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COMPANY PROFILE: RESIDENT FINTECH LIMITED BY CHINEDU NSOFOR

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COMPANY PROFILE: RESIDENT FINTECH LIMITED

BY
CHINEDU NSOFOR

 

 

Resident FinTech Limited stands as an affiliate company of Resident Capital Group, a pioneering force in the realm of Financial Technology. Established in 2019, Resident FinTech embarked on a mission to address the evolving landscape of financial transactions, harnessing the power of technology to revolutionize traditional financial approaches. As a subsidiary of Resident Capital Group, it plays a pivotal role in developing and marketing a cloud-based platform comprising curated, disruptive FinTech applications and big-data financial analytic products, forged through strategic partnerships with numerous leading FinTech startups, financial institutions, data providers, and key allies.

Founding and Mission: Founded in 2019 amidst a rapidly changing financial ecosystem, Resident FinTech set out to modernize financial operations and bridge the gap between traditional financial entities and emerging technological innovations. The company envisions becoming a premier FinTech firm in Africa, committed to delivering user-friendly and innovative financial products and services. Its mission revolves around fostering a multi-stakeholder FinTech ecosystem by leveraging cutting-edge technological innovations through collaborations with financial institutions, technology partners, academia, investors, government entities, and corporate partners.

Legal Status: Resident FinTech Limited operates as a private limited liability company registered in Nigeria by the Corporate Affairs Commission (CAC) under the Companies and Allied Matters Act (CAMA), 2004. With its incorporation on 24th August 2019 (Incorporation number: RC 1627801), the company is authorized to conduct business as a Payment Solutions Service Provider (PSSP), focusing on payment processing gateway, collections, and payment solutions development. Its operational headquarters are located at No 38 Mike Akhigbe Way, Jabi, Federal Capital Territory in Abuja.

Payment Solution Service Provider: Resident Fintech Limited holds a Payment Solution Service Provider (PSSP) license from the Central Bank of Nigeria (CBN) and operates a microfinance bank under its umbrella, providing innovative financial services tailored to meet the needs of its clientele.

Core Values: The ethos of Resident FinTech is anchored in service excellence, underpinned by rigorous due diligence and meticulous attention to detail. These core values form the bedrock of the company’s operations, guiding its endeavors towards delivering exceptional products and services to its clientele.

Products and Services: Resident FinTech offers a comprehensive suite of products and services designed to cater to diverse financial needs:

Money Transfer: Facilitating seamless money transfers, customers can effortlessly transfer funds to any account with swift and ease through the Resident FinTech platform.

Data/Airtime Purchase: Enabling customers to purchase airtime and data subscriptions with a simple click, the platform ensures convenience and accessibility for users.

Payroll/Bulk Payments: Simplifying bulk payments for staff accounts, salaries, and other disbursements, Resident FinTech’s platform streamlines the process by collecting account details and specific amounts, facilitating distribution with unparalleled efficiency.

Utility Bill Payment: Offering a hassle-free solution for utility bill payments, the platform integrates with service providers to process payments for services such as AEDC, Cable TV subscriptions, taxes, and levies.

Collections: Providing a robust collection model, Resident FinTech empowers merchants to effortlessly receive payments from their customers. Merchants can create accounts and generate unique links for customers to channel funds seamlessly through the platform.

Conclusion: Resident FinTech Limited epitomizes innovation and efficiency in the financial technology sector, driving transformative change by harnessing the power of technology to reshape traditional financial paradigms. With its unwavering commitment to service excellence and a robust portfolio of products and services, the company is poised to lead the charge in revolutionizing financial transactions across Africa and beyond.

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Why You Should Visit EMERALD GARDEN 🍃 SANCTUARY in Pretoria

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Why You Should Visit EMERALD GARDEN 🍃 SANCTUARY in Pretoria

Why You Should Visit EMERALD GARDEN 🍃 SANCTUARY in Pretoria

 

Looking for the ultimate relaxation experience? Emerald Garden 🍃 Sanctuary offers a peaceful escape in the heart of Pretoria, where your body, mind, and soul can be rejuvenated. With a serene garden setting and a massage studio, you can enjoy treatments that soothe aches, relieve stress, and promote overall wellness.

