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Access Bank Set to Host Pioneering Africa Trade Conference in Cape Town

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Access Bank PLC is set to host its first-ever Africa Trade Conference (ATC), a landmark event focused on advancing Africa’s economic transformation under the theme, ‘Empowering Africa Through Trade, Innovation, and Sustainable Growth’.

Scheduled for March 12, 2025, in Cape Town, South Africa, the conference is poised to bring together the most influential voices in trade, finance, and policy to address the future of commerce across the continent.

With Africa’s trade finance gap estimated at $81 billion annually, the conference aims to tackle the systemic challenges hindering trade, particularly for SMEs and domestic firms. By fostering collaboration among key stakeholders, the Conference will explore innovative solutions, sustainable trade practices, and strategies for expanding African economies into global value chains.

Roosevelt Ogbonna, Group Managing Director/Chief Executive Officer, Access Bank PLC, emphasised the importance of the Africa Trade Conference, in addressing these pressing issues. “The Africa Trade Conference represents a crucial step in redefining Africa’s trade potential. By creating platforms for dialogue, innovation, and actionable solutions, Access Bank is enabling African businesses to connect and thrive in the global economy.”

Access Bank’s presence across 24 countries globally, including 16 in Africa, provides a unique advantage in facilitating inter- and intra-African trade.

The Bank’s growing network positions it as a key player in addressing trade complexities and promoting inclusive growth across the continent.

Seyi Kumapayi, Executive Director, African Subsidiaries, Access Bank, highlighted the broader vision of the forum, saying, “The Africa Trade Conference is a platform to not only address Africa’s trade challenges, but to champion the continent’s opportunities.

Through strategic partnerships, tailored financial solutions, built on the ethos of sustainability, we are paving the way for Africa’s businesses to take their place on the global stage.” This flagship event will convene a distinguished line-up of seasoned speakers, and top executives from leading international banks, Development Finance Institutions (DFIs), and captains of industry in Africa.The ATC will also shine a spotlight on the transformative potential of the Africa Continental Free Trade Area (AfCFTA), which aims to reduce trade barriers, enhance infrastructure, and integrate African economies into global trade networks.

Furthermore, the event will explore critical themes shaping the continent’s economic future, including the transformative role of digitization and innovation in global trade, solutions for overcoming trade barriers to enhance market access, as well as sustainable trade practices and innovative financing models, thereby providing a comprehensive roadmap for advancing Africa’s position in global commerce.

Please visit https://africatradeconference.accessbankplc.com/ for more information.

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Business

Naira Gains over Dollar for Three Straight Days in Parallel FX Market

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The Naira recorded three consecutive days of appreciation against the dollar in the parallel foreign exchange market, ending the week on a high note on Friday.

According to Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, the Naira strengthened to N1,565 per dollar on Friday, up from N1,570 on Thursday.

On a day-to-day basis, the Naira gained N5 against the dollar compared to the N1,570 traded on Thursday.

In the last three days, the Naira has gained N15 against the dollar in the black market.

In contrast, in the official market, the Naira continued to depreciate as of Thursday, according to data from the Central Bank of Nigeria.

The apex bank’s exchange rate data showed that the Naira fell to N1,507.88 per dollar on Thursday from N1,504.30 on Wednesday.

Overall, exchange rate movements across FX markets showed that the Naira ended the week with mixed sentiments of losses and gains against other foreign currencies.

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MoneyMaster Enriches Service Delivery with New Agency Software

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Payment service bank, MoneyMaster PSB, has announced the integration of a new agent banking software with powerful and secured features to enhance its agency banking offerings and encourage financial inclusion.

The new agency banking software extensively supports a variety of agency banking services, such as paying bills, instantly reversing unsuccessful transactions, paying for lottery and betting, checking customers’ balances, linking cards to point-of-sale systems, and retrieving transaction histories from other channels.

The basic banking platform of MMPSB has been connected with the new software to enhance the experience of agents, clients, and other value chain stakeholders in their daily transactions.

The bank disclosed that the new software was implemented “to provide a seamless banking experience to customers using our POS terminals across the country. Customers can now enjoy a wide range of banking transactions from a single point while improving revenue streams for Agents.

MoneyMaster has now joined the league of leading financial institutions with state-of-the-art technology for POS terminal operations thanks to the implementation of the new software. The bank was among the first to promote USSD banking among the financially excluded population after obtaining its payment service banking license. Later on, it added internet and mobile banking apps to its list of banking channels.

In addition to supporting customers with creative, customer-focused solutions to improve their banking experience, Moneymaster PSB is dedicated to advancing financial inclusion among the unbanked and underbanked population. Because of the smooth payments made on its point-of-sale terminals. the Lagos State government last year chose MoneyMaster as a payment partner for the Ounje Eko food discount store in order to collect payments on its market days.

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CBN Reviews ATM Fees, Imposes N100-600 Charges for N20k Withdrawal

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The Central Bank of Nigeria (CBN) has imposed a withdrawal charge of between N100 and N600 for every N20,000 worth of interbank ATM withdrawals.

The new policy eliminates the three free monthly withdrawals that customers enjoy on interbank ATM withdrawals.

According to a CBN circular, FPR/DIR/GEN/CIR/001/002 with title, ‘Review of Automated Teller Machine Transaction Fee,’ dated February 10, 2025, the new fees would take effect March 1, 2025.

The apex bank said: “In response to rising costs and the need to improve the efficiency of Automated Teller Machine (ATM) services in the banking industry, the Central Bank of Nigeria (CBN) has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, 2020 (the Guide)”.

The CBN said customers withdrawing at the ATM of their financial institution in Nigeria would not be charged.

“Withdrawal from another institution’s ATM in Nigeria (Not-On-Us): On-site ATMs (within bank premises): A fee of N100 per N20,000 withdrawal will apply,” the apex bank further directed.

For Off-site ATMs (outside bank premises), the apex bank said a charge of N100 plus a surcharge of not more than N500 for every N20,000 withdrawal would be applicable.

It said that international withdrawals would be based on the exact amount imposed by the international acquirer.

The CBN added:  “This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service.

“Accordingly, banks and other financial institutions are advised to apply the following fees with effect from March 1, 2025.”

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