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GTCO Launches Squad, Next Generation Payment Solution For African Merchants

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When it comes to internet penetration and adoption of mobile payments, most African countries are still very much below the global average. Even where the internet penetration is improving, the mobile payments adoption rate is still low, meaning an overall lag. For instance, in Kenya where mobile payment adoption is the most on the continent, only about 23.1% of the internet users actually use mobile payment methods.

So, even though the internet infrastructure allows business owners access to a wide market, mostly outside their location, sending and receiving payments with ease still remains a struggle for many.

But this is only for businesses that are not taking advantage of Squad – the newly launched Integrated Payment Solution that is set to revolutionize digital payments in Africa.

Squad is a payment service that is set to drive the future of mobile payments in the African Continent. If you have imagined an Africa where every payment is digital, it is an Africa where every business uses Squad. The features show that this might be the most online and offline payment option for merchants.

Squad will be empowering businesses by taking care of their payment problems and helping to make every payment digital whether it is made online or offline.

It features offline as well as online payment acquisition channels like the Payment Gateway and the Soft POS. If you are worried about getting or handling a POS, the software Point of Sale (Soft POS) allows merchants and vendors to accept payments directly on their phones or device without the need for any additional software. And isn’t this what every merchant needs?

Also, there are several value-added services like the bulk payment collection, automated reconciliation of offline and online payments, fraud prevention tools, and instant settlement among others.

There is a need to get on board the use of Squad considering the need to adopt more cashless based transactions in Africa, growing cases of transmittable diseases, tightened cash liquidity, and insecurity amongst others.

The best way to sum it is that Squad is the one-stop payment solution for every business in Africa.

Squad is that single product that brings technology and user experience and satisfaction for a meet-and-greet. The features are designed for and targeted at micro and small business owners like Kiosk owners and petty traders, medium business owners like digital sellers, online vendors; Tech talents; and even big enterprises.

It is interesting to note that the adoption of cashless-based transaction help businesses, especially small and medium scale enterprises, increase their top line (revenue).

According to a survey by Khatabook, about 45% of SMEs report a boost in sales after adopting mobile or digital payment services.

Therefore, with Squad bringing in a solution that features ease, convenience, and security from fraud, businesses can jump on this train and improve their chances of success.

It makes so much sense that such a product is coming from Guaranty Trust Holding Company Plc (GTCO). Indeed, if any brand has the relevant pieces to define new frontiers in payment and dominate the payments landscape in Africa, it is GTCO.

The GTCO Squad behind Squad

Guaranty Trust Holding Company Plc is a fully-fledged financial services group, on a mission to make financial services accessible to all Africans. GTCO Plc metamorphosed from Guaranty Trust Bank Ltd which has really been around since the 1990s, and is now present in several African countries including Uganda, Ghana, Gambia, Sierra Leone, Rwanda, and Kenya.

In June 2011, Segun Agbaje took over as Chief Executive of the Bank and since then led the team to blaze a trail in innovation and efficiency. Within the space of a decade, Agbaje raised the Bank’s profit by N1.3 trillion and expanded the balance sheet by 12.07% on average annual growth. The assessment indices show positive growth for the financial institution not just in Nigeria, but in every African country where GTCO is present.

Shareholder’s wealth has also seen a major boost during the period with total equity rising from N230.393 billion in 2011 to N814.395 billion in 2021, an average 13.46% growth per annum. Earnings per share also grew 15.45% on the cumulative average growth rate, from N1.69 per share outstanding in 2011 to N7.11 in 2020. Total assets grew by at least by 12.07% annually in the decade, from N1.598 billion in 2011 to N4.944 trillion in 2020.

What we can all attest to is that the numbers don’t lie, and GTCO has a track record filled with numbers that demonstrate efficiency and profitability, even in the face of the harsh and challenging economy which crumbled several other businesses. Only a formidable leadership could have sustained such records.

GTCO has always had a digital-first, customer-centric strategy that builds digital products and helps individuals and businesses thrive.

Expectedly, the bank was a recipient of several awards at the Electronic Payment Incentive Scheme (EPIS) Efficiency Awards organized by the Central Bank of Nigeria (CBN) in conjunction with the Nigeria Inter-Bank Settlement System (NIBSS). The bank clinched 8 out of the 13 awards available for the banking industry at the 2019 EPIS Efficiency Awards including Best Customer Experience Award; Cashless Driver, Point of Sale (POS) Transactions; Real-Time Payments Transaction Efficiency; Cashless Driver, USSD Channel Champion among others.

The Holding company is now home to several trusted brands that are driving innovation and creating viral product adoption, ensuring great experiences, and growing valuable customer engagement. Squad is only the latest addition to this list.

Culled from Nairametrics

BIG STORY

Aliko Dangote Submits Paperwork To Build Biggest Seaport In Nigeria

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Aliko Dangote, who leads the Dangote Group, has revealed plans to construct what he describes as the “biggest, deepest seaport in Nigeria”.

Speaking with Bloomberg, Dangote mentioned that he has submitted an application to initiate development of the planned Atlantic seaport located in Olokola, Ogun state.

He explained that the project is aimed at simplifying the export process for products — including liquefied natural gas (LPG) — and will contribute to the rapid expansion of his industrial ventures.

Dangote noted that the initiative “to build the biggest, deepest port in Nigeria” progressed after submitting the necessary documentation for approval last month.

“It’s not that we want to do everything by ourselves, but I think doing this will encourage other entrepreneurs to come into it,” he said.

