Author: Ola

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8 Financial Lessons You Need As An Adult

  1. Set clear financial goals You can’t have financial freedom without first setting a gol   2. Start saving as soon as you can     3. Spend less than you earn Spending more than one’s earnings is   4. Only buy what you need When you buy only what you need, you will be able to save money by staying away from things that are of no use to you. 4. Never spend without a budget Having a personal budget combined with a scale of preference, goes a long way in helping to improve one’s finances. With a budget, you are able to highlight what you should be spending money on now and what you should put off. You’ll also have a picture of what your income will be, how much you’ll be able to spend and how much you’ll be able to save. Having a budget helps you live within your mens. 6. Utilize every cost saving opportunity Every now and there, figure out a way to save money on your spendings. Go for those discounted items, Reduce the frquency at which you use some paid services, figure out substitutes for expensive items without compromising on quality. Every Naira you can save matters.   7. Protect yourself and loved ones through insurance    

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Requirements For Fintech & Payment Solution Service Providers In Nigeria

The financial sector is one of the most regulated sectors in Nigeria. As such, companies operating in the sector are required to meet stringent requirements before they can operate in the country. For a Fintech company to operate legally in Nigeria, it must get a license from the CBN. The Central Bank of Nigeria (CBN) is the regulatory body saddled with the statutory duty of administering the affairs of the financial activities in Nigeria. According to the information published by the CBN in 2021, there are six (6) license categories for Fintech companies in Nigeria, which are Switching and Processing license, Mobile Money Operator license, Payment Solution Services (PSS) license, Payment Terminal Service Provider (PTSP) license, Payment Solution Service Providers (PSSP) license, Super Agent license.   LICENCE CATEGORY CAPITAL REQUIREMENT 1. SWITCHING AND PROCESSING LICENCE 1. N2,000,000,000.00 shareholders’ funds unimpaired by losses. 2. Preceding 3-years audited financial statements of the company (If applicable). 3. Deposit of refundable N2, 000, 000, 000 in Escrow into CBN PSP Share Capital Deposit Account in one lump sum and made in the name of the company applying for the licence. The Escrowed funds are invested in treasury bills, subject to availability of treasury instruments and would be refunded accordingly. 2. MOBILE MONEY OPERATOR LICENCE 1. N2,000,000,000.00 shareholders’ funds unimpaired by losses. 2. Preceding 3-years audited financial statements of the company (If applicable). 3. Deposit of refundable N2, 000, 000, 000 in Escrow into CBN PSP Share Capital Deposit Account in one lump sum and made in the name of the company applying for the licence. The Escrowed funds are invested in treasury bills, subject to availability of treasury instruments and would be refunded accordingly. 3. PAYMENT SOLUTION SERVICES (PSS) 1. N250,000,000.00 shareholders’ funds unimpaired by losses 2. Preceding 3-years audited financial statements of the company (If applicable) 3. Deposit of refundable N250, 000, 000(for entities applying for the three (3) licences at the same time: PSSP – N100m, PTSP – N100m, and Super Agent – N50m)  in Escrow into CBN PSP Share Capital Deposit Account in one lump sum and made in the name of the company applying for the licence. The Escrowed funds are invested in treasury bills, subject to availability of treasury instruments and would be refunded accordingly. 4. PAYMENT TERMINAL SERVICE PROVIDER (PTSP) LICENCE 1. N100,000,000.00 shareholders’ funds unimpaired by losses. 2. Preceding 3-years audited financial statements of the company (If applicable). 3. Deposit of refundable N100, 000, 000 in Escrow into CBN PSP Share Capital Deposit Account in one lump sum and made in the name of the company applying for the licence. The Escrowed funds are invested in treasury bills, subject to availability of treasury instruments and would be refunded accordingly. 5. PAYMENT SOLUTION SERVICE PROVIDER (PSSP) 1. N100,000,000.00 shareholders’ funds unimpaired by losses. 2. Preceding 3-years audited financial statements of the company (If applicable). 3. Deposit of refundable N100, 000, 000 in Escrow into CBN PSP Share Capital Deposit Account in one lump sum and made in the name of the company applying for the licence. The Escrowed funds are invested in treasury bills, subject to availability of treasury instruments and would be refunded accordingly. 6. SUPER AGENT LICENCE 1. N50,000,000.00 shareholders’ funds unimpaired by losses. 2. Preceding 3-years audited financial statements of the company (If applicable). 3. Deposit of refundable N50, 000, 000 in Escrow into CBN PSP Share Capital Deposit Account in one lump sum and made in the name of the company applying for the licence. The Escrowed funds are invested in treasury bills, subject to availability of treasury instruments and would be refunded accordingly.   Bloovera helps entrepreneurs across the world take care of all their business, creative and digital needs. Do you have any question or you would like us to be of help, feel free to reach out to us on any of our contact channels. Call/WhatsApp +23409053334874

