From left; Messrs Eddy Igbiti, Group Managing Director, AIICO Insurance Plc, Eddy Efekoha, Chairman, Nigerian Insurers Association, Tope Smart, Group Managing Director, NEM Insurance Plc, Shola Tinubu, Managing Director, SCIB Nigeria and Bode Opadokun, Managing Director, FBN General Insurance at the 2017 New Year Party of SCIB Nigeria & Company in Lagos.
World Economic Forum: Sage CEO Laments Absence of Small Business Issues
CEO Stephen Kelly says small businesses still being ignored by policy makers as big business flocks to Davos Sage launches Forum for Business Builders to give entrepreneurs a voice.
Global research by Sage highlights that only 33% of small businesses feel represented by politicians in their country’s decision making. The data has been published in the run up to the annual World Economic Forum (WEF) where politicians and big business will gather in Davos to debate the global economic picture.
Sage CEO Stephen Kelly has lamented the absence of small business issues from the agenda, and called for greater representation, given that in most economies entrepreneurs, or business builders, creates 2/3 of all jobs.
The research measured sentiment of small businesses in 2016, showing that:
- The majority(58%) consider the wider global economy to be less stable and (69%) either have or are considering changing their business plan as a result of recent events.
- 22% of businesses are planning to export more in 2017, 10% less and 25% felt there would be no change.
- 31% of businesses think turnover will remain constant or remain the same over the next year.
Clearly the role of government in helping navigate uncertain economic and political times will be key.
Almost half (46%) singled out export opportunities and grants as being the most important thing that the government can now do.
The second most important was improvements to the tax environment (38%).
Good local services ranked third (26%).
In order to give business builders a platform to connect with policy makers, Sage is launching its ‘Forum for Business Builders’. The Forum brings entrepreneurs from around the world insights, events and policy-forming partnerships to give them a powerful collective voice that can be heard on the world stage.
Anton van Heerden, Managing Director and Executive Vice-President, Africa & Middle East at Sage, adds:
“We’re seeing an uptake of entrepreneurial drive throughout the African continent, with many people starting out on their own to build businesses that serve the community, create jobs, and raise income levels. Sometimes, this demands great financial and personal sacrifice on their part.”
Sage CEO Stephen Kelly said:
“Only too often when the world’s policy makers discuss the global economic picture, small businesses are excluded from the discussion. This is most evident with the annual World Economic Forum in Davos where small businesses aren’t an item on the agenda. Worse still, 60% don’t even know the event is taking place. It’s crazy when you consider that small businesses create two thirds of all the jobs in most economies, and represent over 98% of all businesses.”
Kelly continues: “Business builders are the heroes of the economy. They toil away long after the rest of us have gone home, making personal sacrifices to grow their businesses, to support their families and build their communities. Policy makers and big business must wake up to the fact that these heroes need to be supported and given a voice, if we are to ensure the future health and prosperity of the world’s economy.”
Concludes van Heerden: “We are the champion of small businesses. They are fuelled by a passion for improving their lives and helping their communities. It is encouraging to see African governments recognising just how central they are to the continent’s growth story.”
The Forum is open to all small businesses and will be refreshed regularly with diverse content and insights from guest contributors and advisors.
World Bank: Nigeria to Quit Recession, Grow at 1% in 2017
Global economic growth is forecast to accelerate moderately to 2.7 percent in 2017 after a post-crisis low last year as obstacles to activity recede among emerging market and developing economy commodity exporters, while domestic demand remains solid among emerging and developing commodity importers, the World Bank said in a recent report.
Sub-Saharan Africa: Sub-Saharan African growth is expected to pick up modestly to 2.9 percent in 2017 as the region continues to adjust to lower commodity prices. Growth in South Africa and oil exporters is expected to be weaker, while growth in economies that are not natural-resource intensive should remain robust. Growth in South Africa is expected to edge up to a 1.1 percent pace this year. Nigeria is forecast to rebound from recession and grow at a 1 percent pace. Angola is projected to expand at a 1.2 percent pace.
Growth in advanced economies is expected to edge up to 1.8 percent in 2017, the World Bank’s January 2017 Global Economic Prospects report said. Fiscal stimulus in major economies—particularly in the United States—could generate faster domestic and global growth than projected, although rising trade protection could have adverse effects.
Growth in emerging market and developing economies as a whole should pick up to 4.2 percent this year from 3.4 percent in the year just ended amid modestly rising commodity prices.
