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FCMB, SME.NG and WFW Group urge women to take the Lead in driving growth of businesses and development
Women Entrepreneurs discussed their experiences on the effects of COVID-19 on their businesses.
Women in Nigeria have been urged to play a more active and frontal role to stimulate the growth of businesses and overall development. In addition, they have been advised to pursue leadership roles in their communities and the corporate world so as to rise to the top echelon of decision making in order to champion policies and programmes that would ensure sustainable development.
The advice was given by the President and Chief Executive Officer, Global Fund for Women (GFW), Ms. Latanya Mapp Frett, who was the Special Guest Speaker at the 4th edition of the Women Financing Women (WFW) Group meeting hosted by leading financial services provider, First City Monument Bank (FCMB) and SME.NG (Nigeria’s SME Impact Investment Platform) in Lagos on Thursday, June 25, 2020.
The WFM quarterly meeting, which was held virtually and recorded 30 registered attendees, provided a platform for women entrepreneurs to come together and share experiences on how the novel COVID-19 (coronavirus) pandemic has affected businesses and proffer solutions to the various challenges posed by the pandemic. The WFW Group, conceptualised by SME.NG in 2019, is an assemblage of women-led funds, investors and financial institutions with diverse portfolios that focus on assisting women to secure finance for their businesses in Nigeria. On the other hand, SME.NG is an impact investment platform that invests in Nigerian Small and Medium Scale Enterprises (SMEs) to realise measurable environmental, social and financial returns.
According to Ms. Frett, the absence of women in key leadership positions has limited the ability and capacity of women-owned businesses, including Small and Medium Scale Enterprises (SMEs), to secure the relevant support to ensure their success.
She stated that, “the inability of women to reach the very top of leadership positions is a limitation to reach our goals. These include long term opportunities to influence the attainment of international sustainability targets in a manner that would impact positively on the well-being of women and their endeavours, especially in the area of business and other socio-economic activities”.
Ms. Frett informed that the Global Fund for Women has in the last 35 years intervened and supported women in various ways. She listed this to include funding of over 5,000 women-owned businesses across the world since the outbreak of the COVID-19 pandemic, and the creation of a feminist funding model, under which GFW works with a network of partners to ensure that women can fund the business of other women through grants of between $10,000 and $100,000 for a period of 3yrs.
In addition, she disclosed that the Fund is in partnership with the United Nations and other multilateral organisations to sustain girls’ education following the COVID-19 pandemic, while also initiating a Crisis Fund for the pandemic. She added that the funds are used to provide relief items, health services and other essentials across communities. Ms. Frett urged financial institutions to, “focus on the overall social Impact beyond their funding to businesses by determining which ones with limited resources they can continue to fund and have multiplier effect in this critical period”.
Also speaking at the meeting, the Executive Director, Business Development FCMB, Mrs. Bukola Smith, stated that FCMB has been supporting businesses for several years and has been very deliberate in this regard for women-owned SMEs. This includes the setting up of a women in business proposition, known as SheVentures to meet the various needs of women entrepreneurs.
“SheVentures is a brand for FCMB’s Women in Business proposition, which provides financial and business support to women owned businesses enabling them to unlock potential, scale-up and build sustainable businesses with significant impact on the economy”, she explained.
Mrs. Smith, who is a prominent member of WFW, noted that the FCMB SheVentures initiative is centered on 4 pillars; Access to capital which encompasses the SheVentures zero-interest loan granted to over 160 Women SMEs since last year, Gender Intervention Funds and Equity funding through collaboration with SME.NG to give ready women SMEs access to women investors; Access to knowledge which ensures that women entrepreneurs are guided with the proper training and robust mentorship programs to help them navigate and understand the business environment; Access to network and Access to market”.
She restated the commitment of FCMB to sustain its support for women entrepreneurs, adding that, “through the profitable and beneficial business models we have developed for women entrepreneurs, we have gone a step further by ensuring that SMEs that have benefitted from our support in turn go ahead to improve the social state of their communities positively. We look forward to learn more on how to support female entrepreneurs given the challenges faced due to the COVID -19 Pandemic”.
