andy, Author at NairaBrains

In Loans

Banks That Provide Instant Online Loans Without Collateral

April 25, 2022 No Comments

Lots of people take loans from online loan apps (or fintech apps who mostly offer lending services) however there are several major banks who also provide loans without collateral to their customers.

These banks provide these loans mostly through their mobile apps or website.

This article will detail how you can secure small loans online from some of the traditional banks you know.

We profile only traditional banks that offer loans without collateral, through their online channels without need for paper work.

GTBank

GTBank has one of the most seamless online loan offerings through its GTWorld or GTBank apps. Customers of the bank can log into their bank apps, check the loans segment to see if they qualify for any of the online loans the bank offers.

GTBank offers two major loans online namely;

Quick Credit – Quick Credit offers loans to workers or people gainfully employed with steady income. Quick Credit, according to information on the GTBank website, can give you up to N5 million loan (or equivalent of 3 times multiples of your monthly salary) with a repayment period of up to 12 months. Repayment is with an interest rate of 1.5%, one of the lowest available in the country. You can access Quick Credit through your GTBank/GTWorld app or by dialling *737*51*51#. More about Quick Credit here

Salary Advance – Salary Advance is another online loan from GTBank. It gives 50% of your monthly salary with a repayment period of 30 days. It is available to staff of private companies, government agencies with active salary accounts domiciled in GTBank. Once you repay you can renew the loan monthly. A customer has to have/earn minimum N25,000 (for public sector employees) or N50,000 (private sector employees). A customer can apply for this loan via their bank app, through internet banking or via the USSD code – *737*51*51#

Access Bank – Payday Loan

Access Bank has the payday loan which is an instant loan for customers who are mostly salary earners. As usual with online loans profiled in this article you do not need collateral or to visit the physical offices of the bank to apply and get the loan.

Repayment is within 31 days. The amount you can qualify to take depends on how much you earn as salary and based on the activity on your account with the bank.

Customers can apply for the loan via the bank’s internet banking website, through the Access Bank app, or by dialling *901*11*1#

Kuda Bank – OverDraft

Kuda is a microfinance bank with a digital only approach to banking. You can create a bank account, verify your identity and carry out most banking transactions (including transfers, bill payments, etc) all on the app.

Kuda offers a short term online loan you can take from the app when you have used your account actively for a period of time. The Kuda overdraft has a relatively high interest rate of 0.3% with the key advantage being the flexibility of having a daily interest so the borrower can pay less interest if he/she pays off earlier.

Users can borrow from within the app by going to tap on the Borrow tab.

Stanbic IBTC

Stanbic bank offers a couple of instant online loans for individuals and small businesses.

Personal Loans – Stanbic offers unsecured instant personal loans for individuals to meet their personal needs. You need to have minimum N20,000 monthly to qualify for the loans with a flexible repayment. You can apply online and when approved you get the funds directly to your account.

To qualify applicant must have worked with an employer for at least six months with your salary account domiciled in Stanbic bank. You must be at least 21 years old and a Nigerian citizen.

EZ Cash for SMEs – EZ Cash for SMEs is an instant loan for small businesses that qualify for certain eligibility criteria. Small businesses can apply for up to N5 million at a 2.5% monthly interest and a repayment period of up to 6 – 12 months.

You can request for the EZ Cash for SME loan through the Stanbic IBTC online and mobile banking platforms or through *909*44#. You can check here for more details on the Stanbic IBTC EZ Cash for SME Loan

Wema – ALAT Salary Based Loan

Wema Bank offers salary based loans online through its ALAT banking app. Salary earners can get from N50,000 to N4 million in loans with 2% monthly interest rate.

The process is entirely online. The customer can apply for the loans via the ALAT app and get a decision on whether they qualify for the loan or not within a few hours.

UBA Click Credit

United Bank for Africa (UBA) has an online loan product called Click Credit (sounds like a mimic of the GTB Quick Credit eh?). The bank describes it as a super fast open to anyone with a UBA account.

Borrowers can borrow up to N1 million dependent on their monthly salary with repayment period of up to 12 months. You can access the UBA click credit loan online (via the website or app) or through the USSD code – *919#. Interest is 2.5% monthly or 30% annually.

Sterling Bank (Specta)

Sterling bank has a lending platform called Specta where individuals and businesses can get up to N5 million loan in minutes without collateral or paperwork.

Interest rate on loans are between 25.5% – 28.5% per annum. There is one off insurance fee of 2.5%, management fees of 1%, and a repayment period of between 1 – 12 months.

