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Union Bank and BFREE Forge Strategic Partnership to Revitalize Loan Portfolios

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Union Bank of Nigeria and BFREE, a cutting-edge German-Nigerian FinTech firm, have signed a Memorandum of Understanding (MOU).

This agreement signifies a joint commitment to addressing economic challenges and revitalising distressed loan portfolios in Nigeria. This MOU was formalised during the German-Nigerian Business Forum in Berlin on November 21, 2023.

Under the terms of the MOU, BFREE, in conjunction with its international financing partners, will explore the acquisition of distressed loan portfolios from Union Bank, with a potential investment cap of $40 million. The key focus will be refinancing non-performing loan portfolios, particularly those delayed in repayment or already written off.

Union Bank, a leading provider of loans to Retail customers and Small & Medium Enterprises in Nigeria, has proactively adapted to the challenging economic environment. The ongoing economic pressures have necessitated increased flexibility for loan repayment plans, and BFREE, leveraging artificial intelligence (AI), presents an innovative solution.

BFREE’s AI-driven automated interaction with loan customers facilitates discussions and agreements on revised loan terms. This streamlined approach enables the rapid review of many loan agreements within short periods, resulting in higher repayment rates and reduced instances of loan write-offs for Union Bank. It also demonstrates the Bank’s confidence in BFREE’s robust recovery process. This strategic partnership not only positions Union Bank for enhanced financial resilience but also relieves the institution of the burden of managing low-performing loan portfolios.

President Tinubu’s active participation in promoting Nigeria as a prime destination for business and investment underscores the collaborative efforts to attract international businesses. The anticipated increase in foreign currency inflow, particularly USD and EUR, is expected to alleviate pressure on the exchange rate of the Naira, contributing to economic stability.

Speaking about the partnership, Joe Mbulu, Executive Director of Union Bank, said:
“We are excited about the strategic partnership with BFREE as it aligns with Union Bank’s commitment to innovation and adaptability. This collaboration signifies our dedication to finding innovative solutions to the economic challenges faced by our customers. By leveraging BFREE’s advanced AI capabilities, we aim to enhance the efficiency of our loan portfolio management, ensuring flexibility for our customers in these challenging times.

This partnership reflects Union Bank’s proactive approach to navigating the evolving financial landscape and reinforces our commitment to providing sustainable financial solutions to individuals and businesses in Nigeria.”

Also commenting on the partnership, Julian Flosbach, Chief Executive Officer of BFREE, expressed:
“BFREE is thrilled to announce our strategic partnership with Union Bank, a collaboration that underscores our joint commitment to innovation and resilience in the face of economic challenges. With a track record of successfully managing over 4 million distressed customers across Africa, BFREE brings extensive experience to the table. Our proprietary AI capabilities will play a crucial role in streamlining Union Bank’s loan portfolio management, offering unparalleled flexibility to customers during these challenging times. The commitment of our financing partners is instrumental in driving this initiative, highlighting their dedication to supporting Union Bank’s revitalisation efforts.”

Union Bank is optimistic that this strategic partnership with BFREE will not only bolster the bank’s financial health but also contribute significantly to the broader economic recovery of Nigeria.

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Naira Vs USD: CBN To Ban Street Trading, Mulls Fresh Guidelines For BDCs

“A Tier 1 BDC is authorized to operate on a national basis, can open branches, and may appoint franchisees, subject to the approval of the CBN.

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Amid the continued fluctuation of the Naira against the US dollar in the foreign exchange market, the Central Bank of Nigeria says it is considering stopping street trading, among other fresh guidelines, to Bureau De Change Operators in Nigeria.

The apex bank disclosed this Friday in its draft Revised Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria.

CBN plans to fix the minimum per capital share for Tier 1 and 2 BDC licenses to N2 billion and N500,000 million, respectively. This is a move away from the previously N35 million per capital share for general license.

“A Tier 1 BDC is authorized to operate on a national basis, can open branches, and may appoint franchisees, subject to the approval of the CBN.

A Tier 1 BDC (which is the franchisor) shall exercise supervisory oversight over its franchisees. All franchisees shall adopt their franchisor’s name, branding, technology platform, and rendition requirements.

A Tier 2 BDC is authorized to operate only in one state or the FCT. It may have up to three locations – a head office and two branches, subject to approval of the CBN. It is not permitted to appoint franchisees.”

The development comes amid a clampdown on illegal BDCs in Abuja, Lagos, Kano and Ibadan Oyo States by the operatives of the Economic and Financial Crimes Commission to stabilize the Naira against USD.

At the close of work on Friday, the Naira depreciated N1,665.50 per US dollar from N1571.31 on Thursday at the FMDQ market. Meanwhile, in the parallel market.

The Naira traded for N1,750 to N1,800 per USD on Friday compared to N1,680.00 on Thursday.

CBN had unveiled several FX interventions in the past months but the country’s foreign exchange crisis has, however, persisted.

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Black Market Dollar To Naira Exchange Rate Today 19th February 2024

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Black Market Dollar to Naira Exchange Rate Tracker, 19th February 2024 in Nigeria can be accessed below.

JomogNews Nigeria has obtained the official Naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates. Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.

As of now, you can purchase 1 dollar at ₦1,710 and sell it at ₦1,715 however, it’s important to keep in mind that the rate can shift (either upwards or downwards) within hours.

See the black market Dollar to Naira exchange rate for 19th February below.

You can swap your dollar for Naira at these rates.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1705 and sell at N1710 on Monday 19th February 2024, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1710
Selling Rate N1,715

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1,605
Selling Rate N1,607

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

The Federal Government has stepped up talks with the Kingdom of Morocco to expedite the process of reaching the Final Investment Decision (FID) on the Nigeria-Morocco Gas Pipeline.

The pipeline would pass through the Republic of Benin, Togo, Ghana, Cote d’Ivoire, Liberia, Sierra Leone, Guinea, Guinea-Bissau, Gambia, Senegal, Mauritania, and end in Morocco with a spur to Spain, according to a statement released on Thursday by the Chief Corporate Communications Officer of the Nigeria National Petroleum Company Limited (NNPCL) Olufemi Soneye.

JomogNews Nigeria reports that on Wednesday, January 24, 2024, the NNPC Ltd.’s Executive Vice President, Gas, Power & New Energy, Mr. Olalekan Ogunleye, and Mme Amina Benkhadra, Director General of the Morocco National Office of Hydrocarbons and Mines (ONHYM), served as the discussion’s anchors. The meeting was between the Honorable Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo, and the Moroccan Minister of Energy Transition and Sustainable Development, Leila Benali.

The discussions centered on ways to advance the collaboration between the two nations in order to expedite the Nigeria-Morocco Gas Pipeline Project following the several Memoranda of Understanding (MoUs) that were inked in Abuja in 2022.

In order to achieve the goal of reducing energy poverty on the continent, the stakeholders emphasized the project’s strategic significance for their respective nations as well as for all of Africa. They also emphasized the urgency with which the project must be completed.

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Black Market Dollar To Naira Exchange Rate Today 16th February 2024

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What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?

See the black market Dollar to Naira exchange rate for 15th February, below. You can swap your dollar for Naira at these rates.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1555 and sell at N1565 on Thursday 15th February 2024, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1555
Selling Rate N1565

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate 1516
Selling Rate 1517

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

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