AfriGO, Nigeria’s national domestic card scheme, has partnered with PalmPay to roll out over 5 million AfriGO payment cards nationwide. This strategic alliance aims to boost financial inclusion, enhance digital transactions, and provide Nigerians with secure and cost-effective payment solutions. Transforming Nigeria’s Digital Payment Ecosystem The partnership between AfriGO and PalmPay is set to revolutionize Nigeria’s financial sector by introducing more accessible and affordable digital payment methods. Unlike foreign-issued cards, AfriGO cards are designed to operate entirely in naira, reducing foreign exchange risks and transaction costs. This initiative supports Nigeria’s goal of strengthening its cashless policy and expanding financial accessibility to underserved communities. According to Chika Nwosu, Managing Director of PalmPay Nigeria, this collaboration aligns with the company’s mission to offer innovative and inclusive financial services. “PalmPay is committed to providing secure and localized payment options that empower Nigerians and accelerate digital financial inclusion. Our partnership with AfriGO marks a significant milestone in achieving this goal,” he stated. Benefits for Businesses and Consumers The introduction of AfriGO payment cards brings multiple advantages for merchants and consumers: Ebehijie Momoh, CEO of Afrigopay Financial Services Limited (AFSL), emphasized that this initiative will significantly enhance Nigeria’s digital economy by expanding financial access in remote and underserved regions. “Our partnership with PalmPay will provide seamless digital payment experiences while promoting financial empowerment across Nigeria,” she said. The Future of Contactless Payments in Nigeria Globally, tap-to-pay technology is becoming a standard for faster and more efficient transactions. In Nigeria, where cash-based and PIN-dependent transactions still dominate, fintech companies and the federal government recognize the need to drive a more seamless digital payment experience. Beyond its collaboration with PalmPay, AfriGO has also partnered with Moniepoint to issue an additional 5 million contactless payment cards across the country. Moreover, Nigeria’s federal government, in partnership with Mastercard, is working to enhance financial inclusion by providing one million farmers across Africa with access to digital financial services. Conclusion The AfriGO and PalmPay partnership marks a significant step in Nigeria’s journey toward a fully digital economy. By making secure, accessible, and affordable payment solutions available to millions of Nigerians, this initiative fosters greater financial independence and strengthens the nation’s cashless policy. : Learn more about digital payment advancements READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
Vice President Shettima affirms that Nigerian women will be central to Africa’s $29 trillion economy by 2050. Read more on the 2025 Gender Inclusion Conference and Project #SheIsIncluded. Introduction Vice President Kashim Shettima has highlighted the crucial role Nigerian women will play in achieving Africa’s projected $29 trillion economy by 2050. Speaking at the 2025 Gender Inclusion Conference in Abuja, he launched the Project #SheIsIncluded, reinforcing the government’s commitment to women’s empowerment as a key driver of national and continental economic growth. Nigeria’s Role in Africa’s Economic Growth Shettima emphasized that Nigeria’s economic trajectory is integral to Africa’s future. With the nation expected to become the world’s third most populous country by 2050, surpassing the United States, its women—who make up half the population—are essential to achieving sustainable development. According to a statement by Stanley Nkwocha, the Senior Special Assistant to the President on Media and Communications, Shettima described the Gender Inclusion Conference as more than a policy dialogue—it is a bold declaration of responsibility for Africa’s economic transformation. Women’s Inclusion: A Blueprint for Economic Success Shettima reaffirmed the government’s stance on gender inclusion, stating that it is not merely a concept but a reality in motion, with policies designed to yield measurable economic benefits. He stressed that integrating women into financial and economic systems is central to Nigeria’s growth strategy. “One in every four Black people is Nigerian. By 2050, Nigeria will surpass the United States in