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Empowering Young Nigerian Women Via Financial Literacy Training

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The Central Bank of Nigeria (CBN) and the National Identity Management Commission (NIMC) recently acknowledged the impact being made by the global organisation Mercy Corps and MasterCard, highlighting the role of the National eID (NeID) card in empowering those previously excluded from the formal financial system.

Mercy Corps and MasterCard aim to register 18 000 young girls and women in Nigeria to receive a NeID card, giving most access to their first formal identity.

Currently over 2,000 young women have gone through the Mercy Corps/ MasterCard programme. Over 6,000 participants from across Mercy Corps programs have been registered for the multi-functional eID card, and nearly 100 have already received their card.

The MasterCard-funded Accelerating Savings and Strengthening Entrepreneurship Training and Skills (ASSETS) program, is implemented by Mercy Corps and seeks to improve the lives of young women by connecting them to financial literacy and entrepreneurship training and financial services.

Programme participants are registered to receive a NeID, which in turn is linked to a mobile savings account.

According to the World Bank, only 47 percent of women worldwide have access to formal financial institutions, compared to 51 percent of men, and more than 1.3 billion women are excluded from the formal financial system.

In Africa more than 70 percent of women are excluded from formal financial services.

Globally, nearly 2.4 billion people live without any form of official personal identification, and the majority of them are women.

“By connecting young women with resources and education to boost their financial literacy, leadership skills and economic opportunities, we can help them see that a bright future is possible,” says Iveta Ouvry, Nigeria Country Director for Mercy Corps. “Adolescent girls play a key role in transforming their communities and countries for good, which is why we’re focused on empowering this key demographic.”

MasterCard, Mercy Corps and the NIMC are committed to providing participants in the ASSETS program with access to financial tools and entrepreneurship training.

To date, 2,219 girls have been reached. This NeID card enables electronic transactions, which gives them access to a wide range of financial tools and services for the unbanked and under-banked.

“We realise that to truly empower impoverished communities here in Nigeria and around the world we need to empower women through financial inclusion,” sai Omokehinde Adebanjo, Vice President and Area Business Head, West Africa, MasterCard. “Lack of identity is a critical barrier for women seeking to vote, own property or open a bank account. Together, we are making a real difference in these women’s lives and encourage an entrepreneurial spirit through the training.”

The partnership has made real strides to empower young women by encouraging them to take control of their own future. The reality is that for many young girls school is not seen as a priority, but through the Mercy Corps programme they are able to access the alternative resources they need to learn, grow and build a brighter future.

“For twenty year old Tawa*, the prospect of a successful future seemed unobtainable when she was forced to drop out of school at the age of 16 because of the lack of funds for a uniform, or even basic necessities. Tawa joined the ASSETS programme and learnt hairdressing skills such as washing hair, braiding and making wigs, which has enabled her to save money. She has a dream of owning her own salon and the programme has taught her how to save and spend wisely.

“Akhanni* left school at the age of twelve and lacked the ability to change her circumstances, but it was her father that pushed her to enrol in ASSETS. It was here that she flourished and became a photographer after completing a nine-month photography course. She has also saved money for her very own professional camera to start her own business.

“MasterCard hopes to create long lasting solutions to reduce poverty in Nigeria. “In support of the Cashless Nigeria policy, we have seen great progress, however, challenges still exist. Our partnerships have been key in overcoming these challenges. We remain committed to moving towards a world beyond cash by implementing new payment solutions and our partnership with Mercy Corps is testament to this,” Adebanjo concludes.

 


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E-Financial

Access Bank Unveils DiamondXtra Season 16, Dangles N200m, 3 SUVs

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The sixteenth season of DiamondXtra, a savings and reward account where customers of Access Bank are rewarded with several prizes, have been unveiled in Lagos.

Access Bank Unveils DiamondXtra Season 16, Dangles N200m, 3 SUVs

 L – R : Doris Okpara, Product Manager, DiamondXtra; Ngozi Igboanugo, Regional sales Manager Festac 1&2 & mainland Access Bank; Bolarinwa Animashaun, Regional Sales Director Lagos 2 Access Bank ; Emeka Ezikeugo, Diamondxtra N200,000 Onsite winner; and Adaeze Ume, Head Consumer liabilities, Access Bank during the launch of Diamondxtra Season 16 held at Alaba International Market Lagos yesterday.

The Season 16th of the special interest yielding hybrid account which allows deposit of both cash and third-party cheques has been upgraded as customers will win prizes to the value of N200 million and three SUVs, amongs other mouthwatering prizes.

Speaking at the unveiling in Alaba International Market, Lagos, Mr Bolarinwa Animashaun, regional sales director, Lagos, said the new season will bring more goodies to the customers as the bank has taken their interest at heart.

“In the last fifteen years, we have been able to ensure customer loyalty, reward committed customers over time and show that we are a bank that is ready to empower people and partner with people.

“If I take it into specific figures, we have rewarded 26,696 customers and we’ve given a total sum of N6.5 billion over the period.

This Season16is interesting, because, we have seen a lot of opportunities to expand into digital opportunities and this time around, we will be rewarding 15,786 customers, and 10,000 of them will be digitally rewarded.

“This is almost half of what we have done over the last 15 years. So that is what is making it special. We have takenit into the possibilities of how technology can expand our business and reward customers”.

The draws for the new season are going to be the same like the previous ones as it will be held in different regions.

“So, we start from the monthly draws, quarterly draws and the annual draws. What makes it extremely interesting this year is that we will be rewarding with up to N200 million in prizes and we have added some very interesting gifts. We will be given out three SUVs as part of the N200 million price for this year”, Animashaun added.

