First Bank of Nigeria Limited sponsored the sixth edition of the Africa Fashion Week, Nigeria which held on Friday and Saturday, 20 – 21 December 2019 at the Lagos Oriental Hotel, Victoria Island, Lagos. The Africa Fashion Week, Nigeria, is a convergence of fashion entrepreneurs and the general public to promote the creativity and innovation of Nigerian and African brands through worldwide visibility, distribution and manufacturing. The 2019 event was themed ‘Africa Unites’.
The Africa Fashion Week, Nigeria has consistently been recognised internationally due to the unique African styles displayed by entrepreneurs across the dynamic and versatile African fashion landscape. With the growing interest by the public and fashion enthusiasts using fashion as an instrument of sustainability and social change, the event provided a platform to help raise awareness around the Sickle Cell disorder. The event featured runway shows (comprising designers and runway models with Sickle Cell disorder), Marketplace exhibition and Panel session of Fashion Talks.
Dignitaries at the event include First Ladies of Ekiti, Ogun and Kwara states, Mrs Bisi Adeleye – Fayemi, Mrs Bamidele Abiodun and Mrs Folake Abdulrazaq respectively. The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, former Director-General of Nigerian Tourism Development Corporation, Mrs Omotayo Omotosho; popular television presenter and model, Idia Aisen; model and beauty influencer, Whitney Madueke were also in attendance. FirstBank was represented by Helen Ogboh, Business Manager, Corporate Banking.
Leading fashion designers that showcased their wares at the 2-day event were Daviva, Zephyr’s Atelier, Caroline 1942, Ashor by Bumz with exhibitions from Bee Fab, Moon by me, Bolams Aso oke amongst others.
In the course of the event, the Bank showcased the FirstBank Ankara in “The FirstBank Collection” segment at the event where FirstBank staff wore the Bank’s 125th-anniversary fabric and walked the runway.
Speaking on the event, the Group Head, Marketing & Corporate Communications, First Bank of Nigeria Limited, Folake Ani-Mumuney, said, “We are pleased to identify with Africa Fashion Week, Nigeria as it showcases creativity by African fashion designers to the teeming public, leading players and enthusiasts of African fashion whilst promoting their contribution to the growth of the fashion industry.”
“We will continue to drive advocacy for this as it can create jobs that will deepen opportunities for the revival of our textile industry resulting in SME growth along the value chains especially, with the growing demand in the fashion industry,” she concluded.
Only recently, the Bank promoted the use of local fabric with a ‘What If’ campaign to commemorate Nigerian’s Independence. The campaign was run across the social media channels; Twitter, Instagram and Facebook, to promote the versatility and creativity of sewing local fabrics as a national symbol vis-a-vis our outfits, clothing accessories, household furniture and so forth which is line with the Bank’s celebratory 125th anniversary, themed, “Woven into the Fabric of Society.”
Velmie launches mobile banking platform tailored for Africa
Velmie builds digital banking products, peer-to-peer lending and microfinance solutions.
Digital transformation could be a game-changer for the African continent, and FinTech is currently one of the main drivers of this technology revolution. The tremendous opportunity for digitally-driven financial services companies lies in the high proportion of unbanked citizens, the immense size and favorable demographics of the African population and the relatively limited state of technology.
Mobile payment solutions allow hundreds of millions of unbanked consumers to benefit from transacting online within their local context. Neobanking systems are designed to give financial companies access to automation, digitalization, and robust security, giving them ample opportunities to grow and innovate.
Addressing the industry demands, Velmie saw the opportunity to establish itself as a strategic technology partner to companies that want to take advantage of the disruption opportunities presented by open banking in Africa. We saw it as a market offering great potential, given the significant proportion of the population who don’t have access to affordable and secure payment services.
“There is a unique opportunity for Africa to become a world leader in FinTech, getting the most out of emerging technologies while greatly contributing to financial inclusion and innovation,” – Paul Shumsky, Head of Product.
We developed a white-label mobile banking solution that supports secure and straightforward ways of initiating payments. It also makes it possible for businesses of all kinds to create their financial ecosystems, establishing trust and closer relationships with their customers.
The main features of the Velmie mobile wallet platform, built on micro-services architecture, include:
- Secure two-factor authorization
- Interactive identity verification
- Advanced tiered KYC offers a built-in identity verification process supports multiple countries and clients
- Airtime purchases in unique digital currency specific to Africa
- Bill payments
- Peer-to-peer transfers with QR codes, address book and payment link transactions
- International remittances with multi-wallet and multi-currency features, augmented with instant currency conversion
- Branded payment cards
- Real-time money transfers and currency conversion
- Multiple currency support
- Real-time QR code payments
- Fast and convenient cash agent onboarding
- Online onboarding of merchants to support both online and in-store transactions
The platform integrates with a variety of payment platforms, including:
- African Payment Gateway
Velmie has been one of the first fintech innovators to introduce enterprise blockchain technology in the financial services industry. It has also successfully developed payment solutions for its clients. Recent projects include a nationwide payment system in North Africa, and clearance and custody solutions for banks.
