Category Archives: Finance

3 Fintech Companies that are helping Nigerians have a Hetter Savings Habit.

Growing up, many of us were taught how to save in clay pots, wooden boxes and some other forms of piggybanks. Online savings was not possible back then, only until recently did technology give rise to online savings and a few Nigerian tech companies have built their products around this, doing something almost better than what traditional banks do.

  

Online savings platforms use smart intelligent tools to promote a healthy savings habit. All from the comfort of your smart phone, tablet or computer, you can now easily and securely save money while earning high interests. When I first heard of this, I was quite skeptical I must say, but a trial of a few of these platforms has really convinced me. They all do a fantastic job, and I sincerely do not have a favorite, I use all of the companies I will be sharing with you below.

$8.5 Billion Have Been Lost Due To Blockchain-Related Hacks

Almost $8.5 billion have been lost in blockchain and crypto-related hacks in the last years. This shows that the crypto industry still needs to improve its security standards and offer better solutions to clients. This is according to a recent report released by PreciseSecurity.com. 

Crescendo Venture Partners Completes First Closing of its new early stage Israeli VC Fund

Fund benefits from seasoned local team with strong network and track record of success.

Tel-Aviv based venture capital firmCrescendo Venture Partners is launching its new VC fund planned to raise $80 million-$100 million. The new fund has completed its first closing and is planning to have its final closing in the first half of 2020.

Firm launches ease crypto currency trade

Geared towards solving the challenges faced by Crypto currency market such as increased demands with little or no means to satisfy such demands and need for trade, fraudulent activities by crypto holders both from the buyer and the seller, a new Crypto currency firm, Bitflip, has been launched to help bring about ease in trades and also help meet the high demand of the market by creating a secure medium through which private and public companies and also individuals can transact successfully without any hitch.

Naira Devaluation calls loom as reserves fall below $40 billion

Nigeria’s foreign exchange reserves fell below $40 billion for the first time in 23 months, as the country’s crude oil earnings remain under pressure in the international market, while the apex bank sustains its currency defence efforts. While the yields on fixed-income securities have relatively been pressured in recent times, the monetary authorities may need to tweak the rates to attract foreign investors, to shore up the depleted reserves.

Local data science, Artificial Intelligence will boost economy by $3.3b in 2020

Experts have called on stakeholders to urgently address the dearth of Artificial Intelligence (AI) capacity, or risk going into a cycle of digital slavery, saying that having a local data science, big data, AI ecosystem will position Nigeria as an outsourcing hub for international projects.

This opportunity, they said, will boost access to 10 per cent share of the global data science outsourcing projects, worth $3.3billion in revenue by 2020.

68% of Nigeria’s N25.7tn debt, domestic – DMO

The Debt Management Office says out of Nigeria’s N25.7tn debt, external borrowing accounts for about 32 per cent while domestic borrowing accounts 68 per cent.

The Director-General of the DMO, Patience Oniha, said this when she appeared before the House of Representatives Committee on Public Accounts on Friday in Abuja, Nigeria.

Nigeria’s Foreign debt servicing gulps $1.66bn in 12 months

Servicing the nation’s external debt gulped $1.66bn in one year, from July 2018 to June 2019, an analysis of data obtained from the Debt Management Office has shown.

Our correspondent reports that within the one-year period, the country’s external debt rose from $21.59bn to $27.16bn.

MasterCard boss calls for inclusive digital economy

The President, sub-Saharan Africa, Mastercard, Mr Raghav Prasad, has said there is a need for government to create an inclusive digital economy that will formalise the informal economy, boost growth and productivity.

He also said digitalisation of Nigeria’s economy would accelerate the financial inclusion programme of the Federal Government of Nigeria.

150 million Nigerians risk financial fraud, says NCC

The Nigerian Communications Commission on Wednesday warned that over 150 million Nigerians in the financial system risk being defrauded through telecommunications platforms.

NCC Executive Vice Chairman, Prof. Umar Danbatta, gave the warning in an address during the inauguration of a multi-sectoral committee on e-fraud in Abuja.