ALSO SEE

In How to Make Money

Top Refer and Earn Apps in Nigeria to Help You Make Money on the Side [Full List]

April 21, 2022 No Comments

There are increasing opportunities to make money from refer and earn apps in Nigeria. A refer and earn app is designed to offer rewards for users who refer others to download and use the app. It is a way to drive more users/customers to use an app. Some refer and earn apps may include benefits to both the referrer and the referred user (eg in case of a coupon code where the newly referred user can get discounts simply by joining and using the app through the referral code presented by a referrer)

What is a Refer and Earn App?

Refer and earn apps are mobile applications that have a reward system to pay you for referring (bringing) someone to download and use the app.

A refer and earn app can reward a user for bringing someone else to download the app, use the app or subscribe/pay for a product/service on the app.

Eg for a fintech app it may reward users who bring others to use the fintech app for any transaction such as paying bills, making transfers etc.

Refer and earn app rewards can be in form of money, discounts, free coupons etc.

Where Can You Find Refer and Earn Apps

Usually refer and earn apps are abundant in the fintech, savings/investments app sector. You refer people to download and start using the apps to save or invest money and you get a decent referral payment in return.

You can also find several refer and earn apps in Cryptocurrency, Payments etc.

Top Refer and Earn Apps

Piggyvest

Piggyvest is a savings app that enables users save towards specific goals or generally save their money for a healthy 8-10% annual interest. This certainly makes it better to save with them than leave the money in the bank.

Piggyvest provides links for users to share and earn some money for any new users that join/use Piggyvest through their referral. Piggyvest generally pays or gives you additional N1,000 for any new referral.

Branch

Branch is another fintech app that has a refer and earn program. Branch is a personal finance app that provides loans to individuals without paperwork or collateral.

Branch also enables current users earn small amounts per new user they refer or bring in to use the app.

Umba

Umba is a digital bank that enables you save money, pay bills, make transfers, get loans and earn cashbacks for every bill you pay.

Umba promises N500 for every friend you refer to download and use the banking app.

Chipper

Chipper Cash is a remittance fintech provider that enables anyone send money across Africa. Chipper promises free transfers and low cross border money transfer rates.

Chipper promises N600 for every person you refer to use the app.

Jumia Pay

Jumia Pay is an online payment processor and solution initially built for the e-commerce giant.

You can pay for items online, book airline/bus tickets, make hotel reservations, pay for utilities, etc.

With Jumia Pay you can earn 15% cashback on gaming items (when you use Jumia Pay on checkout) such as playstations, xbox etc.

Jumia Pay also rewards you with N500 once you refer something and they spend up to N500 through Jumia Pay.

Opay

Opay is a multi purpose fintech application that enables you access banking services (such as high interest savings, bill payments, and get a card for online payments.

It also runs a mobile money, POS service that enables thousands of agents provide financial services to customers across the country.

Opay has a referral program that helps you earn at least N700 per person you refer to sign up and use the Opay app for financial transactions.

Risevest

Risevest is a savings/investment app that enables you invest in US/foreign denominated stock markets and real estate.

It’s key promise is to help you save and invest in USD to prevent the effects of inflation on your Naira while also seeing considerable long term appreciation of your funds.

Risevest has a reward program that pays you 3% of the deposit of any friend you refer to the app.

Fairmoney

Fairmoney is a digital, microfinance bank that provides loans of up to N1 million to individuals without collateral.

It pays up to N500 as loan discount for every customer you refer to use the loan app.

Abeg

Abeg is a fintech app that you can use for several financial transactions (transfers, bill payments) as well as receiving money online through giveaways etc

You can sell on Abeg, buy tickets, send money easily, get virtual cards and more.

Abeg pays N750 each time you refer someone to activate their abeg app.

Luno

Luno is a cryptocurrency trading exchange where anyone can buy, sell or trade cryptocurrencies.

Luno has a referral program that rewards you with cryptocurrency for every friend you refer to actively use their Luno account.

The amount rewarded varies.

Cowrywise

Cowrywise is a savings and investment app that helps anyone save towards specific goals and invest in mutual funds.

On Cowrywise you may earn bonuses of fee waivers when you refer a friend to a minimum deposit of N5,000 in their locked savings or investment plan.

ALSO SEE

Tips on Growing Passive Income Online

In Cryptocurrency

Binance Statistics 2022: Top Countries That Use Binance Most [+ Other Key Stats]

April 18, 2022 No Comments

Binance is in the top 3 most used cryptocurrency exchanges in the world. Referred to as the world’s biggest crypto exchange (at least by volume of trading), Binance was founded in 2017 and registered in the Cayman Islands. In 2021 Binance was responsible for $7.7 trillion in crypto exchange volume

Binance in June 2017 launched its own developed cryptocurrency, Binance Coin (BNB). As of 2021 BNB was the cryptocurrency with the third highest market capitalisation in the the exchange.

