Business News
FG calls for ECOWAS single currency extension
The Federal Government has called for an extension of the deadline to the inauguration of the region-wide currency, Eco.
The Federal Government has called for an extension of the inauguration of the region-wide currency, Eco. This was disclosed in its @NGRPresident twitter handle.
Giving reasons why more time was needed, the Federal government said in the tweet that majority of the countries had not met the required criteria to allow them join the Eco currency.
“Nigeria’s position on the Eco currency is that the convergence criteria have not been met by majority of the countries. There has to be an extension of time on the take-off of the single currency,” the presidency said.
According to Nigeria, so far, only one country in the region, Togo, has met a set of tough ECOWAS monetary and economic criteria to allow it to join the proposed currency.
Since the Eco Currency was announced by the Economic Community of West African States (ECOWAS), it has been discussed upon and postponed due to certain reasons. The move, which began 30 years ago, has been experiencing a delay due to the failure of the countries to reach a consensus.
[READ MORE: Nigerian traders urge ECOWAS to solve barriers before adopting ECO)
One of the push back was caused by the announcement by French-speaking countries in the region that they would also adopt Eco this year as they look to cut monetary ties with former colonial ruler France.
Nigeria and other English-speaking nations criticised this move, saying that was not in line with the currency’s initiative and what it wants to achieve.
Gambia, Ghana, Guinea, Liberia, and Sierra Leone all joined Nigeria to speak against the sudden decision by Benin Republic, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, and Togo to adopt Eco in 2020.
Recall that the Minister of Finance, Zainab Ahmed was quoted to have said, “The action is not in line with the decisions of the Authority of Heads of State and Government of ECOWAS for the adoption of the ‘Eco’ as the name of an independent ECOWAS Single Currency.”
She added that the West Africa Monetary Zone (WAMZ) Convergence Council “noted with concern, the declaration by His Excellency, Alassane Ouattara, Chairman of the Authority of Heads of State and Government of the West African Economic and Monetary Union (WAEMU) on December 21, 2019, to unilaterally rename the CFA Franc as ‘Eco’ by 2020.”
Cryptocurrency
PayPal is buying a Crypto security startup for less than $200 million
PayPal is set to outrightly purchase a crypto-security firm, Curv as part of its campaign in building its crypto ecosystem.
Corporate Press Releases
Transcorp Hotels launches Aura, an online marketplace for accommodation and experiences
Nigeria’s largest hospitality brand launches a new platform for booking vacation homes, holiday lets, and experiences.
Africa’s leading hospitality brand Transcorp Hotels Plc. has announced the launch of Aura, a new digital platform through which people can book accommodation, restaurants, and experiences.
The new brand, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.
“It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc., Dupe Olusola said.
“For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.
The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.
Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”
“To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.
Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.”
Working with thousands of partners across Nigeria and different cities in Africa, Transcorp Hotels Plc. is building the continent’s largest platform for people-driven hospitality. While travellers enjoy the right selections at the best prices on Aura, hosts can also earn a lot of money by receiving guests in their unoccupied homes and sharing the local culture with them.
For travellers who would rather stay in hotels, Aura also has a great selection of some of the best hotels in every city.
With the launch of Aura, Transcorp Hotels Plc. has further cemented its leadership in the hospitality industry and reinforced its commitment to innovation and superior guest experience across different demographics.
Guests and hosts can sign up at aura.transcorphotels.com to start booking or hosting. The service is currently available in Nigeria only, but the company said plans are already in place to expand to major cities in Africa.
Transcorp Hotels Plc is one of Africa’s leading hospitality companies, committed to redefining service standards across the continent while remaining truly and authentically African.
Aura by Transcorp
Aura is Africa’s best platform for connecting travellers with great accommodation, good food, and memorable experiences. The platform is also an avenue for people with unoccupied homes, hotels, restaurants, or different skill sets that may interest others can earn an income by becoming hosts.
