Connect with us

Telecom

Monieworx Enables 3 SMEs Raise N100M in 10 days through Regulation Crowdfunding, Nigeria’s First

Published

on

Kindly share this post

Alternative Finance Limited (Obelix), Nigeria’s SEC-regulated Crowdfunding Intermediary, on Wednesday announced that it has fundraised N100 million from 9,324 registered small-ticket retail investors for 3 promising small and medium enterprises in just 10 days, thus successfully pioneering an alternative way of raising badly-needed cash for SMEs operating in Nigeria.

The investors were wholly from its waitlist of 42,545 early adopters. The average investment in the Private Notes was N10,725 with the smallest and biggest tickets being N1,200 and N20,000 respectively. The longest duration of the new asset class for individual investors is 90 days, with a fixed rate of 12% p.a.

Formal SMEs number 40 million in Nigeria, contribute 84% of total employment, 45% of GDP but just 8% of exports and tax collections by the Federal Inland Revenue Service (FIRS) according to a recent joint report by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the National Bureau of Statistics (NBS).

A total of 15 eligible applications to raise funds were considered by the company’s Screening Committee but only 3 of the SMEs were accepted by Obelix to utilise monieworx®, its registered Funding Portal, to embark on their crowdfunding campaigns. All the fundraisers have a good corporate governance record and are SMEDAN-registered. The 3 most promising small and medium enterprises that have their securities offerings hosted are, namely: Imose Technologies Limited, Alatiron Nigeria Limited and Q21 Solutions Limited.

According to a Formal MSME Finance Gap in Developing Countries report by the World Bank, the unmet financing needs of Nigeria’s formal SMEs is estimated at US$22 billion yearly. For context, total banking loans was US$66 billion as of December 31, 2022, giving SME loans an 8% share of the loan book.

The risk in this sub-sector is priced in the range of 28% to 35% p.a. Gaining access to finance is by far the biggest constraint to SME growth. Over 70% of the 40 million SMEs cited a lack of finance and access to financing as the main constraint to their business growth. Access to advisory services and access to markets weighed in at a distant second and third.

According to the Credit Bureau Association of Nigeria (CBAN), only four percent of the 40 million SMEs have access to credit from Nigerian banks. 80% of new SMEs in Nigeria thus die before their fifth year.

Obelix was able to onboard 42,545 users on monieworx®, over a 12-month period, through a combination of extensive community engagements to build a suitable “banking replacement”, and the first-of-its-kind early access programme (EAP) that nudges users to join a community or a group.

A surprising insight from its target audience poll of 100,000 people is that they are willing to invest in the absence of outsized financial returns. Specifically, when asked what they value most, regulated products (15%), small ticket sizes (13%), money-on-demand without a withdrawal penalty (12%), short-term securities (11%), weekly coupon payment (10%), Web3-first approach (10%) and Community Subscription Offer Plans (9%) had a combined response rate of 80%. Outsized returns (8%) ranked a distant eighth. On aggregate, individual investors are most interested in near-term liquidity (stacked up to 43% of the response rates).

According to McKinsey’s Global Private Markets Annual Review 2022, “private debt is an asset class for all seasons as evidenced by continued fundraising growth, making it the only private asset class to grow fundraising every year since 2011, including through the pandemic”.

“monieworx® has broadened participation in a very significant way”, said Lanre Showunmi, Director and Co-founder of Obelix. “Debt is the safety part in a portfolio, and we are on course to become the dominant portal through which small-ticket investors enter the debt capital market in keeping with our commitment to make investing fair, accessible, and inclusive”, he stated.

“SME financing is at an inflection point. We have been presented with a once-in-a-lifetime opportunity to win customer primacy and we intend to seize it with both hands”. Thus, Ali Yakubu-Concern, the Managing Director and CEO said, “owning alternative investments will become increasingly valuable”.

“It is said that regulation is how you cap risk”, said Titus Akintola, the Chief Compliance Officer. “This forms the building block in our plan to build a global layer of services for small and medium enterprises”, he continued. We aspire to adopt a safety-first approach in delivering on our “Better – Faster – Cheaper” service charter.

“This is a critical first step in our aspiration to build technology that can create a single Capital Market”, said Salvation Arinze, the Chief Technology Officer. “We are an innovative provider of online retail and SME financial and lifestyle services”.

“There is 100% custody of funds and investment contracts through an arrangement with First Bank, Nigeria’s oldest bank that is registered with Nigeria’s SEC to be a Custodian Bank”, said Abubakar Maibe, Director at Alatiron Nigeria. “This reinforces our confidence and lessens the administrative burden imposed on fundraisers by the Investment Crowdfunding Rules, 2021”.

