BANKING

5 WAYS TO BUILD FINANCIAL INTIMACY WITH YOUR PARTNER

Published

1 year ago

5 WAYS TO BUILD FINANCIAL INTIMACY WITH YOUR PARTNER

Have you heard of financial intimacy before?

When people talk about intimacy, they usually portray it in one direction. But, intimacy can go many ways, one of them financially. Financial intimacy aims at having a tight monetary bond with someone, usually your partner.

When two people enter a relationship, they must bond in all ramifications. Therefore, the concept of financial intimacy comes to play. After all, in any union, there are financial requirements. And no couple can fulfill these requirements if they have no financial intimacy and understanding.

We’ve also seen that monetary issues are one of the issues faced by couples and have led to the separation of many couples. We believe such wouldn’t have happened if they had understood financial intimacy.

This write-up aims to help people build financial intimacy with their partners. Once this is achieved, you would see a better understanding between you both, and monetary issues would rarely surface.

Some may argue that building financial intimacy is impossible, but we do not share such thoughts. On the contrary, financial intimacy is possible, and you can achieve them with some of the solutions we would share below:

Building Financial Intimacy:

Partners can build financial intimacy by:

Being open about their earnings: Why are you hiding how much you earn from your partner? We have seen couples who are not honest about their salaries with their partners, and we think it doesn’t make any sense. For you to be with your partner means that you trust that person. So, why are you hoarding information about your earnings?

If you are not comfortable sharing how much you earn with your partner, it is a sign that you both are incompatible, and you shouldn’t have gotten into the relationship in the first place.

You would see that planning is more manageable when partners are open about their earnings. When your partner knows how much you earn, they know what to expect from you regarding contributions within the home. However, when you leave your earnings to their assumptions, they begin to have some unrealistic expectations, leading to conflict within the home.

Partners always need to be honest, and being open about your earnings is also a part of it. This way, there would be no unrealistic expectations, and you could plan your lives accordingly. The first step to bonding in any relationship, including friendship, is honesty. Therefore, partners shouldn’t hide such information from themselves.

Having hard conversations about money: People often shy away from having some conversations about money. They believe that these conversations are complex and may lead to disagreement. However, it is best to have such discussions and know your perceptions on the topic than to stay vague.

If you are vague about such conversations, tension surrounds you and your partner in that terrain, and fiction is bound to happen. However, when you have these conversations, there would be proper understanding as you would know what to expect from your partner.

For example, do you believe in having a joint account with your partner? When you are romantically involved with someone and eventually get married, you both need to have hard conversations and meet at a middle ground. If you do not believe in having a joint account with your partner, you must make it clear instead of beating around the bush. For example, suppose your partner feels that you both should keep a certain percentage of your earnings in a joint account, but you do not like such an idea. But instead of voicing out, you beat around the topic and do not hold on to your side of the deal. Of course, it would result in quarrels. But it would have been avoided if you had had the conversation from the onset.

Talking about and understanding your boundaries: What are your monetary limitations? What are those things you wouldn’t get with money? What are your limits when it comes to spending money?

As you read these questions, we are sure you are answering them in your head. But why leave it in your head instead of sharing it with your partner? After all, your partner doesn’t have magical powers and cannot read your mind. So, they wouldn’t know the answer to these questions except if you shared it with them.

If you decide to shy away from the question of monetary boundaries, you will always clash with your partner. For example, your partner doesn’t mind spending money on extravagant items as long as the money is there. However, you are more conservative and wouldn’t want to get such things. If your partner doesn’t know or understand your boundaries, they begin to feel slighted when you do not get extravagant items for them. Your partner would wonder why you have the money but refuse to spend it. Soon, it may lead to resentment as they would hold it against you and always feel hurt.

All these are avoidable if your partner knows your monetary boundaries as they would know that you can get things for them, but not extravagant items.

Planning for the future together: It shouldn’t be surprising to see people who act like they are still single even after marriage. It could be that such people have gotten so used to making independent decisions, and they now find it hard to carry their partner along in their plans. We usually advise such people to make an effort as it could affect their union negatively if they do not plan for the future together.

Imagine how hurt your partner will feel to find out later that you have investments or plans and did include them. We are not saying you cannot make personal investments in a relationship. However, your partner should also be aware.

It is why it’s essential to be with someone you trust, as sharing and making plans would be easier. Unfortunately, some people do not share because they might not trust the person. However, why are you with someone you do not trust?

