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Kuda has been announced as a member of the first class of the PYMNTS EMEA 60 by PYMNTS, the global leader in payments industry news and data analytics. Karen Webster, the Chief Executive Officer (CEO) of PYMNTS, announced in a recent letter to Babs Ogundeyi, Kuda’s Chief Executive Officer (CEO).
Webster noted that Kuda is one of the 60 renowned fintech institutions across Europe, the Middle East, and Africa selected for the honour based on their valuation and influence among FinTechs based in the regions. She further noted that only 20 FinTechs were selected to represent each region, making this recognition a truly pricey position. Kuda and 19 other FinTech peers were selected from the Africa region.
According to her, “PYMNTS is excited to recognize the EMEA 60 during the EMEA PYMNTS FORUM for their outsized impact on forwarding the transformation of the digital economy.”
She informed that Kuda and all the other enlisted honourees would be recognised at the inaugural EMEA PYMNTS FORUM, slated for 22 September, 2022 in Paris, France. The conference program, “Benchmarking the Future of Payments and Finance in EMEA: Who’s Going to Win, How, and Why,” will explore the issues critical to the digital transformation of the global economy.
The EMEA PYMNTS FORUM will offer payments executives from the EMEA region a full day focused on gaining useful, actionable information and making meaningful connections with their C-suite peers. Participants include senior-level executives representing FinTechs, financial institutions, banks, processors, acquirers, card brands, technology companies, investment and VC firms and regulators.
“With the acceleration of innovation in the EMEA region, PYMNTS is compelled and excited to bring together thought leaders in FinTech and beyond to network and gain practical knowledge on how to best operate across the changing and challenging payments ecosystem,” Webster concluded.
In his remarks on the recognition, Babs Ogundeyi expressed appreciation to PYMNTS for the great honour done to Kuda.
“It’s an honour for Kuda to be recognised by PYMNTS, a leading source of data, news and insights on innovation in payments and the platforms powering the connected economy. We’re all very proud of this achievement and we’re motivated to do even more for the world,” he said.
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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng
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By Aduragbemi Omiyale
One of the leading insurers in Nigeria, Prudential Zenith Life Insurance Limited, has again impressed with a 75 per cent growth in its pre-tax profit for the 2021 financial year.
According to the results, the profit after tax increased to N1.13 billion from the N646 million achieved in the same period of last year.
Prudential Zenith Life Insurance is a subsidiary of Prudential Plc, established in 2017 when Prudential Plc acquired a 51 per cent holding in Zenith Life Insurance.
It is one of the most capitalized companies in the Nigerian insurance industry with a wide range of individual products, including savings & investments-linked products, endowment, and protection products designed to meet the needs of individuals and their families.
Last year, the underwriting firm recorded an impressive performance, which resulted in its higher net profit.
In the year under review, Prudential Zenith Life Insurance improved its Gross Written Premium (GWP) and Annualized Premium Equivalent (APE) year-on-year by 16.3 per cent and 9.3 per cent, respectively, mainly driven by 27 per cent growth in new business acquisition for Group Life written during the period.
Investment income grew by 30 per cent year-on-year due to a significant increase in the interest-generating assets of the company, and commission income also increased by 43 per cent during the period.
The financial performance is a testament to the continued focus on investments, as the company remains committed to building a solid market-leading position in Nigeria by enhancing its capabilities, strengthening its digitally enabled multi-channel distribution network, and broadening the range of products and services that are available to customers to meet their needs.
Despite the challenges experienced during the COVID-19 pandemic in 2020, Prudential Zenith achieved this strong growth in 2021 and is poised to continue improving its performance in the upcoming financial years. Prudential Zenith will continue to develop and launch unique products to meet customers’ needs, leveraging technology and its core corporate governance structure to deliver faster claims settlement. The company will also continue prioritising the health, safety, and welfare of customers who subscribe to its unique insurance product offerings.
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By Aduragbemi Omiyale
The N3.52 billion commercial paper issued to capital market investors by DLM Capital Group a few months ago has been redeemed.
The funds, sourced by the organisation from various investors, including Pension Fund Administrators (PFAs), asset managers, insurance companies and banks, were repaid after the commercial paper sold in three series matured recently.
DLM Capital approached the Nigerian capital market earlier in 2022 to get funds for its business operations, and due to the confidence investors had in the company, they bought the notes.
The firm had issued N1.24 billion Series 1, N1.01 billion Series 2 and N1.27 billion Series 3 commercial paper issues. They were sold under the company’s N20 billion commercial paper issuance programme.
After the exercise, they were listed on the FMDQ Securities Exchange.
“We are pleased to have fully repaid all the investors in the Series 1, Series 2 and Series 3 CP issuances. We thank all our investors for their participation and reiterate our commitment to being a counterparty that can be relied on for the long term; we have been around for 13 years, and we will continue to contribute our quota to Nigeria’s development,” the GCEO of DLM Capital Group, Mr Sonnie Ayere, stated.
He added that “these redemptions reflect DLM’s capacity to meet its financial obligations as at when due, and we intend to remain an active issuer in the commercial paper market.”
DLM Capital Group operates in retail banking via its digital channel SoFRI, consumer & business lending, asset management, investment banking, trustees, securities trading and foreign exchange.
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By Adedapo Adesanya
The cost of refilling a 5kg to 12kg cylinder of Liquefied Petroleum Gas (LPG), popularly known as cooking gas, has more than doubled in the last 12 months, indicating more pressure on the cost of living for Nigerians.
The National Bureau of Statistics (NBS), in its Price Watch for August 2022, said the price of cooking gas increased by 101.17 per cent in the last year.
The bureau said Taraba State residents paid the highest amount as it recorded the highest average price for refilling a cooking gas cylinder, with Katsina State being the lowest.
The NBS said, “The average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (cooking gas) increased by 1.34 per cent on a month-on-month basis from N4,397.68 recorded in July 2022 to N4,456.56 in August 2022.
“On a year-on-year basis, this rose by 101.17 per cent from N2,215.33 in August 2021.
“On state profile analysis, Taraba recorded the highest average price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N4,925.44, followed by Adamawa with N4,920.00, and Lagos with N4,782.50.
“On the other hand, Katsina recorded the lowest price with N4,020.00, followed by Ogun and Yobe with N4,057.14 and N4,078.46 respectively.”
The agency further said the average retail price for refilling a 12.5kg cylinder of LPG increased by 0.77 per cent on a month-on-month basis from N9,824.07 in July 2022 to N9,899.34 in August 2022.
“On a year-on-year basis, this rose by 119.26 per cent from N4,514.82 in August 2021,” it stated, adding that Ebonyi State recorded the highest average retail price for the refilling of a 12.5kg cylinder of LPG with N11,225.00 whilst Katsina State recorded the lowest average price with N8,150.00.”
Despite plans to boost gas supply, Nigeria has not been able to attain its plan to boost domestic gas supply. It has embarked upon many initiatives, including the National Gas Expansion Programme (NGEP).
NGEP is designed to provide framework and policy support to extend the gas supply and utilisation in power generation, gas-based industries and emerging niche gas sectors.
One expected development is to boost gas in transportation, Liquefied Petroleum Gas (LPG) for cooking, and remote virtual gas supply using trucks to convey LNG and Compressed Natural Gas (CNG) to industries.
The other initiatives include the Ajaokuta-Abuja-Kano gas pipeline to support five billion cubic feet per day of domestic gas utilisation in the near term and five-Gigawatt power generation.
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