Category: Money

Transcorp Hotels Plc has announced its Audited Financial Statements for the full year ended December 31, 2021.

The results published on the Nigerian Group Exchange showed a 114 per cent growth in revenue to N21.74 billion from N10.16 billion as of December 2020, while Gross Profit rose by 143  per cent to N16.23 billion from N6.67 billion.

The company’s results show an growth in its performance signaling its strong recovery from the impact of the COVID- 19 pandemic in 2020. The performance also reflects the Company’s resilience and nimbleness, as it consistently leverages innovation to achieve an outstanding performance, breaking occupancy, and revenue records last yera.

”We are very pleased with the incredibly strong operating performance of our businesses, as most segments improved in 2021. Our leisure demand remained strong throughout the year as different leisure packages introduced continue to drive occupancy,” said Mrs. Dupe Olusola, Managing Director/Chief Executive Officer of Transcorp Hotels Plc.

“We believe that Transcorp Hotels Plc is well-positioned to continue to capitalise on the recovery in the hospitality industry as we work towards achieving our vision of becoming Africa’s leading hospitality brand. We are on  launching several projects that have been in the pipeline to further our play of being a full-service hospitality brand and diversify our portfolio,” Olusola added.

“We are excited about the opportunities to deliver continued growth in 2022, as we remain focused on strengthening our business and investing for the future.”

 

PawaPlus has reiterated its commitment to efficient service delivery and meeting customers’ needs.

The company has also unveiled comic act and Instagram celebrity, Olumide Jibowu ( popularly known as Agbawire) as its first brand ambassador.

Agbawire was unveiled during the inauguration of the company’s logo in Lagos.

He expressed satisfaction for the opportunity to represent a brand of such magnitude and potential and vowed to remain loyal to PawaPlus.

Speaking at the event in Lagos, PawaPlus Chief Executive Officer (CEO), Mrs. Aderemi Apatira said the establishment of the company followed the need to provide solutions for the populous energy consumers across the nation.

She said the choice of  Agbawire was to tap from his popularity on Instagram and his hilarious skits that attract large audience.

She said some more prominent entertainers would soon join the PawaPlus family but as of now, the brand believes in the comedian’s ability to deliver, having proven that with many of his waves-making skits on Instagram.

“The brand purpose of PawaPlus is to deliver valuable energy fintech solutions that are easy to access, use and produce optimum results and benefits, as a brand, we are helpful, caring and friendly. We are easy to access and use. With us, you get quick results, optimum benefits as well as delightfully trendy solutions,” she added.

 

Automotive technology company, Autochek is moving to provide better access to financing for automobile vehicles in Nigeria and across Africa.

Speaking at the firm’s maiden auto finance summit in Lagos, its Chief Executive Officer,  Etop Ikpe highlighted that various stakeholders had been working in silos in the past and that the automotive sector needs a multi-layered approach to financing to reach its full potential in Nigeria and across the continent.

Ikpe emphasised that financing is critical for the auto ecosystem as it plays a critical role in alleviating transportation poverty and impacting the whole value chain including dealers, workshops, SMEs and, ultimately, the consumer. He stressed the need for consumer education on how to responsibly access credit and make the most of the financing solutions available to them, as well as other related services.

Mayokun Fadeyibi, SVP West Africa, highlighted that Autochek is building the infrastructure to make car ownership more accessible and affordable to more Africans and this event has brought together key stakeholders to engage in the necessary conversations to drive growth and opportunities across Africa’s automotive sector.

Notable guests at the summit were Director-General, National Automotive Design and Development Council, Jelani Aliyu; National Chairman, Association of Motor Dealers of Nigeria, Prince Ajibola Adedoyin; former Minister of Communications, Omobola Johnson; Senior Partner TLcom Capital, Adebola Akindele; Group Managing Director Courteville Solutions, Bisi Oni, among others.

 

Fidelity Bank Plc has reaffirmed its commitment to support the Central Bank of Nigeria’s (CBN) efforts to achieve its goal of $200 billion in Foreign Exchange (FX) repatriation from non-oil exports over the next five years.

