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Checkout Benefits In Public Listing Of Nigerian Stock Exchange

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In Nigeria, the Chartered Institute of Stockbrokers (CIS) has said that the planned public listing of the Nigerian Stock Exchange, NSE, popularly known as demutualization would attract further growth, enhanced transparency and investment for investing public.

Meanwhile the Institute has inaugurated seven Fellows and inducted 59 Associate Members as part of its just concluded 2020 Annual conference held in Lagos.

Besides, the World Federation of Exchange’s (WFE) has commended the Nigerian Stock Exchange, NSE  on its ongoing demutualization project and highlighted the rationale for embracing demutualization by every stock exchange’s members.

Speaking at the investiture of the Fellows and induction of Associate Members , the Institute’s President, Mr Olatunde Amolegbe urged them to uphold the highest level of ethical standard as demanded by the dictum- My word is my bond.

Amolegbe had at the commencement of the two-day Conference explained that  stockbrokers’ skills and competencies transcended trading on shares as they are trained to deal in various asset classes, including fixed income securities, derivatives and commodities among others.

Speaking on “NSE Demutualization: Demystifying the Big Picture”, the Chief Executive Officer, World Federation of Exchanges (WFE), Nandini Sukumar commended the Exchange for the initiative.

She explained that every member of a stock exchange embraces demutualization because of its benefits which include realization of the value of  historical asset, improvement in market quality, liquidity, trading costs and price volatility, ensuring that the exchange is  efficient, well run and  dynamic, realization of a unique opportunity that can create value through the demutualization and Initial Public Offering (IPO) while allowing the members to become ownership and customer and provision of opportunity for investment in market infrastructure.

Other issues that were highlighted at the conference were benefits of Alternative Investments and Infrastructure and Deficit Funding.

Speaking on Alternative Investments, the Managing Director, NASD PLC, Mr Bola Ajomale who listed many of the benefits posited that issues such as higher fees, complex valuation models, market illiquidity, obscure pricing, high risk of loss and fear of lack of regulation should be addressed to ensure investor confidence in the asset class.

In his own presentation on “Infrastructure and Deficit Financing”, the Managing Director, Sifax Shipping Company, Mr Adekunle Oyinloye canvassed for collaboration between the private and public sectors in addressing the issue of infrastructure financing:

“The Nigerian capital market authorities are making quiet progress in their efforts to build the market’s infrastructure and the regulatory framework that supports a well-functioning financial system.

Institutional investors are increasingly realizing advantages of infrastructure investments to balance and diversify their portfolios, it is imperative for all players in the Nigerian market both public and private to work together towards a stable economic environment and safe and productive playing field for Foreign Direct Investors (FDIs) and Foreign Portfolio Investors (FPIs)”, says Oyinloye.

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Airtel Rwanda Partners With Canal+ To Ease Payment Of Subscription Fees Via Airtel Money

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Airtel Rwanda and Canal+ Rwanda have launched a partnership, enabling customers to easily make subscription payments.

The partnership announced at a joint press conference today provides clients of both CANAL+ and Airtel a simpler, instant and secure payments method using Airtel Money.

CANAL+ Rwanda is the subsidiary of CANAL+INTERNATIONAL, TV operator by satellite in Africa and present in over  25 African countries.

CANAL+ Rwanda have a trilingual package with 200 channels in French, Kinyarwanda and English and it offers accessible bouquet starting from 5,000 Francs with a distribution network throughout the country.

Speaking at the launch event, Airtel Rwanda Managing Director, Mr. Emmanuel Hamez said “We are delighted to launch this new service on our Airtel Money platform we welcome all Canal+ customers to enjoy the convenience and simplicity offered by Airtel Money both on the USSD as well as in the My Airtel App”.

The new service that was launched today comes on the heels of an ongoing Airtel Money campaign called Free P2P which enables all Airtel Money customers to send and receive any amount of money for FREE.

“Free P2P or Ohereza Amafaranga Ku Buntu was launched in June 2021 saw Airtel scrap all charges to send and receive money between customers, a major differentiator that positions Airtel Money to become the provider of choice when it comes to payment of good and services such Canal+ that we have launched today” added Hamez.

Canal+ Rwanda’s Managing Director, Madam Sophie TCHATCHOUA said “It gives me great pleasure to allow Canal+ client to renew their subscription with Airtel Money. The successful integration of our mutual services makes life easier for our beloved customers who can now recharge and seamlessly have their images back and all this can be done from the comfort of their home”.

To renew your subscription via Airtel Money, customers can simply dial the direct short code string *500*4*3*2*4*1# on either their smartphone on feature phone, input their 14 Digit of their decoder  number, select their preferred bouquet and make the payment which is recognized by the Canal+ billing system instantly.

