Connect with us

E-Financial

MasterCard, JAN Partner on Nigerian Youths Development

Published

on

Kindly share this post

MasterCard and Junior Achievement Nigeria (JAN) through its Girls’ Enterprise Programme (GEP), have announced a joint collaboration to provide experiential education and training on financial literacy and entrepreneurship to Nigerian youths.  600 secondary school students across 20 schools in Lagos, Port Harcourt and Abuja will benefit from the programme.

The Girls Enterprise Program is a part of JAN’s Leadership Empowerment Achievement and Development (LEAD) camp which recruits and trains senior secondary level 2 (SS2) students on different aspects of setting up and running a business, including writing business plans, selling shares to raise capital, electing officers, managing a business and financial records as well as returning profits to shareholders as dividends. 

Further to the LEAD camp, forty volunteers and sixty small businesses have been deployed for practical sessions to fully implement the program.

Ten participants will be assigned to each partner with small businesses for two weeks on internship, and afterwards undergo a one day interactive session with the Microfinance institution.

At the end of the exercise, 100 “girlpreneurs” will assess resources and loans to start-up their businesses. All the 600 participants will also form peer support groups based on their locations.

Speaking about the partnership, Omokehinde Ojomuyide, vice president and Area Business head for MasterCard in West Africa commented: “MasterCard is privileged to work with Junior Achievement Nigeria to turn around the lives of young people in the country. We fully stand behind the youth, the future of this country, and gladly support this initiative to build capacity in entrepreneurship, which is a crucial component of financial empowerment. The partnership between MasterCard and Junior Achievement is ideal because we both share a passion for educating youth as they become financially active in society”.

According to the Central Bank of Nigeria, the unemployment rate in the country stands at 23.9 per cent, a worrisome trend that CBN agrees poses a negative impact on the economic development of the country.

Furthermore, the youth unemployment rate is recorded at 46.5 per cent. Entrepreneurship caters for the creation of opportunities for large and small-scale employment, resulting from the setting up of business units.

In this way, entrepreneurs play an effective role in reducing the problem of unemployment in the country which in turn clears the path towards economic development of the nation.

Commenting on the partnership with MasterCard, Junior Achievement Nigeria Executive Director, Mrs. Kumbi Wuraola said: “We are excited about this collaboration that will see entrepreneurial skills and a new breed of financial literacy delivered to Nigerian youths. The LEAD camp is designed to empower girls in secondary schools to become young leaders and achievers, as they prepare to commence their dynamic career futures.”

For over a decade, MasterCard has partnered with Junior Achievement to provide financial empowerment education to young people across the world. MasterCard’s partnership with Junior Achievement began with the Junior Achievement—Young Enterprise programme which stresses entrepreneurial thinking among youth as well as featuring entrepreneurial opportunities for them.
 


Kindly share this post
Continue Reading
Comments

E-Financial

CBN Investigates 55 Companies over Forex Infractions

Published

on

Kindly share this post

Amidst sustained pressures on Nigeria’s official foreign exchange resources, the Central Bank of Nigeria (CBN), has opened investigations into foreign exchange transactions of 55 companies and individuals.

The apex bank linked them to foreign exchange deals outside the official Investors & Exporters (I&E) window.

CBN Investigates 55 Companies over Forex Infractions

Mr. Godwin Emefiele, CBN governor

The I&E window was created by the CBN as the legitimate platform for buying and selling of foreign currencies.

Some of the major corporate organisations in the list include Stallion Nigeria Limited, a conglomerate involved in several sectors of the Nigerian economy.

The list also includes Nigeria’s leading electronic payment company, Interswitch Nigeria Limited, as well as a leading global shipping line, CMA CGM Nigeria Shipping Limited.

Other big names in the list include Petro-Afrique Energy Services Limited, Steel Force Far East Limited, Auto Petroleum Company Limited, Cavendish Mechanicals Limited, Aquashield Oil & Marine Limited, Haitch & Elf Integrated Services Limited, Fenog Nigeria Limited, and Promasidor Nigeria Limited.


Kindly share this post
Continue Reading

E-Financial

FG Makes u-Turn on Bank Account Re-Registration

Published

on

Kindly share this post

Federal government on Friday apologised for asking all account holders in financial institutions in the country to re-register their personal details.

FG makes u-Turn on Bank Account Re-Registration

Recall that the federal government had on Thursday ‎ordered that all persons holding accounts across financial institutions and insurance firms should complete and submit self-certification forms to their respective financial institutions.

The notice issued by the government to that effect read, ‎“This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc.) are required to obtain, complete, and submit Self – Certification Forms to their respective Financial Institutions.

“Persons holding accounts in different financial institutions are required to complete and submit the form to each one of the institutions. The forms are required by the relevant financial institutions to carry out due diligence procedures, in line with the Income Tax Regulations 2019.‎”

The directive raised eyebrows, as account holders already possessed Bank Verification Numbers.

Following widespread condemnation that trailed the directive, the Federal Government backtracked on Friday, saying the fresh guidelin‎e was not for all Nigerians.

The government attributed the development to misinformation.

The clarification issued by the government on Friday read, ‎“We apologise for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the notice does not apply to everybody. ‎FIRS will clarify Nigerians on the objectives of the directive.”

Also on Friday, FIRS, in a statement posted on Twitter, explained that the guidelines were only for non-residents, as well as people paying tax in more than one country.

Parts of the FIRS statement read, “The Self Certification Form is basically to be administered on Reportable Persons, holding accounts in Financial institutions, that are regarded as “Reportable Financial Institutions” under the CRS.

“Reportable persons are often non-residents and other persons, who have residence for tax purposes in more than one jurisdiction or country.”

“The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction, is expected to be available to Financial Institutions during account opening processes, for the KYC and AML purpose.”


Kindly share this post
Continue Reading

E-Financial

Stanbic IBTC Bank Disowns Lagos ATM Fraudster

Published

on

Kindly share this post

Stanbic IBTC Bank PLC has disowned Tope Olajide, 22-year-old fraudster arraigned for theft of customers deposits.

Stanbic IBTC Bank Disowns Lagos ATM Fraudster

The Bank said this in a statement on Wednesday.

The statement said: “The attention of the management of Stanbic IBTC Bank PLC has been drawn to news currently circulating in the media, about the alleged arraignment of staff of the Bank on charges bordering on the theft of customers deposits.

“The Bank would like to clarify that the defendant, a 22-year-old Tope Olajide, IS NOT, and was at no point in time an employee of Stanbic IBTC Bank PLC.

“The alleged culprit was apprehended around 7:30 am, on Thursday, 27 August 2020, by security operatives after he was exposed by CCTV footage using ATM cards he had allegedly stolen and converted, to make withdrawals from the accounts tied to the stolen ATMs.

“The CCTV footage also showed the alleged culprit pretending to assist customers at ATMs whilst also attempting to fraudulently dispossess the customers of their ATMs.

“He was subsequently arraigned before an Ikeja Magistrate Court on Monday, 14 September, for stealing the debit cards of two customers and using them to unlawfully withdraw the sum of N427,000.

“The Bank would also like to implore members of the public to be security conscious when conducting transactions at ATMs. Customers are advised to report any suspicious actions around them to security operatives who are usually stationed around the Bank’s ATMs, when carrying out transactions at any of our ATM locations.

“As an organisation, we hold dear the values of integrity, and we will continue to prioritise the safety of our customers effectively.”


Kindly share this post
Continue Reading

Trending