Connect with us

Economy

Kuda Urges Users to Upgrade App as Old Version Stops January 9

Published

on

Kuda app

By Aduragbemi Omiyale

Customers of Kuda, a digital banking platform, have been advised to upgrade their mobile application to the latest version to enable them to enjoy the new features embedded in the app.

A statement from the company said the additions to the recently upgraded app make it easier for users to have more access to financial products and services, including investments and UK-to-Nigeria transfers.

It said the newly-launched money app for Africans in Nigeria and the UK offers convenient, easy access to frictionless and affordable financial services for users as transactions can be done faster and seamlessly.

To enjoy the new service, an existing account holder have to upgrade their Kuda App via the Play Store or App Store on their smartphone to download the new version of the Kuda App.

Thereafter, customers need to sign in to the app with their registered email address and their old Kuda password once and then create a new password. Once this is done, the old version of the Kuda App will be disabled automatically, and the upgraded version with the new features will be installed.

New customers can also onboard by downloading the Kuda App from Play Store or App Store and register by following the registration prompts on the App.

It is important to note that the old app will no longer be supported after January 9, 2023, so updating/downloading the new App is crucial to have continued access to the Kuda range of services.

Some of the new features on the Kuda App are currently not available in the older app.

The new version offers users investment opportunities as those in Nigeria can now buy stocks in some of the world’s most successful companies and rising startups at a fraction of the usual cost. In a few minutes, customers can take a step away from local inflation toward financial freedom.

In addition, the new Kuda app makes it easier to save rainy days with Pockets. This is because the upgraded app makes the Spend+Save, a popular feature of the Kuda app, automatically save a preset fraction of card payments.

Furthermore, the new app is a straightforward UK account, as with a valid government-issued UK ID and proof of a UK address, anyone in the UK can open a Kuda UK account to send money to any UK bank account (and receive money) directly.

Lastly, Kuda users in the UK can also send up to £10,000 to Nigeria daily at a transaction fee of just £3, and their Nigerian beneficiaries can receive the money as a transfer or pick up cash at one of several banks in Nigeria.

Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.

Economy

Crude Oil Down on Possible End to Russia-Ukraine War

Published

on

west texas intermediate WTI crude

By Adedapo Adesanya

Crude oil declined by about 1 per cent on Tuesday amid a possible agreement to end Russia’s invasion of Ukraine, which could ease sanctions on Russian crude oil, boosting global supply.

Brent crude shrank by 81 cents or 1.22 per cent to $65.79 a barrel and the US West Texas Intermediate (WTI) crude receded by $1.07 or 1.69 per cent to $62.35 a barrel.

Traders and investors are betting on a cease-fire to end the three-year war, but market analysts warned that if there isn’t one, there could be a bounce in oil prices.

This followed announcement by President Donald Trump of the US in a social media post that he had spoken with his Russian counterpart, Mr Vladimir Putin, after a White House meeting on Monday with the Ukrainian President, Mr Volodymyr Zelenskiy, and European allies.

The American president said arrangements were being made for a meeting between Presidents Putin and President Zelenskiy, which could lead to a trilateral summit involving all three leaders.

The Ukrainian leader described his talks with President Trump as positive and noted discussions about potential US security guarantees for Ukraine.

The American leader also confirmed the US would provide such guarantees, though the extent of support remains unclear.

Worries, however, remain that President Trump could seek to force an agreement on Russia’s terms in order to end the war.

There are some many changes that a possible truce can bring including easing secondary sanctions targeting importers of Russian oil, thereby reducing the risk of global supply disruptions and easing geopolitical tensions slightly.

Meanwhile, Chinese refineries have purchased 15 cargoes of Russian oil for October and November delivery as Indian demand for Russian exports has fallen away.

Bloomberg reported that China is estimated to have imported nearly 75,000 barrels per day of Urals crude in August, citing data by Kpler. The volumes have almost doubled compared to an average of about 40,000 barrels per day of Urals imports so far this year.

The American Petroleum Institute (API) estimated that crude oil inventories in the US fell this week, shrinking by 2.4 million barrels in the week ending August 15. So far this year, crude oil inventories are up nearly 8 million barrels.

Gasoline inventories rose by 1 million barrels and distillate inventories rose by 500,000 barrels.

The official data by the US Energy Information Administration (EIA) will be released later on Wednesday.

Continue Reading

Economy

Nigerian Insurance Firms Commence Plans for Fresh Recapitalisation

Published

on

Nigerian insurance industry

By Adedapo Adesanya

Nigerian insurance and reinsurance companies have commenced efforts to meet fresh recapitalisation announced by the National Insurance Commission (NAICOM) before a July 2026 deadline.