population. Numbers matter. Half of our population are women, and where Nigeria leads, Africa follows,” Shettima stated. He further underscored that bridging gender gaps is not just an obligation but a necessary step in achieving Africa’s economic transformation, adding: “We are steering Africa towards a projected $29 trillion economy, and Nigeria’s role in this journey is undeniable.” Breaking Barriers: The Vision of Project #SheIsIncluded The 2025 Gender Inclusion Conference, themed “Breaking Barriers, Building Resilience for Sustainable Women’s Economic and Financial Inclusion,” builds on the 2024 Aso Accord for Economic and Financial Inclusion and aligns with Sustainable Development Goal 5 (SDG 5)—gender equality and women’s empowerment. Shettima revealed that Project #SheIsIncluded is structured around four key pillars: He announced that the initiative will be implemented across all 774 local government areas in Nigeria, ensuring no woman is left behind. “This is not about fulfilling quotas; it is about unlocking Nigeria’s full economic potential by empowering women,” he stated. Government and Private Sector Collaboration for Gender Inclusion The Vice President emphasized that the initiative is a core pillar of Nigeria’s development agenda, rather than a symbolic gesture. He highlighted the Presidential Committee on Economic and Financial Inclusion, in partnership with the Ministry of Women Affairs, as key players in driving this vision forward. “To create an inclusive economy, we must align with global best practices and pursue gender equality relentlessly,” he affirmed. The two-day conference was more than just a forum—it served as a platform for serious reflection and strategic planning on how to foster an inclusive society. He urged both public and private stakeholders to take proactive steps in achieving gender inclusion. Key Stakeholders Support Gender Inclusion Initiative Several dignitaries and stakeholders at the conference expressed their support for women’s economic empowerment: Financial Institutions and Corporate Stakeholders Weigh In Industry leaders also pledged their support for the SheIsIncluded initiative: Conclusion: A Call to Action for Gender Inclusion Vice President Shettima concluded by emphasizing the importance of practical implementation of gender policies, urging stakeholders to ensure that recommendations from the conference translate into tangible outcomes. “When women are empowered, families flourish, communities thrive, and nations prosper,” he stated. The 2025 Gender Inclusion Conference marks a significant step towards achieving a more inclusive economy, positioning Nigeria’s women as key drivers of Africa’s economic future. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced a new policy allowing Nigerians who hold dollars outside the banking system to deposit those funds into financial institutions. Edun stated that individuals will have a nine-month grace period to comply with this directive without facing legal penalties. He shared this update during a press briefing following the National Economic Council meeting, chaired by Vice President Kashim Shettima, at the Presidential Villa in Abuja. He also provided updates on the Excess Crude Account, which currently stands at $473,754.57, the Natural Resources Fund at ₦26,105,837,627.67, and the Stabilization Account at ₦36,299,452,763.62. Edun highlighted that 25 million Nigerians have benefited from various federal social protection initiatives, including digital outreach, microenterprise loans, and support for sectors such as power, agriculture, and health. He explained that the new program, effective from October 31 and lasting nine months, will allow individuals to safely bring in cash held outside the banking system. He emphasized that as long as the funds are not derived from illegal activities, there will be no penalties, taxes, or additional inquiries—just compliance with the standard “Know Your Customer” requirements. READ ALSO: Breaking: The NEC has advised the withdrawal of President Tinubu’s tax reform bills. The details and guidelines for this initiative will be announced by the Ministry of Finance and the Central Bank shortly. This policy aims not only to encourage compliance with financial regulations but also to enhance the country’s reserves and potentially stabilize the exchange rate by bringing idle dollars into the financial system. We Love To Have You Back. Pease kindly Provide Us With Your Email.
