The Nation Newspaper

Category: e-Business

  • FCMB’s zero-interest loans targets women-led businesses

    FCMB’s zero-interest loans targets women-led businesses

    SheVentures, powered by First City Monument Bank (FCMB), is breaking barriers by offering interest-free loans to female entrepreneurs in Nigeria. The interest-free loan targets women in the export and agricultural sectors, two crucial areas for the country’s economic development. With a holistic approach that includes financial assistance, training, and mentorship, FCMB is paving the way for a more inclusive and dynamic entrepreneurial landscape.

    “Our revamped zero-interest loan offering is tailored to offer sustainable benefits. It marks another milestone in our commitment to empower Nigerian businesswomen to contribute more to export trade, agribusiness, and the economy,” said Yemisi Edun, Managing Director of FCMB.

    She added that “the enhanced intervention is part of our Export Readiness Programme aimed at supporting women in the SME ecosystem to scale beyond their local markets by connecting them with other businesses globally and leveraging the vast opportunities of globalisation.”

    Nnenna Jacob-Ogogo, Head of SheVentures, described the zero-interest loan offering as a game-changing opportunity for female entrepreneurs.

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    “SheVentures addresses a critical need, as 52% of women-led firms identified lack of access to funding as a major constraint. We are passionate about empowering female entrepreneurs, helping them build their businesses, and improving the overall success rate of women-owned or run businesses. We urge them to take advantage of this opportunity,” she stated.

    A recent National Bureau of Statistics (NBS) report revealed that women comprise 49.2% of Nigeria’s adult population. The report also showed that over 41 million SMEs operate in Nigeria, of which women own 40%. Women’s businesses are expected to create about 10 million jobs in the next five years, contributing significantly to the country’s economy. This underscores women’s vital role in Nigeria’s economic growth if funding, capacity building, networking, and other opportunities are provided.

    Over the past five years, FCMB SheVentures has significantly impacted the female economy through various initiatives. The bank has offered nearly N780 million in zero-interest loans to 334 women-owned SMEs nationwide since 2019. It has also provided thousands of female entrepreneurs free training, mentorship, and capacity-building support, underscoring FCMB’s commitment to uplifting businesses.

    First City Monument Bank, a member of FCMB Group Plc, is dedicated to fostering inclusive and sustainable growth within its communities by building a supportive ecosystem rooted in Africa, primarily Nigeria, and connecting people, capital, and markets.

  • FCMB Unit CEO canvasses innovation, resilience amid economic challenges

    FCMB Unit CEO canvasses innovation, resilience amid economic challenges

    MD/CEO of Credit Direct Finance Company Limited (Credit Direct), FCMB Group’s consumer finance arm, Chukuwma Nwanse, has emphasized the critical role of innovation and resilience for Nigerian businesses navigating the current economic challenges.

    Highlighting the transformative potential of technology and digital transformation, he stressed its importance in adapting to evolving consumer needs and ensuring sustained growth.

    During a panel discussion on “Leadership and partnership: Driving value in a challenging economy,” at the Business Day CEO forum, Nwanze emphasized the need for proactive strategies to address market volatility. He offered insights into how businesses can foster innovation and achieve sustainable reinvention.

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    Nwanze pointed to Credit Direct’s success as Nigeria’s leading FinTech and consumer finance company, attributing its growth to using AI-driven credit decisioning in its loan origination process and digital channels for nationwide expansion.

    “At Credit Direct, we are able to optimise and scale significantly by using automated credit decisioning in underwriting loans and leveraging digital channels to reach all parts of the country,” he stated. “We consistently innovate to build products that solve our customers’ problems.”

    He urged business leaders to embrace emerging technologies and understand evolving consumer behaviours to meet demands and remain competitive. “Leaders must extend their vision beyond traditional boundaries and continuously adapt to changes in the environment,” Nwanze emphasized.

