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K2 Blog & News

Amina Nuhu

Amina Nuhu

Wema Bank trains and employs Over 60 young Nigerians in technology to create innovative solutions. This is yet another demonstration of its unalloyed support for the growth and advancement of the careers of Nigeria’s teeming youths, leading innovative financial institution, Wema Bank, has employed 69 new graduates who recently completed its Bankers-in-Training Scheme.

The Bankers-in-Training scheme is an intensive 14-week programme to help develop well-rounded bankers who are taken through the rudiments of the profession before being employed by the bank.

With an average age of 27, this latest cohort was trained at the financial institution’s Purple Academy in Lagos. They underwent a general assessment to test for knowledge, comprehension and numeracy skills.

They also underwent technical assessment as the bank sought to refine their skills for modern and innovative banking requirements before integrating them into the system to put their knowledge into practice in Wema Bank and ALAT departments.

Orange One Finance Limited, a fast-growing loan and asset financing firm, has unveiled a potpourri of offers for Nigerians to meet their financial goals.
Managing Director of Orange-One Finance, Iyobosa Iyamu, listed six products on offer by the company designed to meet the needs of its growing clientele. They include personal loan, asset finance, working capital loan and invoice discounting facility. others are local purchase order (LPO) financing and contract finance.
“We do engage our customers- individuals as well as SME’s, in building a beneficial relationship that helps us partner with them in achieving their personal and business goals,” Iyamu said.

The Orange-One boss cited an example of the company’s loan facility ranging between N500, 000 and N4 million, saying it’s targeted at meeting the urgent needs of customers.

The loan, which is payable in a space of one year, is available to professionals in the banking sector or blue chip/multinational organisations. 

he Consumer Price Index (CPI) which measures inflation moderated to 15.60 per cent (year-on -year) in January compared to 16.47 per cent in the corresponding year, the National Bureau of Statistics (NBS) said Tuesday.

The 0.87 per cent decline indicated that the headline inflation rate slowed down in January when compared to the same month in the previous year.

However, month-on-month, the headline index slowed to 1.47 per cent in January, representing 0.34 per cent points moderation compared to1.82 per cent recorded in December 2021.

According to the CPI figures for January which was released by the statistical agency, moderation in prices was recorded in all the parameters that determine inflation.

The composite food index slowed to 17.13 per cent in January compared to 20.57 per cent in January 2021 while month-on-month, the food sub-index stood at 1.62 per cent in January 2022, down by 0.57 per cent points from 2.19 per cent recorded in December.

The Chief Executive Officer, Purplestone, Lillian Agbakoba, has disclosed that the brand is providing sustainable centralised platform to help small and medium enterprises reach their consumers in Nigeria and across the globe.

Addressing journalists during the Lagos launch recently, she said Purplestonemall.com online shopping platform otherwise known as Purplestone Mall or Purplestone, would enable individuals and businesses buy and sell goods in the same online shopping space.

 With a flexible payment system that has great utility, she expressed optimism that Purplestone entry into the digital market space would support the 67 per cent ambitious and industrious youth entrepreneurs in Nigeria to expand their geographical reach, grow their customer base and achieve high sales turnover.

7,000 Small and medium-sized enterprise (SME) owners and artisans have been captured to benefit from the federal government’s COVID-19 intervention fund in Ogun State.

This is according to the Coordinator of Ogun State Coordinating Units (Ogun SOCU), Tunde Adebiyi.

Disclosing this to journalists in his office in Abeokuta, Ogun State’s capital, Adebiyi revealed that beneficiaries of the COVID-19 intervention fund would get N5,000 each for six months.

According to him, the N5,000 was budgeted for the beneficiaries for the purpose of augmenting their capital.

Adebiyi explained that the scheme tagged ‘Rapid Response Register’, Adebiyi, is a social intervention by the Federal Ministry of Humanitarian Affairs, Disaster Management, and Social Development.

