BANKING

How To Improve Your Financial Status

Published

1 year ago

How To Improve Your Financial Status

Are you comfortable and happy with your financial status? If not, relax; you’re not the only one. The majority of people are unhappy with their financial status and are seeking solutions to make it better. These six principles will help you get back on track and make your money work for you rather than against you if you want to improve your financial status. If you’re going to do this, you can start by focusing on them.

You may require assistance to achieve your goals, regardless of whether you’re mired in a cycle of debt, making insufficient income to sustain your preferred quality of living, or merely hoping to start saving for a significant financial purpose like investing or purchasing a property.

How To Improve Your Financial Status

Financial status is indeed relative, but attaining a healthy financial status is something that must be worked towards in staying afloat with financial independence. Just like our needs are insatiable, we often than not strive to progress from our current financial status to a better state that offers us more opportunities.

Therefore, this article guides you on some crucial steps to better your financial status.

Ways To Improve Your Financial Status

Balance Your Finances

Depending on your financial situation, keeping your finances under control can entail many different things. Looking at your consumption schedule—the amount of money spent each month—and then considering the amount received each month is a great place to start. It could be time to make changes if your spending outweighs your income. Finding solutions to better your financial status will be simpler once you’ve done that.

You might, for instance, earn more money or receive a promotion by taking up a second job. Or perhaps you need to reduce spending on things like cable or food. There are several resources available to assist you once you’ve determined where you can improve, including budgeting software, books on personal finance,

Automate Your Savings

Automating your savings is the most straightforward approach to improving your financial status. Set a goal for how much you want to save and open a separate savings account from your other accounts at a different bank. It doesn’t help to tell yourself how much money you must spend, especially if it’s only NGN 1,0000 weekly. Instead, arrange for your paycheck to be deposited directly into that account. Since you won’t see it, you won’t even miss it.

If you still have money after paying your bills, use it toward saving. You don’t need to consider keeping any more; enjoy your everyday life and let your money grow. Additionally, developing this practice will help you live within your means, essential for enhancing your financial status. It’s crucial to understand that when we discuss increasing our money, we are not referring to making rash investments or getting rich soon. We’re talking about developing wealth through wise financial decisions and spending practices.

Outline Your Financial Goal

You must be aware of your financial goals before improving your financial status. Are you trying to find a job with a higher salary? Do you wish to make a real estate investment? Or do you want to have enough money saved so that, in an emergency, it won’t wipe out your entire budget? Once you know where you’re headed with your finances, getting there will be more straightforward.

One of your goals may have changed. That’s alright! No response is incorrect in this case. Everything relies on where you want to be in the future and how much effort and cooperation you’re ready to put in to get there.

Track Your Monthly Expenses

Although this financial activity appears straightforward, it is essential to understand where your money is going and how you might be able to allocate it better.

Put your expenses into categories that make sense as you keep track of your spending (bills, food, transportation, eating out, entertainment, etc.). Determine how much you spent overall in each of your categories at the end of the month. Where you can reduce expenditure will become clear.

Sustainable Personal Reflection

Sustainability practices are advantageous for both the environment and your account. You’ll save money if you reduce your spending on purchases. Similarly, investing in durable goods that you can use again rather than one-time-use items will help you save money in the long run.

The product you choose not to purchase is the most sustainable one. Nevertheless, switching to a few sustainably produced products that are affordably basic to you in the place of luxuries might help you develop more sustainable habits over time.

Pay Your Debts

Create a list of all your bills, including a current advance of your income, the bare minimum payment you must make each month, and the mortgage loan’s interest rate, and set yourself the goal of paying off your debts as quickly as possible. Determine how much you may increase your loan payments once you have all this information prepared.

Do more research on debt reduction techniques and the importance of having emergency funds.

Stop Using Credit Cards

You might use your credit cards excessively if you have trouble making ends meet each month. You’ll rapidly get into debt if you continue to use credit cards as a crutch to get by. This will reduce the amount of money you have each month toward bills, retirement savings, or other financial objectives.

Stop using your credit cards if you’re serious about managing your money. Switch to cash or debit cards in addition to creating a budget so you won’t have to use credit to make purchases to prevent taking on further debt.

Conclusion

Achieving a better financial status is possible if you can be accountable to yourself in your expenses and management of income. While you reflect more on your basic needs to avoid spending on luxuries, it is also essential that you save and invest more to have a last resort when need be.

Therefore, adjust your financial lifestyle around your basic income to keep you from debt and being financially broke. See

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BANKING

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

Published

2 months ago

Christopher

The proceeds of the note will fund general corporate purposes of the issuer, including refinancing of a USD350 million senior bridge-to-bond loan facility that was jointly coordinated by Afreximbank in March 2024.

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.

BANKING

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

Published

2 months ago

Christopher

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

2 months ago

Christopher

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