The Managing Partner for SME.NG, Ms. Thelma Ekiyor, informed that the organisation, in collaboration with the Federal Ministry of Women Affairs and Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), conducted a “National Survey on the Impact of COVID-19 on Women-owned Businesses”. 1,300 women entrepreneurs in 30 states participated in the survey to determine their challenges and needs. She added that a key recommendation from the survey, is for a Fund to be domiciled at the Federal Ministry for Women’s Affairs to support women entrepreneurs in recovering from the pandemic.
Ms. Ekiyor also mentioned that SME.NG is working with FCMB and GroFin (a SME development financier) to provide finance to women-owned businesses, who graduate from their Accelerator “She Works Here”.
Women Entrepreneurs at the meeting gave testimonials about their experiences on the effects of covid-19 on their businesses. Notable among the achievements recorded is an increase in the number of jobs created, an indication that their respective businesses are growing in a sustainable manner.
Explore economic research data from Nairametrics on Nairalytics
The participants also advised that women entrepreneurs should tap into and harness the benefits of e-commerce and all other forms of business digitization.
For more information about FCMB, please visit www.fcmb.com.
Business News
Geely Auto to invest 54 million dollars in the development of healthy cars
Geely’s leading track record will be taken to a new level with the development of an all-round “healthier car.”
As Exclusive Partner of Geely Automotive in Nigeria, Mikano brings us great news of Geely Automotive innovative steps towards development of “healthy, intelligent vehicles” by earmarking 54 million Dollars of funding to it; as a furthering of the fight against Coronavirus.
The move not only adds a new dimension to Geely’s understanding of “passenger safety,” it also represents a new development direction for automobiles.
READ: Automotive Bill: Why FG may return it to National Assembly
The development of a “healthier car” differs from specialized medical vehicles in that Geely’s products are made for ordinary consumers. Cars with comprehensive virus protection not only require the capability to isolate harmful substances in the air, it also needs to quickly and effectively purify cabin air for occupants.
Geely Auto’s global R&D and design networks based in Europe, USA and China will jointly move to develop and research new environmentally sustainable materials with anti-bacterial and anti-viral properties which can be used within air-conditioner systems and on frequently touched surfaces such as buttons and handles.
Geely Auto will make full use of its global R&D system and resources as well as cooperate with professional medical and scientific research institutions to set up special project teams to work on the new research.
READ: Cars45 CEO explains how to increase demand for Made in Nigeria cars
An Conghui, President of Geely Holding Group and President and CEO of Geely Auto Group said “Epidemic prevention is a job that requires the long-term effort of wider society. As the most common mode of transportation, consumers spend a considerable amount time in their cars, akin to a “second home” Only by making healthier products can we meet consumer demand for better quality of life. Based on the automotive industry’s development direction built around electrified, connectivity, intelligence, and shared mobility, auto companies should commit to developing products that help protect the health of drivers and passengers. This will become one of Geely Auto key long-term development objectives.”
Earlier on January 28, Geely Holding Group joined hands with the Li Shufu Foundation to set up a special 30 million dollars fund in support of the new coronavirus prevention and control, with a focus on the mass purchasing of much needed medical supplies for China in the short term.
Geely’s leading track record will be taken to a new level with the development of an all-round “healthier car.” Geely’s move sets a new precedent in the development of safety technologies that goes beyond developing leading crash test results and moves into new dimensions of passenger safety.
Visit www.geely.ng to find out more about Geely Nigeria
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Stanbic IBTC introduces Super App; upgraded with exciting features to enable seamless transactions
Stanbic IBTC Holdings PLC has upgraded its mobile App by introducing exciting features to enable seamless transactions.
The financial services industry is enjoying a phenomenal growth and Stanbic IBTC bank, certainly is not left behind in its effort to consistently guarantee a seamless digital experience. Everyday customers are exposed to innovative mobile technologies, this therefore places a higher expectation that Banking Apps will provide a fully rounded experience.
Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has upgraded its mobile App by introducing exciting features to enable seamless transactions for its customers with additional cutting-edge capabilities to enhance the customer experience. The App, termed the “Super App” is a one-stop App that offers the opportunity to transact across core banking transactions, while also managing Mutual Funds, Pensions, Insurance and Stockbroking accounts. Customers have a unique opportunity to experience unified access to all of these products, all at once. The App delivers easier, faster, and more convenient all-round experience.
