Is Price Playing A Factor In The Smartphone War?

Oluwole Dada
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Is Price Playing A Factor In The Smartphone War?

Xiaomi is now the world’s No. 2 smartphone maker. It has displaced Apple in the second quarter with it taking the second spot for the first time with 17% market share of worldwide smartphone shipments.

Global smartphone shipment grew 12% in the second quarter. Samsung led the share of the market with 19% and Apple with a 14% share in the third place.

The average selling price of Xiaomi phones is 40% to 75% cheaper compared to Samsung and Apple respectively. Xiaomi shipments jumped more than 300% in Latin America, 150% in Africa and 50% in Western Europe.

Smartphone War

READ: Why is Xiaomi so cheap even with high specs? 

Xiaomi’s smartphones offer higher specs at lower prices in comparison to Galaxy smartphones but Samsung’s high-end smartphones consistently offer better quality than Xiaomi high-end phones.

What do you see happening in the coming days?

Xiaomi Overtakes iPhone to become the world’s 2nd largest smartphone maker

Oreoluwa Aderinkomi
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Xiaomi Overtakes iPhone to become the world’s 2nd largest smartphone maker

Canalys, the leading global market research firm, launched its Q2 global smartphone market report in which Xiaomi took second place with a 17% share and a 83% YoY growth, surpassing Apple (iPhone).

Canalys expressed that Xiaomi is now transforming its business model from challenger to incumbent, with initiatives such as channel partner consolidation and more careful management in the open market. Canalys commented that Xiaomi’s new goal is to displace Samsung to become the world’s largest vendor.

In a letter to all employees, Lei Jun, Founder, Chairman and CEO of Xiaomi, pointed out that becoming the World’s No.2 is a key milestone in Xiaomi’s history. After five years of self-improvement under extremely difficult conditions, Xiaomi’s product capabilities have been enhanced significantly – they paved the way for the premium market segment and increased its market share.

xiaomi

Xiaomi will continuously strengthen its core capabilities and cement its place as the second-largest smartphone brand.

In Q4 2020, the global shipments of Xiaomi reached 43.4 million units with 31.5% YoY growth, surpassing Apple for the first time and returning to third place. In Q1 2021, Apple rose to No.2 with 15% of the global smartphone market share, followed closely by Xiaomi with its 14% of market share. Xiaomi’s global smartphone shipments were 49.4 million units back then with 69.1% YoY growth.

Since Xiaomi launched its first premium flagship Mi 10 series, it has been continuously innovating in critical areas, such as imaging, display, charging, smart manufacturing and more. Xiaomi is invested in achieving breakthroughs in the premium market, bringing cutting-edge leading technology to consumers, and helping to shape the direction of the industry.

Xiaomi Beats Estimates with Record Quarterly Revenue and Net Profit in Q3 Brandspurng

Xiaomi has been the first to bring numerous industry-leading technologies to market. In-camera technology, the company introduced the 108-megapixel camera, the GN2 camera sensor and an innovative liquid lens. In-display, it has been pioneering the technology research of the third generation under-display camera.

Xiaomi has also led in battery charging, realizing 200W wired charging and 120W wireless charging for the very first time. In addition, it was the first to introduce graphene-based lithium-ion batteries and second-generation silicon-oxygen batteries. Xiaomi is also a pioneer in mobile phone ceramics, leading the trend of industry exploration.

In addition, the first phase of Xiaomi’s smart factory has started operation. Its production lines are automated and capable of manufacturing a million high-end smartphones per year, it is also a huge lab facility that enables Xiaomi to research new materials and technologies as well as test advanced manufacturing and production processes.

Innovation is part of Xiaomi’s culture and the company invests considerably in R&D and recruiting the very best talent. Xiaomi has invested nearly RMB10 billion in R&D in 2020, this year the number is expected to increase by 30-40%. At the beginning of 2021, Xiaomi announced the biggest engineers recruitment drive in its history: 5,000 engineers in one single year, which will occupy 20% of total employees.