The bank’s Executive Director, Northern Businesses, Hassan Imam spoke at a workshop for exporters and investors on the implementation and opportunities in the new CBN RT200 FX Policy.

Imam stated that the financial institution would not relent in its efforts to bridge the knowledge gap in the non-oil sector space by facilitating the necessary processes and documentation for the new policy, with the goal of increasing FX repatriation through exportation.

The CBN had unveiled the RT200 FX Programme on February 10, 2022, as part of measures to reduce the increasing demand for foreign currency by importers, which frequently puts excessive pressure on the exchange rate.

With the implementation of this policy, the CBN has stated that the supply of foreign currency to commercial banks will cease by the end of 2022, while investors will be able to generate forex through the RT200 FX Programme template provided to strengthen commodity exports.

Fidelity Bank’s Regional Bank Head, North West 1, Mannir Ringim re-emphasised its readiness to support the government’s economic imperatives to boost revenue in non-oil sector of the economy.   “As you know Nigeria is currently an import-dependent economy with so much pressure on our currency and the source of revenue as a nation is petrol dollar,’’ he said.

So, the initiative of the CBN is to leverage our non-oil products, especially in agriculture like hibiscus flower, cashew nut sesame and many products for exports.

“Now, Fidelity Bank wants to remain the exporters’ bank of choice not only by providing finance but by helping exporters in bridging the knowledge gap in exporting their commodities. We are committed to this initiative to improve our economy, reduce pressure on local currency and provide an enabling environment to grow the non-oil sector to also create massive job opportunities”, Ringim explained.

Speaking on the need for strategic planning in the non-oil sector, Head of Export and Agric Businesses at Fidelity Bank, Isaiah Ndukwe said the bank is well positioned to advance the CBN policy thrust to reduce our over-dependence on oil revenue in the country.

He stated that the bank is committed to improving the banking system’s competitiveness while focusing on developing exporters’ capability in the fundamentals of local commodity exportation. Isaiah emphasized that the new policy will not only reshape exporters’ mindsets, but will also infuse value addition on their commodities, allowing them to earn more forex.

According to him, the workshop tagged, Harnessing Export Business Opportunities, CBN RT200 FX Programme: current issues, non-oil exports and implications to business; drew inspiration on the policy’s guidelines.

The guidelines involve the provision of a single digit credit facility to exporters, provision of rebates on foreign currency, funding of commodity production and value-addition processes, building terminals and the convening of a biannual summit for the review of the implementation of the policy.

Exporters at the sensitization event expressed satisfaction on the capacity-building initiative as it enabled them to get acquainted with the CBN policy and opportunities in export business.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 6million customers who are serviced across its 250 business offices and digital banking channels.

AS part of its 30th Anniversary, SystemSpecs is unveiling its two subsidiaries – SystemSpecs Technology Services Limited (STSL) and Remita Payment Services Limited (RPSL).

The organisation also announced the appointment of Chairman of MTN Nigeria, Ernest Ndukwe, as Chairman. He takes over from Nigeria’s former Ambassador to the United Kingdom, Dr. Christopher Kolade, who retired after 15 years.

At the kick off of its anniversary, SystemSpecs unveiled its year-long celebration, which include the 30th Founders’ Day, the SystemSpecs Graduate Internship Programme, awareness health walk, gala, a special Children’s Day essay competition, and a summer coding boot camp.

The firm will operate as three  entities: a holding company, SystemSpecs Holdings Limited and two subsidiaries – Remita Payment Services Limited (RPSL) which focuses on payment and affiliated services and SystemSpecs Technology Services Limited (STSL) which focuses on a wide array of technology solutions and services.

Demola Igbalajobi has been appointed as the Managing Director of SystemSpecs Technology Services Limited while ‘Deremi Atanda is the Managing Director of Remita Payment Services Limited.

Group Managing Director, SystemSpecs, John Obaro, said the expansion was in line with the organisation’s vision of deepening its capacity to meet the technology needs.

“We are glad about how much we have been able to contribute to the transformation of the financial and human capital technology ecosystems in Africa, especially with Remita, our integrated payment and collections solution; HumanManager, our comprehensive payroll and HR management solution; and Paylink, our e-commerce platform.

