By Florence Onuegbu

Financial Technology (FinTech) firm, Bankly has unveiled Bankly Microfinance Bank, to deepen financial inclusion in the country.

Bankly specialises in payment processing, through Point of Sale (PoS) terminals.

The Chief Executive Officer, Bankly, Tomilola Majekodunmi, in a statement described the unveiling of the bank as a significant milestone in the firm’s journey to provide accessible financial solutions to individuals and businesses across Nigeria.

Majekodunmi said with the establishment of the bank, came the introduction of the ”Group Savings” features within the Bankly App.

The Group Savings innovates around the thrift collection system and group contributions.

She said that Bankly’s journey began in 2019, with a mission to address the financial challenges faced by group of individuals, saving collectively in local markets.

According to her, these small business owners lacked access to formal banking institutions, but need a secure place to save money from their sales.

”The traditional thrift collection system, otherwise known as Ajo, often involved contributions to unverified individuals, resulting in a lack of transparency and additional fees.

”Bankly stepped in to revolutionise this process by digitising it, bringing transparency, and allowing contributors to access their funds with ease.

”We are thrilled to announce the launch of Bankly Microfinance Bank.

“At Bankly, we have always been committed to easing financial processes and addressing the pain points of everyday people through a wide range of financial products and services.

”With the launch of the Bankly Microfinance Bank and the group savings feature on the Bankly app, we have taken this commitment a step further, making it easier for the everyday Nigerians to save, invest and spend without hassles.

”With an unyielding commitment to addressing the financial needs of everyday people, Bankly now proudly presents Bankly Microfinance Bank,” she said.

Majekodunmi said that in 2020, Bankly expanded its offerings, venturing into agency banking and creating a network of over 50,000 agents nationwide to provide cushion during the COVID-19 pandemic.

She said that these agents had collectively facilitated access to financial services for over 12 million individuals to date.

Majekodunmi said that as a lifestyle bank, Bankly continued to focus on delivering straightforward banking solutions to diverse customers.

”From a farmer looking to sell their produce to a student who needs to pay for food, Bankly has a product or service that can help,” she said.

The Vice President, Marketing, Bankly, Uwem Ekanem, said that every product, service and feature at Bankly was designed to create new avenues for customers to access unique, safe and seamless savings, investment and payment features.

”Our goal is to ensure our customers are never stranded and are constantly empowered to make the best financial decisions,” Ekanem said.

Bankly’s operations are fully supported by the Nigerian Interbank Settlement Systems and are fully licensed by the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation, reinforcing its commitment to compliance and customer protection. (NAN)(www.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma

By Ikenna Uwadileke

Transmashholding (TMH), Russia’s leading manufacturer of railway rolling stock, says Africa is in dire need of modern railway infrastructure to propel the continent to rapid development.

The Chief Executive Officer of TMH, Mr Kiril Lipa, told newsmen in Moscow Russia, that absence of railway infrastructure in some major cities in Africa was a setback to the transportation sector on the continent.

While expressing the company’s willingness to expand the international footprint in the region, Lipa emphasised the need for African countries to invest more in railways.

The News Agency of Nigeria (NAN) reports that TMH is a leading manufacturer of passenger trains, locomotives, metro cars, trams, coaches, wagons, snow clearing equipment and engines for locomotives.

The company, which supplies railway operators in more than 30 countries, offers comprehensive maintenance and repair of rolling stock, manufacture of parts and components for the rail industry, among others.

According to Lipa, Africa has great potential for the rail industry since most of its produce are bulky such as minerals, oil and gas.

“In this regard, TMH is geared towards the needs of most African economies whose main focus is the export market with access to sea ports via rail and pipelines.

“Imports also come through the sea ports and are couriered to their final destinations by train.

“The African population is growing very fast and the cities are developing at a tremendous pace. For us we are looking into transporting minerals, oil and gas.

“There is therefore a need for cargo trains. We can also leverage on our technology to develop the rail infrastructure of most African countries.

“We are capable of providing this technology,” he said.

The Transmashholding boss further said that Africa is strategic not only to Russia but to the main financial and industrial institutions across the world.

He, however, said that basic trends must be met to actualise the dream.

“There are certain trends which are very basic and what we see in Africa are basic for the common world.

“We understand that the population is growing very fast, the cities are developing and the development of resources is quite intensive.

“And these resources are developed far in terms of distance from the seaports.

“So, these trends make the market very attractive in terms of rolling stock, specifically because the most effective way to transport mineral resources to the seaport is the railway excluding pipelines,” Lipa said.

He said that having the spread and the railway network would enable easy transportation of resources on the continent.

“There is a huge need for the development of Africa. The continent needs all kinds of rolling stock.

“That is why I believe that the continent will be developed; there is a huge need in the railway system network for all kinds of rolling stock for the population.

