Category: Business

FINAL CALL: APPLICATIONS TO THE TONY ELUMELU FOUNDATION ENTREPRENEURSHIP PROGRAMME CLOSES MARCH 31

open to all African entrepreneurs with business ideas from across all 54 African countries

The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy dedicated to empowering African entrepreneurs, will close applications for the Tony Elumelu Entrepreneurship Programme on its TEFConnect digital platform (www.tefconnect.com) on March 31. This year’s intervention prioritises the economic recovery of small and medium scale enterprises (SMEs) and young African entrepreneurs, following the Covid-19 disruption to economic activities.

To address the unique challenges arising from the pandemic, lift millions out of poverty and create sustainable employment across the continent, the Foundation’s Entrepreneurship Programme will empower over 3,500 young African entrepreneurs in collaboration with global partners.

The Tony Elumelu Foundation, which celebrated ten years of impact in 2020, is empowering a new generation of African entrepreneurs, through the TEF Entrepreneurship Programme.  Successful applicants receive a world-class business training, mentorship, non-refundable seed capital up to $5,000, and global networking opportunities.  The Programme is open to entrepreneurs across Africa, both new start-ups and existing young businesses, operating in any sector.

According to the Director of Partnerships & Communications at the Tony Elumelu Foundation, Somachi Chris-Asoluka, “Africa’s growing, and active youth population must take advantage of this opportunity and apply for the programme before the 31st of March, as their full participation will create a pathway to economic prosperity. This year, we have the capacity to empower more African entrepreneurs than ever, further ensuring that they have adequate training, funding and mentorship to boost their performance. It is time for young African entrepreneurs to embrace this much-needed support system to enable thriving and sustainable economic activity. We believe we will continue to see exponential change in sectors across the continent.”

The Tony Elumelu Foundation’s $100million Entrepreneurship Programme, launched in 2015 to empower 10,000 entrepreneurs over 10 years, is now entering its 7th year and has empowered to date, over 9,000 young African entrepreneurs from 54 African countries.

Prospective applicants should apply on the digital networking hub for African entrepreneurs, www.tefconnect.com.

FIRSTBANK PROMOTES CROSS BORDER PAYMENTS IN SUB SAHARA AFRICA WITH FIRST GLOBAL TRANSFER

First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider, has announced the launch of First Global Transfer (FGT) to promote international transfer of funds across its subsidiaries in sub-Saharan Africa. The Bank’s subsidiaries in Africa include FBNBank DRC, FBNBank Ghana, FBNBank Gambia, FBNBank Guinea, FBNBank Sierra-Leone, FBNBank Senegal.

The First Global Transfer (FGT) initiative is specifically designed to ensure safe, timely and improved efficiency in the transfer of funds across the network of FirstBank subsidiaries in Africa. The FGT is not restricted to FirstBank and FBNBank Customers alone but it is also open to every individual resident in the country the funds transfer is originating from.

Intending users of the initiative are to visit any of the Bank’s branches in Nigeria or subsidiaries in Africa, which are: FBNBank DRC, FBNBank Ghana, FBNBank Gambia, FBNBank Guinea, FBNBank Sierra-Leone, or FBNBank Senegal to enjoy the service. For example, with First Global Transfer, individuals and customers in Sierra-Leone can walk into any FBNBank branch to send money to FirstBank customers in Nigeria as well as FBNBank customers in Gambia, Ghana, DR Congo, Senegal or Guinea.

Speaking on the initiative, Dr. Adesola Adeduntan, CEO, FirstBank said “today’s customer is influenced by the technological advancement shaping businesses across various industries and our First Global Transfer (FGT) initiative is one of those advancement created to impact every individual in our host community in Africa, whilst promoting the ease and swift transfer of money from one country to another for business or personal activities.”

“With the launch of African Continental Free Trade Area (AfCFTA) on 1 January 2021, the First Global Transfer (FGT) is indeed very timely as it will play an essential role in stimulating business activities across borders, thereby impacting the growth and development of the continent. I enjoin everyone to visit any one of our branches nearest to you in Nigeria or our subsidiaries in Africa and send money to your loved ones or business partners with FirstBank or FBNBank account(s),” he concluded.

WEMA Bank Hosts Webinar To Mark IWD 2021

Nigeria’s leading innovative bank, Wema Bank Plc., through its female proposition, Sara by Wema, will mark this year’s International Women’s Day (IWD) with a webinar on Friday, March 12 by 10.00 am.

 

 

The 90 minutes’ event themed ‘Challenge Today for an Equal Tomorrow’ will have key industry experts and leading female corporate policy influencers in the Nigerian financial, investment, talent development and management ecosystem as panelists.