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Hundreds Of Passengers Miss Flight In Uganda Due To Delayed COVID-19 Tests

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Hundreds of Ugandans have been left stranded at Entebbe International Airport by the Emirates Airways after the laboratory where they had taken their Covid-19 results delayed to return them on time.

In a Snapchat post by Ugandan socialite Sheila Gashumba, she ranted, ‘’When I tell Ugandans that Covid in Uganda is a business they say I have ‘kajanja’.

Now all Emirates passengers have missed their flights because Safari Lab sent Covid results at 2:45pm and Emirates closed its gate at 3pm.

The hospital said it couldn’t work on everyone in the short time.

Around 300 passengers missed their flight yet Safari Lab had made a total of UgSh75m since everyone had paid UGX 250,000 for the test.

In the video where all passengers were visibly angry and frustrated, they can be heard asking for what the solution is and who is going to pay for the tickets again now that those that they had paid for can no longer be used anymore.

Passengers expressed their frustration at the rot in the service.

“I experienced such thing in March as the officers in charge claimed that the gates were close at 1pm as the flight was at 3pm,” one twitter user said.

Some made jokes out of it and asked, if this was because of the US$10 tax that is in the process of being introduced and will be paid by anyone that leaves the country using the Entebbe International Airport.

Another twitter user @kasoxialex2000 asked, ‘’@UgandaCAA (Uganda Civil Aviation Authority), but seriously you guys when you move to some airports don’t you copy something? Why are we ever backwards??? Stop embarrassing us. Who will save Uganda’’
By press time there was no official communication from the Civil Aviation Authority, Safari Lab nor Emirates Airways.

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Kagame Tells Bankers, Banking Can’t Just Be “Service For Elites”

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Banking can’t just be a service for elites, President Paul Kagame has said.  He made the remarks while speaking at the 14th Annual Banking and Finance Conference in Nigeria that he attended virtually.

Running under the theme, ‘’Economic Recovery, Inclusion and Transformation: The Role of Banking and Finance’’, the two-day conference will aim at the need to reposition the Finance and Banking sector as a catalyst for Economic recovery, transformation and inclusive growth.

In his remarks, he noted how the Covid pandemic has affected every aspect of Africa’s economies but at the same time also presents an opportunity for African banks to play a leading role in making societies more resilient and more responsive to the needs of Africans.

‘’Whatever affects business, affects banking. Financial services are the engine of private sector development. Banks are crucial for allocating capital wisely and productively,’’ he further added.

President Kagame noted that, in order to stay competitive, there is need to keep integrating new technology into banking to increase financial inclusion and access as banking can’t just be a service of elites.

He also went ahead to reemphasize what he has always said when it comes to African states always depending on the West and other countries for support. ‘’Indeed, Africa has the resources to fund its own economic growth and reduce dependence on external resources,’’ he said.

Kagame also noted that the African Continental Free Trade Area is creating new opportunities for Pan African Trade and investment. ‘’Banks with continental reach, like several of the institutions represented here can lead the way in cementing economic integration.’’

As he concluded, he stated how the banking sector, more than any other, understands the importance of integrity and good customer service. ‘’Banking is ultimately about trust. We look to you to set the pace in this regard. Our role as governments is to maintain good enabling environments, protecting both shareholders and customers while allowing for innovation. We expect you to keep challenging us on this,’’ he said.

In attendance at the same conference was the Central Bank of Nigeria Governor Edwin Emefiele who made a huge announcement.  He said, ‘’Central Bank, will, in the next twelve months be establishing the Nigerian International Financial Centre (NIFC). The NIFC will act as an international gateway for capital and investments, driven by technology and payment system infrastructure.’’

In Rwanda, current statistics show that even though there are still various challenges that continue to put women behind men when it comes to financial inclusion, the number of women who are currently banked have risen from 24% in 2016 to 34% in 2021.

This is according to a FinScope 2020 Gender thematic report on the state of women financial inclusion in Rwanda that was supported by Access to Finance Rwanda (AFR).

In one of the Focus Notes from Access to Finance Rwanda, farmers reported that women and men enjoy equal rights and treatment at specified two Financial institutions in the Focus note and therefore no special gender based treatment yet the outcomes of each groups are not equal.

At both Financial Institutions, women and youths are more likely to use loans to hire land farm as they lack access to land and they have been assisted by addressing some of the barriers that women and youth face in accessing loans.

The conference will therefore focus on how banking can be a service enjoyed by all Africans regardless of their financial strengths through making access to finance for development is an easy and smooth process.

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