“In these 30 years, we have created solutions that have impacted lives and put Nigeria on the global technology map. We have raised a new generation of Nigerian software talents and empowered private and public sector organisations of all sizes to effectively manage their people, finances, payments and collections.”He expressed gratitude to every stakeholder that had helped the firm in its journey so far, especially its employees and customers.

He noted that SystemSpecs has branches in Lagos and Abuja.

A new report charts pathways through which entities supporting the poor with cash transfers could work in partnership with the private sector.This will enable sustainable access to payments and steps toward financial inclusion, writes COLLINS NWEZE

Cash transfers are increasingly being used by the Federal Government, development and humanitarian agencies as a tool to support the poor and vulnerable and promote well-being. However, a large proportion of cash transfers delivered to the poor in Nigeria require recipients to “cash-out” immediately.

The Central Bank of Nigeria (CBN) has been championing the government’s efforts by designing policies that could enhance the transition from physical cash transfers to digital.

The CBN is committed to achieving their 95 per cent financial inclusion target for 2024.

A joint report from FSD Africa, Enhancing Financial Innovation and Access (EFInA) and the Global System for Mobile Communications, and conducted by Strategic Impact Advisors, has shown that a gradual transition from physical cash transfers to digital means would improve the recipients’ usage.

Although this transition will not be immediately possible everywhere due to limited network connectivity, low mobile phone ownership levels, and low literacy rates among other barriers, the report outlines various opportunities for social protection and humanitarian actors, and the private sector, to work together to support increased access to digital payments for poor and vulnerable recipients of assistance.

The joint report, Opportunities and barriers to digitising social protection and humanitarian payments in Nigeria, highlighted the opportunities within the digitisation of cash transfers and presented a roadmap for its actualisation. The study reinforces the need to create an ecosystem in which recipients could eventually access cash transfers on a permanent digital wallet through their mobile phones, leading invariably to multi-choice usage, which they can then use to transact to meet all of their needs and help to reduce reliance on physical cash.

The report offers recommendations to improve Nigeria’s capacity to deliver digital payments to the poor. It points out the need for humanitarian and social protection organisations to work in partnership with the government and financial service providers to support an enabling environment to reach last mile recipients, the importance of coordination to promote a more cohesive use of cash transfers wherever appropriate, and efforts to better inform the development and extension of relevant services by payment providers wherever feasible.

The report recognises that there are pockets of digital transaction-ready recipients who could support the development of digital payment ecosystems and help to advance financial inclusion. Although digital payments will not be enough to bridge the financial inclusion gap in Nigeria, access to digital payments is an integral component and this report charts out practical next steps.

On the report, Juliet Munro, Director, Digital Economy at FSD Africa, said: “Cash transfers are a vital source of income for many underserved households.  We are delighted about the ongoing conversations with our partners on the existing possibilities to digitise cash payments. Once the systems are in place, the targeted households will be able to access the much-needed aid faster and more efficiently.”

Chief Executive Officer (CEO), EFInA,  Ashley Immanuel, said: “Fintech Innovation is a key driver of financial inclusion and very useful in providing access to financial services, especially for the underserved. Digitising cash transfers will help reduce the burden for cash disbursement and support recipients’application of healthy financial habits like saving.” Chris Pycroft, Development Director at FCDO Nigeria said: “Really encouraged to see this report highlight principled and important opportunities for development actors to support increased access to payments among the poor, lay the foundations for financial inclusion, and harness Nigeria’s growing Fintech scene.”

Former staff of Wema Bank Plc will converge on Lagos on February 26,, 2022 for the first reunion get- together. The event is aimed at fostering social interaction and welfare of the over 300 membership.

Former Deputy Governor of Central Bank of Nigeria (CBN),  Tunde Lemo and  Managing Director of Wema Bank Plc, Ademola Adebise will be attending the maiden ex-Wema Bank reunion in Lagos.

Adebise is billed to attend the reunion as the Special Guest of Honour; the event is an attempt by the group to forge a closer tie with the contemporary Wema Brand.

Lemo, who is Chairman Titan Trust Bank, will be the Special Guest Speaker at the event.

The event holding under the umbrella of Wema Bank ‘Ex-Colleagues Group’.

