As part of the commitment to creating opportunities and facilitating development in Africa, WorldRemit, the global digital money transfer service, has today announced the launch of its WorldRemit Entrepreneurs Program in Nigeria, as well as in Kenya, Ghana, and Zimbabwe with Patrick Nnaemeka Okorie aka Patoranking as the program’s brand ambassador.
Since the outbreak of Covid-19 across Africa, the continent has experienced a significant setback with the businesses of many entrepreneurs taking a hit. These entrepreneurs control the Micro, Small, and Medium Enterprises (MSMEs) landscape, that have made significant contributions to the growth of the African economy especially through the creation of jobs. Today, WorldRemit is kickstarting this significant investment to support and empower these small businesses to grow their businesses.
The program will commence from November 2020 till the end of January 2021 and will focus on empowering 50 entrepreneurs each, from the four African countries with a business booster pack and a digital business training course to help the program participants develop the required skills to scale up and run their businesses successfully.
The training module was developed and will be delivered in partnership with The Nest, a pan-African tech incubation hub reaching entrepreneurs from all sectors, domains and industries across the continent.
Patoranking, as the Entrepreneurship Program brand ambassador will promote the partnership with WorldRemit and encourage people to enter the competition which will help to build entrepreneurship across Africa. As a leading Music star with a solid entrepreneurship background, he is well-positioned to support these businesses on their journey to growth.
Speaking on this partnership, Gbenga Okejimi, Country Manager, Nigeria and Ghana, WorldRemit said: “Much of what Africa is today is due to its entrepreneurship which is a key driver for socioeconomic progress through significant job creation and innovation. At WorldRemit, we want to be known for fostering the African entrepreneurship spirit. We want to be a part of Africa’s future prosperity. By helping build entrepreneurs across our African markets, we are enabling growth and development.”
To participate, WorldRemit customers from around the world are encouraged to send a minimum of £50 (or its equivalent value in their local currency) to Nigeria, Ghana, Kenya or Zimbabwe between 2nd November and 31st December 2020. Winners will be chosen through a draw to nominate the budding entrepreneurs living in Nigeria, Ghana, Kenya and Zimbabwe. The nominated entrepreneurs will receive the WorldRemit Business Booster pack, as well as access to the digital training course.
An Average of 48% Global Consumers to Significantly Cut 2020 Holiday Spending
Data presented by Buy Shares indicates that an average of 48% of global consumers plans to significantly reduce their 2020 compared to 2019. The research sampled consumer feedback from 13 countries.
Pandemic triggers reduced spending
The data also highlights that an average of 13.46% of global consumers plans to spend more on 2020 holidays than last year. Consumers from Indonesia at 71% plan to shrink their budget in 2020 while 16% will spend more.
About 69% of Mexican consumers will spend less, while 12% plan for more spending. In Brazil, about 65% of consumers will cut their budget while 11% plan to spend more than last year. At 63%, South African consumers will cut back on holiday spending while 12% plan to increase their budgets from last year.
In Spain, 55% of consumers will reduce their spending while 7% plan an increase from a year ago. Italian consumers spending less will be at 54%, with 6% planning to increase their budget.
In India, about 47% of people will cut back on the holiday budget, while 36% plan to increase spending. French consumers at 44% have intentions of reducing holiday spending while 6% will raise the spending from a year ago. 43% of UK consumers will spend less, while 9% have plans to spend more.
In the United States, 42% of consumers will spend less, while 17% will increase the budget. For Germany, about 29% of consumers will spend less than 7% planing to pay more. It is only in China where more people plan to spend more at 29% than 25% planning to spend less at 25%.
Elsewhere, 21% of Japanese consumers plan to spend less, while 7% will pay more. The research highlighted some of the reasons behind the massive slash in this year’s holiday spending. According to the research report:
“The less spending comes as most consumers lost their jobs and faced pay cuts as employers struggled to remain afloat in the course of the health crisis. Some consumers have been saving more to pay debts, while those on stimulus paychecks cannot sustain daily needs and holiday spending.”
The research also notes that most Americans at 30% look forward to the Christmas holiday while 23% anticipate Amazon Prime Day. Only 7% of Americans look forward to Fathers Day.
