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Carbon debuts iOS app to increase access to finance 

Carbon has become the first digital lender in Africa to initiate and complete an entire loan cycle via an iOS app.

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Carbon debuts iOS app to increase access to finance

Carbon has become the first digital lender in Africa to initiate and complete an entire loan cycle via an iOS app.

The fintech firm formerly known as Paylater, said the iOS app it launched was developed in order to make access to financial services easier for customers in different markets.

Carbon-iOS

With Carbon already operating an Android app, the new development will ensure more people (both banked and unbanked) at every level of the market access Carbon’s services. The fintech firm said it would also add a USSD channel in the coming months.

Why this matters: Already, a recent Enhancing Financial Innovation and Access (EFInA) report suggests that more than one in three Nigerian adults (37%/36.6 million) are financially excluded, with 40% (14.9 million) of the excluded having no access to financial institutions at all.

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With smartphone adoption predicted to quadruple (from 36 million to 144 million) by 2025, the addition of an iOS app represents an excellent opportunity to provide financial services to individuals that would otherwise be unbanked or underbanked.

[READ MORE: Carbon goes to Kenya, promises to provide purposeful lending)

Where is iOS app available? For users in need of the Carbon iOS app, it can be downloaded on Apple Store. But while it will be available in Nigeria, it will not be available in Kenya and other markets, until later.

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Carbon, which prides itself as the first mobile app that provided access to credit digitally, said users can perform transactions or get loans at all 3 KYC tiers (low, medium and high value) provided by the Central Bank of Nigeria (CBN).

Speaking on the new addition to its app collection, the Chief Executive Officer and co-founder of Carbon, Chijioke Dozie, said, “We are really excited to add consumers on the Apple ecosystem to our network and we have channelled a lot of the learnings and user insights from the last four years on Android into this app. As we establish ourselves as a Pan-African digital bank, we want to go everywhere with our customers and be innovative and versatile enough to fulfil their needs.”

Since launching in 2016, Carbon has amassed 2.1 million users and disbursed more than $120 million in instant loans. The company empowers individuals and businesses across Africa with access to credit, simple payment solutions, high-yield investment opportunities and easy-to-use tools for personal finance management.

Competitive markets in Nigeria: Carbon is operating in a competitive market in Nigeria where the likes of QuickCheck, Sokoloan, Branch, Okash and many others are operating. The fintech space in the country is getting saturated, this is why some Fintechs are branching out to other countries.

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Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

1 Comment

1 Comment

  1. Mytrip ng

    February 14, 2020 at 1:43 pm

    Nice move

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Financial Services

CBN grants Mortgage Refinancing Companies approval to refinance Non-member banks

The CBN has expanded access to mortgage financing by removing restrictions on refinancing mortgages earlier imposed.

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The Central Bank of Nigeria (CBN), has granted approval to Mortgage Refinancing Companies (MRC), to re-finance non-member banks.

This is contained in a circular referenced FPR/DIR/GEN/CIR/07/056 and signed by Ibrahim Tukur, the Director of Financial Policy and Regulation Department, CBN.

The circular improved on the earlier provisions contained in section 7.3.1.5 which states that “A mortgage refinance company (MRC) shall not, without the prior approval of the CBN, extend total outstanding credit to any single borrower, which is equal to or more than twenty times the value of the borrower’s shares with the MRC or 25 percent of its shareholders’ funds unimpaired by losses.”

(READ MORE: Unity bank wants to be seen, but time is running low)

What this means

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Based on the provisions contained in the latest circular, MRCs are now free and legally permitted to refinance the qualifying mortgages of banks and all other non-members ( that do not hold equity), subject to meeting all other relevant requirements specified in the framework.

In a nutshell, the restriction on non-member mortgage lenders from refinancing their mortgages with MRCs has been removed.

Why this matters

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Prior to the provisions contained in the latest circular, CBN had expressed fears that provisions of section 7.3.1.5 negatively impacts the mortgages sub-sector, as it constrains the MRCS from refinancing the mortgages of non-shareholder banks. Therefore, the new order will help to remove the restrictions already highlighted.

