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Confidence Resurfaces in Eurozone- ForexTime

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Nothing too out of the ordinary emanated from the US last week, with an array of both disappointing and encouraging key economic indicators released, cited by ForexTime.

According to ForexTime, Consumer Price Index (CPI) rose only 0.1% in August as opposed to July’s figure of 0.2%, with the Labor Department naming high costs in the housing sector as the culprit for the low increase in consumer prices.

“The recent mishap in the US through which two US states experiencing technical issues left thousands of jobless claims unprocessed, has caused a general disorder in the processing of claims. The figures thus measured on September 19th, which revealed that jobless claims rose to 309K, are not completely reliable as there is a big backlog which will continue for the next couple of weeks. The 19th of September also revealed key housing sector data, Home Sales rising to 1.7% in the month of August to 5.48 million, a six year high and an indication that buyers are hurrying to buy before mortgage rates go any higher.

“The FOMC Conference held on September 18th concluded that the US economy is improving, nonetheless doing so at quite a gradual pace. Unemployment figures have still not dropped to a satisfying level and despite a positive streak in the housing sector, mortgage rates are still climbing. The USA is pending three important economic indicators this week: the US Consumer Confidence which is expected at 81.5, the US Durable Goods Orders, and the Annualized GDP, released on the 24th, 25th and 26th respectively,” the report showed.

Also, a big gust of fresh air has swept over the eurozone in the past week, with the ZEW Eurozone Economic Sentiment rising to 58.6 points for August. The figure was much higher than the anticipated 47.2, the highest recording since September 2009 and a clear sign that optimism is beginning to resurface in the eurozone.

“Reinforcing this was the ZEW German Economic Sentiment which rose to 49.6 for the month of August; a significant rise from August’s 42.0 and higher than the expected 45.3 points. Spurring on the euro was the Eurozone Sentix Investor Confidence, another key economic indicator which launched upwards and reached 6.5 points in August, a sharp change from the -4.9 reading in July and the first time since August 2011 to be above zero.

“This week in Europe, key economic indicators will include the French Flash Manufacturing PMI on the 23rd, the Harmonized Index of Consumer Prices, and the German Consumer Price Index on the 27th.

“The ground in Japan is somewhat uncertain after the trade deficit for August expanded to 960.3 billion yen, a result of an anomaly between exports and imports, with the latter being much higher than the former. The deficits have been inflating throughout the entire summer, driven by the high costs of importing natural gas and crude oil; two very necessary imports since the Fukushima disaster in 2011. Despite Japan’s aggressive monetary policy which has weakened the yen and increased exports, the chasm between exports and imports is still dangerously large. Pending this week from Japan are the JPY Small Business Confidence and the JPY Machine Tool Orders, both due on the 25th.

“In the UK, retail sales were disappointing for August as a 0.9% decline took the place of a confidently predicted 0.4% rise. In comparison to the 1.1% increase reported in July, the August figures were very unsatisfactory. The underlying reason for the drop were sales in the food sector, which declined by 2.7%. Whilst the monthly data for retail sales was bad, stepping back and looking at the whole picture actually shows that they are far better than they were in August 2012, recording a yearly strengthening of 2.1%.

“The National Consumer Price Index (CPI) grew by 2.7% in August, ever so slightly lower than the 2.8% increase in July, for which responsibility predominantly lies within the transport and clothing sectors. A change of course took place in the MPC Asset Purchase Facility Votes which came in at 9-0, as opposed to the accustomed split vote usually witnessed. This is evidence that Bank of England Governor Mark Carney has successfully shifted the views of other policymakers in line with his own. The 26th of September holds two significant releases for the UK; the National GDP and the GBP Total Business Investment,” as included in information by ForexTime.


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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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