Banking without barriers
At its core, the App has “My Bank” Module. This module of the Super App makes it possible to transfer funds to a single as well as multiple beneficiaries. You can also use My Bank on the Stanbic IBTC Super App to buy airtime, pay bills, make cardless withdrawals from an ATM, schedule payments and load a prepaid card. The special ‘Hide Account Balance’ feature on My Bank allows customers to hide their account balance, especially when in public or insecure environments. The Super App also offers quick log-in capability with facial and fingerprint biometric options and provides more self-service options such as unfreezing of account and password reset option. The integration of an automated voice banking service on the “Super App” allows customers to bank as quickly as they speak. Basic transactions can be performed by speaking directly to your mobile phone using the microphone icon on the top left corner of the App.
@Ease Wallet
The Electronic wallet module is designed to meet the lifestyle needs of the informally served, under-banked and multi-banked using a unique combination of technology and agent network. With the @ease wallet, customers can send and receive money, purchase airtime, pay bills and withdraw cash through any of the agent networks. To ensure maximum security, the @easewallet is protected by a four-digit secret pin which is needed to log-in and authenticate all transactions on the App.
The Stockbroking module.
The Stanbic IBTC Stockbroking module gives direct access to the Nigerian Stock Market for its customers to trade independently. The days are gone when customers had to visit their stockbrokers and spend hours trying to attend to basic concerns about their investments in stocks and securities. This module also allows customers to check current stock prices; get stock market news; view, modify or cancel pending stock orders. Customers can also retrieve their stockbroking account information (trading account number, CSCS number, address, and more).
The Pensions module – A richer tomorrow.
With the Pension module, customers can enjoy the benefits of making inquiries, signing-up for e-statements, viewing their Retirement Savings Account (RSA), Approved Existing Scheme (AES) and Voluntary Contribution (VC) balances. They can also request registration certificates and customize their log-in profiles.
The Insurance module.
Stanbic IBTC has also introduced Insurance Brokerage solutions as a new feature on the Super App. This functionality enables customers of Stanbic IBTC Insurance Brokers view the status of their insurance policies, view their transaction history, renew insurance policies, report claims and upload claims-related documents and pictures.
The Mutual Funds module allows customers invest to ensure overflowing streams of income. You can also use the ‘Mutual Funds Module’ to create a new mutual funds account, increase online redemption limit, buy additional mutual fund and move funds across your various mutual funds or to a new mutual fund. With the “Mutual Funds Module’, you can make Investments with a few taps.
Indeed, the new Stanbic IBTC Mobile App is more than just the ordinary; It is a Super App.
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Everything you need to know about Crypto Trading
Trading cryptocurrencies has many benefits, but here is everything you may need to know.
Trading cryptocurrency simply involves changing one cryptocurrency to another cryptocurrency or changing crypto to local money or Fiat. On the other hand, cryptocurrency trading also covers the buying and selling of any crypto or coins and exchanging to the fiat of one’s choice.
To trade crypto assets, the first thing you need to do is to ensure you have a wallet where you can keep any cryptocurrency you’ll be purchasing from any crypto exchange platform like Remitano, Coinbase, Binance, etc. The first stage of trading cryptocurrency is creating an account. The essence of creating an account is to show interest and also give you the platform to get your cryptocurrency wallet.
READ: Crypto exchanges with most valuable crypto-assets in the world
What are the cryptocurrency exchange platforms?
These are platforms that allow the buying and selling of cryptocurrencies. There are centralized and decentralized platforms, but the bests are always decentralized. The decentralized platforms are controlled by multiple systems (meaning there is no single computer controlling it). These platforms allow you to buy and sell cryptocurrency and as well as store them in your wallet.
Read this article about decentralized cryptocurrency exchanges (DEX) to gain more insight into decentralized exchanges.
Exchanges charge traders a fee for allowing you to trade cryptocurrencies. The average fee per trade is 0.1% of each trade executed on the platform. Billions of dollars worth of crypto assets are traded every day. Lucky traders and early adopters have made it big from trading cryptocurrencies, and it is now their full-time job.
From my experience, there are basically two types of cryptocurrency trading; short term trading and long term trading. Now let’s look at these types of trading.
Short term trading
This refers to buying cryptocurrency at a low price only to hold for a short time before selling at a marginal profit. Trading time can be between minutes to months.
The idea is simple; you buy a coin because you think the price will increase in a short time and then sell it for a quick profit.