Nevertheless, the outlook is clouded by uncertainty about policy direction in major economies. A protracted period of uncertainty could prolong the slow growth in investment that is holding back low, middle, and high income countries.
“After years of disappointing global growth, we are encouraged to see stronger economic prospects on the horizon,” World Bank Group President Jim Yong Kim said.
“Now is the time to take advantage of this momentum and increase investments in infrastructure and people. This is vital to accelerating the sustainable and inclusive economic growth required to end extreme poverty.”
The report analyses the worrisome recent weakening of investment growth in emerging market and developing economies, which account for one-third of global GDP and about three-quarters of the world’s population and the world’s poor. Investment growth fell to 3.4 percent in 2015 from 10 percent on average in 2010, and likely declined another half percentage point last year.
Slowing investment growth is partly a correction from high pre-crisis levels, but also reflects obstacles to growth that emerging and developing economies have faced, including low oil prices (for oil exporters), slowing foreign direct investment (for commodity importers), and more broadly, private debt burdens and political risk.
“We can help governments offer the private sector more opportunities to invest with confidence that the new capital it produces can plug into the infrastructure of global connectivity,” said World Bank Chief Economist Paul Romer.
“Without new streets, the private sector has no incentive to invest in the physical capital of new buildings. Without new work space connected to new living space, the billions of people who want to join the modern economy will lose the chance to invest in the human capital that comes from learning on the job.”
Emerging market and developing economy commodity exporters are expected to expand by 2.3 percent in 2017 after an almost negligible 0.3 percent pace in 2016, as commodity prices gradually recover and as Russia and Brazil resume growing after recessions.
Commodity-importing emerging market and developing economies, in contrast, should grow at 5.6 percent this year, unchanged from 2016. China is projected to continue an orderly growth slowdown to a 6.5 percent rate.
However, overall prospects for emerging market and developing economies are dampened by tepid international trade, subdued investment, and weak productivity growth.
Among advanced economies, growth in the United States is expected to pick up to 2.2 percent, as manufacturing and investment growth gain traction after a weak 2016. The report looks at how proposed fiscal stimulus and other policy initiatives in the United States could spill over to the global economy.
“Because of the outsize role the United States plays in the world economy, changes in policy direction may have global ripple effects. More expansionary U.S. fiscal policies could lead to stronger growth in the United States and abroad over the near-term, but changes to trade or other policies could offset those gains,” said World Bank Development Economics Prospects Director Ayhan Kose. “Elevated policy uncertainty in major economies could also have adverse impacts on global growth.”
Regional Outlooks
- East Asia and Pacific: Growth in the East Asia and Pacific region is projected to ease to 6.2 percent in 2017 as slowing growth in China is moderated by a pickup in the rest of the region. Output in China is anticipated to slow to 6.5 percent in the year. Macroeconomic policies are expected to support domestic drivers of growth despite soft external demand, weak private investment, and overcapacity in some sectors. Excluding China, growth in the region is seen advancing at a more rapid 5 percent rate in 2017. This largely reflects a recovery of growth in commodity exporters to its long-term average. Growth in commodity importers excluding China is projected to remain broadly stable, with the exception of Thailand where growth is expected to accelerate, helped by improved confidence and accommodative policies. Indonesia is anticipated to pick up to 5.3 percent in 2017 thanks to a rise in private investment. Malaysia is expected to accelerate to 4.3 percent in 2017 as adjustment to lower commodity prices eases and commodity prices stabilize.
- Europe and Central Asia:Growth in the region is projected to pick up to 2.4 percent in 2017, driven by a recovery in commodity-exporting economies and recovery in Turkey. The forecast depends on a recovery in commodity prices and an easing of political uncertainty. Russia is expected to grow at a 1.5 percent pace in the year, as the adjustment to low oil prices is completed. Azerbaijan is expected to expand 1.2 percent and Kazakhstan is anticipated to grow by 2.2 percent as commodity prices stabilise and as economic imbalances narrow. Growth in Ukraine is projected to accelerate to a 2 percent rate.
- Latin America and Caribbean:The region is projected to return to positive growth in 2017 and expand by 1.2 percent. Brazil is projected to expand at a 0.5 percent pace on easing domestic constraints. Weakening investment in Mexico, on policy uncertainty in the United States, is anticipated to result in a modest deceleration of growth this year, to 1.8 percent. A rolling back of fiscal consolidation and strengthening investment is expected to support growth in Argentina, which is forecast to grow at a 2.7 percent pace in 2017, while República Bolivariana de Venezuela continues to suffer from severe economic imbalances and is forecast to shrink by 4.3 percent this year. Growth in Caribbean countries is expected to be broadly stable, at 3.1 percent.