At the unveiling, Access Bank conducted onsite draws where 48 customers who have DiamondXtra accounts and were present at the unveiling won cash prizes ranging from N20,000 to N200,000.

Breakdown shows 40 customers won N20,000 each, five customers won N50,000, two customers won N100,000, while one customer went home with N200,000.

Among winners of the N20,000 prize was Mr Victor Edobor, who said he opened the DiamondXtra accounts 24-hours before the draws.

One of the two winners of the N100,000 prize, Mrs. Maureen Nneka Oforka, said she was surprised to have won at the well-attended event as that was her first time winning any prize.

She said, “I have never won any prize in my life. This is my first. I came here reluctantly and thank God, I am here and I am a winner of N100,000 which has already been paid into my account.

The grand prize winner of N200,000, Mr. Emeka Ezikeugo, a trader in Alaba, said. “I will forever be grateful to Access Bank for the prize as I was not expecting it. I thank the bank for showing leadership among its peers”.

To be part of the winning train and qualify for the DiamondXtra season 16 which is open to both new and existing customers, new customers are required to open a DiamondXtra savings account with just N5,000 by dialling *901*5# or walking into one of our branches to open the account.

However, the more multiples of N5,000 both new and old customers save, the higher their chances of winning at the monthly, quarterly and annual draws.

DiamondXtra is an interest yielding hybrid account which allows deposit of both cash and third party cheques. Hybrid means a combination of both savings and current account features. The DiamondXtra reward scheme has given away over N6.5 billion in cash and household items to over 15,000 loyal customers over the last 15years.  Please click HERE to learn more.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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Lafarge Africa Launches Girls-in-Tech Programme to Empower Women Innovators

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Recognising the underrepresentation of women in the technology sector, Lafarge Africa Plc, has launched the Girls in Tech Program, a pioneering initiative aimed at empowering young women in technology.

Meticulously crafted to bridge the gender gap in tech and empower 10 young females between the ages of 18-25 years from Lafarge Africa Host communities in Cross River State, the program is poised to make a significant impact in the region.

The Girls in Tech Program seeks to harness the unique talents of these young women and introduce them to the dynamic world of technology. By providing them with essential skills and opportunities, the initiative aspires to equip them to become self-reliant as well as problem solvers in society.

In collaboration with Aptech and Arena Multimedia,globally recognized leaders in technology incubation and opportunity, as well as The Bridge Leadership Foundation, the boot camp promises to be a transformative experience for the participating girls, who are eager to make their mark in the tech industry.

Speaking during the onboarding to flag-off in Calabar recently, the Plant Manager, Lafarge Africa Plc, Sotirios Valsamakis, who was represented by the Human Resources Business Partner, Lafarge Africa Plc; Barong Ita, revealed that the program was in line with the company’s commitment to diversity and inclusion.

She also added that the initiative is designed to ignite a spark of inspiration, hope, and possibilities in the heart of the selected girls across the host communities.

“As an organization, people are an integral part of our sustainability drive, and we are invested in building lasting progress by empowering members of our host communities. We also recognize the need for greater and greener diversity and inclusivity within the tech sector.”

Today’s event is not just about launching a program. It is about igniting a spark of inspiration, hope, and possibilities in the hearts of these young women. It is about challenging stereotypes.”

Also speaking at the event, the Cross Rivers State Commissioner for Science, Innovation & Technology, Justin Beshel represented by Edwin Adie, Technical Senior Advisor, Cross Rivers State Ministry of Science & Technology commended Lafarge Africa for the initiative adding that it is in line with the State government’s plan towards science, technology and innovation development.


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Hydrogen, CCHub Partner to Encourage Fintech Startup Success

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As the country faces economic challenges, the need for adaptive strategies in the fintech industry becomes paramount. In line with this, leading Fintech startup, Hydrogen Payment Services Limited (‘Hydrogen’), has teamed up with Co-creation Hub (‘CcHub’) to host an insightful event themed, ‘Adapting Fintech Business Models to Economic Climes’.

The event, set to take place on Thursday, April 18, 2024, from 12:00 WAT at the CcHub office in Sabo, Lagos, will delve deep into the intricacies of Nigeria’s economic challenges and how these influence the fintech ecosystem.

Participants will gain actionable insights on how to adapt fintech business models to volatile economic conditions by prioritising flexibility, agility, and customer-centricity.

This collaboration underscores the shared commitment of both entities to empower aspiring founders venturing into the Fintech space amidst economic uncertainties.

By leveraging their respective expertise and resources, Hydrogen and CcHub aim to equip emerging entrepreneurs with the knowledge, tools, and support needed to thrive in today’s dynamic economic conditions.

Emeka Awagu, Chief Technology Officer at Hydrogen, commented on the strategic partnership with CcHUB: “Our alliance with CcHUB amplifies our shared commitment to pioneering transformative solutions in Nigeria’s fintech sector.

“By leveraging Hydrogen’s technological expertise alongside CcHUB’s innovative approach, we are primed to set a new standard for fintech excellence and drive impactful change across the industry.”

The event will feature a distinguished panel of industry experts and thought leaders, including, Ina Alogwu, Group Director, Digital Transformation, ARM HoldCo; Emeka Awagu, Chief Technology Officer, Hydrogen, and Miracle Ezechi, Digital Marketing Manager, Hydrogen.

The panel discussion will be moderated to encourage an engaging and insightful conversation on the strategies and innovations required to thrive in Nigeria’s Fintech landscape amidst economic challenges.


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