They often say that a problem shared is a problem half-solved. But, with the right person, shared plans are usually more feasible than unshared plans. So, what would be your pick? Ensure that you make decisions that lead to financial intimacy and do not break your relationship.

Being honest in all monetary conversations: We mentioned that honesty is vital in friendships and relationships. If you see any friendship that has lasted, it is because all parties involved are honest and truthful.

If you want your union with your partner to stay long-lasting, you must be honest in all conversations, including monetary discussions. If you spend money on anything, and your partner asks, there is no need to lie about it. Likewise, if you plan to use money kept aside for anything, you should also share it with your partner.

Some may argue that being honest is restrictive and does not give financial freedom. However, you would not feel that way if you trust your partner and both got along well. The idea of being honest is so that there won’t be any breached expectations.

For example, you want to use the money kept aside to get something, and you don’t tell your partner. Suppose your partner plans to use that money for the children’s school fees. How would your partner feel when they realize the money’s gone and they were unaware?

But if you were honest and shared such information with your partner, you would avoid such a scenario.

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Afreximbank Acts as Joint Lead Manager on Ecobank Transnational Incorporated’s USD 400mn Senior Unsecured Note Issuance

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African Export-Import Bank (“Afreximbank”) (www.Afreximbank.com) is pleased to announce that it has successfully acted as Joint Lead Manager and Bookrunner on a USD 400 million 10.125% Rule 144a/RegS senior unsecured note issuance by Ecobank Transnational Incorporated (“ETI”) due in October 2029.

The note issuance achieved peak orderbook oversubscription of 2.1x, backed by more than 70 high-quality and diverse investors comprising development finance institutions, asset managers, commercial banks and insurance companies from Africa, the UK, USA, Europe and the Middle East.

Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, commenting on the transaction, said: “We are pleased to have supported Ecobank Transnational Incorporated (“ETI”) in placing the first public Eurobond issuance by any Sub-Saharan African financial institution since 2021, following our bridge financing support earlier in the year. This transaction underscores Afreximbank’s capacity and readiness to structure innovative market access solutions for our pan-African banking partners.”

Afreximbank’s Advisory and Capital Markets (ACMA) department acted as Joint Lead Manager and Bookrunner on the issuance, working alongside international and African partners.

Distributed by APO Group on behalf of Afreximbank.

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International Islamic Trade Finance Corporation (ITFC) and the Central Bank of Nigeria Successfully

Published

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International Islamic Trade Finance Corporation (ITFC) and the Central Bank of Nigeria Successfully

These workshops form part of ITFC’s Integrated Trade Solutions (ITS) framework, aligning with the organization’s goal of providing holistic trade financing interventions in OIC member countries.

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank (IsDB) Group, in partnership with the Central Bank of Nigeria (CBN), successfully concluded a workshop on Non-Interest Banking and Trade Finance in Nigeria. Held from 17th to 19th September 2024 in Abuja, the sessions aimed to enhance capacity and knowledge in Islamic banking principles, trade finance products and services, and how different financial toolkits are applied in Islamic finance from operational and business perspectives.

International Islamic Trade Finance Corporation (ITFC) and the Central Bank of Nigeria Successfully

Nigeria’s Islamic finance industry, valued at US$3.8 billion, is one of the major Shariah compliant industries in Africa. Despite some challenges such as low public awareness and a smaller capital base compared to conventional banks, Islamic finance has been substantially contributing to reduce financial exclusion and improve access to affordable finance in the country. The three-day workshop was designed to bridge prevailing knowledge gaps focusing on key areas such as Sukuk issuance and main non-interest banking products basics.

Delivered under ITFC’s Integrated Trade Solutions framework, the workshop equipped professionals with the skills to promote Islamic finance in Nigeria while also highlighting ITFC’s wide range of trade financing services.

Participants reported a significant boost in understanding Islamic banking and trade finance, and the workshop showcased ITFC’s contributions to economic development through sustainable financial solutions.

Eng. Nasser Al Thakair, ITFC, remarked: “ITFC is committed to supporting Nigeria’s efforts in Islamic finance, tailoring this workshop to address the unique challenges faced. We will continue to provide the expertise and financial backing needed to grow Islamic finance in Nigeria and beyond.”

Over 30 professionals from the Central Bank of Nigeria, non-interest banks, and other financial institutions attended, further advancing Islamic finance in the country.

