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Bauchi, Gombe, Plateau States embrace into Hajj Savings Scheme

Governor Bala urged all to subscribe to the scheme as it has the potential benefit of being a reserve to help grow the economy.

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Bauchi, Gombe and Plateau States have pledged their supports towards the success of the newly introduced Hajj Savings Scheme by the National Hajj Commission of Nigeria and Jaiz Bank Plc to ease the hajj process for all Muslims in Nigeria.

Governor Bala Muhammed of Bauchi, governor Inuwa Yahaya of Gombe and Governor Simon Lalong of Plateau endorsed the scheme at the launching and sensitisation exercise in their respective states during the week.

Governor Bala, who personally launched the scheme in the state for the northeast said the new scheme will make it easier for intending pilgrims to perform hajj in Saudi Arabia, saying funds realised through the scheme will be invested in halal products that will generate profits for the savers.

He urged all to subscribe into the scheme as it has the potential benefit of being a reserve to help grow the economy.

He said: “It would introduce a level of financial discipline, especially for people in the rural areas. I assure you of our unflinching support for the welfare of the pilgrims. I advise Jaiz bank to judiciously use the funds. We have never doubted Jaiz Bank and they are making us proud.”

In Gombe, governor Inuwa, who was represented by the Secretary to the State Government, Professor Abubakar Njodi, said his administration will work with NAHCON and Jaiz Bank so that low-income earners in the state can reap the benefits of the Scheme.

He described the scheme as an excellent move which will go a long way in actualising the dreams of individual Muslims who hope to perform one of the important pillars of Islam, the Hajj.

He called for a sustained sensitisation campaign at the grassroots to reach targeted groups.

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Plateau State governor, Simon Lalong said the HSS is an initiative that will encourage more Muslims to perform Hajj without going through difficulties of securing funding adding that it will also promote discipline and teach intending pilgrims to be financially prudent. He was represented by his Commissioner of Transport, Alhaji Mohammed Mohammed.

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The Managing Director/CEO of Jaiz Bank Plc, Mallam Hassan Usman said as the Scheme grows over time, NAHCON and the various State Muslim Pilgrims Welfare Boards can have the liquid funds required to effectively plan hajj operations early, thereby securing better bargain for accommodation and other services for their pilgrims. The scheme can also be the key to making them highly self-sustaining in the long run.

The Chairman and Chief Executive Officer of National Hajj Commission of Nigeria Barr. Zikirullah Kunle Hassan said the scheme is part of the reforms to make hajj operations in tandem with the global best practice.

He said under the Hajj Saving Scheme, subscribers can get reward of their intentions before actualising the journey, saying every Muslim can participate and will have the opportunity to perform the holy pilgrimage without having to sell off his or her assets.

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Spacefinish is redesigning the future of training academies for banks 

In designing the Purple Academy, Spacefinish infused copious inspiration touchpoints.

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Training academies are an important part of the corporate world. These academies provide access to a rich pool of talent and also equip professionals with the necessary resources to transition into various careers and build their professional networks.

In Nigeria, commercial banks have a considerably high number of training academies. In fact, out of the 22 registered commercial banks in the country, 17 have accredited academies. As the demands for better career experience increase, banks are beginning to focus on the learning experience of their people by investing in learning spaces that provide students and instructors with what they want and expect. A very good example of this is Wema Bank’s Purple Academy designed by Spacefinish.

For a long time, banks’ training institutes have typically functioned around rigidity. From their spatial architecture, learning modes, to furnishings, these spaces hardly allow for flexibility which is a core requirement for the learning space of the future. 

In designing the Purple Academy, Spacefinish set out to create a state-of-the-art corporate learning space that is future relevant and user-centred by focusing on the following shifts:

A Flexible Space That Supports Active Learning

Recent research has shown that learning spaces that are flexible enough to allow users learn how, where and when they want will deliver more impact to professionals. By introducing elements like dynamic modular furniture into the design of the Purple Academy, Spacefinish ensures that users can enjoy endless configuration that accommodate peer-to-peer collaboration or focus work as their various learning situations demands.

Multi-functionality and Blended Learning

Corporate institutions need to reimagine their learning space to allow for blended learning which allows for physical and online learning experiences to take place at the same time. This will produce improved outcomes in the experience of students. The Purple Academy boasts of audio visual features like screens on the wall and ceiling mounted microphones to optimize the experience for remote learners. Also, the lecture theatre spots a collapsible wall that not only inspires users but also enhances the multi-functionality of the space. 

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Engendering Innovation Through Inspiration

Students and instructors want to be a part of something creative and inspiring. However, traditional learning space comes with a lot of inhibition in this regard by being bland and uninspiring. In designing the Purple Academy, Spacefinish infused copious inspiration touchpoints. The library in the Purple Academy reflects the influence of technology on libraries. To portray this, Spacefinish installed tablet-like bookshelves to show how educational materials can now be accessed through digital devices. 

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Wema Bank’s Purple Academy has shown that at a time like this, it has become paramount for corporate institutions like banks to reimagine their learning spaces. Through the intentional design of learning spaces that are flexible enough to promote collaboration and innovation easily, corporate institutions can be assured that professionals can become the best version of themselves.

