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PayDay Loans: This is How Remita Got Me

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Ifeanyi Anazia

I am not a fan of email marketing. I consider it an intrusion of my privacy. Normally I give such emails the rude treatment by sending them to the trash can. Confession, my email address is public knowledge by the virtue of my work.

So, I do receive loads of the unsolicited ones from known and unknown firms from those that sell cars on credit to providers of home-service laundry, shirt, fruit crush – you name it.

Others that market me via email are in the surreal business. I do not want to dig into that here. It holds no value to me whatsoever. Therefore, when such emails come, I press the delete button as soon as I can. If you have got similar emails in the past, you can relate to my experience.

However, one particular email gave me immediate value. So, I did not delete it. Let me open up so that you can get clarity. I run a startup called Word Up. We are relatively unknown. But we know ourselves.

We know our strengths. My team of eight and I believe we can change Medicare in Nigeria through innovation. However, the last time I was with my personal doctor, he asked me to slow down. I asked him why.

He said my blood pressure was high. Yes, it usually rises above normal at month-end. Instinctively, my brain knows I need to pay staff salary. And it will send signals to my heart which would, in turn, begin to race.

Seeking solutions, the accountant and I have met with our bankers. When one of the bankers showed up in our SoHo last week to finalize the agreement, I was glad. But my gladness soon turned into sadness when the bank rate outstripped my blood pressure number.

Yes, we are still struggling to pay salaries. But I am not the only one. Every startup in Nigeria is grappling with a lack of funding. But accepting credit at 24 per cent rate is not my idea of doing business. That is why I didn’t hit the delete button when the email from Remita showed up.

The mail said:  It’s past half of the year 2019 already; typically the time anxiety builds. It’s the time many recheck their resolutions and goals for the year and begin to panic. (I do) Another underwhelming year? (I think so) That course not yet taken? That destination trip not yet ticked?

That trendy device not acquired yet? (Yes, I have many projects needing my attention but the lack of fund has not led me to make my goal my priority). Whatever… Not for you! It’s not too late to accomplish those goals. Do not let the lack of money stand in the way! Take a quick loan from our top lenders. The letters in brackets are mine.

However, Remita listed 16 of the top lenders. Funny enough, my bankers are on the lenders’ list! So, why are they not lending to me? The top lenders Remita advertised include Carbon, Pettycash, Coolbucks, Ibile MFB, Arvo Finance, Credit Wallet, and PettyCash Nigeria. PayDayhub online Nigeria, Free Cash Solution, CIT MFB, Devonsley Limited, Happy Partners and Bridge Credit are other lenders.

“Don’t worry about repayment. Our automated recovery process ensures that it is always easy. What’s required of you? Ensure your salary is processed through Remita, provide your consent and we would take care of the rest!” That is the content of the email marketing.

Hmm, the content calmed my nerves. I forwarded the email to my accountant. She said, “Let’s do it”. We did. Instead of processing our payroll through the bank, as usual, we processed through the Remita platform. Besides, Remita does not only process our salaries; it handles my employees’ remittances like tax and pension. That is why I am happy. To crown it all, we all can borrow from quite a wide array of lenders, as a result.

My blood pressure number is back to normal. If you are running an SME like me or even bigger business, this is the way to go. I am told my staff and I are among the millions of salary earners whose monthly income is processed through Remita every month.

With this experience, I think I am not only now becoming a fan of email marketing but also that of Remita, the innovative technology transforming lending—for good—in Nigeria.


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E-Financial

Nigerian Manufacturing Sector Contracts for 5th Consecutive Month – CBN

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The Manufacturing Purchasing Managers’ Index (PMI) in September stood at 46.9 index points, indicating a contraction in the Nigerian manufacturing sector for the fifth month.

This was disclosed by the Central Bank of Nigeria (CBN) in its September PMI report released last week.

According to the report, four out of the 14 sub-sectors surveyed reported expansion (above the 50 per cent threshold) in September.

It listed the expansion order as electrical equipment; transportation equipment; cement and nonmetallic mineral products.

It said the remaining sub-sectors reported contractions in the following order: petroleum & coal products; primary metal; furniture & related products; printing & related support activities; food, beverage & tobacco products; textile, apparel, leather & footwear; chemical & pharmaceutical products; fabricated metal products and plastics & rubber products; while the paper product sub-sector was stable.