 

 

The webinar aims at speaking to women on challenging societal norms to reach their full potential in entrepreneurship, the workplace, or personal lives.

The Executive Director, Business Support, Wema Bank, Folake Sanu will host the webinar, while Team Lead, Business Process Re-Engineering, Wema Bank, Chika Adun, will moderate.

 

 

 

Other panelists include Founder, Green Investment Club and certified financial education instructor, Tomie Balogun; global leadership development expert, Dupe Akinsiun, and Chief Knowledge Officer, Wofin Tech Limited, Omilola Oshikoya.

 

 

 

Commenting on the importance of the webinar, Head, Brands and Marketing Communications, Wema Bank Plc. Funmilayo Falola, reiterated the institution’s belief in female empowerment and equity.

“At Wema Bank, gender sensitivity and diversity are second to none – it is at the heart of our operations,” she said.

“With the 2021 IWD celebration, we are poised to entrench the importance of equity across the board as a sustainable voice for women to rise above every known challenge to the pinnacle of career excellence.

 

 

Our proposition, SARA, is a testimony that affirms Wema Bank’s commitment to towards the development of women and girls says Abiola Nejo, Head, Gender Banking

This year’s webinar is part of a week-long social media and online engagement with Wema Bank’s customers to share contemporary knowledge, deepening technology and financial inclusion for their business growth whilst growing the nation’s GDP.

 

 

 

The bank also plans to use the webinar platform to launch its new gender loan offering for female business owners.

Interested participants can register for the webinar through

https://us02web.zoom.us/webinar/register/WN_HlLY84P7RfeqBZBo8RNg6A

Flutterwave Value Rise Above $1billion after $170million Funding

African fintech company Flutterwave announced that it has raised $170 million in Series C funding, valuing the company at over $1 billion.

The round was led by growth-equity firms Avenir Growth Capital and Tiger Global. New and existing investors who participated include DST Global, Early Capital Berrywood, Green Visor Capital, Greycroft Capital, Insight Ventures, PayPal, Salesforce Ventures, Tiger Management, Worldpay FIS, and 9yards Capital.

 

 

This funding round comes a year after Flutterwave raised a $35 million Series B and a $20 million Series A in 2018. In total, Flutterwave has raised $225 million and is one of the few African startups to have secured more than $200 million in funding.

Hitting the $1 billion valuation means Flutterwave is the third unicorn coming out of Nigeria after fellow fintech Interswitch and e-commerce company, Jumia. What’s impressive about this milestone is how quickly Flutterwave has joined the small club of African unicorns – under 10 years.

 

 

Founded by entrepreneurs Iyinoluwa Aboyeji and Olugbenga Agboola in 2016, the company is present in 20 African countries, with a reach of over 33 countries on the continent.

According to CEO Olugbenga Agboola, the company grew more than 100% in revenue within the past year due to the pandemic without giving specifics on numbers. This contributed to its compound annual growth rate (CAGR) of 226% from 2018.

 

 

With this new capital, Flutterwave says it will invest to accelerate customer acquisition in existing and international markets, as well as develop complementary and innovative products. One of such products is the newly launched Flutterwave Mobile, an app to help to accelerate e-commerce growth as a result of the success of the Flutterwave Store.

 

 

Following Paystack’s acquisition by Stripe for more than $200 million last year, there were rumours of Flutterwave taking the same route. This Series C round suggests otherwise.

What other plans does Flutterwave have? The African fintech giant is open to the idea of acquiring smaller players in the African fintech space and plans to go live in North Africa.

Zoom founder Eric Yuan Gives-Out $6bn Worth of his shares

Zoom founder Eric Yuan has transferred about 18 million of his shares worth more than $6bn (£4.4bn), according to a regulatory filing.

Mr Yuan, who is also chief executive of the video-conferencing platform, moved roughly 40% of his stake in the company last week.

The shares were shown as gifts to unspecified beneficiaries last week.

 

 

Mr Yuan has seen his personal wealth rocket as Zoom became a household name during pandemic lockdowns.

An increasing number of students and professionals connected online boosting the fortunes of Zoom and its founder.

 

 

Mr Yuan started Zoom in 2011 and listed it on the US stock market in 2019, making him a billionaire. He is currently worth $13.7bn, according to Forbes.

A Zoom spokesperson said the transfers were related to Mr Yuan’s estate planning practices. “The distributions were made in accordance with the terms of Eric Yuan and his wife’s trusts.”

 

 

Zoom’s shares have nearly tripled in the past 12 months and the company has a market valuation of around $100bn.

“Zoom founder Eric Yuan’s decision to transfer more than a third of his stake will raise some eyebrows,” Edward Moya, at trading firm Oanda, told the BBC.