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Understanding Trademark Registration in Nigeria

Trademark registration is important if you have a brand that you need to protect. In Nigeria, entrepreneurs register trademarks mainly for two reasons; one is to protect their brand and second, due to regulatory requirement. If you want to produce a product that requires approval of the National Agency for Food And Drug Administration and Control (NAFDAC), you will be required to register a trademark.   The government agency in charge of trademark registration in Nigeria is the Trademarks, Patents and Designs Registry, Commercial Law Department of the Federal Ministry of Industry, Trade and Investment in the Federal Capital Territory, Abuja. The registration can only be carried out through the engagement of an accredited agent who are certified to carry out trademark registrations on behalf of an applicant.   Below are what you need to know about trademark registrations in Nigeria. You need an accredited agent to register a trademark in Nigeria. You can trademark a name, logo or a combination of both. For your trademark to be registrable, it must meet the following requirements. * It must be distinctive * It must not b in conflict with an existing trademark * It must not be against public morality * It must not resemble the flag, coat of arms, or emblem of any country without appropriate authorization Individuals and companies are eligible to register a trademark Foreigners are also eligible to register a trademark in Nigeria. Nigeria uses the Nice Classification as it is a party to the Paris Convention for the Protection of Industrial Property. There are 45 classes of trademarks for products and services of which you can choose any class that best suit you. You can only choose one class per registration. Registering a trademark in Nigeria protects your trademark across Nigeria. Where there is an infringement against your registered trademark, civil and criminal action an be taken against the infringer. registering your trademark in Nigeria does not protect such trademark in other countries. To have your trademark protected in other countries, you will have to register same in each country where you want it protected. You can also register it with regional agencies such as the African Regional Intellectual Property Organisation, European Union Intellectual Property Office etc. However, Nigeria is not a member of any of these organizations, meaning you will have to register your trademark in Nigeria to have it protected in Nigeria. As an intellectual property, your trademark can be licensed, tranfered, assigned or sold. If you have any question or you want us to help you with your trademark registration, our accredited agents are on ground to be of help. Feel free to reach out to us through any of our contact channels. Call/WhatsApp 09053334874

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8 Signs Your Business Is Failing

Most failed businesses did not fail without prior notice. There are always signs but often we fail to see them. Below are eight sights your business could be failing. 1. Your sales figure is going down Are you doing poorly on sales. It could be a sign your business is failing. While now and then it’s possible to see sales slow down, if this persist for a long time, you need to take a concern look at the entire business to ensure the wheels are not losing.   2. Your available fund is going down Do you see the money belonging to your business going down. It could be a sign your business is failing. If you’re doing poorly on sales, and there are issues with other areas of your business such as operations, it will have a negative effect on your finance.   3. You’re becoming late on payments Once a business is doing poorly on finance, it begins to take a toll on payments. Do you find yourself becoming late on payments to your creditors, suppliers, employees or distributors, it’s a sign your business might need critical attention.   4. Creditors and investors are turning you down If you’ve been finding it easy to raise funding before, and now creditors and investors are reluctant to give you money, it’s possible there is something wrong with your business that you’ve failed to see.   5. Your best employees are quitting Because your best employees are quitting doesn’t mean they’ve gotten a better offer. It’s possible your workplace has become toxic which could be a sign of a bigger problem.   6. Your number of customer complaints is growing You find your customers are complaining unprecedently. It could be a sign something is not working as it should be. Your product or service quality might be dropping. How are you doing on customer experience. Remember, something leads to something. 7. Your most valuable customers are leaving you If you find your most valuable customers abandoning you for your competitors, it’s not necessarily because they got a better offer. It could be a sign of a failing business. A failing business will certainly lead to loss of valuable customers.   8. You’re facing constant issues with your products and services Poor sales, inadequate financing, unmotivated employees, poor management. These will all lead to the delivery of poor products and services.   Keep an eye on the various aspects of your business. No doubt, time to time you will find isolated problems in your business but isolated problems becoming prevalent or unsolved could lead to bigger problem. See your business like a machine with multiple parts working together for a common outcome. One part goes down unfixed and the whole machine could soon stop working.     Bloovera helps entrepreneurs across the world take care of all their business, creative and digital needs. Do you have any question or you want us to be of help to you, feel free to reach out to us through any of our contact channels.   Call/WhatsApp +23409053334874

