How To Budget Frugally For a Wedding in Nigeria

June 18, 2021

Planning a wedding in Nigeria could sure be super hectic. Proper planning and budgeting is a critical factor that should be put in place when looking at the success of a wedding ceremony. The fact is that when planning for a wedding, you really do not know how much it will cost you but a good way to kick off with it is to find out from others a rough estimate of how much it cost them for their own wedding in Nigeria.

Ensure you have your wedding date on paper and commence planning your wedding latest 3–6 months prior to that date. This date dictates your level of preparation and be sure to also have this date in mind when picking a venue and hiring vendors. Make sure everything is done and completed in good time, before this date.

When making a wedding budget, try to be frugal about it and stick to it. A frugal budget allows you to think of life after the wedding ceremony. Highlight the important areas you should spend money on and learn to manage expenses well in other areas.

Most Wedding Budget Centers around these:

Bride and Groom Accessories
Souvenirs
Entertainment
Venue and Decoration
Food and Drinks
Honeymoon Reservations
Miscellaneous Expenses

Here are Few Frugal Planning Ideas For a Wedding in Nigeria:

Choose a Good Date
Make a list of things to buy or hire for the wedding
Create a Guest list
Hire a Professional Wedding Planner to Save Money, Time and Stress
Stick to Your Budget
Make the Menu List Simple yet Classy as Possible
Keep Your Bridal Train Few

You should note that an average wedding in Nigeria costs about ₦800,000 to ₦3,000,000.

How to Make Money By Creating Solutions For Wealthy People

Buzwallet Team

June 16, 2021

Do you know that most wealthy people are always looking for something to invest in so they could expand their wealth? If someone is wealthy, it’s quite likely they are good at managing their money because a big part of good money management is smart investments.

Now, If you’re wondering how rich people invest their money, you should know that rich people invest in things they understand.

Warren Buffet famously said, “Never invest in a business you cannot understand.”

Successful business owners are the wealthiest people in the world. They are the custodians of wealth and any opportunity you have to hook up with them can ultimately accelerate your financial success as well. However, if you want to create wealth with speed as a person or a professional, you must become a person of value to the wealthy people.

Therefore, to become a person of value, there are certain things you must do. Becoming a person of value is a very important journey to embark on because it serves you, your nation, and everyone around you. To become a person of value, you need to develop certain competencies that give you the ability to add value to others. It is the value that you possess that attracts the wealthy to you, not necessarily your packaging, or connections.

Now Let’s take a brief look at how You can develop wealthy by creating solutions for the wealthy:

1. Seek To Understand What the Wealthy See or Perceive as Value

Usually, the way wealthy people see value in you is when you can solve critical problems for them in one way or the other. Therefore, to become a source of value for them you must focus on creating solutions. The two major concerns of most wealthy people is i) how to expand their wealth and ii) how to preserve their existing wealth. Hence, this is where your focus must be if you want to be wealthy by solving problems for the wealthy.

2. Develop the Capacity to Solve Problems for the Wealthy

One key way to attain wealth by solving problems for the wealthy is develop certain capacities needed to solve wealthy people’s problems. To solve problems that makes for wealth, you must develop these three major skills alongside other skills; 1) Your Creativity or Innovation skill. 2) People skills or Relationship Building skills (You need relationships to create wealth) 3) Marketing skills You need to be able to sell your products and services well to generate consistent revenue from the problems you solve for the wealthy.

3. Get Rewarded When You Create Solutions

Everyone expects to be rewarded after solving problems and delivering value. Most wealthy people reward handsomely when you solve critical problems for them. The main reason why you want to solve problems for wealthy people is so that you can also become wealthy in the process. So, to create the wealth you desire, you must learn to maintain your streams of income, diversify and multiply it strategically using you innovative skills, people skills, marketing skills and other skills as you acquire as you develop your capacity. Your rewards grows automatically as you solve more problems for the wealthy and a lot more people out there.

4. Preserve and Grow Your Wealth

Earning or making money does not necessarily make you rich or wealthy, it is the money that you preserve and grow that makes you wealthy. Thus, to create wealth with speed you must not only earn income but preserve the income that you earn and grow it systematically. Preserving your wealth is geared towards accomplishing your Freedom, standardizing your expenses and structuring your investments in ways that helps you sustain your Financial Independence and Freedom.

Good Luck!!

