Business

Tensions soar over high cost of living in Benin Republic

Published

2 years ago

May 10, 2024

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In the heart of Cotonou’s large Dantokpa market, Diane Makpenon’s family corn shop is less busy than usual these days.The business run by her mother like others in Benin’s economic capital has been slowing down as they struggle with rising prices.

The price of a kilo (2.2 pounds) of corn, one of the country’s most widely consumed foods, rose from 200 CFA francs (0.30 euro cents) to 450 CFA francs, before falling again to 400 CFA francs within a few days, according to traders.

A 120-kilo bag is now sold for between 33,000 (about 50 euros, nearly $54) and 36,000 CFA francs compared to barely 30,000 CFA francs before.

The increase in food costs in the small West African nation prompted Benin’s labour unions to call for an unprecedented series of protests against the cost of living — the first was dispersed by police firing tear gas and a second banned by the authorities.

A third planned for Cotonou on Saturday has been granted authorisation by city officials.

Benin’s consumer prices and economy have been hit by fallout from the Ukraine war and by the closure of the border with major trading partner Niger to the north following a coup there last July.

Neighbouring Nigeria’s naira currency devaluation and abrupt end of a decades-long fuel subsidy have also impacted Benin’s fuel prices and trade.

“Going to the market has become torture. Everything costs us so much that we are helpless,” said Roberte Akododja, 42, owner of a bistro in Cotonou’s popular Gbegamey district.

“Even in restaurants, you have to pay more for usual meals or settle for small portions,” said Delphin Agossohou, a private administration executive.

Camille Segbedji, one of the leaders of the National Union of Secondary Teachers and Administrative Personnel of Benin (SYNEPAS), criticised the absence of a “fair agricultural policy” from the government in the face of declining purchasing power.

The World Bank said Benin’s economy in 2023 was still resilient despite the external economic shocks the country had to weather.

At a cabinet meeting this week, the government temporarily suspended shipments of cereals outside the country in a bid to ease pressure on prices.

– In the streets –
Political protests have become less common in Benin since President Patrice Talon came to power in 2016, with some major opposition leaders either in exile or jailed.

Critics regularly accuse the cotton magnate of taking an authoritarian turn in a country once praised as a beacon of pluralism in West Africa.

Protesting over high costs, the main unions organised a demonstration in Cotonou on April 27 which was banned by the police who used tear gas to break up the rally.

Nearly 30 demonstrators and leaders of the trade union movement were arrested on that day, before being released a little later.

“The workers are struggling to make themselves heard. We have demands, but no way of expressing them,” explained nurse Arsene Olory-Togbe, aged 48.

On May 1, the Confederation of Benin Workers’ Unions (CSTB Benin), the country’s main trade union, rallied in a new demonstration, which was immediately banned by the authorities.

This time, 72 demonstrators were arrested, including 21 placed in pre-trial detention for cannabis consumption.

“Our motivations relate to the unhappiness among citizens today. The high cost of living and the decline in purchasing power,” said Anselme Amoussou, general secretary of CSA Benin, the country’s second-largest trade union organisation.

Despite the ban and cancellation of demonstrations in recent days, trade unionists have once again called on the population to protest against the high cost of living on May 11 in the economic capital of Benin.

“No worker is happy to take to the streets, it is never light-hearted. But in certain situations it is necessary,” said teaching union representative Segbedji.

For CSA union leader Amoussou workers just wanted dialogue, a more human approach from the government and the guarantee of labour union rights.

“Wondering whether the peaceful march will be repressed is sad for a democratic country like Benin,” he said.

AFP

Related Topics:Camille Segbedji COST OF LIVING Delphin Agossohou REPUBLIC OF BENIN Roberte Akododja World Bank

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Nigeria’s foreign reserves rise to $52.66 billion, highest in 17 years

Published

4 weeks ago

August 24, 2026

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Nigeria’s gross external reserves surged to $52.66 billion as of August 19, reaching their highest level in more than 17 years.

