Over the years, Nigerians have expressed their reservations over how their financial service providers have served them. From demands heaved on by regulatory agencies to the service providers themselves, the burden that today’s customers are left to deal with can be quite hard to bear.
Concerns are constantly being raised by Nigerians over the need to alleviate this burden off customers. This has prompted a number of fintechs to work behind the scenes to help birth a solution. Top on this list is GoMoney, a financial service app that helps to simplify payment processes, reduces the costs of transactions, and bring a community-based approach to banking. With GoMoney, you can now have a tighter grasp on your money and determine where and how it is spent.
Unlike a lot of other financial apps, GoMoney offers an experience that transcends mere money transfers. The app was built with several other features that fit seamlessly into your lifestyle. Below, we explore some of the unique features of the app that you can take advantage of:
The Split Cost feature on GoMoney helps you share costs with friends. This comes in handy in several situations; when you share a cab ride with other people, when you and your housemate(s) need to pay the rent when you’re contributing with your friends for a group outing or simply when you order a meal together with your friends. GoMoney helps to make splitting payments as easy as possible as you only need to create a group on the app, add the purpose and amount of the bill and allocate each person’s share of the bill to them.
GoMoney also makes it easy to send payment requests. So, if you’ve paid for a group hangout with plans to get everyone to pay you back later, or you feel like it’s too awkward to physically demand payment of debts from your friends, or you need to remind an uncle about the money he promised to send you this Christmas, this is the app you’d be needing. With GoMoney, you can send payment requests anytime to anyone and also pay your friends back if you owe them. One of the coolest things about this feature of GoMoney is that you can send your payment requests to people who are not even on the app through a payment link.
If you’ve ever checked your account balance and wondered where exactly your money went, GoMoney is for you. GoMoney helps you to track your expenses by giving you an exact breakdown of how much you have, how much you’ve spent, and what’s left. This way, you get to know what to reduce or increase your spend on. The app also helps you place your spending into categories, so you can determine just how much you spend on family, on eating out, shopping, personal care, transportation, and others.
To get early access to GoMoney and win up to 75,000 Naira, join the GoMoney waitlist at gomoney.global and share your referral link with your friends. The more friends you refer, the more points you earn, which bumps you up a few places on the leaderboard and brings you several steps closer to winning up to 75,000 Naira. Get started now by visiting gomoney.global.
NOVA Merchant Bank opens N10 billion Bond Offer
Nova Merchant Bank Limited has commenced book-building on its N10 billion issuance of seven-year Fixed Rate Subordinated Unsecured Bond issue. In line with the regulations of the Securities and Exchange Commission (SEC), the Bond is being issued through NOVAMBL INVESTMENTS SPV PLC, a special purpose vehicle sponsored by the Bank for the purpose of the Bond issuance. Nova Merchant Bank is issuing the Bonds under a SEC-approved N50 billion Debt Issuance Programme. The issuance, which opened on Tuesday 30th June 2020, will close on Wednesday 8th July 2020 and is open to institutional investors as well as High Net-worth Individuals who meet the requirements of the SEC’s rule 321.
Nova Merchant Bank Limited is a licensed merchant bank in Nigeria, which is owned by experienced local and foreign investors, is one of Nigeria’s premium financial institutions. It offers a portfolio of products and services across Corporate and Investment Banking, Securities Trading and Asset Management, to a clientele comprising top-tier corporates and high net worth individuals. The Bank is rated BBB by Agusto & Co. and A+ by Datapro.
Why it matters: The Bank intends to use the proceeds from the bond issuance to invest in long-term risk assets, as a critical part of its medium-term growth strategy. Proceeds of the Bond issue will also serve as Tier-II capital for the Bank, within the requirements of the Central Bank of Nigeria.
The Bond transaction also represents Nova’s first entry into the Nigerian Debt Capital Markets, with potential for future issuances.
Details of the transaction are as follows:
Issuer: NOVAMBL Investments SPV Plc
Sponsor: NOVA Merchant Bank
Issue Size: N10 billion
Pricing guidance: 12% – 12.5%
Tenor: 7 years
Status: Subordinated, Unsecured
Offer Closing Date: July 6, 2020
Minimum Subscription: N10 million
Nova has an ambitious vision to be Africa’s preferred financial solutions provider, by creating superior value in the markets they serve. For the year ended December 31, 2019, the bank recorded 0% NPL, Gross earnings of N5.8 Billion, Profit after Tax of N1.6 Billion (growing at a CAGR of 48%), and Total Assets of N63.8 Billion, with a Return on Equity of 8.4%.