- Middle East and North Africa: Growth in the region is forecast to recover modestly to a 3.1 percent pace this year, with oil importers registering the strongest gains. Among oil exporters, Saudi Arabia is forecast to accelerate modestly to a 1.6 percent growth rate in 2017, while continued gains in oil production and expanding foreign investment are expected to push up growth in the Islamic Republic of Iran to 5.2 percent. The forecast is based on an expected rise in oil prices to an average of $55 per barrel for the year.
- South Asia:Regional growth is expected to pick up modestly to 7.1 percent in 2017 with continued support from strong growth in India. Excluding India, growth is expected to edge up to 5.5 percent in 2017, lifted by robust private and public consumption, infrastructure investment, and a rebound in private investment. India is expected to post a 7.6 percent growth rate in FY2018 as reforms loosen domestic supply bottlenecks and increase productivity. Pakistan’s growth is projected to accelerate to 5.5 percent, at factor cost, in FY2018, reflecting improvements in agriculture and infrastructure spending.
NSE 2017 Outlook: Economy Will Rebound Marginally
Global Economic Outlook Global economic growth is projected to reach 3.4% in 2017 according to the IMF, while Goldman Sachs’s chief economist puts this estimate at a range of 3.0% to 3.5%. Accordingly, all estimates suggest that there will be positive global growth in 2017.
From the NSE’s perspective, we believe there are specific factors that will determine the pace of global economic activity in the coming year.
These include: 1) political developments in the West under the emerging “new world order”, as populist sentiment towards nationalism and protectionist economic policies take effect on global trade and immigration; 2) pace of global fiscal and monetary policy implementation; 3) oil price averaging $55 per barrel as forecasted by the World Bank following the decision of OPEC to limit output and a subsequent improvement in the outlook for commodity exporters; and 4) continued growth in Asia’s largest economies (i.e. China, India, Japan, etc.) and recovery of other emerging and developing economies (i.e. SSA).
Nigeria is expected to recover from its recession in 2017 with a modest GDP growth forecast of 0.6%9 driven by: i) vigor of fiscal policy implementation, with a keen focus on articulation of desired goals; ii) lower rates of disruptions to oil infrastructure from resolution of the Niger Delta conflict, thereby increasing FX inflows; iii) crude oil prices remaining above the FGN’s benchmark of $42.5/barrel; iv) positive impact of the war against corruption manifested in ease of doing business improvement; and v) policies aimed at boosting economic productivity (ex: improved budgetary allocation to capital expenditures, exit from JV Cash Call arrangements with IOCs by the FGN, which is expected to save the country $2bn annually, etc.).
Notwithstanding the forgoing, the Nigerian capital market will have to do a better job at promoting its unique value proposition to both global and domestic investors. Monetary policy will continue to play a vital role in determining activity in the market.
With forecasts for inflation expected to moderate due to the base effect, we believe that all things equal, monetary authorities will have more flexibility with respect to interest rates and FX regime. Hence good coordination between fiscal and monetary policy should result in resolution of aforementioned structural deficiencies and drive economic growth.
We expect investors to continue to keep a close eye on the divergence between the interbank FX rate and other exchange rates in the country.
Accordingly, a convergence of FX rates in the country and the performance of listed corporates will determine the level of market activity in the short term.
NSE Strategic Outlook Cognizant of the ever evolving economic realities on ground, the NSE will take an adaptive approach to strategy execution in 2017. In the immediate future, the NSE will focus on achieving its goal of becoming a more agile and demutualized exchange and will fast track efforts towards developing innovative products such as exchange traded derivatives to provide investors with tools to better weather economic realities in 2017.
We intend to strengthen our thought leadership efforts with policymakers to drive policies that will free up the system and promote the ease of doing business in Nigeria. We believe that i) incentive schemes for sectors of the economy that can support a pivot to export led economy will be beneficial, and ii) systematic removal of impediments to doing business and therefore reduction of leakages will attract private sector investments.
From a capital market liquidity standpoint, we will enhance our cross-border integration efforts via African Securities Exchange Association’s (ASEA) African Exchange Linkage Project (AELP) model and the West African Capital Market Integration (WACMI) program.
We will also continue our engagement efforts with the Government to promote the listing of privatized state owned entities (SOEs), as well as engage with the Private sector issuers for listings across all of our product categories.
