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Ecobank offers Zero Fees on International Transfers with the Rapidtransfer App

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Ecobank Nigeria has introduced zero fees for all transfers done into Nigeria on its newly launched Rapidtransfer app. The bank’s Managing Director, Patrick Akinwuntan, who announced this in Lagos said “Ecobank is poised to ensure Nigerians in the diaspora get the best in class remittance service. We want to make it easy for  Nigerians living abroad to send money to their loved ones at home instantly. Transfers on the Rapidtransfer app are at zero fees from now till 31st January, 2019”

Further, Mr Akinwuntan reaffirmed that the Ecobank Rapidtransfer app which follows a tradition of leadership in digital banking in Africa is designed to enhance remittances to Africa by drastically reducing cost, while also tackling the long, burdensome and inefficient processes Africans abroad face when sending money to their home countries.

The bank’s Managing Director urged Nigerians to tell their relatives abroad to take advantage of this new and innovative means of remitting hard earned monies home. In his words “Many Nigerians work abroad and financially support their relatives back home. The app is a safe and secure low-cost remittance solution, which ultimately will put more money into the hands of the recipient as there are no charges deducted”.

The Rapidtransfer app is touted to be a game changer for remittances to Africa. The app enables users to easily and instantly send money to any bank in Nigeria. Receivers also have the option of picking up cash at any Ecobank branch. The exchange rates are very attractive and the service is open to Ecobank and non-Ecobank customers.

Interesting features of the app include easy navigation and multi-lingual capabilities. The Rapidtransfer app is available in English, French, Spanish and Portuguese languages. Users can choose how and when funds are delivered to the intended beneficiary, with transparent foreign exchange rates prior to each transaction.

The Rapidtransfer mobile app can be downloaded from the Play Store and App Store.

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Ambode urges Entrepreneurs to leverage on Business Networks

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… As 2018 Lagos International Trade Fair ends

Lagos State Governor, Mr. Akinwunmi Ambode on Sunday urged the entrepreneurs to build on new networks established during the just concluded ten-day Lagos International Trade Fair to advance their businesses for the economic prosperity of Lagos State and the country at large.

Governor Ambode, represented by his Deputy, Dr. Idiat Adebule, gave the advice at the closing ceremony of the 32nd Lagos International Trade Fair in Lagos.

He said the country had once again through the Fair showed the international community that Nigerian entrepreneurs have a lot to offer shoppers beyond the shores of the country in terms of products and services and called on business-oriented individuals to make the State a prime place of choice for their businesses.

“I urge you to connect with us in Lagos State as there are abundant investment opportunities waiting to be explored. Our State is investor-friendly and with your partnership, we are committed to doing more”, the Governor assured.

He expressed delight in the fact that Lagos State had consistently hosted the yearly event for the past three decades with huge participation from indigenous traders and entrepreneurs.

He, however, expressed the hope that the numerous trade experiences which the Fair has helped to facilitate will translate to increased GDP for the State, enhanced socio-economic capital for the citizens through temporary jobs, new investments, business opportunities and networks that sprung up throughout the Fair.

Earlier, the Commissioner for Commerce and Industry, Mrs. Olayinka Oladunjoye maintained that the annual Trade Fair affords the State the opportunity to accommodate a number of Micro, Small and Medium Scale Enterprises (MSMEs) in the Lagos State Pavilion to relieve them of the cost of participation, thereby affording them the chance to showcase their products and services to the international business community and the general public free of charge.

According to her, the provision of free exhibition stands for young entrepreneurs was one of the many ways the State government promotes and provides business support for owners of MSMEs in order to stimulate demand for their products as well as services and ultimately facilitate the enhancement of their productivity and profitability.

She described the visit of the Vice President, Prof. Yemi Osinbajo during the opening session of the Fair as a promotional boost and opportunity for investment linkages for MSMEs.

The fair which started on November 2 had hundreds of foreign exhibitors, thousands of visitors and representatives of some States in attendance.

 

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Heritage Bank calls for increased govt, banks’ support in Agriculture sector

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Heritage Bank Plc has called on government at all levels and deposit money banks to increase supports in agriculture, as it is the most resilient and important sector of Nigerian economy, despite underwhelming investment in the sector.