Playing its part in addressing challenges posed by startups and investors in Nigeria’s FinTech ecosystem, the FinTech Association of Nigeria (FintechNGR) has launched The Start-Up Marketplace – an innovative platform designed to provide start-ups playing in the fintech ecosystem with access to free and heavily discounted services in funding, legal, infrastructure, cybersecurity, data privacy, business development, and a variety of other areas, to accelerate their growth.

Making the announcement at the association’s first conference of the year, tagged ‘Fintech Outlook 2022’, Ade Bajomo, President, FinTechNGR and the Executive Director, Information Technology and Operations at Access Bank Plc, affirmed that, “The Start-Up Marketplace will aid in the development and deepening of Nigeria’s FinTech talent pool.”

“The platform will also encourage research and development to get innovators and start-ups on a higher plain, foster an environment of supportive regulation to grow the industry, facilitate local investors to participate in the funding of FinTechs and position local start-ups and innovators to build and develop durable and strategic intellectual properties,” he continued.

The COVID-19 pandemic resulted in a challenging year for businesses globally. Despite this, start-ups in the most powerful economies in Africa have continued to grow and show great potential, becoming increasingly significant in the new normal.

The increased of rate investment in Fintech start-ups shows how much the industry has caught the attention of investors and Venture Capitalists who see the industry’s potential for growth and resilience. In Africa, FinTechs dominated fundraising, accounting for close to $3 billion of the nearly $5 billion raised by African tech start-ups in 2021. In the same year, Nigerian start-ups raised $1.09 billion, representing 73.5 per cent of the $1.37 billion raised by start-ups.

Highlighting reasons for the increased interest, Daniel Awe, Head of the Africa Fintech Foundry, spotlighted heightened innovation as a key driver. “We are already beginning to see FinTechs innovate across Greentech, Digital Insurance, blockchain, financial inclusion, amongst others.

That said, we need to continue creating strategic partnerships with other players in the ecosystem through which game-changing innovative solutions can be formed formed and new potentials can be discovered enabling growth, customer satisfaction, and improved business practices. The Foundry is contributing to this development by creating ventures that can compete in various industry verticals by providing new and improved digital products to end-users thereby enabling opportunities in new markets to be developed.”

In addition to key industry presentations, the virtual event also unearthed trends, and forecasts across FinTech verticals; lending, payment, mobile money, banking, infrastructure, regulation, partnerships, skillsets, wealthtech, insurtech, cybersecurity, data privacy, open banking, decentralised finance and other areas.

Other speakers who contributed to the Fintech Outlook 2022 discourse include Ade Bajomo, President FintechNGR; Mitchell Elegbe, CEO, Interswitch Nigeria; Premier Oiwoh, CEO, NIBSS; Odunayo Eweniyi, CEO, Piggyvest; Daniel Awe, Head, Africa Fintech Foundry; Yinka Edu, Partner, UUBO; Dr David Isiavwe, President, ISSAN-Nigeria, and Nkebet Mesele, Senior Director (Sub-Saharan Africa), VISA.

The African financial service sector ecosystem is awash with so many innovators and disruptors crisscrossing borders, challenging old habits, creating new thought processes, setting new standards, and diffusing talents across all sectors.

Fintech is the disruptive technology driving start-ups and revolutionizing banking, payments, and insurance in today’s interconnected and competitive financial world.

FITC, the world-class, innovation-led, and technology-driven knowledge institution is hosting its flagship Risk-Based Supervision (RBS) for Fintech programme in Kigali, Rwanda to enhance stability and stimulate growth in the financial sector, as part of efforts to continuously equip the financial services and other sectors with the invaluable knowledge needed to navigate complex and dynamic regulatory supervision practices in the Fintech space.

The programme is one  of FITC’s intervention in the growth and development of the Fintech sub sector through increased knowledge content that fosters industry and regulators understanding and collaboration needed to drive and stimulate the industry’s growth, is part of the recommendations from FITC’s last FinTech Conference, TechNovate 2021, which recommended deeper learning, engagement and collaboration that would help advance the industry.

