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6 WAYS TO ACHIEVE YOUR FINANCIAL GOALS

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6 WAYS TO ACHIEVE YOUR FINANCIAL GOALS

At the beginning of every new year, people would always shout in cheers and set out to make new year resolutions. And of course, most of these resolutions always center around their finances. But halfway through the year, we see that they didn’t stick to their resolutions.

What could have gone wrong?

You, yes you reading this, have you met your financial goals for the year? People often say that making these goals is easy, but it’s never easy to accomplish them.

Well, we agree that it can be hard to achieve your financial goals. However, it could also be that you are going about it wrong. Therefore, it would be best if you had some principles and mindset when trying to accomplish a financial plan to make it easier.

As much as we encourage people to have financial goals, we do not want you to have them just for fun. Instead, we would be happier to see you accomplish and achieve them.

So, for those who have been struggling with achieving their financial goals, here is a guide on ways to achieve your financial goals:

  • Have a reason

Why did you set out to have financial goals? So, it’s the beginning of the new year, and all your friends are listing their financial goals. Is that the reason why you also have a financial plan?

There should be a reason you are trying to achieve a financial goal, as that reason serves as fuel to keep you going. If you do not have a reason, you will feel unmotivated along the way and drop the plan by the roadside.

One of the primary reasons people have unfinished or unaccomplished financial goals is that these goals were not their initial idea. Instead, they saw that others had financial goals and decided to join the bandwagon as they felt it was the new cool.

Having a financial goal should be out of a personal conviction. We cannot tell you the type of financial goal or what should be part of your financial plan. However, it should align with your life and not that of others.

Once you have a reason for setting your financial goals, it would stay bugging your mind and push you to make plans that would make the financial goals feasible and achievable, even if it inconvenienced you.

  • Write them down

 

They say that out of sight is out of mind, and this doesn’t apply to only relationships. So, yes, we know this saying pops up concerning relationships. But, it can also play out when trying to achieve a financial goal.

Let’s say you had it in mind to reach a particular financial target by the year’s third quarter. However, you did not pen down this goal. Then, the year starts, you are carried away by other life challenges, and you forget about your financial target. Unfortunately, you remember this goal in the fourth quarter of the year after the deadline. You can see how easy it is to get carried away with other issues.

But if you had written this goal down in a vital diary, you would come across it in one way or another, and it would serve as a constant reminder.

Some people would boast that they wouldn’t forget their goals or plans. Of course, we laugh when we listen to such people and they think they always have everything under control. However, there is nothing wrong with going the traditional way of writing things down to serve as a constant reminder.

  • Set a deadline for yourself

 

Have you ever heard about having SMART goals?

S – Specific

M- Measurable

A- Achievable

R- Realistic

T – Timebound.

 

Now, we are not here to speak on all the factors that make up SMART goals. So instead, let us focus on the T aspect – Timebound.

It would be wrong to have a financial goal and not set a deadline for accomplishing it.

Now, imagine saying you wish to buy a car. When do you desire to get this car? You can stay for over ten years without getting that car if you do not set a deadline.

Some people would say ‘problem no dey finish,’ which is true.

Yes, there will always be one hurdle to overcome as you navigate life. So, if you do not put a timeline for your goals, there will always be other things that would take your money and resources.

If you set financial goals for yourself, you should also put a timeline. It affects your mindset as you would be conscious not to disappoint yourself. Therefore, you would do everything possible to ensure that you are within the stipulated timing and meet the deadline. Never forget to put a deadline the next time you set your financial goals.

 

  • Be realistic about these goals.

People also often set unrealistic goals. Yes, it is essential to have goals, and financial goals are no exception. However, are these goals realistic? For example, how achievable are your financial goals on a scale of 1 to 100?

It wouldn’t make sense to make unrealistic goals as it would put unnecessary pressure on yourself.

The other day, we came across a guy who wanted to buy a house for 60 million naira. This person was bent on achieving this goal and said it would take him a year to get it. His drive was admirable, and we were curious about how he planned to accomplish this goal. So, it was shocking to find out that this guy had a basic 50,000 monthly naira income. How? How would he get a house of that amount on such an income?

We had these questions, and he didn’t have an answer. So then, it was clear that he was living on an unrealistic goal, and we had to orientate him on the consequences of it.

It would be best if you had a realistic goal, as that is the only way to formulate a plan that makes it achievable.

