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September 11, 2023 Flutterwave Launches Swap, A Digital FX Solution In Partnership With Kadavra BDC And Wema Bank For Nigerians

Flutterwave Launches Swap, A Digital FX Solution In Partnership With Kadavra BDC And Wema Bank For Nigerians

Flutterwave, a leading payments technology company in Africa, made a groundbreaking announcement on Monday at their Ikoyi office in Lagos.

They unveiled "Swap" in collaboration with Wema Bank and Kadavra BDC. This cutting-edge solution, endorsed by the Central Bank of Nigeria (CBN), is a secure and dependable digital platform. Its primary aim is to provide Nigerians immediate access to foreign currency at competitive exchange rates.

This development comes at a crucial time when Nigerians and businesses face challenges in obtaining foreign currencies. This hurdle has been a significant obstacle for individuals looking to engage in international transactions, investments, and other cross-border financial activities. These limitations have also hindered macroeconomic growth and personal financial aspirations, making it challenging for individuals to tap into global opportunities to their full potential.

Beyond being the CBN-approved digital platform for facilitating currency exchanges, Swap is designed to ensure that every transaction is seamless, secure, and financially rewarding. This empowerment will grant consumers greater purchasing power and offer businesses substantial investment potential.

In addition, Flutterwave plans to introduce a convenient card issuance system for Swap users, allowing rapid access to global currencies such as Dollars, Euros, and British Pounds. This move, set to commence in October 2023, aims to distribute over 10 million cards to Nigerians. It will greatly benefit individuals seeking swift access to Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) to support their educational pursuits, business ventures, and diverse travel needs.

Olugbenga 'GB' Agboola, Founder and CEO of Flutterwave, expressed his enthusiasm about the product launch, emphasising their commitment to simplifying financial processes for endless possibilities. He stated, "Swap represents a significant leap forward in how Nigerians engage with foreign exchange. We understand the FX access challenges individuals and businesses face, and Swap is our answer to those pain points, providing a seamless and efficient platform for currency exchange. We are honoured to have secured regulatory approval and the trust of our partners Kadavra BDC and Wema Bank to bring this life-changing solution to Nigerians."

Cynthia Onyinyechi, CEO of Kadavra BDC, praised Swap as a crucial step in resolving major FX challenges for Nigerians, streamlining the process of accessing foreign currency with just a click. Morufu Oseni, Managing Director of Wema Bank, highlighted their unwavering support for digital innovation in the Nigerian finance industry. He expressed pride in their partnership with Flutterwave, believing that a product like Swap will significantly impact all sectors.

One-click access to Swap is available to existing users of Flutterwave for Business and Send App. Additionally, Swap will be accessible via API for banks and newly signed-up Nigerians on the platform. This move marks a significant stride towards revolutionising how Nigerians interact with foreign exchange.

August 21, 2023 Exploring Collaborative AI Initiatives By African Scientists

Exploring Collaborative AI Initiatives By African Scientists

A diverse group of content creators, including writers, editors, linguists, software engineers, and entrepreneurs, have shared their valuable insights, experiences, motivations, and challenges in the journey of establishing a robust foundation for language tools.

Engaging conversations with these stakeholders has underscored four pivotal elements that shape the design of language tools for African languages.

Firstly, the intricate fabric of Africa's multilingual landscape must be acknowledged, considering the lasting impact of historical colonization. Indigenous languages carry profound cultural significance while playing vital roles in education, politics, and economics. Secondly, fostering the development of African content stands as an imperative goal. This encompasses creating fundamental tools like dictionaries, spell checkers, and language-specific keyboards. It also involves dismantling financial and bureaucratic barriers that hinder translating government communications into multiple national languages, spanning the African linguistic spectrum.

Furthermore, the nexus of linguistics and computer science requires nurturing, as their synergy generates innovative solutions centred on human needs. Upholding ethical standards and engaging the community throughout data collection and utilization processes remain equally vital.

As the team advances, they will address potential obstacles hindering equitable access to this technology. Their comprehensive study is a roadmap for crafting various language tools, ranging from translation services to content moderation to combat misinformation.

"I envision a world where Africans can enjoy a quality of life and access to information and opportunities that are on par with individuals fluent in English, French, Mandarin, and other major languages," expresses Siminyu.

"The landscape of organizations invested in this realm is expanding, and our study provides a framework to synchronize efforts in constructing impactful language tools. The insights precisely outline priorities regarding time and financial investments," added Siminyu.

August 10, 2023 Marketers Predict Upcoming Increase in Cooking Gas Prices Next Week

Marketers Predict Upcoming Increase in Cooking Gas Prices Next Week

Gas consumers are set to face more challenging times ahead as market insiders have signalled an impending price increase slated for next week.

 Olatunbosun Oladapo, President of the Nigerian Association of Liquefied Petroleum Gas Marketers, delivered the news, advising gas users to prepare for elevated costs in the coming days.

Oladapo attributed this potential price surge to a confluence of factors, including escalating international rates, elevated tax levels, increased vessel expenses, foreign exchange scarcity, and the devaluation of the naira.

 "The price adjustment is set to commence next week due to the recent surge in international prices, combined with the increased expenses related to shipping and the burden of high taxes," he stated.

He further noted that despite these rising costs, consumers' earning power remained unchanged, leading to a significant strain on their budgets. "Consumers, intermediaries, and retailers are all grappling with the impact of these changes, as business activities have taken a downturn," Oladapo explained.

Expressing his concern, Oladapo described the forthcoming price hike as regrettable, particularly considering the current economic climate. He commented, "This situation is unfortunate as prices continue to climb. Nigerian consumers are undergoing immense hardship as gas affordability becomes a challenge."

The situation has led some consumers to revert to more traditional cooking methods like firewood, charcoal, and sawdust. Oladapo emphasised the need for government intervention to alleviate the burden on the masses, suggesting measures such as palliatives, tax reductions, and levies.

Highlighting the impact of taxation on the industry, he stated, "For every 1kg of gas priced at N700, taxes account for N3.50. This diminishes the returns for businesses substantially." Oladapo advocated a shift towards taxing profits rather than products, as consumers find it increasingly difficult to afford gas.

In conclusion, he urged marketers who can source products locally to consider the plight of consumers when determining prices. The call for a balanced approach, considering both business realities and the welfare of consumers, rings loud in the face of the impending price changes.

August 3, 2023 Port Harcourt Refinery To Commence Operations December

Port Harcourt Refinery To Commence Operations December

The Port Harcourt refinery will commence operations by December 2023.

This was President Bola Tinubu’s assurance to the organized labour after the massive nationwide protests that locked down parts of major cities yesterday.

The president had hosted the leadership of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) at the Presidential Villa in Abuja.

A statement by the president’s, special adviser on special duties, communications and strategy, Dele Alake said production will begin after the ongoing rehabilitation contract between Nigerian National Petroleum Company (NNPC) Limited and Maire Tecnimont Spa is completed.

President Tinubu pledged that he would continue to work for the best interest of Nigeria, encouraging the labour leaders to join forces with him to create a better and more prosperous country.

The Port Harcourt refinery is one of the country’s three oil refineries and several timelines had been established in the past for the operations of the refinery.

In 2021, the NNPC commenced the rehabilitation of the refinery after FEC approved the sum of $1.5 billion for the project.

Ajaero briefed the newsmen after the meeting with the president.

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