₦airaland Forum

Nestlé is ranked first in the 2018 Access to Nutrition Index (ATNI) released today for its overall performance in its nutrition-related commitments. This confirms Nestlé’s leadership in nutrition, health, and wellness as well as our contribution to tackling the global challenges of obesity and undernutrition.

Nestlé tops the 2018 Index, with above average performance in all, and improvements in most, of the categories of the Index. Meanwhile, FrieslandCampina, a Dutch dairy cooperative, has improved the most since 2016, climbing four places in the ranking largely thanks to a new strategy, new initiatives to tackle undernutrition and more responsible marketing commitments. Nine companies scored 5 or more, compared to only 2 in 2016; and the average score overall went up from 2.5 to 3.3 out of 10, but remains quite low.

Nestlé also ranks second for its marketing of breast milk substitutes. This reflects Nestlé’s commitment to policies, practices, and compliance with the World Health Organization’s International Code of Marketing of Breast Milk Substitutes.

This year, Danone tops the BMS Marketing sub-ranking with a score of 46% – considerably better than the 31% it scored in 2016. Nestlé ranks second with a score of 45%, while Abbott ranks third, having substantially improved its score to 34% from 7%. However, all companies need to expand the scope of their marketing policies to encompass all formulas made for children up to 3 years of age and to apply their policies in developing countries as well as developed ones.

ATNI said that Nestlé’s “overall nutrition governance and management systems are comprehensive, well-structured, transparent and applied globally with a clear accountability structure”.

The index highlights Nestlé’s global Board-approved nutrition strategy, including a comprehensive set of nutrition-related targets that are directly linked to the Sustainable Development Goals.

ATNI 2018 assesses the contribution of 22 food and beverage companies to address global nutrition challenges across seven categories: governance, products, accessibility, marketing, lifestyles, labeling, and engagement.

“Nestlé embarked on this journey many years ago, and the recent announcement of its Nestlé for Healthier Kids initiative is another key milestone. The program includes the further development of healthier products and advice for families on nutrition and exercise. It aims at helping 50 million children lead healthier lives by 2030. We will continue to pursue our commitments and take a leading role in nutrition and health,” he continued.

Nestlé aims to continue leveraging its industry-leading innovation capability to improve its food and beverage portfolio worldwide. In 2017, we delivered 174 billion servings of fortified foods and beverages in 66 countries with higher vulnerability to micronutrient malnutrition.

Additionally, by 2020 Nestlé aims to:

Further, reduce sugars by 5%. Since 2000, the company has reduced sugars by over 34%;Further, reduce salt by 10%. Since 2005, the company has reduced salt by over 20%;Complete the commitment taken in 2014, to reduce saturated fats by 10% in all relevant products that do not meet WHO recommendations.

The 22 food and beverage companies included in the 2018 Index generate an estimated $500 billion in annual sales in over 200 countries and their products play a significant and increasing role in the diets of millions of people. The Indexes are designed to measure whether manufacturers are being responsible in the way they
make, sell and market their products to address the global nutrition crisis, which sees one-in-three people either overweight or undernourished and contribute to the Sustainable Development Goals.

ATNI was developed as an independent benchmarking tool for use by investors, health advocates, and companies, and is collated using information in the public domain and supplied by companies themselves.

Recommendations

The 2018 Index report calls on companies to, first and foremost, work to improve the nutritional quality of their existing products, particularly established, high-sales volume products. It also calls on companies’ to:

Ensure senior executives and boards take more responsibility for spearheading a strategic response to delivering better nutrition as part of core business strategySet measurable, independently verifiable nutrition targets, for example, to reduce levels of salt and sugar in their productsWiden their product ranges to include more healthy products that are affordable and accessible to all consumersDevelop commercial strategies for tackling undernutrition by investing in healthy products that address existing deficiencies in priority countriesCommit to display easy-to-interpret information for consumers on front-of-pack labels about the healthiness of products, regardless of where they liveStop on- and offline marketing of products to children that do not meet the standards set by the World Health OrganizationBaby milk manufacturers must ensure their marketing policies align fully with the International Code of Marketing of Breast-milk Substitutes, are applied fully and consistently around the world and to all products including growing-up milk


SOURCE: https://brandspurng.com/nestle-tops-2018-global-access-to-nutrition-index/

And you look around only to realise there are no billion naira looking ammenities.

good

hmmmm,

good

eTranzact International PLC, Africa’s premier e-payments solution provider, on Monday, May 21, 2018, announced that it will be making significant changes to the Company’s management team.



Mr. Valentine Obi, Managing Director of the Company will be stepping down and Mr. Niyi Toluwalope will be taking over as the Managing Director in an acting capacity. Until his appointment, Mr. Niyi Toluwalope was the Chief Financial Officer, a position he has held since 2011. Other executive positions affected by the management changes are Executive Directors -Mr. Sullivan Akala and Mr. Ike Eze; Chief Technology Officer – Mr. Richard Omoniyi and Head of Operations – Mr. Kehinde Segun.

eTranzact is aware of recent Business Day publications about these management changes and wishes to announce that the changes are strictly eTranzact Board’s decision, and would like to advise all its stakeholders that it is working closely with the regulators, and all other relevant Stakeholders to resolve any issue related to or arising from the management changes.

In addition, we want to categorically state that there was no fraud in eTranzact International Plc, however, a merchant used the company’s interface with a bank to perpetrate fraud. The eTranzact executives resigned honorably because they have the responsibility for governance in the company. Also, there is no truth about PricewaterhouseCoopers (PwC) or Ernst & Young reviewing the Accounts of the Company. eTranzact retains PwC from time to time for various technology-related assignments and none has to do with reviewing the Company’s Accounts.

The ISO certifications are a testament to eTranzact’s focus on adopting and implementing global and best practices to ensure effectiveness, efficiency, confidentiality, and integrity in its day to day operations. This marks the beginning of a new journey for the company.”

About eTranzact

eTranzact is Africa’s leading provider of mobile banking and payment services. We are the first fully operational multi-application and multi-channel electronic transaction switching and payment processing company that is publicly quoted on the Nigeria Stock Exchange. Our vision is: ‘To be a leading global provider of mobile transaction services, leveraging on our award-winning mobile switching platform’ and since 2003, we have been at the forefront of delivering cutting-edge electronic and mobile payment products and services to customers that cut across virtually all works of life.

SOURCE: https://brandspurng.com/etranzact-makes-significant-management-changes-appoints-acting-managing-director-ceo/

The Lagos State Government on Monday said that it has so far achieved an average monthly Internally Generated Revenue (IGR) of N34billion in 2018 compared to monthly averages of the last three years.

