Fintech PR
MonieWorx Encore Campaign Raises ₦260 Million in 7 Days – funded 10 SMEs in 6 months
- MonieWorx is the largest membership and most active securities crowdfunding platform in Nigeria.
- Recent funding round raised significant capital for seven SMEs in seven days.
- MonieWorx is the poster child for leveraging Africa-originated crowd securities to facilitate online capital formation.
LAGOS, Nigeria, Aug. 29, 2023 /PRNewswire/ — MonieWorx, the SEC regulated crowdfunding marketplace operated by Obelix 4.1.1 Alternative Finance Ltd, a SEC- licenced Operator of regulated markets for investors and issuers of crowd securities, has closed its Encore Campaign, raising an impressive ₦260 million in just seven days. This is a milestone achievement for MonieWorx, its investing and fundraising partners as well as the alternate finance marketplace.
In its pioneer campaign six months ago dubbed “100-in-10”, MonieWorx successfully raised ₦100M for three SMEs in ten days. This created a groundswell that occasioned an encore campaign during with ₦260M was raised for seven SMEs in ten days.
Three of the SMEs that listed debt securities on MonieWorx® during this encore campaign, [i.e. Megavision Lighting Ltd, Online Health Company Ltd and Worthrust Resource Ltd] achieved 100% subscription within six days of listing, while the other four SMEs [i.e. Beehive School Ltd, Jade & Mary Paper Mills Ltd (trading as Cobhams Manufacturing), Sentient XT Creative Services Ltd and 8ight Unique Global Telecoms Ltd] achieved 100% subscription a day after; bringing the encore campaign to closure in seven days after successfully achieving 100% subscription.
This success highlights the commitment of the MonieWorx to creating a viable alternative marketplace for investors seeking safe and viable investment opportunities and SME businesses seeking working and growth capital.
The campaign saw the debut of GCN Crowd Notes, [priced at 19%] – a fixed income product with a cover – that was structured in response to the feedback from the MonieWorx community of investors. Members of this community have lost as much as ₦100 million to ponzi schemes. The design of the GCN Crowd Note is intended to provide principal protection thus assuaging the concern and inoculating against past trauma.
MAX Crowd Notes – the vanilla offering on MonieWorx -was designed for investors who want to optimise their returns and was priced at 21% per annum.
In keeping with one of its unique value propositions of making every Friday a payday, it is noteworthy that the encore campaign ended on Wednesday August 23rd and the first interest payment to investors happened on Friday, August 25th. Payday Friday is a sacrosanct proposition on MonieWorx®
The encore campaign attracted strong interest from Nigerians in diaspora – particularly those resident in the US, India, Canada, the UK, China, Netherlands, Finland, Germany, Austria, and Philippines. In response, MonieWorx engaged this audience by hosting interactive sessions on Instagram Live and X Spaces, ensuring transparency and building the trust necessary to grow the MonieWorx community solidifying transparency and trust as the Campaign progressed.
Adesola Adeyinka, the COO of MonieWorx, commented on the SME selection process as a critical step in protecting investor funds and preserving the platform’s zero default record, “The screening committee admits only established and thoroughly vetted SMEs as fundraisers. Beyond the obvious financial screening, 360-degree references are independently obtained on both the business and its promoters to ascertain that their characters and values are in alignment”. She added further that “in the just concluded cohort, only a fifth of the shortlisted applicants were successful.”
The CEO of Cobham Manufacturing, Adetokunbo Balogun, had this to say: “Raising on MonieWorx is cheaper, faster and way more convenient than raising with a traditional bank.”
A Canada-based investor, Grace Aondona, had this to say: “The essence of investing is to beat inflation, and MonieWorx takes me closer to that goal than any other legitimate investing app in Nigeria.”
Oye Oladejo, who is a doctoral student at De Montfort University in the UK and is currently covering MonieWorx as part of her research study on crowdfunding and alternative financing for MSMEs in Nigeria opined: “The MonieSessions on X and Instagram were very insightful. I see that MonieWorx customer propositions compare favourably with what obtains in other climes.”
Some members of the audience at the X Spaces MonieSessions [August 21, 2023] titled ‘Small Investments Do Add Up: Over 50 million crowdsourced for SMEs in 2 days‘ declared after the event that, “It was engaging and insightful, with great time management. There were no rambling or boring people.”
The success of this encore campaign underscores the power of collective investing, with fundraisers bringing their network to the marketplace, many investors from the pioneer campaign returned in a show of trust while many small ticket first time investors took advantage of low entry ticket price of
₦1,000 with subsequent increments of ₦50 thereafter. The platform’s inclusive approach allowed a diverse pool of investors to participate thus encouraging investment across all income levels and a renewed vigour in the fight against keeping funds idle.
