DD
MM
YYYY

CATEGORIES

PAGES

DD
MM
YYYY

spot_img

CATEGORIES

PAGES

Home Blog Page 3939

Details of CBN Modalities for Implementation of the Creative Industry Financing Initiative (CIFI) in Nigeria

By
Emmanuel Ifeanyi Ogbuka
-
0

Finance Law :- CBN Modalities for the Implementation of the Creative Industry Financing Initiative(CIFI) in Nigeria

The Central Bank of Nigeria (CBN) in collaboration with the Banker’s Committee, as part of efforts to boost job creation in Nigeria, especially among the youth, introduced on the 31st of May 2019, the Creative Industry Financing Initiative (CIFI) with a view to improving access to long-term low-cost financing by entrepreneurs and investors in the Nigerian creative and Information Technology (IT) sub-sectors.

This article will be looking at the modalities of the CIFI and its prescribed transaction dynamics aimed at its smooth execution.

What are the objectives of CIFI?

– To improve access to low-cost and sustainable financing by entrepreneurs and investors in the Nigerian creative and IT sub-sectors.

– To boost job creation, particularly among the youth.

– To harness the entrepreneurial potentials of youth within the Nigerian creative and IT sub-sectors for economic development.

– To complement other develop finance initiatives of the CBN to accelerate financial inclusion.

What are the activities covered under CIFI?

– Existing enterprises in the creative industry.

– Start-ups engaged in the creative industry.

– Students of higher institutions engaged in software development.

What are the focal sub-sectors covered by the CIFI?

– The Fashion designing industry

– The Information Technology (IT/Software Development) sub-sector

– The Movie industry (distribution & production)

– The Music industry ( production and distribution)

What are the provisions of the modalities on CIFI funding?

The CBN Modalities state that the CIFI shall be funded from the Agribusiness Small and Medium Enterprises Investment Scheme (AGSMEIS), an initiative of the Banker’s Committee, with a seed fund of 22 Billion Naira appropriated as follows :-

  1. The student software development loan – 1 Billion Naira
  1. Information Technology -5.5 Billion Naira
  1. Movie Production – 1.5 Billion
  1. Movie Production (Equipment Financing) – 1.5 Billion Naira
  1. Movie Distribution – 4 Billion Naira
  1. Music – 5.4 Billion Naira
  1. Fashion – 4 Billion Naira

What are the operational features of CIFI funding?

Software Development & Movies (Production/Distribution)

– Single Obligor Limit

Software Development – 3 Million Naira

Movie Production – 50 Million Naira

Movie Distribution – 500 Million Naira

– Interest Rate

Software Development – 9% Interest per annum

Movie Production – 9% Interest per annum

Movie Distribution – 9% Interest per annum

– Repayment Time Scheme

Software Development – Monthly

Movie Production – Quarterly

Movie Distribution – Monthly

-Equity Contribution

Software Development – 0%

Movie Production – 30% 

Movie Distribution – 30%

– Moratorium

Software Development – 9 months from the date of loan disbursement

Movie Production – 24 months from the date of loan disbursement

Movie Distribution – 24 months from the date of loan disbursement

– Tenor

Software Development – 3 years

Movie Production – 10 years

Movie Distribution – 10 years

Fashion, IT & Music

– Interest Rate

Fashion – 9% per annum

Information Technology – 9% per annum

Music Production/Distribution – 9% per annum

– Tenor

Fashion – 10 years

Information Technology – 10 years

Music Production/Distribution – 10 years

– Monetization Target

Fashion – Equipment purchase & Rental/Service Fees

Information Technology – Equipment purchase & Rental/Service Fees

Music – Equipment purchase & Rental/Service Fees

– Moratorium

Fashion – 36 months from the date of disbursement

Information Technology – 36 months from the date of disbursement

Music Production/Distribution – 36 months from the date of disbursement

What are the eligibility requirements for loans under the CIFI framework?

You need to consult your lawyer on this.

What are the provisions of the modalities regarding Participating Financial Institutions (PFIs)?

All Deposit Money Banks (DMBs) shall be eligible to participate under the initiative.

What are the provisions of the modalities regarding monitoring and evaluation?

The modalities provide that there shall be regular joint monitoring and evaluation of financed projects by the CBN and respective PFIs. Reports on such projects are to be submitted regularly to the CBN .

What are the provisions of the CIFI modalities on infractions and penalties?

Infractions and penalties shall be as specified in the AGSMEIS Guidelines.

What are the provisions of the modalities on credit facility discontinuation?