Production

At 47.3 points, the production level index for the manufacturing sector indicated contraction in September for the fifth consecutive month.

Of the 14 sub-sectors surveyed, five recorded increased production level, one reported same level of production, while eight recorded declines in production.

New Orders

At 46.4 points, the new orders index also contracted in September for the fifth consecutive month. Six sub-sectors reported expansion in new orders, while the remaining eight recorded contraction in the month.

Supplier Delivery Time

The manufacturing supplier delivery time index stood at 53.5 points in the month, indicating a faster supplier delivery time for the fifth time.

Six of the 14 sub-sectors recorded improved suppliers’ delivery time, five reported same level, while three recorded slower delivery time

Employment Level

The employment level index stood at 44.1 points, indicating contraction in employment level for the sixth consecutive month.

Of the 14 sub-sectors, two recorded growth in employment, three recorded same level of employment, while the remaining nine recorded lower employment level in the review month.

Raw material Inventories

The manufacturing sector inventories index also contracted for the sixth consecutive time in September to 43.0 points. Four of the 14 sub-sectors recorded growth in inventories, while the remaining 10 recorded lower raw material inventories.


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FG Sacked IST Members over Fraud- Ahmed

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Mrs Zainab Ahmed, minister of Finance Budget and National Planning, has said the Federal Government sacked some past members of the Investments and Securities Tribunal (IST) as they indulged in corruption.

FG Sacked IST Members over Fraud- Ahmed

Inaugurating the new members, the minister charged the new members to eschew corruption and be forthright.

Bar. Azi Amos Isaac was appointed as Chairman for a five year term and Bar. Nosa Smart Osemwengie, was re-appointed as member for a second term of four years.

“The problem with the tribunal has been infighting amongst members, lack of industrial harmony and series of complaints bordering on maladministration.

“This has been the bane of the tribunal and a source of embarrassment not only for the Ministry of Finance but for the government in general,” Ahmed said.

The new chairman, Azi, assured the finance minister that, “the teething issue of restiveness has been addressed since he assumed duty,” adding that, “The place is calm and the staff have become very supportive.”

Azi said since 2003, the tribunal has “given judgment in the value of assets worth over N844 billion and that from 2017 to date, they have given decisions in monetary value totalling over N28bn.

“It has not failed in its adjudicatory responsibility.

“It has carried out its assignment with candour and integrity and intends to improve on what has been on ground.”

 


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CBN Bans Customer-to-Customer Forex Transfer

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Central Bank of Nigeria (CBN) has banned transfer of foreign exchange (forex) from one customer to another.

CBN Bans Customer-to-Customer Forex Transfer

According to the apex bank, forex cash lodgements into domiciliary accounts can only be done by the account owners henceforth.

An internal memo available in the media space explains that the new guidelines are necessary to review the utilisation of inflows into customers domiciliary accounts.

The circular states: “Forex inflows cannot be credited to customers until the legitimacy of funds is established.

“They can have unfettered access by telegraphic transfers up to a limit of $40,000 monthly for payment of medical bills, school fees, subscription to professional bodies subject to existing CBN guidelines.

“Transfers from one customer to another is prohibited. Transfer within related companies is allowed subject to a limit of $50,000 per month.”

It recommended that proceeds from non-oil exports should be sold to banks, used for repayment of dollar term loans, and self-utilisation for trade transactions for LC, bills and Form A.

Also oil export proceeds from E&P companies are to be used to pay contractors and service providers employed by the oil companies in addition to the recommended uses for non-oil FX proceeds.

Offshore forex inflows from other Nigerian banks and internal account to forex transfers sourced from offshore inflows are to be used for trade transactions subject to eligibility for E-Form M.

“Upon confirmation of the legitimacy of the inflows, customers can have unfettered access, subject to a maximum of $50,000,” the document read.

“Utilisation for trade transactions subject to processing of eligible trade transactions using E-Form M. Payment for services must be backed with demand note from offshore beneficiary and other regulatory documents.

“Related party transfers are allowed to the maximum of the inflow received. The transfer request should be backed by a signed instruction from the account holder.” Payment of government fees and levies are also allowed to the maritime, oil and gas, aviation. government parastatals and export processing zones.

 


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