Why You Should Have a Domiciliary Account as a Nigerian

Buzwallet Team

June 14, 2021

Domiciliary accounts are very necessary if you want to start receiving money from your friends, family or business partners overseas. A domiciliary account often referred to as a “Dom Account” is a type of current account that allows you to make and receive payments in foreign currencies such as euros, dollars and pounds.

The benefits of having a domiciliary account usually varies from one bank to another but basically includes the following:

Savings account. domiciliary account can be used as a savings account, which could be very useful especially for parents who need to save and send money for their children’s education abroad.
Send and receive money internationally. The domiciliary account can be used to transfer funds abroad and also to receive funds in USD, EUR, GBP, etc. from another international account.
International business. It is a very good option for those who do business internationally as it enables them to make both domestic and international transactions easily.
Online banking. you get access to online features such as mobile banking, debit card, online banking, transaction alert via Email, etc.
Attractive rates. most banks provide attractive interest rates for dom accounts.

How you can open a domiciliary account in Nigeria:

The requirements for opening a domiciliary account vary across different banks but are fundamentally similar. Here are the basic things that’ll be required from you by your bank.

Referees: Two current account holders (preferably with the same bank) to sign the reference forms.
An existing naira account with the bank. It can either be a savings or a current account.
Duly filled domiciliary account opening form.
Valid means of identification: either an international passport, permanent voters’ card, National ID card, or a driver’s license.
Utility bill issued within the last 3 months.
Passport photograph.

Additional information required from you differs from bank to bank but the listed above are the minimum requirements that you will need to open your dorm account with any bank in Nigeria.

Benefits of Saving and Investing Money

Buzwallet Team

June 10, 2021

Saving and investing are important parts of a sound personal finance plan. Whereas saving provides a safety net for unexpected expenses, investing is a strategy for building wealth.

Whether you’ve been working on your personal finance for years or you’re just getting started, it could sometimes be difficult to know when you should be saving and when you should be investing.

Investing money offers higher returns than savings and can help you build wealth over time, however, it comes with its own risks. Investing gives your money the potential to grow faster than it could in a savings account. To grow your wealth, you’ll need to assess your risk tolerance. Because you’ll be exposed to more risk than you may be comfortable with in the process of investing. Therefore, in order to preserve your money’s purchasing power, you’ll need an investment strategy that strikes a balance between moderate growth and risk management.

On the other hand, saving also allows you to reach your goal on time as long as you save the proper amount daily, weekly, monthly or however you choose.

As the popular money-saving mantras goes: “A penny saved is a penny earned”.

However, it is wise for everyone to have an emergency savings fund for protection especially during challenging times. Financial advisors advice having at least six months of living expenses in an emergency fund. Once you have an emergency fund in place, you should invest enough money to reach your growth goals.

It is ultimately up to you to decide whether saving or investing is the better choice for you to reach your financial goals. Either ways, your financial plans should often include both saving and investing your money as a strategy to reach your financial goals.

Cheers to Financial Freedom!!

How to Send Crypto to Family and Friends Worldwide Using Binance P2P

Buzwallet Team

June 8, 2021

Did you know you can now send and receive cryptocurrencies for free using Binance P2P? Send crypto to other Binance users by entering the email address they used to sign up for their Binance account, or scanning a QR code from the Binance app.

If you’re new to peer-to-peer (P2P) trading, check out our primer on how P2P crypto exchanges work. Simply put, platforms like Binance P2P allow buyers and sellers to transact directly with one another without any intermediaries.

Sending crypto using Binance P2P versus bank transfers: What’s the difference?

Firstly, unlike fiat currencies, crypto is accessible in most regions worldwide, so you can make borderless transfers using crypto to friends and family.

Secondly, sending crypto is easy—no account numbers, routing numbers or SWIFT codes required. All you need is a valid email address or QR code.

Security and privacy is another reason to send crypto using Binance P2P. There’s no need to share personal information when you make a transaction.

Finally, you can send and receive crypto for free, no matter where the sender or recipient is located.

In the past, if you wanted to send crypto to another person, you needed their wallet address, which consists of a long string of letters and numbers. Today, all you need is an email address or QR code, making it easier than ever to send and receive cryptocurrencies using Binance P2P.

We’ll show you how you can get started:

How to send cryptocurrencies using email*

Step 1: Open your P2P wallet, select “Transfer between accounts” and “Send”.

Step 2: Enter the recipient’s email address. Use the email address associated with the recipient’s Binance account.

