Headlines
Mobile Money Industry Processed $1trn Worth of Financial Transactions in 2021

By Derrick Bangura – The report released during a webinar, revealed that global mobile money adoption and use witnessed growth in 2021, processing a record $1 trillion annually.
The Global System for Mobile Communications (GSMA), a global organisation unifying the mobile ecosystem for societal change on Wednesday released its 10th annual “State of the Industry Report on Mobile Money.”
According to the report, the milestone figure was a sign of strong industry growth, as accounts, value and volume of transactions all soared.
“The industry enjoyed a substantial increase in the number of registered accounts, up 18 per cent since 2020, reaching 1.35 billion globally. The volume of person-to-person transactions were up to more than 1.5 million every hour,” the report stated.
It further revealed that one of the most significant drivers of growth was merchant payment, which almost doubled year-on-year. It also highlighted how mobile money continued to act as a core pillar of financial and economic inclusion, particularly for women.
While presenting the report, Head of Financial Inclusion and AgriTech at GSMA, Ashley Olson Onyango, stated that mobile money had become an enabler of different services across sectors, solving critical, social, economic and environmental challenges, by providing access to essential utilities.
Analysing the report during the webinar session, Executive at MTN Group and Head of Fintech Payment/Digital Channel/Strategy, Mr. Cedric NGuessan, explained how diversification helped in growing the mobile money ecosystem by expanding the merchant networks, after an elaborate expansion of the consumer market.
Giving an insight into the significant growth in merchant payments, the report said, “Mobile money diversified its value proposition beyond person-to-person transfers and cash-in/cash-out transactions in 2021. It is now playing an important role in the daily lives of people and businesses, especially in low and middle-income countries.
“The growth of ecosystem transactions, such as merchant payments, international remittances, bill payments, and bulk disbursements, together with interoperable transactions, are accounting for a more significant share of the global mobile money transaction mix.”
The report said merchant payments were instrumental to the growth of the mobile money industry in 2021. The value of merchant payments almost doubled, reaching an average of $5.5 billion in transactions per month.
The report added, “Providers are demonstrating that they can attract businesses to their platform with better incentives, such as efficient remote onboarding processes. For example, since Safaricom’s M-PESA began allowing companies to register for an account online in Kenya, more than 18 per cent of new merchants are self-onboarding.”
Head of Mobile for Development at GSMA, Max Cuvellier, stated, “2021 was the year mobile money started to really diversify into Business-to-Business (B2B) services. Beyond traditional person-to-person transactions, such as transferring money to family or friends, the industry is now central in helping small businesses operate more efficiently, and serve their customers better.”
In the area of increasing financial inclusion for women, the report noted, “Mobile money has also been a driving force for financial inclusion for the world’s most vulnerable, particularly women. Mobile money is empowering women to take more control over their finances and purchase goods that they urgently need.
“Additionally, 44 per cent of providers responding to the GSMA Global Adoption Survey now offer credit, savings or insurance products, creating opportunities for underserved individuals to invest in their livelihoods and futures.”
According to the report, with the gender gap in mobile money account ownership ranging from seven percent in Kenya, to 71 percent in Pakistan, there remain some barriers to vulnerable people benefitting from mobile money.
The report said, “Owning a mobile phone is an obvious pre-requisite to using mobile money, and women across low and medium income countries are seven percent less likely than men to own a mobile phone.
“Overall, 143 million fewer women own a mobile than men. Additional barriers to mobile money access include a lack of awareness of mobile money and a deficit in perceived relevance, knowledge and skills.”
While some progress has been made, the report made it clear that more must be done to address the mobile money gender gap across low and medium income countries.
The report further stated that concerted action would be required from policymakers, the private sector, donors and other stakeholders to learn from success stories, address the issue, and ensure that existing gender inequalities are not further entrenched, especially in light of the COVID-19 pandemic.
Headlines
NNPC Foundation Trains Over 3,000 Southwest Farmers in Climate-Smart Agriculture