This guide on day trading will help you become an expert at short term trading.
Long term trading
Long term holding refers to the act of holding a particular crypto asset for a very long time, years to be precise. The word HODL which means Hold on For Dear Life originates from long term trading. The idea of long term trading is to hold crypto assets for a very long term regardless of the volatility with the hope that it will increase by a significant factor after years of holding.
Risks of trading cryptocurrencies
Fluctuations are the most significant problem that cryptocurrency traders face. Trading cryptocurrencies have many benefits, but before you trade, you must be aware of the risks involved in trading. Below are some of the cryptocurrency-related risks.
✓ Cryptocurrency fluctuates: There is no fixed price over a fixed period for cryptocurrency. This means the worth of a cryptocurrency today can change tomorrow. The change can be slow or rapid, but it is quite unusual for cryptocurrency value to drop heavily. Most times, whenever it drops, it is always little, and there’s still a time when it will pump (cryptocurrency increases).
READ: Fate of $2.3 billion worth of Bitcoins in Limbo
✓ Cryptocurrency is not regulated: The bank and government are not in control of these digital assets. However, people are paying more attention to it because of its usefulness and how it is becoming generally accepted across the globe.
✓ Security risks: There can be cryptocurrency mistakes, and cryptocurrency can be hacked: Sometimes, avoiding obstacles as a result of technical failures might be difficult. Hackers can also hack into cryptocurrencies and toy with it.
The best way to avoid issues with cryptocurrency is to get as much information as possible before starting.
READ: How to buy and sell Bitcoins in Nigeria
There are quite a number of people that are concerned about the best trading platforms to use for their transactions. There is no need to worry about that.
This article will highlight some of the top and best cryptocurrency exchange platforms you can use for trading. There are a lot of other platforms out there, and finding the best should be the aim. Below is a streamlined list of five cryptocurrency trading platforms that are safe and trusted.
READ: Bitcoin could reach $225,000 by 2021
Remitano
This is the most recommended trading platform for both beginners and experts. The platform is a P2P escrowed marketplace that makes buying and selling of cryptocurrency and trading to local currency easier and faster. You are connected with buyers or sellers (depending on what you want to do), and the transaction goes on safely.
source: Remitano.com
READ: Big mistake: Ripple’s CTO sold his Bitcoin for $750
Coinbase
Coinbase is one of the best platforms for trading. It is highly secured and easy to use for trading leading cryptocurrencies like Bitcoin, Ethereum, and others. Coinbase has APIs that allow developers to link with third-party apps and trading platforms. Coinbase is on this list because it is easy to use, highly secure, and fees are low.
Source: Coinbase.com
Kraken
Kraken is on the list because it is an old and consistent cryptocurrency platform that allows funding from diverse options. This platform is super cool for beginners because it makes the onboarding process easier.
Source: Kraken.com
Bitfinex
BItfinex is a good platform for all trading necessities. If you are already learned and good with trading, you will find this cryptocurrency exchange valuable. Beginners might find the interface complicated, but it supports different cryptocurrencies.
Source: Bitfinex.com
CEX.IO
This is a reliable platform for multiple cryptocurrencies. You can also make deposits from your local bank (credit card or any other option that suits you). The multiple payment option and high security, state compliance with regulatory organizations are top reasons why you should consider the platform. You can also track your investments with their developed reports.
Source: Cex.io
What makes cryptocurrencies ideal for trading
The primary reason why cryptocurrencies are ideal for trading is because of the fluctuations. There are cases where you’ll have more profits due to the price when you bought the cryptocurrency, and you experienced an increase in the long run (that means you’re making a profit). Also, the opportunity to buy cryptocurrencies when they’re cheaper or at the prices that are convenient for you and sell off when you realized they’ve increased in value makes cryptocurrency ideal for trading.
It is an undisputed fact that the income coming from crypto trading might not be as huge as you might have envisaged, however, the more the value of the cryptocurrency you’re holding or trading, and the longer you hold your cryptocurrency, the more your chances of cashing out big.
The price is influenced by the economic factor of demand and supply. This is what the cryptocurrency traders use in balancing their portfolio. Cryptocurrency is just a different and unique investment form or opportunity.
Now that you understand everything about crypto trading, you can learn how to begin cryptocurrency trading in 2020.
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