“While a Zoom spokesperson noted that the transfer is consistent with the Yuans’ typical estate planning practices, investors will be nervous until we find out who is the recipient of the stock,” he added.

“Yuan is only 51, married and has three children, so the distribution of his wealth could be viewed as rushed.”

Mr Yuan said working from home is here to stay even as lockdowns eased and vaccines are rolled out across the globe.

 

During Zoom’s annual results last week, Zoom executives said they expected strong growth to continue this year.

“The future is here with the rise of remote and work from anywhere change. We recognise this new reality, ” Mr Yuan said.

The video conferencing company expects sales to rise more than 40% this year, reaching more than $3.7bn.

 

 

However, Zoom said it did not expect growth to continue at the pace it enjoyed last year.

Chinese-American Mr Yuan was named the 2020 Time Businessperson of the Year and was included in its annual list of the 100 most influential people.

UBA Poised To Change The Face Of E-Banking with New Mobile App

Pan African financial institution, United Bank for Africa (UBA), Plc is set to change the face of digital banking services with its new mobile banking app aimed at delivering first-rate services to customers.

The new UBA mobile banking app, has been armed with benefits and features designed to give its customers increased control and accessibility to carry out transactions with ease.

UBA’s Group Head, Digital Banking, Kayode Ishola, who spoke about the new banking app to members of the press during an international virtual media parley on Monday, explained that apart from being able to decide where they want their cards to operate and block, view, or request new cards straight from the app to suit their specific needs, the app has been tailor-made to give customers what they want, how and in the way they want it.

Reeling off some of the features and benefits of the app, he said a lot of investment in cutting edge technology and attention to details was put into the new UBA mobile app.

 

 

Ishola said, “The new UBA Mobile App is your personal finance manager built with a distinctive user interface that will change the face of banking. With this app, we are reimagining banking as our engagement has moved from being channel-based to being platform-based. The speed of the platform has been made to match the speed of light as we have cut down significantly on the number of processes expected to carry out your transactions.

“Interestingly, we have worked towards creating behavioural insight for our customers and working around this to address the real needs of our customers using the Omni channel platform and running on our open digital platform, which is very interactive and armed with lifestyle services. It is sleek and trendy with seamless user interface” Ishola stated.

 

UBA’s Head, SME Banking, Sampson Aneke, said that apart from the fact that the app has been created with journey that has a high-level of intelligence – as it can work based on frequent transactions, it can also speak to the specific country where it is being used as the new mobile app runs concurrently in the 20 countries of UBA’s operation interacting in the different languages and cultures in line with the specific needs and regulation of the country in focus.

“This all-encompassing platform which boasts of a new user interface because of its sleek, modern nature of delivering seamless experience across several devices; can be used as a budgeting tool, loan application and also allows customers view their expenses according to their various categories such as the amount spent on data within a particular period;” Aneke added.

 

On the security features of the app, UBA’s Group Chief Information Officer, Onyebuchi Akosa, said that security of the app are best in class adding that the new platform, which will revolutionise the way banking services are offered, promises to deliver increased personalized banking via a watertight and highly-effective security system.

“The new app has also been built with the best-in-purchase security features and has been modelled appropriately to ensure that all the features are working properly to secure transactions maximally. It is also important to mention that the bank took into consideration the virtually impaired, and thus has used voice recognition as a channel for transaction which suits both convenience and the visually impaired customers,” he said.

 

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty million customers, across 1,000 business offices and customer touch points, in 20 African countries. With presence in New York, London and Paris, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.

Nigerian-Dutch Centre Partners FMARD, CBN to Host Dairy Devt. Webinar

The Centre for Nigerian Dutch Dairy Development (CNDDD) has announced that it will host a webinar in partnership with the Federal Ministry of Agriculture and Rural Development (FMARD) and the Central Bank of Nigeria (CBN) on topics that will enable a sustainable national dairy sector and value chain in Nigeria.

 

The CNDDD webinar titled “Harnessing the Great Unpolished Diamond of Africa” slated for Wednesday March 10 at 10.00am will have pressmen in virtual attendance. Speakers at the webinar would include the Chief Operating Officer of URUS, Mr. Keith Heikes, Head of Animal Science, Nasarawa State University, Prof. Mohammed Maikano Ari and Corporate Director, Dairy Development, Royal FrieslandCampina, Mr. Jeroen Elfers.

