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5 Interesting Ways to Cut Bank Charges When You Travel Abroad

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Banking abroad is more than just using your card at an ATM or using Point of Sale. So, when you travel abroad and you want to perform any transaction, you must know how to avoid paying bank fees, eliminate foreign transaction charges, and get a good exchange rate.

If you do not, you will discover that your bank will have a field day deducting fees for banking transactions.

In line with this, Jumia Travel, the leading online travel agency shares ways you can reduce bank charges when you travel abroad.

Eliminate ATM Fees
ATM fees can really add up because while travelling, you will probably withdraw money from an ATM. Of course, you already know that ATM fees vary around the world. With this at the back of your mind, you should get a bank in the Global ATM Network. This is a network of large banks that have removed fees and allow for free ATM withdrawals.

Don’t Use ATMs in Weird Locations
Using ATMs you find at random places is not really a good idea. They may be convenient but they always charge high ATM fees and their exchange rates are high. Avoid such ATMs and find a major bank to get cash.

Never Change Money at Airports
Most exchange bureaus in airports do not offer good exchange rates. The rates at airports are usually unfavourable. As such, do not change your money at the airport except you have to.

Exchange with Other Travellers
If you end up with extra local currency at the end of your trip, consider selling it to another traveller. You will probably get a better rate and you can avoid all bank and conversion fees.

Download The XE App On Your Phone
It’s always best to know the exchange rate for the country you are travelling to. The XE Currency App is perfect for this purpose as the app automatically updates every day with the exact exchange rate.

 

 

 

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world.

So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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E-Financial

Linkifin to provide Supply Chain Financial Solution in West Africa

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Linkifin, a leading financial technology company in Nigeria, announces a new partnership with the South African company Propell.

 

This partnership is part of Linkifin’s International Development plan. Linkifin, based in Lagos Nigeria, provides end to end Supply Chain Finance (SCF) solutions across West Africa.

 

Both companies recently signed an agreement to provide Prime Revenue’s award-winning supply chain finance platform in South Africa..

 

Ms. Omolade Fadase, business development and Ibukun Ekujumi, technical lead both at Linkifin spoke to Nigeria CommunicationsWeek on the challenges in the supply chain ecosystem, stating that one of the biggest headaches in the supply chain link was cash flow challenges and delays in payments due by buyers to suppliers and this is what Linkifin SCF platform is about to change.

 

Obinna Mejeh, head of Business Development, added, “Our platform is basically one for invoice trading, adding flexibility and visibility in a supply chain ,unlike the legacy systems used by banks , discount houses and factoring companies. One of the beautiful things about this platform is that it is a win-win situation for all – buyers, suppliers and funders.

 

Hussaini Yakubu, MD/CEO of Linkifin, further commented, “Nigeria is the second strongest economy in Africa and the largest in West Africa. In order to gear the region towards a robust supply chain finance solution for the future we have to act now. The potential is huge and untapped amongst our target of small and medium sized businesses. We have already met with several major local companies and are going to announce new customers in the coming month”.

 

He ended by expressing his optimism that Linkifin will be able to bridge the gap in the supply chain ecosystem and ended the interview by saying the future for supply chain finance in Nigeria was bright.

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E-Financial

Sage partners ACCA, to assistant accountants develop technology skills

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By peter oluka

Sage (Africa) has entered into partnership with the Association of Chartered Certified Accountants (ACCA), Nigeria, in a move to add more values to the profession, especially where strategy matters.

The partnership, Director, Partners, Accountants and Alliances, Sage Africa & Middle East, Laurica Kok, said in an interview with our correspondent, is strategic and will help expose Sage’s products to a broader market.

“ACCA is a renowned organisation within our business circle. It is a strategic alliance for us; it is a journey that exposes our products into a broader market which they hold the audience hub. I also see it as a very good fit. Sage is passionate about the accountants. Globally, ACCA holds that connection for us. It is also a partnership that will help drive the message for Sage to be seen as one-stop-shop for accounting solutions; it will impact their profession and businesses.

“Through this partnership we are growing Sage ‘ambassadors’, those who would tell others better about our products in accounting environment”, Kok comments.

According to her, Sage supports business from start-up or entry level to the enterprise level. “Secondly, Business builders are seen across segments; specifically, we can offer accounting, payroll, payment systems as consolidated application. “Thirdly, business model for us is just to serve the customer; empower the community and the environment the customers find themselves in. That is the differentiator for us in the market. We work, in our region, with partners that support that vision.

Relishing the importance of the partnership, Head of ACCA, Nigeria, Mr. Tom Isibor, described it as massive.

