Business
Quick Loan Arena, first exclusive loan review blog launched in Nigeria
Quick Loan Arena, the first and only review blog for platforms, apps and banks giving out quick loans in Nigeria, United States, and Canada has been launched in Lagos, Nigeria.
The blog is published and owned by Skytrend Consulting Ltd, an accounting and financial solution company incorporated in Nigeria in 2013.
According to the Publisher and Editor in Chief of Quick Loan Arena, Mr Femi Adeoya , “We have researched and found out that one major impediment to small business survival is inaccessibility to veritable quick loan services to aid their productive expansion and working capital. This way our blog will bridge the information gap to millions of individuals and businesses that need to make informed decisions.”
Mr Adeoya emphasizes, “While Quick Loan Arena is itself not a credit giving platform, it will feature and review veritable credit giving platforms to enable individuals and small business owners make informed decisions.” He adds that the website review will also expose any untowards operational procedures of those loan giving platforms.
Mr Adeoya who made the statement in a Press Release in Lagos on Saturday, adds that “Small businesses need quick loans to sustain their working capital requirements, to invest and expand their productive capacity for better output and increased bottom line.
“Without the access to funds and funding options which most times are through loans, small businesses run the risk of becoming stunted, unproductive and unsustainable. And to this Quick Loan Arena will fill the information and operational gap to prospective customers who needs objective information”, he adds.
Mr Femi Adeoya the Publisher of the review blog, is the Chief Executive Officer of Skytrend Consulting Ltd, the leading accounting software and financial solutions service provider for small businesses in Nigeria.
He is a professional Forensic accountant and a Certified fraud examiner. He has over 20 years professional work experience in accounting and financial management cut across different segments of business across Nigeria. He has implemented quick and long term loans for different organizations during his professional work and he is an expert in accounting software implementation for small and medium scale businesses.
According to Mr Tobiloba Gideon, the Business Development Manager of Quick Loan Arena, “We will be discussing topical issues on how small and medium scale businesses and individuals can obtain quick loans for their business expansion and individual financial obligations respectively. We will not limit our review to Nigeria but include loan agencies in the US, UK, and Canada.”
According to him, “We started this special publication less than one month ago and we are overwhelmed by the massive readership, enthusiasm and responses from our readers.” Mr Gideon promises that Quick Loan Arena will engage and interrogate relevant stakeholders in the financial services industry with a view to sanitizing the operational system for both lenders and borrowers.
Business
Naira depreciates to N1,700/$ at parallel market — lowest in seven months
The naira depreciated to N1,700 per dollar at the parallel section of the foreign exchange (FX) market on Friday.
At the end of trading hours, the naira depreciated by 1.49 percent compared to the N1,675/$ traded on Thursday.
The N1,700 per dollar is the lowest the naira has depreciated since February 19, when the naira recorded a low of N1,730/$.
Currency traders, also known as street traders, in Lagos, quoted the buying rate of the local currency at N1,680/$ and the selling rate at N1,700/$ — leaving a profit margin of N20.
Currency traders, also known as street traders, in Lagos, quoted the buying rate of the local currency at N1,680/$ and the selling rate at N1,700/$ — leaving a profit margin of N20.
WEEK-LONG FLUCTUATIONS
At the parallel market on Monday, the naira depreciated to N1,665/$ from N1,663 on September 20.
Maintaining the depreciation streak, the local currency fell further to N1,670 and N1,680 on Tuesday and Wednesday, respectively.
However, the naira rebounded to N1,675 on Thursday.
At the official FX market, the local currency depreciated to N1,562.66 on Monday — from N1,541.52 on September 20.
Subsequently, the naira further depreciated to N1,658.48 on Tuesday and N1,667.72 on Wednesday, before appreciating to N1,576.1 on Thursday.
On January 29, the Central Bank of Nigeria (CBN) said it had begun implementing a comprehensive plan to improve liquidity in the Nigerian FX markets in the short, medium, and long term.
The apex bank said the FX reforms were designed to streamline and harmonise multiple exchange rates, promote transparency, and lessen the likelihood of arbitrage opportunities.
On September 25, Olayemi Cardoso, governor of CBN, said the multiple interest rate hikes have restored confidence in the naira.
Business
CBN extends suspension of processing fees on deposits to March 2025
The Central Bank of Nigeria (CBN) has extended the suspension of processing fees on cash deposits for six months.
The development comes six days before the suspension date initially fixed, expires.
On May 1, banks resumed the collection of processing fees on cash deposits.
Six days later, CBN suspended charges on the deposits until September 30.
However, in a circular directed to all banks, other financial institutions and non-financial institutions, dated September 24, 2024, and signed by Adetona Adedeji, CBN’s director of banking supervision, the apex bank extended the date to March 31, 2025.
“Further to our letter dated May 6, 2024, referenced BSD/DIR/PUB/LAB/016/023, the Central Bank of Nigeria (CBN) hereby extends the suspension of processing charges on cash deposits above N500,000 for individuals and N3,000,000 for corporates,” the apex bank said.
“The previous suspension, set to expire on September 30, 2024, has now been extended until March 31, 2025.
“This suspension pertains to the 2% and 3% fees outlined in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions, issued on December 20, 2019.”
CBN asked all financial institutions to continue accepting cash deposits from the public without any charges during the period.
Business
Meta unveils John Cena, others as new AI voice clones
Meta, the giant tech company, announced on Wednesday the integration of celebrity voices into its artificial intelligence chatbot, Meta AI, in an effort to compete with products like ChatGPT.
At the Meta Connect 2024 developer conference in Menlo Park, founder Mark Zuckerberg revealed that users of Instagram, Messenger, WhatsApp, and Facebook can now engage in real-time conversations using a variety of voices, including those of celebrities like Awkwafina, Dame Judi Dench, John Cena, Keegan-Michael Key, and Kristen Bell.
While this new voice feature aims to enhance user interaction, it differs from OpenAI’s Advanced Voice Mode for ChatGPT, which is celebrated for its expressive and emotive tones. In contrast, Meta’s offering resembles Google’s Gemini Live, which transcribes speech and reads responses aloud with synthetic voices.
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