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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.

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Financial services app, GoMoney, makes entrance 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.

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Billionaire Watch

TikTok’s 38 year-old founder is worth $35.5 billion – Here’s what we know

At 38 years old, Zhang Yiming is the 39th richest man in the world.

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TikTok a video sharing app was named the most downloaded app of the first quarter of 2021 but not much is known about its founder. The app now has over 689 million active users worldwide according to statistics from oberlo.com. It has also been downloaded over 2 billion times on App Store and Google Playstore. It is arguably the most popular video-sharing app out there and the numbers keep growing.

TikTok was able to grow at a faster rate than Facebook and Instagram since its startup. The man behind this massive success is currently worth $35.5 billion and he is our person of interest today.

Meet Zhang Yiming, the founder of Bytedance 

38-year-old Zhang Yiming is the CEO and Founder of ByteDance, the parent company of TikTok. Zhang Yiming majored in microelectronics and software engineering at Nankai University. He worked for various tech startups including Microsoft before settling to start his own company.

The billionaire leads a very secretive lifestyle. He founded ByteDance back in 2012 and steered it all the way to financial success. He is currently worth $35.5 billion but his net worth is well on its way to doubling based on recent valuations.

ByteDance has two main flagship products – Toutiao, an AI-backed news aggregator and TikTok which he founded later after the success of Toutiao.

Revisiting the success of  TikTok 

Last year Zhang Yiming’s ByteDance was regarded as the most valuable startup in the world. TikTok became the most downloaded iOS app worldwide in the first quarter of 2019, according to the US research app Sensor Tower.

TikTok is available in 155 countries and in 75 languages.

Impressive valuation 

Bytedance’s first major valuation was in 2018 where it was valued at $75bn according to Forbes. This was followed by another valuation which put it at $140bn according to CB Insights.

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The latest 2021 valuation places ByteDance at over $250bn according to the South China morning post.

Zhang Yiming owns a quarter of ByteDance and with this recent valuation, his net worth is set to grow to $60bn according to experts in the field.

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Donald Trump scare 

The former president of the United States was on the verge of banning TikTok in the country. He claimed the App has ties to the Chinese government. This would have been a setback giving that the application is quite popular among US millennials and Gen Z. Donald Trump lost his re-election bid and very little has been said by the Biden administration on the issue.

What you should know 

  • At 38 years old, Zhang Yiming is the 39th richest man in the world. His parents were civil servants.
  • The popularity of TikTok in the United States has raised concerns from US regulators.

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Business

FG explains why the loan amount for youth investment fund is limited to N300,000

At N300,000 per beneficiary, only 41,000 beneficiaries would be covered in the first tranche of N12.5bn.

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President Buhari to address Nigerians on Lekki toll plaza shootings after investigation , Youth Investment Fund:  Ministry of Finance and CBN to launch provision of funds- Minister, Federal Ministry of Youth and Sports launch DEEL initiative

The Federal Government has explained why it limited the loan amount for the current beneficiaries of the N75 billion Nigeria Youth Investment Fund (NYIF) to N300,000.

The government said that it had to place a limit of N300,000 for individuals and eligible businesses who meet the conditions and guideline in order to ensure that it gets to as many beneficiaries as possible.

This disclosure is contained in a statement signed by the Director of Press, Federal Ministry of Youth and Sports Development, who noted that the disbursement of the fund is being done in phases.

What the statement from the Federal Ministry of Youth and Sports Development is saying

The statement explained that the ministry had received more than 3 million applications for the initial N12.5bn made available adding that at the current cap of N300,000 per beneficiary, only about 41,000 beneficiaries could be covered.

The statement from the ministry partly reads, “The Ministry of Youth and Sports Development has been following with interest the reaction of some beneficiaries of the NYIF, particularly those expressing disappointment at the N300,000 cap on disbursement under the first tranche of N12.5bn.

Firstly, the framework specified N250,000 as the maximum for individuals and eligible businesses that are critical can access up toN3m subject to meeting key criteria set in the guideline and conditions.

Considering the number of applications received, there was the need to ensure spread and enable more beneficiaries enjoy the facility.”

The ministry assured beneficiaries that higher loan thresholds would be possible once additional funds were available in subsequent phases.

The ministry in the statement also noted that it is ideal to start and gradually increase, considering that there are lots of first-time borrowers as well.

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The ministry reaffirmed that NYIF was not a grant, but a loan, targeted at supporting the youth to start small businesses or to inject funds into existing small businesses.

What you should know

  • It can be recalled that the Federal Government had on October 15, 2020, launched the N75 billion Nigerian Youth Investment Fund, which was set up for investment in the innovative ideas, skills, and talents of Nigerian Youth.
  • It is to also institutionally provide the Nigerian youth with a special window for accessing much-needed funds, finances, business management skills, and other inputs critical for sustainable enterprise development.
  • The Federal Ministry of Youth and Sports Development is the lead implementation entity and is responsible for budgetary provisions and for funds mobilization.

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