Showing posts with label business. Show all posts
Showing posts with label business. Show all posts

Wednesday, December 11, 2019

Introducing Kuda Bank With Free Charges On Transfer

Introducing Kuda Bank With Free Charges On Transfer

Kuda, is an online banking industry which is approved by the Central Bank of Nigeria. It operation has been successfully commenced in Nigeria, as at now it's 3 months in existence.

The digital-only bank though still in beta is already making available full banking services via its softwares on Android phones and iPhones.

Kuda: New Bank Charges Zero Fees for All Transfers for Life .

Kuda allows all Nigerians to automatically save money and earn up to 15% annual interest without being charged for transfer activities.
Introducing Kuda Bank With Free Charges On Transfer
Musty Mustapha, co-founder & CTO of Kuda speaking at the event.
By using "current account" type, one can run multiple business models without worrying about card maintenance fees, account maintenance fees and excessive transfer fees, this makes Kuda Banking system a unique financial industry when compared with other existing industries.

Also, there is a provision of free debit cards which are delivered without any no cost across the federal republic of Nigeria.

During the bank’s first town hall meeting on the 1st of November 2019 at Radisson Blu Hotel, one of the CEO, Babs Ogundeyi revealed the fact that their bank have been preserved from heavy cost of running a network of branches, the savings are now the ones actually transferred to customers in the form of free banking services. A lot of finance experts, investors and Kuda customers were seen present at this event which in Ikeja.

Cross-section of the audience

Mr. Ogundeyi furthermore used the opportunity to announce Kuda’s lifetime offer of 25 free interbank transfers every month for all its existing customers and everyone who opens a Kuda account before January 1, 2020.

Read statement: “We discovered that most people make less than 20 transfers every month for personal use, so we decided to give everyone who opens a Kuda account this year 25 free transfers every month forever,” he said.

Samuel Goriola Oluyemi, who is the Head of Emerging Markets/IFR/Agency Management at the Nigeria Inter-Bank Settlement Scheme (NIBSS) honoured Kuda’s efforts to make banking affordable for all Nigerians, other stakeholders and tech sectors are also in support of this.

Mr. Oluyemi statement reads:

“[Kuda has] revolutionised banking in Nigeria. Things we never thought could be done are things you’re doing,” 
Introducing Kuda Bank With Free Charges On Transfer
Babs Ogundeyi, co-founder and CEO of Kuda speaking at the event.

Other great men present at the town hall meeting includes the Deputy Managing Director of eTranzact, Hakeem Adeniji Adele; Chidinma Iwueke, a partner at Nigerian venture capital firm Microtraction and Wale Olokodana, Business Group Director, Cloud & Enterprise at Microsoft Nigeria.

FreshReporters News gathered that he town hall meeting was supported by Microsoft Nigeria through the 4Afrika Initiative, an important partner in the bank’s mission to democratise financial services for Africans through digital technology.

EduAbasi Essien from Microsoft 4Afrika’s statement reads:
“Our mission at Microsoft is to empower every person on the planet to achieve more and our partnership with Kuda is a local case in point.

"We first joined forces with Kuda about two years ago, when they first emerged on the fintech scene. Known as Kudimoney at the time, Microsoft4Afrika identified this aspiring startup, selecting it for our BizSpark programme – a global platform that provides startups with access to Microsoft Azure cloud services, software and support free of charge over a one-year period.”
Introducing Kuda Bank With Free Charges On Transfer

Essien added that: “4Afrika’s volunteering program, MySkills4Afrika also provided further technical training to suit Kuda’s development at every stage of their startup journey – providing hands-on practical solutions and best practices on how to structure their technical infrastructure for improved outputs,”
Introducing Kuda Bank With Free Charges On Transfer

So what do you have to say about this?

Monday, November 25, 2019

Nigeria Emerges First In West Africa To Testrun 5G Technology

Nigeria Emerges First In West Africa To Testrun 5G Technology

Nigeria Emerges First In West Africa To Testrun 5G Technology

Nigeria on Monday became the first country in West Africa to testrun 5G technology and applications.

A statement by the telecom giant, MTN Nigeria, said the feat became possible as a result of the strong collaboration between the Ministry of Communications and Digital Economy, the Nigerian Communications Commission, (NCC), MTN Nigeria, Huawei (Abuja), ZTE (Calabar) and Ericsson (Lagos.), DAILYPOST reports

“This immersive demo and experience will travel across three Nigerian cities to showcase the capabilities of 5G and its potential to enable economic growth, and social inclusion. 

“By working together, MTN and its partner – Huawei, were able to provide a glimpse into a range of 5G use cases and applications at a test Lab designed to show proof-of-concept in Abuja. 