    The panel session that featured the Credit Direct boss also had other distinguished business leaders, including Yomi Ademola, Chairman of West Africa Rendeavour and Managing Director, Alaro City; Khilian Khanoba, Senior Partner, Kreston Pedabo; and Dr. Ayotunde Coker, CEO, Open Access Data Centres Limited, who collectively shared profound insights on the subject of driving value in a challenging economy.

    Dr Coker particularly stressed the need for broadband development to drive economic growth while also dwelling on the importance of data in making economic decisions. The panelists, including Nwanze, aligned on how these elements are requisite for economic development.

    The conference also featured Central Bank of Nigeria Governor Olayemi Cardoso, who participated in a fireside chat titled “Leadership in Tough Economic Times.” Cardoso said: “It is essential for businesses to build genuine credibility. Part of the current focus of the Central Bank of Nigeria is to develop a stronger and more resilient banking system.”

    The BusinessDay CEO Forum drew CEOs from Nigeria’s leading companies, including the Deputy Lagos State Governor, Femi Hamzat, and former Governor of the Bank of Kenya, Patrick Ngugi Njoroge. The annual gathering, organized in collaboration with PricewaterhouseCoopers (PwC), is a platform for top executives and government officials to discuss critical economic issues and shape the nation’s economic landscape.

  • Lai Mohammed urges hospitality sector to leverage data, trends for competitiveness

    Lai Mohammed urges hospitality sector to leverage data, trends for competitiveness

    Special Advisor to the Secretary-General of the United Nations World Tourism Organization (UNWTO), Lai Mohammed, has called on stakeholders in the hospitality industry to harness industry data and trends to maintain a competitive edge. 

    He spoke as the special guest of honour at the 6th Hotel Managers Conference & Awards in Lagos 2024 with the theme: “Innovative Strategies: Nurturing Resilience and Excellence in Guest Experience in African Hospitality.”

    The former Minister of Information and Culture, emphasised the critical role of the hospitality sub-sector within the broader tourism industry. 

    He referenced the UNWTO definition of tourism, highlighting its social, cultural, and economic dimensions and the need for the hospitality sector to provide quality accommodations and services to tourists.

    “The hospitality industry is prone to setbacks, whether it’s a sudden influx of guests, unexpected operational hurdles, or, as in the recent global pandemic, restrictions due to epidemics or natural disasters. Resilience involves responding positively to any setbacks and reframing them as opportunities for growth and excellence,” Mohammed stated.

    Mohammed underscored the importance of data in transforming guest experiences and improving service delivery. 

    While presenting data from the Yearbook of Tourism Statistics (2017-2021) to illustrate how understanding market trends can enhance the hospitality sector’s resilience and excellence, he said the top seven source markets for Nigeria in 2019 were the United States (157,123), Ghana (168,136), Cameroon (166, 904), United Kingdom (157, 123), China (151, 832), South Africa (69, 593), and India (90, 809).

    He said part of the implication of this is that guests of Nigerian origin accounted for more arrivals than all top seven source markets combined.

    Mohammed, who is also the Managing Partner of Bruit Costaud, a policy advisory firm, urged businesses to position themselves to better serve the Nigerian diaspora. 

    “How are you marketing or promoting your brands to attract more of them so they can enjoy your excellent services when they visit home?”, he asked.

    Mohammed highlighted the underperformance in attracting visitors from the Caribbean and South America, despite historical connections.

    “Imagine how appealing Nigerian festivals will be to our brothers from the Caribbean and South America who have a large population of people from African ancestry,” he noted.

    Mohammed encouraged the industry to seize opportunities to promote Nigerian hospitality both locally and internationally. 

    “The tourism industry is show business. We have to be visible for patronage. Congratulations to all the brands who take part in exhibitions and awards events like the HMCA. We must let the world see our best always!”, he said.

  • Mastercard Foundation, FG champion inclusive education at Abuja EdTech summit

    Mastercard Foundation, FG champion inclusive education at Abuja EdTech summit

    The Mastercard Foundation, an international non-governmental organisation, kicked off its inaugural EdTech conference today with an important question.