“And my belief is that Russia is quite capable of providing some critical components in terms of technology,” Lipa said. (NAN)(www.nannews.ng)

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Edited by Idris Abdulrahman

By Lucy Ogalue

The Federal Government has reiterated commitment in strengthening collaboration that will promote Nigeria’s export competitiveness, to achieve its economic diversification agenda.

Dr Ezra Yakusak, Executive Director, Nigerian Export Promotion Council (NEPC), said this on Thursday in Abuja, at a capacity building programme for bankers, organised by the council.

According to Yakusak, the non-oil export sector plays a very important role in the economic development of the nation and ensures Nigeria’s participate in the global market space.

He said Nigerian exporters faced numerous challenges, ranging from knowledge gap, access to finance, cumbersome procedures and documentation, poor packaging among others.

”Access to bank financial services by exporters is one of the major challenges stifling the smooth growth of non-oil export.

“This is due to high interest rates and low disbursement of credit facilities to finance non-oil export trade.

“This has ultimately affected the nation’s non-oil export performance because most exporters lack the financial muscle required to set up modern export related industries and ensure production of high quality products.

“The NEPC, as a responsive agency, has identified capacity building as a priority for relevant stakeholders in the non-oil export value chain.

“We believe that when key stakeholders like bankers, are equipped with the necessary export knowledge and expertise, they will work more efficiently to complement each other toward the promotion of export business in the country,” he said.

Yakusak reiterated the importance of the banking institution to non-oil export saying that without the banks, no formal export trade could be undertaken.

“May I inform you that in the year 2022 non-oil export performance report, a total number of 30 banks participated in the issuance and processing of NXPs forms.

“This led to a total export value of 4.8 billion dollars, the highest recorded since the creation of the NEPC in 1976,” he said.

The NEPC boss said the responsibilities of export desk officers was critical in facilitating export processes and procedures.

He said: “This informed our decision to organise this special technical session for all of you.

“I am optimist that this programme will deepen your understanding of the processes in non-oil export trade and assist in providing efficient export advisory services to clients.

“Your participation in this training programme is therefore not only of great value to you and the bank you represent, but also important to the entire non-oil export sector and the nation at large.”

The News Agency of Nigeria (NAN) reports that 29 banks with about three to four staff each participated in the training. (NAN)(www.nannews.ng)

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Edited by Dorcas Jonah/Olawunmi Ashafa

By Lucy Ogalue

Jigawa State Government and the Nigeria Export Processing Zones Authority (NEPZA) have agreed to revitalise the state’s Maigatari Export Processing Zone.

The duo agreed when the Jigawa State Governor, Umar Namadi, visited the Managing Director of NEPZA, Prof. Adesoji Adesugba on Wednesday in Abuja.

According to the Namadi, the Free Trade Zone(FTZ) has numerous potentials and benefits to the people and the country at large and needs to be made operational.

The governor said: “We felt that we have a free zone that has been lying fallow for some years and we need to bring it into operation.

“And the best place we should start this process is NEPZA, so we made contacts and the managing director agreed to see us in such short notice.

“We came here to solicit for their expert advice on how we can bring our free zone into operation and to solicit for the MD’s support in terms of licences and registration fees.

“We know that we are owing the authority and we feel that he (Adesugba) should be able to allow us some leverage so we can stagger the payment and resume operations.”

According to Namadi, the free zone has a lot of potentials and it is going to contribute to the economic development of this country.

“In addition to giving lots of opportunities to our youths to get employed among other things.

“So because of that, it is necessary that we put it into operation, and you cannot do that without consulting experts and I think NEPZA is the best place to come.

“And that is why we are here. We are happy with the discussions we had with the MD and the fact that he is so committed to make the free zone work. So we think the visit is fruitful,” Namadi said.

On time frame, the governor expressed optimism that before the end of 2023 the FTZ should come into operation as everything necessary to make it work was available.

On security, Namadi said: “Jigawa is so far the safest state in Nigeria but we are also security conscious and making sure that investors and the state is well secured.

Responding, the NEPZA boss expressed the commitment of the Authority to support the state and all other states willing to drive trade and develop the country’s economy.

Adesugba said: “We have been trying to work with the state to activate that free zone because we see it as a critical infrastructure that could do a lot for that part of the country.

“So we cannot say more than we are happy and we are going to work straight away on our first meeting to determine and structure the way forward.

“The governor has given us ultimatum that before the end of this year we should make it work but you know of course that we have a track record.

“We have done it for Kano, Calabar free zone and we are confident that with the kind of Governor we have, working with NEPZA we will definitely deliver this reactivation programme within the shortest period of time.”

The News Agency of Nigeria (NAN) reports that some of the issues which the duo planned on discussing includes revitalisation of the zone’s infrastructure facilities and hibiscus sorting, grading and packaging.

Other areas are bulk breaking centres and warehousing facilities, payment of outstanding operational licence fees from 2017 to date and formation of steering committee to bring up recommendations within five weeks. (NAN)(www.nannews.ng)

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Edited by Ismail Abdulaziz