Meanwhile, Xiaomi has launched multiple talent incentive initiatives such as a one million US dollars award project for technology talents, young engineers incentive plan, etc. Nearly 700 young engineers of Xiaomi were granted 16 million shares, following the incentive plan just in the month of July.

Xiaomi’s global expansion as well as the transformation in new retail channels have been an important driving force in helping the company become the second-largest smartphone manufacturer. According to the latest global smartphone data of Canalys, Xiaomi is expanding fast in overseas markets, reaching over 300% YoY growth in the Latin America market, over 150% YoY growth in Africa and over 50% YoY growth in Western Europe.

According to the Q1 2021 Results Announcement of Xiaomi, Xiaomi smartphones have entered over 100 markets worldwide, ranked No. 1 in terms of smartphone market share across 12 markets and ranked No.2 in Europe. It is also No. 1 in India for years.

Xiaomi Corporation was founded in April 2010 and listed on the Main Board of the Hong Kong Stock Exchange on July 9, 2018 (1810.HK). Xiaomi is an internet company with smartphones and smart hardware connected by an Internet of Things (IoT) platform at its core.

UBA Deputy Managing Director Increases Stake in United Bank for Africa

Esan Bolaji
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UBA Deputy Managing Director Increases Stake in United Bank for Africa

Oliver Alawuba, a Deputy Managing Director of United Bank for Africa (UBA) Plc, has acquired 986,000 shares (N7.25 per share) of the Bank in accordance with the Nigerian Exchange policy on insider dealing.

This was issued in a statement signed by the Company Secretary, Temitayo Adegoke released through the Nigerian Exchange. According to the lender, the transaction took place on the Nigerian Exchange Limited, June 24, 2020. Aggregate share purchased is worth NGN 7,148,500.00.

UBA Deputy Managing Director Increases Stake in United Bank for Africa BRANDSPURNG

Mr. Oliver Alawuba has over twenty years of work experience in the banking industry and academia. Oliver was at various times an Executive Director at Finbank Nigeria Plc (now FCMB Plc), MD/CEO of UBA Ghana Ltd, MD/CEO of UBA West Africa, Directorate Head, Public Sector and Personal Banking and Regional CEO, UBA Africa – Anglophone.

Oliver has B.Sc and M.Sc degrees in Food Science and Technology and MBA in Banking and Finance. He is an alumnus of the AMP and SEP programmes of the prestigious Insead Business School, France, and London Business School respectively. He is also a Fellow of the Nigerian Institute of Management and an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria.

From the released result (Q1’ 2021 Unaudited Financial Statements), the Gross Earnings and the Profit Before Tax (PBT) grew by 7.56% and 24% to ₦155.45 billion and ₦40.58 billion respectively in Q1’2021 when compared with ₦144.52 billion and ₦32.73 billion in corresponding Q1’ 2020.

The growth in the Gross Earnings was driven by 10% increase in non-interest income to ₦46.86 billion in Q1’ 2021 from ₦38.06 billion and 2.01% marginal increase in interest income to ₦108.59 billion in Q1’ 2021 from ₦106.46 billion in Q1’ 2020.

FMDQ lists North South Power ₦50B Green Bond Program to Boost the Market

Esan Bolaji
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FMDQ lists North South Power ₦50B Green Bond Program to Boost the Market

…Admits NSP-SPV PowerCorp PLC ₦50.00 Billion Green Bond Issuance Programme on its Platform

Globally, the green bond market has shown exponential growth as corporate entities and governments are raising funds from the debt capital markets (DCM) to finance environmentally friendly projects to support the development of their countries.

FMDQ Securities Exchange Limited (FMDQ Exchange), a wholly-owned subsidiary of FMDQ Group, in furtherance of its commitment to enhancing access to capital to address environmental challenges, as well as championing development in the Nigerian DCM, welcomed the listing of the NSP-SPV PowerCorp PLC ₦6.33 billion Fixed Rate Series 2 Senior Unsecured Green Bonds (Green Bond) under its ₦50.00 billion Bond Issuance Programme to its platform, following the approval of its Board Listings and Markets Committee.