President Buhari to Inaugurate Waltersmith 5,000bpd Modular Refinery Today
President Muhammadu Buhari will inaugurate the 5,000 barrels per day modular refinery built by Waltersmith Group in Imo State.
According to Waltersmith Group, the President will lead a team of other top government officials, oil regulators and stakeholders to Imo State today for the inauguration, the Group stated in a statement released on Monday.
It said the modular refinery has a storage capacity of 60,000 barrels and is expected to deliver over 271 million litres per annum of refined petroleum products, including kerosene, diesel, naphtha and heavy fuel oils, to the domestic market.
Mr. Abdulrazaq Isa, the Chairman, Waltersmith Group, said the first of 50,000 bpd modular refinery to be inaugurated today would process 5,000bpd of crude oil.
“We are looking at 50,000bpd refining capacity that will come with the planned additional two modules; 25,000bpd and 20,000bpd refining capacity respectively which will then add PMS, aviation fuel and LPG to the product slates,” he added.
The statement added that Waltersmith obtained the ‘Licence to Establish’ the refinery from the Department of Petroleum Resources in June 2015 and got the ‘Authority to Construct’ in March 2017.
Central Bank of Guinea Selects Refinitiv Trading solutions to Enhance Transparency and Digitize Guinea’s Financial Markets
GUINEA – Central Bank of Guinea has adopted Refinitiv Trading solutions to effectively manage currency flows, primary market liquidity provision, and facilitate regional and international trade and investment.
With the scarcity of liquidity across Sub Saharan African markets, it is crucial for African countries to protect their FX reserves and tab on new liquidity pools. Leveraging technology and deploying efficient FX and trading infrastructure systems enhances transparency, accuracy and credibility to the marketplace and facilitates economic growth. The Refinitiv FX Trading platform will offer the local market in Guinea access to deeper offshore liquidity, efficient execution, and automated trade reporting tools.
Refinitiv Auctions will enhance the efficiency of Guinea’s forex auction capabilities and provides a real-time view of bid submissions which will simplify the allocation process. Last year, Refinitiv Auctions reached a key milestone having helped facilitate over $1trillion for its central bank and large corporate customers in Africa, Middle East, Asia and Europe.
Dr. Louncény NABE, Governor of the Central Bank of Guinea, said: “We are delighted to announce the deployment of Refinitiv Auctions in Guinea. The step comes in line with the Central Bank’s vision to run a transparent and compliant auctions infrastructure. The deployment will help us improve the efficiency of our FX auction process and enhance the financial sector’s confidence in Guinea.”
Nadim Najjar, Managing Director, Middle East and Africa, Refinitiv, said: “We are proud to be part of The Central Bank of Guinea’s digital transformation vision. Following the COVID-19 outbreak, Central Banks in Africa are facing increasing risks in managing their currency flows and protecting FX reserves. To do this effectively, central banks need to be able to run a transparent and compliant process across multiple asset classes including FX and money markets.”
Refinitiv Auctions has seen rapid growth and adoption in 2019, with a 27% year on year increase in customers, and is now used by central banks in Europe, the Middle East, Africa and Asia. Refinitiv is able to address central banks’ needs around data residency and infrastructure costs by offering its solution on either a hosted or deployed basis.
Business2 months ago
Npower News on Permanency for Batch A, B
Forex2 months ago
Naira Improves Against Global Counterparts on Black Market
Business1 month ago
Buhari Budgets N420 Billion for Npower, Other Social Investment Programmes in 2021 Budget
Forex3 months ago
Zenith Bank Joins Other Banks to Cap International Spend Limit at $100/Month
Cryptocurrency2 months ago
Bitcoin Gains 1.67 Percent to $11,050 Per Coin Amid Liquidity Issue
Business3 months ago
Again, UBA Reduces International Spending Limit on Naira Card as Forex Scarcity Persists
Business3 months ago
FG Approves Stipends for Exited N-Power Beneficiaries
Stock Market3 months ago
Zenith Bank Declares 30 Kobo Interim Dividend for H1 2020