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Fintech, Firm Partner on Cross Border Payment

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  • Fintech, Firm Partner on Cross Border Payment Solutions

The digital payment platform, Flutterwave has partnered Flywire, an international payment medium, that will enable students, patients, and businesses from Nigeria to pay their fees and bills abroad using their local cards and bank accounts.

Flutterwave is a payments technology company that provides seamless and secure payment solutions to banks and businesses across Africa. Flywire, on the other hand, is a provider of global payment and receivables solutions for education and healthcare sectors, connecting over 1,400 businesses and institutions with its customers on six continents.

Flywire processes billions in payments per year from 220 countries and territories, bank transfer, credit card and e-wallet solutions, in over 120 different local currencies.

According to a statement, Flutterwave aims at making payments by Nigerians and Africans much easier, considering the payment process have been complex and slow, with too much paperwork and costly information gaps, bearing in mind that billions of dollars are being invested in international education, healthcare and business goods and services by Africans every year.

“Our partnership with Flywire makes it possible for people in Nigeria and all across Africa to make these investments more confidently and hassle-free. We are very proud to partner Flywire to enable more Africans to become citizens of the world,” the Co-founder and Chief Executive Officer of Flutterwave, Iyinoluwa Aboyeji said.

Nigeria is the number one source of international students and patients in universities and hospitals from Africa.

Also, a report by the Higher Education Statistical Authority for the 2016/2017 academic session had shown that 15,000 Nigerians were studying at universities in Britain and the United Kingdom, while another 10,000 were studying in United States universities.

According to a World Bank report, Nigerians spend $1bn annually on medical treatment abroad. The country is a thriving market for international payments and trade, exporting an estimated $35bn worth of goods and services each year, and importing over $30bn worth of goods and services each year.

Flutterwave already provides end-to-end payments technology and infrastructure which enables payment service providers, global merchants, licensed money transfer operators and Pan-African banks to process payments to and from Africa with one API integration.

With the Flutterwave and Flywire partnership, experts have predicted that one of the key wins that would be easily adopted would be the ability to pay international school fees from Nigeria in Naira, as all the bottlenecks bedeviling that process will be gone.

On his part, Flywire’s Chief Executive Officer, Mike Massaro said, “Together with Flutterwave, we are removing a lot of that complexity and providing a more seamless payment experience for international students, patients, and businesses.

“Nigerians will now have the convenience of being able to make digital, cross-border payments in their local currency, through electronic bank transfers, credit/debit cards, and mobile payments,” Massaro concluded.

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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Npower News Today: Npower Salary Update, Npower Latest News on Permanency

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Latest Npower News Today: Npower Salary Update and Npower Latest News on Permanency

The Federal Government continues to engage private businesses and organisations on the absorption of exited batch A and batch B of the Npower program.

The Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar-Farouq, disclosed this in Abuja.

On continuity and sustenance, the Federal Government allocated N420 billion to Npower and other social investment programmes in the 2021 proposed budget before the National Assembly.

President Muhammadu Buhari also made mention of it in his last speech regarding the #EndSARS protest.

Buhari said, “In furtherance of our inclusiveness agenda, the sum of N420 billion has been provided to sustain the Social Investment Programmes, while N20 billion has also been set aside for the family homes and our Social Housing Programme.”

Speaking on unpaid exited Npower beneficiaries of batches A and B, the minister said “the ministry has directed that opportunity be given to the affected beneficiaries to verify and re-validate their eligibility so that qualified beneficiaries can be paid for their participation in the N-Power Programme.

“Beneficiaries are hereby directed to report to their State Focal Persons immediately with their bank account details including bank statements from March 2020 to date, NYSC Discharge Certificates, birth certificates and other related screening documents.

“The deadline for verification is October 13, 2020. Beneficiaries who fail to attend the verification exercise will forfeit their stipends.”

The fresh verification has now closed, however, the list of the successful candidates for Batch C would be announced soon according to the minister while the Federal Government continues to work on permanent placement for exited Npower beneficiaries.

On fake Npower news flying across social media, Rhoda Ishaku Iliya, the Deputy Director Information of the ministry, said the attention of the ministry has been drawn to series of fake news trending on social media.

She said “the attention of the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development has been drawn to the fake news trending on social media that President Muhammadu Buhari will broadcast to the nation the absorption of N-Power Volunteers Batch A, into the Federal Civil Service,” the statement reads.

“The Ministry is hereby calling on the public to disregard the message and consider it as fake news. Any information on N-Power or the National Social Investment Programme will be issued through the appropriate Federal Government channels.”

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Soldiers, Police Battle Hoodlums to Prevent Looting of Computer Village

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Soldiers and Police Battle Hoodlums Trying to Loot Computer Village

Hoodlums that hijacked the #EndSARS protest and turned it into a broad day robbery have continued to attack business districts, offices and properties of known establishments to loot and destroy years of labour despite the negative impacts of COVID-19 on these businesses.

Soldiers that were later joined by the Nigerian Police Force have been trying to repel hoodlums looking to break into computer village in Ikeja, Lagos State since the #EndSARS protest was hijacked.

According to residents and business owners contacted, the armed looters are still making an attempt to overpower security agents knowing there are valuables in the shops.

Right now they are still making an attempt (to overpower security agents) and considering the sensitivity of the business that we do, we sell very valuable commodities and they understand the liquidity of these products,” said Adeniyi Ojikutu, president, Computer and Allied Products Dealers Association of Nigeria (CAPDAN) said on the phone.

Ojikutu said the hoodlums, who were more than 500 in number, had shot in the air when they were discovered and remained close by for an opportunity to eventually break into the largest computer, mobile devices and ICT accessory market in Africa.

Also, because computer village is within close proximity to the Lagos State University Teaching Hospital (LASUTH), a new BRT station, Jara Mall, the Lagos State Police Command, Lagos State High Court and both the local and international Airports, it becomes imperative to protect it as a break-in by looters may spell disaster for other top establishments in the vicinity.

A resident said ‘Benin Boys’, a group of hoodlums, had earlier tried to invade computer village around 1 am but were prevented by security operatives. However, those that have been making attempts between the morning and afternoon of Friday were the Agege boys.

“The security were using megaphones to shout and warn all of us to stay inside,” said this resident.

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Dangote Sugar Refinery Postpones Board Meeting Amid Social Unrest

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Dangote Sugar Refinery Has Postponed Board Meeting Scheduled for Today Amid Social Unrest

The management of Dangote Sugar Refinery Plc on Friday said they have decided to postpone the company’s board meeting scheduled to hold today October 23, 2020 to a date they will communicate soon.

The management said the decision was due to the ongoing precarious situation in the country, especially the attacks on various establishments since governor Sanwo-Olu imposed a 24-hour curfew on all parts of the state.

In a statement signed by the company secretary, Mrs. Temitope Hassan, Dangote Sugar Refinery said “Further to our announcement made on October 8, 2020, the Company wishes to notify the Exchange and the investing public that the meeting of the Board of Directors of the Company earlier scheduled to be held on Friday October 23, 2020 to consider the draft unaudited financial statement of the Company for the Q3 ended September 30, 2020 has been postponed in view of the current precarious situation in the country.

“The new date for the meeting will be communicated as soon as normalcy returns. The Closed Period which has already commenced will continue till 24 hours after the filling of the Results.

“No insider of the Company, including its Directors, Employees, Advisers and Consultants and their connected persons may deal directly or indirectly in the Shares of the Company during the Closed Period.

All Dangote Sugar Refinery Plc Insiders have been duly informed.”

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