MonieWorx remains steadfast in its mission to provide SME financing and support to Nigerian businesses, facilitating their success and growth. Its dedication to making investments accessible and profitable for Nigerians
regardless of socio-economic standing, continues to drive positive change within the financial sector.
Obelix is an investment-based regulation crowdfunding intermediary incorporated in Nigeria on August 1, 2021, and the operator of a debt-based funding portal branded MonieWorx. The company is licensed under the Investments and Securities Act (ISA) and is regulated by the Securities and Exchange Commission (SEC) of Nigeria effective December 1, 2022.
Its stated objective is to orchestrate an economic exchange and multilayered ecosystem of new sustainable opportunities in Africa. For more information on Obelix’s journey, please visit https://monieworx.com/ or connect with us on social media (handle: our_monieworx), where the most promising SMEs and like-minded investors learn from and support each other, which gave birth to MonieWorx tagline of “People Investing in People.”
Obelix is widely recognized as the pioneer of regulation crowdfunding (Reg CF) and the SME-focused financier of first choice in Nigeria. Crowdfunding is proving itself as a financial solution that speaks to the largest numbers through its simplicity, its transparency, and the service it provides to the local economy and to projects that are meaningful for retail investors.
Historical results are not indications of future results. Certain of the statements contained in this news release may be statements of future expectations and other forward-looking statements that are based on Obelix’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in such statements.
The forward-looking statements contained in this announcement speak only as of the date hereof. Obelix expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking information contained in this announcement. Certain information was obtained from
sources that it believes to be reliable; however, Obelix does not guarantee the accuracy or completeness of any information obtained from any third party.
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View original content:https://www.prnewswire.co.uk/news-releases/monieworx-encore-campaign-raises-260-million-in-7-days–funded-10-smes-in-6-months-301912988.html
Fintech PR
President Emmerson Mnangagwa met this week with Zambia’s former Vice President and Special Envoy Enoch Kavindele to discuss SADC’s candidate for the AfDB
President Mnangagwa, who is SADC Chairperson, reaffirmed his own country’s and SADC’s enthusiastic support for Zambian candidate Sam Maimbo
LUSAKA, Zambia, Dec. 20, 2024 /PRNewswire/ — Special Envoy Kavindele released the following statement following the meeting:
“I am elated to witness the growing success and momentum of Sam Maimbo’s candidacy to become the next President of the African Development Bank. I am filled with gratitude to our friends across both SADC and COMESA for their continued support and good wishes.
Sam has garnered such wide consensus due to his being uniquely qualified to deliver the transformative change and empowerment our continent needs. Sam’s 30 years in development work is defined by driving outcomes, improving processes, and investing in people. The AfDB needs a hands-on leader who is laser focused on delivering results and who is unafraid of making tough decisions in order to best serve our continent. Sam is that leader. Sam has the track record and experience to drastically enhance the pace, scale, and impact of the Bank’s work in service of the people and governments of Africa.
Our region has a proud history of supporting fellow Southern Africans. For example, we all recall Lusaka’s role in hosting the African National Congress’ headquarters during the dark days of Apartheid oppression.
It therefore gives me no pleasure to observe my South African brothers, who have themselves leant on Zambia’s steadfast friendship over many decades, fail to rally behind both SADC and COMESA’s chosen candidate for the AfDB. Africa’s urgent economic development challenges demand transformational leadership at the AfDB, it is all of our responsibility to put forward the best candidate for the job. This is not the time or place for a government to act with narrow self-interest, we all must act in the continent’s and AfDB’s best interest.
I thank Sam Maimbo for his lifelong service to our entire continent, and I am eager to witness his enormous impact as President of the AfDB.”
LONDON, Dec. 20, 2024 /PRNewswire/ — Heimdal Security shares a practical holiday cybersecurity checklist, offering expert insights to help businesses safeguard against cyber threats this festive season.
With reduced staffing, remote work setups, and a surge in online shopping creating heightened vulnerabilities, this guide offers actionable tips to enhance business security.
Going beyond basic advice, the checklist also highlights the most common holiday scams and features videos showcasing real-life examples of Christmas-themed cyber scams and effective prevention strategies.
Key Tips to Protect Businesses This Holiday Season:
- Strengthen endpoints: Ensure devices are updated with antivirus and endpoint protection software; consider Endpoint Detection and Response (EDR) and application whitelisting.
- Prepare for phishing spikes: Train staff to identify suspicious emails, enforce robust email filters, and establish protocols for reporting unusual activity.
- Secure remote access: Mandate VPN usage, monitor unusual logins, and deactivate inactive accounts temporarily.
- Segment and shield networks: Isolate sensitive areas, deploy DNS security and advanced firewalls, and maintain full visibility over network traffic.