We anticipate that secondary market activity will be challenged initially as the impact of various policy measures work their way through the system. However, we expect to see a revival of supplementary listings, return of the new issuance market, and potentially one IPO since the equity market is a forward indicator of the economy.
We are cautiously optimistic, as consensus estimates suggest a moderate recovery for Nigeria in 2017, provided that policy makers implement the right combination of policy measures.
MTN, NSE Finalising Deal on Listing
MTN Nigeria and the Nigerian Stock Exchange are currently finalizing the necessary details for the listing of the telecom operator on the Exchange this year, according to an announcement by NSE Chief Executive Officer, Oscar Onyema.
Onyema indicated that his teams were working with the mobile phone operators to this end.
“The pressure on MTN has never been higher to list,” Onyema said.
Despite Nigeria being a key market for MTN, it remains that the nation made 2016 a quite difficult year for the operator as its authorities asked it, in that year, to pay a heavy fine for failing to deactivate 5.1 million unregistered SIM cards.
The listing is in fact one of the measures imposed the firm to bring down the fine.
The group has paid about N130 billion, out of the final N330 billion agreed between the parties.
Aaron Akinocho
Dev Bank of Nigeria to Support MSMEs with N396.5bn
The Federal Ministry of Finance has confirmed the completion of the recruitment exercise for the Executive Management team of the Development Bank of Nigeria (DBN), and has formally applied for the issuance of its operational license from the Central Bank of Nigeria (CBN), which is expected imminently.
The DBN was conceived in 2014. However, its take-off had been fraught with delays. The President Muhammadu Buhari-led administration inherited the project with a determination to resolve all outstanding issues and set a target of 2017 for its take-off.
The DBN will have access to US$1.3bn (N396.5 billion) which has been jointly provided by the World Bank (WB), KfW (German Development Bank), the African Development Bank (AfDB) and the Agence Française de Development (French Development Agency). The Bank is also finalising agreement with the European Investment Bank (EIB).
To provide clarification, the operations of the DBN will not in any way result in the elimination of the Bank of Industry (BOI), Bank of Agriculture (BOA) or any other existing development bank. The operations of the DBN is clearly distinct from other development banks as it is focused on supporting small businesses defined by size and not by sectors.
The DBN will provide loans to all sectors of the economy including, manufacturing, services and other industries not currently served by existing development banks, thereby filling an important gap in the provision of finance to Micro, Small and Medium Enterprises (MSMEs).
As a wholesale bank, the DBN will lend wholesale to Microfinance Banks which will on-lend medium to long-term loans to MSMEs.
The MSMEs contribute about 48.47 percent to the Gross Domestic Products (GDP) of Nigeria but have access to only about 5 percent of lending from Deposit Money Banks (DMBs).
The influx of additional capital from the DBN will lower borrowing rates and the longer tenure of the loans, will provide the required flexibility in the management of cash flows, giving businesses the opportunity to make capital improvements, and acquire equipment or supplies.
As the economy diversifies, the growth of the MSME sector will have a positive impact on the economy through employment generation, wealth creation and economic growth.
NNPC Seeks Increase in Oil Production Royalties
The Nigerian National Petroleum Corporation (NNPC) has recommended some legal changes to the Deep Offshore and Inland Basin Production Sharing Contract (PSC) Act.
This changes will enable the Federal Government improve the collection of royalties and other revenue from deep water oil production.
According to NNPC Chief Operating Officer for Upstream activities, Malam Bello Rabiu, it is important to increase royalties in all categories so as to increase government revenue.
“It is our opinion that the proposal to increase the royalty rate for terrains beyond 1,000 metres, from zero per cent to three per cent, is commendable but it is necessary to also make corresponding adjustments in other categories,” he said.
In order to ensure impartiality and balance between the government and PSC contractors, what is due to the government should be calculated based on production and price, he stated adding that the petroleum minister should have authority to occasionally set royalties to be paid, for acreages located in deep offshore and inland basin production-sharing contracts.
The NNPC COO advised that some incentives like investment tax credit, investment tax allowance and capital allowances to PSC contractors, should be removed.
Anita Fatunji
U.S., EU Reach Insurance Regulation Agreement
United States and European Union negotiators say they have reached an agreement on reinsurance and insurance regulation. The agreement covers three areas of insurance oversight: reinsurance, group supervision and the exchange of insurance information between regulators.
According to the negotiators, U.S. and EU insurers operating in the other market will only be subject to oversight by the regulators in their home jurisdiction. For the United States, the agreement preserves the primacy of the U.S. regulators’ oversight of U.S. insurance groups while for the EU, it preserves the primacy of EU oversight of EU insurance groups.
