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New broker-dealer lets Nigerian investors purchase US stocks commission-free

Passfolio, an American fintech company, is democratizing access to US investments.

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Passfolio: New broker-dealer lets Nigerian investors purchase US stocks commission-free

Passfolio, a new fintech company from San Francisco, now offers access to the US stock market. The company has a mobile app and web platform that lets people in more than 170 countries, including Nigeria, invest in US stocks with no commission fees.

Passfolio’s mobile app makes it faster and easier to invest in United States dollars, stocks, ETFs, and REITs via a United States SEC-registered broker-dealer. Passfolio also supports local funding and deposit methods, making it faster and easier for people to deposit their local currency such and get same-day USD credit in their brokerage account.

READ: Why it makes sense to invest in foreign equities from Nigeria

The idea for Passfolio came when founder David Gobaud was travelling the world in 2018 for a previous project and noticed how much demand there is for better investment opportunities. In most countries, investments are still an expensive privilege of few.

“At Passfolio, we believe investment opportunities should be borderless. If someone in Nigeria or Brazil wants to invest in the US, they should have a fast, easy, and secure way to do so. Passfolio was founded with the mission of democratizing access to United States investments and making them available to people across the world”

READ: Stocks, cryptos rank high as financial experts reveal their best investments in 2020

No commission fees for stock trades

Passfolio charges no commission fees for stock trades of assets priced $5 or more², which includes stocks like Amazon (AMZN), Microsoft (MSFT) and Tesla (TSLA). Through the app, you can browse through different categories of stocks, like sectors and top movers.

By charging no commission fees, the company says it makes money from sources like crypto trades through Passfolio Financial, currency conversions from local transfer methods and interest on uninvested cash.

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Sigma Pensions

READ: World richest man, Jeff Bezos holds 5% of his wealth in cash

Fractional share trading

Passfolio also supports fractional share trading. This means you can buy or sell as little as $1 of any stock available in the app. By allowing fractional shares, the company democratizes the access to US investments.

Cryptocurrency support

Users can also deposit and trade cryptocurrencies like Bitcoin through Passfolio Financial.

Passfolio makes it possible for users to fund their accounts using cryptocurrencies by first converting them into dollars through Passfolio Financial⁴, then moving the dollar proceeds to their brokerage accounts at Passfolio Securities, where users are then able to buy stocks. This way, investors can deposit Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Zcash and other cryptocurrencies and access the US market.

Passfolio’s app is available on the App Store and on Google Play. To create your account, you need to be at least 18 years old or older and have a valid photo ID document (Passport, Driver’s License, National Identity Card, or Residence Permit Card).

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Sponsored by Passfolio

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Leadway Pensure PFA bags Customer Service Excellence award at Africa Brands Awards 2021

Leadway Pensure’s award reaffirms its commitment over the years to giving its clients amazing experiences beyond the call of duty.

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Leadway Pensure PFA Limited, Nigeria’s foremost pension funds administrator, has been recognized as the most admired pension brand in Nigeria following its emergence as the winner of the Customer Excellence Award at the 2021 edition of the Africa Brands Awards.

The prestigious African Brands Awards was created over a decade ago to promote innovation and creativity amongst African brands across different industries. The emergence of Leadway Pensure as the winner of the Customer Service Excellence award in the pension category reaffirms the brand’s customer-centricity and its commitment over the years to giving its clients amazing experiences beyond the call of duty. The recognition comes at a crucial period in the pensions industry with the opening of the transfer window which allows customers move their retirement savings account from their existing PFA to another.

Still on the recognition, the Managing Director, Leadway Pensure PFA Limited, Mrs. Ronke Adedeji, stated that receiving the award was a testament to how the brand had treated its clients and the positive perception it had been able to create in the larger society. According to her, “Our clients are at the center of everything we do, hence, we are constantly innovating and finding new ways to better their experiences with us. We continue to blaze the trail in the industry by finding simple and smarter channels to deliver our services; and optimizing our processes. We are a firm believer that if truly we must assist our clients to get more out of life, we must also continuously explore effective and efficient ways of delivering pension services.”

Mrs. Adedeji hinted that the company invested heavily in digital channels aimed at easing tracking, reporting, and communicating with its clients. “In addition to our long-standing heritage of excellence and competitive returns on investments, we prioritize accessibility for our clients by launching online channels to connect with them. Some of the online channels include our Online Enrolment Portal that allows users to remotely open a Retirement Savings Account (RSA) and get their RSA PIN instantly, our Mobile App, Interactive SMS, Pensure Online (p-Online), SureCal (Pensure Calculator), amongst others. We are unwavering in our promise to all existing and potential clients to continuously offer pension plans and experiences that surpass their expectations,” Mrs. Adedeji said.