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With 52% of adult Nigerians holding official bank accounts, the Central Bank of Nigeria (CBN) has seen progress in the financial inclusion rate. Nevertheless, 32% of people are still not able to access the official financial system. During the 2024 World Savings Day Financial Literacy Fair in Abuja, the CBN revealed the country’s financial inclusion landscape’s achievements and obstacles. 52 percent, or 54.2 million adult Nigerians, had bank accounts in 2023, according to Ibrahim Yahaya, Acting Head of the CBN’s Consumer Protection Department. However, an estimated 32 percent, or 33.9 million people, were completely shut out of the financial system. According to Yahaya’s additional analysis of the data, 5% more adults are classified as having “other formal” financial inclusion. financial inclusion category, whilst 11% are part of the financial system unofficially. Yahaya emphasized the importance of fostering a saving culture in all age groups, but especially in young people. “If you look at it from the deposit side, savings have improved significantly over time,” Yahaya said. Even while bank deposits have been rising, there are still some things that can deter people from saving. The belief that income is never sufficient to cover urgent demands is ingrained, which hinders one’s capacity to save money, he said. READ ALSO “This day’s primary goal is to raise awareness of the value of saving money,” Yahaya said. “We want to make sure that young people develop a saving culture so they may grow up with sound financial habits. Motivating By encouraging this behavior in their kids, parents can help prepare for future situations. Making saving a habit, even in modest quantities, is essential to being ready for life’s unforeseen events, according to Yahaya. He went on to say that “life is full of journeys and having savings provides a safety net for any issues that may arise.” In the event of certain situations, having a backup plan is crucial. Also Read: Cardoso: CBN will use relevant instruments to combat inflationThe CBN official also connected saving to more general economic advantages, pointing out that savings increase bank deposits, which support lending to the real sector, which is a major engine of economic expansion. “The banks utilize our money to make loans, particularly to the actual industry, which propels economic expansion,” Yahaya stated. He urged Nigerians, especially the younger generation, to develop the practice of saving money regardless of the state of the economy. He said, “You might never start saving if you wait until you have plenty.” “However, you will reap the rewards later if you make it a habit to put aside money, even in tiny amounts.” Yahaya addressed the difficulties inflation presents for saving, stating that although inflation is especially challenging right now, preserving a saving culture can act as a buffer. There has been inflation, and I am aware that things are harder now. The impact will be lessened, he continued, if saving is ingrained in one’s mindset.
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In order to close the gender gap in trade throughout the region, the ECOWAS-Ecobank Empowerment Programme for Women Traders was formally introduced in Abuja. With a pilot program beginning in Nigeria, the initiative, a partnership between ECOWAS and Ecobank, seeks to empower women entrepreneurs by providing them with business training, financial access, and mentorship. This will enable them to take advantage of the African Continental Free Trade Area (AfCFTA) and make a significant contribution to regional economic growth. “When women thrive, communities prosper, and our economy becomes stronger,” said H.E. Massandjé TOURE-LITSE, Commissioner for Economic Affairs and Agriculture, underscoring the transformative potential of empowering women in commerce. Reiterating ECOWAS’s commitment to addressing market and financial access, H.E. TOURE-LITSE spoke on behalf of H.E. Dr. Omar Alieu Touray, President of the ECOWAS Commission. obstacles that female traders must overcome. According to her, the event marked the start of a six-month journey that will provide participants with useful tools to expand their companies and promote international trade. READ ALSO Mr. Tunde Dawodu, Divisional Head for FCT & North at Ecobank, reaffirmed the organization’s commitment to helping female businesses. “We want to provide funding, mentorship, and digital tools to help women succeed in competitive markets through our ELLEVATE Program and Single Market Trade Hub,” he said. Mr. Dawodu emphasized how networking platforms and preferential financing help participants grow their enterprises and improve their access to local markets. Mrs. Nonye Ayeni, Executive Director and Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), highlighted the Council’s efforts to increase capacity in export, packaging, and good agricultural practices. documentation. Ayeni said, “We are dedicated to assisting women traders in creating long-lasting enterprises and breaking into new markets.” This two-day session lays the groundwork for a six-month program in which participants will get ongoing financial assistance, training, and mentoring. The program is in line with ECOWAS’s Vision 2050 plan to advance sustainable development and equitable growth throughout the region. H.E. TOURE-LITSE said, “This launch is just the beginning, and we are committed to ensuring that these women entrepreneurs multiply their impact and unlock greater prosperity through mentorship, coaching, and access to credit.” In order to provide participants with useful tools for effectively navigating cross-border trade, the Nigerian Export Promotion Council, the Nigerian Export-Import Bank (NEXIM), and the Nigeria Customs Service also shared their perspectives on financial facilitation and export procedures.
