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Tradermoni: Bank of Industry Starts Second Phase

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  • Tradermoni: Bank of Industry Starts Second Phase

The Bank of Industry has started the disbursement of N15,000 to those beneficiaries that have paid back their first N10,000 loans.

According to the lender, the second phase was in response to the increasing beneficiary repayments recorded under the scheme.

This the bank attributed to its flexible weekly loan repayment plan of N430 per week paid over six months.

“If these beneficiaries repay their first loan as promised, they immediately qualify for the second level N15,000 loan. After repaying the second loan, these beneficiaries will qualify for a N20,000 loan, then N25,000 loan, and finally they graduate into the MarketMoni loan program where they can get up to N100,000 in interest-free, collateral-free loan. Through a gradual step by step process, these MSMEs can grow and create jobs.”

“This incentive-based model is working. Despite the fears of traditional lenders on giving loans to MSMEs — in part due to lack of formal identification, limited financial track record, and no collateral — TraderMoni continues to achieve success with loan repayments”, the bank explained.

Some of the beneficiaries, like Mrs Aishetu Adamu – a condiment and medicine seller at Bolori market in Maiduguri Borno State, migrated to the next phase after paying the initial loan of N10,000.

Speaking on the benefit of the initial loan, Adamu said the loan was really helpful in promoting her business.

Another beneficiary was Mrs Lucky Solomon, who revealed she was happy with the improved profits she made from the first N10,000 loan she received.

With that, she was able to repay the loan without delay and opt for the next loan.

Aishetu and Solomon were part of the many beneficiaries in Lagos, Osun, Kano and Borno who have paid back their first, and gotten their second level loan amounts.

“Beyond providing loans for MSMEs, GEEP is focused on sustainably boosting the MSME sector in an organised and effective manner. By requiring that beneficiaries seeking higher loan amounts provide a bank account (and BVN), the TraderMoniGEEP entrepreneurs will be on- boarded into the formal financial services sector. Consequently, these beneficiaries will be able to expand their businesses in the medium to long term; and this is already happening, one loan disbursement and loan repayment at a time”, the bank added.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others

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Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.

Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.

For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.

 

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Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director

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Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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FG Reopens Osubi Airport Warri for Daylight Operations

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FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

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