Commissioner for Finance, Mr. Akinyemi Ashade who disclosed this at the ongoing annual Ministerial Press Briefing to mark the third anniversary of Governor Akinwunmi Ambode’s administration held at Bagauda Kaltho Press Centre in Alausa, attributed the gradual improvement to the impact of the ongoing reforms and growth in the State’s economy.

He said, “Notably, we are recording gradual improvement in our average monthly IGR in 2018 compared to the levels achieved in previous years due to the impact of ongoing reforms and growth in the State’s economy. Based on our first quarter results, Lagos State has so far achieved an average monthly IGR of N34billion in 2018 compared to monthly averages of N22bn, N24bn, and N30bn in 2015, 2016 and 2017 respectively.”

The Commissioner expressed optimism that the IGR would continue to rise even further as the State continues to implement the various reforms, driven by wider technology adoption and innovation, adding that the target to grow the State’s IGR to N50bn by next year was well on course.

“The target we set for ourselves is N50billion but we all know the kind of push backs we have experienced including people going to court and all that. Our commitment is not, for now, it’s for the future of Lagos. We know it’s a marathon, we would win some and we would lose some, but we are very committed to ensuring that we meet the target, but if we don’t meet it this year, definitely there would be another year, but we believe we would succeed in that target we set for ourselves,” Ashade said.

On Federal Transfers, he said since Lagos joined the league of oil producing State, the Government had received a total of N327million revenue, comprising N197million and N130million received in 2017 and first quarter of 2018 respectively.

“Furthermore, we are in ongoing discussions with the Federal Government towards obtaining a refund for expenditure totaling N51billion that was incurred by the State Government on behalf of the Federal Government for infrastructure projects developments in the State. We are optimistic of successful discussions that will result in the approval and payment of the amount owed to the State Government by the Federal Government,” he said.

Giving an update on the State’s Debt Profile, Ashade said the Government’s debt stock, comprising 48 percent local debt and 52 percent foreign debt currently stood at N874.38billion at the end of 2017 while the debt service charge to total revenue ratio which stood at 17.61 percent was still within the World Bank threshold of 30 percent.

The Commissioner said the State Government has continued to maintain a positive credit rating, however, adding that a downgrade of Nigeria’s sovereign rating would lead to a corresponding action on Lagos’ international drawing rights.

“As Nigeria continues to improve on its credit rating, we would be able to achieve the better rating as we currently have because no amount of revenue generation, no amount of employment growth of Lagos State can make us surpass to surpass the sovereign rating,” he said.

He, however, said that the State Government has taken some strategic steps to help Nigeria improve on its ratings including adhering to fiscal discipline, improved revenue generation, reforms in infrastructure development, transport and embedded power.

Giving an update on the revised Land Use Charge (LUC), Ashade said the State Government has continued to engage critical stakeholders in line with its tradition of inclusive governance, adding that a wide range of response has been received.

He said the extensive discussions led to several concessions on Land Use charge for property owners across the board, adding that a revised bill to further amend the LUC Law to incorporate the additional concessions was presently before the House of Assembly and would be passed soon.

Besides, the Commissioner said the Government through the LUC Assessment Appeal Tribunal, received a total of 1,503 complaints, out of which 1,113 were successfully resolved administratively and through mediation, adding that an additional 263 property owners/agents had their grievances resolved in the last two weeks and more still ongoing.

Ashade also urged residents to continue to support the government by fulfilling their civic duty of paying their taxes and remitting all taxes collected on behalf of the Government as and when due, assuring that the present administration was committed to maintaining financial accountability and transparency for the overall development and prosperity of the State.

SOURCE:https://brandspurng.com/monthly-igr-in-lagos-now-n34billion-ashade/

The National Pension Commission (PenCom), via a public notice issued on Tuesday, 15 May 2018, disseminated a Draft Framework for Micro Pension Plan (the Framework) for stakeholders’ consideration and comments.



The Framework seeks to extend pension coverage to employees of organizations with less than three employees and self-employed persons (Micro Pension Contributors) in accordance with the provisions of Section 2(3) of the Pension Reform Act 2014 (PRA). Upon implementation, the Framework will ensure the provision of retirement benefits to the Micro Pension Contributors (MPCs) through clearly spelled out guidelines on operational modalities for the Micro Pension Plan (the Plan).

In addition to the operational modalities, the Framework also proposes strategies for securing participation in the Plan and minimum requirements for participation by licensed pension fund administrators and custodians.

Key highlights of the Framework include the following:

Participation shall be by registration and completion of the Retirement Savings Account (RSA) Opening form.
The minimum registration age is 18 years but persons from 15 years may participate subject to approval by the guardian.
In recognition of the peculiarities of the sector, MPCs are entitled to some incentives which include:
access to a portion of their RSA balance – 25% of contributions made shall be available for contingent withdrawal before “retirement age”. The remaining 75% shall be managed exclusively for retirement benefits upon retirement – under extant rules. The withdrawal options are programmed withdrawal and life annuity;
possibility of minimum pension guarantee, subject to compliance with certain provisions as prescribed by PenCom; and
access to other incentives as may be approved by PenCom.
Remittance of contributions may be made daily, weekly, monthly or as may be convenient to the MPC. Such contributions can be made in Naira via cash deposit, electronically or any CBN approved payment platform.
Subject to PENCOM’s approval, RSA holders (under the general regime), who are no longer in employment and yet to draw the pension, may convert and participate in the Plan. In the same vein, MPCs could move to the general contributory scheme.
Licenced Pension Fund Administrators and Custodians are the only participants allowed and they are obliged to render periodic returns on the operations of the Plan.
Before the Framework is finalized, stakeholders are advised to send inputs and review comments to mppguidelines@pencom.gov.ng, to enable PenCom to proceed with the next phase of the implementation. A copy of the Framework may be found here.

It is expected that once the Framework is finalized and rolled out for full implementation, there would be increased voluntary participation in the Contributory Pension Scheme by the informal sector. We, therefore, enjoin stakeholders to review the draft framework and provide feedback where necessary.


SOURCE: https://brandspurng.com/pencom-releases-draft-framework-for-micro-pension-plan/

good one

On Saturday, May 19, 2018, an estimated 29.2 million people tuned in to the Royal Wedding of Prince Harry of Wales and American actress Meghan Markle, which took place at Windsor Castle in England.

In the U.S., while coverage varied by network, the wedding ceremony was carried live from approximately 7:00 a.m. ET to 8:15 a.m.ET on 15 networks. The networks carrying live coverage of the ceremony were ABC (inclusive of Freeform simulcast), BBC America, CBS, CNN, CNNe, E!, Fox News Channel, HLN, MSNBC, NBC, PBS, Telemundo, TLC, and Univision.