The modalities provide that whenever a loan is repaid or the facility is otherwise discontinued, the PFI shall advise the CBN immediately, giving particulars of the credit facility. Any outstanding amount under the facility is to be refunded to the AGSMEIS Fund account within 7 days of credit facility discontinuation.

Conflux And ImmutableX Showing Weekly Green Charts, Will Pomerdoge Hit $1 In 2023?

By
TI Partners
-
0

Conflux (CFX) and Immutable (IMX) are making waves in the crypto space with their weekly growth. Pomerdoge (POMD), a promising P2E game, is drawing the attention of veteran analysts, which are projecting 50x surges. Let’s examine the Conflux, Immutable weekly charts and Pomerdoge’s likely path to $1 in 2023.

Click Here To Find Out More About The Pomerdoge (POMD) Presale

Conflux (CFX) Looking Bullish On The Weekly Charts

Conflux (CFX), a promising blockchain network, is demonstrating significant growth in its weekly performance. As the broader cryptocurrency market experiences volatility, CFX has managed to retain a steady price action over the week.

Conflux’s scalability and high production are two of the main elements boosting its momentum. Additionally, partnerships with various projects have bolstered its reputation as a blockchain network. As a result, the Bank of China recently announced NFC SIM card payments. CFX earlier partnered with China Telecome to build blockchain enabled SIM cards.

As a result of this strategic collaboration, Conflux’s growth has increased and  its token value has surged. At the time of writing, CFX trades at $0.182 recording an increase of over 6% in the past week.

Immutable (IMX) Making Greens In The Past Week

Immutable (IMX), the 51st largest cryptocurrency with a $797 million market cap, has seen its price rise 1.78% during the last week. Despite the recent collapse of most cryptocurrencies, IMX, however, saw profits.

The Immutable’s commitment to non-fungible tokens (NFTs) is among its main advantages. Furthermore, by utilizing NFT technology, Immutable enables real asset ownership. This gives consumers a monetary value for their digital possessions. The community has found this to be relevant, which has increased demand for the platform and interaction.

Last Friday, the price rose above $0.850 before partially giving up the gains. At the time of writing, IMX has $21.03M in 24-hour trading volume and is trading at $0.737.

Pomerdoge To Surpass Conflux and Immutable to $1

Pomerdoge (POMD) has emerged as a fresh rival with bold plans to upend the current order in the thriving play-to-earn gaming industry. The goal of this peer-to-peer cryptocurrency game is to unite participants from all around the world while promoting engagement and competition in an enjoyable setting.

It has already gotten a lot of attention with the limited collection of 7,777 NFTs that are only accessible to early buyers. An alluring motivation to take part in the presale is the possibility of earning a proportionate piece of the game’s income.

Pomerdoge guarantees a risk-free environment for investors and gamers thanks to audits from SolidProof and Cyberscope. The project’s legitimacy is further increased by ensuring guaranteed liquidity for life, making it a desirable long-term investment alternative.

The project is well-positioned to compete with well-known cryptocurrencies like Dogecoin, Shiba Inu, and Pepe as it offers more utility than all of them.

In its first presale phase, POMD tokens are selling for $0.007, a cheap price to buy in. As the demand for blockchain gaming expands , the prospects of Pomerdoge hitting $1 in 2023 seem more plausible. As a result, making it an exciting project to watch for investors and gamers alike.

 

Find out more about the Pomerdoge (POMD) Presale Today

Website: https://pomerdoge.com/

Telegram Community: https://t.me/pomerdoge

Kenya’s Fintech Evolution Has Helped The Country To Achieve Significant Financial Inclusion

By
Ojukwu Emmanuel
-
0

African countries, lately, have continued to emerge as hotbeds for Fintech innovations and investments. A report from the International Monetary Fund (IMF), called “Fintech in Sub-Saharan African countries”, highlights that sub-Saharan Africa has become the global leader in mobile money transfer services which has brought widespread access to financial services.

Some of these African countries are using inexpensive accessible tech to mobilize consumers in ways never seen before, as most of the fintech products developed in the region have significantly impacted the under-banked.

While Fintechs in Africa have been impressive with their innovations and offerings, this article spotlights Kenya’s fintech evolution, and how it has helped the country achieve significant financial inclusion.

According to the 2021 FinAccess Household Survey by the Central Bank of Kenya (CBK), and the Kenya National Bureau of Statistics, formal financial inclusion expanded to 83.7 percent in 2021 from 82.9 percent in 2019 and 26.7% in the baseline survey in 2006.

The East African country has witnessed the emergence of various digital payment solutions beyond mobile money, which includes; mobile wallets, online payment gateways, and other digital payment platforms that facilitate cashless transactions both online and offline.