    “How do we build resilient and inclusive EdTech ecosystems?” asked Rosy Fynn, Country Director Nigeria, Mastercard Foundation, in a room of over 500 people.

    She posed this question to a high-level opening panel: Dr Bosun Tijani, Minister of Communications, Innovation, and Digital Economy; Joseph Nsengimana, Director, Mastercard Foundation Centre for Innovative Teaching and Learning and Albert Nsengiyumva, Executive Secretary, Association for the Development of Education in Africa (ADEA).

    Tijani pointed out the need for a growing literacy agenda where Africans can be digital literates and bridge

    The event with the theme: “Education Technology for Resilient and Inclusive Learning in Africa” had speakers advocate for leveraging technology to promote inclusive education across Africa and support the continent’s burgeoning youth population. 

    Panellists also discussed funding opportunities for education technology startups, the role of technology in advancing education at all levels, and the importance of preparing Africa’s youth for success in the digital age.

    Tijani also stated:”Our goal is to ensure that every young person in Africa has the opportunity to succeed in the digital age.” He stressed on the transformative power of education and technology and encouraged partnerships between startups and government to strengthen EdTech across Africa.”

    Highlighting the importance of public-private partnerships in driving innovation, Joseph Nzingamana, Director of the Centre for Innovation, Teaching, and Learning at Mastercard foundation noted: ” Collaboration between governments, industry leaders, and educators is crucial in developing sustainable solutions for inclusive education.” 

    He also noted: “Nothing really happens out of the vacuum, as they are most borne out of collaboration that’s why we at Mastercard Foundation believe in collaboration and it’s the reason we have this conference so we can find ways of working together to extend the reach especially for underserved population across the continent.”

    Emphasizing the need for innovative approaches to address the challenges facing education in Africa, Albert Nsengiyumva, Executive Secretary of the Association for the Development of Education in Africa said, “by leveraging technology, we can create more accessible and inclusive educational opportunities for all.” He however harped on a demand driven approach for technology education stating that “from the design we need to start with the learners and understand their needs, because the aim is to use education technology to address specific needs of learners.” Furthermore, Mr Albert cautioned on the misconception on the relationship between teachers and technology noting that “technology will not replace the need for good teachers. Rather, good teachers should be empowered by technology.”

    An equally important part of the conference also focuses on the significant role that education plays in driving Africa’s economic growth. With a focus on innovation and collaboration, the summit aims to develop strategies to empower Africa’s youth through access to quality education and technology tools.

  • Keystone Bank wins ‘Retail Bank of the Year 2024’ award

    Keystone Bank wins ‘Retail Bank of the Year 2024’ award

    Keystone Bank Limited has emerged as the ‘Retail Bank of the Year’ at the just-concluded Africa Industrial and Development Conference and Awards 2024.

    The bank was presented with the prestigious award during the Nigeria Middle East Investors Expo and Awards ceremony over the weekend.

    The African Industrial and Development Conference and Awards is an annual event dedicated to promoting industrial development, economic growth, and sustainable best practices across the African continent.

    Speaking on the award, Managing Director and CEO of Keystone Bank, Mr. Hassan Imam, expressed gratitude for the recognition, stating, that the award is a testament to the effectiveness of the Bank’s various transformation programmes aimed at raising the bar in developing and delivering unique retail financial products to all levels of customers.

    According to the bank’s CEO: “Keystone Bank has in place a robust retail banking strategy that enables us to review our retail products and processes to ensure that the needs and lifestyles of customers are met.

    “We are grateful for this recognition and dedicate the award to our customers who rely on us to provide the right support for operating effectively in their businesses.

    “As a bank, we remain committed to our goal of growing together with our customers. We operate from a position of financial strength, consistently meeting our obligations as well as all regulatory requirements. Our focus is on building a lasting relationship with our customers and continually enhancing their banking experience” he concluded.