The Executive Director of the bank, Jude Monye stated this while delivering a paper, titled, “Bank Experience in Lending to the Real Sector (Agric) of the Economy,” at the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) 2018 Chief Risk Officers Forum Retreat, in Lagos, yesterday.

He disclosed that increased focus on the agriculture sector would contribute to the Job creation objectives of the Economic Recovery and Growth Plan (ERGP), as its labour intensive process across the value chain has the potential of creating multiple jobs, create wealth, and increase the sector’s contribution to GDP and foreign exchange earnings

Meanwhile, Monye stressed that the under-performance of the sector is closely tied; amongst other factors; to poor credit access from banks.

On the part of government, he decried that Nigeria’s Agricultural research institutes that are established to drive the sector’s business were underfunded compared to India’s.

“The 2018 budget allocates N54bn and N149bn (US$490m) to the agriculture and rural development ministry for recurrent and capital spending respectively.

“Agricultural research institutes have received an average of N28bn (US$90m) annually over the past five years. The comparable figure for India, with six times the population, is closer to US$2bn,” he stated.

He further noted that the economic recovery and growth plan of the government is heavy on Agriculture and MSMEs as key drivers of the economic diversification plan.

“Successful implementation of the Government’s Recovery Plan provides significant opportunities for entrepreneurs, investors and financiers – particularly in the Agro-allied Sector,” Monye affirmed.

The Executive Director added that investments in infrastructure (energy and transportation) are supportive of the Agric-led growth.

He explained that to explore options for de-risking and unlocking bank lending to the Agric sector so as to develop and position the sector for increased contribution to the Nigeria’s GDP and revenues, there is need to Continue regulatory driven intervention funds to increase access to credit at single digit rates and long tenors, Improve knowledge of Banks and Bankers on Agric finance and Agricultural Risk Management through focused capacity building and many others.

Speaking at retreat with theme, “Achieving Economic Diversification for Nigeria via the De-Risking of Lending to the Nigerian Non-oil Sectors, the MD/CEO of NIRSAL, Aliyu Abduhameed, explained that the value chain financing is one of the major problem facing Nigerian agricultural sector.

But, he pointed out that NIRSAL does this by ‘de-risking’ the agricultural financing value chain, building long-term capabilities and institutionalizing agricultural lending through risk sharing with banks, technical capacity building as well as the provision of incentives to encourage bank lending.

According to him, Nigeria is endowed with all the natural resources to thrive in agriculture, but the sector lacks the capital with which to maximally meet the opportunities.

He stated that NIRSAL aims to increase deposit money banks’ lending and other private investment.

Abduhameed disclosed that proposal has been put before the Central Bank of Nigeria for NIRSAL to be recognised as collateral instrument as well as flow instrument, as this would fast track the de-risking of the value chain financing.

Group ED/Agribusiness TGI Group, Farouk Gumel, as one of the panellists, stressed the need to shed more light on banking agriculture rather than de-risking.

He also canvassed for more investments in infrastructure and addressing eco-climate system in the country.

 

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Business IQ CEO, Alfred Ijimakinwa presents Certificate of Completion at Skill Acquisition Program to Aspiring Entrepreneurs in Lagos

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Prolific writer, Chief Executive Officer (CEO), Business IQ Magazine, Alfred Ijimakinwa on Sunday presented Certificate of Completion at the Skill Acquisition Program to aspiring entrepreneurs, who participated during the event organised by Capacity Development and Skills Enhancement Initiative (CDSEI) in Lagos.

Mr. Ijimakinwa, who spoke to the would-be entrepreneurs on how to position their businesses, said lecturing the young businessmen and women is part of his effort to give back to the society.

“Giving back to the society is necessity for someone like me. Every morning, 9am, for 2 weeks, I enjoyed speaking to these aspiring entrepreneurs on how to position their businesses. Today we present the Certificate of Completion at the Skill Acquisition Program organised by Capacity Development and Skills Enhancement Initiative (CDSEI),” he said.

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