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Unity Bank Customers Win Over N4 Million in Cashtoken Rewards Promo

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Unity Bank Records N38.2 Billion Gross Earnings in Q3’23

Unity Bank Customers Win Over N4 Million in Cashtoken Rewards Promo

 

 

Unity Bank customers have claimed over N4 million in cash rewards in its ongoing loyalty programme recently rolled out with Cashtoken, a Cash Reward-as-a-Service company.

The winners included no fewer than 40 customers who adopted and transacted on the Bank’s digital banking platforms, including the UniFi mobile banking application, the *7799# USSD platform or activated their Unity Bank Verve Card to transact on e-payment terminals across Nigeria.

Beginning from onboarding in our customer lifecycle journey, the Unity Bank Cashtoken Partnership commenced as a loyalty and reward scheme to reinforce the benefits of e-banking platforms. To begin, Customer transactions earn cash tokens, which are then redeemed to qualify for the monthly Cashtoken Rewards draw. Consequently, winners emerge from the draws to claim the cash prizes.

Recall that the retail lender announced the ongoing Cashtoken Rewards loyalty programme in December 2023 in partnership with Cashtoken Rewards Africa to empower customers and improve customer satisfaction. The partnership with Cashtoken Rewards also provided an opportunity for the Bank to migrate customers—old and new—to a platform that will continually create exciting rewards and appreciation for loyalty.

Eghomware Iyamu, Unity Bank’s Head of E-Business, commenting on the success of the Cashtoken Rewards loyalty program, stated: “We are excited to see our customers win over N4 million in cash rewards through our partnership with Cashtoken. This initiative demonstrates our commitment to recognizing and rewarding the loyalty of our customers”.

“By leveraging our digital banking platforms, including the Unifi mobile banking application and the *7799# USSD platform, we are not only enhancing customer experience but also providing life-changing opportunities. The Cashtoken Rewards program is a testament to our dedication to improving customer satisfaction and creating meaningful rewards along our customer lifecycle journey. We look forward to seeing more of our customers benefit from this exciting program as we continue to innovate and deliver exceptional value to them.”

Unity Bank has robust electronic banking products which include mobile and digital banking channels, including ATM, PoS, or any digital payment channels which support retail product transactions across the country. New-to-Bank customers are invited to open a Unity Bank account, onboard onto the digital platforms and begin transacting on the various platforms to earn cash token rewards and cash prizes while existing customers are encouraged to onboard and transact to win even more rewards and cash prizes.

 

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Cash Crunch Crisis: How Nigeria’s Cashless Policy is Fueling a Parallel Market

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Cash Crunch Crisis: How Nigeria’s Cashless Policy is Fueling a Parallel Market

Cash Crunch Crisis: How Nigeria’s Cashless Policy is Fueling a Parallel Market

Lagos, Nigeria – The ongoing cashless situation in Nigeria has sparked widespread concerns, with businesses and individuals struggling due to the exploitative practices of Point-of-Sale (POS) operators. Tope Dare, the Executive Director, e-Business and Infrastructure at Inlaks Computers Limited, has attributed this crisis to the flawed implementation of the cashless policy and the inefficiencies of banks.

Cash Crunch Crisis: How Nigeria’s Cashless Policy is Fueling a Parallel Market

Speaking at a public lecture themed “The Cash War Between ATMs and POS Agents in Nigeria,” Dare highlighted how the Central Bank of Nigeria’s (CBN) policies have led to persistent cash shortages. According to him, the ATM withdrawal limits, though designed to promote wider cash distribution, have instead prompted individuals to hoard cash rather than deposit it in banks.

“Many Nigerians depend on physical cash for daily transactions, and the transition to a cashless society requires a more balanced approach to financial inclusion,” Dare stated. He emphasized that POS agents, once seen as mere banking alternatives, have become crucial intermediaries for cash supply. However, their high fees and questionable sourcing methods have created a parallel market for cash.

Dare explained that POS operators now obtain cash through two major avenues: purchasing cash from local businesses in exchange for digital transfers at a fee and withdrawing directly from ATMs using multiple debit cards. These practices have resulted in ATM congestion and limited access to cash for regular bank customers.

“This dynamic has left everyday bank users at a disadvantage, facing higher transaction costs and long queues at ATMs,” he noted. “While POS agents bridge the financial gap, their unchecked dominance is causing unintended economic consequences.”

A survey conducted on street users revealed a strong preference for POS withdrawals despite their high fees. Respondents cited proximity, speed, customer service, and cash availability as reasons for their choice. Many also found POS agents to be more personable than traditional bank staff, despite lacking formal customer service training.

As of March 2024, Nigeria had approximately 2.7 million deployed POS terminals compared to less than 21,500 ATMs, serving over 63 million unique bank clients. This stark disparity highlights the growing dependence on POS agents for cash transactions. However, the ATM network continues to struggle with issues such as low withdrawal limits, forcing customers to make multiple transactions that disproportionately affect cash-reliant individuals like traders, transport workers, and elderly citizens.

Dare commended recent CBN initiatives to penalize banks that fail to ensure adequate cash availability. These measures include encouraging customers to report ATM cash shortages, increasing oversight, and imposing fines on underperforming financial institutions. However, he stressed that without a comprehensive review of the cashless policy, the exploitation of consumers by POS agents would persist.

