Connect with us

E-Financial

Baobab Launches New App to Promote Financial Inclusion

Published

on

Kindly share this post

In a bid to help grow the savings habit of Nigerians and promote financial inclusion, Baobab Microfinance Bank has launched its digital savings offering, the Jollof+ app, which allows customers to earn up to 24% per annum on their savings.

Speaking at the launch of the product in Lagos, Eric Ntumba, the Acting Chief Executive Officer of the bank, described the Jollof+ app as a cutting-edge savings application aimed at mitigating the negative impact of inflation on the savings of Nigerians.

He said, “Inflation in the country has continued to rise, reaching 33.69 per cent in April this year. “Jollof+ helps users combat inflation by providing high-interest savings options. With the inflation rate affecting the value of savings, Jollof+ offers a competitive interest rate that helps users protect their purchasing power even in the face of inflation.”

According to him, customers can get up to 24 per cent interest per annum on their savings, which is currently the highest offering in the Nigerian market, while providing individuals and families with easy access to financial growth and security.

He noted that the offerings, which range from Jollof Flex, JollofLock, Ajo+, and Babybox, ensure that customers can manage their financial activities seamlessly while tracking the progress of their savings habits.

Explaining the offerings, Ntumba said the JollofLock allows users to lock their funds for a specified period, earning a higher interest rate compared to a regular savings account.

“The offering, which pays interest upfront, helps users maximize returns by committing their savings for fixed durations. The Ajo+ is a target savings feature that allows users to save individually or as a group towards achieving a goal while earning up to 18.33 per cent per annum Users of the app can also save for their children’s future through the Babybox feature, earning up to 17.22 per cent per annum in interest, “he explained.

 


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

Continue Reading
Advertisement
Comments

E-Financial

SEC Restates Commitment to Transparency in Fintech Regulation

Published

on

Kindly share this post

Securities and Exchange Commission (SEC) has assured stakeholders in the fintech space it is committed to ensuring transparency and integrity in the regulation of the space.

SEC Restates Commitment to Transparency in Fintech Regulation

Dr. Emomotimi Agama, director general, SEC, said it has provided a level playing field to all applicants.

Agama, stated this during a meeting with Regulatory Incubation and Accelerated Regulatory Incubation Program applicants on Monday.

The SEC DG stated that the commission understands the anxiety and the need to be regulated but added that they have to be very careful even in its desire to be inclusive.

He said, “The process of registration is a very technical process because registration is the hallmark of regulation. It goes beyond onboarding and registering, it requires monitoring, education, and surveillance and all of these are continuous. This journey is a new one that we have not gone through before. As we continue, we will find challenges, which we need to solve because every challenge is solvable.

“I am here to assuage fears being exhibited, we have provided a level playing field but as a government institution we must take things into context while doing this. The groups that were admitted into the ARIP and RI are beginning to see that we have started demanding for some information, operational updates and more regulatory requirements in line with the concept of a Regulation Incubation Programme or a Sandbox as some other institutions call it. In doing this, we are understudying what they are doing and the risk that they pose to investors and to themselves.

“We have not only done that, we have also issued new regulations to the public, which we call an exposure document. If you look at it, it is an upgraded version of our earlier regulations and the regulation making process demands that we get your views as stakeholders before it becomes a regulation.”

Agama stated that the inputs of stakeholders is important as regulators cannot claim to know everything adding that the rules would be amended to include all valid points to make it an all-inclusive document.

He further disclosed that the commission has increased the space to include more regulations to accommodate more individuals, more institutions and more functions because accommodation is the stance of the government regarding the space.

 

 

 


Kindly share this post
Continue Reading

E-Financial

Ecobank Warns against Fraud during Yuletide

Published

on

Kindly share this post

Ecobank Nigeria has cautioned customers to be vigilant against fraudsters during the Yuletide while promising uninterrupted access to banking services through its digital platforms throughout the holiday season.

Ecobank Warns against Fraud during Yuletide

In a statement on Monday, Adeola Ogunyemi, head, Consumer Banking at Ecobank Nigeria, emphasised that customers can continue their shopping and transactions smoothly via the bank’s various digital channels.

Ogunyemi highlighted the Bank’s long-standing commitment to digital transformation, which aims to improve customer experience and provide alternative access to banking services.

Ecobank Nigeria is an affiliate of the Ecobank Group, the leading pan-African banking group.

The bank offers a comprehensive suite of financial services and solutions to consumer, commercial, corporate, and investment banking customers at over 240 branches and 35,000 Xpress Point agencies across Nigeria.


Kindly share this post
Continue Reading

E-Financial

CBN Permits BDC Operators to Buy FX from NAFEM During Festive Season

Published

on

Kindly share this post

Central Bank of Nigeria (CBN) has announced that eligible Bureau de Change (BDC) operators will have temporary access to the Nigerian Autonomous Foreign Exchange Market (NAFEM) to purchase $25,000 weekly. This arrangement, aimed at addressing seasonal foreign exchange (FX) demand, will be effective from December 19, 2024, to January 30, 2025.

In a statement signed by T.G. Allu, CBN’s acting director of trade and exchange, the apex bank said BDC operators would buy FX from authorized dealers—banks licensed by the CBN—exclusively to meet retail market demand.

“To meet expected seasonal demand for foreign exchange, the CBN is allowing temporary access for all existing BDCs to the NAFEM for the purchase of FX from Authorized Dealers, subject to a weekly cap of $25,000,” the statement read.

BDC operators must fully fund their accounts before accessing the market at prevailing NAFEM rates, choosing only one authorized dealer for transactions under this arrangement. A maximum price spread of 1% is allowed for retail pricing by BDCs, and all transactions will be reported to the CBN’s Trade and Exchange Department.

The CBN reiterated that personal travel allowance (PTA) and business travel allowance (BTA) remain available through banks for legitimate travel needs. The bank emphasized that all FX transactions must be conducted at market-determined exchange rates.

“The CBN remains committed to a fully functional foreign exchange market and will continue to provide liquidity when necessary to manage price volatility,” the statement added.

Earlier in September, the CBN approved FX sales to eligible BDC operators at a rate of N1,590 per dollar to cater to demand for invisible transactions, reflecting ongoing efforts to stabilize the FX market.


Kindly share this post
Continue Reading

Trending