Green bond

The proceeds from this issuance will be used to fund the development of the 15MW Pre-Phase 1 Solar Project and the transmission evacuation infrastructure for NSP PowerCorp PLC’s Solar Project, further fuelling the development of power in Nigeria.

Speaking on the successful issuance of the Bond, the Executive Vice Chairman/Chief Executive Officer, North-South Power Company Limited (“North-South Power”), Engr. Olubunmi Peters stated that

“This landmark transaction reinforces our belief and commitment in promoting clean energy generation in Nigeria. It also demonstrates growing investor confidence in our business, management team, and long-term strategy. We remain committed to unlocking opportunities within the power and infrastructure industry and promoting a sustainable energy solution for Nigeria.

We thank the Lead Issuing House, Stanbic IBTC Capital Limited, as well as the Joint Issuing Houses on the transaction – Renaissance Securities Limited, AVA Capital Partners Limited, CardinalStone Partners Limited, EAC Advisory Limited, Rand Merchant Bank Nigeria Limited, and Vetiva Capital Management Limited for their hard work and commitment in ensuring a successful outcome.

We also thank all other professional parties, the technical consultants – TUV Nord Cert, Financial Sector Deepening Africa (“FSD Africa”), Climate Bonds Initiative (“CBI”) and the FMDQ Nigerian Green Bond Market Development Programme. We also thank FMDQ Exchange and the Securities and Exchange Commission for their relentless support through the entire issuance process”. 

mixta real estate FMDQ Exchange

Also, the Chief Executive Officer, Stanbic IBTC Capital Limited (the Sponsor of the Bond on the Exchange and a Registration Member Listings of FMDQ Exchange), Mr. Funso Akere commented,

“We are delighted to have advised on this landmark issuance which reflects the depth and diversity of the Nigerian DCM. The success of the transaction demonstrates investors’ confidence in North-South Power, its sector, people, and strategic direction.

Stanbic IBTC Capital Limited is also extremely grateful to have been given this opportunity by North-South Power to add yet another successful green bond issuance to its stable. The promotion of the three pillars of sustainability, that is social equity, economic viability and environmental protection are one we keep dear to our core strategy and values, as members of Standard Bank Group”.

The Nigerian Green Bond Market Development Programme (“the Programme”), which provided technical support for the NSP-SPV PowerCorp PLC Series 2 Green Bond, by facilitating crucial engagements between the parties to the transaction and selecting technical Consultants for the verification of the Green Bond, was launched in 2018, to create awareness and drive education required to integrate the principles of green financing into the Nigerian DCM, as a partnership between FMDQ Group, CBI and FSD Africa.

The Chief Executive Officer, FMDQ Group, Mr. Bola Onadele. Koko stated that

“FMDQ is proud to have supported the NSP-SPV PowerCorp PLC Series 2 Green Bond through the Nigerian Green Bond Market Development Programme. As the local partner to the Programme, FMDQ provided support by selecting Consultants for the verification and credit rating assessment of the Green Bond, which was executed within a remarkable timeline of estimated two (2) weeks.

This transaction further proves that the Programme’s efforts toward developing a vibrant green bond market are gaining traction as more corporates and subnational are beginning to explore green debt financing opportunities to raise capital towards pipelines of eligible projects. Once again, we congratulate the Board and Management of North-South Power and reiterate our commitment to work with our stakeholders to develop the Nigerian green bond market”. 

Furthermore, one of the implementing partners to the Programme, the Director, Capital Markets, FSD Africa, Dr. Evans Osano, commented that “FSD Africa is proud to have worked with North-South Power on this green bond issuance in Nigeria. The Climate Bond Certification implies that North-South Power underlying assets have met rigorous scientific criteria in line with the Paris agreement”. 

