Business

Payment Platform’s Valuation Drops By $45bn

Published

3 years ago

March 19, 2023

Global payment platform, Stripe Incorporated’s valuation fell to $50bn from its $95 valuation in March 2021.

This was as the company announced on Wednesday that it had signed agreements for more than $6.5bn in a Series I round of funding with existing investors such as Andreessen Horowitz and Founders Fund, and new ones such as Singapore-based GIC and Temasek, and Goldman Sachs Asset and Wealth Management.

Stripe had already received $2.2bn in funding, according to Crunchbase.

Stripe said that “The funds raised will be used to provide liquidity to current and former employees and address employee withholding tax obligations related to equity awards, resulting in the retirement of Stripe shares that will offset the issuance of new shares to Series I investors.

“Stripe does not need this capital to run its business.”

Stripe said in Wednesday’s release that 100 businesses now handle more than $1bn through its platform.

Stripe in 2020 acquired Nigeria’s payment platform, Paystack, in a $200m deal.

Meanwhile, as Africa continues to experience rapid technological growth and increasing internet penetration, the Director General of the National Information Technology Development Agency, Kashifu Inuwa, has called on governments to collaborate to minimise the impact of cyberattacks on the continent’s critical infrastructure, national security, reputation and economy.

According to a statement issued on Friday by the agency, Inuwa made the call while speaking on ‘Strategies for Boosting Africa’s Cyber Resilience’ at the ongoing GISEC Global, a leading gathering for the cybersecurity community in Dubai, United Arab Emirates.

The DG said that to protect citizens and assets and genuinely harness the benefits of an increasingly complicated digital reality, Africa cannot afford to be apathetic towards cybersecurity, adding that with the right strategies and approaches, Africa can enhance its cybersecurity posture and build resilience against cyberattacks.
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Business

Nigerian Stock Market Hits 10th Consecutive Uptrend As investors Gain N308bn

Published

7 hours ago

October 10, 2025

Editor

The Nigerian Stock Market recorded its 10th consecutive uptrend as investors raked in N308 billion gain on Thursday.

This comes as the Nigerian Exchange Limited, NGX, market capitalisation, which opened at N92.490 trillion, appreciated by 0.33 per cent to close at N92.798 trillion on Thursday.

Also, the All-Share Index added 0.33 per cent, or 485.25 points, to close at 146,204.34, compared with 145,719.09 recorded on Wednesday.

Increased trading in Eunisell Interlinked, Caverton Offshore Support Group, Sunu Assurances, Industrial and Medical Gases, Mecure, and 27 other advancing stocks boosted market performance on Thursday.

To this end, the market breadth also closed positive with 32 gainers and 21 losers.

Further analysis showed that Eunisell Interlinked and Caverton Offshore Support Group led the gainers’ chart by 10 per cent each, closing at N44 and N6.93 per share, respectively, while FTN Cocoa Processors led the losers’ table by 6.67 per cent, closing at N5.60 per share.

Market activity showed a decline in the number of deals and volume traded but an improvement in trade value.

Accordingly, a total of 346.99 million shares worth N27.43 billion were traded in 24,691 deals, compared with 525.72 million shares worth N13.61 billion exchanged in 25,597 deals on Wednesday.

Fidelity Bank topped the activity chart with 42.01 million shares valued at N861.54 million.

According to DAILY POST, NGX has continued its bullish run from last month’s end to date.

Business

CBN Sets POS Maximum Transactions In Fresh Guidelines

Published

2 days ago

October 8, 2025

Editor

The Central Bank of Nigeria has rolled out fresh guidelines for agent banking, known as Point of Sales, across the country.

The apex also in the guidelines pegged daily POS transactions at N1.2 million per agent and N100,000 per individual.

CBN disclosed this in a circular signed by its Director of the Payments System Management Department, Musa Jimoh.

The guidelines further mandate all financial institutions to publish the list of all their POS agents on their website and to display it in their branches.

CBN noted that the guidelines would take effect from April 1, 2026.

“The Guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhancing agent banking to provide financial services and promoting financial inclusion, encouraging responsible market conduct and improving service quality in agent banking operations.

“This circular takes effect from the date of release, while the implementation of agent location and agent exclusivity shall be in effect from April 1, 2026.

“POS agents are restricted to a maximum of N1.2 million per day. Individual customers are limited to N100,000 in daily transactions.

“These limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework,” it stated.

Business

Naira Records First Appreciation Against US Dollar At Official Market

Published

2 days ago

October 8, 2025

Editor

The Naira recorded appreciation on Wednesday against the United States dollar at the official market, the first time in three days this week.

The Central Bank of Nigeria’s exchange rate data showed that the Naira strengthened to N 1,470.62 per dollar on Wednesday, up from N1,471.09 traded on Tuesday.

This means that the country’s currency firmed up slightly by N0.47 against the dollar on a day-to-day basis.

Monday and Tuesday, the Naira recorded negative sentiment at the official foreign exchange market.

However, at the black market, the Naira remained unchanged at N1,500 per dollar on Wednesday, the same rate exchanged on Tuesday.

The apex bank data indicated that the country’s external reserves, a determinant of the exchange rates, stood at $42.57 billion as of October 7, 2025.