Month: November 2021

Loan apps go gangster, send ‘shame’ messages to close contacts of loan defaulters

The Nigerian fintech space is growing exponentially, attracting the attention of both foreign and local investors and drawing new entrants into the diverse sub-sectors within the ecosystem. A good number of them have struck gold offering uncollateralized loan facilities to Nigerians albeit at eye-popping interest rates. Of this cohort, it would appear as if some have met and agreed to come down hard on defaulters, resorting to unbelievably desperate measures to recover loan facilities obtained from their apps.

Findings made by Nairametrics show that a number of these loan app operators now send embarrassing short messages service (SMS) and WhatsApp

Read More

Five Personal Finance Thumb Rules To Follow

Following certain thumb rules can sort out your finances broadly. Thumb rules may not always give you an accurate picture but can steer you in the right direction as they are usually time-tested processes. They are something that are easily learnt, remembered, and applied.

“Thumb rules help in streamlining our finances. Basically, when we form a rule and follow a time-tested process, our probability to reach financial freedom increases,” says Anant Ladha, founder, Invest Aaj For Kal, a financial planning firm.

Here are five popular personal finance thumb rules that you can follow to sort out your money life. However,

Read More

FCMB begins treating customers aged 18-30 as fraud suspects

First City Monument Bank has put out an alert on accounts held by people between the ages of 18-30, asking staff to be on the lookout for money launderers and other criminal activities. 

An internal email seen by Peoples Gazette titled “Compliance Advisory on Cryptocurrency Dealing/Transactions” is in furtherance of the Central Bank of Nigeria’s ban on the trading of cryptocurrency in the country. 

Accounts “with high volume transactions operated by individuals between the age brackets of 18-30 years as signatories,” should be flagged for possible fraudulent activities by staff members, the memo said.

Other account types with similarly discriminatory

Read More

Wall Street’s ‘fear index’ surges by most in 10 months as Dow and S&P 500 set to tumble on COVID variant worries

A measure of implied volatility on Wall Street on Black Friday touched the highest level since around September as futures for the Dow Jones Industrial Average [: DJIA]
YMZ21,
+0.14%
and the S&P 500 index
SPX,
+1.32%
ESZ21,
+0.08%,
looked set to tumble amid concerns of a fast-spreading strain of coronavirus, which was identified in South Africa, Hong Kong and Israel and was already leading to travel restrictions. The CBOE Volatility Index
VIX,
-19.78%
jumped by about 40% Friday morning, trading around 25.4, which would mark the highest level for the index since around Sept. 20 and mark the

Read More

Analysis: Stock market beyond finance

The benchmark index of the Dhaka bourse witnessed an erosion of 3.4% last week while the daily turnover slipped below the Tk1,000 crore-mark for the first time in the previous seven months Mahmud Hossain Opu/Dhaka Tribune

During the past 25 years, at least three stock market slumps have been recorded besides the usual ebb and flow of the market

Recently, news about the stock market made the headlines as investors incurred huge losses quickly.

It is not the first time this has happened; during the past 25 years, at least three stock market slumps have been recorded besides the usual

Read More

Nigerian bank says non-performing loans to entrepreneurs almost 100%

The Bank of Industry has said the country’s entrepreneurs don’t have the habit of repaying loans, saying its non-performing loan portfolio awarded to entrepreneurs ranges between 80 and 100 per cent.

The bank’s managing director, Olukayode Pitan, disclosed this recently at the first edition of the community engagement development workshop organised by the Arthur Mbanefo Digital Research Centre (AMDRC) of the University of Lagos (UNILAG), Akoka.

The workshop, with the theme; “Building the Nigeria’s Economy for the Immediate Future: The Role of Innovation and Entrepreneurship and Startups Creation,” featured scholars and industry leaders including the director of the

Read More

FG to begin disbursement of N655bn bridge financing

The Minister of Finance, Budget and National Planning, Zainab Ahmed, informed the National Economic Council on Thursday, that the Bridge Facility is now being processed by the Central Bank of Nigeria.

The approved Bridge Facility of N656.11bn will be disbursed in six tranches over six months to the states.

Each of the 36 states is expected to receive a total loan amount of N18.2bn, with a 30-year tenor, and a2-year moratorium at an interest rate of 9 per cent.

These were contained in a statement issued by the Senior Special Assistant to the

Read More

Binance Review 2021

Pros Explained

  • Over 365 cryptocurrencies for trade globally: Binance offers hundreds of cryptocurrencies to trade globally. This makes it a good option for active traders who want to diversify their portfolios.
  • Low fees: The platform offers low fees, meaning traders get to keep more of their investment and earnings. 
  • Wide selection of trading options and order types: Binance offers several trading options including peer-to-peer trading, spot trading, and margin trading. It also offers lots of order types, including limit order, market order, stop-limit order, stop market order, trailing stop order, post only order, and one-cancels-the-other order.


Cons Explained

  • The Binance
Read More

Want a 219% Return? Buy This Growth Stock, Says Wall Street

Despite the broad stock market indexes like the S&P 500 and Nasdaq 100 regularly trading near all-time highs, some individual technology stocks are lagging behind. For investors who are sitting on some cash, there are some enticing opportunities.

C3.ai (NYSE:AI) is a first-of-its-kind enterprise artificial intelligence (AI) developer, selling everything from ready-made solutions to custom-built applications to eight of the largest industries in the world. For companies that can’t develop AI in-house, C3.ai bridges the gap.

Its stock currently trades at $38.25, and one Wall Street firm thinks it could soar 219% to $122. Here’s why.

Image source: Getty Images.

Read More