International Forex broker, OctaFX has launched a socially conscious marketing campaign called Dual Life aimed at simplifying forex trading and helping Nigerians create wealth.
A statement by the organisation on Monday said that the marketing campaign would celebrate the superpowers of Nigerians who committed their time and efforts to two or more jobs and were successful at each one of them.
It stated that the #DualLifewithOctaFX campaign had influencers in the Nigerian lifestyle and entertainment space such as Toke Makinwa, Bovi, Denola Grey, Timini Egbuson, and others at the core of the engagements, establishing the other sides of the celebrities and influencers as entrepreneurs.
While speaking about the campaign, the Marketing Manager, EMEA, OctaFX, Ali Nwadike said, “We wanted to position forex trading as that activity young Nigerians and everyone else, can engage in, even while focusing on their careers.
“From findings, most young Nigerians today work two or more jobs to pay the bills and attain financial freedom. But, we don’t get to talk about this often or appreciate the efforts, hence the #DualLifewithOctaFX campaign.
“While some see their jobs as a burden, we want people to see it as an achievement; and promote the school of thought that says one, two, many jobs is not bad especially when you are trying to create wealth.”
Nwadike added that more Nigerians would be exposed to the beauty of keeping their regular jobs and careers while making more money from forex trading with the OctaFX Trading App.
The statement also affirmed that OctaFX had made necessary arrangements from assembling forex experts and compiling training guides in the simplest and relatable form.
Flour Mills of Nigeria Repays N51.64 Billion Series 2 Commercial Paper
Flour Mills of Nigeria Plc (FMN) has successfully repaid its N51.64 billion Series 2 Commercial Paper as revealed in a statement issued by the company.
This follows the earlier repayment of its N13.33 billion Series 1 Commercial Paper in August 2023.
Both the Series 1 and Series 2 Commercial Papers, totaling N64.97 billion, were initially issued on February 22, 2023, under FMN’s N200 billion Commercial Paper Programme.
The Series 1, with a yield of 13.0%, raised N13.3 billion, while the Series 2, with a yield of 14.0%, raised N51.64 billion.
FMN had launched its N200 billion Commercial Paper Programme on February 10, 2023, reflecting the company’s strategic financial planning.
The Group Chief Finance Officer, Mr. Anders Kristiansson, expressed satisfaction with the timely and successful repayment of the Series 2 Commercial Paper.
He emphasized FMN’s commitment to financial prudence and acknowledged the confidence placed in the organization by the investing public.
Kristiansson expressed gratitude to stakeholders for their continuous support, reiterating FMN’s dedication to delivering sustainable value and upholding the highest standards of corporate governance.
In addition to the successful repayment, FMN tapped into the market for its Series 3 Commercial Paper in June 2023, with subscriptions from banks and Pension Fund Administrators, contributing 39.7% and 40.8%, respectively.
The transaction was managed by FBNQuest Merchant Bank Limited as the Lead Arranger, with ChapelHill Denham Advisory Limited, FCMB Capital Limited, and United Capital PLC serving as Joint Arrangers.
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Bitmama Inc. Acquires Payday, Expanding Fintech Footprint in Nigeria
Nigeria’s blockchain payments platform Bitmama Inc. has successfully acquired Payday, a virtual card service provider.
The acquisition, facilitated through Bitmama’s cross-border payments product, Changera, signals a pivotal shift in the industry and consolidated the blockchain payment platform by acquiring 100% of Payday’s customer base.
Launched in 2021, Changera is set to absorb key personnel from Payday, spanning various departments like marketing, customer service, and engineering.
While specific details of the financial terms remain undisclosed, a source close to the matter revealed that the acquisition process is approximately “85% complete.”
For the over 300,000 customers formerly under Payday’s purview, the transition to Changera’s care promises a seamless experience, with minimal noticeable changes.
Despite Payday CEO Favour Ori’s integration into Bitmama’s team remaining uncertain, Changera is well-positioned with an established leadership and a robust technical team.
A senior member of Bitmama’s management assured that Payday’s brand will persist but will now operate under the broader umbrella of Changera, supported by its stablecoin infrastructure.
This integration aims to address operational challenges faced by Payday, such as industry-wide charge-back fraud, disruptions in Mastercard services, and the departure of senior team members.
Post-acquisition, Bitmama plans to embark on an ambitious roadmap, including the development of a new solution enhancing foreign exchange (FX) transactions for African businesses.
Anticipated for launch in Q1 2024, this solution aims to facilitate smoother and more efficient B2B cross-border financial interactions.
The acquisition of Payday by Bitmama aligns with the broader trend of strategic consolidations within the fintech industry, reflecting a pattern where companies seek partnerships and acquisitions to overcome market challenges and scale operations.
This move mirrors similar strategic consolidations, including the acquisition of Chaka by Risevest in September 2023, underscoring the industry’s drive towards collaborative growth.
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