“Debt crowdfunding presents us with a unique opportunity to access growth capital during this acute funding crunch leveraging alternate financing options that are non-dilutive and founder-friendly by design, on the one part and provides an incentive for the communities in which we operate to get involved through co-creation of value, on the other part”, said Osaretin Sule, the Chief Operating Officer at Imose Technologies Limited. “This way, the local economies become more resilient”.

“We went to Obelix first over our traditional banks”, said Eunice Adeyemi, the Creative Director at Q21 Solutions, “and this was a no-brainer because monieworx® hosted our debt-based securities with more favorable terms, lower interest rates, quicker approval times, and a simpler application process”.

Obelix is widely recognized as the poster child of regulation crowdfunding (Reg CF) and the SME-focused financier of first choice in Nigeria. Crowdfunding is proving itself as a financial solution that speaks to the largest numbers through its simplicity, its transparency, and the service it provides to the local economy and to projects that are meaningful for retail investors.


Kindly share this post

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

Telecom

Halilu Tasks NASENI Finance Managers On Effective Resource Management

Published

on

Kindly share this post

Mr. Khalil Suleiman Halilu, Executive Vice Chairman and Chief Executive Officer (EVC/CEO), National Agency for Science and Engineering Infrastructure (NASENI), has underscored the importance of effective resource management, emphasizing the Agency’s responsibility in administering public funds for the benefit of Nigeria.

L-R: Coordinating Director, Engineering Infrastructure Directorate, NASENI, Prof Bagudu Gwandangaji; Support Officer/NASEN Desk Officer, OAGF, Mr. Mustapha Marafa; Deputy Programme Manager, System Support and Sustainability Directorate, OAGF, Mr. Jeremiah Asanato; Executive Vice Chairman/CEO of NASENI, Mr. Khalil Suleiman Halilu; Coordinating Director, Finance and Accounts, NASENI, Alh Ibrahim Baba Dauda; Coordinating Director, Science Infrastructure Directorate, NASENI, Prof Umaru Gaya during a one-day sensitization workshop on Government Integrated Financial Management Information System (GIFMIS) policy and guidelines for financial managers organised by the National Agency for Science and Engineering Infrastructure and the Office of the Accountant General of the Federation held at NASENI Headquarters in Abuja on Tuesday, May 14, 2024.

The EVC stated this while declaring open one-day sensitization workshop on Government Integrated Financial Management Information System (GIFMIS) policy and guidelines for financial managers of NASENI in collaboration with the Office of the Accountant General of the Federation (OAGF) held at the Agency’s headquarters in Abuja on Tuesday, May 14, 2024.

The workshop was aimed at enhancing financial management practices for NASENI principal officers, directors, managing directors and accounting officers system-wide.

Urging the participants to take the workshop with all sense of purpose, the EVC/CEO called for accurate financial record-keeping and the adoption of innovative processes which remain integral in the GIFMIS policy. He stressed the significance of staff training and capacity development to ensure the discharge of duties to make NASENI a preferred public sector employer in Nigeria.

While warning staff on classified documents, Mr. Halilu said confidentiality in financial management is a crucial aspect and called for strict adherence to public service regulations regarding the integrity of official information.

He further emphasized the Agency’s 3Cs initiative of Collaboration, Creation, and Commercialization as NASENI’s core operating principles, expressing confidence in achieving the Agency’s goals in alignment with the Renewed Hope Agenda of President Bola Ahmed Tinubu.

The Deputy Programme Manager, System Support and Sustainability Directorate, OAGF, Mr. Jeremiah Asanato, giving overview of the GIFMIS, said it is aimed at integrating budgeting and government expenditure. He emphasized that the policy will help to address irregularities, corruption, and other fraudulent activities in government Ministries, Departments and Agencies (MDAs).

In his vote of thanks, Coordinating Director,Finance and Accounts, NASENI, Alh. Ibrahim Baba Dauda, appreciated all Finance and Accounts Directorate staff from across NASENI centres system-wide for attending the workshop. He challenged them to start thinking of making NASENI an independent revenue-generating agency.


Kindly share this post
Continue Reading

Telecom

Annual General Meeting: Nigeria Set to Host the 2025 Edition of the Network of African Data Protection Authorities’ Conference

Published

on

Kindly share this post

Nigeria Data Protection Commission (NDPC) is to host the 10th edition of the prestigious Network of African Data Protection Authorities’ (NADPA-RADPA) Conference and Annual General Meeting.

This significant decision was made during the 9th NADPA Annual General Meeting held in Nairobi, Kenya, where Nigeria, through NDPC under the exemplary leadership of the National Commissioner/CEO, Dr. Vincent Olatunji, emerged as the successful bidder to host this prestigious event.

