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Access Bank, FG Partner to Provide N50bn Funding for MSMEs

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Access Bank has said that it will be working with the Office of the Vice President to provide N50 billion as soft loans and grants to four million Micro, Small and Medium Enterprises (MSMEs), in the country.

Chioma Ogwo, Head, Emerging Businesses at Access Bank Plc, disclosed this at the Inaugural Job Creation and MSME Quarterly Communications Forum in Abuja on Thursday.

Ogwo said the initiative was aimed at empowering businesses in Nigeria, by building their capacities and providing them with financial support.

According to her, 4 million MSMEs are expected to be empowered every year for four years, with 70,000 having access to finance while 300,000 will receive training.

She also mentioned that as part of the initiative, selected SMEs will have the chance to travel overseas and observe how businesses operate in other nations through its Business Exchange Programme.

Ogwo said: “So, this initiative, called the Youth Thrive by Access, is focused on MSMEs and we are looking at empowering them. There are different ways in which we are going to empower them. We are going to empower them by building their capacity and giving them access to affordable finance.

“We are going to build their capacities in different ways. There is going to be digital, technical, and also, skill acquisition training. With regards to finance, we are going to be giving them loans, and we are also going to be giving them grants.

“The grants are free. They are not paying us back. But, we are only giving grants to deserving SMEs who have done very well and there are price ranges for different categories.

“So, we have earmarked 50 billion for this intervention. For the first year, we will look at it and then will would review it”

While praising Access Bank for the initiative, Mr. Temitola Adekunle-Johnson, Senior Special Assistant to the President on Job Creation and MSMEs, Office of the Vice-President, stated that the objective was to remove obstacles to MSMEs’ loan access and to secure lower interest rates for them.

Johnson added that after evaluating the initiative’s effectiveness, the federal government would then consider whether to expand the funding.

According to him, “What we are trying to achieve is to be able to guarantee seamless and easy access to funding for the SMEs. We want businesses to be able to apply for funding and be sure that in the worst case, in 14 days, you have the funds that you need for your business.

“We do not want businesses to apply for loans and be waiting for disbursement in six weeks. Some of these businesses can fold up within those months. So, what we want, and what they have promised us, which we know they have the capacity to deliver on, is that this disbursements will be quick after the loan assessments are processed, so that we will help reduce the bottlenecks of MSMEs running from pillar to looking for funding.”


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GSMA Urges 6 GHz Spectrum Allocation for Mobile Growth

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The GSMA, a leading industry organization for mobile network operators, is calling for governments to allocate the 6 GHz spectrum for mobile use. They believe this band holds the key to unlocking a future of revolutionized connectivity and driving economic growth across the globe.

The 6 GHz spectrum offers several advantages:

Meeting Growing Demand: As mobile data consumption continues to rise, the 6 GHz band will provide the necessary capacity to support the speeds envisioned for 5G and future advancements.

Efficient Network Expansion: By leveraging the 6 GHz band, mobile network operators can expand capacity on existing infrastructure, leading to more cost-effective network deployment.

Bridging the Digital Divide: Affordable access to mobile broadband is essential for social inclusion. The 6 GHz spectrum can play a crucial role in bringing more people online and narrowing the digital divide.

Sustainable Development: Enhanced mobile connectivity through 6 GHz will lay the foundation for advancements in various sectors like smart cities and Industry 4.0, ultimately accelerating sustainable economic progress.

Following international agreements on spectrum allocation, the GSMA emphasizes the importance of collaboration between governments and the mobile industry. Clear roadmaps outlining spectrum availability are critical for the industry to plan investments in infrastructure development for this band. Additionally, timely development and large-scale availability of equipment and handsets compatible with the 6 GHz band are necessary to fully capitalize on its benefits.

The allocation of the 6 GHz spectrum represents a significant step forward in mobile communication. With proper collaboration and planning between governments and industry players, this new band has the potential to unlock a future of enhanced connectivity, economic growth, and societal progress on a global scale.

 


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BudPay to Powering African Businesses with BudPay Business

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BudPay, a provider of business payment solutions for local and global enterprises in Africa, has reiterated its commitment to connecting African businesses to global opportunities.

BudPay in a statement said its payment infrastructure is uniquely designed to cater to the constantly evolving needs of the African market has been instrumental in enabling corporates, SMEs, and startups to accept payments in 100-plus countries.