We look at a breakdown of important Binance Statistics including what countries use Binance the most, trading volumes by top 20 countries and more.

As of 2021 it was estimated that there were 300 million crypto users in the world with about 30 million users on Binance.

Key Binance Statistics

Binance revenue in 2021 was $20 billion
An estimated 30 million people use Binance as at 2021

Countries with the Most Users on Binance

According to available statistics and data from several sources including a Binance report, Similarweb these are countries with most users on Binance (in no order);

Brazil
Nigeria
Turkey
Argentina
Russia
India
Vietnam
Philippines
United Kingdom
United States
Peru

In Loans

Details About Nirsal Microfinance Bank Loans: All You Need to Know

April 11, 2022 No Comments

Nirsal Microfinance Bank is a national microfinance banking institution with over 115 branches across the country (as claimed on their official website). Nirsal microfinance bank is known for its loan products targeted at different segments of the society.

Nirsal (also referred to as NMFB) is a subsidiary of the Nigeria Incentive Based Risk Sharing System for Agricultural Lending (NIRSAL) Plc. Nirsal Plc is a $500 million, non-bank financial institution owned by the Central Bank of Nigeria to redefine and provide agric-business related credit in Nigeria.

It is an initiative of the Central Bank of Nigeria, the Bankers’ committee, and the Federal Ministry of Agriculture & Rural Development.

Nirsal Microfinance Bank Key Objectives

Nirsal microfinance bank has as its objectives;

driving financial inclusion
access to cheaper and affordable funds for small holder farmers
easy access to credit and financial services for SMEs

Nirsal Microfinance Bank Loan Products

Nirsal MFB has several loan products it says are tailored towards meeting the above objectives. Key among the products of the Nirsal Microfinance Bank are;

Nigeria Youth Investment Fund

The Nigerian Youth Investment Fund (NYIF) was set up as an initiative of the Federal Ministry of Youth and Sports Development (FMYSD) and funded by the Central Bank of Nigeria (CBN) to invest in youth ideas to build sustainable businesses that can activate enterprise and increase job opportunities in Nigeria.

The objectives of the fund are;

Access to finance for youth and youth-owned enterprises, for national development
Generate much-needed employment opportunities to curb youth restiveness.
Boost the managerial capacity of the youth and develop their potential to become the future large corporate organizations.

Who is Eligible for the Nigeria Youth Investment Fund (NYIF)?

1. Individuals/Non registered Businesses

Individual within the age bracket of 18 to 35 years
Has a valid BVN and means of ID
Provision of Business plan Summary or Completed Questionnaire
Entrepreneurship Training Certification from FMYSD Entrepreneurship Development Institutes (EDIs)

2. Registered Businesses

Formal business enterprises (Youth owned enterprises), duly registered with the Corporate Affairs Commission (CAC)
Business plan Summary or Completed Questionnaire
Valid Bank Verification Number (BVNs) of Directors
Provision of Tax Identification Number (TIN)
Entrepreneurship Training Certification from FMYSD EDIs

How it Works

Get trained: Applicants attend a compulsory entrepreneurship training with an approved Federal Ministry of Youth & Sports Development (FMYSD) EDIs

Apply for Loan/Submit Application: Successfully trained prospective applicants proceed to NIRSAL Microfinance Bank (NMFB) portal to apply for the loan

Get Approved: NMFB conducts loan assessment in line with Risk Assessment Criteria and programme guideline, make appropriate decision and forward recommended applications to CBN for final approval

Receive Disbursements: CBN reviews applications and gives final approval for disbursement to NMFB

The Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS)

The scheme is an initiative to support the Federal Government’s efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and employment generation.

How it works

Get trained: Attend a compulsory training with a NIRSAL MFB certified Entrepreneurship Development Institute (EDI).

Apply: Create an account by clicking on ‘Apply now’ as an applicant, validate your BVN and select a NIRSAL MFB certified Entrepreneurship Development Institute (EDI).

Receive Funds: Loans are paid into the account of beneficiaries. Unqualified candidates are given feedback.

Get Business Support Services: The Entrepreneurship Development Institute assists you to implement business plan and provide business support services commercially.

Make Sales & Repay Loan: Run your business, keep proper records, monitor sales and expenses to maximize profit and pay back the loan.

Find out more about the agric-business/small & medium enterprises investment scheme.

ALSO SEE

Where to Get Business Loans Without Collateral

In Technology

How to Check or Validate Your National Identification Number (NIN) on All Networks

April 10, 2022 4 Comments

The National Identification Number (NIN) managed by the National Identification Management Commission is a unique 11 digits identification number assigned to a citizen/individual residing in the Federal Republic of Nigeria.