It is important to note that the company also recently received the ISO 27001 certification, a globally coveted standards certification that recognizes commitment to the highest standards of information data security management.

Leadway Pensure has, over the years, shown itself as one of the leading PFA’s in Nigeria. It continues to advance the PFA industry by devising unique ways to service the ecosystem and deliver value to all stakeholders. Leadway Pensure is one of the most capitalized PFA’s in Nigeria with an authorized share capital of N2.0 Billion. Our shareholder’s fund is in excess of N7.0 Billion, unimpaired by losses.

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ITA partners NEPC to launch first E-Lab Innova training for agribusinesses in Nigeria

The E-Lab Innova is an educational training program for the agri-food sector in Nigeria.

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As part of its commitment to boost trade relationships with Nigeria, the Italian Trade Agency, a governmental agency that supports the business development, partnerships and collaborations between Italian companies and their local counterparts, has launched the first E-Lab Innova in Nigeria. The E-Lab Innova is an educational training program for the agri-food sector in Nigeria which will be implemented in collaboration with the Nigerian Export Promotion Commission (NEPC) alongside other Italian partners, such as MACFRUT, a leading exhibition for the agribusiness industry.

The training is aimed at increasing the technical and managerial skills of Nigerian agri-food companies in order to support their access to EU markets and foster business partnerships with Italian companies. Participants which were selected with the support of NEPC are CEOs of high-potential companies active in the production of foods such as mango, pineapple, shea nuts and groundnuts. The programme is scheduled to hold for the duration of five weeks and will be implemented in three phases: a preliminary assessment to analyze the technical and management training requirements, company potential and profile design; 2-week webinar training classes focused on key internalization topics and a 5-days study tour in Italy, which will include Macfrut exhibition.

Giving his opening remark at the event held to flag off the training, the Italian Trade Agency Director for West Africa, Dr. Alessandro Gerbino said, “Nigeria remains a strategic point for engagement between the agency and other countries across West Africa. The E-Lab Innova holds prospects for Nigerian companies to be imparted on the knowledge and technicalities of their counterparts abroad whilst also paving the way for collaborations between Italian and Nigerian agribusinesses.”

“It is a pleasure to see the collaboration between the Italian Trade Agency (ITA) and the Nigerian Export Promotion Council (NEPC), to develop the capacity of agribusinesses and aid their integration into the value chain of European Union markets. We remain committed to supporting the government’s plan to create more jobs through the agrofood industry and ensure that these businesses have the right skillset to grow, sustain their operations and contribute to the growth of Nigeria’s economy,” Dr. Gerbino added.

In her keynote address, Uduak Etokowoh, Deputy Director, International Export Offices, Nigerian Export Promotion Council (NEPC), said, “the council constantly seeks out collaborations like this to strengthen trade relations across the world. The European Union (EU) is one of the largest markets for agribusiness, however, challenges such as logistics and inability to meet market needs pose a threat to growth opportunities. In adjusting to the new normal of virtual engagements, we are extremely delighted to partner the ITA to deliver this virtual training in support of wealth creation for the economy and to enhance seamless penetration to the EU markets for Nigerian agribusinesses”.

13 agribusinesses across Nigeria took part in the first training session including United Agro Cooperative Society Limited, Cobrend Trading and more; the programme will involve nearly 40 Nigerian companies in total. Since the launch of Lab Innova in Africa, over 140 companies across Ghana, Angola, Mozambique, Uganda and Ethiopia have successfully gone through the training programme, with study tours and exhibitions held in Italy.

About the Italian Trade Agency in Nigeria

ITA – Italian Trade Agency is the Governmental agency that supports the business development of Italian companies abroad and promotes the attraction of foreign investment in Italy. With a motivated and modern organization and a widespread network of overseas offices, ITA provides information, assistance, consulting, promotion and training to Italian small and medium-sized businesses.

The agency is committed to establishing strong contact with Nigeria with a major focus on industrial technologies that address the growth pattern Nigeria has adopted in several areas, so to add value to local natural resources and raw materials.

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Using the most modern multi-channel promotion and communication tools, it acts to assert the excellence of Made in Italy in the world. ITA operates in 70 countries under the Italian Embassy.

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