This was contained in the latest data from the Central Bank of Nigeria (CBN).

The reserves stood at $52.65 billion on August 19, up from $45.56 billion recorded on January 2, representing an increase of about $7.09 billion or 15.6 percent in less than eight months.

The latest position also surpasses the previous 2026 peak of about $52.04 billion recorded in July.

Data from the CBN showed that reserves crossed the $52 billion mark for the first time this year in July, reaching $52.02 billion on July 20.

The figure was the highest since January 2009, when reserves stood at about $52.01 billion.

The reserve position had declined earlier in the year, falling from $49.18 billion on April 1 to about $48.33 billion in early May.

It subsequently recovered, crossing the $50 billion mark in June and rising above $51 billion before surpassing $52 billion in July.

The governor of the CBN, Olayemi Cardoso, had earlier attributed the increase in reserves to stronger foreign exchange inflows, including receipts from crude-oil-related taxes and third-party inflows.

Cardoso also said the reserve level provided import cover for about 11 months of goods and services, significantly above the three-month international benchmark.

The increase in the external buffer has coincided with improved foreign exchange liquidity and a stronger naira.

Recent market data showed the naira appreciating to about N1,346.49 per dollar in the official market last week.

Also, in its 2026 macroeconomic outlook, the apex bank projected that Nigeria’s external reserves would rise to about $51.04 billion by the end of the year.

The latest figure is about $1.62 billion above that projection.

Business

Wema Bank wins Euromoney’s Nigeria’s best digital bank for consumers 2026 award

Published

2 months ago

July 20, 2026

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… Recognition affirms bank’s leadership in digital innovation and customer-centric banking

Wema Bank, Nigeria’s oldest indigenous bank and pioneer of Africa’s first fully digital bank, ALAT, recently added another feather to its already heavily-studded cap after it was named Nigeria’s Best Digital Bank for Consumers 2026 by Euromoney, one of the world’s most respected authorities on financial services and banking excellence.

The prestigious recognition affirms the Bank’s sustained leadership in digital innovation, customer experience and financial inclusion, reinforcing its position as one of Nigeria’s leading technology-driven financial institutions.

Presented annually, the Euromoney Awards for Excellence celebrate banks that are redefining financial services through innovation, measurable impact and outstanding customer value.

In selecting Wema Bank for the award, Euromoney recognised the Bank’s successful digital transformation journey, its continuous innovation through ALAT, Africa’s first fully digital bank, and its unwavering commitment to delivering simpler, smarter and more accessible banking experiences for customers.

Commenting on the recognition, the Managing Director/Chief Executive Officer of Wema Bank, Moruf Oseni, said: “This award is a strong validation of the deliberate investments we have made over the years to build a truly digital bank that puts customers at the centre of everything we do. Innovation for us has never been about technology for its own sake. It has always been about creating solutions that make banking easier, faster, safer and more rewarding for every customer.

“From pioneering Africa’s first fully digital bank with ALAT to continuously evolving our digital capabilities, we have remained focused on anticipating customer needs and building experiences that create real value. We are honoured by this recognition from Euromoney and inspired to continue pushing the boundaries of innovation as we shape the future of banking in Nigeria.”

A key milestone in Wema Bank’s digital transformation has been the evolution and upgraded version of ALAT, which introduced next-generation capabilities including voice banking, tap-to-pay functionality, personalised financial services and integrated investment opportunities through strategic partnerships.

Together with faster digital onboarding, AI-powered fraud monitoring, intelligent customer personalisation and an expanding agency banking network, these innovations continue to enhance customer experience while extending financial services to more Nigerians.

Euromoney also recognised Wema Bank’s ability to leverage technology to build deeper customer relationships through data-driven personalisation, enabling customers to receive tailored recommendations across savings, investments and credit products based on their financial needs and behaviour.

For over eight decades, Wema Bank has remained at the forefront of innovation in Nigeria’s financial services industry. As the pioneer of Africa’s first fully digital bank, the Bank continues to redefine banking by combining technology, customer insight and innovation to deliver seamless, secure and inclusive financial solutions for individuals, businesses and communities.