Step 3: Select the amount and the cryptocurrency you wish to send (no minimum amount required. The maximum you can send in one transaction is 10 BTC). You can choose between USDT, BTC, BUSD, BNB, ETH and DAI. You can also add an optional note to describe why you’re sending the crypto funds.

Step 4: Enter your verification code to complete the transaction. You’re all set!

How to receive cryptocurrencies using a QR code

Step 1: Open your P2P wallet, select “Transfer between accounts” and “Send”.

Step 2: Select “Receive” and share your QR code with your family and friends. You can also save the QR code to your device. Show your QR code to the sender to initiate the transaction. The funds should appear in your account within seconds.

How to check your transaction history

Open your P2P wallet and select the history window, then send history. Now you should be able to see your transaction history.

*Please be careful and double-check when entering the email address to ensure your funds will be sent to the correct recipient. You need to enter the email address associated with the recipient’s Binance.com account.

Source: Binance

7 Big Business Opportunities in Africa to Watch in 2021

Buzwallet Team

June 7, 2021

Over the past decades, Africa has explored significant rise in economic growth and investment opportunities. It is no news that Africa has significant growth potential for almost any business. In fact, for every problem or set-back in Africa, there are several great opportunities. Africa is a fast developing continent and many foreign investors understand that there is a lot of money to be made in Africa.

Here are 7 Big Investment Opportunities to Watch out For in Africa this Year:

1. Infrastructure and Affordable Real Estate: Shelter is very important for human sustenance but unfortunately, many Africans cannot afford the exorbitant costs of housing especially in the urban centers. Therefore, there is a huge and untapped market for affordable residential homes across Africa. As an Entrepreneurs or Investor, if you can serve this high-volume market segment, you definitely would make big wins this decade.

2. Retail Businesses: retail is a fast growing sector in Africa, which is immensely contributing to the income distribution expanding Africa. There are many retail products or services in regular high demand in the African market.

3. Fashion Lines: putting into consideration the fact that Africans are highly fashionable, investors or entrepreneurs can manufacture ready-made affordable clothing items, and reduce the need for importation of these items to Africa, which in turn attracts foreign investments due to its huge profit potential.

4. Energy and Power: Reliable and affordable energy lies at the forefront of Africa’s pursuits, to elevate economic growth and sustain the needs of an increased urbanized population. Many countries in Africa still struggle with high costs, low capacity and constant power outages in their day-to-day lives. For a continent that is blessed with year-round sunshine in most parts, solar presents one of the quickest, cheapest, most efficient, and most eco-friendly options to power Africa. Bio-fuel is another source of energy that helps to eliminate the problem of making it possible for waste items to be converted to fuel as a low cost alternative to many African homes.

5. Agricultural Processing: Agriculture in Africa as an investment opportunity is set to be a major growth driver over the next few years, surpassing mining and metals. Even though Africa is blessed with a lot of food resources, the culture of importing processed foods from other continents like Europe, America, China e.t.c has been the norm.

Countries exploring the advantages of agro-processing include Uganda. The majority of Uganda’s agricultural products such as tobacco, fish, and coffee are exported in their raw form. Also exploring the untapped agriculture sector is Ethiopia which is known to have some of the most arable land in the world. Ethiopia spends more than 25% of its budget on agriculture. As the backbone of Ethiopia’s economy, the sector represents around 50% if GDP and over 85% of export revenues and employment opportunities.

6. Money Lending Fin-Tech Apps: in recent times, several fintech Apps have been springing up to challenge and transform how financial services are delivered in Africa. Many people find themselves needing some quick cash before payday and many African countries do not have access to credit cards that can be used to settle some emergency bills before payday. This is what gave rise to money-lending apps that allow people to borrow money to offset some emergency bills. This is a good business concept that also tends to attract foreign investors looking for business opportunities in Africa.

7. Cybersecurity & Data storage: Cybersecurity is fast becoming one of the key emerging business opportunities in Africa because of the potential damages and losses that are at stake. The attacks range from simple email scams to large-scale theft of customer data, fraud, critical infrastructure sabotage, and other malicious activities. Hence, the need for improved, secure and efficient cybersecurity and data storage for companies and organizations in Africa.

Even though investing in Africa is prone to many risks from lack of good infrastructure, power outage, problems from government or policies, regional conflicts, e.t.c; there are still several other investment opportunities in Africa, such as virtual education, urban logistics, waste recycling, health, e-health, digital banking solutions and many more.

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