FlexxPay, a social impact technology company with offices in Europe and the GCC, and the Middle East’s leading Shari’a compliant employee benefit platform providing early access to earned income, has raised USD 3 million in a pre-series A round. The round was joined by leading international and regional investors including JIMCO, Target Global, Wamda, DIFC…
The International Monetary Fund (IMF), has estimated that 90 million Nigerians will slip into extreme poverty in 2021. According to a survey carried out by the National Bureau of Statistics in 2019, about 40 percent of the nation’s population (89.2 million Nigerians) were living in a state of poverty. The count also supported a report…
A total of 42 microfinance banks have lost their operating licenses after an action taken by the Central Bank of Nigeria to revoke them. This was made known in an announcement on the Nigeria Deposit Insurance Corporation (NDIC) website. The header titled ‘Notice of closure of 42 microfinance banks’ had reeled out the list of…
The President, Muhammadu Buhari has approved the reopening of four major land borders in Nigeria. Zainab Ahmed – the Minister of Finance had announced the reopening of these borders, after the Federal Executive Council (FEC) meeting which held on Wednesday. The borders which are Seme in the south-west part of the country, Ilela in the…
The Nigerian Communications Commission (NCC) has directed telecommunication companies to block SIM Cards not registered with National Identity Numbers (NIN) after December 30. In a meeting held on Monday, – the Chief Executive Officers (CEOs) and Management of the Nigerian Communications Commission (NCC), the National Information Technology Development Agency (NITDA), the National Identity Management Commission…
The Federal Government of Nigeria has suspended the issuance of licences for the operation of free trade zones (FTZs) across the country. The Minister of Industry, Trade and Investment, Niyi Adebayo revealed the development during the inauguration of the panel set up to evaluate the performance of Free Trade Zones; which was held on Monday.…
The Nigerian economy has suffered its second recession since 2016 due to contraction of gross domestic product in second consecutive quarter. According to the National Bureau of Statistics, the nation’s GDP recorded a negative growth of 3.62% in the third quarter of 2020. It is recalled that the country had earlier recorded a contraction of…
Seven Oil field workers of Nigerian National Petroleum Corporation (NNPC) has been confirmed dead in Benin Rivers explosion. The oil field workers died due to an explosion that occurred at Gbetiokun, OML 40, which is operated by the Nigerian Petroleum Development Company (NPDC), on behalf of the NPDC/Elecrest Joint Venture. According to a statement from…
According to Prince Khaled bin Alwaleed Bin Talal Al Saud, the founder and CEO of KBW Ventures, he said “food technology businesses have been benefited from an increase in health-consciousness during the Covid-19 pandemic”. KBW Ventures has invested a number of companies that work in the food tech space, which a Singapore-based biotech firm TurtleeTree…
The UNSC has condemns the acts of terror against Karachi, but the statement on the Karachi terror strike got complicated after Islamabad attempted to pin the blame on New Delhi. The United States on Wednesday stepped in to stall a United Nations Security Council statement pushed hard by Xi Jinping’s China on this week’s Karachi…
The UAE’s Abu Dhabi National Oil Co (ADNOC) has told its customers in Asia that it has sufficient supplies of crude oil as demand begins to return, according to S&P Global Platts on Monday. The announcement came late last week, Platts reported citing market sources. Asian market participants said that ADNOC’s statement gave the Gulf…
Resuming economic activities in the UAE is “necessary,” but the public must be responsible, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid said on Sunday as coronavirus restrictions in the country begin to ease. We are approaching a new phase of gradual reopening of our economy where entities & sectors are responsible for…
Study has proof it that COVID-19 lock down has fueled an existent trend. For the first time in nearly 40 years, toxic carbon emissions have fallen in India and the country’s coronavirus lockdown has a big part to play. According to an analysis released on May 12, by researchers at the Centre for Research on…