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6 Sources of Money To Start Your Business

Starting a business is challenging, especialy when it’s your first time. While there are many things to deal with, funding is one of the leading challenges faced by entrepreneurs when starting a business. Below are 6 sources of money to start your business.   1. Personal savings Personal savings is your best source of funding for startting a new business. Aside the fact that you won’t have to face a rejection from yourself, starting a busines with personal savings takes unnecessary pressure off your head. It is easily accessible and should anything happen to the business and you lose the money, no one will come for your head; it’s your money.   2. Friends and family If personal savings is not an option because it doesn’t exist, your friends and family are great options to consider. The advantage of this choice is that you don’t have to spend a whole day rehearsing your Oscar winning pitch. It shouldn’t be tough to convince your loved ones. The downside is things could get complicated. Should you lose the money, your relationship with them is at stake. If you’re going for this option, be sure to let them know the risks in advance.   3. Sale of unused personal properties Time to take an audit of your personal items. There could be stuffs you don’t use anymore but can fetch you some money. The oney might not be much but it’s a great start.   4. Grants We all love grants. You’re not paying it back and yu’re not carving out any of your equity. There are several organizations out there that gives grants to small businesses. Look for them and apply. You might be lucky.   5. Customers/clients Depending on the type of business you’re going into, you might be able to get customers who are wiling to pay you in advance. With their money, you produce the products or you offer the service. it’s a great way to get started. You just need to be creative. 6. Investment It’s possible you have a great business idea that will be worth investors’ money. Carry out your research, craft a business plan. Get yourself ready. Someone out there might be willing to fund your idea.   There goes the six sources of money with which you can start your business. Many entrepreneurs start their business with a loan. We intentionally left out loan from the list; this is because we do not support the use of loans to start a new business, especially if it’s your first time starting a business. We encourage entrepreneurs not to consider a loan but instead, to get creative with their business if other means of funding is not available.   Bloovera helps entrepreneurs across the world take care of all their business, creative and digital needs. If you have any question or you need help with your business, feel free to reach out to us through any of our contact channels.   Call/WhatsApp +23409053334874

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Understanding Business Name Registration In Nigeria

Business Name (also called Enterprise) is the most basic form of business registration in Nigeria. Below are things you need to know about Business Name. Business Name is not a company:- Though it is regarded as a business structure, it is not a legal entity. It is a mere registration of a name being used for business. As a Business Name, it can not sue and it cannot be sued as it is not a legal entity. As the owner of the business, you’re not protected from the labilities of the business. For instance, your personal properties can be seized to pay for your business’ liabilities. There are two forms of Business Name registration; there is Solepropriety which involves only one owner and there is Partnership which involves more than one owner. You can open a business bank account with a Business Name registration. Business Name does not pay federal income tax, but you’re still required to pay Value Added Tax (VAT) and your personal income tax You’re required to file an annual return with the Corporate Affairs Commission Do you have any question about business name registrations or you need help with starting a business, feel free to get in touch with us through any of our contact channel. Call/WhatsApp 09053334874

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5 Things You Shouldn’t Do Before You Register Your Business