In terms, of the social nature of the Wedding, overall, there were 6.9 million total interactions across Facebook and Twitter about the Royal Wedding according to Nielsen Social.

Harry and Meghan tied the knot in a ceremony at Windsor Castle, where they were greeted by around 100,000 people lining the streets.

The couple will not be taking a honeymoon immediately, as they are due to attend a charity garden party for Prince Charles, the heir to the throne, at Buckingham Palace on Tuesday.

SOURCE: https://brandspurng.com/over-29-million-viewers-watch-prince-harry-and-meghan-markles-royal-wedding-nielsen/

The nation’s Gross Domestic Product (GDP) grew in the first quarter of 2018 by 1.95 percent in real terms, the National Bureau of Statistics, NBS, said on Monday.
Read also: https://brandspurng.com/gdp-q4-17-a-black-panther-moment-for-nigeria/
Nigeria’s Gross Domestic Product (GDP) grew by 1.95% (year-on-year) in real terms in the first quarter of 2018. This shows a stronger growth when compared with the first quarter of 2017 which recorded a growth of -0.91% indicating an increase of 2.87% points.
Compared to the preceding quarter, there was a decline of -0.16% points from 2.11%. Quarter on quarter, real GDP growth was -13.40%.
(Please note that oil production estimates for the third and fourth quarters of 2017 have been revised and oil GDP for those quarters have been adjusted accordingly.)
Still, on the first quarter of 2018, aggregate GDP stood at N28,464,322.01million in nominal terms. This performance is higher when compared to the first quarter of 2017 which recorded a nominal GDP aggregate of N26,028,356.03 million thus, presenting a positive year on year nominal growth rate of 9.36%.
The report noted that the rate of growth is, however, lower relative to growth recorded in Q1 2017 by -7.70% points at 17.06% but higher than the proceeding quarter by 2.14% points at 7.22%. To give a clearer depiction, the Nigerian economy has been classified broadly into the oil and non-oil sectors.
The Oil Sector



In the period under review, the nation recorded an average daily oil production of 2.0 million barrels per day (mbpd), higher than the daily average production recorded in the fourth quarter of 2017 by 0.05 mbpd and 0.25 mbpd higher than 2017 first quarter production which recorded an output of 1.75mbpd.

Real growth of the oil sector was 14.77% (year-on-year) in Q1 2018. This represents an increase of 30.37% points relative to rate recorded in the corresponding quarter of 2017. Quarter-on-Quarter, the oil sector grew by 13.24% in Q1 2018. The Oil sector contributed 9.61% to total real GDP in Q1 2018, up from 8.53% and 7.35% recorded in the Q1 2017 and Q4 2017, respectively.

The Non-Oil Sector

The non-oil sector grew by 0.76% in real terms during the reference quarter. This is higher by 0.04% point compared to the rate recorded same quarter of 2017 and 0.70% point lower than the fourth quarter of 2017. This sector was driven mainly by Agriculture (Crop production); other drivers were Financial institutions and insurance, Manufacturing, Transportation and Storage and Information and Communication. In real terms, the Non-Oil sector contributed 90.39% to the nation’s GDP, lower than 91.47% recorded in the first quarter of 2017 and 92.65% recorded in the fourth quarter of 2017.

SOURCE: https://brandspurng.com/nigeria-recorded-1-95-gdp-growth-in-q1-2018-nbs/

Oil prices took a breather on Friday, with Brent sitting just shy of $80 per barrel. The Venezuelan election on Sunday could be the next near-term catalyst for the oil market.



$80 Brent for the first time since 2014. Brent briefly breached $80 per barrel this week, although it is facing resistance at that level. Still, oil prices are at their highest in three and a half years. “There’s the Iran story which continues to develop and the general talk about a tighter market. It will be interesting to see if we make a clean break of $80 next week. It seems like that’s the direction we are going,” Jens Pedersen, a senior analyst at Danske Bank A/S, said in a Bloomberg interview.

$3 gasoline spreading across U.S. Average retail gasoline prices in the U.S. have climbed to $2.90 per gallon this week, but with Brent hitting $80 per barrel, more pain at the pump could be on the way. Peak summer demand unofficially begins during the Memorial Day holiday at the end of May, and this year motorists will see the highest gasoline prices in more than three years. The average motorist will pay an additional $100 for gasoline this summer compared to last year.

Shortage of oilfield services in Permian. Costs for oilfield services are on the rise as companies struggle to find enough workers. “Recruitment and staffing is a big challenge. We’re aggressively focused on recruiting people,” Kevin Neveu, chief executive at Precision Drilling Corp., said at a conference in Houston. He said they hired about 2,000 people in 2017. A study last year estimated that about 25 percent of the workers laid off during the downturn have moved on to other industries.

OPEC and Russia discuss oil prices. Saudi oil minister Khalid al-Falih said that OPEC and Russia were discussing price volatility and the health of the oil market. Al-Falih has said that OPEC would step in to mitigate and supply losses, although for now, the preference seems to be to leave the production limits unchanged. OPEC officials have said the price rally is being driven by fear and not based on the fundamentals.

EU moves to insulate companies from U.S. sanctions. Danish shipping giant Maersk said it would wind down operations in Iran by November to avoid U.S. sanctions. French oil company Total SA (NYSE: TOT) had the most high-profile investments on the line in Iran, including $1 billion tied up in the development of the South Pars gas field. Total said it would withdraw from Iran if it cannot obtain a waiver from the U.S. Treasury. China’s CNPC could buy out Total’s stake in the project. This comes even as the EU is trying to protect its companies from U.S. sanctions.

Trump tells Germany to scrap Nord Stream 2 to avoid trade war. The WSJ reports that President Trump is pressuring Germany to scrap the Nord Stream 2 natural gas pipeline from Russia if it wants to avoid a trade war with the United States. Trump reportedly told German Chancellor Angela Merkel that the U.S. would restart talks with the EU on a trade deal in exchange for Germany cancelling the Nord Stream 2 pipeline. “Trump’s strategy seems to be to force us to buy their more expensive gas, but as long as LNG is not competitive, Europe will not agree to some sort of racket and pay extortionate prices,” an EU official said.