FMDQ Exchange, being an Exchange with a passion for sustainable development and green financing in Nigeria, has again proven its unflinching commitment in this regard by providing due diligence and availing its credible and efficient platform for the listing and trading of the NSP-SPV PowerCorp PLC Green Bond.

The Exchange will remain unyielding in its support for the development of the Nigerian DCM through its highly efficient platform for the registration, listing, quotation, and trading of securities, providing access to capital for infrastructural and sustainable development. 

FMDQ Group is Africa’s first vertically integrated financial market infrastructure group, strategically positioned to provide registration, listing & quotation services, integrated trading, clearing & central counterparty, settlement, risk management for financial market transactions; and depository of securities; as well as data and information services, across the debt capital, foreign exchange, derivatives and equity markets, through its wholly-owned subsidiaries – FMDQ Securities Exchange Limited, FMDQ Clear Limited, FMDQ Depository Limited, FMDQ Private Markets Limited and iQx Consult Limited – towards transforming the Nigerian financial markets to become “GOLD” (Globally Competitive, Operationally Excellent, Liquid and Diverse) in alignment with its global counterparts.

Globus Bank Gets GCR Ratings “BBB” and “A3”; Outlook Stable

Esan Bolaji
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Globus Bank Gets GCR Ratings “BBB” and “A3”; Outlook Stable

GCR Assigns Globus Bank Limited Issuer National Scale Ratings of BBB-(NG) and A3(NG) in Long and Short Term Respectively; Outlook Stable

Lagos, 12 July 2021 – GCR Ratings (GCR) has assigned Globus Bank Limited national scale long and short-term issuer ratings of BBB-(NG) and A3(NG) respectively; with a Stable Outlook.

Ratings History – Globus Bank Limited

Rating class Review Rating scale Rating class Outlook Date
Long Term Issuer Initial/last National BBB-(NG) Stable July 2021
Short Term Issuer A3(NG)

Rating Rationale

The ratings of Globus Bank Limited (Globus bank) are underpinned by its strong capitalisation, low-risk level, highly liquid balance sheet, as well as it’s a limited track record.

Globus Bank Brandspurng expands operations, Opens 3 branches (Photos)2
Globus Bank, Plot 2B, Aromire Street, Allen Avenue, Ikeja | www.brandspurng.com

Globus is a new entrant in the Nigerian commercial banking space, with a track record of fewer than two years. The bank ranks among the tier 3 banks in Nigeria and controls an estimated market share of 0.4% and 0.3% in assets and deposits respectively at FY20.

Globus’ competitive position is constrained by its evolving brand franchise, short track record, and limited local geographical diversification, being a regional licenced bank. As a new entrant, Globus’ customer base is concentrated, as such, the risk position was high in terms of the twenty largest obligors and depositors at FY20.

Capitalisation is considered strong and a ratings strength. Given Globus’ new operations and its moderate risk asset level, capitalisation metrics was at a satisfactory level at FY20, as GCR core capital ratio closed at a high level of 43.6%.

Looking ahead, we expect the bank’s capitalisation metrics to remain within moderate range over the next 12 to 18 months despite risk asset growth and expanded operation weighing down the capitalisation assessment. GCR is also cognisant of the bank’s significant exposures to market risk in view of the substantial (43%) market-sensitive income realised in FY20.

The risk position is sound and well contained, evidenced by the nil non-performing loan (NPL) at FY20. This position rides on the back of the bank’s short track, with most part of the loan book yet to reach maturity. Credit losses is also minimal at 1.9% at FY20 and compare favourably with the industry average of about 3%.

Expectedly, concentration by the obligor is considered high, with the twenty largest exposures accounting for about 70% of the loan book at FY20. We anticipate a more diversified loan book over the short to medium term as the bank continues to expand its lending activities.