As Nigeria positions itself as a leading market for Islamic finance in Africa, ITFC remains dedicated to advancing trade finance and supporting the growth of the sector for long-term economic impact.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

About the International Islamic Trade and Finance Corporation (ITFC):

The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided over US$75 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.

FINTECH

Kazang Pay launches card acquiring service in Zambia

Published

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Kazang (www.Kazang.com), the prepaid value-added services (VAS) and card acquiring business within JSE-listed fintech Lesaka Technologies, has launched its Kazang Pay card acceptance solution for merchants in Zambia. Kazang Pay makes it affordable for merchants to accept card payments on the same Kazang terminal they use to sell prepaid products and services.

Kazang Pay launches card acquiring service in Zambia

The Kazang Pay enabled terminal in Zambia accepts VISA debit and credit cards as well as mobile wallet payments. Payments are settled to the merchant’s Kazang wallet on the same day. It’s as easy as letting the customer tap or insert their bank card and enter their PIN on the secure scramble PIN pad.

Kazang operates around 12,000 VAS terminals in Zambia. The goal is to enable the majority to accept card payments over the next six months. Benefits to merchants include low transaction fees and no monthly terminal rental fee for those that meet a modest monthly transaction threshold as well as the opportunity to grow their business through card acceptance.

Kazang is Zambia’s largest VAS point-of-sale terminal provider, enabling mobile money payments, bank and mobile money cash in and out, bill payments, airtime, Zesco, and many other prepaid services on one platform. The addition of card acceptance makes the platform even more comprehensive for merchants and consumers alike.

The launch of Kazang Pay in Zambia follows the introduction of the solution in South Africa, where around 60,000 small and micro merchants use Kazang Pay to accept card payments. In Zambia, there are around 3.8 million debit, credit and ATM cards in issue and 41,000 point of sale (POS) terminals in place. The value of POS transactions has grown to K 111.4 billion by 2022 from less than K 20 billion in 2018, according to the Bank of Zambia.

Says Leon de Wit, managing director at Kazang Zambia: “Zambia has made enormous strides in terms of financial inclusion, with card usage and penetration growing at a rapid pace. With Kazang Pay, merchants can now easily accept card payments on the same all-in-one terminal they already use for vending of VAS products.

“Card transactions help merchants to grow basket sizes and potentially attract more customers, and at the same time, reduce the risks and costs of handling cash. Moving towards digitalised payments will also enable merchants to track sales, manage cash flow, and create a footprint that could make it easier for them to access loans.”

Ashley Naidoo, director of Kazang Pay in South Africa says: “Our Zambian merchants have eagerly embraced our card acquiring service as a valuable part of our one-stop solution. Following the launch of Kazang Pay in Zambia, we have seen higher VAS sales across our merchant base and much-improved merchant retention and with our card acquiring solution we now appeal to a broader merchant base.”

Distributed by APO Group on behalf of Kazang.

ABOUT KAZANG:
Kazang (www.Kazang.com) is a leading provider of cash and digital solutions to merchants in Southern Africa’s informal economies. Our fintech solutions include a diverse range of value-added services (VAS), card acquiring, secure cash vaults and supplier payments platforms. Operating with a network of approximately 90,000 active devices, we process approximately 2.2 million transactions daily in markets such as South Africa, Namibia, Botswana, and Zambia.

We are dedicated to helping small and medium merchants grow and succeed, through increasing their sales, making their businesses more efficient and reducing their risks with its holistic portfolio of products and services. Kazang is a member of Lesaka Technologies (https://LesakaTech.com).

ABOUT LESAKA TECHNOLOGIES, INC:
The Connect Group and Kazang was acquired by Lesaka Technologies, Inc. in April 2022. Lesaka Technologies, (Lesaka™) is a South African Fintech company that utilizes its proprietary banking and payment technologies to deliver superior financial services solutions to merchants (B2B) and consumers (B2C) in Southern Africa. Lesaka’s mission is to drive true financial inclusion for both merchant and consumer markets through offering affordable financial services to previously underserved sectors of the economy. Lesaka offers cash management solutions, growth capital, card acquiring, bill payment technologies and value-added services to retail merchants as well as banking, lending, and insurance solutions to consumers across Southern Africa.

Lesaka has a primary listing on NASDAQ (NasdaqGS: LSAK) and a secondary listing on the Johannesburg Stock Exchange (JSE: LSK). Visit www.LesakaTech.com for additional information about Lesaka Technologies (Lesaka ™). $LSK / $LSAK