The agreement calls for an end to collateral and local presence requirements for EU and U.S. reinsurers.
The negotiators say that the agreement is “balanced, in the mutual interest of both the U.S. and the EU, and provides meaningful benefits for U.S. and EU insurance consumers and for U.S. and EU insurers and reinsurers that operate in both markets.”
In November 2015, the U.S. Department of the Treasury and the Office of the U.S. Trade Representative (USTR) announced their intention to begin negotiating a covered agreement with the EU. The talks began in February. U.S. and EU representatives also met in July, May and September, 2016.
The agreement is known as a covered agreement, which is an agreement between the United States and one or more foreign governments, authorities or regulatory entities, regarding prudential measures with respect to insurance or reinsurance.
European reinsurers and regulators have wanted the U.S. to lift reinsurance collateral requirements on foreign reinsurers and treat them like U.S. reinsurers. European reinsurers and Lloyd’s of London syndicates complain they are disadvantaged compared to American competitors by the additional capital and collateral requirements of some states. They note that they must also now comply with new EU solvency [Solvency II) rules.
The agreement calls for the elimination of collateral and local presence requirements for EU and U.S. reinsurers.
U.S. and EU insurers operating in the other market will only be subject to worldwide prudential insurance group oversight by the supervisors in their home jurisdiction, the announcement said.
The limitations on worldwide group oversight outside of the home jurisdiction include limits on matters involving solvency and capital, reporting and governance. Supervisors however preserve the ability to request and obtain information about worldwide activities “which could harm policyholders’ interests or financial stability in their territory.”
The agreement encourages insurance supervisory authorities in the United States and the EU to continue to exchange supervisory information on insurers and reinsurers that operate in the U.S. and EU markets.
The final legal text of the agreement was not released but has been given to Congress as required by the the Dodd-Frank Act. The European Union approval process involves the Council and the European Parliament.
Michael McRaith, Director of the Federal Insurance Office (FIO) within Treasury, has called negotiating a covered agreement with the European Union “a critical step toward leveling the playing field for American insurers and reinsurers.”
The American Insurance Association (AIA), the American Council of Life Insurers (ACLI) and the Reinsurance Association of America (RAA) welcomed the agreement in a joint statement:
“This agreement, which was reached on January 13, seeks to resolve significant insurance and reinsurance regulatory issues for companies doing business in both jurisdictions. We have long supported the covered agreement process and look forward to reviewing the details.
“We thank the U.S. and European Union parties who were involved in the negotiations for advancing this important initiative. We also applaud state regulators for their invaluable contributions and their continuing commitment to U.S. policyholders.”
Global Airlines Financial Monitor: December 2016
- The latest round of financial results from Q3 2016 underlined another solid quarter for industry financial performance, but there are ongoing signs that momentum in the profitability cycle has weakened;
- Global airline share prices outperformed the global equity market in H2 2016. This outperformance was driven mainly by North American shares, on renewed optimism that such airlines can stabilize unit revenues in 2017;
- Brent crude oil prices have been broadly stable around $US55/bbl since the start of December. A rebalancing in the oil market is slowly taking place, but prices are expected to trend upwards just modestly from here;
- The intense downward pressure on yields has eased since earlier in 2016, but the trend is still pointing downwards;
- Premium traffic growth lagged behind that of its economy counterpart on most key routes in 2016, but premium airfares generally held up better. The premium segment remains a key buffer for airline financial performance;
- Annual growth in passenger volumes accelerated to its fastest pace in nine months in November, with the seasonally-adjusted load factor rising to a record high;
- November’s data underlined a strong 2016 peak season for air freight, with freight volumes up 6.8% year-on-year. The freight load factor has recovered partly in recent months from its early-2016 low.
CEOs Seek Repeal of Governance Code
Two chief executive officers have strongly canvassed immediate repeal of the Code of Corporate Governance being implemented by the Financial Reporting Council of Nigeria compelling CEOs to resign or retire after a given period of time in office.
A CEO told Business Journal on condition of anonymity: “This Code is definitely an encroachment on the right of private firms to decide who runs their operations as CEO overtime. The decision of how long a CEO should stay in office should naturally be the prerogative of the Board, not the government. The government has no business with it. This development represents an ugly encroachment that could kill the spirit of entrepreneurship in the country.”