The Network of African Data Protection Authorities (NADPA-RAPDP), founded in Ouagadougou in September 2016, consists of 23 (Twenty-Three) Data Protection Authorities across Africa. Its primary objective is to establish a platform for exchanges and cooperation among its members while amplifying Africa’s voice in global partnerships.

Nigeria joined the network in 2022 and has been actively engaged since then, including taking on the role of coordinator for the Regulatory Harmonization working group during the recently concluded annual general meeting in 2024.

The 9th NADPA–RADPA Conference and Annual General Meeting, hosted by the Office of the Data Protection Commissioner in Nairobi, Kenya, was marked by an impressive turnout, with over 1500 individuals and organizations in attendance.

Noteworthy participants included multinational corporations such as Google, Amazon Web Services, EY and Microsoft, as well as development partners which included the European Union, German Corporation, GIZ, and Digital Transformation Center among others.

The 2025 edition will serve as a pivotal platform for Data Protection Authorities from across Africa to convene, collaborate, and share insights on emerging trends, challenges, and best practices within the data protection and privacy ecosystem.

Furthermore, it will bolster Nigeria’s economic growth by attracting Foreign Direct Investments and contribute to the enhancement of the country’s tourism sector by providing delegates with opportunities to explore its offerings.

Moreover, hosting such a prestigious event will elevate Nigeria’s reputation as a hub for innovation, research, and academic excellence, thereby attracting additional investment and talent, while serving as a prime opportunity to showcase the country’s diverse industries, products, and services to a global audience.

Additionally, the conference will facilitate capacity building and skill development in digital technologies, empowering individuals and organizations with the knowledge and tools required to thrive in the current global digital economy.

As the host country, Nigeria is deeply honored to welcome esteemed delegates and participants to this significant gathering. The conference serves as more than just a platform for sharing insights, it highlights Nigeria’s unwavering commitment to advancing data protection principles and fostering international cooperation in this crucial field.

Collaborating with various Government Agencies, Multinational Corporations, and Development Partners, NDPC is poised to co-host this event. With its multifaceted agenda, the conference promises to ignite growth, foster collaboration, and drive advancement within the data protection landscape and beyond.


Kindly share this post
Continue Reading

Telecom

Here Are 10 Big Announcements You Need to Know About Google I/O

Published

on

Kindly share this post

Google I/O 2024 showcased Google’s commitment to transforming the search experience through AI innovations. Here’s a breakdown of the key announcements:

  1. Gemini 1.5 Pro and Gemini 1.5 Flash: Google announced the general availability of Gemini 1.5 Pro, a powerful AI model with a 1 million token context window, enabling it to process vast amounts of information like an hour of video or 1,500 pages of a PDF and respond to complex queries about this source material. Gemini 1.5 pro will also be available in more than 35 languages starting today – providing access to the latest technical advances, including deep analysis of data files like spreadsheets, enhanced image understanding and a greatly expanded context window, starting at 1 million tokens.

Additionally, Google also introduced Gemini 1.5 Flash, a more cost-efficient model built based on user feedback, with lower latencies; and Project Astra, Google’s vision for the next generation of AI assistants, a responsive agent that can understand and react to the context of conversations. [Blog Post] [Visual assets]

  1. Generative AI in Search: Google is integrating Gemini into Search, enhancing its ability to understand and respond to complex queries. Blog Post, [Visual assets]

This includes features like:

  • AI Overview – designed for advanced multi-step reasoning, planning, and multimodal capabilities. This enhancement ensures that people can ask intricate, multi-step questions, tailor their search outcomes, and interact using videos for an enriched query experience. This is set to launch soon, starting in the US before expanding globally.

  • Multi-step reasoning: which breaks down complex questions into smaller parts, synthesising the most relevant information and stitching it all together into a comprehensive AI Answer.

  • Search with video: which allows users to ask questions about video content by taking a quick video and get AI-powered answers in response. This feature will be available beginning with the US and rolling out to other regions over time.

  1. Gemini for Android: Gemini is being integrated into Android to power new features like:

    • “Circle to Search,” which allows users to search for anything they see on their screen. This feature is expanding to more surfaces like Chrome desktop and tablets.

    • TalkBack: Gemini Nano will enhance TalkBack, Android’s screen reader, with new features that make it easier for people with visual impairments to navigate their devices and access information. This feature will come first to Pixel devices later in the year.

    • Live scam detection: Gemini Nano will be used to detect scam phone calls in real-time, providing users with warnings and helping them avoid falling victim to fraud. This feature will come first to Pixel devices later in the year.