Canada hoping to backstop Kinder Morgan pipeline. In an extraordinary move to benefit a single company, the Canadian government is trying to backstop Kinder Morgan’s (NYSE: KMI) Trans Mountain Pipeline, which would carry Alberta oil to the Pacific Coast. Kinder Morgan is on the verge of cancelling the project because of political opposition in British Columbia, which has created legal and financial risk. Canada’s finance minister suggested the federal government could offer “indemnity,” which could help defray unforeseen costs stemming from political delays. “We think there is a way to do it in a commercially appropriate way, so the project is economically viable — then we can actually provide sort of like insurance,” he said during an interview with BNN Bloomberg. “We can effectively say, ‘Look there is a premium that’s going to get paid but we can insure this sort of delay so that the project gets done.”’ Talks with Kinder Morgan are ongoing although the company set a May 31 deadline.

Renewed interest in LNG as glut disappears. Up until recently, analysts expected the global LNG market to be oversupplied for years to come. But unexpectedly strong demand from China and others has rapidly erased the glut. China’s LNG imports were up 59 percent in the first quarter from a year earlier. LNG developers are now expressing interest in new projects again, but because of the long lead times, they may be too late to prevent a supply crunch in several years’ time. WoodMac estimates a supply deficit by 2025.

Statoil name change illustrates oil industry challenge. Statoil (STO) officially changed its name to Equinor on Wednesday, a move intended to better reflect the evolving makeup of the company, which is making heavy investments in renewable energy. By 2030, Equinor will allocate 15 to 20 percent of CapEx to “new energy solutions.”

Shale industry struggles to make money. The WSJ reports that 15 out of the 20 top shale drillers posted negative cash flow in the first quarter, a surprising result given the rally in oil prices. The top 20 companies by market cap collectively spent $2 billion more than they earned in the quarter. Some of that is the result of locking themselves into hedges back when oil prices were lower, meaning they were unable to benefit from higher prices. Oasis Petroleum (NYSE: OAS) spent $3.27 for every $1 in revenue in the quarter.

Venezuela election looms, the U.S. might not slap on new sanctions. Venezuela’s meltdown continues, and ConocoPhillips’ (NYSE: COP) pursuit of PDVSA assets threatens deeper troubles. But the presidential election on Sunday could be pivotal in deciding what happens next in the country. The situation is so bad that the U.S. is seemingly thinking twice about stiffer sanctions following the vote. That, combined with the fact that the U.S. has already put Iranian supply in jeopardy, might mean that the Trump administration holds off on further sanctions following the sham election. A ban on Venezuelan crude imports is “off the table now,” said Francisco Monaldi, the fellow at Rice University’s Baker Institute for Public Policy, told S&P Global Platts. “Partly because the collapse of the Venezuelan oil sector makes it almost unnecessary, partly because with the price of oil going up and elections in the US they do not want the domestic backlash, partly because the Iran sanctions make it less timely.”


SOURCE: https://brandspurng.com/oil-breaks-80-and-gasoline-prices-spike-oilprice-intelligence/

The National Publicity Secretary of the Nutrition Society of Nigeria, Mr. Olusola Malomo, has hailed the juice making standards of Chivita100% fruit juice, the flagship brand of Chi Limited, and its commitment to ‘no-added sugar’ process, describing it as a healthy substitute for raw fruits.


He explained: “100% fruit juice is made from the flesh of the fresh fruit or from whole fruit, depending on the type used. It is not permitted to add sugar, sweeteners, preservatives, flavoring or colorings to fruit juices. Chivita 100% complies with these requirements as articulated by its production and packaging process.”

The nutritionist further said: “It is often difficult to say which between raw fruit and fruit juice gives more nutrient to the body. Although eating whole fruit is considered to be the best way of attaining the full benefits of fruits, fruit juice is an easy and healthy option. Of course, if the juice contains 100% fruit without preservatives and additives, it has some nutritional value with natural fruit”.

“With a busy lifestyle, our eating habits have become packed with preservatives and processed foods that are not only devoid of essential nutrients but can also cause some harm to the body. 100% fruit juice helps to correct the harm caused by these new eating habits; boost the immune system and keep the body in perfect health.”

Malomo stated that 100% fruit juice helps in lowering inflammation, noting that its consumption has a beneficial effect on cardiovascular diseases. He described 100% fruit juice as an appropriate healthy diet.

“When you drink fruit juice, the supply of energy increases in no time. This is one of the prime benefits of fruit juice that we can utilize in our busy schedules. This is the reason why athletes often drink fruit juice during and after exercising. It is also the same reason pregnant women are advised to often take it.”

He noted that sugar consumption is not entirely bad as long as it is within the recommended dietary requirement, adding that sugar is needed to supply the energy needed for the functioning of the body.

According to him, “sugar is not singularly responsible for obesity and diabetes. What causes these illnesses are primarily more related to lifestyle. Fruits or fruit juice are much more than just source of fructose (natural sugar that comes with fruit). There are lots of nutrients in them that are important for health. Moreover, sugar in fructose is very healthy.

“One small glass (150ml) of 100% orange juice contains 100% of the daily requirements of Vitamin C. The carbohydrates in 100% fruit juice, including the sugars, are naturally occurring and comes from the whole fruit from which it is squeezed.”

On his part, the Managing Director, Chi Limited, Deepanjay Roy, said Chivita, as a brand, is concerned about the misconceptions on juice consumption, which are capable of creating the needless barrier to enjoying the many nutritional benefits of 100% juice.

“As a leading juice brand, we at Chivita are therefore not unmindful of the responsibility to create a platform for enlightened discourse on benefits of fruit and juice drinks and how it contributes to health and well-being of our nation. To do this, we hope to support the sharing of unbiased but balanced information on sugar intake and fruit juice by experts such as scientists, nutritionists, and dietician. We will also create a sustainable dialogue on the truth and science of fruit juice and the natural sugar it contains.”

SOURCE: https://brandspurng.com/nutritionist-commends-chivitas-no-added-sugar-commitment/

In line with its commitment to reward and appreciate loyal consumers, Suntory Beverage and Food Nigeria Limited (SBFN), makers of Lucozade, has set aside N200million worth of Instant Airtime to reward consumers in the 3rdedition of its “Lucozade Under-the-Cap Airtime National Promotion.”


At the media launch of the promotion in Lagos, the Managing Director, SBFN, Mr. Chinedum Okereke, announced the kick-off of the 2018 Lucozade Airtime promotion during his opening address. “We are proud to announce the return of the successful Lucozade Airtime Promotion for the third time since its launch in 2016. The promotion is an avenue for us to attain nationwide reach as far as rewarding our consumers are concerned, and the modality of the promotion gives us a great opportunity to target millions of consumers.”