Also, Kenya’s capital Nairobi, has emerged as the leading fintech ecosystem city in Africa. According to the 2021 Global Fintech Rankings published on 8th July 2021, the vibrant city jumped 26 places to the 37th position globally beating both Lagos and Accra.

According to a report by Africa Fintech Summit, the value of the fintech market in Kenya was expected to surpass $4.9 billion by 2022.

The country’s fintech ecosystem has garnered international recognition and interest, which has seen many Kenyan fintech companies attract investments and partnerships from global investors and organizations seeking to support financial inclusion initiatives in Africa.

A Harvard Business Review article revealed that while financial inclusion in Kenya was at just 26% in 2006, today, 83% of the population has access to at least basic financial services.

During the first 11 months of last year, Kenyans made 1.9 trillion mobile money transactions worth more than $55 billion, and transactions in the first 11 months of 2021, were up 20 percent on the whole of 2020.

Notably, this article wouldn’t be complete without highlighting some of the major reasons why Kenya’s fintech sector is globally recognized.

The country has been able to leapfrog in terms of financial inclusion due to its positive regulatory environment and attractive macroeconomics.

The Central Bank of Kenya (CBK) and other regulatory bodies have been proactive in fostering a conducive environment for fintech innovation in the country.

They have introduced regulations and frameworks to ensure consumer protection, data privacy, and security while promoting healthy competition and growth in the fintech sector.

Wayne Hennessey-Barrett, CEO and founder of 4G Capital, a fintech mixing credit training with unsecured loans, stated that Kenya’s pro-business environment has allowed financial innovation to flow.

Along with the right enabling environment, financial products easily find a home in Kenya’s market due to a fast-growing middle class with a good level of financial literacy who can make easy payments through mobile money.

Also, Kenya’s efforts in the growth of FinTech can be seen through its forward-thinking financial inclusion strategies and incentivizing schemes such as the phased enactment of a dedicated payments and digital lending regulatory framework and the adoption of regulatory sandboxes.

The Launch of M-Pesa, a mobile money service launched by Safaricom in 2007, has also been pivotal in enabling financial inclusion to a large percentage of the Kenyan population, especially those in rural areas, where most of them just run transactions with a simple USSD code.

It is worth noting that the success of M-Pesa, has laid the foundation for Kenya to become a startup nation (aka Silicon Savannah), and Nairobi a leading Fintech city.

The mobile money service has also proven to be a valid payment option, and its transaction costs have contributed to its success in expanding access to banking services, which has benefited low-income people who may not have access to other banking options.

With M-Pesa, users can quickly transfer money, pay bills, and shop online, which has also helped in accessing banking services like savings and credit. The introduction of M-Pesa has greatly facilitated access to banking services in Kenya which saw the Communications Commission of Kenya report in September 2021, that there were 29.1 million M-Pesa customers in Kenya, making up 63% of the population.

Conclusion

FinTech is changing the nature of financial services globally, which has seen it become a key driver of economic development by speeding up financial inclusion and introducing innovative financial products at a rapid rate.

In Kenya, the quick acceptance of FinTechs, coupled with the mobile banking platforms already in place, has proven the possibility of opening up opportunities for Kenyans, giving them more credit and savings as well as transactional access options with these kinds of technologies.

While Kenya’s fintech evolution has continued to help the country achieve significant financial inclusion, an increased impact can be achieved by allowing greater innovation and attracting more investment into Fintech.

A supportive regulatory framework is key to attracting more players into the market, setting the stage for increased innovation in the sector.

Becoming A Better Project Manager, Lessons from Nehemiah on Critical Success Factors

By
Ndubuisi Ekekwe
-
4

He called a meeting and we went. He asked the contractor, you are going to install structured office wiring in the NAF base in Port Harcourt, in the civilian wing. Congratulations for winning this contract. Come back next week with everything you need from my office to make this execution successful: “My [multinational oil company] has appointed me the project manager of this project, and I will work with you to ensure execution”, he concluded.

I was an intern, learning. The next week, the contractor came back with a list. The project manager provided help as required. Project was done on time and within cost. As I did internship in that oil giant, I learned one thing: they do not embark on projects without identifying the x-factors (“variables in a given situation that could have the most significant impact on the outcome”), from both angles – their own side and also from the contractor’s side.

That takes me to the book in the Bible where you can learn the eternal secrets of executing projects on time. There is a case study on project management. It comes down to understanding the most important thing needed to make projects successful.

