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Goldberg Lights Up 2016 Osun Osogbo Festival

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The 2016 edition of the annual Osun Osogbo Festival received a boost with the participation of Goldberg produced by the Nigerian Breweries Plc.

The company said it decided to be part of the festival because of its continuous effort to promote and sustain cultural and traditional values and institutions.

The Goldberg brand team graced the Corporate Forum, put together by the organizers of the festival, to express its support for the annual event on Thursday, August 4, 2016. The programme was organized in Osogbo.

Tayo Adelaja, Public Affairs Manager, West and Mid-West, Nigerian Breweries Plc, said the company was committed to partnering with the organizers of the festival, an age-old festival that continues to put Nigeria on the world tourism map.

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His words: ‘this partnership is consummated in the cultural ethos of the Yorubas because it is one between two historical brands: Osun Osogbo, a 600 year-old festival that truly reflects the traditional culture of the Yoruba race and Goldberg, the fastest growing beer brand in the South Western region of Nigeria.’

Adelaja also stated that, as a socially responsible organization, Nigerian Breweries has been good partners with people from the region and will remain committed to Winning with Nigeria by championing causes that add value to the society such as the Osun Osogbo Festival. ‘We have made a commitment to deliver superior customer value through our products and social responsibility footprints,’ he said.

Ataoja of Osogbo, Oba Jimoh Oyetunji Olanipekun Larooye II, commended Nigerian Breweries Plc for taking its social responsibility footprints with keen interest that add value to society. He said “Goldberg is truly a brand that identifies with the cultural values of people.”

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He showered royal blessings on the Goldberg team; assuring them of a safe time in the ancient city and his support for their activation over the duration of the festival.

Funso Ayeni, Senior Brand Manager, Regional Mainstream Brands, Nigerian Breweries Plc, revealed the brand’s plans of uplifting the town with exciting communication materials that will create a memorable beer experience to excite and reward its loyal consumers in the town during the Festival. ‘We plan to activate a 15-day Goldberg Beer Village where indigenes and visitors will be exposed to an unforgettable and befitting experience with lots of music, comedy, traditional performances and rewards,’ he said. He further buttressed that the corporate partnership will not only enhance commercial activities in the town, but will increase trade transactions especially at the beer village where thousands of guests will be visiting daily, thereby impacting positively on the economy of the town and state.

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The Goldberg brand also sponsors relevant community festivals that showcase and celebrate the rich traditions of the people of South West Nigeria. For the third year running, Goldberg will be part of the Osun Osogbo festival as the “OFFICIAL BEER SPONSOR” in the beer category.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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Banking

Unity Bank Launches Anti-fraud USSD Code for Customers

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By Ashemiriogwa Emmanuel

Unity Bank Plc has unveiled a new code on its USSD platform to help customers stem the risk of fraud in electronic banking.

The new anti-fraud USSD code, which is *7799*9*Phone Number#, will completely put customers in control of their bank accounts against any e-banking fraud, as it can be dialled to successfully block and protect an account from a third-party mobile device if fraud is suspected.

During the unveiling of the new USSD dial, the Directorate Head, E-Business, Retail & SME Banking, Mr Funwa Akinmade, said executing measures to safeguard its e-banking platforms with enhanced safety and security features was a top priority amidst the rising rate of cyber-crime victimization.

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He said: “With fraud concerns on major payment channels across Nigeria, every player in the financial services industry in Nigeria must think of a way to stay ahead of its game.”

“With the added USSD feature that allows customers to block their accounts using *7799*9*Phone Number# code, even from a third party device, we have given greater empowerment to customers to transact freely on our USSD platform.

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“With the USSD feature, being available to both smartphone and feature phone users, it means even the least digital-savvy customers of Unity Bank can effectively use the new anti-fraud code.”

He also revealed that since the code has been made available in Hausa, Igbo, and Yoruba languages, it will cover the majority of customers across the country who are looking for safe banking.

In view of the latest banking industry fraud report by Nigeria Inter-Bank Settlement System (NIBSS) which showed a 534 per cent increase in cyber fraud rate, and a total of N3.5 billion loss in the previous year, the lender said the new USSD dial was a strategic move to facilitate seamless and secure banking transaction within its e-banking channels.