“Standing alongside former Super Eagles captain, legendary Joseph Yobo, attendees got to match their skills against an artificial-intelligence powered goalie; immerse themselves in a high-speed, low-latency virtual reality gaming world; experience ultra-high speed streaming and downloads on 5G devices; and engage in discourse with life-like holographic projections. 

“3D holographic communication has potential applications for education, medical imaging, video conferencing and gaming, and requires about four times as much data as a streamed 4K video. 

“That means that 5G is best suited to support this kind of application on a mobile network and to enable its use. “It also demonstrates how 5G has the potential to support key socio-economic objectives Nigeria has set for itself, and to be a key contributor to the emergence of a fully digital economy,” the statement read partly.

 It noted that the testrun was witnessed in Abuja by the Minister of Communications and Digital Economy, Dr. Isa Pantami; the Chairman of NCC, Senator Olabiyi Durojaiye; the Executive Vice-Chairman of NCC, Prof. Garba Danbatta; House of Reps Committee on Communications, Hon. Akeem Adeyemi.

Speaking shortly after taking a tour of the exhibition booths, Dr. Pantami underlined the potential of 5G for sustainable growth. “I believe as long as we are able to handle the potential challenges, the deployment of 5G is very critical to our economy, because of so many advantages of 5G, the issue of latency, speed and many more,” he added.

Stressing the importance of an enabling regulatory framework and protecting telecommunications infrastructure, Dr. Pantami stated that on the instruction of the President, he has signed a draft Executive Order declaring telecommunications infrastructure ‘critical national infrastructure’ which has been forwarded to the Office of the Attorney-General of the Federation for review.

The Minister referred to the proposed Executive Order as a short-term measure, stressing that the President has instructed that a proper legislation be facilitated to deal conclusively with threats to telecommunications infrastructure.

Also speaking, Ferdi Moolman, the Chief Executive Officer, MTN Nigeria said: “Pushing boundaries is easier when your aspirations are supported by likeminded people. “We are here today because of the support and guidance of the Ministry of Communications and Digital Economy and the Nigerian Communications Commission who provided the trial spectrum used for this.

“Also key to this achievement are our equipment vendors who shared our vision, and whose capabilities were brought to bear in making the 5G trials across the country a reality.  

We are grateful for these partners, our customers and everyone who made it possible. Today’s success underlines the fact that we are good together.” 

Also commenting, Mazen Mroue, the Chief Operating Officer, MTN Nigeria said that “in collaboration with our technical partners and the support of the Federal Government, we are proudly putting Nigeria on the 5G technology map.”

He added: “As we continue to invest in technology solutions to meet the wide needs of our customers, MTN will continue to strengthen these partnerships as we move to build our 5G capacity in future, guided by the standards and spectrum set by the Nigerian Communications Commission.” 

“5G offers tremendous benefits in terms of speed, latency (less delays), efficiency and security. 
This pilot offers a unique opportunity for us to explore use-cases and applications in Nigeria, and we are excited about its potential for our country and our company,” Mohammed Rufai, Chief Technical officer, MTN Nigeria, said. 

The statement noted that following the successful demonstration in Abuja, the 5G-demo train will move to Calabar and Lagos.

It further added that the 5G trials would be run in four other cities across the country, noting that the 5G trial will run for three months utilizing trial spectrum allocated to MTN by the NCC.

Otedola Speaks: “People Think When They Die, They Take Their Money With Them”

Otedola Speaks: “People Think When They Die, They Take Their Money With Them”

Otedola Speaks: “People Think When They Die, They Take Their Money With Them”

FreshReporters News had ealier reported about Femi Otedola donating ₦5 billion to his daughter’s Cuppy Foundation.

The Nigerian billionaire businessman, has however revealed why he made such a huge donation.

On November 10, 2019, at the launch of the DJ Cuppy Foundation which took place at the Congress Hall of the Transcorp Hilton in Abuja, Femi Otedola donated ₦5 billion and this with no doubt became the first single largest donation to philanthropy in Nigeria.

Now speaking to the media on why he made such a huge donation to the Cuppy Foundation, Below is what he said:

“A lot of people think when they die, they take their money with them, we’ll see. In my journey of life, I have taken the risk, I’ve done the chase, I’ve enjoyed the thrill and I have achieved success and recognition. What next? You give it back,” he said.

Friday, November 22, 2019

68% Of Nigeria’s N25.7tn Debt Is Domestic, Says DMO

68% Of Nigeria’s N25.7tn Debt Is Domestic, Says DMO

68% Of Nigeria’s N25.7tn Debt Is Domestic, Says DMO

The Debt Management Office has said out of Nigeria’s total debt profile of N25.7tn as of June 2019, external borrowing accounts for about 32 per cent while the 68 per cent is domestic. It also said the Federal Government is responsible for 80 per cent of the debts.

The Director-General of the DMO, Ms Patience Oniha, made this known when she appeared before the House of Representatives Committee on Public Accounts on Friday in Abuja.

