FSS Unveils BLAZE Payments Technology Platform for Banks

By Modupe Gbadeyanka A business grant of N10 million has been given to 30 members of the National Youth Service Corps (NYSC), who partook in the entrepreneurship development initiative of Unity Bank Plc known as the Corpreneurship Challenge. The young entrepreneurs received funding support for developing innovative solutions in several business value chains like honey production, rice, and snail farming, among others. The beneficiaries pitched their business ideas to judges selected for the competition across 10 state NYSC Orientation Camps; Katsina, Kano, Kwara, Imo, Rivers, Delta, Sokoto, Edo, Akwa-Ibom, and Osun States. At the NYSC Orientation camp at Ikot Itie

By Aduragbemi Omiyale The Long-Term Issuer Default Rating (IDR) of Coronation Merchant Bank (CMB) has been downgraded by Fitch Ratings to ‘CC’ from ‘B-‘, with its Viability Rating (VR) also lowered to ‘cc’ from ‘b-‘. In a note released on Monday, the rating agency said it also demoted the bank’s National Long-Term Rating to ‘B+(nga)’ from ‘BBB-(nga)’, raising some red flags that prompted its latest decision. According to Fitch, CMB was moved down in the pecking order due to a “significantly weakened capital position”, which if not quickly addressed, “could lead to a material capital shortfall.” Already, the financial institution

By Aduragbemi Omiyale Zenith Bank Plc has taken a huge step to establish a subsidiary in France, and to make this a reality, it has sealed a Memorandum of Understanding (MoU) with the French government. The Chairman of the company, Mr Jim Ovia, confirmed that the lender may commence operations in the European nation next year, though it is working hard to secure a banking licence. This will add to other countries Zenith Bank has presence in, including Ghana, Sierra Leone, The Gambia, and a Representative Office in China. Speaking at a signing ceremony on Friday, November 24, 2023, Mr

By Modupe Gbadeyanka A partnership for the deployment of a patronage reward product has been entered into between Unity Bank Plc and Cashtoken, a cash reward-as-a-service company that operates a loyalty programme designed to power customer engagement and improve customer satisfaction. This collaboration will see the bank’s customers winning millions of Naira in cash rewards and guaranteed instant cashback. A statement issued by Unity Bank said this scheme provides an opportunity to migrate old and new customers to a platform that will continually create exciting rewards and appreciation for loyalty. It said this initiative would not only reward existing customers

By Dipo Olowookere Recent data released by the National Bureau of Statistics (NBS) revealed that in the month March 2017, the prices of some food items went up. The stats office said selected food price watch data for March 2017 reflected that the average price of a dozen of Agric eggs medium size increased year-on-year by 50.38 percent and month-on-month by 1.45 percent to N527.69 in March 2017 from N520.16k in February 2017, while the average price of piece of Agric eggs medium size (price of one) increased year-on-year by 40.80 percent and month-on-month by 2.39 percent to N43.93k in

By Adedapo Adesanya The Nigerian Communications Commission (NCC) has issued an amended Determination of Mobile (Voice) International Termination Rate (ITR) for implementation in the Nigerian Telecommunications Industry effective from September 1, 2022. The ITR for voice services paid for terminating international calls on local networks in Nigeria is now set at $0.10, from the old rate of $0.045. In a statement, NCC’s Director of Public Affairs, Mr Reuben Muoka, noted that under the amended determination, the international carrier market has been classified into Mobile Network Operators (MNOs)/International Carriers and Small/Nigerian Transit Carriers/International Data Access (IDA) Operators to ensure a level

By Dipo Olowookere An energy company in Nigeria, Ardova Plc, is considering approaching the local debt capital market to raise fresh funds worth N60 billion. The company announced its intention to borrow the funds in a notice to the Nigerian Stock Exchange (NSE) and the investing public. The disclosure came hours after Business Post published a report that the company was looking to raise capital to acquire a player in the downstream oil sector in Nigeria, Enyo. Enyo is a company with over 90 retail outlets in about 15 of the 36 states of the federation and to expand its

Remote prop firms and traditional prop firms indeed represent two distinct approaches to Forex trading. Traditional prop firms typically operate from physical office spaces where traders work in a shared environment, collaborating and interacting with fellow traders and firm employees. On the other hand, remote prop trading firms allow traders to work from anywhere, leveraging technology and internet connectivity to execute trades and manage their trading activities. In their article, the Traders Union experts answered the question “Remote prop trading firms vs traditional prop firms – which is better?”. What is a remote prop trading firm? A remote prop trading

By Dipo Olowookere Lagos State government has concluded plans to host the Rasheed Gbadamosi – Eko Art Expo from Friday, January 27 to Sunday 29, 2017 at the Eko Hotel and Suites, Victoria Island, Lagos in fulfilment of the promise by the state Governor, Mr Akinwunmi Ambode to host an art exhibition in honour of the former Minister of National Planning, late Chief Rasheed Gbadamosi. In a statement signed by the Commissioner of Information and Strategy, Mr Steve Ayorinde on Monday, the three-day event, expected to mark the beginning of the “Lagos @ 50” celebrations next year, will showcase the

Your customers are an essential aspect of your thriving business. They’re the primary catalyst that keeps your business going. If they aren’t there, the company wouldn’t exist. Customers nowadays are highly informed about various marketing campaigns. This makes them smart enough to know if your business cares about their well-being or if it’s just interested in making money. You have to be on the safe side with your customers, and the best way to do this is by building a great relationship with them. You can accomplish this by focusing on the following marketing strategies for your business that are

By Aduragbemi Omiyale A Norwegian start-up, Empower New Energy, has injected about $13 million into a Nigerian hybrid solar solutions provider, WATT Renewable Corporation, to reduce the country’s carbon footprint through innovative technologies. A statement from WATT said the funds would be used to improve the renewable energy portfolio, adding an impressive 8MW of installed generating capacity and 14.3MWh of storage capacity through end-to-end services and operation of towers in Nigeria. The firm stated that this is set to make a substantial impact on the availability and reliability of clean energy in the region and reduce the consumption of diesel

By Aduragbemi Omiyale A strategic initiative aimed to revamp banking practice in Nigeria has been introduced by the Chartered Institute of Bankers of Nigeria (CIBN). The new plan with the acronym A-TEAM means Accelerated Development; Technology and Digital Enhancement; Engagement for Growth; Accountability and Transparent Leadership and Membership Drive for Value. As part of efforts for its successful implementation, the CIBN is seeking collaborations with financial institutions in the country. Recently, the President/Chairman of Council, CIBN, Mr Bayo Olugbemi, visited Ecobank Nigeria and he said the A-TEAM initiative will benefit stakeholders in the banking sector. He applauded Ecobank’s consistent support