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NIPOST, Fidelity Bank Deploy Banking Service to 266 Rural Communities

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  • NIPOST, Fidelity Bank Deploy Banking Service to 266 Rural Communities

The Nigeria Postal Service and Fidelity Bank Plc on Thursday entered into a collaboration to deploy modern banking services to Nigerians in 266 rural communities.

The move is part of the measures to boost the level of financial inclusion in the country and reduce the number of those not yet in the formal financial system.

Speaking at the launch of integrated banking services between Fidelity bank and NIPOST in Abuja, Deputy Managing Director of Fidelity Bank Plc, Mr Mohammed Balarabe, said the collaboration would enable the bank to deploy all its banking services in 266 locations using NIPOST offices.

Under this collaboration, he said bank customers can use POS, deposit into any bank operating in Nigeria, withdraw from any bank account in Nigeria, engage in Automated Teller Machine transactions, transfer to any bank account, carry out payment services like taxes, rates and levies; school fees; electricity bills and satellite television subscriptions.

The Post Master General of the Federation and Chief Executive Officer of NIPOST, Mr Bisi Adegboye, said NIPOST’s collaboration with the bank was part of the efforts to support the efforts of the banking sector to reduce the level of poverty in the country.

He said, “The Internet has taken away the old ways of making money from NIPOST but has also opened exponential opportunities by leveraging new technology and ICT to tap into current trends of transactions like online purchases.”

“This partnership also avails Fidelity Bank the opportunity to expand its network using the over 1,800 post office facilities nationwide to take banking closer to the people in line with the Federal Government’s Financial Inclusion policy which places high premium on providing financial services to the under-banked and unbanked populace, who work in the informal sector of the economy without or less access to financial services.”

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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Despite COVID-19, FG Realised N1.53 Trillion from Value Added Tax in 2020

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Despite COVID-19, FG Realised N1.53 Trillion from Value Added Tax in 2020

The Federal Government of Nigeria has started seeing the positive effect of series of policy adjustments made to up the nation’s revenue and gradually move away from unstable oil revenue.

Nigeria generated N1.53 trillion from Value Added Tax (VAT) in 2020, an increase of 29.3 percent when compared to the N1.18 trillion posted in 2019, the National Bureau of Statistics (NBS) stated in its latest report.

According to NBS, VAT rose by 38.2 percent when compared to N1.11 trillion filed in 2018.

Breaking down the report, professional services contributed N162.32 billion during the period under review, This was followed by the manufacturing sectors with N154.15 billion.

Accordingly, non-import VAT realised expanded by 30.5 percent to N763.01 billion in 2020, against N584.6 billion in 2019.

Non-import foreign VAT grew by 17 percent from N359.5 billion in 2019 to N420.4 billion in 2020.

As expected, import VAT jumped by 44,6 percent from N240.5 billion filed in 2019 to N347.7 billion in 2020.

Despite lockdown and weak economic activities, the Federal Government through a 50 percent increment in VAT from 5 percent to 7.5 percent was able to up VAT revenue by 29.3 percent.

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Julius Berger Plc Pre-tax Profit Decline by 30.7 Percent in Q4, 2020

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Julius Berger Plc Pre-tax Profit Decline by 30.7 Percent in Q4, 2020

Julius Berger Plc posted a 30.65 percent decline in pre-tax profit to N5.12 billion for the final quarter of 2020.

In the financial statements released on Tuesday, the leading construction company, reported N74.04 billion in revenue in the fourth quarter, an increase of 2.43 percent when compared to N72.29 billion posted in the same period of 2019.

Julius Berger Key Financial Highlights Q4, 2020

  • Nigeria’s revenue expanded by 4.21 percent year-on-year to N72.30 billion.
  • While Europe & Asia revenue dipped by 40.07 percent year-on-year to N1.74 billion.
  • Similarly, revenue from building works depreciated by 56.37 percent to N10.72 billion.
  • However, revenue from civil works rose by 35.38 percent from the corresponding period to N55.8 billion.
  • Services added N7.54 billion revenue, representing an increase of 15.84 percent year-on-year.
  • Cost of sales grew by 13.19 percent year on year to N60.1 billion.
  • Julius Berger recorded other gains/losses of N83.89 million.
  • The construction company grew investment income to N142.79 million.
  • Finance costs jumped by a whopping 388.99 percent year-on-year to N1.79 billion.
  • Earnings Per Share rose by 19.76 percent year on year to N3.94.

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Board of UBA Approves Financial Statements, Dividend Payment for 2020

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Board of UBA Approves Financial Statements, Dividend Payment for 2020

The Board of United Bank for Africa Plc has approved the Group Audited Consolidated and Separate Financial Statements and final dividend for the year ended December 31, 2020.

The bank stated in a statement signed by Bili A. Odum, Group Company Secretary.

It said “Please refer to the announcement dated January 12, 2021 which notified the Nigerian Stock Exchange and the investing public of the Board Meeting of United Bank for Africa Plc.

“Please be informed that the Board of United Bank for Africa Plc at its meeting which held on Tuesday, January 26, 2021 considered and approved the Group Audited Consolidated & Separate Financial Statements for the year ended December 31, 2020 and payment of a final dividend, subject to the approval of the Central Bank of Nigeria.

“Further to the above, kindly be advised that the Nigerian Stock Exchange and the investing public would be immediately notified upon approval of the Group Audited Consolidated & Separate Financial Statements for the year ended December 31, 2020 by the Central Bank of Nigeria.”

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