Connect with us

E-Financial

BoICT’17: Local Focus Leads to Year of Record Growth in Nigeria for FXTM

Published

on

Kindly share this post

Global award-winning forex broker FXTM achieved record growth in Nigeria in 2016, with an impressive 25% increase in actively trading clients.

This rapid growth is down to the launch of several innovative products and services, including FXTM Invest and the broker’s Naira denominated trading accounts, as well as the expansion of FXTM’s local educational program.

FXTM said it is committed to developing products that cater to the needs of local traders. Since November last year, the company has offered its leading Standard and ECN trading accounts in Naira.

FXTM is one of the few brokers offering the Naira as a base currency for trading, and traders can now deposit and withdraw funds in Naira without worrying about conversion fees. The company’s copy trading and investment program, FXTM Invest, which launched last February, has also proven highly popular with Nigerian traders.

At present, clients from Nigeria account for 36% of FXTM’s active investors, with a growth of 114% in registered accounts in 2016 and 2017 is on track to surpass these figures.

Last year saw the broker introduce its first educational roadshow tailored specifically to Nigerian traders. The local educational events were led by FXTM’s Head of Education, Professor Andreas Thalassinos, and saw the company host more than 650 attendees across a series of certified seminars and workshops in Lagos and Abuja.

They have recently upgraded their educational offers to traders and now offer a number of custom workshops, a Basic Forex Course that is an introduction to the world of professional trading as well as applied Forex courses for traders looking to expand their knowledge beyond the basics.

For traders who are already familiar with the essential ins and outs of trading and have put them into practice, FXTM Nigeria’s Advanced Forex Course offers a deeper look into the world of professional trading.

This course is geared towards understanding how professional traders operate. It focuses on the use and application of technical tools in day-to-day trading, as well as appropriate fund and risk management.

This commitment to local traders was recognised by the Global Brand Awards, which named FXTM ‘Best Forex Broker, Nigeria’ in 2016.

On 22 April FXTM received another award for ‘Best Online Forex Trading Company of The Year’ at the Beacon of ICT Awards organized by Nigeria CommunicationsWeek.

The awards ceremony took place in Lagos which drew top politicians and government officials, as well captains of the ICT and finance industries.

Lukman Otunuga, market research analyst at FXTM said, “2016 has been a fantastic year of global expansion for FXTM, with significant investment in innovative products and services by our exceptional R&D team. We are very proud to see that our dedication to offering localized products and services has been so well received in Nigeria. We believe traders in Nigeria have a lot of potential and we are excited to continue to support them in reaching their trading goals in 2017, and beyond.”

Firm Commitment To Traders in 2017
Building on the successes of 2016, the broker’s priority for 2017 is to invest heavily in client education, offering more local seminars and workshops. FXTM kicked off 2017 by hosting three one-day seminars in Lagos, Abuja and Port Harcourt in January and February. The broker will continue to host regular educational events across the country throughout the year, catering to traders at all levels.

 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

Published

on

Kindly share this post

“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


Kindly share this post
Continue Reading

E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

Published

on

Kindly share this post

Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


Kindly share this post
Continue Reading

E-Financial

CBN Urges Banks to Expedite Action on Recapitalisation

Published

on

Kindly share this post

Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


Kindly share this post
Continue Reading

Trending