In addition, foreign currency (FCY) risk is considered minimal, with FCY loans constituting 5% of the loan portfolio at FY20, well below the industry average 35%. Related party exposure constituted less than 10% of the loan book at FY20.

The funding and liquidity position is assessed at an intermediate level. Globus is predominantly funded through customer deposits (c.65.7% of the funding base at FY20).

The deposit book, which grew to N88.6bn at FY20 from N4.5bn in the prior year, reflected a good blend of term deposits (41%) and the low-cost saving and current accounts (47%), having the average cost of fund ended the year at a moderate 3.9%.

Liquidity is good, evidenced by the highly liquid nature of the balance sheet at FY20, as GCR liquid assets covered total wholesale funding moderately (23.7x), while the GCR calculated liquid asset to total customer deposits ratio stood at 23%.

Although the matching of assets and liabilities reflects a liquidity gap of N27.7bn in the ‘less than one-month’ band, the behavioural pattern seen in the industry over time indicates that a sizeable portion is usually rolled over at maturity.

Outlook Statement

The Stable Outlook reflects GCR’s expectations that Globus’ capitalisation metrics would remain strong despite its increasing risk assets. Asset quality metrics are anticipated to be maintained at a sound level, with a reduction in concentration by the obligor. We also believe that funding and liquidity will remain stable and adequate.

GCR Places Dufil Prima Foods’ Credit Ratings on “Review Extension”

Esan Bolaji
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GCR Places Dufil Prima Foods’ Credit Ratings on “Review Extension”

GCR Ratings (GCR) has placed Dufil Prima Foods Plc’s long-term and short-term national scale Issuer ratings of A-(NG) / A2(NG) respectively on ‘Review Extension’. Concurrently, the national scale long term Issue rating of A-(NG) accorded to the N10bn Series 1 bond has also been placed on ‘Review Extension’.

The rating process is ongoing and GCR expects to publicly release the updated rating result on or before 31 July 2021. The ratings assigned in the last review are still in effect and remain unchanged until the review process is completed.

GCR Dufil Prima Foods

Ratings History – Dufil Prima Foods Plc

Rating class Review Rating scale Rating Outlook/Watch Date
Long Term Issuer Initial National A-(NG) Stable Outlook June 2016
Short Term Issuer Initial A2(NG)
N10bn Series1 Bond LT Issue Initial National A-(NG) Positive October 2017
Long Term Issuer Last National A-(NG) Stable Outlook August 2020
Short Term Issuer Last A2(NG)
N10bn Series1 Bond LT Issue Last A-(NG)

 

SALIENT POINTS OF ACCORDED RATING

GCR affirms that

  • no part of the ratings process was influenced by any other business activities of the credit rating agency;
  • the rating was based solely on the merits of the rated entity, security or financial instrument being rated; and
  • such rating was an independent evaluation of the risks and merits of the rated entity, security or financial instrument.

The credit rating has been disclosed to the rated entity. The rating above was solicited by, or on behalf of, the rated entity, and therefore, GCR has been compensated for the provision of the rating.

The rated entity participated in the rating process via teleconferences and other written correspondence.

Adegunwa Commends Athletes At Rite Foods’ Ijebu Marathon 2021

Brand Spur
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Adegunwa Commends Athletes At Rite Foods’ Ijebu Marathon 2021

Seleem Adegunwa, Managing Director of Rite Foods Limited, makers of Bigi carbonated soft drinks and official beverage sponsor of the Ijebu Heritage Half Marathon 2021, has commended the athletes, especially the indigenes who participated in the race.

In addition, he stated that Nigeria is great at sports and must therefore seek ways to harness its sporting talents and continue to push for global recognition.

Adegunwa Commends Athletes At Rite Foods’ Ijebu Marathon 2021-Brand Spur Nigeria
Adegunwa Commends Athletes At Rite Foods’ Ijebu Marathon 2021-Brand Spur Nigeria

He made this submission at the maiden Ijebu Heritage Half Marathon 2021 which kicked off at the land of heritage, Ijebu-Ode, and witnessed both local and international athletes competing for a grand prize of Ten Thousand Dollars plus other amazing rewards and medal for each marathoner.