According to the commission it is used to tie all records about an individual in the database and used to verify his or her identity. All citizens and legal residents from birth (age zero) and above are eligible to enrol for their NINs. However only citizens and residents up to 16 years of age can be given the National Identity cards.

The government having made it mandatory for citizens and residents of the country to enrol for their NIN also rolled out directives that everyone should link their mobile phone numbers/lines to their NIN.

After several extensions of the deadline for enrolling for NIN and linking same to phone lines the Telecommunication companies started barring phone lines without linked NIN from making calls.

Why the National Identification Number is Important

From information available on the NIMC website the National Identification Number is planned to be the major identity number with which citizens and residents can be identified for any official transaction. More like the social security number available in the United States.

The linking of phone lines to NIN appears one in many steps to link your identity to your NIN.

According to the NIMC you will need your National Identification Number (NIN) for the following;

Travel (International passport application & acquisition)
Opening and operating personal bank accounts
Getting drivers license
Voters card registration and getting your permanent voters card
Tax payments
Enrolling in National Health Insurance Scheme
Transactions relating to your contributory pension scheme
and more

So apparently if the plans of the government and NIMC go according to plan your NIN becomes a ubiquitous identity necessary for many transactions/activities you will carry out as a citizen/resident of Nigeria.

Have You Registered/Enrolled for Your National Identification Number (NIN)

Before validating or checking for your NIN you have to be sure you have enrolled for and registered for your National Identity card (which process gets you your own unique NIN).

If you are yet to enrol or not sure if you have done so in the past then first thing to do is check if you Enrolled for NIN

How to Check if You are Enrolled and Have a Valid National Identification Number

If you cannot remember if you already registered for NIN, have a valid NIN or can’t find where you misplaced your NIN slip you can check for your NIN through the NIMC USSD code. See below for the code to check NIN.

The NIMC USSD Service

You can use the USSD service provided by the National Identity Management Commission (NIMC) to check for your NIN and retrieve it.

Note you have to use the phone line/number you may have used in enrolling for NIN.

To do this simply

dial *346# and type in 1 from the options displayed for NIN retrieval.
Follow the instructions on your phone screen to complete and get notified if you have a valid NIN tied to your phone line.

Note that you may incur small charge from your Telco (Phone service provider) for the use of the USSD short code.

How to Check NIN on MTN, Glo, Airtel and all major Telecom Service Providers

Whether you use MTN or an Airtel line getting or checking for your NIN is the same process. You use the general code for checking NIN which works across all networks – *346#

The service charge for using the USSD code to check your NIN is N20 as indicated on the NIMC website. However this may change at any time due to economic reasons or from your telecom service provider. You can always check to see the cost of using the USSD code.

In Loans

All You Need to Know About Kuda Bank Overdraft

April 2, 2022 No Comments

Kuda bank is one of the fastest growing digital banks in the country (with its 100% digital banking solution provided through the Kuda bank app).

Not many people know that Kuda bank has an online loan facility for its customers. Usually known as Kuda bank overdraft, the bank says it is a short term loan advanced to customers who have operated an account for sometime and qualify for the loan.

If you have some interest in Kuda bank overdraft we hope this article breaks it down as much as possible.

Information about Kuda Bank Overdraft

On its website Kuda bank describes the Kuda Overdraft as short term loans you can take anytime as long as you use your account regularly.

However we found out that as a Kuda bank customer you may not immediately be eligible to take the overdraft until you’ve operated your bank account for several months as well as done a decent volume of transactions through it.

There is nowhere they state how much or the volume of transactions (deposits for eg) that you need to have done via the bank app to qualify for the kuda bank overdraft. We estimate that for a user to be eligible he/she must have done at least hundreds of thousands of Naira in transactions (especially deposits).

We also think it helps if you use your kuda bank to receive periodic, regular payments like salaries, interests on investments etc.

After some months of using your kuda bank regularly you can then try to apply for the kuda bank overdraft.

Key details of Kuda bank overdraft

Kuda bank is usually a short term loan (30 days) you can use to bridge the gap for a few weeks till you get paid your work salary or for a job done for which you’re expecting payment
For.a kudabank overdraft you are charged 0.3% daily interest. This amounts to 9% monthly interest which appears high compared to other bank online loans such as GTBank Quick Credit
When you apply for the loan/overdraft Kuda will evaluate and show you an amount you are eligible to access.
You have within 3 business days to reject the loan/overdraft offered you. This does not attract any charges.

How to Apply for Kuda bank overdraft

To apply for Kuda bank overdraft you need to have been a customer of the bank for some months already, using the kuda bank app for deposits and other transactions regularly.

