News
SheVentures Offers N5m Interest-free Loans to Women Entrepreneurs
SheVentures, the unique proposition in support of the Nigerian woman in business, powered by First City Monument Bank (FCMB), has resumed the disbursement of 90-day zero-interest loans of up to N5m across the country to women-owned Small to Medium Enterprises (SMEs).
The 90-day zero-interest loan initiative is reopening for the third consecutive year to bridge the funding gaps faced by women-owned enterprises. It also ensures access to capacity-building programmes.
Speaking on the initiative, Mrs Yemisi Edun, Managing Director, FCMB, said: “Our SheVentures zero-interest loan is helping women entrepreneurs pursue profitable and sustainable growth through upfront capital for new products, services and expansion. In addition, it has uplifted and safeguarded women-owned businesses from the brutal impact of the Covid-19 pandemic, among other challenges.”
Ms Yetunde Moito, the Head of Women in Business at FCMB, said qualified women entrepreneurs could access between N500,000.00 and N5,000,000. Between January 2021 and June 2022, SheVentures disbursed over N400 million to about 250 women-owned SMEs through the free interest loans offering.
Over 15,000 others also benefitted from free training, mentoring and other empowerment programmes organised as part of the broad objectives of First City Monument Bank to empower women entrepreneurs.
There are over 41 million SMEs in the country, and women constitute 40 per cent of this number. However, poor access to funding, limited entrepreneurial, management and leadership capacity, lack of information and networking, and other challenges posed by the business environment have limited their productivity and growth.
Recognising these realities, particularly as the number one Bank for SMEs in Nigeria and Africa, FCMB is deliberate about funding and capacity building for women-owned businesses.
A purpose beyond profit commercial banking institution, First City Monument Bank is a member of FCMB Group Plc, a financial services holding company led by Ladi Balogun as Group Chief Executive. The Bank is committed to COVID-19 recovery, income equality and poverty reduction by easing credit constraints to disadvantaged individuals and small businesses.
News
FDA Okays Elon Musk’s ‘Blindsight’ Brain Chip to Restore Vision for the Blind
Neuralink, the brain-chip company co-founded by Elon Musk, has achieved a significant milestone with its latest device, “Blindsight,” receiving the U.S. Food and Drug Administration’s (FDA) breakthrough designation.
This recognition highlights the potential of Blindsight to restore vision to individuals suffering from complete or partial blindness, including those with damaged optic nerves.
Blindsight is designed to help even those who have been blind since birth, provided their visual cortex remains functional.
Initially, the device is expected to offer low-resolution vision, but over time, it holds the potential for users to perceive advanced wavelengths like infrared and ultraviolet, offering possibilities beyond natural sight.
Neuralink, established in 2016, is pioneering brain-computer interfaces aimed at addressing neurological disorders. Its technology includes brain implants capable of reading neural signals and wirelessly transmitting them to external devices.
The company is also working on devices to assist paralyzed individuals in controlling digital tools using their thoughts.
Recent developments include the successful implantation of Neuralink’s brain-computer interface in a second patient, who is now able to control video games and design 3D objects using thought alone.
News
Nigeria’s Mpox Cases Mostly Affect Children, Men – NCDC
Mpox infections are disproportionately affecting children and males in Nigeria, according to recent data from the Nigeria Centre for Disease Control and Prevention (NCDC).
Since January 2024, males have accounted for 67% of Mpox cases, with men making up approximately 70% of the 6,001 suspected and confirmed cases recorded since September 2017.
The disease is spreading rapidly, with 1,031 suspected cases reported across 47 local government areas in 23 states and the Federal Capital Territory.
Children under five years old are among the most affected, followed by the 26-30 and 46-50 age groups.
Mpox is an infectious disease caused by the monkeypox virus, characterized by a painful rash, swollen lymph nodes, and fever. While most people recover fully, some may become seriously ill.
The disease can spread from animals to humans and between humans through close contact, respiratory droplets, and contaminated objects.
To combat the outbreak, Nigeria has received a donation of 10,000 doses of Jynneos, a Mpox vaccine, from the United States government.
News
Avanti Communications, IHS Nigeria Recognized with Universal Broadband Award for Connecting Rural Nigeria
Global multi-orbit satellite provider, Avanti Communications (“Avanti”), and IHS Nigeria, part of the IHS Holding Limited (NYSE: IHS) (“IHS Towers”) group, have been recognized for their work in connecting rural Nigeria at the 2024 World Space Business Awards.
Each year at World Space Business Week, Novaspace, a merger of Euroconsult and SpaceTec Partners, award the most forward-thinking businesses and innovations contributing to the future of the global space sector.
The Universal Broadband Award recognizes those committed to helping transform the lives of underserved communities.
Together, Avanti and IHS Nigeria have been helping improve the connectivity landscape across Nigeria, bringing broadband connectivity to rural communities nationwide, where the cost of traditional telecommunications networks can leave millions behind.
IHS Nigeria already has a strong footprint in Nigeria, operating over 16,000 towers across the country.
To help extend this reach, Avanti has been supplying the physical, transport and network layer for the transmission of cellular backhaul traffic to and from cellular towers, back to the core network of mobile network operators.
The partnership has delivered fast, cost-effective and reliable 3G and 4G connectivity to 700 rural sites across Nigeria, directly benefitting more than 3.5 million people.
Mohamad Darwish, CEO, IHS Nigeria, said, “We are deeply honored to receive this award, recognizing our commitment to innovation and social responsibility in expanding global connectivity.
As one of the largest independent tower companies globally, IHS Towers is dedicated to helping bridge the digital divide, particularly in Nigeria, where we operate more than 16,000 towers.
IHS Nigeria’s partnership with Avanti Communications has been pivotal in bringing broadband connectivity as well as delivering sustainable, reliable, and cost-effective solutions to rural areas. Together, we are striving to help transform lives by enabling digital inclusion, job creation, and driving socio-economic development across underserved and unserved communities.”
Kyle Whitehill, CEO at Avanti, said, “The mission to provide cost-effective, reliable, and sustainable internet solutions is more than a professional endeavour; it is a mission we each carry personally at Avanti. Access to the internet is not a luxury, it is a necessity.
“It opens doors to education, healthcare, economic opportunities, and global connectivity. For too long, the remote and hard-to-reach regions of Africa have been left in the dark, disconnected from the boundless potential connectivity brings.”
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