Read Also: SUNTORY NIGERIA SEEKS TO BOOST SALES WITH NEW PRODUCT LAUNCHES, EXPANDING DISTRIBUTION

At the event, the Marketing Director, Mrs. Rosemary Akpo, said “The Airtime promotion is very important to us at SBFN as it gives us an avenue to connect with our target audience on a large scale. The uniqueness of this promotion lies in the fact that every participant who sends in a valid code, stands a chance to win instant airtime, regardless of geographical location or mobile network.”

Specifically designed to reward new and existing consumers who purchase Lucozade Boost or Lucozade Sports Orange PET with a yellow cover, consumers are required to look under the cover and text the code to 20966 for free.

Explaining the objective of the promotion, the Head of Lucozade Brands and Innovation, Mrs Chika Adibo said, “The Lucozade Airtime promo is our way of rewarding our esteemed consumers for their loyalty and patronage over the years, and also restate our commitment to helping people feel energized and be the best version of themselves all day. We also encourage new consumers to come on board via this platform.”

The Lucozade Airtime Promotion 3.0, which launched in May 2018, is open to users on all mobile networks and provides an opportunity for consumers to instantly recharge their energy and their phones.

SOURCE: https://brandspurng.com/lucozade-excites-consumers-with-n200m-airtime/

To boost the development of the small and medium enterprises (SMEs) in Nigeria, MTN has introduced a new LED board in Lekki, to assist businesses to advertise their products for free.

The unveiling of the ‘ManintheBox’ coincided with the formal re-launch of MTN’s Enterprise Business Solutions arm, otherwise known as MTN Business, after days of suspense, speculation and social media chatter.

The Chief Executive Officer, MTN, Rob Shuter, said in recently in Lagos, that ManintheBox is an avenue for SMEs to meet with MTN to discuss how the organization can assist in enhancing their businesses.

Shuter said: “I will give you a more conceptual idea of what we are trying to say; if you look at MTN business conception, you will notice we don’t only look at consumers, we also look at the man on the street. We have made a decision that looks at small and large enterprises. This is what we are doing, this is talking to business people to ask; what can we do to help you, how can MTN help in making your business more successful?

We want to hear from you, we need to understand how we can assist you. We have some products but we really need to hear from you. The first stage is the box, still, outside, we are going to allow small and medium enterprises to go and advertise for free in this box. We want to see your businesses grow and flourish so come let’s talk”

The Chief Enterprise Business Officer, MTN, Lynda Saint-Nwafor, explained that the #ManintheBox campaign symbolized the organization’s unwavering dedication and desire to help support business growth and transformation using a wide range of world-class business solutions, backed by cutting-edge technology.

She said most people are unaware of how MTN developed capabilities that enable them to serve large enterprises, small enterprises, and government body sector, adding that the organization is proffering solutions to enable them to grow their businesses.

Two men: Ibrahim Onimisi-Suleiman, and Abimbola Fredrick, were kept for about 90 hours in the box to achieve this aim, Saint-Nwafor said there were doctors, architects, civil engineers, and psychiatrists, who ensured that the guys were okay and comfortable.

She further noted that they have development capability, which will enable them to develop and deliver technology solutions to help businesses achieve their objectives.

“What we tend to achieve is to let them (SMEs) know that MTN is there to work with them, we do understand what kept businesses. We do understand that there are issues in running businesses especially for an organization like us, who have done business in the very difficult environment. We know challenges are there especially in our marketing tool for you to be able to drive growth, improve efficiency and drive productivity in your businesses. We are saying that please come let’s have the conversation.

“We understand that business owners see technology as a distraction, many times with good reason. But we know that the right connectivity solution is a game changer and the foundation for future success, and so we would like to change that mindset, by making technology and digital transformation decisions easier and more personal.

“Our aim is to be a true partner for success, delivering high impact right-sized connectivity solutions. Helping you become more agile and efficient, expanding market access and making them more competitive. We do this by listening and consulting to gain a clear understanding of what keeps you up, your circumstances, pain-points, ambitions and priorities. We want to hear from you,” she said.

SOURCE: https://brandspurng.com/mtn-launches-free-advertizing-platform-to-support-small-businesses/

Good to know , wish them all the best

Meanwhile, Some places in the world are yet to plan ahead and still highly depending on Crude oil.

Telecommunications giant, MTN, on Monday paid N500,000 to one of its customers, Oluwole Aluko, in compliance with a Federal High Court judgment.



Mr. Aluko, a legal practitioner, had in 2016 sued MTN, alleging unlawful deduction of his call credit.

The judge, Nathaniel Ayo-Emmanuel, of the Federal High Court, Ibadan, had in 2017 entered judgment in favor of the claimant when there was no representation for MTN throughout the hearing period until the judgment day.

But Abiola Olagunju and Fatiullah Tiamiyu later announced their representation for MTN, with an application asking the court to set aside its judgment against their client.

They had argued that the company’s legal department was never aware of the suit against the company before the court.

Mr. Aluko, however, presented before the court evidence of court summons served on the defendants with proof of receipt in a criminal contempt suit he instituted against the duo.

He had argued that the duo were trying to pervert the course of justice.

At the resumed hearing on Monday, Mr. Aluko informed the court that MTN had paid him N500,000 in compliance with the court’s earlier order.

The judge, consequently, struck out the claimant’s suit of criminal contempt against MTN’s lawyers.


SOURCE: https://brandspurng.com/mtn-pays-n500000-to-customer-over-illegal-call-credit-deduction/

British Airways is expanding its African network by starting three weekly flights directly from London Heathrow to Durban, South Africa.



The service will be the only non-stop link between Europe and Durban and will be operated by the airline’s newest aircraft, the Boeing 787-8 Dreamliner.

Durban is the second new African route British Airways will start this year. In March it began flying twice weekly to Seychelles from Heathrow. It also expanded its three Gatwick/ Mauritius services to five a week.

Elsewhere in Africa, it has added more seats to Lagos and is introducing new onboard products and services on African routes including its daily services to Accra in Ghana.

This is part of a £4.5 billion, five-year customer investment plan, with a focus on excellence in the premium cabins and more choice and quality for all its customers.

On a number of African routes, it has already introduced new bedding and amenity kits in the Club World Cabin by luxury lifestyle brand, the White Company. The investment will also see a new Club World seat in future.

At Heathrow, it has opened a First Wing check-in area with direct security and lounge access. Lounges around the world are being revamped, including Johannesburg and Nairobi.

In World Traveller new expanded menus have been introduced, providing more quantity and quality in the long-haul economy cabin, as well as snack options throughout the flight.

New World Traveller and World Traveller Plus cabins are being rolled out in the Boeing 777 fleet operating out of Gatwick. These aircraft operate three additional flights to Cape Town during the South African summer.

The investment plan will also see British Airways installing the best-quality WiFi in every seat, upgrading the interiors of 128 long-haul aircraft and taking delivery of 72 new aircraft.