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Customers can now block and protect access to their bank accounts in the case that fraud is suspected, then they can walk into any branch of Unity Bank to request reactivation.

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Banking

CBN Tracks Forex Sales at Commercial Banks

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By Ashemiriogwa Emmanuel

The Central bank of Nigeria (CBN) is already tracking how commercial banks in the country are complying with the sale of foreign exchange to their customers.

Recall that last Tuesday, the CBN Governor, Mr Godwin Emefiele, announced that the apex bank will no longer sell FX to Bureaux De Change (BDC) operators and will also halt the issuance of licenses to them.

He disclosed this after the two-day Monetary Policy Committee (MPC) meeting held in Abuja, maintaining that the BDCs had become a useful channel for illicit forex flows, especially at the unregulated segment of the FX market.

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In his words, “We are concerned that BDCs have allowed themselves to be used for graft.”

He said instead, the CBN will now begin to sell FX to commercial banks, which are required to set up teller points specifically for customers with genuine forex requests.

But several analysts expressed pessimism over the ability of deposit money banks (DMBs) to be faithful with the sale of FX to retail users.

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They claimed banks have already been involved in roundtripping, which the central bank accused the BDCs of doing.

However, to avoid this, the apex bank said it has put in place a monitoring mechanism that tracks forex sales at commercial banks, assuring the general public of seamless sale of the foreign currencies.

The CBN acting director in charge of the Corporate Communications Department, Mr Osita Nwanisobi, while briefing newsmen in Abuja, said commercial banks will always respond to the legitimate forex demands of customers.

He explained that lenders have demonstrated their commitment through their chief executive officers not to turn back on customers with legitimate forex requests.

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In effect, a circulated notice tracked by this newspaper showed that various commercial banks have swung into action and have set up dedicated teller points across their branches nationwide, encouraging customers who want to buy Personal Travel Allowance (PTA), Business Travel Allowance (BTA), and make every other qualifying FX transaction, to approach their branches nationwide to get them.

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Banking

Nigerian Lending Start-Up PayHippo Gets $125k Seed Fund

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Payhippo

By Ashemiriogwa Emmanuel

A Nigerian lending and business financing platform, Payhippo, has been accepted into Y Combinator’s Summer 2021 cohort, gaining access to a $125,000 seed fund and other networking and mentorship opportunities.

The one-year-old Small and Medium Enterprise (SME) co-founded by Mr Zach Bijesse (Cheif executive officer – CEO), Ms Chioma Okotcha (Cheif Operating Officer – COO), and Mr Uche Nnadi (Cheif Technology Officer – CTO) will be joining 167 startups across the globe to participate at the Y Combinator’s Summer 2021 batch.

The American seed funding accelerator, Y Combinator, offers seed funding for startups twice every year (winter and summer batch) and hosted their demo recently where they will invest $125,000 in selected startups, in exchange for 7 per cent equity.

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Speaking on the development, Payhippo’s COO, Ms Okotcha disclosed that when the news of their acceptance into the outfit came in, the startup felt a little sceptical about the precondition that the accelerator gets a 7 per cent stake in startups they invest in.

In her words, “We had mixed feelings at first because 7 per cent of your company is a lot to give up. We called up a few YC alumni from our market and got their input.”

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She, however, expressed optimism, revealing that joining the YC cohort will reinforce the startup’s credibility in the public eye and boost future collaboration.

“Ultimately, we went with Y Combinator because we saw how much we could learn from the YC partners and the overall network.

“We believe it’s already paying dividends both for operations as the brand name and global recognition of Y Combinator has brought interest from lending capital partners.

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“The YC brand name signals to the job market that working at Payhippo means people can contribute and do meaningful work.,” Ms Okotcha further said.

Payhippo is a lending and business financing platform with a drive to serve 40 million small and medium-sized business that are unable to gain access to the funds necessary to grow their business, by leveraging on automated underwriting and credit assessment tools to create more financially equities across Africa.

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