Nigerian Mutual Funds Witnessed 50% Growth In 2020

Even though the year 2020 was undoubtedly one of the worst years in history due to the coronavirus pandemic, and the lockdown issued by the government which affected different businesses in the country. One financial industry in Nigeria seems to be coping just fine “The Nigerian mutual fund industry”. It seems the year 2020 is the year with the highest growth in the value of the mutual fund assets in Nigeria.

HOW MUCH PROFIT THE NIGERIA MUTUAL FUNDS INDUSTRY MAKE IN 2020?
According to data from the Security and Exchange Commission, SEC, the value of Nigeria’s mutual funds was N1.042 trillion at the end of 2019, data’s from the SEC shows that the net asset value of Nigeria open end fund had risen to N1.572 trillion at the end of 2020 which showed and increase of 50.79%.

According to reports from Nairametrics, a deeper analysis of the industry revealed that the mutual fund contributions were about N0.903 trillion and redemptions amounted to about N0.42 trillion in the year 2020. The mutual funds gathered an estimated sum of N46.7 billion in gains.

HOW WELL DID THEY PERFORM COMPARED TO THE PREVIOUS YEAR?
When compared to the year 2019, the capital activities were slightly far apart. Capital activities came up to N0.66 trillion which resulted in a net inflow of N 0.38 trillion, meanwhile, the net inflows of 2020 stood at N0.483 trillion. When the N9.9 billion gain is compared to the N 46.7 billion gain made in 2020, we can see that the pandemic was no problem for the mutual fund industry

Most funds closed 2020 in the black, as 15 from the 118 mutual funds on the SECs NAV summary report. The advantage remains that no fund group dominated in making gains. Even though most of the funds that recorded huge gains came from the Euro Dollar category, bond and fixed-income funds also made a large number of gains. The Stanbic IBTC Nigeria equity fund also made some reasonable amount of gains too.

On the demerits, two funds from the Real Estate Investment fund category encountered the greatest amount of loss, which is to show that the pandemic has been affecting the Real Estate Investment trust funds. It is laudable that the Nigerian mutual fund industry performed well in 2020. Stay connected with us at [url]FXcryptonews.com[/url] for recent updates, news and events.

Uganda, Botswana and Ghana Lead Mastercard Rankings of Female Entrepreneurs in the World

Mastercard Index of Women Entrepreneurs (MIWE) released their ranking for the year 2020, and Uganda (39.6%), Botswana (38.5%) and Ghana (36.5%) emerged as the world’s three leading economies with the highest number of female entrepreneurs.

The three countries percentages have grown since last year. The MIWE emphasizes the large socio-economic contributions of female entrepreneur around the world as also indicates the factors that enhances and also limits the growth of this female entrepreneurs.

With the use of data publicly available from international organizations such as the International Labor Organization and Organization for Economic Co-operation and Development (OECD), the MIWE 2020 consists of a global ranking of growth and development of women in business before the pandemic across 58 economies which represents about 80% of the world female labor force. These include 8 countries across Sub-Saharan Africa.

These countries are Angola, Botswana, Ethiopia, Ghana, Malawi, Nigeria, South Africa and Uganda.

Growth Rate Of The Sub-Saharan African Countries In 2020
According to the MIWE reports, the country with the highest growth rate compared to the MIWE report of last year was South Africa with a 7% increase from 60.2 score to 64.4.

All the countries except Botswana showed an increase in their MIWE scores.

However, the number of female entrepreneurs in Botswana increased from 36% in 2019 to 38.5% in 2020 thereby making the country second and moving Ghana to the third spot.

The reports also indicate a strong presence of female entrepreneurs in Nigeria, Angola, and Malawi despite the fact that the socio-economic challenges the countries are facing.

Reasons For The Increase In Miwe Scores
Based on the reports, the high scores are as a result of an absence of alternatives income sources, low fear of business failure and their willingness to contribute to the development of their communities.

Also a high regard for individuality, innovativeness, creativeness and risk taking in business was common in Nigeria, Uganda, and Angola.

What Were The Challenges Faced By The Female Business Owners?
The most common challenges faced by the female entrepreneurs was the COVID-19 pandemic which led to a lockdown in numerous countries with about 87% saying they were seriously affected. Childcare responsibilities, the advancement of the world into the digital age are a few of the challenges.

The director, Marketing and Communications, Sub-Saharan Africa, Mastercard, Ifeoma Dozie, said “Our findings encourages us to consider the cost of untapped potential in women as contributors, not just in business and society, but on the national and global scale, as we chart the path of post Covid-19 recovery across Africa. This is especially important as more female owned businesses will likely be impacted by the pandemic making the support through incentives, necessary tools, mentorship and digital inclusion platforms even more urgent.”

“At Mastercard, we continue to partner with leading organizations across Africa and around the world to create safe and accessible digitized payment solutions for female owned small businesses across Africa.”

Mastercard plans to expand its financial inclusion this year, and pledged to bring a total of 1 billion and 50 million micro and small businesses into the digital economy by 2025. Therefore, they will focus directly on helping 5 million female entrepreneurs with different solutions that can help them boost their businesses such as, mentoring, providing financial aids and technology. Stay connected with us at [url]FXcryptonews.com[/url] for recent updates, news and events.

Billionaire Elon Musk is convinced that Bitcoin (BTC) is on the verge of being more widely accepted by mainstream finance. Speaking to social network, Clubhouse, the CEO of Tesla spoke about Bitcoin and Dogecoin (DOGE)

Elon Musk Praises Bitcoin
Elon Musk[url] revealed to Clubhouse[/url]https://fxcryptonews.com/elon-musk-reveals-why-he-loves-bitcoin/ that he believes that Bitcoin (BTC) is on the verge of being widely accepted in traditional finance. It should be noted that Musk recently ignited the crypto space by changing his Twitter bio to #Bitcoin.

During the conversation on Clubhouse, Musk spoke about the leading cryptocurrency and was bullish on its prospects. “I think Bitcoin is a good thing. I am a supporter of Bitcoin and I think Bitcoin is on the verge of being widely accepted by mainstream finance”.

Musk also revealed that many of his friends had tried to convince him to buy Bitcoin in the past but that he was late to the party. “A lot of my friends have been trying to convince me to get involved in Bitcoin for a long time,” he asserted, adding that he should have bought Bitcoin in 2013.

One of the participants in the discussion took the opportunity to seek Elon Musk’s opinion on Dogecoin (DOGE). Musk has an interesting relationship with DOGE and was named honorary CEO of Dogecoin in 2019. It is also a well known phenomenon that the price of DOGE makes gains anytime he references the meme coin on Twitter.

Musk replied that he loves Dogecoin due to the fact that it was created to make fun of cryptocurrencies. It’s really just a joke, but you know Dogecoin was created to make fun of cryptocurrencies obviously.

The Elon Musk Effect
When Elon Musk changed his Twitter bio to Bitcoin last week, the price of BTC soared from $32k to $37k in just 30 minutes. This represented a change of 16% which shows the effect the tech guru has on the crypto space.

This time around the market has yet to react to the positive thoughts expressed by Musk towards Bitcoins. However this can be considered to be a good thing as many in the crypto space are concerned about the power bestowed on Elon Musk. it is not a healthy trend for the markets to make huge swings due to a simple tweet.

Nevertheless, there is an expectation that Elon Musk will reveal his Bitcoin holdings very soon. Until then the Tesla CEO continues to be an enthusiast watching from afar with keen interest.