In lieu of this, the latest circular stated that the provision of section 7.3.1 5 is hereby revised to “the MRC shall not, without prior approval of the CBN, extend total outstanding credit to any single borrower, which is equal to or more than 25 percent of its shareholders’ funds unimpaired by losses,” the circular reads.

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Business News

Nascon Allied Industries Plc: Increase in sale of goods boosts revenues

Nascon Allied Industries Plc recorded a boost from an increase in the sale of goods revenue-generating unit

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Nascon Allied Industries Plc recorded a boost from an increase in the sale of goods revenue-generating units, as total revenues increased slightly. The company reported revenues of N21.87 billion in 2020 (9months) – 4.01% increase compared to N21.03 billion in the corresponding period of 2019.

What you should know

Key highlights from 2020 (9months) results

  • Revenues increased by 4.01% from N21.03 billion to N21.87 billion YoY.
  • Revenues from sale of edible, refined, bulk grade salt; seasoning and vegetable oil, increased to N21.87 billion, +22.53% YoY.
  • Other income increased to N12.81 million, +27.43% YoY.
  • No revenue was recorded for freight income on the deliveries of salt and seasoning income-generating unit.
  • Gross profit increased to N8.96 billion, +74.56% YoY.
  • Operating profit increased to N3.64 billion +18.60% YoY.
  • Pre-tax profits increased to N3.47 billion, +16.63% YoY.
  • Post-tax profits increased to N2.29 billion, +13.27% YoY.
  • Earnings Per Share increased to 115 kobo, +12.75% YoY
  • Total assets increased to N44.36 billion, +45.79% YoY.
  • Total liabilities increased to N32.04 billion, +67.21% YoY.
  • Total equity increased to N12.32 billion, +9.35% YoY.

(READ MORE:Dangote’s NASCON Allied Industries Plc moves operation from Apapa)

Bottomline

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Nascon Allied Industries Plc recorded a boost from increase in sale of goods revenue-generating unit, but no revenue was recorded for its freight income on the deliveries of salt and seasoning revenue generating-unit.

Though companies have generally recorded decreased revenues in the last three quarters, mostly due to COVID-19; Nascon Allied Industries Plc was able to increase its total revenues and pre-tax profits in the period under consideration.

 

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Tech News

Instagram disables its “Recent” feature

Instagram recently announced it had removed the “recent” tab from hashtag pages on a temporary basis

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COVID-19: Instagram cracks down on coronavirus AR effects, Instagram Tenders apology for fagging #EndSARS fake, Instagram has disabled the “Recent” feature for the forthcoming U.S election,

Instagram disclosed that it would remove the “Recent” tab from its hashtag pages for people in the United States of America.

The social networking and video sharing service stated this on its official Twitter handle. It said it is “doing this to reduce the real-time spread of potentially harmful content that could pop up around the election.”

What you should know

Nairametrics had reported on Instagram’s apology for its algorithm malfunction that led to the flagging of #EndSARS posts as fake.

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Instagram has also taken the following measures to ensure a successful November election.

  • The registration of 4.4 million votes this year through its flagship platform – Instagram and Messenger.
  • Serving as a means of information and tool to people in the US on the electoral process
  • The ban of any content that can thwart the success of the election.

(READ MORE:U.S dollar stable amid U.S holiday)

Mark Zuckerberg, the CEO of Facebook, said he was perturbed about the high risks for civil unrest in the US due to the upcoming presidential election.

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“I’m worried that with our nation so divided and election results potentially taking days or weeks to be finalized, there is a risk of civil unrest across the country.”

Furthermore, he disclosed on a call while discussing Facebook’s Q3 earnings, that “given this, companies like ours need to go well beyond what we’ve done before.”

Why this matters

The aim of the short-term decision is to decrease the spread of misinformation in the forthcoming US election.

 

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