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BIMFB Bags NGO Bank Of The Year Award

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Blue International Micro-Finance Bank (BIMFB) in Nigeira has been awared the National Gold Quality Microfinance Bank 2009 award by the Quality Management Institute. BIFMBA was recently established as a Nigerian Micro-Finance Bank with Blue Financial Services and International Bank Ple as major Shareholder,

Len Pretorius, Managing Director, BIMFB said they were nominated based on various parameters such a international best practices, operational excellence, quality and focus leadership adding that the award recognizes them for delivering quality services.

BIMFB started its operatins I September 2008 to distribute and sell Blus’s Micro-Financing services products to Nigeria’s retail market through the Intercontinental Bank Nigeria branch infrastructure and stand alone branches Products offered in the Nigerian market include salary advance loans small business fincance and home improvement loans.

Blue Financial Services currently operates in 14 counrtries in African and is listed on the South African ALTXA and the Botswana Stock Exchange. The Group offers ethical and innovative financial services to formally employed but under banked and underserved employees.

Pretorious concludes that this award will enable BIMFB to maintain it equality services while ensuring continuous customers satisfaction in Nigeria.

Blue Finanacial Services Limited is a Pan-African Micro-Financier current one of the “big three listed micro-financiers in South Africa, Of the three Blue is only micro-finance with a significant presence outside of South Afria, currently operating in 14 other sounters on the continent.

Blue presently services its clients through 300 branches staffed by more than 3000 employees. The group offers formally employed people in the LSM 2.7 branches access to credit solutions such as small business loans. Salary advances home improvement loans Home loans and Insurance Blue is registered with the financial services.

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NSE Begins Week On Negative Note, Loses N19.49bn

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The Nigerian stock market began the week on a negative note as banking and consumer goods stocks, among others, triggered a N19.49bn loss.
At the end of trading on the floor of the Nigerian  Exchange Limited , the NGX All-Share Index dropped by 0.09 per cent to end at 43,270.94 basis points, while the market capitalisation declined to N22.58tn.
Market activities were mixed as the total volume of shares traded decreased by 30.19 per cent while the value traded rose by 34.05 per cent.
A total of 213.13 million shares valued at N2.36bn were exchanged in 4,105 deals, compared to 305.32 million shares worth N3.58bn in 4,450 deals last Friday.
FCMB Group Plc topped the traded stocks in terms of volume, accounting for 27.43 per cent of the total volume of trades while Airtel Africa Plc emerged as the most traded stock by value, representing 28.81 per cent of the total value of trades on the exchange.
14 firms gained compared to 21 losers.
AIICO Insurance Plc was the biggest gainer for the day, topping the gainers’ chart with a price appreciation of 8.57 per cent to N0.76 per share.
It was followed by LivingTrust Mortgage Bank Plc with a rise of 7.95 per cent, ending the day at N0.95 per share.
Analysing by sectors, three of the five major indices closed lower, led by NGX Oil & Gas (-0.56 per cent), NGX Consumer Goods (-0.23 per cent) and NGX Banking (0.18 per cent).
But the insurance (0.82 per cent) and industrial goods (0.002 per cent) indices gained at the end of trading.

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… Introduces TIES To Boost  Business Loan

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The Central Bank of Nigeria (CBN) has introduced the Tertiary Institutions Entrepreneurship Scheme (TIES), which provides undergraduates and graduates with a platform to access loans.
The TIES’ underlying aim is to provide access to capital for Nigerian undergraduates and graduates with innovative entrepreneurial and technological ideas from polytechnics and universities.
TIES intends to shift undergraduates and graduates away from white-collar job pursuits and towards a culture of entrepreneurship development for economic development and job creation.
In a national biennial entrepreneurship competition, the Developmental Component would be distributed in the form of awards to Nigerian polytechnics and universities.
The competition aims to increase undergraduates’ awareness and visibility of high-impact entrepreneurial/technological concepts, foster entrepreneurial talent hunts in Nigerian polytechnics and universities, and encourage commercially viable and transformative technologies.
Interested Nigerian polytechnics and universities shall apply to participate in the national biennial entrepreneurship competition on a dedicated online portal.
Outlining brief details of the project, potential impact and evidence of originality of project, CBN said it is an innovation for students entrepreneurs.

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CITN Applauds FG, Tax Authorities On Fiscal Policy Decisions

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The Chartered Institute of Taxation of Nigeria (CITN) has lauded the Federal Government and tax authorities on the giant strides made on fiscal policy decisions and tax administration measures initiated this year in the area of Finance Act 2021 and the introduction of TaxPromax solution.
President of the institute, Adesina Adedayo, who gave the commendation at the institute’s yearly award ceremony at the weekend in Lagos, assured the government and tax authorities of aligning with the measures and promised to provide professional thoughts and insights on ways through which they could achieve an efficient and effective Nigerian tax system.
Adedayo emphasised the need to address the database, adding that without knowing who the tax-payers are, there is no way they can take money from unknown tax-payers.
Database is the aspect we have been emphasising on as an institute and in doing this, there are so many of pockets of data we have. All the data must be harmonised to have a simple unique tax-payers identification number,” he said.

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