E-Financial
Wema Alat Extends Support to SociaLiga League for Third Consecutive Year
Nigeria’s first fully digital bank, ALAT by Wema Bank has renewed its sponsorship of the SociaLiga football league for the third consecutive year.
The semi-professional football league which is in its fifth season kicked off at Digital Bridge Institute, former Nitel Training School, Cappa, Lagos on Saturday, May 22, 2021, with representatives from Wema Bank in attendance.
SociaLiga football league is an annual tournament created in 2014 and endorsed by the Lagos State Football Association (LSFA).
The league is aimed at providing a platform for young Nigerians to cultivate and satisfy their sporting interests while networking with others and participating in fun activities.
In its six years of existence, SociaLiga has recorded an attendance of over 37,000 individuals who use the exciting activities and colourful atmosphere during the games for social engagement purposes.
Due to the COVID-19 pandemic, the league was postponed in 2020. However, for this year’s edition, precautionary measures have been put in place to ensure strict compliance with the anti-COVID-19 guidelines and procedures in order to safeguard the wellbeing of players and attendees at the event.
The six-month tournament will field over 200 football players across 14 teams of which four of these teams are exclusively female. The inclusion of more female teams in this edition was part of the league’s advocacy for increased female participation and representation in the Nigerian football community.
Speaking on the league and ALAT’s renewed sponsorship, Fumilayo Falola, head, marketing, Corporate Communications and Investor Relations, Wema Bank said, “for the past three years, we have embarked on the journey of passion and excitement with SociaLiga because we are aligned in our vision to give young Nigerians a space that encourages expression, networking and community-building.
“As a socially responsible financial institution, we are committed to building and nurturing a value-driven relationship and in doing so, we are collaborating with SociaLiga to support football and provide a platform for young players to achieve their goals and aspirations.”
Olaniyan Caxton-Martins, managing director of SociaLiga while unveiling the participating teams for this year’s edition acknowledged the impact of ALAT’s three-year sponsorship, “we have received tremendous support from partners like ALAT by Wema Bank, who have been consistent in their sponsorship since they came on board as one of the major partners of this league.
“We sincerely appreciate their support in accelerating SociaLiga’s vision of being the preferred outfit for sporting, lifestyle and entertainment in Africa.”
Since its inception in 2017, ALAT by Wema Bank has actively participated in several youth-friendly initiatives like the GameOn Turf Football Competition, Social Media Week, Moremi Hall Week at the University of Lagos, Akoka, Yaba, amongst others.
ALAT has also won numerous awards such as the Best Digital Bank and Best Mobile App in Nigeria at the 2017 World Finance Awards; Best Digital Bank in Africa at the 2018 Asian Banker Awards, and many others for its innovation in the banking space.
E-Financial
First Securities Brokers Empowers Nigerians to Trade in the Stock Market with the Launch of FirstInvest App
First Securities Brokers, one of Nigeria’s leading stockbroking firms and a subsidiary of FirstHoldCo Plc, is pleased to announce the official launch of the FirstInvest App, an innovative mobile investment platform designed to make stock market investing simpler, faster, and more accessible for Nigerians.
The FirstInvest App offers investors a seamless digital experience, enabling them to open and manage their investment accounts, monitor their portfolios, and trade equities listed on the Nigerian Exchange (NGX) directly from their mobile devices.
Designed with both new and experienced investors in mind, the platform combines convenience, security, and ease of use to help users make informed investment decisions anytime and anywhere.
As Nigeria continues to embrace digital financial services, the FirstInvest App reinforces First Securities Brokers’ commitment to driving financial inclusion and expanding access to wealth creation opportunities through technology.
Speaking on the launch, Fiona Ahmed Ahimie, Managing Director of First Securities Brokers, said: “The launch of the FirstInvest App represents another significant milestone in our digital transformation journey and our commitment to delivering innovative investment solutions to our clients.
“We understand that today’s investors value convenience, speed, and accessibility. FirstInvest has been developed to provide exactly that: a secure and intuitive platform that empowers individuals to participate confidently in the capital market from wherever they are.”
She added: “Our goal is to remove the traditional barriers associated with investing by placing the power of timely investment and decision making in the stock market directly in the hands of Nigerians. Whether you are taking your first investment step, actively managing your portfolio or just evaluating your investment, FirstInvest provides the tools and flexibility needed to support your financial aspirations.”
