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Business News

Women empowerment: Nigeria missing among World Bank’s best 40 nations

Nigeria has missed out on a list of 40 countries that improved regulatory environment for women’s economic participation over the past two years.

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Nigeria misses out as World Bank lists countries with reforms on women empowerment  

Nigeria is missing on a list of 40 countries that improved regulatory environment for women’s economic participation over the past two years. This was disclosed in the World Bank’s study.

The study, “Women Business and the Law (WBL) 2020”, which measures 190 economies, tracking how laws affect women at different stages in their working lives. It also focused on those laws applicable in main business cities, judges the 40 countries on the enactment of 62 reforms that will help women.

Nigeria misses out as World Bank lists countries with reforms on women empowerment  

Women are half of the world’s population: With women in many countries having only a fraction of legal rights men have, there is a need for reforms to aid the realization of their potential and help them contribute to economic growth and development, a new World Bank study has said.

David Malpass, President of the World Bank Group disclosed that legal rights for women are both the right thing to do and good from an economic perspective. He added that when women can move more freely, work outside the home and manage assets, they are more likely to join the workforce and help strengthen their country’s economies.

“We stand ready to help until every woman can move through her life without facing legal barriers to her success,” Malpass said.

[READ MORE: Terrorism, bane to Nigeria’s Agric development – World Bank)

In Nigeria, while the financial inclusion level is on the upswing, it is mostly men that are captured into the system, while women, across regions of the country, are affected by religious, cultural and educational factors, limiting their potential.

However, Nigeria may have attained some of the reforms, with the majority being mere norms and practices, a lack of full legislative backing and implementation is still a challenge to the achievement of the targets, while women’s economic participation continue to under-perform.

Nigeria misses out as World Bank lists countries with reforms on women empowerment  

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In Sub-Saharan Africa, 11 economies implemented 16 reforms in seven areas. The Democratic Republic of Congo introduced social insurance maternity benefits and equalized retirement ages, while in Côte d’Ivoire, spouses now have equal rights to own and manage property.

The World Bank study covered reforms in eight areas that are associated with women’s economic empowerment, conducted from June 2017 to September 2019, precisely on mobility, workplace, pay, marriage, parenthood, entrepreneurship, assets and pension.

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Appointments

Standard Bank Group appoints Yinka Sanni as new Chief Executive of Africa Regions

Yinka Sanni has been appointed as Standard Bank Group’s Chief Executive of Africa Regions.

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Stanbic IBTC declares N10.4 billion interim dividend

The Standard Bank Group has announced the appointment of Yinka Sanni as the new Chief Executive of Africa Regions.

This announcement was made by the Group in a post shared via its official LinkedIn account. The bank revealed that Sanni will be replacing Sola David-Borha who is retiring after 31 years of distinguished service to the group.

His appointment will play an integral role in driving the growth of the Standard Bank Group in Africa further in the years ahead.

He is expected to build on the work of David-Borha, a renowned professional who played a key role in growing the Group’s Africa Regions portfolio in terms of capacity, market share and contribution to the group’s headline earnings.

What you should know

  • Yinka Sanni is a Fellow of the Chartered Institute of Stockbrokers of Nigeria.
  • He has served in key positions within the Stanbic Group, as the Chief Executive of Stanbic IBTC Holdings PLC, Chief Executive of Stanbic IBTC Bank PLC, Deputy Chief Executive of the Bank and Executive Director, Corporate & Investment Banking of the Bank.
  • He was also the pioneer Chief Executive, Stanbic IBTC Pension Managers Limited and the pioneer Chief Executive, Stanbic IBTC Asset Management Limited.

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Corporate Press Releases

P2P crypto marketplace, Bitzlato (BZ) partners with Lemonade Finance to ease money transfers across Africa

The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

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Bitzlato (BZ), the latest P2P Crypto Exchange to enter the African market, has added Lemonade.Finance, a borderless payment platform for Africa, as a payment method to its platform.

Lemonade Finance provides 100% digital payment experience for Africans to seamlessly participate in the global economy from anywhere in the world without any hassle or regardless of where they are from.

The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

Users in Nigeria will now be able to send Nigerian Naira (NGN) to MPESA at 0% transaction fee.

Speaking about this partnership, Ridwan Olarere, CEO, Lemonade Finance, said:

“We are excited to partner with such an innovative company like Bitzlato to connect more Africans through payment. Many Africans living on the continent face many difficulties when making payments as remittance companies charge high fees and are time-consuming. We are now providing our users with a cost-effective way of sending money to Ghana, Kenya, Uk and Europe.”

Commenting on the opportunities this provides to crypto traders on the BZ platform, Mike Lunov, CEO, BZ, said:

“This partnership will provide a much-needed gateway that enables the markets we serve to seamlessly interact with each other in a borderless and open environment. We seek to break the barriers that presently exist for cross border transfers and enable our users to generate value through the opportunities that accrue from cryptocurrencies trading. The innovation exhibited by the Lemonade platform, and the brilliance of its team assures users of top-notch, secure and reliable transfers going forward.”

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According to BZ, during the first month, BZ will refund commissions in manual mode while using Lemonade Finance, but this will be automated at the end of this period.

Following this partnership, BZ is now looking to partner with merchants in the crypto space especially in Nigeria, Ghana, South Africa that have a steady flow of Nigerian Naira (NGN) to increase liquidity on the platform.

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Take advantage of the new Lemonade Finance payment method on BZ, which offers zero transactional fees for money transfers from Nigeria into Kenya. Sign up on BZ and start trading crypto easily today.

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