The five-day event themed: ‘Risk Based Supervision (RBS) for FinTech’ kicked off on Monday, February 21st, 2022, and will run till Friday, 25th at the prestigious Marriot Hotel, Kigali, Rwanda.

The event, which is one in a series of several offshore programmes to be organized by FITC this year, attracted participants from across Sub-Sahara Africa, from the Fintech regulators, FinTech companies, enablers, funding partners, banks, telecom companies, government parastatals, as well as numerous other key stakeholders who are involved in monitoring operations and safeguarding their stakeholders’ interests.

In her welcome address, the MD/CEO, FITC, Chizor Malize, noted that globally, the competitive landscape of financial services is undergoing a paradigm shift. She noted that new entrants are constantly disrupting the space with innovative digital solutions giving rise to new offerings, increased client acquisition and rapid market penetration.

“Technology continues to change the face of the financial services industry. The advent of digital financial services has created faster, more efficient, and typically cheaper banking solution compared to traditional financial services. Many FinTechs have experienced a surge in demand as the customer banking habits changed in the COVID-19 era. Prior to the outbreak of the pandemic, it was clear that FinTech would play a pivotal role in financial services going forward. COVID-19 has undoubtedly accelerated that process” Malize stated.

Speaking further, Malize noted that the Risk-Based Supervision (RBS) for Fintech is the leading approach to regulatory supervision of FinTech’s globally. She disclosed that to ensure safety, soundness, and financial stability within this evolving industry in the Financial Services Sector, Central Banks in Africa need to build strong regulatory framework for supervising Fintech development within the African financial system.

“We currently have about five hundred and seventy-six (576) fintech companies, enablers, funding partners, as well as numerous key stakeholders such as banks, telcos, and even governments. Many of our local start-ups have gone on to receive various funding and support, and others have gone to become global players and even Unicorns. It is therefore important to up-skill and retool the skillsets of bank supervisors and other players in ensuring they are well equipped to adequately regulate and supervise the evolving Fintech firms in their countries.

The programme presents a transparent and credible mechanism for Fintech regulators to provide all-inclusive, wide-ranging, and strategic approach to supervision of Fintech by approaching regulation from a structured system perspective that assesses risk exposures and gives priority to the resolution of risk,” she stated.

The FITC Risk-Based Supervision for Fintech Programme presents a great opportunity for participants to be updated on key issues that will determine todays and future Fintech operations and performance including corporate governance, disruptive technology, macroeconomics, and geopolitics.

At the end of the programme, participants will be able to identify the most vulnerable areas and risks associated with Fintech operation, discover how to entrench financial stability into Fintech Industry, apply key principles to building supervisory framework for Fintech as well as apply RBSA tools and concepts in drafting supervision plans and performing supervisory activities for FinTechs.

Participants will also acquire proficiency in using risk based supervisory approach to Fintech Regulation and gain knowledge to build a viable framework for Fintech supervision.

Equally, the distinguished faculty for the programme will be sharing their experiences on some critical topics and subject matters including Introduction to Financial Technology; Understanding Fintech Categories; Key Players in the Fintech Ecosystem and their Roles Introduction to Risk Based Supervision for Fintech.

Other topics for discussion include understanding RBSA: Process/Methodology and Guidelines for Fintech; Risk Based Supervisory Approach for Fintech: The Strategy; Risk-Based Supervisory (RBS) for Fintech: Framework and the Role of Off-Site Supervision; Implementation Process of RBS for Fintech; Supervisory Tools and Practices for Effective Risk Based Supervision for Fintech in the Digital Age and Challenges and Lessons of Risk Based Supervisory Approach for Fintech.

With the line-up of world-class Fintech experts, regulators and compliance experts, the five-day event which will be infused with strategic experience sharing sessions from stakeholders, promises to be highly insightful and engaging while equipping participants with skills and knowledge robust enough to meet the bourgeoning challenges of a rapidly evolving global environment in a rising Fintech era.

FinTechs have led with innovation in product development, designing useful, convenient, and affordable financial products and services for millions of Africans and across the globe.  The industry has impacted positively on Africa’s economy by unlocking new business models beyond financial services, promoting e-commerce growth, and enhancing development goals.