  • Get an accountability partner:

 

Do you have someone who puts you in check and ensures you do the right thing? Is there someone coming to your mind as you’re reading this? If yes, that person is your accountability partner, and you should hold them tight.

When you have an accountability partner, that person is aware of your goals and plans and will always encourage you to accomplish them. So even when you feel unmotivated, your accountability partner is there to hold your hands and guide you back on the right track.

Some people fear getting an accountable partner because they feel the person would judge them. However, the idea of an accountability partner is that the person is your friend. So, the chances of the person judging you are slim.

Before you pick an accountability partner, you should be sure of your relationship with that person and the bond you share. Then, you will see that things are easier when you have an accountability partner.

Having an accountability partner also helps as you wouldn’t want to disappoint the person. In addition, you would also be building yourself to become an accountability partner for someone else.

 

  • Have more sources of disposable income

The present state of society isn’t one where you would depend on only one income source. However, if this is your mindset, you would find it hard to survive and may never accomplish any of your financial goals.

For example, let’s say you plan to save a certain percentage of your monthly salary. However, different needs arise, and you may touch your savings. But this would not happen if you have multiple streams of income.

We always encourage people to have more sources of disposable income. Your disposable income is that money that isn’t tied to your primary salary. So, you should utilize your skills and indulge in things that can make you more in your spare time. It could be handsy skills like shoemaking, hairdressing, adire making, etc. It could also be creative skills like writing, graphics designing, etc. What matters is that you are doing something, and money comes in from it.

Some people overlook the fact that there is a need for more sources of disposable income. However, we know that it helps bring in money and would assist you in achieving your financial goals.

If you previously felt it wasn’t necessary, it’s time to rethink!

 

 

FAQs

Many people are on the path of having financial goals and have related questions. Some of the questions they ask include:

What is a good example of a financial goal?

An excellent example of a financial goal could be saving for retirement, school fees, paying off a loan, etc.

What is a SMART goal?

A SMART goal is Specific, Measurable, Achievable, Realistic, and Time-bound.

What are the financial goals for students?

Some financial goals to have as a student could be saving to have emergency funds, trying not to buy things on impulse, saving for a trip during the holiday, etc.

Summary

To wrap up, we would say that your financial goals are achievable if you put your mind to them and follow the ways we have highlighted. Keep dreaming and soar!

 

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African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises (SMMEs) and Boost Trade

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African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises

The African Development Bank Group (www.AfDB.org) and Standard Bank Group (SBG) on Monday signed a landmark financial agreement to enhance funding for small, medium, and micro enterprises (SMMEs) and expand trade across Africa.

The agreement includes a R3.6 billion investment in a social bond and a $200 million Risk Participation Agreement (RPA) for Standard Bank of South Africa Limited (SBSA). This initiative strengthens Standard Bank’s lending capacity, ensuring greater access to finance for SMMEs, a critical driver of economic growth and job creation in South Africa.

African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises

African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises

The social bond investment promotes inclusive economic development, particularly for SMMEs with a turnover below R300 million and loan sizes under R40 million. This financing will support up to 4,000 businesses, helping them scale operations, create jobs, and contribute to economic resilience.

Kenny Fihla, Deputy Chief Executive Officer of Standard Bank Group and Chief Executive Officer of SBSA, welcomed the investment, stating: “This landmark partnership strengthens our ability to support SMMEs, the backbone of South Africa’s economy. With approximately 3.2 million SMMEs accounting for 60% of jobs, ensuring access to finance is crucial. This initiative aligns with our Sustainable Finance Framework and our commitment to financial inclusion.”

In addition to the social bond, the $200 million RPA enhances trade finance across Africa, focusing on Low-Income Countries and Transition States. This agreement enables local banks to increase lending by sharing risk, bridging the trade finance gap, and promoting intra-African trade.

African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises (SMMEs) and Boost Trade

African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises (SMMEs) and Boost Trade

Leila Mokaddem, Director General for Southern Africa at the African Development Bank, highlighted the broader impact: “This collaboration marks a significant milestone in our long-standing partnership and is a testament to our shared commitment to supporting SMMEs’ growth and enhancing trade finance across Africa. Expanding financial inclusion and trade opportunities empowers businesses to drive economic transformation and regional integration. The Standard Bank Group remains a strategic partner in our shared vision for economic development on the continent.”