“By our DNA in Nigeria, we are good at sports, we just need to harness it and continue pushing for global recognition,” the Rite Foods’ boss stated. He further gave kudos to all athletes who started and ended the marathon and reiterated the company’s commitment to making the event much bigger and better in the next edition.

It was quite amazing as history was made when an 11-year-old, Abigail Ogunbowale completed the 21km marathon at the Dipo Dina International Stadium, Ijebu-Ode. Also, the first local indigene to finish the race was a man named Femi Olusanya, a police officer in Ijebu Ode who promised to fight for the top five positions in the next edition. A man of 55 years old also completed the half marathon.

Adegunwa Commends Athletes At Rite Foods’ Ijebu Marathon 2021-Brand Spur Nigeria
Adegunwa Commends Athletes At Rite Foods’ Ijebu Marathon 2021-Brand Spur Nigeria

Speaking on the historical event, Adegunwa, the Rite Foods MD said it was a beauty and an inspiration to behold seeing such a young girl competing with established stars despite her age and completing it. “I was not surprised today to see ijebu indigenes, a 55-year-old and 11-year-old finishing the race; We are naturally gifted in sporting activities in Ijebuland and we just need to make sure the talents here are well coordinated for more exposure,” he added.

Ogunbowale, the 11-year-old marathoner was rewarded with the sum of Two Hundred and Fifty Thousand Naira by Rite Foods. The boss expressed his expectations on seeing the 11-year-old getting better and becoming a future champion. Meanwhile, organizers of the marathon have also revealed the sum of Five Hundred Thousand Naira for the local indigene, Femi Olusanya, who was the first to finish the race.

It was also a clean sweep for Kenyan athletes as they claimed both the men and women categories with Hosea Kiplimo finishing the men’s race in 1:02:36 while his counterpart, Rhonzas Kilimo finished second in 1:02:57. The third position went to another Kenyan, Timothy Ronoh, who raced to the finish line in 1:02:59.

The women’s race was also won by another Kenyan, Sandra Chebet in a time of 1:10:42, with two Ethiopians, Gebaynesh Ayele and Beyenu Degefa taking the second and third position in a time of 1:10:52 and 1:11:02 respectively.

Adegunwa further revealed that Rite Foods will continue to bring world-class events like the Ijebu Heritage Half Marathon to the land of heritage, Ijebuland. “As the son of the soil, being involved is a no-brainer because it is our thing and it is really important that we bring world-class events of this nature home,” he said.

The marathon was a display of enthusiasm, vigor and endurance by all athletes, both home-based and foreign, as Bigi drinks provided 14 water stop points for the athletes to refresh and hydrate themselves all through the race. As such, behind every winner at the Ijebu Heritage Half Marathon was an empty Bigi bottle fully gulped down for replenishment and marathon hydration.

 

Ecobank Announces Zero Fees For Transactions On Rapidtransfer

Brand Spur
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Ecobank Announces Zero Fees For Transactions On Rapidtransfer

In commemoration of this year’s  National Diaspora Day event, Ecobank is joining the rest of the country to celebrate Nigerians in the diaspora by making transactions on its proprietary money transfer app, Rapidtransfer, free of charge.

The Federal Government has set aside July 25 of every year as the National Diaspora Day in recognition of the contributions of Nigerians living outside the country towards the development of their homeland.

In a commemorative message, Managing Director, Ecobank Nigeria, Patrick Akinwuntan stated  that Nigerians in the diaspora contribute significantly to the socio-economic development of the country. Mr. Akinwuntan lauded the decision of the Federal Government to set aside a special day every year as the National Diaspora Day, adding that the recent launch of the National Diaspora Policy (NDP) by the government would further promote and harness the resources and capacity of Nigerians in the diaspora towards national development.