FITC is a world-class innovation-led knowledge and professional services firm providing cutting edge Learning, Advisory and Research Services to clients in the Financial Services and other sectors, within and outside Nigeria.

Established in 1981 as a non-profit organisation limited by guarantee to provide capacity building and serve as a knowledge hub for the Nigerian Financial Services Sector. FITC is owned by the Bankers Committee, i.e., CBN, NDIC, and all deposit money banks in Nigeria.

For four decades, FITC has been at the forefront of innovative knowledge offerings designed for an array of C-suite executives, directors of banks and other financial institutions. Leveraging on international Faculty and partnership, FITC has led the knowledge space in delivering high valued capacity building solutions for Board Directors and C-suites.

FITC is a recipient of the International Federation of Training & Development Organisations (IFTDO) ‘Change Agent in Learning and Development in Africa’ Award, 2020 Business Excellence Award (The BIZZ Award), 2020 Strategy Innovation & Change Award, The International Business Excellence (IBX) Award, and the 2021 Winner of Global Business Excellence Award among others.

The Future Awards Africa has reiterated its commitment to empowering the youth, recognising excellence and promoting Africa’s economies,  Chief Content Officer, RED for Africa, Seun Oluyemi, has said.

He spoke during the 16th Young Person of the Year award to Nigerian-Canadian Fashion Designer and CEO, Andrea Iyamah.

He said the awards have a mandate to empower citizens across Africa, through inclusive enterprise and active citizenship.

“Informed by the value proposition that Africa’s growth is determinant upon a generation of young people that are gainfully engaged and have the requisite environment to accelerate innovation, creativity and enterprise, we will continue to play our part by annually spotlighting individuals who have contributed their quota to ensuring that our dream as a people is realised,” he said at the 16th edition of the awards in Lagos.

Oluyemi, who is the Team Lead, The Future Awards Africa, said: “The Future Awards Africa Young Person of the Year’ prize is a cross-industry award created to celebrate young people who achieved groundbreaking feats in the past year and modelled exemplary leadership. Andrea’s consistent strides over the years, coupled her focus on human capital development stood her out this year.”

Iyamah, 28, is the founder ‘Andrea Iyamah’. She taught herself garment-making and design as a teenager, and later used the coding she learnt in college to build the first iteration of her website. Since then, her line has evolved into A. I. Studio.

In addition, she recently launched ‘Seed Ambition’ – a platform dedicated to providing resources for growth and development of African creatives with careers and businesses within the fashion, art, design, beauty, and media spaces.

Iyamah thanked the organisers of teh awards for providing a “great platform of recognition. This has been a fantastic night, absolutely well-produced. I’m in fashion and we are very detailed. I absolutely loved the entire experience’’.

“If you enter any room, it’s easy to spot a Nigerian – almost every African says this. There’s a specific energy, a specific glory that we come with and I think that it is something every young person needs to see in themselves. I saw it at a very young age. I started my business when I was 17. I heard a lot of ‘you’re too young to be in business’, ‘You’re too young to chase your dreams’. However, the biggest reason I did what I did was because I was young. I think that whether you’re young or you’re old, the important thing is as long as you have now, you have enough to build your future.

“A lot of people say they don’t know what the future holds. They’re scared, but I think the best way to influence your future is to be intentional about your present. I just hope that this inspires every teenager, every young person, every old person – because it’s never too late to chase your passion and while you do it, ensure that you’re impacting home. You’re doing it for your roots, from your roots and to the world,” Iyamah added.

In clinching the ultimate prize, Iyamah was able to ward off opposition from the other nominees such as 29-year-old Egyptian footballer, Mohamed Salah; 32-year-old Zimbabwean health campaigner and founder of Spark R.E.A.D, Angeline Makore; 27-year-old Nigerian fabrication engineer, Jerry Mallo, and 29-year-old Ethiopian Chief Executive Officer of Industrial Parks Development Corporation, Lelise Neme.

Andrea Iyamah is recognised for her vibrant prints and bold colours inspired by the uniqueness of African culture. In the past year, she released her artistic and stylish swimwear collection, which has been worn by notable personalities, including American actress, Gabrielle Union, and was also featured in Vogue Magazine.