SOURCE: https://brandspurng.com/british-airways-expands-african-network/

ayam not surprised

ok

cool

The sale of petrol, known as Premium Motor Spirit (PMS) dropped by -7.3% percent in April 2018  from N163.4 in March 2018, PMS Price watch of National Bureau of Statistics (NBS) confirmed today.

NBS in its report listed Kebbi  Kogi  & Jigawa as paying N163.71, N160.79 & N160.46 respectively for the product. They paid highest. While Plateau, Abuja & Bauchi experienced the lowest average price of premium motor spirit (petrol) paying N145.00, N144.95, and N144.17.

According to the NBS, the average price paid by consumers for premium motor spirit (petrol) increased by 1.0% year-on-year and -7.3% month-on-month to N151.4 in April 2018 from N163.4 in March 2018.

SOURCE: https://brandspurng.com/national-average-price-of-petrol-declined-in-april-to-n151-4/

FirstBank of Nigeria Limited has announced the introduction of a contactless naira MasterCard to its array of debit cards.

The move, according to the bank, was to promote convenience, ease of transactions and the security of funds.

According to a statement from the bank, FirstBank debit cards are accepted nationwide and globally, adding that they can be used to withdraw cash and access value-added services including bills payment, airtime recharge, flight and hotel booking among others.

Read also: https://brandspurng.com/fitch-upgrades-first-bank-of-nigerias-subordinated-notes-to-ccc/ 

“The FirstBank Contactless Naira Master Card enables quick pin-less purchases and is a fast secure way for customers to shop locally and globally.

“The contactless card can be used for making payments in the London transport network such as buses, tubes, trams, Dock and Light Railway (DLR) and the London Overground as well as in Grocery shops, supermarkets and Gas stations within London metropolis.

“The card is designed to enhance a cashless lifestyle by promoting increased card usage for lower value transactions. Payments are made by tapping the card on the POS machine with contactless functions for low value transactions; the card can also be used in a regular POS as a normal MasterCard,” it explained.

The daily limits for pin-less transactions are N3,000 for the contactless naira Mastercard and N10,000.00 for the contactless Platinum Debit MasterCard.

Furthermore, it revealed that the FirstBank Verve debit card is Chip & PIN secured for greater protection of customers’ funds and provides extra protection for web-based transactions with “Safetoken.”

“It is accepted wherever the Interswitch or Verve logo is displayed and can also be used to perform transactions via the Quickteller services menu on FirstBank ATMs. This Card is issued in 15 minutes at FirstBank branches, saves time and is very easy to obtain.

“With the FirstBank Expressions on Card, Customers now have the freedom to design the look and feel of their cards with their most cherished memories and spend with a card that is as unique as them,” it added.

SOURCE: https://brandspurng.com/firstbank-introduces-contactless-naira-mastercard/

Strong financial performance:
– PATMI* up 9.8% to S$157.9 million; Operational PATMI up 13.0% to S$162.6 million
– EBITDA at S$368.1 million against a strong Q1 2017 of S$398.6 millionSignificant improvement in net gearing (Mar 31, 2018: 1.49x; Mar 31, 2017: 1.98x)Investments in prioritized platforms, completion of planned divestments and continued working capital optimization

*PATMI – Profit After Tax and Minority Interests

Co-Founder & Group CEO, Sunny Verghese said:
“We continued to deliver earnings growth and position ourselves for the future, including the recent launch of AtSource, which enables us to turn sustainability into a key business driver for transforming agricultural supply chains.

“Even as we successfully execute on our 2016-2018 Strategic Plan, we will be embarking on our next Strategic Plan exercise which will see us evolve all the elements of Olam 2.0 and lead the industry’s digital disruption and transformation.”

Executive Director and Group COO, A. Shekhar said:

“We are pleased with our ability to deliver year-on-year profit growth against a strong performance in Q1 2017. We executed on our planned investments and divestments, reduced financing costs and diversified our funding mix with ground-breaking initiatives, including Asia’s first sustainability-linked club loan.

“Our gearing has improved significantly from a year ago, giving us additional growth headroom. We will continue to pursue profitable growth while improving our cost efficiency and capital productivity.”

FINANCIAL RESULTS

Q1 2018

PATMI (Profit After Tax and Minority Interest) increased 9.8% year-on-year (YoY) to S$157.9 million (Q1 2017: S$143.9 million) on reduced net finance costs and lower taxation.Operational PATMI, which excludes exceptional items, grew 13.0% YoY to S$162.6 million (Q1 2017: S$143.9 million).EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation) was down 7.7% at S$368.1 million (Q1 2017: S$398.6 million) against a strong Q1 2017.

Cash flow and gearing

Net gearing as at March 31, 2018, was lower at 1.49 times compared to 1.98 times as at March 31, 2017, due to lower net debt from the reduction in working capital, lower gross capital expenditure, divestments and the conversion of warrants into equity.Free Cash Flow to Equity (FCFE) for Q1 2018 was negative S$409.2 million (Q1 2017: negative S$41.5 million) due to higher working capital usage during this quarter, partly offset by reduced capital spending, divestments and lower interest paid.

Q1 2018 SEGMENTAL PERFORMANCE

Edible Nuts, Spices & Vegetable Ingredients

Revenue was lower by 4.0% at S$874.5 million, mainly on reduced volumes YoY in peanuts.EBITDA came down marginally by 1.6% to S$135.8 million, as compared with a strong set of results for Q1 2017.

Confectionery & Beverage Ingredients

Revenue decreased 10.5% to S$1.9 billion on lower volumes and lower prices.EBITDA declined 18.4% to S$61.2 million due to significantly lower contribution from Coffee in Q1 2018, as compared with an excellent performance in Q1 2017. Cocoa however delivered an improved performance.

Food Staples & Packaged Foods

Revenue increased 34.0% to S$2.6 billion, mainly on higher trading volumes in Grains.EBITDA declined by 15.1% to S$100.4 million when compared with a very strong Q1 2017.

Industrial Raw Materials, Ag Logistics & Infrastructure

Revenue was up 9.1% to S$903.4 million on higher Cotton volumes and prices.EBITDA improved 6.4% to S$66.2 million on higher contribution from Cotton and GSEZ. Commodity Financial ServicesThe segment reported an EBITDA of S$4.5 million compared to S$5.1 million in Q1 2017.

