The Africa’s Giant Telecommunication Company, MTN Nigeria has launched a unified customer engagement platform, EnGauge, designed to enable small-to-medium enterprise business owners administer transactions with customers, potentially increasing their productivity significantly.
According to a statement from the telecommunication network company on Thursday, the app, developed in partnership with Ajua, an African start-up, offers innovative customer management solutions.
It said, following installation and registration, businesses were automatically provided with a unique Unstructured Supplementary Service Data code that allows their customers to interact, transact and communicate with them in real-time.
“With MTN Engauge, entrepreneurs can securely receive payment, track transactions with each of their customers and glean valuable insights to serve them better based on their preferences and buying behaviour,” the statement said.
Chief Enterprise Business Officer, MTN Nigeria, Lynda Saint-Nwafor, added that is was the ideal platform for business owners and entrepreneurs to thrive in the ‘new normal’.
“Entrepreneurs have had to re-organise their core business models through backward and forward integration to maintain relevance. The EnGauge mobile application helps make this possible and seamless,” she said.
Founder and Chief Executive Officer of Ajua, Kenfield Griffith, said the app would help solve challenges SMEs experience, from digitally engaging their customers to cash management.
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“With MTN as a partner and their reach across the continent, we believe MTN EnGauge will have a positive and impactful trajectory, driving transformational business growth for SMEs,” he added.
The telecommunication company stated, that the solution was downloadable on the Google Play store and only available on the MTN network.
BoI Records N35.5bn Profit As Assets reaches N1.86trn
The Bank of Industry – BoI has said it recorded a profit after tax of N35.54 billion for the financial year ended Dec. 31, 2020, as its total assets hit N1.86 trillion.
The Managing director, BoI, Mr Olukayode Pitan, in a statement, yesterday, said that the performance demonstrates resilience and strength and also indicates synergy with the various interventions developed by both the federal government, the Central Bank of Nigeria (CBN) as well as other strategic partners, despite the significant challenges in the operating environment on account of the impact of the COVID-19 pandemic.
The group’s total assets grew from 1.04 trillion to 1.86 trillion between 2019 and 2020, driven by the successful debt syndication of €1 billion and $1 billion that were concluded in March and December 2020 respectively.
The group’s total equity increased by 14.8% from 293.08 in the previous year to 336.48 billion in 2020. Loans and advances grew marginally in 2020 by 1.3% to 749.84 bn from the 2019 position, a reflection of the adverse impact of the challenging operating environment on growth of new loans.
Profit before tax fell by 9.6% from 39.34 billion in 2019 to 35.54 billion, attributable to the economic slowdown in the year as well as the various interventions and support initiated by the bank for its customers were responsible for this result.
Pitan explained that the bank, in line with CBN directive, also reviewed and restructured all its managed projects under the CBN intervention programme with interest rate reduction from 9% to 5% per annum for a period of one year and moratorium extension of 3 months (with a possible extension up to 12 months).
Get On the Central Credit Management Platform – CBN to Banks
The Central Bank of Nigeria (CBN) has mandated all development finance institutions (DFIs), microfinance banks (MFBs), primary mortgage banks (PMBs) and finance companies (FCs) operating in the country to enrol on its credit risk management system (CRMS).
This was disclosed on Monday, in a circular, stating that the move was part of efforts to promote a safe and sound financial system in Nigeria.
The CRMS was introduced to improve credit risk management in commercial, merchant and non-interest banks as well as to prevent predatory borrowers from undermining the banking system.
“With the successful implementation of the CRMS in deposit money banks, it has become expedient to commence the enrollment of Other Financial Institutions (OFIs) on the CRMS Platform,” the CBN said in the circular that was signed by its director, financial policy and regulation department, Kevin Amugo.
Based on the memo, Dr Amugo said all DFls, MFBs, PMBs and FCs are required to report all credit facilities (principal and interest) to the CRMS and to update same on monthly basis. The bank said Bank Verification Numbers (BVN) and Tax Identification Numbers (TIN) are the only basis for regulatory renditions.
“To ensure full compliance, OFls are reminded to conclude the tagging of ALL live credit files for ALL individual and non-individual borrowers with BVN and TIN respectively by May 14, 2021,” Amugo said.
He further advised the concerned OFls to acquaint themselves with the regulatory guidelines for the operations of the redesigned CRMS for commercial, merchant and non-interest banks in Nigeria (February 2017) and the additional regulatory guidelines of September 2017.
“Kindly note that the CBN will monitor compliance with the requirements of this circular and non-compliance will attract appropriate sanctions,” he stated.
We’re not aware of currency printing – Finance ministry CBN
The Central Bank of Nigeria – CBN, has denied knowledge of claim that Nigeria printed billions of naira last month to cushion its financial trouble.
This came, after the Edo State Governor, Godwin Obaseki, alleged that Nigeria printed Sixty Billion Naira, N60bn to augment what the three tiers of government shared in March.
Obaseki reportedly stated on Thursday that Nigeria was in a huge financial trouble, alleging that the Federal Government printed N60bn in March as part of federal allocation last month.
The Edo governor also expressed worry over the country’s increased borrowing, saying it was wrong to continue borrowing without a tangible plan for debt repayment.
When contacted to comment on the development, the spokesperson of CBN, Osita Nwanisobi, told one of our correspondents that he was not aware of any N60bn that was printed.
“I am not aware of that (N60bn printed by government,” he told our correspondent on Saturday.
Similarly, when contacted to speak on the N60bn that was allegedly printed in March 2021, the Federal Ministry of Finance, Budget and National Planning said enquiries on the matter should be directed to the governor who made the allegation.
The media aide to the finance minister, Yunusa Abdullahi, said the Edo State governor or the CBN should be contacted.
“Please direct your questions to the governor who made the claim or the CBN,” he told our correspondent.
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