In a bid to provide investors with investment options that improve financial inclusion and align with ethical beliefs, FBNQuest Asset Management, a subsidiary of FBN Holdings recently launched the FBN Halal Fund.
Regulated by the Securities and Exchange Commission (SEC), the FBN Halal Fund is an open-ended mutual fund designed to meet the needs of investors seeking long-term income generation, as it offers an opportunity for exposure to a broad range of fixed income Shariáh-compliant investments.
The FBN Halal Fund is an open-ended Fund, which offers a key benefit of providing flexibility and liquidity for investors with ease of entry and exit. Returns from the Fund will be distributed to unitholders semi-annually. In order to provide investors with confidence regarding strict adherence to Shariáh principles, the FBN Halal Fund will adopt a best practice approach with its governance structure through a Shariáh Advisory Council of Experts, an Investment Committee, a Custodian, and a Trustee.
Commenting on the product launch, Ike Onyia, the Managing Director of FBNQuest Asset Management stated that “The FBN Halal Fund will be actively managed under Islamic finance principles (faith-based Investment), a respected Shariáh advisory council of experts and our seasoned portfolio managers who are guided by valuable experience”.
“The Ethical Fund was introduced based on the need to create value-driven connections with our clients. Being a member of one of the strongest and most dependable financial groups in Africa, our goal is to constantly provide a wide range of solutions to support the evolving needs of our partners, and the opportunities for diversification through this Fund further affirms our client-centric approach to service delivery,” he added.
The minimum investment required to invest in the FBN Halal Fund is N5,000.00 (five thousand naira only), and the Fund will offer investors an opportunity to tap into a diversified suite of products that are in accordance with their values and religious beliefs. It will also provide attractive returns comparable to conventional finance without dealing with investments that are non-Shariáh-compliant.
FBNQuest Asset Management’s Mutual Funds portfolio has continued to perform strongly on a year-to-date basis. The organisation offers a number of mutual funds that are accessible to all types of investors based on their risk appetite and investment. To find out more about the FBN Halal Fund and other FBNQuest Mutual Funds products, please follow FBNQuest on social media or visit the website https://beyondtoday.fbnquest.com/.
About FBNQuest Asset Management
FBNQuest Asset Management is a leading asset manager in Nigeria for individual and institutional investors. A subsidiary of the FBNQuest group, it offers a range of investment products and services, with strategies spanning various asset classes and sectors. The firm guides its clients through Africa’s dynamic markets and identifies the best opportunities that shape their portfolios.
Offering specialist portfolio and fund management services, the firm manages investment accounts for high-net-worth individuals and institutional clients; including insurance companies, pension funds, public and private mutual funds, endowment and charity funds, as well as segregated and special accounts.
Adamawa receives N200 million, 3 ambulances from BUA Foundation
Governor Ahmadu Umaru Fintiri eulogized BUA Foundation for the surprising donation.
As COVID-19 cases continue to rise across Nigeria, Adamawa state today, became the beneficiary of three ambulances and 200million Naira from BUA Foundation to support the states fight against COVID-19. This was as the Governor of Adamawa State, Ahmadu Umaru Fintiri, expressed his appreciation to the Chairman of the BUA Foundation, Abdul Samad Rabiu for fulfilling a pledge to support the state in its fight against COVID-19.
The representatives of BUA Foundation – Aliyu Idi Hong, Director, Government Relations of BUA Group and Yusuf Binji, Managing Director of BUA Cement whilst presenting the three ambulances and 200million Naira cash donation, said the donation to Adamawa state is in line with BUA’s promise to work with Nigeria and support Nigerians in fighting the pandemic. They further added that BUA remains committed to its social obligations everywhere it operates and will continue to assist various efforts across Nigeria and Africa. According to them, “BUA Foundation through its Chairman Abdul Samad Rabiu has committed in excess of N7 billion in cash, foodstuff, and medical supplies amongst other things across Nigeria – from the Federal level to states, to agencies and various initiatives.
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“In continuation of the support to alleviate the impact of the pandemic, BUA decided to donate the sum of N200million to Adamawa state and 3 ambulances to help the state towards identifying, moving and managing patients of COVID-19 in the state,” he added
On his part, the Adamawa State Governor, Governor Ahmadu Umaru Fintiri eulogized BUA Foundation for the surprising donation and urged well-meaning Nigerians and corporate bodies to keep assisting the government in the fight against the Coronavirus pandemic.
“I wish to show my deep appreciation for this wonderful gesture which was provided by a patriotic Nigerian and the Chairman of BUA Group, Abdul Samad Rabiu. He made his pledge and fulfilled it a day after. I assure you we will make a very good use of the ambulances and the money given to the state’s COVID-19 response. We will put the ambulances and the money to good use in fighting the pandemic,” Gov. Fintiri added.
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First City Monument Bank announces the FCMB Agritech EPIC Pitch 2020, in partnership with Passion Incubator
Committed to “Redefining and repositioning Agricultural value chains during and post the COVID-19 era”
The agriculture sector in Nigeria and the larger African continent faces a number of challenges including climate and weather, rural-urban migration, lack of expertise and limited access to funding. While solutions to address these challenges have increased year on year with great success, more still has to be done before Africa can fulfil its potential of being the “food basket for the world”.
First City Monument Bank (FCMB), one of the biggest financial players in the development of Nigeria’s agriculture sector, has announced the 2020 edition of the FCMB Agritech Epic Pitch, through which it plans to sustain funding for early to growth-stage entrepreneurs to grow and scale their Agritech businesses.
In its 3rd Year, the FCMB Agritech Epic Pitch 2020 will be implemented through Hub One (the Bank’s tech Hub located in Lagos, Nigeria) in partnership with Passion Incubator, a Lagos-based early-stage tech incubator, and accelerator. For this edition, FCMB will be providing grant funding of NGN1.5million to 2 tech start-ups in the agriculture sector to support their business growth as well as access to free word-class workspace, steady market and a robust network that stimulates innovation, collaboration and business growth.
In view of the COVID-19 pandemic, the FCMB Agritech Epic Pitch 2020 is the first virtual edition of the initiative, but is positioned to deliver the same value to participants, as demonstrated in previous editions. According to Rolayo Akhigbe, Divisional Head, Transaction Banking, FCMB “We are passionate about supporting Nigeria’s tech ecosystem and this initiative is one of the ways through which we are building and accelerating the growth of the Agritech Startups in Nigeria, as well as the larger African continent…”
Also according to Kudzai Gumunyu, Divisional Head, Agric Business “This initiative plays an important role in helping young and driven Nigerian entrepreneurs grow their Agric-focused business. This mission would eventually build investible, sustainable and scalable AgriTech businesses that can contribute to the nation’s employment rate as well as the growth of the nation’s GDP”.
Application for the program is currently open. Entrepreneurs in the Agritech space should apply by visiting https://on.fcmb.com/AEP. The deadline for application is July 24, 2020.
The program will also feature a virtual conference with the theme “Redefining and repositioning Agricultural value chains during and post the COVID-19 era”, which will bring together some global experts to discuss and share some insights on the Agricultural value chains.
For more information about Hub One, as well as other FCMB initiatives in support of the tech ecosystem, visit https://www.fcmb.com/hub-one/
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.