    KPMG, a leading audit and consultancy firm, rated Keystone Bank high in the retail and SME segments in the country in 2023.

    In the 2023 edition of the Nigeria Banking Industry Customer Experience Survey released by the agency, Keystone Bank topped other Nigerian banks moving up from its fourth position in 2022 to second in retail banking with 76.4 points. The lender’s customer experience performance in SME banking also improved significantly as it moved from fifteenth position in the last survey to third in 2023 with 73.5 points.

    According to the survey report, customers commended user-friendliness and reliability of Keystone Bank digital platforms as well as its efficiency of payment services, superlative relationship management and swift resolution of complaints.

    It’s worthy of note that Keystone Bank has invested substantially in technology and developed fully integrated service models that enable its customers to enjoy banking services through a wide range of channels. The effort is in the bank’s determination to take financial services to every household in order to drive effective inclusion and participation in the recovery and growth of Nigeria’s economy.

    The upgraded Keystone Bank digital platforms provide a truly customer-centric experience. The bank believes in innovation, creativity, and the use of technology to enhance the lives of its customers. 

    The bank’s upgraded digital platforms which include: the Keystone Bank Mobile Application, known as KeyMobile; Keystone Internet Banking platform and its *7111# Unstructured Supplementary Service Data (USSD) solution, are seamless, secure, fast, reliable and easy to use at convenience.

    On SME, Keystone Bank has been a major supporter and promoter of the segment in the country.

    The bank has embarked on several initiatives to train SMEs on financial literacy and bookkeeping to enable them to take control of their financial future and tap into the opportunities in the financial industry. Thousands of SMEs across the nation have benefitted from the bank’s programmes and initiatives.

    The retail lender’s SME financing strategy is delivered through a multi-faceted approach that includes robust business advisory, practical handholding, and guidance of aspiring and existing entrepreneurs to building sustainable businesses. Its SME package leverages partnerships, value add offerings, and cost saving banking services to support its customer’s business growth.

  • Facts Only: Common pension fears debunked

    Facts Only: Common pension fears debunked

    Okay, let’s bust some pension myths and inject some fun into your future financial planning!

    Myth #1 – Pensions are only for older adults: Nope! Pension contributions are for anyone who likes not being broke in their golden years. The earlier you start, the sweeter the retirement party (thanks to superior investments!). Think of it as your younger self contributing to a comfortable retirement for your future self.

    Myth #2 – My Money Will Magically Disappear: Pension funds are heavily regulated and protected by the National Pension Commission (PenCom). Your money isn’t financing someone’s yacht party. Pension Fund Administrators (PFAs) invest their funds strategically, aiming for safety and maximum growth.

    Myth #3 – Pension contributions are super complicated: Sure, there’s some fine print, but trustworthy companies like FCMB Pensions are all about transparency. They’ll explain how your money works and answer all your (even slightly embarrassing) questions.

    Myth #4 – The government will take it all in taxes: Often, pension contributions get sweet tax advantages. It’s like your reward for being a responsible adult. Think of those extra savings as funding that beachside margarita budget.

    Myth #5 – I’m Young, I’ll Save Later (spoiler: bad idea!): Time is your secret weapon. The longer your money has to grow, the further it goes. Even small contributions now can turn into a legit retirement fortune. Procrastinating = more stress later. Start small, start now, and watch your egg nest grow, giving you peace of mind.

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    Myth #6 – I’m locked into my pension forever: You’ve got options because life happens, and pension plans know it. While there are rules to keep your savings safe, there’s usually flexibility built in. You can access some funds early in case of emergencies or choose different withdrawal options when you retire.

    Pension contributions aren’t about getting rich quickly; they’re about becoming financially secure, slow, and steady. They’re the key to avoiding the “panicked retiree” trope and enjoying the fruits of your labour.