“Like I said earlier, five years ago, we started a research which clearly shows what the accounting of the future should be, what competencies, behaviours, skills do you need to have to be able to distinguish ourselves from other profession and make ACCA as a preferred qualification.

“The basic is digitalisation. Sage is global powerhouse in terms of building and delivering accounting software and solutions. We believe they can give us that perfect solution we have been looking; also fill the skills gaps of our members, make them more work ready and more preferred accountants in the market. Thus, it is all about building capabilities, capacity for our members.

“For instance, the Sage University promises to give us access to up our skills. We also look forward to this platform supporting our student-members and others searching for places for industrial (training) attachments.

“The other opportunity which is also very big to me, is giving back the society in terms of what the Sage community believes in; the corporate social responsibility (CSR) is huge. I also see an opportunity that ACCA and Sage can exploit on. In this environment, there is so much to give back to the society. So, we are just at the door-step.

On why ACCA chose to partner with Sage, he said, “If you are choosing a partner, you must have similar DNA. That is the critical element for me and for us in the Nigerian office; to have an organisation that shares our values, professional in its approaches and on ethical grounds. If you look at Sage’s story, it has been around for 36 years. Look at the business turnover, the number of countries they operate and the very customer-centric. They provide solutions that solve critical accounting needs.

How Will the Partnership Impact Entrepreneurs in Nigeria?

Director, Sage Enterprises, West Africa, Mr. Fidelis Isiekwuene, responds “First, technology is shifting; before now, software companies make software available for accountants for use. But, accounts could only implement processes based on the extent provision of the solution. In today’s world, it is a different case. This is customer-focused. Technology companies, on daily basis, are innovating on how to make the works of the accountant easier.

“The present business world tends to query you, ‘what makes you different from others?’ A C-level executive, for instance, who is jumping from one city to the other, trying to make money for the Company, does not have time to sit down and begin to look at the intricacies of the entries; he wants to see everything at a glance.

“He wants to be able to see the business report, no matter where he is. This is where the innovations around SMAC come in- Social, Mobile, Analytics and Cloud. So, he shouldn’t be tied down to a place before he could see the feasibility of the business. He wants to collaborate with the team, on the go. He wants to use ‘Sage Pegg’ as a communication tool, because just like every time you are sending WhatsApp messages, people respond real time. Also, you should be able to talk to your colleagues and get answers real-time”.

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Vodacom Director Urges Accountants to Leverage Sage/ACCA Partnership

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By peter oluka

Mr Oluseyi Olanrewaju, the finance director at Vodacom Business Africa (Nigeria) Limited, has re-emphasised the need for accounting professionals to embrace digital culture.

He made the remark while delivering keynote address at Sage-ACCA Continuing Professional Development (CPA), event held in Lagos Tuesday, which was the launch of partnership between the two entities to provide platform for accountants to embrace digital transformations.

Olanrewaju emphasized that rapid growth and development in information technology has brought about digital revolution in economic, social and cultural fields, and bequeaths today’s accountant with the responsibility to improve on the skills to remain relevant.

With the recognition of the accounting discipline as an information system, he said, the accountants can’t undermine the influence that the changes in processes of carrying out transactions with the usage of IT in business operations.

In a bid to keep up with changing conditions and the enabling inclusion of information era the need to embrace the digital culture in accountancy can’t be overlooked especially in medium to large scale business.

“Technology should not be viewed as a threat rather tools to boost accounting profession. Digitization is the future; as accountants we can’t run from it. Yes, manual processes are ridden with high risks on accounting and costly. Thus, changes is the environment necessitates changes in applicable accounting tools and skills required to carry out accounting roles”, Olanrewaju said.

Determinants of business that qualify as medium to large include: IT staff & skills including several specialists, multiple locations, large capex in relation to other businesses in operation in the same industry and business with main considerations for technology purchases being advanced features and security.

Using the acronym: VUCA- Volatile, Uncertain, Complex and Ambiguous situations, he reminded the participants that, roles of accountants have changed overtime, demanding for real-time ‘results’. “The environment demands you react quickly to ongoing changes that are unpredictable; it requires you to take action. Therefore, there is little you can achieve today in the ‘VUCA’ world without digitization”.

The keynote speaker also applauded Sage X3 offering, such as robust accounting processes; consistency; time saving; delivers visible metrics; helps to improve operational efficiency and assists users to be in line with government regulations and international accounting rules.

Participants at the interactive session with other C-level ACCA members also learnt how Sage X3 offers the bedrock of the adjustments required in today’s accounting field.

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