OUTLOOK

While global markets continue to experience political and economic uncertainties, Olam believes its diversified and well-balanced portfolio provides a resilient platform to navigate the challenges in both the global economy and commodity markets. Olam will continue to execute on its 2016-2018 Strategic Plan in 2018 and pursue growth in its prioritized platforms while putting sustainability at the heart of its business. It remains focused on turning around underperforming businesses, ensuring gestating businesses reach full potential and delivering positive free cash flow.



SOURCE: https://brandspurng.com/olam-international-q1-2018-results-patmi-up-9-8-operational-patmi-up-13-0/

Shareholders of Unilever Plc have approved the plan by the company to divest its spread segment to Sigma Bidco. Unilever’s spread business currently includes the production of Blue Band Margarine.



Recall that in 2017 Unilever in a letter of notice sent to the Nigerian Stock Exchange announced its intention to divest its spread business noting that it plans to consolidate its food and refreshment business.

Unilever Nigeria Plc currently has two segments namely, the Food Products segment FP, Home and Personal Care product segment HPC.

The FP segment includes the production of tea, savory, and spreads, while, the HPC segment includes skin care products, oral care products, household cleaning, and fabric care.

The reasons for the divestment
Unilever Chairman, Obi Nnaemeka Achebe, revealed that the spreads segment is slowing down as consumers are turning away from margarine for healthier alternatives.
He stated that the decision to divest from the spread business is largely due to the desire by the company to boost shareholders’ return.
Achebe said the spread segment has been under-performing globally, adding that the transaction would enable the company to focus more on other well-performing categories.
The revenue figures
In its Q1 2018 report for the quarter ended 31st March 2018, revenue surged by 16% from ₦22.17 billion recorded in Q1 2017 to ₦25.817 billion in Q1 2018.

A breakdown of the 2018 Q1 report further reveals that the Food Products segment post ₦12.17 billion in revenue while the Home care &Personal Products Care recorded ₦13.64 billion. Likewise in Q1 2017, FP segment recorded ₦10.49 billion in revenue while the HPC segment posted ₦11.68 billion during the quarter.

The company had last year embarked on a 58.85 billion ($187 million) rights issue which was oversubscribed by 120 percent. According to its Managing Director, Yaw Nsarkoh, proceeds from the rights issue will be used to pay off around $120 million in loans, purchase additional raw materials required for Unilever’s products and meet other working capital requirements in order to build long-term value for all stakeholders.

Sigman Bidco B.V. is an investment company based in Amsterdam, the Netherlands with focus on consumer products and packaged foods.

Unilever Nigeria Plc. is engaged in the manufacture and marketing of foods and food ingredients, and home and personal care products. The Company’s segments are Food Products, Home Care, and Personal Care products.

The company’s shares are listed on the Nigerian Stock Exchange NSE and it is currently flat at ₦49.90 on the floor of the stock exchange, its 1-year return is 47.89%.

SOURCE: https://brandspurng.com/official-unilever-sells-its-margarine-business/

Unilever has today revealed its fourth consecutive year of growth for its ‘sustainable living’ brands, which delivered 70 percent of its turnover growth and grew 46 percent faster (a slightly slower rate than last year, when it was over 50 percent). then the rest of the business. The company says all of its brands are working to reduce their environmental footprint and increase their positive social impact; the ‘sustainable living’ brands are those that are furthest ahead on the journey.

Figures revealed today show that:

Unilever now has 26 sustainable living brands (up from 18 in 2016). New entrants include household names such as Vaseline, Sunlight, Sunsilk and Wall’s.The list also includes Unilever’s top six brands — Dove, Lipton, Dirt Is Good, Rexona, Hellmann’s and Knorr — and its B-Corp certified brands such as Ben and Jerry’s, Seventh Generation and Pukka Herbs.Over the last four years, sustainable living brands have outperformed the average rate of growth at Unilever. In 2017, these brands grew 46 percent faster than the rest of the business and delivered 70 percent of Unilever’s turnover growth.

The figures show that Unilever is now delivering more social and environmental benefits in more parts of the world through the Unilever Sustainable Living Plan (USLP). The USLP was launched in 2010 — setting ambitious targets to decouple Unilever’s growth from its environmental impact while increasing the company’s positive social impact. Today, Unilever is on track to meet around 80 percent of its commitments, which include improving health and wellbeing for 1 billion people, reducing environmental impact by half and enhancing livelihoods for its millions of employees, suppliers, and retailers.

Now officially Unilever’s biggest brand — and one of the oldest sustainable living brands — Dove has reached 29 million people with its Self-Esteem projectand has partnered with The World Association of Girl Guides and Girl Scouts since 2013 to develop and deliver quality self-esteem education for girls around the world. | Image credit: Dove

The company announced it is now looking beyond its ULSP targets by carrying out its largest-ever listening exercise on the future of sustainable business. Over 40,000 employees responded to the ‘Have Your Say’ project, setting out their views on the priorities that they would like Unilever to focus on and what future success would look like. The results will be used to co-create Unilever’s future agenda.

CEO Paul Polman said: “Ever since we launched the USLP in 2010, we have reported openly on our progress. We have made great strides in meeting many of the ambitious targets we set ourselves and the fact that our sustainable living brands are continuing to deliver growth shows that this is a business model that works.

“We also want to be transparent about how much more there is still to do. This is critical because transparency is what gives our business its most important asset – trust. At a time when there is a crisis of trust in many institutions across the world, there has never been a more important time for business to play a leading role in restoring it.”

More detail on the progress of the Unilever Sustainable Living Plan can be found online. Highlights from 2017 include:

601 million people have been reached through Unilever’s programmes on handwashing, sanitation, oral health, self-esteem and safe drinking water. Lifebuoy soap alone has reached over 426 million people with its handwashing programme;109 of Unilever’s manufacturing sites across 36 countries are now using 100 percent renewable grid electricity, accounting for 65 percent of total grid electricity consumption;56 percent of Unilever’s agricultural raw materials are now sustainably sourced. In February this year, Unilever became the first company to publicly disclose the suppliers and mills from which it sources palm oil both directly and indirectly;Unilever enabled roughly 716,000 smallholder farmers to access initiatives aiming to improve their agricultural practices or increase their incomes.