The fresh recapitalisation exercise for insurance and reinsurance firms in Nigeria announced last week puts a minimum capital for life underwriting organisations at N10 billion, non-life at N15 billion, composite firms at N25 billion, and reinsurance companies at N35 billion.

The initiative is part of the enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which was recently assented to by President Bola Tinubu.

NAICOM stated that following the enactment of the NIIRA 2025 and assent of Mr Tinubu on July 31, 2025, “the commission hereby notifies all insurance and reinsurance companies of the commencement of the recapitalisation exercise as prescribed by the NIIRA 2025.”

The regulator said the new capital requirements to be introduced would be based on a risk-based model, noting that in line with the provisions of the Act, the new MCR takes effect from the date of Presidential assent, and all operators are required to comply fully within a 12-month period from the effective date.

NAICOM, however, stated that a 12-month period has been provided for insurers and reinsurers to comply with the new MCR as well as the applicable RBC as may be determined, adding that all insurers and reinsurers shall comply with the requirements on or before July 30, 2026.

On guidelines for the exercise, it stated, “The commission shall, in due course, issue comprehensive guidelines and circulars detailing the modalities for the recapitalisation exercise.

“These shall include, but not be limited to: the composition of the MCR, acceptable forms of capital, procedures for capital verification, qualifying assets for MCR purposes, and criteria such as title, ownership, and existence, a standardised template for computation of MCR.”

On the treatment of assets regarding the exercise the agency stated, “For the avoidance of doubt, insurers and reinsurers are hereby informed that encumbered assets, assets without perfected title or ownership, and assets not in the full possession of an insurer/reinsurer shall be inadmissible for the purpose of meeting the MCR.”

It added that assets that exceed prudential thresholds or do not meet the prescribed criteria shall also be deemed inadmissible.

On the verification of the assets, the Commission stated, “All assets for the purpose of the new MCR shall be subject to verification by the Commission or its appointed agents.

“In addition, where, due to the nature or circumstances of an asset, the Commission deems it necessary to undertake further verification beyond the norm, the cost of such non-standard verification shall be borne by the concerned insurer or reinsurer.”

On the issue of new certificates for firms that successfully cross the recapitalisation hurdle, the commission stated, “Upon fulfilment of the new MCR, payment of the requisite fees and confirmation by the Commission, the successful insurance and reinsurance company shall be issued a new licence by the Commission.

“Any company that fails to meet the prescribed MCR within the stipulated time frame shall be subject to liquidation, merger, or any other regulatory resolution action as may be deemed appropriate by the commission.”

Continue Reading

Economy

NASD OTC Records 0.04% Appreciation

Published

on

Nigeria's Unlisted Securities Market Sheds 0.78%, NASD Shares up 8.31%

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.04 per cent rise on Monday, August 18, with the market capitalisation adding N790 million to close at N2.147 trillion compared with the N2.146 trillion it closed at the preceding session, and the NASD Unlisted Security Index (NSI) growing by 1.33 points to 3,587.76 points from the 3,587.76 points posted last Friday.

During the trading day, the price of Central Securities Clearing System (CSCS) Plc went up by N1.18 to end at N45.00 per unit compared with the preceding session’s N43.82 per unit and Industrial and General Insurance (IGI) Plc expanded by 7 Kobo to trade at 59 Kobo per share versus the previous closing rate of 52 Kobo per share.

On the flip side, Okitipupa Plc dropped N10.60 to settle at N222.70 per unit versus N233.30 per unit, and Lagos Building Investment Company (LBIC) Plc slid by 3 Kobo to quote at N3.05 per share, in contrast to the previous trading day’s value of N3.08 per share.

Yesterday, there was a 1,820.1 per cent surge in the volume of securities to 56.7 million units from 2.95 million units, as there was a 1,046.1 per cent rise in the value of securities traded by investors to N176.3 million from N15.4 million, and the number of deals rose by 17.9 per cent to 33 deals from 28 deals.

IGI Plc ended the day as the most traded stock by volume on a year-to-date basis with 1.2 billion units worth N401.5 million, followed by Impresit Bakolori Plc with 536.9 million units sold for N524.8 million, and Air Liquide Plc with 507.2 million units transacted for N4.2 billion.

Okitipupa Plc finished the trading session as the most active stock by value on a year-to-date basis with 158.7 million units valued at N5.9 billion, trailed by Air Liquide Plc with 507.2 million units worth N4.2 billion, and FrieslandCampina Wamco Nigeria Plc with 44.0 million units traded for N1.9 billion.

Continue Reading

Trending