 

🌿 A Massage for Every Need

Why You Should Visit EMERALD GARDEN 🍃 SANCTUARY in Pretoria

From gentle Swedish massages (starting at R280 for 30 minutes) to intense Deep Tissue therapy (add R100 to Swedish rates), Emerald Garden ensures you get the pressure you need. Prefer something even more indulgent? Try a Hot Stone Massage (R500 for 60 mins) or the deeply relaxing Indian Head Massage (R300 for 30 mins).

 

👣 Holistic Healing for Body & Soul

Reflexology: Treat your feet and improve circulation with sessions starting at R200.

 

Reiki Healing: Balance your energy and reduce stress (R380 for 60 mins).

Crystal & Gemstone Energy Bodywork: A powerful 90-minute session (R700), with an optional Reiki add-on.

 

💦 Detox & Refresh in the Steam Room

Enhance your massage with a steam session (starting at R250 for 30 mins). Perfect for detoxing and relaxing muscles before or after a treatment. Just remember—book in advance, as it takes an hour to heat up!

 

🕯️ Unique Experiences for Deep Relaxation

 

Tantric Massage (120 mins @ R1450) for deep connection and healing.

 

Nurturing Touch Massage in a tranquil garden setting with a water feature (R300–R700, depending on duration).

Pedicure with foot spa & massage (R400 for 60 mins).

 

🦜 Flexible Hours for Your Convenience

Open daily from 9:00 to 20:00.

Early bird sessions available—just arrange in advance!

 

Book your session now with Daniëla 🙌🪶 at 078 317 2539 and let Emerald Garden 🍃 Sanctuary transport you to a world of relaxation and healing!

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NNPC Reduces Petrol Pump Price to Match Dangote Refinery Amidst Market Competition

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NNPC Reduces Petrol Pump Price to Match Dangote Refinery Amidst Market Competition

NNPC Reduces Petrol Pump Price to Match Dangote Refinery Amidst Market Competition

The Nigerian National Petroleum Company Limited (NNPC) has reduced the pump prices of Premium Motor Spirit (PMS) at its retail outlets to align with the rates set by the Dangote Petroleum Refinery, signaling a new wave of competition in the downstream sector.

Our correspondents confirmed that NNPC-owned retail stations in Lagos adjusted their petrol price to N860 per litre on Monday, a significant reduction from the N945 per litre charged the previous day. This price adjustment follows Dangote Refinery’s decision to reduce its ex-depot price from N890 to N825 per litre, which in turn brought the pump price at MRS filling stations to N860 per litre.

Although NNPC Retail has yet to issue an official statement regarding the price reduction, stations in Lagos confirmed the adjustment. NNPC spokesperson Olufemi Soneye neither responded to calls nor messages regarding the development.

The National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Hammed Fashola, confirmed the price change, stating, “It is true, NNPC is selling petrol at N860 in the filling stations. Though this has not been reflected on the portal, they told me they are working on updating it.”

Similarly, Billy Gillis-Harry, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), affirmed the development but mentioned that he was yet to receive full details.

Since December 2024, the Dangote refinery has led price adjustments in the Nigerian fuel market, frequently revising its rates based on market dynamics. Observers note that NNPC has been reactive to these changes, lowering its own prices whenever Dangote introduces a reduction.

Shift in Consumer Preferences

It has been observed that fuel queues, once common at NNPC stations, have now shifted to private retail stations such as MRS. This trend is attributed to the perception that Dangote-refined petrol lasts longer in fuel tanks compared to others.

A recent report by Energy Intelligence highlighted how the 650,000 barrels per day Dangote refinery has transformed Nigeria’s petroleum market. The report stated, “The refinery has broken state-owned NNPC’s tight monopoly on refining and products marketing in Nigeria and has structurally shifted Atlantic Basin gasoline balances, pressuring European margins.”

