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Business News

FBN Holdings Plc’s gross earnings surge to N627 billion in FY 2019

FBN Holdings Plc has released its full-year 2019 audited financial report. We have summarised the key details for you.

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FBN holdings plc, First Bank

FBN Holdings Plc has released its full-year 2019 audited financial report. See the key highlights below:

Gross Earnings: The group’s gross earnings grew to N627 billion during the twelve-month period, up from N587.4 billion during the comparable period in 2018.

READ MORE: FCMB profit up 9.2% surges to N20 billion

Profit Before Tax: FBN’s profit before tax in the financial year 2019 stood at N83.6 billion compared to N63.9 billion in the financial year of 2018.

Profit After Tax: In the same vein, the group’s 2019 profit after tax increased to N73.6 billion compared to N58.2 billion during the preceding financial year.

FBN Holdings‘ Earnings per share (kobo) – Basic rose to 195 kobo in 2019 compared to 161 kobo in 2018. 

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Business

FG signs new Sustainable Development Goals agreement with UN

The Agreement is for new development cooperation with initiatives towards achieving Sustainable Development Goals set in the UN Agenda 2030.

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Xenophobia, FG reacts to inclusion of Nigeria on religious freedom blacklist by United States

The Nigerian Government has signed a deal with the United Nations to develop new cooperation towards achieving Sustainable Development Goals.

This was disclosed by the Minister of Foreign Affairs, Geoffrey Onyeama, in a statement on Thursday after the agreement was signed with the United Nations Office for Project Services, UNOPS, represented by Ifeoma Charles.

The Minister said, “On behalf of the Nigerian Government, I signed an agreement with the UNOPS represented by Ifeoma Charles Multi-Country Office Rep. The Agreement is for a new development cooperation with initiatives towards achieving Sustainable Development Goals set in the UN Agenda 2030.”

What you should know 

The 17 Sustainable Development Goals are:

No Poverty; Zero Hunger, Good Health, and Well-being; Quality Education; Gender Equality; Clean Water and Sanitation; Affordable and Clean Energy; Decent Work and Economic Growth; Industry, Innovation and Infrastructure; Reducing Inequality; Sustainable Cities and Communities; Responsible Consumption and Production; Climate Action; Life Below Water; Life on Land; Peace, Justice and Strong Institutions; and Partnership for the Goals.

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Business News

Best payment gateway platforms to avoid scams in your business

A payment gateway is a technology used to accept and hasten debit or credit card purchases from customers.

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Many businesses in Nigeria have adopted the online payment method because it is safe, fast, secure, and convenient. In recent times, fintech startups in Nigeria have developed safer payment channels to help businesses conveniently receive online payments.

What is a payment gateway?

A payment gateway is a technology used by merchants to accept debit or credit card purchases from customers. Integrating a payment gateway into your business is highly beneficial as it offers a more secure transaction process for your customers. It can also expand your customer base exponentially because many people will have access to your business at all times. The payment gateway offers faster transaction processing and customers can avoid the inconvenience of long queues.

In Nigeria, there is a wide range of payment gateways to choose from as a business owner. Before choosing a payment provider, you have to find out what each provider is offering and at what cost. Also, look out for PCI-compliant and SSL certificates in order to avoid security problems.

Here is a list of the top payment gateway providers and what they offer.


Paystack

Paystack is a growth engine for a new generation of innovative, forward-looking organizations operating in Africa. The company makes it easy for businesses to accept secure payments from multiple local and global payment channels, while also providing tools to help you retain existing customers, and acquire new ones.

Onboarding and approval take approximately 30 minutes, Paystack accepts payment in USD, GHC, NGN; and offers a wide range of payment methods like Card, Bank Account, Bank Transfer, USSD, Visa QR, and Mobile Money.

Pricing

  • Integrating Paystack is 100% free.
  • Paystack charges 1.5% + ₦100 for local transactions and 3.9% + ₦100 for international transactions.
  • ₦100 fee is waived for transactions less than ₦2500.

Flutterwave

Flutterwave provides the easiest and most reliable payment solution for businesses anywhere in the world. The company makes it easier for Africans to build global businesses that can make and accept any payment, from anywhere across Africa and beyond.

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Onboarding and approval happen immediately. Flutterwave offers a wide range of payment methods like Mastercard, VISA, Bank Account, USSD, Bank Transfer, POS, and Visa QR (for local payments); and Mastercard, VISA, and AMEX (for international payments).

Pricing

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  • Integrating Flutterwave is free.
  • Flutterwave charges 1.4% for local transactions and 3.8% for international transactions.
  • Processing fees are capped at a maximum of NGN 2,000.

Remita

Remita is a payment solution that helps individuals and businesses make and receive payments, pay bills, and manage their finances across multiple banks. Remita accepts payment in Naira and USD.

Remita offers a wide range of payment methods including Internet Banking, Debit/Credit Cards, Bank Branch, POS Terminals, Mobile Wallet, Cash Agents, mPOS, Direct Debit, Standing Order, and Electronic Purse.

Pricing

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  • Setting up Remita for your business is free.
  • Remita charges 2% for local transactions and 4% for foreign transactions.

Interswitch Webpay

Interswitch is Nigeria’s leading technology-driven digital payments company, helping to shape the payments ecosystem across the growing e-commerce sector in Africa. Interswitch offers a wide range of payment methods including all Nigerian cards, Verve, MasterCard, and Visa. Onboarding and approval take 1 – 2 weeks approximately.

Pricing

  • Interswitch charges a one-time integration fee of N150,000.
  • For transactions below N133,333, a fee of 1.5% applies, and N2,000 flat fee for transactions above N133,333.

PayU

PayU is a global payment platform that provides a secure way for individuals and merchants to accept and process online payments without the need for their own websites. PayU offers a variety of payment methods including Mastercard credit and debit cards, Verve, Visa and EFT bank transfer.

Pricing

  • PayU has a free setup cost.
  • It has a 2% service charge on all transactions.

Voguepay

Voguepay is an online payment gateway that allows businesses to process payments in any currency from customers all around the world. Vogue accepts payments via local and international payment methods including Verve, Visa, Mastercard, Bank Transfer, and Voguepay wallets.

Pricing

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  • Vogue pay charges N1500 (with Corporate Affairs Commission Certificate) and N2500 (with Government issued Identity cards) for setup.
  • Local transactions attract a 1.5% charge, while international transactions attract a 3.8% charge.
  • Onboarding and approval to Voguepay take between 1-5 days.

Monnify

Monnify is a payment gateway that allows businesses to seamlessly process payments from customers from multiple payment channels. It provides an easier and faster way for businesses to receive payments from customers on their web and mobile applications.

Monnify accepts payments via USSD, Internet banking, mobile banking app, and all Nigerian debit cards.

Pricing

  • Monnify setup fees and maintenance costs are free.
  • The fee for account transfers is capped at N500 per transaction or a flat rate of N300 (excluding VAT).
  • The card fee is capped at N2000 per transaction.

 

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Adopting a payment gateway for your online business can reduce the risk of fraud and also help you retain your customers. This means that your business is open 24/7 and your customers can shop at any time from the comfort of their homes.

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