The proposed port marks Dangote’s return to the same location where he had once halted plans for a refinery and fertiliser plant due to disagreements with local authorities.

Back in March, Dangote stated he had resumed construction in Ogun state “because of His Excellency, our governor, Prince Dapo Abiodun”.

In a separate interview, Devakumar Edwin, Dangote Group’s vice-president, disclosed that the company also intends to export liquefied natural gas (LNG) from Lagos.

He added that this effort will involve laying pipelines from the Niger Delta to the coast.

“We want to do a major project to bring more gas than what Nigeria LNG is doing today,” he said.

“We know where there is a lot of gas, so run a pipeline all through and then bring it to the shore.”

On May 26, Dangote announced that Dangote Industries Limited (DIL) aims to generate $7 million in daily fertiliser sales within the next two years.

Roughly a month later, the company declared that it would commence nationwide distribution of diesel and premium motor spirit (PMS), commonly known as petrol, starting August 15.

The organisation also revealed that it has procured 4,000 new compressed natural gas (CNG)-powered tankers to improve its fuel delivery network across the country.

On June 27, Dangote further stated that the continent will become self-reliant in fertiliser production within 40 months.

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BIG STORY

Nigeria’s FX Reserves To Hit $41bn As Naira Seen Sustaining Gains

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Nigeria’s foreign exchange reserves are projected to reach $41 billion by the end of the year, slightly higher than the 2024 figure, as the naira continues to strengthen, according to CardinalStone’s mid-year outlook.

The expected increase in reserves is linked to the federal government’s plan to raise $3.2 billion in the second half of the year to address certain fiscal needs. Potential inflows from portfolio investors are also anticipated to support this outlook.

“These proposed external borrowings, alongside other anticipated inflows, will likely boost the FX reserves to $41.00 billion by year-end, compared to $37.27 billion as of H1’25,” the Lagos-based research and investment firm stated in its report.

A stronger external reserve position is seen as a positive for the naira, with the firm projecting the local currency to stay within the N1,550.00 — N1,635.00 per dollar range through the end of 2025.

So far this year, Nigeria’s FX reserves have dropped by over $3.5 billion as the central bank settled around $2 billion in external obligations and continued to inject dollars into the market to sustain liquidity and stabilize the naira amid global challenges.

CardinalStone Research analysts noted that external pressures—including instability in the Middle East and new tariffs introduced by US President Donald Trump—have driven $22.83 billion in FX outflows, as investors pivot to US Treasuries and Gold.

This situation has prompted the central bank to implement a “discretionary FX framework”, resulting in the sale of $4.72 billion to counteract market distortions.

The report highlighted that the CBN’s average monthly FX intervention stood at $786.58 million, significantly below the pre-COVID average of $2.30 billion and the post-COVID level of $1.38 billion, both of which were previously used to support the naira despite broader macroeconomic weaknesses.

To control inflation, attract foreign investment, and boost the naira’s value, monetary authorities have maintained key interest rates for two consecutive sessions after increasing lending rates by a total of 875 basis points to 27.5 percent.

The analysts foresee an additional 50 to 100 basis point adjustment before the year concludes, potentially easing the burden on businesses affected by high borrowing costs.

The combination of tighter monetary policy, improved FX reserves, and more effective FX management is gradually restoring investor confidence, which had declined during previous episodes of currency instability.

Nonetheless, the forecast remains vulnerable to shifts in global oil prices, the level of portfolio investments, and how quickly fiscal consolidation efforts advance. Disruptions in these areas could negatively affect both reserves and currency stability.

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BIG STORY

Dangote Refinery To End Crude Imports By December — Bloomberg Report

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The Dangote Petroleum Refinery plans to stop importing crude oil by December 2025, aiming to replace hundreds of thousands of barrels per day of imported crude with domestic supply.

A Bloomberg report quoted Devakumar Edwin, Vice President at Dangote Industries, who oversees the 650,000-barrel-per-day facility in Lagos, saying that contracts with foreign crude suppliers will expire, allowing the refinery to shift to sourcing feedstock locally.

Edwin stated that the refinery had previously imported crude from Brazil, Angola, Ghana, and Equatorial Guinea. However, he explained that “improved relations between the refinery, local oil traders and the government will result in a steady supply of Nigerian crude.”

The report noted that in June, the plant received about half of its crude from local producers, who will be able to supply more as their foreign commitments wind down.

Edwin said, “We expect some of the long-term contracts will expire. Personally, and as a company, we expect that before the end of the year, we can transition 100 per cent to local crude.”

Data compiled by Bloomberg revealed that in June, the refinery sourced 53 per cent of its crude from domestic producers and 47 per cent from the United States.

Edwin added that the plant is currently processing 550,000 barrels of crude per day.

According to cargo allocations seen by Bloomberg News, Dangote was scheduled to receive five cargoes from the Nigerian National Petroleum Company Limited in July, with the same amount set for August. Each cargo contains nearly one million barrels of crude.

Aliko Dangote constructed the $20 billion refinery to end the export of Nigerian crude for refining abroad and the subsequent importation of refined products.

The gradual ramp-up of the refinery has already enabled Nigeria to become a net exporter of petroleum products, despite initial challenges in securing adequate domestic crude to reach its full capacity of 650,000 barrels per day. This led to the refinery relying heavily on foreign crude.

Dangote recently stated that despite a naira-for-crude deal, the refinery had been largely dependent on crude from the United States.

The refinery expects a notable increase in local crude supply over the coming months.

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