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Visa, GIG Logistics Partner on e-Commerce

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Visa, GIG Logistics Partner on e-Commerce

Visa has announced a partnership with logistics provider, GIG Logistics (GIGL), which is aimed at introducing a special e-Commerce tariff for MSMEs.

The collaboration allows merchants who have signed up on the Visa Small Business Hub access to a discounted tariff plan for their logistics needs with the logistics service provider.

Commenting on the partnership, in a statement made available to Investors King on Thursday, Vice President, Visa West Africa, Kemi Okusanya, affirmed Visa’s role as a payment enabler and its continued efforts in supporting the recovery and sustainable growth of MSMEs during the nation’s economic recovery.

“Visa has continuously shown its support in the recovery of African economies, through strategic partnerships to help reposition small businesses for improved growth and recovery.

“Our partnership with GIGL seeks to further provide a platform for business owners to enjoy discounted offers to better serve the everyday consumer.

“GIGL continues to validate unflinching support for digital commerce merchants and MSMES by solving the most critical factor with online and offline sales, which is delivery to the end user,” she stated.

On her part, Merchant Support and Growth Manager, GIG Logistics Mosun Suleiman said, “powering decentralised commerce and providing adequate support for MSMEs through initiatives and strategic partnerships are integral parts of our business culture and we are committed to building practical solutions that simplify logistics by providing timely, cost efficient and effective deliveries while returning best value to all stakeholders.”

Meanwhile, MSMEs who wish to enjoy these benefits will be redirected to the GIGL Merchant Portal Page when they visit the Small Business Hub on the Visa Nigeria website.

“Also, business owners can access up to 25 per cent discounts on all GIGL tariffs when they fund their wallets with a Visa business or corporate card via the GIGGo App or the GIGL website.

“Visa has continued to deploy online resources to empower MSMEs across the country with the right tools and knowledge to help them transition to the digital economy and grow their businesses,” the statement 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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TAJBank Drives Educational Infrastructural Development in Akwa Ibom

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TAJBank Drives Educational Infrastructural Development in Akwa Ibom

TAJBank, Nigeria’s most innovative Bank has reiterated its commitment to contributing it quota to the growth and development of the Nigerian education sector.

This occurred at the recent commissioning of new infrastructure at Saint John Paul School, Akwa Ibom State with several dignitaries in attendance such as Senator Godswill Akpabio, Minister of Niger Delta Affairs, Chairman of the school, Her Excellency, Mrs Uloma Akpabio, The Sole Administrator, NDDC, Mr Akwa Efiong and other dignitaries.

The special guest of honour, Minister of Niger Delta Affairs, Senator Godswill Akpabio, commended the Bank for believing in the vision of the school and accepting to provide financing for expansion of the institution’s infrastructures. This, he said, was an evident indication of the Bank’s willingness to collaborate with credible bodies in its drive to contribute to the significant improvement of the nation’s education sector.

Senator Akpabio also urged the Bank to open a branch in Uyo as a priority once it gains its national license.

Representing the Bank at the event, Mr Nasir .T. Usman, acknowledged the enormous strides that the leadership of Saint John Paul School Akwa Ibom has made to fill in the gap of quality education in Nigeria taking into cognizance critical factors such the need for affordability to the general populace. He noted that the results were evident in the school’s nine years of existence as it had succeeded in molding students of great intellectual output and high moral standing.

In just over one year of operations, TAJBank has recorded several milestones. Recently, the Bank was awarded Bank of the Year by Leadership Newspapers Group for its remarkable performance and efforts in driving financial inclusion to people at the grassroots.

TAJBank offers an array of products and service offerings which are widely available to customers. Some of these products include: Partnership (Mudarabah) Term Deposit, Lease (Ijarah) Finance, Partnership (Mudarabah) Savings/Current Accounts, Qard Savings and much more.

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Prada’s Profits Drop by $219 Million, Sales in China Up by 60%

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Prada’s Profits Drop by $219 Million, Sales in China Up by 60%

The year 2020 has been a truly challenging year for all kinds of businesses, including the most popular luxury brands. Due to store closures, Prada Group as well as luxury groups LVMH and Kering gained underwhelming financial results and tremendous losses in the first two quarters of 2020.

According to the research data analyzed and gathered by Comprar Acciones, Prada Group swung to a $219 million loss in Q1 and Q2 2020. In comparison, it was able to attain profits of around $190 million in the same period last year.

Prada’s Sales in China Up by 60% in Q2 2020

Due to the closure of 70% of its stores, Prada sales in the United States fell by 42%. Sales also dropped by 44% in the Middle East, 41% in Europe, while both the Asia Pacific and Japan experienced a 39% decline.

Other luxury brands such as LVMH and Kering also experienced drastic declines in their retail and wholesale sales. In the first half of 2020, Kering’s revenue collapsed by 29.6%. LVHM, the world’s biggest luxury group, also experienced a dramatic drop. From Q1 to Q3 2020, its total revenue stood at $36.9 billion, down by 21% year-over-year.

On the other hand, its sales in China have sharply recovered since the end of March 2020 when its stores have been reopened for the public.

By the end of Q2 2020, Prada registered a 60% sales growth in China. In July 2020, its sales were up by 66%. Additionally, a massive 44% of the company’s total global sales came from the Asia Pacific region.

Based on a study by American consultancy company Bain & Company, 37% of the total sales in luxury goods worldwide in 2019 came from Chinese shoppers. The bulk of these Chinese customers were travelling abroad at the time of their purchase.

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BUA, Sinoma CBMI of China to Sign Contract to Build 3 Additional Production Lines of 3mmtpa Each

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BUA to Sign Contract to Build Three Additional Production Lines of 3mmtpa Each

BUA, Nigeria’s second-largest cement manufacturing company, on Tuesday announced it is in the process of signing a contract to build three additional production lines of million metric tonnes per annum each this week.

The leading cement manufacturer disclosed this in a statement issued via the Nigerian Stock Exchange.

It said the contract will be between BUA and Sinoma CBMI of China, the company that will do the construction in Adamawa, Edo and Sokoto States.

The statement reads, “BUA Cement Plc hereby notifies the Nigerian Stock Exchange, its esteemed shareholders and the investing public that the Company will sign a contract for the building of additional three production lines of 3 million metric tonnes per annum each this week.

“The contract will be signed between the Company and Sinoma CBMI of China and the Production lines will be located at Adamawa, Edo and Sokoto States.”

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