In a bid to promote food security and sustainable agricultural practices, the NNPC Foundation has successfully trained more than 3,000 farmers in the South-West geopolitical zone on climate-smart and modern farming techniques.
The training, which concluded on Friday in Ikorodu, Lagos, marked the end of the Southwest phase of the foundation’s pilot programme aimed at empowering local farmers and boosting agro-productivity.
Speaking at the closing ceremony, Managing Director of the NNPC Foundation, Mrs. Emmanuella Arukwe, described the initiative as a milestone in the lives of thousands of farmers.
“Today marks the formal conclusion of the first phase of a national journey that speaks to resilience, food security, and economic empowerment,” Arukwe said.
“What began as a bold decision to support small holder farmers has translated into tangible action across three geopolitical zones (South-East, South-South, and South-West) in Southern Nigeria.”
She disclosed that a total of 3,860 vulnerable farmers across 10 locations in the three regions were trained in sustainable farming practices that improve productivity and market access.
“This achievement is not just a number, but a milestone in the lives of real people and real communities. We were able to strengthen farmers’ capacity to adapt to climate change,” she added.
“Through the training, we were able to improve access to markets, promote inclusive agriculture and especially gender representation. We also trained them on enhancing food production through sustainable techniques.”
Arukwe noted that the programme would now move to the North-West, North-Central, and North-East zones as part of its next phase, saying the foundation is committed to supporting livelihoods nationwide.
“This is only Phase One. We will now turn our focus to the North-West, North-Central, and North-East zones. What we have achieved in the South will inform and strengthen our next steps,” she said.
“The NNPC Foundation will continue this mission, to support livelihoods, build resilience, and empower the hands that feed our families and beyond.
We have decided that most times you get a lot of requests from people asking us to give them palliatives and all kinds of things to help them.
But we think it is much better to teach people to fish than just give them fish so they can continue,” Arukwe explained.
Chairman of Ikorodu Local Government, Mr. Wasiu Adesina, while commending the initiative, urged the beneficiaries to apply the knowledge gained to boost productivity and profitability.
“As we all know, agriculture is the bedrock of any nation. Without agriculture, there will not be a nation, because there will be no food to eat,” Adesina stated.
“It is the farmers that produce our food, and it is important that we train our farmers with new techniques in agriculture, and that is exactly what the NNPC Foundation is doing.
“To the farmers, you have to take advantage of this training and face the farming squarely. In some great countries like the United States and the United Kingdom, farmers are the most richest people in those countries.
“This is because they make a lot of money from farming. We need to inculcate that habit in Nigeria and develop ideas in farming. Even after my tenure, I am going back to farming, so, maybe I will ask the NNPC Foundation to train me so that I also join you to be a farmer.”
He appealed to the foundation to provide further empowerment for the trained farmers to help them kickstart their agricultural ventures.
“If the farmers have land for farming, I believe the foundation will provide financial aid to keep their farms running,” Adesina added.
Also speaking at the event, the Lagos State Commissioner for Agriculture and Food Systems, Ms. Abisola Olusanya, represented by the Director of Fisheries, Mrs. Osunkoya Daisi, lauded the Foundation’s efforts in bolstering the state’s food security.
“On behalf of the Lagos State Government, we would like to express our sincere appreciation to NNPC Foundation for training our farmers and for training all the farmers all over the country,” she said.
“Definitely, the training will help improve food production. We can see the impact of climate change effects in agriculture. I am sure farmers have been equipped with climate-smart agriculture techniques to improve production.”
The NNPC Foundation Ltd/Gte is the Corporate Social Responsibility (CSR) arm of the Nigerian National Petroleum Company (NNPC) Limited. It was incorporated in February 2023 to manage the company’s CSR initiatives and enhance Nigeria’s socio-economic development.
Education
NUC grants ESUT full accreditation for Law, 7 other programmes

The National Universities Commission, (NUC), has given full accreditation to the Enugu State University of Science and Technology (ESUT), for her Law programme.
According to the Public Relations Officer of ESUT, Mr Ikechukwu Ani, this is contained in a letter addressed to the institution’s Vice Chancellor, Prof. Aloysius Okolie, on Wednesday in Enugu by the NUC.
Ani said that in the letter, the Executive Secretary of NUC, Prof. Abdullahi Ribadu said the report was contained in the result of the October/November 2024 accreditation of academic programmes in Nigerian universities.
Ani disclosed that other programmes in the institution accredited by the NUC include Master of Science in Business Management; Education Computer Science; Education Physics and Agricultural Engineering.
Other accredited programmes he said were Quantity Surveying; Urban and Regional Planning; and Applied Microbiology.
He said that the letter quoted Section 10 (1) of the Education National Minimum Standard and Establishment of Institutions, Act CAP E3, Laws of the Federation of Nigeria 2004 as empowering the NUC to lay down minimum academic standards for all academic programmes taught in Nigerian universities.
He said the session also empowers the NUC to accredit such programmes.
Crime
Court remands 2 over alleged attempted murder

An Ikeja Magistrates’ Court, Lagos, on Wednesday, remanded two persons, Olaitan Fasasi and Kehinde Tobiloba in a correctional facility over alleged attempted murder.
Fasasi, 40, and Tobiloba, 26, whose addresses were not provided, are being charged with conspiracy, attempted murder and membership of a secret society.
The Magistrate, Mr L.A Owolabi, did not take the plea of the defendants for want of jurisdiction.
Owolabi directed the police to forward the case file to the Director of Public Prosecution for legal advice.
He thereafter adjourned the case until May 31 for mention.
The Prosecutor, Josephine Ikhayere, told the court that the defendants committed the offences at about 5.02p.m on Feb. 15, at Mushin, Lagos.
She said that Fasasi, Tobiloba and others now at large, attempted to commit murder by shooting at a resident, Alfred Ademola.
“They armed themselves with a locally made gun. They belong to Eiye Confraternity, a group proscribed by law,”, she said.
Ikhayere said that the offences contravened Sections 230(1) and 411 of the Criminal Law of Lagos State, 2012.
He said that the actions of the defendants also contravened Section 2(3)(a)(b)(c)(d) of the unlawful societies and Cultism Law of Lagos State Law.
-
Headlines3 years ago
Facebook, Instagram Temporarily Allow Posts on Ukraine War Calling for Violence Against Invading Russians or Putin’s Death
-
Headlines3 years ago
Nigeria, Other West African Countries Facing Worst Food Crisis in 10 Years, Aid Groups Say
-
Foreign3 years ago
New York Consulate installs machines for 10-year passport
-
News9 months ago
Zero Trust Architecture in a Remote World: Securing the New Normal
-
Entertainment3 years ago
Phyna emerges winner of Big Brother Naija Season 7
-
Headlines12 months ago
Nigeria Customs modernisation project to check extortion of traders
-
Economy1 year ago
We generated N30.2 bn revenue in three months – Kano NCS Comptroller
-
Headlines12 months ago
Philippines’ Vice President Sara Duterte resigns from Cabinet