This initiative aligns with the African Development Bank’s Ten-Year Strategy (2024–2033), which prioritises industrialisation, regional integration, and improving the quality of life in Africa. It also supports Standard Bank’s Sustainable Finance Framework, reinforcing both institutions’ commitment to fostering green and inclusive growth.

“We are proud of this transaction, demonstrating our shared commitment to sustainable financing. By supporting businesses, we create long-term economic opportunities and financial resilience,” stated Ahmed Attout, Director of the Financial Sector Development Department at the African Development Bank.

Kenny Fihla reaffirmed the significance of the collaboration:

“By providing much-needed capital, we are helping enterprises overcome challenges and thrive. This partnership illustrates the power of collaboration in driving meaningful economic and social change in Africa.”

 

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The International Islamic Trade Finance Corporation (ITFC) Maintains Leadership in Global Ranking of Islamic Syndications for 4 Consecutive Years

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The International Islamic Trade Finance Corporation (ITFC) Maintains Leadership in Global Ranking of Islamic Syndications for 4 Consecutive Years

The International Islamic Trade Finance Corporation (ITFC) Maintains Leadership in Global Ranking of Islamic Syndications for 4 Consecutive Years

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB), has reinforced its position as a key player in the Islamic syndications market, achieving prominent rankings in the 2024 Bloomberg and Refinitiv League tables.

The International Islamic Trade Finance Corporation (ITFC) Maintains Leadership in Global Ranking of Islamic Syndications for 4 Consecutive Years

The International Islamic Trade Finance Corporation (ITFC) Maintains Leadership in Global Ranking of Islamic Syndications for 4 Consecutive Years

For the fourth consecutive year, the ITFC top-tier performance reflects a strategic focus on delivering impactful trade finance solutions. For 2024, Refinitiv ranked ITFC as Globally # 1 Bookrunner and Mandated Lead Arranger (MLA) in their Islamic Syndications League table. Additionally, and Bloomberg also ranked ITFC among the top Bookrunners and MLA in the Islamic Syndications League table. These rankings are a testament to the ITFC ability to consistently deliver value-driven results and maintain a strong position among leading international and regional financial institutions.

The recognition from Refinitiv and Bloomberg confirms that ITFC is a key player in facilitating trade among OIC member countries. This not only reaffirms the ITFC status as the pre-eminent provider of trade solutions but also underscores its remarkable ability to draw investments from a wide spectrum of global investors and financial institutions.

Additionally, it emphasizes the positive impact on the lives and livelihood of people inherent in the ITFC business operating model, demonstrating its effectiveness in meeting the unique financial needs of OIC member countries.

The Refinitiv and Bloomberg League tables rank banks and financial institutions based on their performance in loan syndications, bonds, and mergers and acquisitions (M&A) transactions. The rankings, including arrangers, bookrunners, administrative agents, and advisors, are published quarterly and annually.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
About the International Trade 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 socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$83 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.

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Afreximbank and Kenyan government ink milestone agreements to promote industralisation

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Afreximbank and Kenyan government ink milestone agreements to promote industralisation

Afreximbank will finance the development and operationalisation of industrial parks (IPs) and special economic zones (SEZs) to bolster the country’s industrialisation and export manufacturing

African Export-Import Bank (Afreximbank) (www.Afreximbank.com), Africa’s foremost trade development Bank, today in Mombasa, Kenya, ratified a series of initiatives designed to support Kenya’s industrialisation and export-led development agenda. Under the terms of the initiatives, formalised at a signing ceremony with the Kenyan authorities, Afreximbank will finance the development and operationalisation of industrial parks (IPs) and special economic zones (SEZs) to bolster the country’s industrialisation and export manufacturing.

Afreximbank and Kenyan government ink milestone agreements to promote industralisation

Afreximbank and Kenyan government ink milestone agreements to promote industralisation

The proposed industrial parks, to be developed by Afreximbank through its affiliate company, Arise Integrated Industrial Platforms (Arise IIP), will create and sustain an environment in which export-oriented industries can thrive, by leveraging economies of scale, shared infrastructure and access to global markets.

Two projects to be undertaken by Afreximbank, with the support of the Government of Kenya and other strategic collaborators, are the development of the Dongo Kundu Integrated Industrial Park and the Naivasha Special Economic Zone II (Naivasha II), for which, having secured leases of the relevant land, Afreximbank intends to leverage the expertise and experience of Arise IIP, a special economic zone developer with experience in the development of integrated industrial parks in Africa.