If you fulfill the above requirements you can

log into your Kuda bank app,
tap on BORROW
tap – Get Your Overdraft
tap Next
Type in the amount you intend to borrow then tap Done
Confirm with your transaction PIN, finger print or Face ID
Tap OK and the amount will reflect in your account balance for you to spend

ALSO SEE

In Loans

Online Loan Apps With the Lowest Interest Rates in Nigeria

March 23, 2022 No Comments

There are now more than a handful of loan apps in Nigeria. However as users complained, many of them provide loans at high and unsustainable interest rates. Some go as high as 5-10% per month.

If you are considering taking a loan online you definitely want to go for the ones with the lowest interest rates and favourable conditions.

GTBank Quick Credit

GTBank’s Quick Credit is one of the online loans with lowest interest rates. The Quick Credit for personal loan offers loans to individuals at 1.5% interest monthly.

Quick Credit for Small Business also offers loans at 1.5% interest per month.

Interest rate: 1.5% per month

Tenor: up to 12 months

Stanbic IBTC

Stanbic IBTC’s EZ Cash loan for small businesses offers up to N5 million without collateral.

Interest rates: 2.5% per month

Tenor: 6 – 12 months

Access Bank

Access Bank payday loan amount that varies depending on your salary.

Interest Rate: 5%

Tenor: 30 days

Renmoney

Renmoney offers up to N6 million in loans. without collateral.

Interest rate: 2.4% – 9.33% monthly

Tenor: 3 – 24 months

Branch

Branch offers loans of between N1,000 – N200,000 with no collateral.

Interest rate: 1.7% – 22% monthly (depending on your risk profile)

Tenor: 4 to 40 weeks

Carbon

Carbon offers loans of up to N20 million to both individuals and businesses.

Interest rates: 1% – 21% per month (depending on amount, tenor and risk analysis)

Tenor: 1 – 12 months

PalmCredit

Palmcredit, owned by Newedge Finance Ltd, offers loans of up to N100,000 to individuals.

Interest rates: minimum 4% monthly

Tenor: 14 – 180 days

Aella Credit

Aella Credit offers short term loans of up to N1 million.

Interest rates: 6 – 20%

Tenor: 1 – 3 months

RECOMMENDED

Where to Get Business Loans without Collateral

In Loans

Where to Get Business Loans Without Collateral in Nigeria

March 23, 2022 No Comments

A lot of loan apps, lenders focus on personal loans and it seems there are not many options for where to get business loans without collateral in Nigeria.

So we went to work, to research, talk to industry experts and find out where you can get business loans.

These are some of the platforms or places you can secure business loans without collateral easily.

GTBank Quick Credit for Small Business

GTBank’s Quick Credit are not just for personal loans, they also give loans to a specific sector of small businesses.

According to their website Quick Credit for Small Business is a loan aimed at providing working capital of SMEs in the Education (creche, primary and secondary schools), and Healthcare (hospitals, pharmacies and diagnostic centers) sector.

Key Information about the GTBank Quick Credit for Small Business

Interest rate of 1.5% per month
Customers can access up to 50% of annual turnover
Loan tenure of 6 months (up to 12 months for schools)
You must run a corporate or business account for up to 12 months before applying
Funds are disbursed instantly after approval
You can apply via GAPS Lite/GAPs platform
Repayment is structured in two ways: monthly interest payments and quarterly (3 month intervals) principal repayment
A customer can apply for up to N10 million

You can check out the official page for Quick Credit for Small Business here – https://www.gtbank.com/business-banking/sme-banking/loans-advances/quickcredit-for-small-business

GTBank Fashion Industry Credit

This is another business loan product by GTBank and this time it specifically targets fashion businesses. It is a single digit interest rate loan at 9% to provide entrepreneurs in the fashion industry with all the financing they need to grow their business.

More information on the Fashion Industry Credit

You can access up to N5 million max. The minimum loan amount is N250,000
Single digit interest rate of 9% per annum (0.75% per month)
No extra fees
Flexible repayment period spread over 360 days
Customers can access up to 50% of their annual turnover (so if for eg your business does N5m in sales a year you can access up to N2.5m in loans)
You can apply for Fashion Credit via the GAPs lite app or reaching out to your account office

Additionally GTBank also provides loans to businesses in the fashion retail industry.

Fairmoney Microfinance Bank

Fairmoney is a microfinance bank licensed by the CBN to provide financial and lending services.

Fairmoney promises up to N5m in loans to small businesses without collateral. It also says it processes loan applications within 24 hours. Their loans are available for up to 12 months tenure.

The process for applying to Fairmoney business loan is as follows;

Fill out the online application
Upload required documents
Your loan is processed and disbursed within 48 hours

You can find more information about Fairmoney SME loan here – https://www.fairmoney-smeloans.ng/

Standard Chartered Smart Business Loan

Standard Chartered Bank says its smart business loans can provide up to N20 million capital for businesses without collateral.