Commenting on the company’s achievements, Wale Hassan, CEO of BudPay, stated, “We are humbled and at the same time proud to have earned the trust of over 20,000 businesses across 3 markets in the last 2 years.

“While the payment industry is already quite robust, we identified a distinctive opportunity to redefine the global payments landscape for African businesses.

“The astounding feedback from our merchants on the business impact of integrating BudPay into their payment systems has been very validating. Despite these milestones, we remain relentless. Our mission is to power global trade and drive economic growth beyond borders.”

“BudPay Business boasts a suite of unique solutions that streamline payment processes and enhance business efficiency. These include Invoicing and Payment Links, which allow businesses to generate and share digital invoices and secure URLs for customers to make payments online without needing a dedicated e-commerce website.

“The platform also offers a versatile Payment Gateway/Checkout Modal with various payment options, including Cards, Bank Transfers, USSD, and Mobile Money. Additionally, BudPay Business provides team collaboration features enabling businesses to add team members to delegate payment operations effortlessly.

BudPay is committed to global best practices for the security and compliance of its infrastructure. This has been a key factor in the success of its operations over the years.


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Peter Oluka, 604 others Inducted as Members of NIPR

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Peter Oluka, the editor of Techeconomy, was among the 605 new members inducted into the Nigerian Institute of Public Relations (NIPR) during its 60th anniversary celebration.

The induction ceremony, held as part of a week-long event culminating in an International Colloquium on June 20, 2024, took place in Garki, Abuja.

Speaking at the event, Dr. Ike Neliaku, the president, Nigerian Institute of Public Relations (NIPR), emphasized the need for qualified individuals to speak for organisations.

He noted that the induction aims to reinforce professionalism and end quackery in Public Relations.

Out of 605 inductees, 353 joined online while 198 attended in person. The new members were largely drawn from the media spectrum as a way of strengthening effective collaborative efforts between NIPR and members of the media in shaping public discourse.

The inductees were charged to join efforts in creating a new narrative for Nigeria and guarding our nation’s reputation.

The event was graced by the minister of Information and National Orientation, Alhaji Mohammed Idris Malagi, represented by the director-general of Voice of Nigeria, Mr. Jibril Baba Ndace.

The Minister urged the inductees to collaborate with the Ministry to restore trust in public discourse, stressing the importance of positive and assertive communication about the country.

The induction ceremony marked a significant chapter for both Peter Oluka and Techeconomy, which stands apart for its commitment to truth and accuracy, in the quality of its reportage of technology, business, and economy-related events.

Oluka, a multi-award-winning communications expert, holds a degree in Mass Communication from the prestigious Institute of Management and Technology (IMT) Enugu. He also obtained a PGD in Journalism from the National Open University of Nigeria (NOUN).

His professional development includes participation in various training programs, such as the MTN Nigeria Media Innovation Programme curated by the School of Media and Communications (SMC) Pan Atlantic University (PAU), ‘Multimedia, Mobile and Social Media Journalism Programme Facilitated by renowned new media experts Dan Mason Media hosted by Journalism Clinic, Lagos, Nigeria, among other training and achievements.

Oluka also serves on the Executive Board of Directors for the Nigeria Internet Registration Association (NiRA), and a member of the Guild of Corporate Online Publishers (GOCOP).

“We congratulate our editor for adding another feather in his cap. His induction into the NIPR represents what we do as a media startup that offer our readers Content-as-a-Service (CaaS) by accurately telling you what is new in technology, business and Economy; reflecting on why it matters, how it works and the benefits.

“Our team works round-the-clock to explore and explain the changing world around us, tilting the lenses on the emerging market.

“Our audience is part of the Techeconomy’s family, and the strength of our relationship with you is the ultimate test of our success”, said Joan Aimuengheuwa, the acting editor of Techeconomy said.

Established in 1963, the Nigerian Institute of Public Relations (NIPR) attained the status of a Chartered Institute in June 1990 through Decree No. 16 (now an Act of the National Assembly).

The Act confers on NIPR the power and responsibility to register members, set parameters of knowledge for qualifications to practise, regulate the practice and development of the PR Profession, as well as monitor professional conducts through an established Code of Ethics, amongst others.


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