Flutterwave Launch Sendmobile, Tobi Amusan Ambassador Signed
Flutterwave has launched Sendmobile, an app to facilitate the transfer of funds from the diaspora to Africa, and signed Tobi Amusan, 100m hurdles women’s world record holder as its Ambassador.
According to a statement by the company, Sendmobile has helped thousands of diaspora Africans transfer money home since its launch. It said the mobile app will be available for download everywhere.
“Flutterwave also signed Tobi Amusan, the Nigeria-born 100m Hurdles Women’s World Record Holder as Send Mobile’s Ambassador; a decision the company says is due to their similarity in speed and resilience,” the statement said.
“The new app available on Play store and App Store aims to enhance customer experience through improved speed, transparency and ability to get user’s money to its destination despite the hurdles.”
The statement also said other key features of the Send Mobile app include Apple Pay, allowing Apple device users to transact seamlessly from their mobile wallets.
To use the app, sign up on Send through Android or IOS, by including your email address, and phone number and creating a password.
The next step is to click the “Send Now” button. After that, enter your money transfer details (amount, sending currency/country, and receiving currency/country).
Review the transaction and Send Money.
“I am excited to be a big part of a product I already use and love. I am always on the road, but I also have a lot of my family members in Nigeria,” said Amusan.
“Send has helped me to keep in touch with them by meeting their needs as much as I can. Happy to be the face of this product for the African diaspora.”
Olugbenga Agboola, founder and CEO, Flutterwave said it is thrilling that Tobi is Send’s Ambassador. It is a perfect match given her speed and efficiency on the tracks and of course, Send Mobile’s speed of delivering cross-border transfers.
“Send Mobile will help improve the speed and efficiency of transferring money from the diaspora to the African continent for fees, real estate, health, upkeep and even for investments,” the CEO said.
“We are excited for all the possibilities this collaboration brings.”
Flutterwave has processed over 200 million transactions worth over $16 billion and serves more than one million businesses. The firm has an infrastructure reach in over 34 African countries, including Nigeria, Uganda, South Africa etc.
Lagos Commodities and Futures Exchange introduce ‘Eko Gold Coins’ to SEC
The Lagos Commodities and Futures Exchange (LCFE) on Thursday in Abuja introduced ‘Eko Gold Coins’ to the management of the Securities and Exchange Commission (SEC), in an initiative believed would help drive confidence, structure the gold market and deepen the commodity ecosystem
Eko Gold Coin was created out of the need to have an alternative asset class that investors can invest in apart from equities and fixed income instruments. Each of the coins is 24carat, weighing 50grams with 99.99% purity.
At the event where Paddy Rice Spots and Forwards Contracts was also presented, Patrick Ezeagu, board chairman, LCFE said that the commodities ecosystem was being reformed and transformed with the development of innovative products and fungible Instruments that are being introduced into the Market.
According to him, one of such innovative products developed by LCFE is the “The Eko Gold Coin” which, he commended the SEC for helping to drive.
He recalled that the LCFE was commissioned by the Lagos State governor, Babajide Sanwo-Olu in July 2022 with the momentous launch and unveiling of the first physical gold asset tradeable on a Commodities Exchange in Nigeria, “The Eko Gold Coin”.
“It is greatest honour and elation to present the first tranche of this exclusive gold coins which is available for purchase at LCFE to you and your esteemed team at the Commission,” Ezeagu stressed at the meeting which also had officials of SEC, LCFE, Sterling bank, Central Securities and Clearing Services, the merchants, among other stakeholders present.
He noted that the Exchange has committed to propagating information about this novel achievement in the wider market, with the adequate assistance and support of SEC, as “there is no better place to start than the corridors of policy makers and entities that are at the helm of managing national affairs.”
He further appealed to Lamido Yuguda, director general of SEC, to lead a delegation of the Commission, Management of LCFE and its project partners, to present the Coin to the National Assembly, Ministry of Finance, Ministry of Mines and Steel Development, National Pension Commission, Debt Management Office, and the Central Bank of Nigeria.
In his remarks, Olugbenga Awe who is the group Head, Agric Finance & Solid Minerals, Sterling Alternative Finance (SAF) – the Non-interest arm of Sterling Bank Plc – noted the bank’s excitement at being part of the Eko Gold Coin innovation, which he commended the LCFE for championing.
“It is important to take it to the market to drive awareness and ensure participation,” Awe noted, adding that the visit to Securities and Exchange Commission was to present the coins to them as the apex regulator of the capital market.”
According to him, Sterling Bank partnered with IAC Global Investment Limited to aggregate the gold, refined and minted it to acceptable trading instrument.
Sterling Bank is also the settlement bank for gold trading in addition to provision of vaulting services, he said.
On how the initiative would benefit the market and the economy, Awe explained that “Gold is a natural hedge against inflation and in an inflationary period we are currently in, it provides a haven for investors.”
According to him, whilst “most investments have suffered losses, gold has outperformed most market instruments compared to fixed income investments that have been ravaged by inflation.”
Responding, SEC DG, Lamido Yuguda said he was impressed with the innovation, but urged commodities exchanges in the country to have investor protection at the centre of their operations in a bid improve confidence and attract more investments, noting more importantly that “this is what will make the product succeed.”
“The gold itself has great value, once you put out your money and buy it, you have value, that is incontrovertible, but, where we need to be careful is the associated investment product, the derivatives,” Yuguda stated.
“The derivatives products are built around the product itself. We must have investor protection at heart because they need to have confidence that anytime they want to sell this investment, they’ll actually likely to get more than they put in which is the true meaning of investment.”
The SEC DG further explained that when people invest, they are postponing current consumption for future consumption, and need to be paid some returns as a price for that postponement of current consumption.
According to him, “When you sell this product in the future and make gain, you are actually being rewarded, but when you sell the product in the future and you make a loss, you are making two losses. One you are postponing current consumption and two you have not recovered your principal in the future. When people do that, as it happened in the stock market in 2008, you find out that the investor confidence wanes,” he advised.
Yuguda commended the LCFE on the demonstration and presentation of the coin and assured them of the Commission’s support in the development of the product and assistance in the efforts to enlighten both the market participants and the investors.
“I wish you all the best in this market and whatever the SEC can do to support the development of this gold market, we will do. This is an important consideration because this is something that has a dual use. You can use gold as store of value, i.e monetary gold or as jewelry.”
“This is one product that does not get old, because you buy at a cheap price and sell at a much higher price. So this is something that we truly want to support” he stated.
Babangida Yahaya, Head, Depository Services, Central Securities and Clearing (CSCS) described the Eko Gold Coin as a novel idea which is already gaining traction in the market.
Yahaya who represented Jalo Waziri, Managing Director, CSCS at the event spoke about the collaboration brought into the initiative, led by SEC, pointing out that so much could be unlocked in the market if this level of collaboration is sustained.