They also say the smart business loans have flexible repayment plans for up to 2 years. You have to be a customer of the bank to apply for the loan.

More information about the Smart Business Loan

You can request topup on the existing loan after 12 months if you have been making repayment on schedule
You can apply for the Smart Business Loan online via the bank’s app or website

To find more information about the Standard Chartered Smart Business Loan go here – https://www.sc.com/ng/business/working-capital/smart-business-loan/

Renmoney

Renmoney says it offers loans to small businesses as well as personal loans.

You have to be between 22-59 years old, maintaining a current account and have a business generating income to be eligible to apply for their business loan.

Lendigo

On its website Lendigo says it offers loans to several types of SMEs; distributors, ecommerce merchants, POS agents among other small businesses.

The maximum loan amount is N10 million.

Loans can be applied for through the Lendigo mobile app.

You can find more information about Lendigo’s small business loans on their website – https://lendigo.ng/

Advance Nigeria Business Loans

Advans La Fayette is a microfinance bank that says it provides small businesses with loans at affordable interest rates with no prior savings required.

They have different loans for small businesses up to N5 million repayable within 6 – 24 months.

From their website it is not clear whether one can apply for the loans online or through the bank’s physical office.

You can check out their website for more information – https://www.advansnigeria.com/business/loans/

Stanbic IBTC Ezcash

Stanbic IBTC Bank has what it calls the EZ cash for SMEs.

Up to N5m in loans to meet your business needs at an interest rate of 2.5% monthly and a payback period of up to 12 months.

The bank says it’s an instant loan that can be accessed by customers of the bank. Customers can apply via a USSD code or through the bank’s mobile app or website.

For more information visit – https://www.stanbicibtcbank.com/nigeriabank/business/products-and-services/finance-your-business/business-loans/see-all-loans/EZ-Cash-for-SMEs

Carbon

Carbon is a financial services firm that offers a suite of digital banking services to small businesses that includes online payments, funds transfer and business loans.

It says it can offer up to N20 million loan to a business client at affordable interest rates without collateral.

To qualify for a Carbon Small business loan it says on their website you have to

have been in business for at least 6 months
have up to N1 million in monthly revenue
in need of expanding your business

You can access more information about Carbon loans for small business here – https://sme.getcarbon.co/

Lidya

Lidya offers financial services to SMEs enabling them track payments, manage invoices etc.

Lidya offers small businesses loans to finance their working capital without collateral. It is unclear how much they can offer to SMEs and the interest rates (from their website) so you may need to do more diligence on that one.

Lidya analyses your bank statements to determine if you are eligible for a loan and how much you can get.

See the Lidya website for more information – https://www.lidya.info/ng/en/home/

Aella Credit

Aella offers credit/loans for both personal and business. You will have to download their mobile app on the playstore or apple store.

According to their website Aella business loans require no paperwork, rollover fees.

Check out their web page for more information – https://www.aellaapp.com/aella-credit

Rosabon Finance Business Support Loan

Rosabon Financial Services is a member of the Concept Group licensed by the CBN to offer loans, leases and investments to individuals and businesses.

Rosabon has what it calls the Sole Proprietor Busines Support Loan (SPBSL). Under the business support loan applicants (registered and unregistered businesses) can get up to N3 million loan.

Application is made online. Flexible repayment of up to 6 months, minimal documentation required. Other requirements include home/office visitation, copy of government issued ID card, utility bill, etc.

Check for more details on their website – https://www.rosabon-finance.com/Loans/sole-proprietor-business-support-loan.html

In Cryptocurrency

How to Create, Buy and Sell NFTs

March 22, 2022 No Comments

Non-fungible tokens (NFTs) are unique collectible digital assets (crypto assets) that represents real-world objects like art, music, in-game items and videos.

Since launch of bitcoin in 2009, the cryptocurrency and blockchain technology made it easier to transfer value on the internet without a third party. NFTs extends this functionality to enable creating, buying and selling of unique digital assets and real-world assets to blockchain.

Whereas crypto assets like bitcoin and ether are fungible, or exchangeable, NFTs, thanks to blockchain technology, enable digital assets that are verifiably unique and unexchangeable. In other words, NFTs provide the much-needed non-fungibility for bringing unique digital assets and real-world assets to the blockchain.

An NFT can represent digital art, an in-game asset, music or any other item that requires a system for authenticating its uniqueness, rareness and ownership status in the digital realm.
The ownership of an NFT can be transferred in exchange for digital currencies without involving third parties. However, for this to happen, interested buyers and sellers must perform this task on a platform specially designed to allow the listing, buying and selling of NFTs. These platforms are called NFT marketplaces.

What are things / Asssets NFT can Represent?