- Apply timely patches: Regularly update all systems and test patches in a controlled environment to minimize disruptions.
- Mitigate supply chain risks: Assess vendors thoroughly and limit their access to essential systems.
- Have a response plan ready: Tailor incident protocols for the holidays, create an on-call rotation for the IT team, and enable rapid action against suspicious activity.
“ Cybercriminals thrive on holiday distractions, but with proactive measures like phishing training, secure endpoints, and network segmentation, businesses can stay ahead of potential threats,” said Alex Panait, System Administrator at Heimdal Security.
Common Holiday Scams That Businesses Should Watch For:
Cybercriminals often tailor their tactics to exploit the festive season. The most common scams include:
- Spear phishing: Emails disguised as holiday bonuses or event invitations that steal credentials or spread malware.
- Malicious holiday E-Cards: Festive greetings that contain links deploying ransomware or spyware.
- Fake E-Commerce sites: Fraudulent websites offering discounts to steal payment information.
- Insider threats: Distracted or disgruntled employees mishandling or exploiting sensitive data.
- Corporate travel scams: Fake booking platforms targeting business travelers.
- Business email compromise (BEC): Fraudulent requests for urgent wire transfers during year-end financial rushes.
For more, read the full article here or watch the video on YouTube to see how these threats unfold and learn actionable prevention strategies.
About Heimdal:
Established in Copenhagen in 2014, Heimdal® empowers CISOs, security teams, and IT administrators to improve their security operations, reduce alert fatigue, and implement proactive measures through a unified command and control platform.
Heimdal’s award-winning cybersecurity solutions span the entire IT estate, addressing challenges from endpoint to network levels, including vulnerability management, privileged access, Zero Trust implementation, and ransomware prevention.
For further press information:
Madalina Popovici
Media Relations Manager
[email protected]
View original content:https://www.prnewswire.co.uk/news-releases/stay-cyber-safe-this-holiday-season-heimdals-checklist-for-business-security-302337465.html
Fintech PR
According to Tickmill survey, 3 in 10 Britons in economic difficulty: Purchasing power down 41% since 2004
The people who have the most problems are women (30%) and are between 35 and 49 years old (39%)
ROME, Dec. 20, 2024 /PRNewswire/ — The purchasing power in the UK has dropped by 41% over the last 20 years. Today, £100,000 left in a bank account since 2004 without being invested would now be worth £59,021.
This figure is one of the findings from a study conducted by Tickmill, an international online trading broker that compared the economic situation in the UK and the European Union through the infographic “Purchasing Power and Cost of Living: UK vs EU”.
The analysis reveals a slight decline of 0.4% in the UK’s purchasing power, which currently stands at £41,573. In contrast, the European Union has seen a modest rise of 0.1%, reaching £40,874.
Why is purchasing power declining in the UK? One key factor is the cost of living. If the UK were still part of the European Union, it would rank as the fifth most expensive country, behind Ireland, Luxembourg, Denmark, and the Netherlands.
Unsurprisingly, 3 in 10 Britons are struggling with the cost of living. Women (3 in 10, compared to 25% of men), those aged between 35 and 49 (4 in 10), households earning less than £15,000 (6 in 10), and single parents (1 in 2) are among the most affected groups.
Among UK nations, Northern Ireland is the hardest hit, with 34% of its population facing financial difficulties, followed by Wales (31%), England (28%), and Scotland (22%). In England, the North East has the highest percentage of people struggling, with 4 in 10 residents affected. Even in London, the high costs impact 1 in 4 adults.
In response to these challenges, Britons are making significant adjustments:
- 53% have cut back or delayed spending on smaller items like eating out, entertainment, subscriptions, clothing, toys, books, etc.;
- 52% have reduced household energy consumption;
- 48% have decreased their grocery spending;
- 41% have scaled back or postponed major expenditures, such as holidays, cars, and weddings;
- 26% are working longer hours, taking on overtime, or pursuing additional jobs to earn extra income.
The British also made changes on the financial side. One in four adults has been forced to dip into their savings or investments to cover daily expenses. Moreover, 44% have stopped saving or investing entirely or have reduced their savings and investments—a 4% increase compared to 2023.
The lack of investment is another critical factor contributing to the decline in purchasing power. It is estimated that 13 million UK residents hold £430 billion in cash deposits but do not invest. The reasons? Seventy-four percent say they cannot compare investment products effectively, and 43% are afraid of losing their money.
A lack of knowledge and fear are preventing many savers from taking advantage of an important opportunity: preserving or increasing their purchasing power in the long term.
Photo: https://mma.prnewswire.com/media/2586123/Tickmill.jpg
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View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/according-to-tickmill-survey-3-in-10-britons-in-economic-difficulty-purchasing-power-down-41-since-2004-302337354.html
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