 

The webinar would highlight the key building blocks required for a sustainable dairy sector in Nigeria and provide insights into best practices around cattle breeding and the importance of good animal nutrition. Please click to join: https://tinyurl.com/CNDDDWebinar

 

The Center for Nigerian Dutch Dairy Development is Nigeria’s first national expertise Centre for Dairy Development and it is committed to unlocking and developing dairy expertise for all stakeholders in the Nigerian dairy sector. The Centre seeks to drive a homegrown model for the entire dairy value chain in Nigeria as it partners with stakeholders including the government, universities and dairy value chain professionals.

FIRSTBANK PROMOTES DIASPORA REMITANCES, REWARDS CUSTOMERS WITH EXTRA N5 FOR EVERY DOLLAR RECEIVED

First Bank of Nigeria Limited, Nigeria’s leading financial inclusion services provider is rewarding customers with N5 for every dollar received through foreign remittances. This N5 for a dollar incentive is paid to FirstBank’s customers regardless of their preference to collect the USD as cash across the counter in any of the Bank’s over 750 branches nationwide or as transfer into the customers domiciliary accounts.

 

 

The reward to customers is in line with the Central Bank of Nigeria’s ‘Naira 4 Dollar scheme’, driven to promote diaspora remittances into the country. For example, a customer that receives 10,000 USD, gets N50,000.00 as reward. The scheme runs from Monday, 8 March – Saturday, 8 May 2021.

 

Speaking on the initiative, FirstBank’s CEO, Dr. Adesola Adeduntan said “at FirstBank, we are pleased to participate in the CBN’s ‘Naira 4 Dollar scheme’ as it will contribute to deepening financial inclusion in Nigeria. Indeed, it’s an activity we are pleased to lead, whilst promoting access to funds across the nooks and crannies of the country in almost 127 years of our existence.

 

We are delighted to be a gateway to promoting dollar remittances into the country and we encourage our customers, their loved ones and friends to use our international money transfer services which would enable them to enjoy the rewards of this promo, sustaining the increase in inflows of diaspora remittances into Nigeria consequently help in poverty reduction, income redistribution and enhancement of economic growth” he concluded.

 

FirstBank pioneered international funds transfer and remittances over 25 years ago and has been at the forefront of promoting cross border payments in the country, having started the journey with Western Union Money Transfer. The Bank’s wealth of experience and operation in over 750 locations nationwide gives it the edge in the market.

 

Only recently, the Bank launched the First Global Transfer (FGT) product to promote international transfer of funds across its subsidiaries in sub-Saharan Africa. The Bank’s subsidiaries in Africa include FBNBank DRC, FBNBank Ghana, FBNBank Gambia, FBNBank Guinea, FBNBank Sierra-Leone, FBNBank Senegal.

Ecobank To Pay Customers N5 For Every Dollar Received

Ecobank is implementing the Central Bank of Nigeria (CBN)’s scheme which offers N5 for every Dollar received into domiciliary accounts or as cash over the counter.  Korede Demola-Adeniyi; Head, Consumer Banking, Ecobank Nigeria, who announced this in Lagos stated that the decision is in line with the CBN’s directive and fully aligns with efforts to encourage the inflow of diaspora remittances into the country. She noted that the “CBN Naira 4 Dollar scheme” is an unprecedented incentive for senders and recipients of international money transfers.

 

 

Korede Demola-Adeniyi said that the scheme takes effect from 8th March and will run till 8th May, 2021. “Ecobank will pay N5 on every Dollar so beneficiaries will not only get the foreign currency sent from their family and friends abroad, they will also get extra Naira”, she stated.

 

Only recently, Ecobank had a first of its kind virtual Diaspora Summit to discuss opportunities for Nigerians living abroad and the various platforms available to assist them with their investment decisions and remittance needs. The event had major players in the remittance space, diaspora audience, government officials and notable stakeholders in attendance.

 

 

Further, the Managing Director, Ecobank Nigeria, Patrick Akinwuntan has disclosed that apart from consistent engagement with Nigerians in the diaspora, Ecobank is leveraging its digital technology to make remittances to Nigeria and Africa easy, convenient and affordable.

 

Mr. Akinwuntan stated that growing evidence has shown a positive relationship between diaspora remittances and economic growth. “Ecobank will continue to pursue its mandate of helping to enhance the economic development and integration of Africa, through the 33 countries where the bank operates on the continent. Ecobank’s Rapidtransfer and mobile app (Ecobank Mobile) enable Africans, wherever they are, to easily and instantly send money to bank accounts, mobile wallets and agent locations across 33 African countries”, he stated.

 

 

Ecobank Nigeria, a member of the Pan African Banking Group is committed to supporting Africans in the diaspora by providing advisory services, remittance solutions, investment options and financial planning schemes. The bank also offers mortgages, treasury bills, capital market instruments, among others.

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