NFTs can be used to represent virtually any type of real or intangible item, including:

Artwork
Virtual items within video games such as skins, virtual currency, weapons and avatars
Music
Collectibles (e.g. digital trading cards)
Tokenized real-world assets, from real estate and cars to racehorses and designer sneakers
Virtual land
Video footage of iconic sporting moments

How to make an NFT

Making your own NFT, whether it be a GIF or an image, is a relatively straightforward process and doesn’t require extensive knowledge of the crypto industry. NFT artwork can also be used to create collectibles like sets of digital trading cards.

Flow by Dapper Labs
Tron
EOS
Polkadot
Tezos
Cosmos
WAX

Each blockchain has its own separate NFT token standard, compatible wallet services and marketplaces. For instance, if you make NFTs on top of the Binance Smart Chain, you will only be able to sell them on platforms that support Binance Smart Chain assets. This means you wouldn’t be able to sell them on something like VIV3 – a Flow blockchain-based marketplace – or OpenSea which is an Ethereum-based NFT marketplace.

Since Ethereum has the largest NFT ecosystem, here’s what you’ll need to make your own NFT artwork, music or video on the Ethereum blockchain:

An Ethereum wallet that supports ERC-721 (the Ethereum-based NFT token standard), such as MetaMask, Trust Wallet or Coinbase Wallet.
Enough ether (ETH) to pay the gas fees. If you are using a Coinbase wallet you can buy ether from the platform with U.S. dollars, British pound sterling and other fiat currencies. Otherwise, you will need to purchase ether from a cryptocurrency exchange.

Once you have these, there are a number of NFT-centric platforms that allow you to connect your wallet and upload your chosen image or file that you want to turn into an NFT.

The main Ethereum NFT marketplaces include:

OpenSea.io
Rarible.com
Mintable.app
Binance.com/en/nft

Makersplace.com also allows you to make your own NFTs but you have to register to become a listed artist on the platform beforehand.

OpenSea, Rarible and Mintable all have a “create” button in the top right corner.

How to make an NFT on OpenSea

Here’s how the process works on OpenSea, currently the largest Ethereum-based NFT marketplace.

Clicking the “create” button (blue) will take you to a screen that asks you to connect your Ethereum-based wallet. Once you’ve entered your wallet password when requested it will automatically connect your wallet with the marketplace. You may have to digitally sign a message in your Ethereum wallet to prove you own the wallet address, but it’s just a case of clicking through to proceed.

Digitally signing a message does not incur a fee, it’s just to show that you have ownership over the wallet.

The next step on OpenSea is to hover over “create” in the top right corner and select “my collections.” From there, click the blue “create” button as shown below.

A window will appear that allows you to upload your artwork, add a name and include a description.

This part is essentially just you creating a folder for your newly created NFTs to go in.

Once you’ve assigned an image for your collection, it will appear as shown below (blue). You’ll then need to add a banner image to the page by clicking on the pencil icon in the top right corner (red).

Add a banner image to NFT collection on OpenSea

Your page should end up looking something like the image below.

Now, you’re ready to make your first NFT. Click on the “Add New Item” button (blue) and sign another message using your wallet.

You’ll arrive at a new window where you can upload your NFT image, audio, GIF or 3D model.

On OpenSea and many other marketplaces, you also have the option to include special traits and attributes to increase the scarcity and uniqueness of your NFT. Creators even have the opportunity to include unlockable content that can only be viewed by the purchaser. This can be anything from passwords to access certain services to discount codes and contact information.

NFT traits on the Ethereum-based OpenSea platform.

Once you’re finished, click “create” at the bottom and sign another message in your wallet to confirm the creation of the NFT. The artwork should then appear in your collection.

How much does it cost to make NFTs?

While it costs nothing to make NFTs on OpenSea, some platforms charge a fee. With Ethereum-based platforms, this fee is known as “gas.” Ethereum gas is simply an amount of ether required to perform a certain function on the blockchain – in this instance, it would be adding a new NFT to the marketplace. The cost of gas varies depending on network congestion. The higher the number of people transacting value over the network at a given time, the higher the price of gas fees and vice versa.

Top tip: Ethereum gas fees are significantly cheaper on average during the weekend when fewer people are transacting value over the network. This can help keep costs down if you’re listing multiple NFTs for sale.

How to buy NFTs

Before you rush to buy NFTs, there are four things you need to consider first:

What marketplace do you intend to buy the NFTs from?
What wallet do you need to download in order to connect with the platform and purchase NFTs?
Which cryptocurrency do you need to fund the wallet with in order to complete the sale?
Are the NFTs you want to buy being sold at a specific time, i.e. via a pack or art drop?