These projects have given the company extensive experience in working with African digital financial service providers. As such, it has gained valuable regional-specific knowledge of the services most in-demand and the integration capabilities required for white-label mobile wallet platforms that cater to the African market.
Velmie builds digital banking products, peer-to-peer lending and microfinance solutions. In addition to these leading-edge software solutions, we give our clients access to a dedicated team of experts who can adapt and customize solutions, as well as integrate additional capabilities where needed.
The service level agreement (SLA) support we supply is comprehensive, with quick response and resolution turnaround times. Thus clients do not need to hire local support or engineering teams.
Velmie can deal with all conceivable kinds of customizations and custom development projects, whether it is a simple branding project or building in new platform features, we are ready to deploy dedicated teams to handle the tasks for our clients.
We have the necessary experience and expertise to enable your business to take full advantage of the immense potential offered in Africa. You can start with a white-label mobile wallet solution and build your digital bank from there.
The advantage of using white-label solutions to develop your FinTech offering is that you get immediate access to a cloud-based digital banking system, with all the functions you need to build an advanced and scalable solution. The technology platform we offer is highly scalable, secure, provides unlimited scope for customization, and offers end-to-end delivery.
The FSDH Dollar Fund by FSDH Asset Management is finally here
The objective of the Fund is to provide customers with the opportunity to invest.
On the 15th of June 2020, FSDH Asset Management, experienced fund managers that provide stellar investment solutions tailored to suit the financial position and goals of their clients, launched a new product; The FSDH Dollar Fund.
The Fund is an open-ended mutual fund that will invest in US Dollar denominated Fixed Income Securities issued by Nigerian Sovereign and Corporate Entities, and is authorized by the Securities and Exchange Commission in accordance with the provisions of Section 160 of the ISA.
The objective of the Fund is to provide customers with the opportunity to invest in dollar-denominated instruments, in order to achieve consistent cash flow and capital appreciation over the long term. Investors are able to enjoy significantly higher returns than what is obtainable from the average domiciliary account in local banks.
The minimum amount required to invest in the Fund is $1,000. To get started, you may download the FSDH Dollar Fund prospectus by clicking here. Also, download the application form right here. Interested investors can send completed application forms to [email protected].
Coronation Research releases report on the Nigerian Investment terrain
…Navigating the Capital Market: the Investor’s Dilemma.
Coronation Research today published its report on the Nigerian Investment landscape titled ‘Navigating the Capital Market: the Investor’s Dilemma’. The revolutionary report studies the Nigerian investment scene over a 10-year period and finds how Nigerians have managed to preserve their capital over the long term. Some of the conclusions are surprising. For example, it has been remarkably easy to beat inflation over the last 10-years by buying Federal Government of Nigeria Treasury Bills. However, with the crash in interest rates in the first half of 2020, this era has come to an abrupt end.
By contrast, equity market returns have not preserved capital for investors over the long term, even when adding back the generous dividends paid to investors. By looking at the internal profitability of stock exchange-listed companies, ‘Navigating the Capital Market’ identifies which stocks are the ones most likely to generate satisfactory returns for their owners, and back-tests the results.
“Nigerian investors are faced with difficult choices,” says Guy Czartoryski, Head of Research at Coronation Asset Management, “as interest rates have crashed. The alternatives are either to simply wait for rates to rise again in future, or to accept more risk in order to increase returns. But, to do that, they need to increase their understanding of risk.”
‘Navigating the Capital Market’ takes a new approach to setting investment return benchmarks. Instead of targeting inflation, which is the conventional benchmark, it recommends that investors should aim to beat the effects of Naira devaluation against the US dollar, and obtain the risk-free return they would have in US dollars. This suggests that they should ask for Naira risk-free fixed-income (or Treasury bill) return of 14.7% per annum over the long term. And, when it comes to equities, Coronation Research calculates that Nigerian investors should demand a return of 20.5% per annum. These are high benchmarks, but they show what is necessary to preserve the value of investors’ hard-earned money.
Coronation Research’s investor feedback shows that Nigerian investors have two concerns. The first is inflation. The second is not to lose money in investment schemes. And with fixed-income and bank deposit rates at record lows, and far below the rate of inflation at 12.4%, investors are being tempted to take risks again. Yet the priority now is for them to understand what those risks are, and how they can be managed. ‘Navigating the Capital Market’ is their guide to these challenging times.
Coronation Asset Management Limited, incorporated on 2 October 2015, is registered with the Securities and Exchange Commission (SEC) to provide fund and portfolio management services to institutions and individuals. Coronation Asset Management offers full-fledged investment services across various asset classes to the entire spectrum of investors: major institutions, smaller niche institutions & corporates, public sector family offices, cooperatives and high net-worth individuals.
Our Services include fund solutions (money market fund, fixed income fund and balanced fund), portfolio management (discretionary and non-discretionary), advisory services as well as fund administration and trustee services offered through its subsidiary, Coronation Trustees Limited.
Coronation was recently awarded the Fastest Growing Fund Management Company in Nigeria at the 2020 Global Banking & Finance Awards.
You may download the report by clicking here.