Nigerian fintech startup Sparkle, a digital ecosystem providing financial, lifestyle, and business support services, has partnered with Network International, to power its recently launched payment card offering.

This is coming months after collaborating with Visa to enable them to issue Visa cards to its users.

Founded by former Diamond Bank chief executive officer (CEO) and tech entrepreneur, Uzoma Dozie with the aim of providing seamless solutions to Nigerian individuals, SMEs, and retailers. Sparkle’s new virtual and plastic debit cards are targeted at SMEs and upwardly mobile, unbanked consumers across Nigeria, bringing them the convenience, flexibility, safety, and security of cashless payments across various channels.

What they are saying

• According to Uzoma Dozie, “Digital adoption and customer experience are going to be dependent on the people, platform, and partnership. In the area of payment processing and data insights, Network International brings that to our platform, and we are truly excited about the future of the partnership and what it means for the enablement and transformational impact for Nigerians anywhere in the world who are connected to the Sparkle platform.”
• Also speaking on this new partnership, Andrew Key, Managing Director – Africa, Network International, said, “We are delighted to strengthen our strategic alliance with Sparkle as it seeks to further disrupt the payments offering to consumers and retailers in Nigeria. Building on our two decades of experience within payments and deep insight of the African market, we look forward to deploying our trusted platform and best-in-class technology towards supporting digital and financial inclusion of Nigerian consumers and businesses.”

Sparkles’ collaboration with Network International is based on their shared commitment to further the adoption of digital payments among emerging markets across Africa and the Middle East. Its users can make in-app payments with the new virtual card, and also make e-commerce transactions with the cards attached to their Sparkle profile.

This collaboration will offer Sparkle access to the Network’s years of experience and expertise in creating card solutions for emerging markets. The company can also benefit from Network’s advanced digital infrastructure and robust security protocols, avoiding the need to invest in expensive card management infrastructure.

Leading commodities market player, AFEX has announced the appointment of Kamaldeen Raji as the Managing Director of AFEX Fair Trade Limited (AFEX Fair Trade).

This information was contained in an exclusive disclosure sent to Nairametrics today the 25th of January 2021.

According to the information contained in the press statement, the appointment is in line with AFEX’s mandate of strengthening trade infrastructure for Nigeria’s commodities market, while providing support for smallholder farmers, who are key players in the agricultural value chain.

What they are saying

The CEO of AFEX, Ayodeji Balogun, who commented on the appointment of the New Managing Director, said:

• “I am delighted to have Kamaldeen stepping into the leadership at AFEX as the Managing Director of AFEX Fair Trade. This is in alignment with AFEX’s five-year strategy that consolidates the best aspects of our business into business units that will deliver impressive wins in trading, financing and market system development for Africa’s commodities market.”

Kamaldeen Raji, Managing Director, AFEX Fair Trade limited said:

• “AFEX has delivered on its promise for a working commodities exchange model for West Africa after six years of operations in Nigeria. I am excited to join the executive leadership to contribute to our next five years as a business.”
• “As I drive our strategy to reach one million farmers and expand our national storage capacity to 500,000 MT over the next five years, AFEX Fair Trade will build on the success of previous years.”
• “Through AFEX Fair Trade, AFEX will continue to contribute to impact metrics that align with the United Nation’s Sustainable Development Goals (SDGs) 1, 2, 5, and 8; no poverty, zero hunger, gender equality, and decent work and economic growth.”

Kamaldeen prior to his appointment as the Managing Director of AFEX Fair Trade Limited had previously served in Commercial Manager’s capacity for AFEX. This position monitored all commercial partnerships with a focus to drive revenue activities and growth opportunities.

It is important to note that, AFEX Fair Trade is one of AFEX’s business units, responsible for commodities trading and storage, the company is charged with the task of providing extension services to farmers in a bid to boost their productivity and incomes across all segments of the agricultural value chain.

Champion Breweries stocks are up by more than 58% in just six trading sessions as buying interests by investors continue to prop the shares of the company upon the expectation of a mandatory takeover by Heineken.

Findings by Nairametrics at the close of trading today, 25th of January 2021, revealed that the share price of Champion Breweries has increased from N1.35 to N2.14 in just six trading sessions on the NSE.

This indicates that the shares of Champion Breweries Plc increased by 58.52% between the close of trade on Friday 15th of January, and Monday 25th January 2021.

It is essential to understand that buyers dominated trading activities on the company’s shares on the floor of the Nigerian Stock Exchange as the market price of the company’s shares went up by 9.74%, less than 20 minutes after the NSE opened, as buying pressure by investors continue to push the shares of the company higher.

The drive behind the increase in Champion Breweries shares

Investors’ buying interests in Champion Breweries Plc shares, was said to have been triggered by the expectation of a mandatory takeover by Heineken through its Special Purpose Entity, Raysun Nigeria Limited, which investors believe would birth a potential merger with the largest Brewer in the country, Nigerian Breweries Plc.

Recall that Nairametrics reported that, Raysun Nigeria Limited, a Special Purpose Entity (SPE) wholly-owned by Heineken Brouwerijen B.V., acquired 1,903,609,538 additional shares of the brewery company, worth N4.95 billion on 7 January 2021, at a price of N2.60 per share.

The acquisition took Heineken’s total stake in Champion Breweries to 6,633,043,538 or 84.72% (indirectly).

What you should know

• Since the news of Heineken’s indirect acquisition of additional shares in Champion Breweries through Raysun Nigeria Limited was disclosed on the 8th of January 2021, shares of the company have appreciated by 110%.
• The YTD gains of the shares of Champion Breweries on NSE, at the close of trading activities today currently stands at 148.84%.