As you can probably guess by now, certain NFTs are only available on specific platforms. For example, if you want to purchase NBA Top Shot packs you will need to open an account with NBA Top Shot, create a Dapper wallet and fund it with either the USDC stablecoin or supported fiat currency options. You will also have to wait for one of the card pack drops to be announced and try your luck in trying to buy them before they sell out.

Pack and art drops are becoming increasingly common as a method for selling scarce NFTs to an audience of hungry buyers. These drops normally require users to sign up and fund their accounts beforehand so that they don’t miss out on the opportunity to purchase NFTs when they drop. Pack and art drops can be over in seconds, so you need to have everything ready ahead of time.

How to sell NFTs

To sell your NFTs on a marketplace, you’ll need to locate them in your collection, click on them and find the “sell” button. Clicking this will take you to a pricing page where you can define the conditions of the sale including whether to run an auction or sell at a fixed price.

Ether and other ERC-20 tokens are the most common cryptocurrencies you can sell your NFTs for, however, some platforms only support the native token of the blockchain they were built upon. VIV3, for example, is a Flow blockchain marketplace and only accepts FLOW tokens.

By clicking on the “edit” button next to the collection image on OpenSea, signing the message using your wallet and scrolling down, you have the option to program in royalties and select which ERC-20 token you’d like to receive for selling the NFT. Royalties allow NFT creators to earn a commission every time the asset is sold to a new person. This has the potential to create lifelong passive income streams for artists and other content creators automatically thanks to smart contracts.

Listing NFTs on a marketplace sometimes requires a fee in order to complete the process. While it’s not the case with every platform, it’s something to be mindful of when creating NFTs.

Where to buy NFTs

For crypto traders who are primarily interested in buying NFTs, here is a list of the most popular NFT marketplaces in 2021:

In General

Top Three Countries You Can Study Abroad For Free

March 15, 2022 No Comments

Would you like to study in a country where you don’t have to pay a dime for your tuition? So many people want to study abroad for different reasons probably a dream to study abroad or a search for quality education and good life. Whatever the reason, students are usually faced with one major challenge and question “how do you do you fund your studies abroad”?

The standard of living and the caliber of schools and universities in so many countries has made it impossible for students without deep-pockets or proper sponsors to afford. Without a scholarship or grant, students often find it difficult to pay or continue paying for their education.

There are so many ways international students can sponsor their studies abroad especially in Canada, you can find out more about that here. One of the easiest ways to study abroad without spending much from your pocket is to find countries where education is free for everyone. You may not have heard, but there are so many countries that offer free education to international students from around the world.

The countries listed below are the top five in the world where students can study completely free and you don’t have to pay a dime. However, you will need to take care of other requirements such as paying for your accommodation, transportation, and feeding. Some countries will also require you to provide proof of funds in the form of a bank statement to ensure you have the proper finance to take care of other expenses except your tuition which is free.

Below are the top three countries where you can study for free. The problem you may encounter is getting a visa and traveling abroad when you don’t have the correct document or meet the eligibility requirement to move to the country. You can check out this free assessment calculator that tells you if you meet the necessary requirements to study abroad.

Top Three Countries in the World to Study For Free

Here are the top three countries you can study abroad free:

Germany

Germany is one of the top countries in Europe and in the world and it is home to some of the best and top-ranked universities. Studying in public schools or universities in Germany is completely free for all international and local students. You are only required to pay a small fee of about €100 (£75) to €250 (£185) per semester and for your accommodation, your budget should be between €800 (£595) to €1000 (£695) per year. This is a very small fee to pay when compared to other top countries in Europe and in the world.

Norway

Norway is one of the most beautiful countries in the world with lots of beautiful and quality universities offering international students tuition-free course programs for undergraduate, postgraduate, and doctoral levels. The Norwegian government uses money collected from taxes in the country to finance these studies. The downside to studying in Norway is that so many universities there offer their courses in the Norwegian language. Although there are still so many universities that offer courses in the English language. A better solution is to learn the Norway language within the first six months in the country.

Sweden

Sweden also has some of the best universities in the world with beautiful and standard learning environments for all students. The only expensive thing about Sweden just like Norway is the cost of living. Education is completely free, however, the cost for feeding, accommodation, and general living expenses is quite high.

How Do You Afford Other Expenses Since Tuition is Free

The countries mentioned above are completely tuition-free, but you still need to feed yourself and pay for your accommodation which can also be expensive. The best way to raise funds and meet the proof of funds requirement is to get a sponsor. A sponsor does not necessarily have to be a direct relative or parent, you can find sponsors in your community, religious groups, etc. To find out more on how to get sponsors to study abroad, read this article for the complete sponsorship guide.

Another way to afford your accommodation and other expenses while studying abroad is to find a job. So many of the countries listed here permit students to work while studying. This way, you can raise money for yourself and also be financially independent and free.