Financial Love letters from Allawee

Finance

THE DIFFERENCE BETWEEN A BUSINESS AND PERSONAL PAYMENT CARD

Business and personal payment cards may seem the same. They both allow you make payments for goods and services. However, they are different in many other ways. Some of the ways they differ include ownership requirements, available features, and how they affect your finances. It is important to keep the differences in mind when choosing a payment card for your business.

Finance

Allawee highlights three (3) reasons why the Naira is depreciating against the Dollar

Nigeria gets its forex sources from three primary sources; Oil sales accounted for (62% of major FX inflows), Remittances (30% of major FX inflows), whilst FPIs (5%). The current FX crisis could be traced back to 2020 following the decline in oil prices and the FPI exit from Nigerian markets to safe haven instruments in developed markets.

Finance

An introduction to Payment Service banks

The Central Bank of Nigeria (CBN), in its mandate to promote a sound financial system and enhance access to financial services for low-income earners and unbanked segments in Nigeria, continues to be innovative in deepening the financial services sector. Subsequently, in the last 12 months, the CBN has granted Payment Service banks Licenses to three major players in the industry.

Finance

How do financial institutions hedge against inflation in Nigeria

The National Bureau of Statistics recently estimated inflation at 18.6% year-on-year in June -2022. In instances of extremely high inflationary pressures. Businesses or individuals can use various financial instruments or products to hedge against inflation.

Finance

Mutual Funds

Mutual funds are generally referred to as open-ended funds because they have no limit to the number of investors or volume of the units sold in the fund. The fund sells new units to investors and stands ready to buy back its old units. More so, the capitalisation of mutual funds is not fixed, and they can issue more shares depending on how much the investors want to invest in the fund.

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Bank accounts are provided by Providus Bank PLC - licensed and regulated by the CBN & money is duly insured by NDIC.
Debit cards are issued by Providus Bank PLC pursuant to license from Verve & Mastercard International.
Credit lines are provided under state Money Lenders License.
Allawee is not a bank but provides a spend management technology platform.