His ancestors had dedicated a Temple around 10th century BC to Yahweh. But Nebuchadnezzar II destroyed it during the siege of Jerusalem. He grew up, and rose to become one of the most important men in Persia: a cup-bearer to Artaxerxes, king of Persia, and later, the king made him a governor of Persian Judea. And he was to rebuild  the Jerusalem wall.

To rebuild the wall, he needed an x-factor. The king asked him to put in his request, and Nehemiah asked to use the  timber from the king’s forest. In imperial Persia, the king’s timber went with the king’s builders and security.  The wall was rebuilt within 52 days. If Nehemiah had used any timber that was different from timber from the king’s forest, he might have failed.

Simply, any project that received timber supplies from the king’s forest was as good as executed. And only the most important projects qualified. As the aides shipped the timber, the guards would follow, making sure that none was wasted. Another set of guards would monitor compliance. That was why as the wall was being rebuilt, the soldiers fought the enemies – and the project was executed on time. 

Did you notice Nehemiah’s x-factor? Cheap sheet: the timber from the king’s forest. What is your x-factor for that project at work? What is your x-factor for your career ascension? Discover the #xfactors. Happy Sunday.

The 3 Best Crypto Presales To Invest in Today

By
TI Partners
-
0

In the world of cryptocurrency, huge tokens blow up in price all the time in seemingly random ways, so it can be quite annoying if you miss your opportunity to make exponential returns. You’re not clairvoyant, after all. However, when it comes to presales, psychic powers are unnecessary.

Even though it’s never 100% guaranteed, presales often lead to popular and successful projects due to their gradual rollout and focus on community building. Giving investors the opportunity to learn everything they need to know about a token while it’s still cheap creates both confidence and camaraderie. With that in mind, here are three 2023 presales that you should check out: Scorpion Token (SCORP), Wall Street Memes, and BTC20.

Scorpion’s Unique Ability

Scorpion Token stands out as an exceptional presale opportunity due to its numerous advantages and utility. What sets SCORP apart is its long-term use case as the foundation for the Scorpion Casino, an online gambling platform that seamlessly integrates the token itself. This unique approach positions SCORP Token as a valuable asset in the ever-growing online gambling sector. Investing in the SCORP presale offers several potential benefits.

First, as the project gains traction and the Scorpion Casino becomes more popular, the value of SCORP is likely to increase. Additionally, Scorpion Token is a deflationary token, meaning that with each transaction, a portion of the tokens is burned, reducing the total supply and increasing the scarcity and value of the remaining tokens. This deflationary mechanism has the potential to drive up the token’s price, benefiting early investors.

Wall Street Memes and NFTs

Wall Street Memes has quickly gained attention as a presale success story, having already raised way above the $10 million mark. Inspired by the Wall Street Bets Reddit campaign, which played a significant role in the popularity of meme coins in 2021, Wall Street Memes aims to create a meme currency that captures the essence of the online meme culture. The presale of Wall Street Memes raised $100K within minutes and reached a staggering $500K in just a day.

Backed by a social media company with over a million followers, this level of success is not surprising. Furthermore, the team behind Wall Street Memes has demonstrated its ability to stay up-to-date with the latest developments in the cryptocurrency world by launching Bitcoin Ordinal NFTs alongside its meme coin.

BTC20 Creates A Special Opportunity

BTC20 is a presale that offers investors exposure to the world’s most popular cryptocurrency, Bitcoin (BTC), in the form of a token. By investing in BTC20, investors gain indirect exposure to Bitcoin’s price movements while enjoying the benefits of a tokenized asset. This approach allows investors to diversify their portfolios and potentially benefit from Bitcoin’s performance without directly holding the cryptocurrency itself.

The potential for amazing results in presales like Scorpion Token, Wall Street Memes, and BTC20 lies in their unique value propositions and opportunities for early investment. Scorpion Token’s utility and long-term use case in the online gambling sector, combined with its deflationary mechanism, make it an attractive option for serious and diverse crypto investors. Wall Street Memes taps into the power of meme culture and social media, creating an engaging platform for content creators and investors alike. BTC20 offers indirect exposure to Bitcoin, allowing investors to diversify their portfolios and potentially benefit from Bitcoin’s price movements.

With the right approach and a keen eye for opportunities, presales like Scorpion Token, Wall Street Memes, and BTC20 have the potential to offer amazing results!

 

Scorpion Casino Token (SCORP):

Presale: https://presale.scorpion.casino/

Twitter: https://twitter.com/ScorpionCasino

Telegram: https://t.me/scorpioncasino_official

1...3,9383,9393,940...8,127Page 3,939 of 8,127

© Tekedia. All rights reserved.

Term & Privacy

© Tekedia. All rights reserved.

Term & Privacy