasury bills, corporate bonds, and bank deposits, ensuring stability and growth potential for investors.
To view or add a comment, sign in
-
-
𝐍𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐁𝐚𝐧𝐤 𝐨𝐟 𝐄𝐭𝐡𝐢𝐨𝐩𝐢𝐚 𝐒𝐡𝐢𝐟𝐭𝐬 𝐌𝐨𝐧𝐞𝐭𝐚𝐫𝐲 𝐏𝐨𝐥𝐢𝐜𝐲 𝐅𝐨𝐜𝐮𝐬 Governor Mamo Mihretu of the National Bank of Ethiopia (NBE) unveiled a revamped monetary policy to modernize the country's financial framework. Departing from its traditional intervention-based approach, the NBE will now shift towards a policy interest rate strategy. Under this new framework, the National Bank Rate (NBR) will serve as the cornerstone for signaling the bank's policy stance and shaping broader monetary and credit conditions. Governor Mihretu set the initial NBR at 15 percent, which positions it lower than the current average commercial lending rates hovering around 18 percent. The announcement also introduced bimonthly Open Market Operations auctions, designed to manage liquidity by injecting or withdrawing funds from the banking system. The inaugural auction is slated for later this week. Additionally, the NBE plans to launch an electronic interbank money market, facilitating direct lending and borrowing among commercial banks. This initiative aims to enhance liquidity management efficiency within the banking sector. In addressing short-term liquidity needs, the NBE will offer overnight lending and deposit facilities to commercial banks. Photo | Governor Mamo Mihretu
To view or add a comment, sign in
-