“As a pan-African institution positioned to foster the economic growth and integration of our continent, we are particularly pleased to work closely with NiDCOM, ably led by the Chairman/CEO, Hon Abike Dabiri-Erewa towards the engagement of Nigerians in the diaspora on policies, projects and other initiatives geared at developing the nation. From our constant engagement with Nigerians in the Diaspora, we understand their peculiar needs and have created tailor-made solutions to serve them effectively.”

He noted further that Ecobank has partnered NiDCOM on webinars, diaspora quarterly lecture series and will continue to seek other collaboration opportunities to deepen engagement with the diaspora community.

Also speaking,  Korede Demola-Adeniyi, Head, Consumer Banking, Ecobank Nigeria said Ecobank will apply zero fees to all Rapidtransfer transactions from 1st July till the end of October, 2021,  thereby enabling Nigerians living abroad to send money to their loved ones affordably.

According to her, the decision to waive charges underscores the bank’s commitment to helping Nigerians abroad remit money home without placing an additional burden of charges on them, especially at this period of global economic downturn.

Rapidtransfer is Ecobank’s proprietary money transfer service which enables users send funds across borders, affordably and instantly. The Rapidtransfer app is available for use by Ecobank and non-Ecobank customers. Remittances can be received directly into the recipient’s account or as cash at any Ecobank branch. Beneficiaries who wish to receive funds into an account but do not have domiciliary accounts have the opportunity to open in Euro, GBP or USD instantly and enjoy all the benefits that come with Ecobank foreign currency accounts.

In addition, N5 is paid on every one dollar received as cash or direct to account in line with the Central Bank of Nigeria’s ongoing Naira for Dollar initiative.

Data Violation: India Bars Mastercard From Adding Customers

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Data Violation: India Bars Mastercard From Adding Customers

The Reserve Bank of India (RBI) has ordered Mastercard to stop taking new customers in India, as authorities there say it violated the country’s rules on how data should be stored.

Mastercard will be banned from issuing new debit, credit or prepaid cards, according to the Reserve Bank of India (RBI). It did not stipulate how long the restrictions would last.

In a statement Wednesday, the central bank said that Mastercard had been given “considerable time and adequate opportunities” to comply with a mandate announced in 2018.

That measure requires all payment providers to store data on Indian users and transactions only on locally based servers. Companies were given six months to comply with the mandate at the time.

Mastercard And Island Pay Launch World’s First Central Bank Digital Currency-Linked Card

The RBI didn’t immediately respond to a request for comment about why its action against Mastercard was coming now. The move will not impact the company’s existing customers.

Data privacy concerns are on the rise around the world, leading to heightened pressure on companies to store their data locally. In China, Tesla recently set up a new facility to store local user information as the automaker faced scrutiny over whether its cars there could ever be used for spying.

China’s extraordinary clampdown on Didi, meanwhile, has focused on allegations that the ride-hailing company has mishandled sensitive data about its users in China.

Cutix Plc Recommends 15Kobo Dividend to Shareholders

Esan Bolaji
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Cutix Plc Recommends 15Kobo Dividend to Shareholders

Cutix Plc has notified the Nigerian Exchange Limited (NGX), its esteemed Shareholders and the general public that at the Board of Directors meeting of the Company held on Thursday, July 15, 2021, the Board approved the Directors’ Report and Audited Financial Statements of the Company for the year ended April 30, 2021, subject to some amendments.

The Cutix’s board also recommended a dividend of 15 kobo per ordinary share amounting to N264,198,303.90 (Two Hundred and Sixty-Four Million, One Hundred and NinetyEight Thousand, Three Hundred and Three Naira, Ninety Kobo Only) for approval by shareholders at the 38th Annual General Meeting of the Company scheduled for Friday, November 26, 2021.

The Board also recommended a bonus issue of one new share for every one existing share held by shareholders. The approved Audited Financial Statements will be released to the public on or before July 29, 2021.

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