Other notable progress:

Domestos is one of Unilever’s core global Home Care brands, sold in 35 countries, and with a goal to help 25 million people gain improved access to a toilet by 2020. To date, Domestos has improved access to a toilet for 10 million people. In the last year, Domestos has launched a new and affordable toilet cleaning powder format in India, and brought a new ‘Flush Less’ spray to market in South Africa, in response to the water shortages affecting the area.Dove is now officially Unilever’s biggest brand — and one of the oldest sustainable living brands — with its focus on driving body confidence. Today, Dove has reached 29 million people with its Self-Esteem project and has partnered with The World Association of Girl Guides and Girl Scouts since 2013 to develop and deliver quality self-esteem education. There is compelling evidence that those who have been touched by the Self Esteem programme have a higher purchase intention.Unilever launched two new beauty and personal care brands in 2017, both developed in just under a year, targeting the growing number of consumers seeking more natural, responsible personal care products: Six base ingredients, four fragrances, and a technique called phytoextraction are the building blocks for ApotheCARE Essentials’ 18 naturally derived products. And the more widely released Love Beauty and Planet were formulated without parabens, silicones or dyes; with cruelty-free, vegan and ethically sourced fragrance ingredients; with a pioneering “fast rinse” technology allowing consumers to shave time off their shower, saving water and energy; and packaged in 100 percent recyclable packaging.In March, PG Tips — the UK’s most popular tea brand — introduced fully biodegradable tea bags. By the end of 2018, Unilever is aiming for every tea bag in the PG Tips range to use the new plant-based material, significantly improving its environmental impact without affecting flavor.


SOURCE : https://brandspurng.com/unilevers-sustainable-living-brands-delivered-70-of-turnover-growth-in-2017/

Stanbic IBTC Bank, a member of Stanbic IBTC Holdings PLC, has introduced a new banking product that will help small and medium scale enterprises save on cost and optimize their Business margins/revenues. The product, Biz-Smart Account, enables Enterprises to open and operate the account without paying maintenance fees and other related charges.


Biz-Smart Account is a hybrid current naira account specially tailored to Enterprises and offers the unique features of both a savings and current account. The account was developed to help Enterprises reduce to the barest minimum the cost of business, especially the ones that emanate from transactional accounts, Stanbic IBTC Bank says. The account offers zero account maintenance fees and it attracts interest based on the available deposit on the account. The account also gives the holder access to internet/mobile banking channels and access to MasterCard Naira Debit card. Other benefits include third party cheque lodgment, setting up of direct debits or standing orders for regular bills payment and receiving transfers, amongst others.

This unique enterprise banking solution from Stanbic IBTC Bank is offered in two variants namely Biz-Smart account and Biz-Smart Plus account. The Biz-smart requires an opening balance of Sixty Thousand Naira and a daily minimum balance of Fifty Thousand Naira and enables the holder to receive interest on their account. In addition to this, a maximum of four cash withdrawals is allowed at the branch. However, there are no limits for transactions on e-channels (ATM, Web payment, Mobile Banking, POS and Internet Banking) so applicable transaction fees for using these channels would apply.

The Biz-Smart Plus, on the other hand, allows for monthly unlimited withdrawals but requires a minimum account opening balance of Five Hundred and Twenty Thousand Naira and a daily minimum account balance of Five Hundred Thousand Naira.

According to Ayodele Ojosipe, Acting Head, Enterprise Banking and Trade Finance, Stanbic IBTC Bank, “We recognize the importance and pivotal role of Enterprises in the growth and development of our economy. Small and Medium Scale Enterprises are the key drivers of the economies of developing countries, creating thousands of jobs and enhancing GDP growth. This explains the efforts of Stanbic IBTC Bank Plc in supporting this critical sector with the ultimate aim of achieving entrepreneurial optimization in the Nigerian economy.  We call on all SMEs in the country to embrace this unique offering that would help in boosting their business continuity, growth and productivity” he added.

Ojosipe noted that Stanbic IBTC Bank is very popular for its SME Capacity Building Series which holds annually in select cities across Nigeria and that the bank is fully committed and well experienced in the area of promoting Small and Medium Scale Enterprises. The bank has received several awards for its support of the sector. In 2016, Stanbic IBTC Bank was adjudged the Most Innovative SME Bank of the Year in Nigeria by The Asian Banker Awards. The bank is also known for its digital solutions designed to ensure strong and viable operations in the small and medium scale enterprises sub-sector. Its online platform as well as its Digital Bank, the Enterprise Direct, provides quick turnaround time for SMEs, ensuring they are able to take advantage of the unique offerings available via the mentioned channels for business growth and expansion opportunities.

Stanbic IBTC Bank is a member of Stanbic IBTC Holdings PLC,  a full-service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Stanbic IBTC belongs to the Standard Bank Group, the largest African financial institution by assets. It is rooted in Africa with strategic representation in 20 countries on the African continent. Standard Bank is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power, infrastructure and real sector support.

 

SOURCE: https://brandspurng.com/stanbic-ibtc-launches-biz-smart-account-offers-bundled-benefit-banking-services-to-enterprises/

Good one

United Bank for Africa (UBA) has partnered with MasterCard International to roll out a payment solution which enables micro, small and medium enterprises (MSMEs) in Nigeria and across Africa to receive digital payments from their customers through scanning, using their Facebook account.



According to the bank, the new App is a chat Bot, currently available on Facebook Messenger as MasterPass QR for merchants, much like the chart banking personality, LEO, the artificial intelligence payment solution recently introduced. It allows payment collection by SMEs through Facebook Messenger and delivers unified and instant self-service across a range of interconnected payment solutions.

Speaking on the development, Group Executive, Digital & Consumer Banking, Anant Rao, said: “Our customers are at the heart of our business, that’s why we keep going the extra mile to satisfy them. As we very well know MSMEs contribute significantly to the economy but remain heavily dependent on cash to run their business; however, consumers are demanding safer and more convenient ways to pay. The innovative new platform enables MSMEs in Nigeria receive digital payments from millions of customers by simply scanning.

“Banking is going conversational and UBA in partnership with Facebook is at the forefront of driving this innovation globally. “It is 100 percent self-service and generation of the QR is immediate. Acceptance of payments can begin immediately the QR is generated, it is making banking simple.”

Rao noted that access to mobile technology presents an opportunity to meet this demand, and the new UBA MasterPass QR Merchant App is set to change the payment landscape to the benefit of micro-merchants across the country.

“With this development, customers are given the freedom to shop across devices and channels. With MasterPass QR, small and informal micro-merchants, large corporates and governments now have access to fast, simple and secure digital payments options, a global digital system that allows people pay for services using mobile phones. “

In addition, individuals can now make purchases via merchant apps, in-store or online by simply clicking the MasterPass button and authenticating to complete a transaction. All a user simply needs to do is Scan the QR Code generated by the merchants to pay; making transactions for both the merchant and customer fast and seamless. It is 100 per cent self-service and generation of the QR is immediate. Acceptance of payments can begin immediately the QR is generated, it is making banking simple,” he added.

SOURCE: https://brandspurng.com/uba-mastercard-partner-on-digital-payment-solution-for-msmes/

are we looking at anoda Etisalat Nigeria situation ?