    • Gemini as an Assistant on Android: An AI assistant providing contextual suggestions and anticipating user actions based on the current app screen. This feature will be available where the Gemini app is already available and requires Android 10+ and 2GB+ RAM. The new overlay features announced at I/O will roll out over the coming months.[Blog Post] [Visual asset]

  1. Gemini for Workspace: helps businesses and everyday users get more out of their Google apps — from drafting emails in Gmail to organising project plans in Sheets. Over the last year, more than a million people and tens of thousands of companies have used generative AI in Workspace when they need an extra hand or dose of inspiration. Today, Google announced more updates across Gemini for Workspace, including new Gemini in Gmail features on mobile and additional language support. [Blog Post] [Visual assets]

    • Gemini in the Workspace side panel: Now using the Gemini 1.5 Pro model, it is available for Workspace Labs and Gemini for Workspace Alpha users and will be generally available next month to Gemini for Workspace customers and Google One AI Premium subscribers. It has a longer context window and more advanced reasoning to give you more insightful responses. Plus, it’s easy to get started with proactive summaries, suggested prompts and more.

    • Gemini Advanced subscribers will also soon get access to Live, a new mobile conversational experience. With Live, you can talk to Gemini and choose from different natural-sounding voices. You can speak at your own pace and even interrupt with questions, making conversations more intuitive. [Blog Post]

    • New Gemini features in the Gmail mobile app:

      1. See more detailed suggested replies: Gemini will automatically provide draft email responses that you can edit, or simply send. This will be available to Workspace Labs users on mobile and web in the coming months, and to Gemini for Workspace customers and Google One AI Premium subscribers later this year.

      2. Get summaries: Gemini can analyse email threads and provide a summarised view directly in the Gmail app. Summaries will be available to Workspace Labs users this week, and to all Gemini for Workspace customers and Google One AI Premium subscribers next month.

      3. Chat with Gemini: Soon, Gemini in Gmail will offer helpful features, like “summarise this email,” “list the next steps,” or “suggest a reply,” when you click the Gemini icon in the mobile app. These features will be available to Workspace Labs users in the coming weeks, and to Gemini for Workspace customers and Google One AI Premium subscribers in the coming months.

    • Use Help me write in more languages: Starting today, Help me write in Gmail and Docs is supported in Spanish and Portuguese.

  1. Ask Photos: Google Photos is getting a new feature called “Ask Photos,” which uses Gemini to answer questions about photos and videos, such as finding specific images or recalling past events. This feature will be available beginning with the US and rolling out to other countries soon. [Blog Post] [Visual assets]

  1. Imagen 3: Imagen 3, Google’s latest text-to-image model, is now available to select creators in private preview. It generates high-quality images with incredible detail, high-quality lighting, fewer distracting artefacts, and significant improvements in their ability to render text. It will be available in three model variants: one optimised for speed, one balancing speed and quality, and one prioritising the highest quality images with the best text alignment. Upgrades to image-generation in Workspace and the Gemini app and web experience are coming soon. Imagen 3 will be available where Vertex AI and ImageFX are available, via waitlist. [Blog Post], [Visual assets]

  1. Veo: Veo is Google’s most capable video generation model, capable of creating high-quality 1080p videos up to a minute or more long. Veo closely follows user prompts and offers unprecedented creative control, accurately following directions like quick zooming or slow-motion crane shots. It captures the nuance and emotional tone of prompts in various visual styles, from photorealism to animation, and maintains consistency across complex details. Veo builds upon years of generative video model work and combines architecture, scaling laws, and novel techniques to improve latency and output resolution. Starting today, Veo is available to select creators in private preview in VideoFX by joining the waitlist. In the future, Veo’s capabilities will be included in YouTube Shorts and other products.[Blog Post] [Visual assets]

  1. Music AI tools: Our collaborations with the music community: Google is collaborating with musicians, songwriters, and producers, in partnership with YouTube, to better understand the role of AI in music creation. They are developing a suite of music AI tools that can create instrumental sections, transfer styles between tracks, and more. These collaborations inform the development of generative music technologies like Lyria, Google’s most advanced family of models for AI music generation. New experimental music created with these tools by Grammy winner Wyclef Jean, electronic musician Marc Rebillet, songwriter Justin Tranter, and others was released on their respective YouTube channels at I/O.[Blog Post].

  2. SynthID for text and video: Google is extending SynthID to text and video, allowing for watermarking of AI-generated content. SynthID can now embed a digital watermark directly into the pixels of an image or video, making it imperceptible to the human eye but detectable for identification. This technology will be integrated into Gemini and Search’s creative queries. [Blog Post]

  3. AI Test Kitchen: AI Test Kitchen is expanding its reach, now available in over 100 countries and territories, including several in Sub-Saharan Africa like Kenya, Nigeria, South Africa, and more. Users can now experience and provide feedback on Google’s latest AI technologies, like ImageFX and MusicFX, in 37 languages, including Arabic, Chinese, English, French, German, Hindi, Japanese, Korean, Portuguese, and Spanish.


Kindly share this post
Continue Reading

Trending