Businesss News Round Up From May 9 - May 13, 2022

Welcome to the AllNews roundup of the 5 Latest Business News that made the round last week.

23,000 Customers To Be Rewarded By FCMB In Digital Promo

First City Monument Bank is planning to reward 23,000 customers in its Season Eight Millionaire Promo.

According to a statement, the promo, which would reward and empower new and existing customers of the bank with prizes, had gone fully digital. Read more here

N42.9 Billion Earnings Recorded By Union Bank In Q1 2022

Union Bank of Nigeria Plc has released its financial result for Q1 2022, reflecting an 18% increase in its gross earnings from N36.4bn in the corresponding period of 2021 to  N42.9bn in the first quarter of 2022.

The bank said in a statement on the Group’s unaudited financial statements for the quarter ended March 31, 2022, that this was driven by strong earning assets from on-lending to key sectors in the Nigerian economy. Read more here

Soft Alliance Introduces PlateDetect Solution For Vehicle Owners

A solution called the PlateDetect has been introduced by Soft Alliance in order to help vehicle owners confirm the status or validity of their vehicle documentation.

According to the firm, the solution would help to confirm validity such as roadworthiness, insurance and vehicle licence.  Read more here.

FCMB Partners With Mastercard Foundation To Support MSMEs

First City Monument Bank (FCMB) has partnered with the Mastercard Foundation to provide accessible and affordable loans to 100,000 Micro, Small, and Medium Enterprises in order to scale their operations and provide work opportunities for young Nigerian women and men.

According to a statement, the programme aims at moving Nigerian youths out of poverty, the statement further stated that it was being executed through a $27.8 million (about N15.5 billion) MSME Revitalisation Fund, ensuring that qualified MSMEs could access loans for their business at a single-digit interest rate. Read more here

Airtel Reacts As 8.5 Million Customers Fail To Link SIM Cards With NIN

Telecommunication operators including MTN, Globacom, Airtel, and 9mobile were ordered by the Federal Government to bar all outgoing calls of all Subscriber Identification Module(SIM) cards not yet linked with the National Identification Number (NIN) effective from April 4, 2022.

However, Airtel's financial report for the year ended March 2022 has revealed that about 8.5 million of its customers have failed to link their SIM cards with their NIN, which the company said has affected its revenue for the year by 7 percent. Read more here.