Currently, the Dangote refinery and the NNPC’s Port Harcourt refinery are the only active petrol producers in Nigeria. However, NNPC has clarified that it still procures petrol from Dangote Refinery for its Lagos stations and has not imported fuel this year but remains open to doing so if necessary.

Concerns Over Market Competition

While stakeholders have welcomed the price competition between Dangote and NNPC, concerns remain about the long-term implications. The IPMAN Vice President, Hammed Fashola, described the ongoing price war as beneficial to consumers but warned against monopolistic tactics.

“It’s a good development. I just hope they can sustain it. I pray it will not be a strategy to eliminate competitors. If sustained, it will ease the hardship in the country and benefit everyone,” Fashola remarked.

In a surprising move, Dangote Refinery also announced a refund of N65 per litre for marketers who had purchased PMS at higher rates before the latest reduction. This is aimed at addressing complaints from marketers affected by the sudden price drop.

Fashola acknowledged this effort but noted that not all marketers may benefit. “Those who paid but have not lifted their products will be captured and reimbursed. However, some who bought the product earlier and still have it in their tanks may not be covered,” he said.

Abuja and Other Cities See Price Adjustments

In Abuja, NNPC stations reduced petrol prices to N880 per litre, a drop from the N965 per litre recorded last week. At an NNPC retail outlet in Federal Housing, Kubwa, a pump attendant confirmed the price change, stating that the adjustment took effect on Monday afternoon.

However, independent marketers have struggled to implement price reductions. Many stations along Airport Road, Jabi, and Wuse have either maintained their former prices or made only slight adjustments.

  • A.A Rano (Airport Road) reduced its price to N945 per litre from N970 per litre.
  • Shema (opposite Dunamis Church) continued selling at N960 per litre.
  • Bovas (Airport Road) remained at N970 per litre.
  • Mobil (Jabi) adjusted to N960 per litre.
  • Conoil (Jabi) sold at N950 per litre.

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Citigroup’s $81 Trillion Blunder: The Banking Error of the Century! 

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Citigroup's $81 Trillion Blunder: The Banking Error of the Century! 

Citigroup’s $81 Trillion Blunder: The Banking Error of the Century! 

 

In a jaw-dropping financial mishap, Citigroup mistakenly credited a mind-blowing $81 trillion—yes, TRILLION—to a customer’s account instead of the intended $280, in what could be one of the largest transaction errors in banking history.

According to a report by the Financial Times, the stunning blunder occurred in April 2024 and shockingly slipped past two separate employees before getting the green light for processing. It wasn’t until an hour and a half after the transaction was approved that a third worker caught the error—setting off a frantic reversal operation that took several hours to complete.

 A Near-Miss of Epic Proportions 

Though no actual funds left Citigroup’s vaults, the error was serious enough to be flagged to U.S. financial regulators, including the Federal Reserve and the Office of the Comptroller of the Currency.

“Despite the fact that a payment of this size could not actually have been executed, our detective controls promptly identified the inputting error between two Citi ledger accounts, and we reversed the entry,” a Citi spokesperson explained in an emailed statement.

The blunder did not financially impact the customer or the bank, but it sheds light on Citi’s ongoing struggles with internal controls. The FT report revealed that the bank recorded 10 ‘near-miss’ transactions of $1 billion or more in 2024 alone, a slight improvement from 13 major errors in 2023.

 A Costly Pattern? 

Citigroup is no stranger to high-profile transaction errors. In 2020, the bank infamously wired $900 million by mistake to creditors of Revlon, sparking a lengthy legal battle. While the $81 trillion error was caught before any funds could be moved, it underscores the potentially catastrophic risks lurking in the world of high-speed digital banking.

With regulators closely watching, the pressure is on for Citi to tighten its financial controls—before the next error turns into an irreversible disaster.

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