UBA Group announces appointment of Deputy Managing Directors for Nigeria and Africa
The bank reports the creation of the new positions represents strategic recognition of the growth of its pan-African business.
United Bank for Africa Plc (UBA), the leading pan-African financial services group, is pleased to announce the appointments of Ayoku Liadi and Oliver Alawuba as Deputy Managing Directors in charge of UBA’s Nigeria and Africa businesses, respectively.
The creation of the new positions, reporting to Group CEO, Kennedy Uzoka, represents further strategic recognition of the growth of UBA’s pan-African business, now representing in excess of 40% of Group revenue, and the critical importance of Nigeria, the Group’s largest market. Combined with UBA’s unique International Business, operating from New York, London and Paris, UBA Africa and Nigeria, offer an unparalleled service offering to clients across Africa and globally.
Commenting on the appointments, Group Chairman Tony O. Elumelu said:
“In 2005, we set out our pan-African vision. Fifteen years later, we are present in 20 African countries, serving over 20 million clients, leveraging our service culture and technology platform, to provide an integrated and seamless customer offering across the continent. In Africa, we lead in innovation and service, whilst our International Business, operating from New York, Paris and London, provides global and African clients access to treasury, trade finance and corporate banking products, uniquely tailored to the African opportunity. These senior appointments represent our commitment to optimise our management structure to best serve our clients and drive our business success.”
Oliver Alawuba has worked with the UBA Group for almost 20 years and was appointed in January 2020, CEO for the Group’s Africa operations. Oliver’s knowledge of UBA’s business in Africa is unrivalled. He previously held the role as CEO of UBA in Ghana and more recently, as Regional CEO for UBA in Anglophone Africa.
Ayo Liadi joined the UBA Group in 2014 and was appointed the Executive Director of Lagos and West bank in Nigeria, two years later. Ayo is widely recognised for his innovation in driving business development.
Also announced today by the UBA Group Board, was the retirement from the Board with effect from August 01, 2020, of Dan Okeke who has been with the UBA Group for 22 years. Dan served on the board as an Executive Director for three terms and a total of nine years. According to the Group Chairman, ‘Dan was born for UBA. He has worked tirelessly for the Group and achieved so much in the past two decades. We will miss him, but he will still be very much around us’.
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UBA is one of the largest employers in the financial sector on the African continent, with approximately 20,000 employees group-wide and serving over 20 million customers. Operating in 20 African countries and globally in the United Kingdom, the United States and France, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge products such as the first-ever banking chatbot in Africa, LEO.
BUA Cement set to establish ultramodern 3million cement plant, 50mw power plant in Adamawa
BUA is Nigeria’s second-largest cement producer by volume with cement plants in Sokoto and Edo States.
BUA Cement, One of West Africa’s largest Cement companies has announced that it is set to establish a three million metric tonnes cement plant and 50 megawatts power plant in Guyuk and Lamurde local governments of Adamawa state in the North Easter region of Nigeria. This was revealed when the Chairman of BUA, Abdul Samad Rabiu led the BUA Cement Management team on a courtesy call to the Adamawa State Governor, Ahmadu Umaru Fintiri in the Government House, Yola.
Speaking during the visit, Abdul Samad Rabiu said preliminary findings show that the two local governments of Guyuk and Lamurde are reputed to have good quality of limestone deposits and BUA Cement is ready to begin the investment in the state. He added that the BUA will use new technologies to supply power to the proposed cement plant and communities of Guyuk and Lamurde in addition to providing three thousand direct and five thousand indirect jobs.
The Chairman stressed that the Guyuk Cement Plant will be the major investment in the North-East by BUA and solicited for support of Governor Umaru Fintiri to set up the factory in Guyuk. Rabiu said the company made a decision to source its raw materials locally and it has invested billions of dollars in various sectors across Nigeria and therefore urged the state government to support BUA to actualize the Guyuk Cement project. In addition, he praised the commitment of the governor within one year in office in many sectors of development despite the economic challenges in Adamawa.
Responding, Governor Ahmadu Umaru Fintiri said his administration’s effort in exploring local contents has started yielding results and thanked BUA for showing interest in establishing the cement plant in Guyuk. He further assured the management team of BUA that government will make whatever is needed and provide the necessary support which will create enabling environment so that the BUA Cement company in Guyuk will become a reality.
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He also expressed readiness of the government to protect the investment once it is established and told them that his administration will maintain the good relationship with the company for the benefit of the state.
BUA is Nigeria’s second largest Cement Producer by volume with cement plants in Sokoto and Edo States. The Company’s newest plant in Sokoto is expected to be operational in 2021. When completed, the Guyuk Cement Plant will bring BUA’s total capacity to 14million metric tonnes per annum.
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