Oniha said DMO serves as an advisory body to the Federal Government on debt management and to put the debts at 25 per cent ratio to the Gross Domestic Products.

She stated that the office does not receive borrowed funds, noting that they are paid directly to the Central Bank of Nigeria which ensures that the money is used for what it is borrowed for.

Oniha said, “As of June 2019, our debt profile was N25.7tn; this includes the federal and state governments and the Federal Capital
Territory. We call it the total public debt. Out of this total, the Federal Government is responsible for 80 per cent of the debt.”

She explained that the DMO began operations in 2000 due to Nigeria’s debt management problems, which made the country to seek debt relief.

She added that the agency is responsible for the management of public debts, while its mandate includes contracting debts on behalf of the
Federal Government.

According to Oniha, the responsibilities are stated in the Fiscal Responsibility Act and the DMO Act.

She said, 
“If you look back several years, over 85 per cent of budget deficits are funded by borrowing, which the DMO undertakes as approved
by the Federal Executive Council and the National Assembly.

“We borrow from various sources: the multilateral, the World Bank, the Islamic Development Bank, the African Development Bank, the China-EXIM and we also issue products in the international market. Locally, we are also very active in domestic borrowing; we issue treasury bills and Federal Government treasury bonds.”

Chairman of the committee, Wole Oke, stated the importance of the parliament having all the relevant information documented. He said the
House needed additional facts and figures, following the Minister of Finance, Zainab Ahmed’s revelations during the 2020 budget defence that revenue generation was a challenge for the country.

Oke noted that the committee was determined to monitor the ministries, departments, and agencies to prevent abuse of the law in the area of
revenue generation and remittances. He pointed out that even when the MDAs have the powers to spend from the revenue they generate, the
lawmakers were determined to ensure transparency and accountability.

He said partly, “This country belongs to all of us, irrespective of the three arms the Constitution recognises; those in the Executive,
Legislature and Judiciary are all Nigerians. We have to synergise to ensure this country progresses.”


Tuesday, November 19, 2019

2.5 Million Metric Tonne Rice Mill In Imota Lagos (Photos)

2.5 Million Metric Tonne Rice Mill In Imota Lagos (Photos)

Lagos govt to upscale Imota rice milling plant from 2.5 to 16 metric tonnes per hour

As part of plans to ensure food self-sufficiency, especially through rice production, the Lagos State Government says it is up-scaling the Imota Rice Milling Plant from 2.5 metric tons to 16 metric tons.

The Commissioner for Agriculture, Toyin Suarau, who made the disclosure on Tuesday at a Ministerial Press Briefing to mark Governor Akinwumi Ambode’s second year in office, said the plant would be delivered within one year.

Mr. Suarau said that the plant would be the biggest in Nigeria when delivered and also drive the state’s major goal to scale up food sufficiency from 12 per cent to 25 per cent in three years.
“The ministry is mandated to facilitate sustainable food production, poverty reduction and job creation through several agriculture projects and programmes.

“The major goal of the ministry is to make the state food secured and scale up food self-sufficiency from the current 12 per cent to 25 per cent within the next three years.

“It is part of plans to ensure that the production of Lake Rice and to stop milling rice paddy in other states like Kebbi, Jigawa and Kano states.
“We have begun plans to up Imota rice milling plant from 2.5 metric tons per hour to 16 metric tons per hour within the next one year,” he said.

Mr. Suarau said the project was not rocket science because it took a lot of time to set up since the machines would be imported from outside the country.

The commissioner also said that since the state started sales of the Lake Rice in December 2016, 35,647 bags of 50kg, 32,539 of 25kg and 30,786 of 10kg had been sold.

He added that to boost rice production, 100 farmers through the FADAMA III additional financing programme, rice cultivation had improved from less than one ton to about three tons per hectare in the state.

Mr. Suarau noted that the state was embarking on several initiatives to boost food production in the areas of input supplies, estate initiatives, Agriculture Youth Empowerment Scheme, Rice for Jobs.
Also, Avia-Badagry Farm Service/Entrepreneurship Center and Coconut Development and Commercial Agriculture Development Project are among the initiatives.

Mr. Suarau dispelled the rumour that the sale of Lake Rice had been hijacked by money bags and compelled members of the public to come up with proof for the law to take its course. (NAN)

These are Pictures from the 2.5 million metric tonne rice mill in Imota Lagos. The silos were said to be halfway through completion. This mill will meet and exceed the demand of Lagos and the smuggling-Benin republic combined by early 2020.

See photos:

2.5 Million Metric Tonne Rice Mill In Imota Lagos (Photos)

2.5 Million Metric Tonne Rice Mill In Imota Lagos (Photos)

2.5 Million Metric Tonne Rice Mill In Imota Lagos (Photos)

2.5 Million Metric Tonne Rice Mill In Imota Lagos (Photos)