  • Kreatesell pays over N100m to African creators in first year of operation

    Kreatesell pays over N100m to African creators in first year of operation

    KreateSell, an online platform for digital creators, has announced a significant achievement, reporting over N100 million paid to African creators within its first 12 months of operation. This milestone marks a notable moment for the platform, which launched exclusively with beta testers in May 2023.

    The company has focused on empowering African creators by providing a platform to monetise their digital content. Since its pre-launch, KreateSell has paid out substantial amounts to its creators, establishing itself as a significant player in the creator economy. Over 568 African creators have benefited, receiving payments in more than 50 foreign currencies.

    Co-founder Daniel Saviours reflected on the platform’s journey, emphasising the dedication to refining KreateSell’s features to better serve creators. 

    “The past 12 months were spent rigorously testing and refining the platform to ensure it’s rock-solid for onboarding African creators and their digital creations,” Saviours stated. 

    “We keep asking ourselves, what can we do to make things easier for African creators? How can we help them sell more of their digital creations? What do they need, and how can we make it easily accessible for them? Luckily for us, we did not work alone. We had the help of 500+ African creators who showed us how to serve the creator economy better.”

    The platform’s success is underscored by 3,279 transactions, illustrating the growing demand for African creative content. KreateSell supports creators from across Africa, with a significant number based in Nigeria, Ghana, Kenya, and Uganda.

    In addition to supporting creators, KreateSell has also built a robust network of over 800 affiliate marketers. These marketers have collectively earned N28,654,727, highlighting the inclusive nature of the platform’s ecosystem. 

    “This not only motivates affiliate marketers but also encourages every African that they too can be a part of the creator economy without necessarily having to create,” Saviours added. 

    The platform’s unique approach to product delivery ensures customers receive their purchased products via WhatsApp messages and emails, setting a new standard for digital transactions. This, coupled with the ability to earn in over 50 currencies, including cryptocurrencies, ensures creators can reach a global audience with ease.

    KreateSell’s rapid growth and substantial impact within  12 months of operation in the Nigerian market highlight the platform’s potential to transform the African creator economy. 

    “This accomplishment signifies the potential for everyday individuals to turn their hobbies, knowledge, ideas, and passions into lucrative digital products,” Saviours said. Whether it’s creating an online course or publishing an ebook, KreateSell aims to enable every African to monetize their skills on a global scale.

    Looking ahead, KreateSell envisions continuing its mission to help digital creators sell more while simplifying the process. The milestone of 100 million naira in payouts is just the beginning of KreateSell’s journey towards revolutionizing the way African creators monetize their knowledge and talents.

  • Joan Baker, Wole Adesanya, others for ‘The Voiceover Conference 2024’

    Joan Baker, Wole Adesanya, others for ‘The Voiceover Conference 2024’

    Prominent speakers, including Joan Baker, Wale Ekundayo, Flora Gabtony, Ayomide Ibrahim, Marc Cashman and others have been billed to speak at the 5th edition of The Voiceover Conference holding June 25 and 26 at the Oriental Hotel, Lagos, 

    The conference, according to the organisers, promises to be a haven for voiceover professionals, offering opportunities to refine their skills, connect with industry leaders, and propel their careers forward.

    The organiser Emmanuel Afemikhe emphasised the conference’s core mission: 

    “This is our fifth edition, and we’re committed to empowering young people to use their voices and rewrite the history of voiceover in Nigeria.

    “The purpose of the conference is to rewrite the history of voiceover and grow the industry by empowering young people to use their voices. 

    “At a certain point in my life, voiceover helped me move to my next level. I had it pretty rough growing up .When I got into the university, there was no money coming from anywhere. But, I had already started voiceover then, so I was able to pay my school fees,” Afemikhe revealed. 

    “It funded my education and ultimately led me to train other voiceover artists. The Voiceover Conference is a direct extension of that passion,” he stressed. 

    Afemikhe also emphasised on the need to advance the industry. 

    He said: “We realise that if the industry must change, everyone must work together to ensure positive outcomes. Compared to our counterparts globally, there is much potential for growth in the voiceover industry.”