As the debate over financial accessibility rages on, Nigerians are left grappling with an uncertain cash supply system, where convenience comes at a steep cost. Whether the CBN’s intervention will bring long-term relief remains to be seen.

 

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BUA Foods Achieves Record-Breaking Growth: Revenue Soars 109% to ₦1.53 Trillion in FY 2024

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BUA Foods Achieves Record-Breaking Growth: Revenue Soars 109% to ₦1.53 Trillion in FY 2024

BUA Foods Achieves Record-Breaking Growth: Revenue Soars 109% to ₦1.53 Trillion in FY 2024

 

BUA Foods Plc, a leading name in Nigeria’s food manufacturing industry, has delivered an impressive financial performance for the fiscal year 2024, showcasing substantial growth across all key metrics. The company’s relentless pursuit of innovation and efficiency has solidified its leadership position in the market.

 

Founder and Chairman, Abdul Samad Rabiu, CON, attributed this success to strategic investments and operational excellence. “Our exceptional growth in 2024 underscores our commitment to ensuring food security in Africa. We remain focused on sustainable growth and delivering superior value to our stakeholders.”

Key Financial Milestones:

Revenue: ₦1.53 trillion (+109.3%)
Gross Profit: ₦541.71 billion (+107.9%)
Profit After Tax: ₦274.95 billion (+145.3%)
Earnings Per Share: ₦15.27 (+145.3%)
EBITDA: ₦499.4 billion (+131.5%)
The company recorded impressive growth across its product categories, with sugar sales rising 74% to ₦733.8 billion, flour sales surging 172% to ₦589.5 billion, and pasta sales increasing 125% to ₦197.6 billion.

Engr. (Dr.) Ayodele Abioye, Managing Director of BUA Foods, highlighted the company’s resilience amidst macroeconomic challenges. “Our expansion strategy and operational excellence have driven strong growth and positioned us for future success.”

With a clear roadmap for expansion and a commitment to innovation, BUA Foods is well-poised to continue delivering sustainable value while addressing Africa’s evolving food security challenges.

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BUA, NNPC Gas Marketing Ltd commence development of a 700TPD, 45mmscf Mini-LNG Plant with Ground-breaking in Ajaokuta

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BUA, NNPC Gas Marketing Ltd commence development of a 700TPD, 45mmscf Mini-LNG Plant with Ground-breaking in Ajaokuta

BUA, NNPC Gas Marketing Ltd commence development of a 700TPD, 45mmscf Mini-LNG Plant
with Ground-breaking in Ajaokuta

 

Kogi State, January 30, 2025 – BUA, one of Africa’s largest infrastructure, manufacturing and mining companies, has commenced the development of a 700-ton-per-day (700TPD), 45mmscf Mini-LNG Plant with a ground-breaking ceremony held today in Ajaokuta, Kogi State. In attendance at the event was Founder/Executive Chairman of BUA Group, Abdul Samad Rabiu; Kogi State Governor, H.E. Ahmed Usman Ododo; Minister of State for Petroleum Resources (Gas), Hon. Ekperipe Ekpo; NNPC Board Chairman, Chief Pius Akinyelure; GCEO NNPC, Mele Kyari; Authority Executive of NMDPRA, Engr Farook Ahmed and other eminent dignitaries including various stakeholders.

 

 

Speaking at the event, the Founder/Executive Chairman of BUA Group, Abdul Samad Rabiu, said in his speech: “This BUA LNG plant, which we are constructing in partnership with NNPC, is a major step towards ensuring energy security for Nigeria. Upon completion, it will ensure that BUA’s captive power plants are provided with much-needed gas with limited supply downtime, thus enhancing our production and manufacturing capacity while positioning BUA to be fully integrated into the value chain of our energy supply operations”.

BUA, NNPC Gas Marketing Ltd commence development of a 700TPD, 45mmscf Mini-LNG Plant
with Ground-breaking in Ajaokuta

He further stated that the project is a win-win for Nigeria and is in line with President Bola Tinubu’s vision of promoting gas usage for cleaner energy. NNPC will provide critical gas feedstock for a 10% stake in the plant, and BUA will provide 100% financing while driving execution. This is a testament that public-private partnerships under the right government policies can deliver transformative results.

 

The BUA LNG plant will ensure cost efficiency, supply stability, and sustainability for our operations while reinforcing Nigeria’s industrial future. Covering a land area of about 16 hectares, it will primarily serve BUA’s captive power plants across its manufacturing businesses and provide gas for other uses across Nigeria.

In his speech, the GCEO of NNPC, Mele K. Kyari, stated that it is rightly timed to have these five mini-LNG plants in Kogi State, of which BUA LNG is one. This is considering its strategic location at the crossroads of Nigeria’s North and South, in Ajaokuta, Kogi State. This will provide easy access to the Eastern and Northern parts of the country.

The project’s signing ceremony, which took place within the week at NGML headquarters in Abuja, was attended by BUA’s Group Executive Director, Kabiru Rabiu, Chief Legal Officer, Oluseye Alayande, and NGML’s leadership team, led by its Managing Director, Justin Ezeala.

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