Carlsberg, the biggest brewer in Russia, plans to put less beer in bottles and reduce the size of some products in order to avoid increasing prices in Russia, where the beer market is shrinking. The initiative applies to half of Carlsberg’s Russian production and is intended to stabilize its business in Russia, which is facing food inflation and high taxes.
Updated 5 Years ago

New technologies are changing the way customers and financial service providers interact, and introducing a new demand for how banking services are delivered. In particular, those under 30 years of age have distinct preferences regarding financial services and digital technology. According to Toluwaleke Adenmosun, managing director, Accenture Financial Services, convergent disruption, in the form of new market entrants, is a growing factor in the banking industry. The take-off of e-commerce and the emergence of fast-rising online outlets like Jumia and Konga is opening up new avenues for e-payments and data collection.
Updated 5 Years ago

After addressing participants that gathered at the Nigeria electronic Fraud Forum (NeFF) in Lagos, a group of journalists cornered Dipo Fatokun, director, banking and payments system department, Central Bank of Nigeria (CBN), to find out why the apex bank reintroduced the fee banks charge on Automated Teller Machine (ATM) withdrawals and the implication of such action on financial inclusion. His explanations show that a lot of people take advantage of no fee charge on ATM withdrawals to make unnecessary withdrawals at will, thereby incurring huge cost on the acquirer banks. He, however, admitted that the introduction of new fee on ATM withdrawals remote-on-us will not have any negative impact on the financial inclusion drive of the CBN.
Updated 5 Years ago

The naira yesterday depreciated by 15 kobo against the US dollar at the inter-bank market following increased demand by the end users. After trading on Tuesday, the local currency closed at N162.15/$ as against N162.00/$ the previous day, according to data obtained from the Financial Markets Dealers Quotations (FMDQ).
Updated 5 Years ago

The Western Union Company, a leader in global payment services, has announced the launch of the outbound remittance service in Nigeria. Since the Western Union Money Transfer service was launched in Nigeria in 1995, consumers in the country have only been able to receive funds via the service. This launch therefore represents a significant milestone as it marks the first time outbound remittance has become available to the Nigerian community who are now able to send funds in minutes via Western Union around the world.
Updated 5 Years ago

Shares of Capitec Bank sank more than 5 percent in early trade on Monday after a Moody’s ratings downgrade that cited concerns about the bank’s exposure to risky consumer lending. The ratings agency cut Capitec’s financial strength rating to “D” from “D+” late on Friday and downgraded the bank’s bank deposit rating by two notches. It also put Capitec on review for further downgrades.
Updated 5 Years ago

Nigerite Limited, Nigeria’s premier building solutions provider, has explained that its partnership with Lagos State government on enterprise development is motivated by the need to encourage skill acquisition and capacity building. The company believes that for the world to survive the level of unemployment among youths, especially in sub-Saharan Africa, those youths must be developed into entrepreneurs and business creators as against job seekers, adding that this was further reason for the partnership.
Updated 5 Years ago

Aiico Insurance plc half-year profit drops 22.60 percent on rising operating costs, analysis of the financial statement shows. For the first six months of the year, Aiico’s net income plummeted by 22.37 percent to N1.13 billion from N1.46 billion the same period of the corresponding period (HY) 2013. Earnings per share (EPS) reduced to 16.43k in HY 2013 from 22.35k as of HY 2013.
Updated 5 Years ago

Chiemelie Ezeobi reports on the efforts of a UK-based life skills coach to prepare children at an early stage of life to succeed At the City of David, a highbrow branch of the Redeemed Christian Church of God in Victoria Island, Lagos, teenagers gathered for the second edition of the life skill summer camp for young people. They all looked curious and ready to learn.
Updated 5 Years ago

Health is wealth so say an adage. This aphorism has remained a major task being undertaken by a non- governmental organisation called Life Empowered Anchors Hope (LEAH), a charity founded by the wife of the Kwara State Governor, Mrs. Omolewa Ahmed to add values to the health care delivery of the people of the state. The passion to bring health care delivery to women in Kwara State by Mrs. Ahmed started when his husband had no idea of going into politics.
Updated 5 Years ago