  • Series 1 of FCMB-TLG private debt fund set to open for investment

    Series 1 of FCMB-TLG private debt fund set to open for investment

    Recently, FCMB Asset Management Limited (FCMBAM) held a signing ceremony for Nigeria’s first Naira denominated Private Debt Fund, the FCMB-TLG Private Debt Fund.

    The Fund, which has been approved by the Securities and Exchange Commission, is sponsored and managed by FCMB Asset Management Limited (FCMBAM) as the Fund Manager, with technical support from TLG Capital Investments Limited (TLG Capital), United Kingdom. The Fund seeks to raise Ten Billion Naira (N10 billion) under Series 1 of its One Hundred Billion Naira (N100 billion) Programme size.

    Following the fulfilment of all regulatory requirements, the Fund’s Series 1 Offer for subscription is set to open to Qualified Institutional Investors (QIIs) and High Networth Individuals (HNIs) on Monday 24 June 2024, and close on Wednesday 31 July 2024.

    The FCMB-TLG Private Debt Fund will focus on investing in commercially viable and impact-oriented activities in sectors of the Nigerian economy aligned with the United Nations (UN) Sustainable Development Goals (SDG), while providing investors with an opportunity to earn competitive risk-adjusted return on investment. It will invest in the debt components of the capital structure of organisations and Special Purpose Vehicles (SPVs) in sectors crucial to Nigeria’s economic growth and development, including Agriculture, Healthcare, Education, Clean Energy, Transportation/Logistics, and IT/Technology,

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    At the signing ceremony organised by FCMBAM, James Ilori, the company’s Chief Executive Officer said: “The FCMB-TLG Private Debt Fund opens a new avenue for professional investors to participate in the growth of key sectors of the Nigerian economy while providing essential capital to organisations driving sustainable economic growth and development in Nigeria”.

    The FCMB-TLG Private Debt Fund is structured as a Closed-Ended Unit Trust Scheme with Series 1 tenor of Ten (10) years. The Fund is also expected to provide investors with periodic streams of income through regular payment of distribution while prioritising the preservation of invested capital.

  • TomTom announces Fireboy, The Cavemen as brand ambassadors

    TomTom announces Fireboy, The Cavemen as brand ambassadors

    The management of Cadbury Nigeria PLC, makers of menthol candy, TomTom Candy, has announced partnership with sensational musical artistes, Fireboy and The Cavemen. 

    The  duo will serve as brand ambassadors, promoting the TomTom brand through various marketing strategies.

    At the unveiling, which took place in Lagos, handlers of the Tom-Tom brand said the strategic partnership merges TomTom’s commitment to excellence and innovation with Fireboy and The Cavemen’s unparalleled talent and influence in the music industry. 

    As brand ambassadors, Fireboy and The Cavemen will play a pivotal role in promoting and communicating TomTom’s initiatives to a diverse audience.

    “We are thrilled to announce the addition of Fireboy and The Cavemen to the Cadbury Nigeria PLC family,” Morolake Emokpaire, Marketing Lead, West Africa at Mondelēz International said. 

    She added:”Their genuine musical prowess and unwavering dedication perfectly align with our brand ethos, positioning them as ideal ambassadors to harmonize with our audience in resonant and meaningful ways.”

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    Fireboy, renowned for his soulful vocals and chart-topping hits, is one of Nigeria’s most sought-after musical talents. Similarly, The  Cavemen, known for their unique blend of highlife and contemporary sounds, have captivated audiences with their infectious energy and distinct creativity.

    While expressing excitement at the partnership and his eagerness to work with Tom-Tom, Fireboy said he and Cavemen were “excited to partner with TomTom and embark on this new journey as brand ambassadors. Together, we anticipate creating memorable experiences and inspiring positive change through our collaboration.”

    By teaming up with Fireboy, and The Cavemen, Cadbury Nigeria PLC continues to strengthen its brand presence and to further distinguish itself as a frontrunner in the industry.