Business
MTN Plans to Launch Bank
MTN South Africa chief fintech officer Kagiso Mothibi confirmed to Business Times that fintechs will be given an opportunity to participate in the banking system following an ongoing review of the payments system.
MTN plans to acquire a banking licence once the South African Reserve Bank (SARB) opens up its national payments system to fintechs and other non-banking entities, Business Times reports.
South Africa’s second-biggest mobile network operator already supports limited transactional banking services through its MTN Mobile Money (MoMo) service.
MoMo offers payments and money transfers to individuals and businesses.
Customers use their phone numbers instead of bank account numbers to identify digital wallets holding their money.
MoMo’s primary target customers are small or informal businesses like spaza shops and the low-income mass consumer market, both of which still rely heavily on cash.
As it stands, MTN or any other fintech which wants to offer these types of services without a banking licence must work through a licenced bank as a sponsor. For MoMo, MTN uses African Bank.
However, this past week, TechCentral reported that the SARB was working to enable non-banking entities like fintechs to gain direct access to the core clearing and settlements system.
SARB National Payments System department head Tim Masela said although banks were the backbone of the financial system in terms of savings and accounts, non-banks were offering convenient transactional services.
“We believe that we should move with the times and open up the system for the entry of non-banks,” Masela said.
MTN South Africa chief fintech officer Kagiso Mothibi confirmed to Business Times that fintechs will be given an opportunity to participate in the banking system following an ongoing review of the payments system.
“When that is rolled out, we’ll definitely be looking to pursue our own licence,” Mothibi said.
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Business
Traders shut down Enugu ‘s Obollo-Afor market over N25,000 haulage levy
However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.
All shops and markets at Obollo-Afor, Udenu Local Government Area of Enugu State were shut yesterday, as traders staged a peaceful protest against alleged selective collection of a N25,000 haulage levy in the market.
The traders, who locked their shops and took to the streets in large numbers, carried placards with various inscriptions, alleging that the Enugu State Internal Revenue Service (ESIRS) had singled out Obollo-Afor Market for the collection of N25,000 haulage fee on every truckload of goods loaded or offloaded in the market.
However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.
Addressing officials of the Udenu Local Government Council at the council secretariat, where the protesters marched to present their grievances, Chairman, Obollo-Afor Market Traders Association, Charles Eze, lamented that truck operators bringing foodstuffs, building materials, and other commodities to the market had stopped coming because of the levy.
Business
Nigeria’s oil production dropped by 4% in July – NUPRC
“In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.”
The Nigerian Upstream Regulatory Commission (NUPRC) data has shown Nigeria’s average daily oil production fell by four percent in July, 2026.
According to the NUPRC, Nigeria produced 1.505 million barrels per day (bpd) of crude oil and 0.17 million bpd of condensate, bringing the combined daily production to 1.67 million bpd.
The commission said the country met and exceeded its Organisation of the Petroleum Exporting Countries (OPEC) quota of 1.5 million bpd for the third consecutive month.
“In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.”
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