Another CEO added his voice: “If you look around, you will notice that a good number of these private companies were the initiative of one or two individuals. Now, asking such persons to leave a company they founded and nurtured after 10 years is very unfair. The government can fix the tenure of CEOs in public parastatals but not for private firms. This obnoxious Code has no place in the private sector.”
Few days ago, the Federal Government sacked Mr. Jim Obazee, former Executive Secretary of FRN as a result of controversies emanating from the resignation of Pastor Enoch Adeboye, General Overseer of The Redeemed Christian Church of God in respect of the Governance Code.
The Code had its origin in the banking sector during the era of Mallam Sanusi Lamido Sanusi, then Governor, Central Bank of Nigeria, when the CEO of banks were forced to leave office after 10 years on the saddle as part of measures to reform the sector along the path of corporate governance.
Emeka Onuora, PenCom Spokesman, Buries Mum
Under-Employed, Under-Inclusive: The World in 2017
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Lufthansa Loses Europe No.1 Title to Ryanair
Irish LCC Ryanair has once again proven itself a worthy opponent to other Old World airlines, by officially becoming Europe’s number one airline by passengers carried after Lufthansa – the previous holder of the title – reported a comparatively small 1.8% in the number of travelers carried in 2016.
Ryanair, luring in passengers from other airlines by its low ticket fare policy, reportedly carried 117 million passengers (a 15% increase YoY) in 2016, beating Lufthansa that had flown 109.7 million during the same period.
A steep upward trend is seen in the reports of other European budget airlines, with Wizz Air having flown 19% more passengers (22.7 million) in 2016 than in 2015. Scandinavian LCC Norwegian Air Shuttle saw a 14% YoY increase in passenger carried to 29 million.
Despite stiff competition, Lufthansa is still the largest airline group in Europe by revenue due to operating more long-haul routes than its competitors and managing its own catering and MRO business units.
Buhari Sacks Obazee of FRN, Appoints Asapokhai
Mr. Jim Obazee, Executive Secretary of the Financial Reporting Council of Nigeria has been sacked by President Mohammadu Buhari with immediate effect.
Mallam Garba Shehu, Senior Special Assistant to the President on Media and Publicity, said Buhari has already appointed Mr. Daniel Asapokhai as the new Executive Secretary while Mr. Adedotun Sulaiman will serve as chairman.
Shehu said the Buhari also ordered immediate reconstitution of the Board of the Council.
Ingenico Partners Interswitch on Multi-channel Payment Solutions in Nigeria
Ingenico Group, the global leader in seamless payment, announced that a strategic partnership has been signed with Interswitch Nigeria Limited, the leading transaction switching and electronic payment processing company in Nigeria.
Since 2002, Interswitch has been promoting the seamless circulation of electronic money by building the payments infrastructure and bringing new products and services to millions of customers, both in corporate and consumer segments, spread all over the country.
The integration of Ingenico Group technology with Interswitch’s switching and processing system will allow end-users to benefit from the next generation of payment technology and the smoothest and most secure user experience when initiating electronic transactions.
‘As Nigeria enters a new era of payment, Ingenico Group and Interswitch are joining forces to better address the market challenges and eliminate the need for cash,’ commented Mitchell Elegbe, Group Managing Director and CEO at Interswitch.
‘We formed this partnership with Ingenico Group as they are a global leader in payments with great track record and a strong knowledge of our market characteristics and constraints. This agreement is a key milestone in our common strategy to better serve the Nigerian people.’
‘We are pleased to form this strategic partnership with Interswitch Group,’ said Rachid Oulad Akdim, Managing Director for Africa.
‘By combining Ingenico Group’s expertise in payment solutions with Interswitch Group’s vision of the local customers’ needs, we are defining exciting new opportunities for electronic transactions in Nigeria.’
About Ingenico Group
Ingenico Group is the global leader in seamless payment, providing smart, trusted and secure solutions to empower commerce across all channels, in-store, online and mobile. With the world’s largest payment acceptance network, we deliver secure payment solutions with a local, national and international scope. We are the trusted world-class partner for financial institutions and retailers, from small merchants to several of the world’s best known global brands. Our solutions enable merchants to simplify payment and deliver their brand promise.
About Interswitch
Interswitch Group is a leading, Africa-focused integrated electronic payments company with a business footprint that covers the provision of integrated, secure, auditable and open platforms for financial transactions, e-commerce, telecommunications value-added services, e-billing and payment collections / monitoring. Interswitch has demonstrated consistent strong and profitable growth and was recognised by Deloitte’s Fast 50 Africa Report as the fastest-growing technology business in Africa in 2014.