The Euromoney recognition further reinforces Wema Bank’s commitment to building the future of banking through continuous innovation, operational excellence and customer-centric solutions that create lasting value.

Business

CBN revokes licences of 46 microfinance banks

Published

3 months ago

July 2, 2026

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The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs).

The apex bank cited the failure of the banks to meet regulatory requirements for continued operation.

In a statement issued on Wednesday by Hakama Sidi-Ali, acting director of corporate communications, the apex bank said the revocation took effect from July 1, 2026, in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

The CBN said the action was approved by Olayemi Cardoso, the apex bank governor, as part of efforts to safeguard the stability of the financial system, protect depositors and ensure compliance with regulatory standards.

“According to the revocation order, the action became necessary because of one or more of the circumstances: Insufficient assets to meet liabilities, closure of operations without the CBN approval, Inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses,” CBN said.

“The revocation of the licences is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements,” the statement reads.

CBN added that it remains committed to promoting a safe, sound and resilient financial system and would continue to take supervisory and regulatory actions where necessary to maintain public confidence in Nigeria’s financial sector.

The affected microfinance banks are:

1. Minji-Se Churchill MFB (tier 1) in Rivers

2. Merchant MFB (tier 2) in Abia

3. Janmaa MFB (tier 1) in Kwara

4. Busu MFB (tier 2) in Niger

5. Gold MFB (tier 1) in Lagos

6. Zain MFB, formerly Dawakin Tofa MFB, a tier 2 lender in Kano

7. Bompai MFB (tier 1) in Kano

8. Ajwa MFB (tier 2) in Kano

9. Now Now Digital MFB (tier 2) in Kano

10. Crystabel Microfinance Bank (tier 1) in Bayelsa

11. Chanelle MFB (state-based) in Lagos

12. Abia SME MFB (tier 1) in Abia

13. Kamba MFB (tier 2) in Kebbi

14. Iwade MFB (tier 2) in Ogun

15. Winview MFB (tier 1) in Abuja

16. Zuru MFB (tier 2) in Kebbi

17. Minjibir MFB (tier 1) in Kano

18. Shanono MFB (tier 2) in Kano

19. Sumaila MFB (tier 2) in Kano

20. Rimin Gado MFB (tier 2) in Kano

21. Mwaghavul MFB (state-based) in Plateau

22. Sycamore MFB (tier 2) Kano

23. TOFA MFB (tier 2) in Kano

24. Safegate MFB (tier 1) in Lagos

25. Creekline MFB (tier 2) in Delta

26. Bestar MFB (tier 1) in Oyo

27. Livingspring MFB (tier 1) in Cross River

28. Apple MFB (tier 2) in Ogun

29. Stanford MFB (state-based) in Uyo

30. Frontline MFB (tier 2) in Anambra

31. Zafec MFB (tier 2) in Kaduna

32. Supreme MFB (tier 1) in Lagos

33. Bejin-Doko MFB (tier 2) in Niger

34. Kanopoly MFB (tier 1) in Kano

35. Bellbank MFB, formerly Tsanyawa (Tier 2), in Kano

36. Yeneng MFB (tier 2) in Plateau

37. Creditville MFB (tier 1) in Lagos

38. MBAG MFB (tier 1) in Lagos

39. Straight Sahara MFB (tier 1) in Benue

40. Our Pass MFB (tier 2) in Ondo

41. VERDANT MFB (tier 1) in Lagos

42. Basawa MFB (tier 2) in Kaduna

43. Casha MFB (tier 2) in Abuja

44. Esteem MFB (tier 2) in Kano

45. Enterpreneur MFB (tier 1) in Lagos

46. Avantus MFB (tier 2) in Osun

It would be recalled that the CBN increased the capital base for banks, in March 2024, giving them until March 31, 2026, to meet the requirements.

On March 6, 2026, the financial regulator disclosed that 30 banks have met the minimum capital requirement.