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Upcoming Flare Network launch and lawsuit win may propel XRP to ATH – PrimeXBT Lead Analyst, Kim Chua

The Flare Network is expected to go live in 2Q2021, which could be anytime between now and June.

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The price of XRP has tripled in value over 2 weeks and subsequently pulled back sharply. Can we expect more upside for XRP, or is the XRP run up over? 

With more positive news and developments in store over the next few months, this run may not be over yet. Other than the edge Ripple has over the SEC in the lawsuit, another reason may send the price of XRP soaring.  

This is related to the Flare Network. Recall that in December last year, before news of the SEC lawsuit broke, investors were getting excited over the Spark (FLR) token airdrop that will be the native token on the Flare Network. That airdrop incited a huge surge in the price of XRP before the SEC lawsuit news sent its price reeling. 

The Flare Network is expected to go live in 2Q2021, which could be anytime between now and June. The launch of Flare Network, with the airdropped FLR tokens to be finally distributed to qualified holders of XRP (those who owned XRP during the snapshot in December), couldn’t have come at a better time to hype up XRP again. 

Not only will FLR tokens be distributed into the accounts of XRP holders, another airdrop will occur around one month after the launch of Flare Network. 

Flare Finance, which is built on the Flare blockchain and designed to power swaps, stable currency, yield farming, asset-backed loans, insurance, and yield mining, plans to offer those same participants another airdrop. The company says it will airdrop DAOFlare token (DFLR) to users who receive Spark. DFLR holders can then swap those tokens for YieldFlare, Flare Finance’s official token. This means additional free money and tools for the same XRP community who have benefitted from the Spark airdrop – certainly reason for die-hard XRP community to be very excited and pleased about and re-hype XRP all over again.

Flare Network’s launch provides another utility for the XRP token since XRP holders are able to buy FLR using XRP, or use their airdropped FLR tokens to mint FXRP that is interoperable with the ETH blockchain. This gives holders of XRP opportunity to participate in ETH-based DeFi and NFT projects to do yield-farming, trade on DEX, and join the NFT mania, which it otherwise was not able to do. This is very exciting news indeed for one more use case for the XRP token.  

Other than the Flare Network launch, another important news that may impact the price of XRP greatly is definitely the result of the SEC lawsuit. Ripple has filed a motion to dismiss the SEC lawsuit, and the SEC will have up to 14 May to contest it. Should the SEC not contest, or should the judge rule in Ripple’s favour, the lawsuit will be dropped. Dropping of the lawsuit will definitely cause the price of XRP to spike again.

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Furthermore, with it becoming clear that people outside Ripple that sell XRP cannot be charged for selling illegal securities, exchanges are beginning to relist the XRP token. A swiss exchange has since announced that is has relisted XRP. Should more prominent exchanges begin to relist XRP again, it could bring the price of XRP up further. Chatters are already in overdrive after a Twitter user speculated that Coinbase was planning to relist XRP. Coinbase however, has not confirmed nor denied the rumour. Should a Coinbase relisting happen, the price of XRP is expected to spike again, regardless of the outcome of the lawsuit. 

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On the technical charts, after extending a solid run from $0.635 to a high of $1.99, XRP has retraced its first up thrust to its 61.8% Fibonacci retracement level at $1.14 and bounced. Its RSI is no longer in the overbought territory. After letting out much froth, XRP can now resume its uptrend in a more steady and sustainable manner towards its ATH of $3.30. The area around $1.00 provides a very solid support that is not likely to be broken. A break above $1.50 could mean that the retracement is over and price will resume on its uptrend again. 

The only risk now, other than a bad surprise in the SEC lawsuit result, is Jed McCaleb, the co-founder and former CTO of Ripple Labs. As one of Ripple’s main contributors, Jed acquired more than 9 billion XRP as part of the compensation plan for his role, and has been regularly selling his stash. However, he is left with only around 2 billion XRP and he is allowed to sell a percentage of XRP’s daily traded volume tabulated in the 2 weeks prior. With the higher trading volume in the last 2 weeks, Jed will be allowed to sell around 40 million XRP per day beginning 18 April. Whether or not he sells is unknown, but it is something traders need to take note of as a potential pressure on price should buyers not be able to absorb his selling. However, Jed’s selling has been well-absorbed all this while without any impact to price and his stash will finish by May if he were to keep selling. This will then remove a huge supply overhang and be good for the price of XRP moving forward. 

As we move closer to the month of May, both the fundamental and technical picture bodes well for XRP. Perhaps the month of May could be the period when XRP tests its ATH of $3.30. If the momentum remains strong, it is possible XRP may even test $3.30 before May arrives.

About Kim Chua, PrimeXBT Market Analyst:

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Kim Chua is an institutional trading specialist with a track record of success that extends across leading banks including Deutsche Bank, China Merchants Bank, and more. Chua later launched a hedge fund that consistently achieved triple-digit returns for seven years. Chua is also an educator at heart who developed her own proprietary trading curriculum to pass her knowledge down to a new generation of analysts. Kim Chua actively follows both traditional and currency markets closely and is eager to find future investment and trading opportunities as the two vastly different asset classes begin to converge.

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