Mr. Agboola highlighted Flutterwave’s commitment to providing seamless payment solutions to connect Africa to the world and the world to Africa, in a conversation with Maryna Muntian, an executive director at JP Morgan’s Fintech Investment Banking.

“We’ve built a payments processing platform that replaces multiple payment integrations with one platform, for enterprise merchants coming to Africa or growing across and beyond the continent,” said Mr. Agboola.

Speaking to an audience of high-level investors and venture capitalists across the technology ecosystem, Mr. Agboola discussed the company’s core business focus: engaging with global enterprise businesses who are seeking to establish and solidify their presence in Africa, as well as large African businesses looking to expand their operations into global markets.

“As the world continues to see the potential in Africa, we [Flutterwave] will be available to help all sides earn value from the relationship,” he said in a prior blog post.

Flutterwave currently has extensive payment infrastructure coverage in over 30 African countries with 150 payment integrations enabling people around the world to pay Flutterwave merchants in Africa. This enables seamless cross-border payments for enterprises in Africa.

Mr. Agboola’s fireside chat highlighted Flutterwave’s vital role in shaping Africa’s payment infrastructure.

The company serves as a payment provider for local and global businesses across different industries and also as an enabler for other fintech companies in the region.

Flutterwave has a unique positioning and is expanding its presence on the continent. The company recently obtained new licenses in Ghana, Uganda, and Malawi.

JPMorgan Asset Management projects that investors may divest as high as $30 billion of their holdings in private credit funds this year.

Andrew Carter, JPMorgan ’s Head of Private Credit Secondaries, noted that, the above-mentioned companies are major participants in the $1.6 trillion private credit market are trying to sell off parts of their investments in less liquid funds to generate cash.

He also noted that this activity is driving growth in the global secondary credit market.

Carter said, “Today, deal flow is again being driven by liquidity needs given the slowdown in cash flows created by debt repayments, which has resulted from decreased M&A and capital markets activity,”

Private credits refer to loans or debt instruments extended to companies by non-banking entities, such as private equity firms, hedge funds, and other non-traditional lenders, rather than by traditional banks.

However, within the Nigerian context, the private credit market involves the buying and selling of these debt instruments outside the regular banking system. This underscores the importance of FMDQ Securities Exchange comes into play.

FMDQ serves as a platform for the trading and listing of various debt instruments, including commercial papers, corporate bonds, and sub-national bonds.

The most common investors in this private debt market are insurance and pension funds, as these debt instruments serve as a way to earn returns on their investments. For example, as of November 2023, the total pension fund assets invested in corporate debts, money market instruments, and commercial papers in Nigeria was about N3.76 trillion ($3.99 billion).

As of January 10, 2023, the debt market size on the FMDQ Securities Exchange was put at N47.95 trillion ($50.9 billion).

Bloomberg revealed that, pension and insurance companies are reconsidering their investments in global credit markets to handle liabilities or respond to new regulations. However, sovereign wealth funds in the Middle East are increasing their involvement in these markets, as per data from the Global SWF 2023 Annual Report.

But according to Andrew Carter “The general trend we’re seeing in private credit is that Europe is selling and the Middle East is buying.”

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JP Morgan has officially registered a cryptocurrency trademark. Aptly titled, “JP Morgan Wallet”, the brand is set to support virtual currency transfer, exchanges, and cryptocurrency payment processing.

Now, the biggest bank in America has entered the Bitcoin industry. With the newly created trademark, JP Morgan plans to provide Bitcoin exchange services to its clients. Additionally, the filling was authorized as of November 15.

The Crypto Basic reports that JP Morgan registered the trademark in July 2020. Furthermore, it will be intriguing to see how the JP Morgan Wallet evolves under what may be the most unpredictable market in history. As a result, the volatility has increased since FTX, one of the largest exchange platforms for cryptocurrencies was destroyed.

In August of 2021, JP Morgan began allowing its customers to invest in cryptocurrency funds. This was a service that was offered through New York Digital Investment Group, a cryptocurrency investment firm. Subsequently, the move preceded its continued expansion into the virtual currency market.

Reports monitored, said that a London High Court has cleared JP Morgan of the civil suit filed against it, which relates to the purchase by energy majors Shell and Eni, of the offshore OPL 245 oilfield in Nigeria.

The trial of the long-running case started four months ago, with details of the claim by Nigeria’s lawyer, Roger Masefield.

The American bank had faulted the allegations levelled against it by the Nigerian government, in the controversial Malabu scandal.

The Nigerian government under the administration of former President Goodluck Jonathan, and a former Nigerian Attorney-General and Minister for Justice, Mohammed Bello Adoke, had claimed more than $1.7 billion from JP Morgan’s role in the controversial deal.

The nation had alleged that the bank was “grossly negligent” in its decision, to transfer funds paid by oil giants Shell and Eni, into an Escrow Account, owned by Malabu, a company controlled by a former Nigerian oil minister, Dan Etete.

Source: AIT