Both the Dongo Kundu Integrated Industrial Park and the Naivasha Special Economic Zone II are included in the Fourth Medium Term Plan (2023-2027) of the Kenyan government’s Vision 2030, entitled “Bottom-Up Economic Transformation Agenda for Inclusive Growth”, reflecting the high priority which state institutions are giving to measures that strengthen, expand and accelerate Kenya’s capacity to export value-added goods within Africa and globally.

Speaking on the signing, the President of the Republic of Kenya, H.E. Dr. William S. Ruto said; “We have a responsibility to steer the country in the right direction, harnessing the immense potential of manufacturing, industrialization, agro-processing, and value addition within Special Economic Zones. The signing of these agreements today marks a significant milestone in Kenya’s development, expanding opportunities to enhance our manufacturing sector and create a more conducive environment for investment. We convene here today to sign an investment – and not a loan – undertaken by people whose faith in this country and its possibilities motivates their decision. This is our country, let’s continue to do whatever it takes to make it an attractive destination for those who want to invest.”

In his own comments, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, said:

“Africa has been heralded as a land of opportunity, blessed with resources that power the world. Yet, we have struggled to translate this wealth into lasting prosperity for our people. For decades, we have watched as others reap the rewards of our natural resources, leaving us tethered to a cycle of dependency—exchanging our riches for aid and loans that kept us on the fringes of the global breadbasket.

“Those days are behind us. Today, Kenya takes a bold step to reshape this story in a profound and impactful manner. These Parks are an integral part of the Government’s plan to boost the country’s economic growth under the Vision 2030 development blueprint.

Today’s signatures are more than ink on paper—they are a promise to the people of Kenya, a pledge that the country will rise as a beacon of industrial might and self-reliance.”

Mrs. Oluranti Doherty, Managing Director of Export Development at Afreximbank, and Captain William K. Ruto, Managing Director of the Kenya Ports Authority, signed the Dongo Kundu Special Economic Zone agreement. Dr. Kenneth Chelule, Chief Executive Officer of the Special Economic Zones Authority, and Mrs. Doherty signed the Naivasha Special Economic Zone agreement, with H.E. Dr. William Ruto, President of the Republic of Kenya, and Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, witnessing the signing of both agreements for the State and for the Bank, respectively.

The Dongo Kundu Industrial Park within the Mombasa SEZ is expected, upon completion, to boost the area with a state-of-the-art industrial park that will contribute significantly to economic growth and industrialisation efforts in Mombasa County and in Kenya as a whole.

The Naivasha II Special Economic Zone – Naivasha II project is located at Mai Mahiu and will include a free trade zone, an industrial park, a logistics zone and a public utility area with a supporting road network. The project will occupy an area of approximately 5000 acres.

The Naivasha II project will also derive value from its strategic geographic position as it sits on the gateway to East and Central Africa through the Northern Corridor Transport System, which comprises both a standard gauge railway and a major highway. Moreover, the SEZ will be close to the Naivasha Inland Container Depot, which serves the East African hinterland countries of Burundi, the Democratic Republic of Congo, Kenya, Rwanda, South Sudan and Uganda.

Other dignitaries in attendance included Mrs Oluranti Doherty, Managing Director, Export Development, Afreximbank; Hon. Davis Chirchir E.G.H, Roads and Transport Cabinet Secretary; Hon. Hassan Ali Joho, Cabinet Secretary for Mining, Blue Economy and Maritime Affairs; Hon. Salim Mvurya, Cabinet Secretary for Youth Affairs, Creative Economy and Sports of Kenya and Honourable Lee Kinyanjui, Cabinet Secretary, Ministry of Investment, Trade and Industry. Additionally, Captain William K. Ruto, Managing Director, Kenya Ports Authority; Dr. Kenneth Chelule, Chief Executive Officer, Special Economic Zones Authority; His Excellency Abdulswamad Shariff Nassir, Governor of Mombasa County; the Honourable Benjamin Tayari, Chairman, Kenya Ports Authority, and Mr. Fredrick Muteti, EBS, Chairperson, Special Economic Zones Authority attended the event.

Distributed by APO Group on behalf of Afreximbank.
About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industralisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2023, Afreximbank’s total assets and guarantees stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.

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