Business News
Financial services app, GoMoney, makes entrance into the Nigerian market
GoMoney, a mobile financial service, has announced its official launch into the Nigerian market.
GoMoney, a mobile financial service, has announced its official launch into the Nigerian market. It was designed to cater to the needs of a diverse group of people; to help users spend better, understand their spending habits and form a better relationship with their money.
According to the GoMoney team, “GoMoney was built to provide customers with an enhanced and improved banking experience. We aim to make adequate, reliable banking services accessible to all. By doing this, we are set to simplify payment processes, reduce the costs of transactions, and bring a community-based approach to banking.”
One of the goals of GoMoney is to create a positively intimate banking experience. It is changing the face of traditional financial services in Nigeria by providing secure, transparent and honest banking. The GoMoney team explains, “We are building an inclusive product that provides the features of a bank account, without the hassle and disappointment of failed transactions, unfair charges or needless paperwork.”
Given that Nigeria’s current financial environment is littered with restrictions, GoMoney indeed offers its users a refreshing monetary experience. Not only does the app gives users full control (within regulatory guidelines), it also affords them the ability to send and receive payments from anyone – regardless of where they bank. As individuals or as groups, GoMoney enables users to schedule payments, split costs and monitor transactions.
Some of the other unique features of the app include the Nearby Payment, Payment Scheduling and Expense Tracking features. With the Payment Scheduling feature, users can automate recurring payments for later dates. Also, using the Expense Tracking feature, users can track exactly how they spend their money and iterate for future purposes. With the Nearby Payment feature, GoMoney users can pay other users around them without having any details such as phone numbers or account numbers. This especially comes in handy for one-off payments. All transactions can be done through multiple channels; phone numbers, payment links, nearby payment or in-app transactions.
The GoMoney team has created a platform that significantly improves and deepens customers’ understanding of their spending habits. They have done this by building a secure and reliable core system from scratch, based on modern technology stacks.
GoMoney aims to serve a society that may not maintain a bank account but interacts with money on a day to day basis. Through the services GoMoney provides, the team is fostering a truly inclusive financial services practice, one that serves everyone—including individuals who do not have access to traditional banking.
Join the GoMoney waitlist at www.gomoney.global to be one of the first to get access to the app.
Around the World
Buhari nominates Okonjo-Iweala as DG World Trade Organization
President Muhammadu Buhari nominated the former Minister of Finance and Coordinating Minister of the economy, Ngozi Okonjo Iweala, as the Director-General of the World Trade Organization (WTO).
President Muhammadu Buhari has nominated the former Minister of Finance and Coordinating Minister of the Economy, Ngozi Okonjo Iweala, as the Director-General of the World Trade Organization (WTO).
This was seen in a tweet posted by the Presidential aide on Digital and New Media, Tolu Ogunlesi, in the early hours of Friday, June 5, 2020.
In the statement, Ogunlesi said that the current Director-General of the intergovernmental organization, Roberto Azevedo, is stepping down from his position on August 2020, a year ahead of the end of his tenure.
Azevedo, who has been the head of the WTO since 2013, is stepping down at this critical period of global economic crisis and the trade war between the United States of America and China.
This means that the election that was earlier scheduled for 2021 when his tenure was supposed to expire might be coming up much earlier for a new four-year term.
Tolu Ogunlesi in his statement said, ”President Muhammadu Buhari has nominated Okonji-Iweala as Nigeria’s candidate for the position of the Director-General of World Trade Organization. DG Azevedo is stepping down in August 2020, a year earlier, so the election of the new DG, originally scheduled for 2021, may take place much earlier”.
President @MBuhari has nominated @NOIweala as Nigeria’s candidate for the position of DG of @wto.
DG Azevedo is stepping down in August 2020, a year early, so the election of a new DG, originally scheduled for 2021, may take place much earlier.
— tolu ogunlesi (@toluogunlesi) June 4, 2020
Details later…
Around the World
Just-in: AfDB board agrees to an independent probe of Akinwumi Adesina
The independent review shall be conducted by a neutral high calibre individual with unquestionable experience, high international reputation and integrity within a short time period of not more than two to four weeks maximum, taking the Bank group’s electoral calendar into account.
The Bureau of the Board of Governors of the African Development Bank (AfDB), has agreed to authorize an independent review of the report of the ethics committee of the bank’s board of directors on the allegations levied against the President of the Bank, Akinwumi Adesina.
This was contained in a communique which was released and signed by the Chairperson of the Bureau of Board of Governors, Ms Niale Kaba, after the meeting of the bureau board of governors on June 4, 2020, with respect to the complaints against the President of the bank.
In taking the decision, the Bureau agreed that the ethics committee performed its role on this matter in accordance with the applicable rule under resolution B/BG/2008/11 of the board of governors and that the Chairperson of the Bureau of Board of Governors performed her role in accepting the findings of the ethics committee in accordance with the said resolution.
The bank’s board of governors in its statement said, ‘’Based on the views of some Governors on the matter and the need to carry every Governor along in resolving it, the Bureau agrees to authorize an independent review of the report of the ethics committee of the board of governors relative to the allegations considered by the ethics committee and the submissions made by the President of the Bank Group thereto in the interest of due process.
‘’The independent review shall be conducted by a neutral high calibre individual with unquestionable experience, high international reputation and integrity within a short time period of not more than two to four weeks maximum, taking the Bank group’s electoral calendar into account.
‘’The Bureau agrees that, within a three to six months period and following the independent review of the ethics committee report, an independent comprehensive review of the implementation of the bank’s group whistleblowing and complaints handling policy should be conducted with a view to ensuring that the policy is properly implemented, and revising it where necessary, to avoid situations of this nature in the future.’’
Following the allegations of unethical conducts, questionable appointments and contract awards by a group of whistleblowers and the subsequent clearance of all charges by the bank’s ethics committee, the United States Government, who is the largest shareholder outside Africa, asked for an independent probe of those allegations.
The US treasury secretary questioned the integrity of the committee’s process as well as the internal processes of the bank.
Adesina, a few days ago, met with President Muhammadu Buhari, where he assured of the country’s support towards his travails and his second term bid for the Presidency of the multilateral institution.
Business News
FG removes cap on petrol price, allows marketers to fix price
The price cap per liter in respect of Premium Motor Spirit (PMS) is removed from the commencement of these Regulations.
The Federal Government has removed the cap on Premium Motor Spirit (PMS) price, popularly known as petrol.
This was disclosed by the Petroleum Products Pricing Regulatory Agency (PPPRA) via a memo, which was dated March 30, 2020, but realised on May 4, 2020, titled ‘Market Based Pricing Regime for Premium Motor Spirit (PMS) Regulations, 2020.
What it means: With the new development, marketers now have the freedom to fix the price of the commodity and sell above the price given by the agency.
Executive Secretary, PPPRA, Abdulkadir Saidu, explained that the agency would continue to monitor trends in the crude oil market and advise the Nigerian National Petroleum Corporation (NNPC) and oil marketers on the monthly guiding price for the commodity.
“The price cap per litre in respect of Premium Motor Spirit (PMS) is removed from the commencement of these Regulations. From the commencement of these Regulations, a market-based pricing regime for PMS shall take effect,” he said.
Meanwhile, Nairametrics had reported that the agency announced a new retail price band for oil marketers.
In a circular dated May 31st, as seen by Nairametrics, the downstream regulator said oil marketers are now expected to sell petrol within the price range of N121.50 and N123.50. Part of the circular said:
“Please recall the recently approved pricing regime which became effective March 19, 2020, and the provision for the establishment of a monthly price band within which petroleum marketers are expected to sell PMS at the retail stations.”
