Business
Nigeria, 3rd largest debtor to World Bank’s scheme
A financial statement published by the World Bank has placed Nigeria as the third largest debtor to the Bank’s International Development Association (IDA) as of June 30, 2024.
In the financial statement, Nigeria’s exposure to IDA rose to $16.5 billion as at June 30, which is an increase of $2.2 billion, or 14.4% over $14.3 billion recorded at the end of 2023.
On top of the IDA debt list is Bangladesh with $20.5 billion, followed by Pakistan with $17.5 billion exposure.
IDA is a key arm of the World Bank which provides concessional loans and grants to the world’s poorest countries.
The loans are designed to promote economic growth, reduce inequalities, and improve living conditions in developing nations, and are characterised by low interest rates and long tenors.
Nigeria pushed India to the fourth spot with $15.9 billion after the country reduced its IDA exposure from $17.9 billion in 2023; while Ethiopia, Kenya and Vietnam followed with $12.2 billion, $12.0 billion, and $12.0 billion, respectively.
The three countries at the bottom of the list are Tanzania with $11.7 billion, Ghana $6.7 billion, and Uganda with $4.8 billion.
“As of June 30, 2024, the ten countries with the highest exposures accounted for 63% of IDA’s total exposure.
“Monitoring these exposures relative to the SBL requires consideration of the repayment profiles of existing loans, as well as disbursement profiles and projected new loans and guarantees,” the World Bank said.
Business
UBA Modifies PoS, MONI App to Fastrack Digital Payments
“This next-generation PoS is not just a payment device; it’s a powerful tool that helps businesses stay competitive in a fast-paced economy.
• UBA Group MD, Oliver Alawuba
The United Bank for Africa (UBA) Plc, has unveiled its upgraded Point of Sale (POS) Terminal as well as the UBA MONI App.
This is for the acceleration of digital payment landscape and empowering small and medium scale enterprises across Africa.
In a statement, UBA’s Group Head, Retail and Digital Banking, Shamsideen Fashola, said: ” As a forward-thinking financial institution, UBA is always on the look-out for modern ways to improve their services and offerings, to give customers top-notch experiences while conducting their daily businesses.
He said: “At UBA, we are constantly innovating to provide seamless and secure payment solutions for businesses of all sizes.
The new UBA PoS and MONI App is designed to empower merchants and agency banking with instant settlements, real-time transaction tracking, and unmatched reliability – ensuring they can focus on growing their businesses with a trusted partner.
“This next-generation PoS is not just a payment device; it’s a powerful tool that helps businesses stay competitive in a fast-paced economy.
With UBA’s extensive reach and robust infrastructure, we are bringing convenience and confidence to every transaction.
With the upgraded MONI App, we are equally equipping our agents, many of whom serve smaller communities, with faster tools, greater transparency, and an enhanced user experience that will help them grow their businesses while serving millions of underserved customers”.
Business
NIS Begins Contactless Passport System in the Americas
The contactless system, which enables Nigerians living abroad to renew their passports without physically visiting passport offices for biometric enrollment, went live in the United States on April 11. Mexico, Brazil and Jamaica are scheduled to gain access on April 14.
The Nigeria Immigration Service (NIS) has announced the expansion of its Contactless Biometric Passport Application System to several countries in the Americas.
In an official statement released yesterday, ACI AS Akinlabi, Service Public Relations Officer at NIS Headquarters in Abuja, confirmed that the service under Comptroller General Kemi Nanna Nandap is rolling out the next stage of implementation across Brazil, the United States, Mexico, and Jamaica this month.
The contactless system, which enables Nigerians living abroad to renew their passports without physically visiting passport offices for biometric enrollment, went live in the United States on April 11. Mexico, Brazil and Jamaica are scheduled to gain access on April 14.
“This expansion represents our commitment to innovative an efficient service delivery to Nigerians anywhere in the world,” said ACI AS Akinlabi, Service Public Relations Officer at NIS Headquarters in Abuja.
(BusinessDay)
Business
SGF Akume Heads New Board of Galaxy Backbone
” We are excited to work with a Board whose insight and guidance will be critical to our continued growth and national impact,” Adeyanju said.
The Federal Government, today , appointed a new Board of Directors for Galaxy Backbone Limited (GBB), after operating without a Board for over a year
The newly constituted Board of GBB is headed by Senator Dr. George Akume the Chairman & Secretary to the Government of the Federation.
Others include: Professor Ibrahim A. Adeyanju – Managing Director/CEO, Galaxy Backbone; Hon. Olusegun Olulade – Executive Director, Customer Centricity & Marketing; Mr. Olumbe Akinkugbe – Executive Director, Digital Exploration & Technical Services;Mr. Mohammed Sani Ibrahim – Executive Director, Finance & Corporate Services.Mrs. Rabi’ah Adamu-Waziri – Non-Executive Director (PTDF Representative)Mrs. Oluwakemi Babalogbon – Non-Executive Director (MOFI Representative)Mr. Abdulqadir Abubakar Maje – Non-Executive Director (Jigawa State Representative)Mrs. Margaret Ene Ebute – Non-Executive Director (Federal Ministry of Communications, Innovation & Digital Economy)Mrs. Adama Pindar – Company Secretary, Galaxy Backbone.
In a statement signed by the GBB Head of Corporate Communications, Chidi Okpala, the inauguration took place at the Office of the Secretary to the Government of the Federation (SGF) in Abuja and was presided over by Senator George Akume, who also assumes the role of Chairman of the Board.
Senator Akume said that the new Board’s goal is to make Galaxy Backbone a more “agile, responsive, and impactful” institution, and positioned it at the center of Nigeria’s public digital infrastructure and service delivery.
The Managing Director/CEO of Galaxy Backbone, Professor Ibrahim A. Adeyanju, who was appointed in February 2024 by President Bola Ahmed Tinubu, welcomed the Board members and provided a strategic update on the company’s trajectory.
Adeyanju revealed that GBB successfully developed and launched its Integrated Digital Transformation Strategy (IDTS) 2025–2028—a roadmap for modernizing Nigeria’s digital infrastructure and public service delivery.
“We are excited to work with a Board whose insight and guidance will be critical to our continued growth and national impact,” Adeyanju said.
UBA Modifies PoS, MONI App to Fastrack Digital Payments
NIS Begins Contactless Passport System in the Americas
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