Aside from the SME owners and artisans, the Ogun SOCU boss said petty traders, the poor and vulnerable living in urban and semi-urban areas in the state, and those whose businesses were ravaged by the pandemic, would also be beneficiaries of the social intervention scheme.

Halal Certification Authority (HCA) has stressed the need for small and medium-sized enterprises (SMEs) in Nigeria to take advantage of opportunities created by the emerging halal industry.

It stated this at an event themed, ‘Emerging Halal Market: Tool for Economic Growth’ and organised by Halal Certification Authority (HCA) to educate the public on its certification.

The Chairman of HCA and Professor of Pharmacology and Toxicology at the University of Lagos, Ibrahim Oreagba, said the authority was primarily responsible for certifying products. “We realised that a lot of people do not even understand what Halal is. Even some Muslims don’t know the difference between Halal and non- Halal products. So, we must create awareness and this seminar is one way of educating the public and also our clients on Halal and certification processes,” he said.

Professor of Islamic Law, University of Ilorin, Kwara State, Abdulmajeed Abdurrazaq Alaro, noted that the halal industry, which includes foods, non-food products and services is another alternative source of income for Nigeria.

Member representing Eti-Osa Federal Constituency, Ibrahim Babajide Obanikoro, has stressed the need to invest more in technology and small and medium-sized enterprises (SMEs) for growth.

Obanikoro made the call, yesterday, at a town hall meeting and empowerment programme, in conjunction with Small and Medium Enterprises Development Agency of Nigeria, (SMEDAN), where he distributed 1000 laptops and funds for SMEs to beneficiaries at the Young Men Christian Association (YMCA), Awolowo Road, Lagos.

Obanikoro also gave bursary to some students to help them meet immediate school financial needs. Some petty traders also received grants to boost their businesses.

He said: “This year, we plan to focus on the technological advancement of our constituents. The world has gone digital. And the earlier we key into it, the better for our growth. That is why we have decided to start the year by distributing 1000 laptops to some of our students, residents, and also to our friends at Eti-Osa police.

Financial technology services contributed 73.5 percent as Nigerian startups raised $1.09 billion in 2021, contributing to the growth of the country’s economy.

Techpoint disclosed this in its latest report on the contributions and achievements of startups in Nigeria and Africa last year.

According to the report, the financial services sector raised 73.5 percent, representing $741,615,000, followed by the eCommerce sector with 13.8 percent ($139,242,000) in the year under review.

“Two fintech startups each raised 9 digits in dollars; 6 of the 13 Nigerian startups that raised 8 digits were also fintechs,” the report reads.

There is a boom in tech startups in Africa and a lot of Ideas have blossomed into full-fledged working companies and the world is beginning to take notice.

Many tech startups domiciled in Nigeria and Africa at large have become the recipients of funding from various international venture capitalist firms and investment companies.

All the tech startups that have received funding or any kind of support from various investors or venture capitalists have one thing in common, Pitching.

Pitching is important for different reasons, the first reason is funding. One of the fastest and also the most popular ways to get funding as a startup is by pitching your business idea. Most founders of successful startups have at some point in the process of building their companies had to pitch their companies to someone or a group of people in order to get them to be interested enough to fund it.

Another good reason to pitch is to get ideas. An idea can be great but inputs can make it better. Whatever the idea is, when brought before a good audience there is a great possibility that people would have a take on the idea and could make contributions on how it could be better or easier.

SMALL and Medium Scale Enterprise (SMEs), have been urged to digitise their structures to explore available loan facilities by different banks.

The SMEs, who current­ly experience the chal­lenge of access to finance, were urged to simplify their process in data gath­ering and information analysis to get captured.

Experts who gathered at a virtual event organised by Sparkle Microfinance Bank, said small busi­nesses do not usually have the capacity and expertise to create and maintain proper documentations and financial records at the level and in a manner that would show transpar­ency and efficiency for fi­nanciers to extend credits to them.

We are focused on the development of Micro, Small and Medium Enterprises (MSME) and aims to assist new and existing entrepreneurs to overcome obstacles to growth through access to finance, proper business planning and developing entrepreneurship skills.