IFC, Zenith Bank to Support SMEs with $100m

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July 28, 2020

The International Finance Corporation (IFC), a member of the World Bank Group has announced an investment of up to $100 million in Zenith Bank Plc to help increase support to clients and companies whose cash flows have been disrupted by challenges caused by the COVID-19 pandemic.

The IFC’s loan to Zenith Bank is its first investment in Africa through its COVID-19 fast-track financing support package, according to a statement from the multilateral institution revealed.

It stated that the funding would help Zenith, an existing IFC client and Africa’s sixth largest bank, overcome challenges resulting from ongoing, limited access to foreign currency, working capital, and trade funding.

Zenith will support dozens of businesses in Nigeria’s health, pharmaceuticals, food, and trading sectors, allowing them to strengthen operations, maintain employment, and access critical imports of goods, commodities, and raw materials during these challenging economic times.

Commenting on the partnership, Group Managing Director/CEO of Zenith Bank, Ebenezer Onyeagwu, said, “IFC’s support is essential and will help us respond to challenges resulting from the COVID-19 pandemic. It will allow us to support compelling export initiatives and trade financing for critical goods and materials, especially for the medical and pharmaceuticals sectors. Our partnership with IFC is strong and we are committed to its environmental, social, and governance (ESG) requirements.”

“IFC’s loan to Zenith is part of its $8 billion global fast-track financing package, announced in March to support business activity and preserve jobs in the face of COVID-19. Close to 300 clients have requested support globally.

“The closure of borders, shutting of businesses, and reduced global trade-related to COVID-19 are affecting Nigeria’s economy and others across Africa, with the World Bank predicting Africa’s first recession in 25 years,” the statement added.

On her part, IFC’s Country Manager in Nigeria, Eme Essien Lore, said: “IFC’s support for Nigeria’s banking sector will help keep the wheels of Nigeria’s economy turning at a time when it is facing a major challenge from COVID-19. Our experience from past shocks, including the global financial crisis in 2008, has taught us that keeping companies solvent is key to saving jobs and limiting economic damage.”

Zenith Bank has more than 400 branches in Nigeria and serves over nine million corporate and individual clients within its global footprint. IFC’s overall portfolio in Nigeria stands at $1.3 billion, in sectors including manufacturing, financial services, infrastructure, and technology.

Source: ThisDay

Five Surefire Ways to Live Frugally

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obbuuz

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July 28, 2020

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Frugal living is never easy. It requires discipline and habitual duties.

It is a half year already in 2020, but if you want to leave more money in your wallets for the rest of the year then you might want to check out the points below:

Stop trying to buy happiness.

Many of the things we desire are expensive. But the truth is, many expensive things will not bring lasting happiness. The things that really satisfy us are totally free – God’s love, reading your bible, oxygen, accepting Jesus’s salvation, laughter, sleep… realize that spending more is not equal to permanent happiness.

Stop lying to yourself

If you don’t really need it, don’t buy it. You can lie to anyone else in the world, but you can’t lie to yourself. You will be amazed at the number of things you really need in life if you pause to give it a deep thought. A man’s life does not consist in the abundance of things and possessions.

Practice delayed gratification.

Do not follow the path of least resistance when it comes to spending, maybe if you wait for a little more you might not need to spend that buck at all. Delayed gratification gives us time to expand our possibilities, to consider other options, to wait for the right timing. Keep your money, until you really need to spend it!

Stop being jealous of others.

Jealousy makes you act irrationally, jealousy breeds bad decisions. Be content and strive to live free from envy. Instead of counting other people’s blessings ask yourself this: “What’s something I have that everyone wants.”

Track the Spend.

Many earn money in just one or two ways but spend the same money in so many ways – cable bills, phone bills, streaming bills, subscriptions, more subscriptions, even more, subscriptions, eating out, take away, home orders endless lists. Track your spending for one month, you will be amazed where your money is going to review your spend list and commit to making amends, it will leave more money in your wallet.

Ripple’s PayID Product – A Game Changer

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obbuuz

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July 28, 2020

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Ripple’s PayID Product – A Game Changer

Ripple Labs, the global blockchain and cryptocurrency giant and owner of the ripple token, has added another product to its fleet – Ripple Labs is joining the Open Payments Coalition and integrating PayID into RippleNet.

By joining the Open Payments Coalition Ripple will join a network of over 40 entities in the Open Payments Coalition.

Ripple will also introduce PayID which allows for people to send money to each other, making peer-to-peer payments easier.

PayID works by allowing users to have an ID that is an email address, phone number, or a unique identifier that is linked to their bank or financial service provider’s account.

The technology will allow users to send Ripple’s XRP token to anyone in the world, who would then choose which fiat currency to receive the payment in their location.

PayID has been operating in Australia for several years and makes remembering numbers like bank account details unnecessary and obsolete.

Five Great Sayings of Famous Men and Women Pt 1

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obbuuz

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July 27, 2020

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Wisdom is profitable for direction and can be expressed by the words of men and women. Stay wise as you follow through with this series of “wise words from wise people.”

“I am always doing that which I cannot do, in order that I may learn how to do it.” ~ Pablo Picasso

2. “The two important things I did learn were that you are as powerful and strong as you allow yourself to be, and that the most difficult part of any endeavor is taking the first step, making the first decision.” ~ Robyn Davidson

3. “It’s a funny thing about life; if you refuse to accept anything but the best, you very often get it.” ~ William Somerset Maugham

“Work spares us from three evils: boredom, vice, and need.” “What is not started today is never finished tomorrow.” ~ Voltaire

“The two important things I did learn were that you are as powerful and strong as you allow yourself to be, and that the most difficult part of any endeavor is taking the first step, making the first decision.” ~ Goethe

FIVE LITTLE KNOWN WAYS TO MAKE MORE MONEY TODAY

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obbuuz

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July 22, 2020

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FIVE LITTLE KNOWN WAYS TO MAKE MORE MONEY TODAY

Making money is many times a function of habit. The things you do every day can bring money to you or take money away from you, below are five sure proof ways to help your wallet get a buzz.

Stop Thinking About The Past.

Okay you did not make money in your last venture or you made so much money! Well, it doesn’t matter much because the past is past. If you dint make money, then make a rebound think like basketballers who don’t make the basket the first time what do they do? The rebound of course! and if you made some money should that be the last you make? Certainly not, repeat the process, look for a new venture, plow back your profits, do something new.

Stop spending time with the wrong people.

People can suck ideas out of you. People can also breathe ideas into you. People can create value for you. People can also take value away from you. Never, ever hang around permanently with people who deplete you. And remember, it’s not the people that stand by your side when you’re at your best, but the ones who stand beside you when you’re at your worst that add the most value.

Stop trying to be someone you’re not.

One of the greatest challenges in life is being yourself in a world that’s trying to make you like everyone else. Don’t worry about what others are doing better than you. Concentrate on beating your own records every day. Don’t try to explain to everyone and get everybody to “buy-in” before you make your next move – your friends don’t need it and your enemies won’t believe it anyway. Just do what you need to do and do it now!

Stop being scared to make a mistake.

Learn to fail forward, Take action always. Doing something and getting it wrong is at least ten times more productive than doing nothing. You do not want to look back tomorrow and say I wish I did it yesterday. Don’t leave until tomorrow what you can do today.

Stop being idle.

Idle hands only help the devil. Idle minds are employed by the devil, but you can be working for yourself by taking on something productive. You cannot change what you refuse to confront. Evaluate situations and take decisive action. Stop thinking you’re not ready, it’s not what you don’t know that is keeping you from your next paycheck, it’s failing to do something with what you already know.