Union Bank, Fate Foundation Empower SMEs in Nigeria

By Adedapo Adesanya Klasha, a leading global cross-border payments company, has been granted a Money Services Business (MSB) license by the Financial Crimes Enforcement Network (FinCEN) to operate in the world’s largest economy, the United States. This license authorizes Klasha to operate as a currency exchange and money transmitter in the US. With this MSB license, Klasha can now offer its innovative cross-border payment solutions and financial services to businesses in the United States that want to send and accept cross-border payments from Africa and carry out foreign exchange services and international money transfers with ease and security. “We are

By Aduragbemi Omiyale The banking subsidiary of Stanbic IBTC Holdings Plc, Stanbic IBTC Bank Plc, has been re-registered with the Corporate Affairs Commission (CAC) as a private firm. A statement from the parent organisation disclosed that the conversion was done as a result of brand confusion among investors and members of the public. It was stated that some investors confuse the parent company with the banking business and to clear the confusion, the banking arm of the firm has been changed to a private limited liability company from a public liability entity. Stanbic IBTC said it has obtained regulatory approvals

By Modupe Gbadeyanka The Head of Partnerships at Stanbic IBTC Bank Limited, Ms Omolara Osunsoko, has posited that any economy that intends to flourish must do everything possible to support business owners, especially those in the Small and Medium Enterprises (SMEs) sector. The banker said this at a webinar organised to inform participants of a seamless payment experience for business owners through the enhanced Enterprise Online (EOL) payment platform. At the event themed Simplifying Payments for Businesses, the company unveiled EOL 2.0, an upgraded solution created to facilitate a smooth payment experience and improve human resources (HR) services for business

By Adedapo Adesanya The Economic and Financial Crimes Commission (EFCC) has alerted Nigerians of unauthorised bank withdrawals linked to Automated Teller Machine (ATM) card swap fraud. The commission issued the alert on Monday in a statement by the Head of Media and Publicity, Mr Dele Oyewale. According to the EFCC, fraudsters engaged in this activity typically keep a debit card from the same bank and, under the guise of assisting a confused bank customer at an ATM point, swiftly swap the card while memorising the PIN used with fake cards. “These cards get stuck in the machine due to a

By Dipo Olowookere The Kaduna State Government has declared the president of the Nigeria Labour Congress (NLC), Mr Ayuba Wabba, and others wanted. The Governor of Kaduna State, Mr Nasir El-Rufai, announced this on Tuesday in a message posted on his official Twitter handle, @elrufai. The government accused the labour leader and others at the national headquarters of the union of economic sabotage. On Monday, the NLC commenced a 5-day warning strike to kick against the sacking of about 7,000 workers in the Kaduna State Civil Service. The industrial action paralysed the economy of the state, with almost all the

By Adedapo Adesanya The Federal Government has confirmed plans to increase excise tax on tobacco products from 30 per cent ad-valorem to 50 per cent as part of measures to control tobacco smoking in the country. Speaking on Tuesday, Dr Mangai Malau, the Head of the Tobacco Control Unit, Noncommunicable Disease Division, Federal Ministry of Health, said the government put tobacco tax at 30 per cent, but its target was to increase it to 50 per cent in order to meet the World Health Organization (WHO) standard. He was speaking at the National Tobacco Control Budget Advocates Meeting in Abuja,

By Adedapo Adesanya Top American Internet-based enterprise, Amazon, has acquired Metro Goldwyn Mayer (MGM) Studios for $8.45 billion as it seeks to strengthen its hold on the film industry, particularly in streaming and distribution. On Wednesday, the company said in a statement that when the acquisition goes through, it will leverage MGM’s storied filmmaking history and wide-ranging catalogue of 4,000 films and 17,000 TV shows to help bolster Amazon Studios, its film and TV division. In the statement, Amazon said it will help preserve MGM’s heritage and catalogue of films and provide customers with greater access to these existing works.

By Dipo Olowookere This week, investors at the treasury bills market will expect the maturing of T-bills worth N138.6 billion. According to analysts at Cowry Asset, this, in addition to recent FAAC inflows, is expected to result in a boost in the financial system liquidity with resultant stability in interbank lending rates. Last week, interbank lending rates moderated on the back of boost in financial system liquidity. Specifically, treasury bills worth N32.23 billion matured via Open Market Operations while FAAC disbursements worth N532.8 billion were made. Hence, NIBOR for overnight funds, 1 month, 3 months and 6 months tenor buckets

The iGaming world growth opened the doors for many online casino sites in Australia to offer players fast and secure transactions. Aussies today enjoy numerous methods, from the “old but gold” credit and debit cards to the newest ways—crypto and NFTs. With so many options on the table, it’s important that players distinguish the good and the bad and choose a payment method that is tailored to their needs. That’s why our team created the following list of the most popular payment methods in the online gambling world today. Credit and Debit Cards The most popular payment methods for online

By Dipo Olowookere One of the major challenges faced by retail investors in the Nigerian capital market is achieving their financial goals with the limited funds at their disposals. In fact, some of them have had to battle with how to get the right products in the market that suits their needs; equities or debt securities. It is because of these issues that the Nigerian Stock Exchange (NSE) is collaborating with Nigerian International Securities Limited for a webinar tagged Capital Market Investing in a Digital Age. Business Post gathered that the event, which will take place on Monday, September 21,

By Modupe Gbadeyanka The Lagos State government is taking no chances and it is doing everything within its powers to curtail the spread of the second wave of COVID-19 in the metropolis. On Saturday, it announced the extension of the work-from-home directive to workers on its payroll on Grade 14 below till Monday, February 1, 2021, and during this period, it is decontaminating the offices to make them safe for workers when they fully resume. For more than two weeks, the state government under the leadership of Mr Babajide Sanwo-Olu will fumigate offices in the State Secretariat Complex in Alausa,

By Dipo Olowookere Thursday, January 25, 2018 has been fixed for the second edition of the Africa Travel Awards organised by Jumia Travel, a leading online travel agency on the continent. A statement issued by the firm on Wednesday disclosed that the ceremony will hold simultaneously in eight countries: Nigeria, Algeria, Cameroon, Ivory Coast, Ghana, Uganda, Senegal and Tanzania. The awards aim at promoting Nigeria’s tourism sector, and responds to the need of encouraging hoteliers to improve the quality of their services for further advancement of their respective destinations. Seven categories to be awarded include Customer’s Favourite Hotel 2017, Customer’s