The app delivers a range of features designed to enhance your investing experience, including: Secure digital account opening and onboarding, Real-time access to investment portfolios, Buy and sell Nigerian equities with ease, User-friendly trading interface, Secure transaction processing, Convenient access to market information and investment opportunities.
The launch of FirstInvest aligns with First Securities Brokers’ broader strategy of leveraging technology to improve customer experience while supporting the growth of retail participation in Nigeria’s capital market.
First Securities Brokers remains committed to providing trusted investment advisory services, innovative financial solutions, and exceptional customer service, helping clients build and preserve wealth across generations. The FirstInvest App is now available for download on the Google Play Store and the Apple App Store.
The next currency crisis could accelerate the shift of the roughly $315 billion global stablecoin market into a digital-dollar alternative for citizens in emerging economies, notably in regions like sub-Saharan Africa and Latin America.
As local fiat currencies face devaluation and high inflation, citizens and businesses are increasingly utilizing smartphone-based stablecoins (such as USDT and USDC) as hedges and primary mediums of exchange.
According to the International Monetary Fund (IMF), the rapid adoption of dollar-linked digital assets—particularly in countries heavily affected by inflation like Nigeria—poses significant risks to monetary sovereignty.
With up to 95% of surveyed individuals in some African markets preferring to receive payments in stablecoins over local fiat, the rising volume of these decentralized, cross-border channels weakens domestic currency demand and dilutes the effectiveness of local monetary policy.
IMF observed in a report titled “Stablecoins in Nigeria: A Growing Cross-Border Channel” noted that the widespread use of stablecoins poses risks to monetary sovereignty, particularly as more individuals and businesses turn to digital dollar-linked assets for savings and transactions.
Nodding in agreement is Future Investment Initiative Institute (FII Institute), a non-profit organisation run by the Public Investment Fund, Saudi Arabia’s main sovereign wealth fund.
FII Institute said that central banks face structural challenges.
And according to the institute, when citizens move savings out of national banks and into private digital wallets, conventional capital controls lose their grip.
Institutions like the Bank for International Settlements warn that interest-bearing stablecoins compete directly with domestic-currency deposits, complicating financial oversight and making smartphone-based transfers incredibly difficult for authorities to monitor.
In Nigeria, Naira depreciation has pushed users toward dollar-stablecoins, according to report by Gino Matos in cryptoslate.com.
A stablecoin is a type of cryptocurrency designed to maintain a steady value by pegging its price to a reserve asset, such as a fiat currency (e.g., the U.S. dollar) or a commodity (e.g., gold).
They act as a bridge between traditional money and the digital asset world, providing the speed of crypto without the extreme price swings of assets like Bitcoin.
Federal government has reopened three federal government of Nigeria (FGN) bond issues valued at N1.2 trillion for subscription as part of efforts to raise long-term funds from the domestic debt market.
The Debt Management Office (DMO), which announced the offer on Tuesday, said the three reopened bond issues are each valued at N400 billion.
According to the DMO, the first offer is the January 2035 FGN Bond, a 10-year reopening, carrying an interest rate of 22.60 per cent per annum.
The second is the May 2028 FGN Bond, a 15-year reopening, with a coupon rate of 15.45 per cent per annum, while the third is the June 2037 FGN Bond, a 20-year reopening, also valued at N400 billion.
The office said the bond auction is scheduled for July 20, while successful subscriptions will be settled on July 22.
It explained that the bonds are offered at N1,000 per unit, with a minimum subscription of N50 million and additional investments in multiples of N1,000.
For the reopened bonds, the DMO said successful bidders would pay a price based on the yield-to-maturity that clears the auction, in addition to any accrued interest on the instruments.
Interest on the bonds will be paid every six months, while the principal will be repaid in full on the respective maturity dates.
The DMO reaffirmed that FGN bonds are backed by the full faith and credit of the Federal Government and constitute obligations chargeable on the general assets of the federation.
It added that the bonds qualify as trustee investment securities under the Trustee Investment Act and enjoy tax exemptions for eligible investors, including pension funds, under the Company Income Tax Act and Personal Income Tax Act.
The bonds are listed on the Nigerian Exchange (NGX) and FMDQ Securities Exchange and also qualify as liquid assets for banks in computing their liquidity ratios.
FGN bonds are long-term debt instruments through which investors lend money to the Federal Government in exchange for periodic interest payments and repayment of the principal at maturity.
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