I understand that excitement when a business idea pops into your head; you want to jump out of bed and start getting things done immediately. While there are things you can start doing immediately such as research and product development, there are a couple of things you shouldn’t be doing until your business is registered. Below are 5 things you shouldn’t do before you register your business. 1. Print your business cards Do not be in a rush to print your business cards. it can wait till your business is registered. 2. Enter into contracts While you can enter contracts as an individual, it is advisable to do so as a company. This gives you credibility. It also gives you a legal shield by separating you personally from the action of the company. If yur business is not registere, do not go into contracts. Get your business registered before doing so. 3. Print your marketing materials Avoid the mistake of printing your marketing materials when your business is not yet registered. A vital reason for this is that, your chosen business name might not be available for you to register. Someone else might have already registered the name or the government might not approve the name for you due to some legal reasons. You don’t want to end up building a brand that you can’t own. 4. Launch your website It is important to register your business before proceeding to launch a website. For obvious reasons, you would want your website name (domain name) to reflect your business name. Until your business is registered, you’re unsure of what name you would end up using. 5. Create branded items Before you start creating those branded items such as mugs, shirts, pen, etc, it is important you’re sure of what your business name will end up being. You don’t want to spend money on branded items only to realize that name you’re branding belongs to someone else. It is important to get your business registered to avoid unnecessary mistakes. Registering your business in Nigeria is cheap and fast. You can proceed to the Corporate Affairs Commission’s website to get it done or you can reach out to us to help you get it done with three days.

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2 Steps For You To Make Money

2 Steps For You To Make Money A simple Google search for “how to make money” will return millions of result. While most of what you will see concerning how to make money is true, there are a few fundamental steps one can take to make money, regardless of your chosen field. 1. Identify a problem that needs to be solved Most of the time when people look for a service, it is because they need a problem that needs to be solved. Someone might need to get his or her car fixed or a company might be looking for a consultant to help figure out why their revenue has been declining. There is always a problem that needs to be solved. Even when there seems not to be a problem, there could be a want that needs to be satisfied. 2. Provide a solution to the problem Once you identify a problem that needs to be solved, the next step is to provide a solution. This could be in form of a product or service, such as a mechanic being able to fix a broken car, a dress that makes someone look smart, a product that allows customers make payment faster which leads to customer satisfaction etc. It’s all about developing and providing a solution that works. You might have to acquire some skills to enable you provide a solution while in some cases, you only need to be creative. Once you have a solution to a problem, you should get paid for it. In as much as you have a solution that works, people will be willing to pay for it.

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7 Differences Between A Business Name And A Limited Liability Company

Differences Between A Business Name And A Limited Liability Company In Nigeria, you can either register your business as a business name or as a limited liability company. While you can carry on business and open business bank account with both registrations, there are some differences between the two. Below are some of the key differences between a business name and a limited liability company. 1. Naming By law, it is required that a Limited Liability Company’s name ends with either “Limited” or “LTD”. Example of such is Blooms Universal Ltd. On the other hand, a business name does has no requirement, hence names such as BusinessPrints Nigeria, Bosset Cakes And Confectionery 2. Liability of Owner(s) Owners of a Limited Liability Company are only liable to the extent of the shares they have in a company, meaning they can not be liable for the company’s liabilities. For example, if the company has a debt which it fails to repay, the creditor can not seize the owner’s assets. For a business name, as the owner you are liable for all the liabilities of your business, meaning if your business takes a loan and fails to pay back, the creditor can take over your properties. 3. Shares Issuance A Limited Liability Company can issue shares, either to the owners, employees or to investors. By issuing shares, you can raise funding from investors who will receive a certain number of the company’s stock in return for money. An ordinary business name registration does not have shares, therefore when you only register a business name, you can not raise equity funding from investors. 4. Legal Status Under the Companies And Allied Matters Act (CAMA 2020), a Limited Liability Company is recognized as a legal entity. This means your Limited Liability Company can sue and can be sued. For a business name, it can not sue and it can not be sued. Instead, the business owner could be sued. 5. Governance/Management A limited liability company is required to have at least one director who is responsible for the governance of the company. A business name can not have a director or board of directors. A business name has at least one proprietor who owns and is responsible for the management of the business. 6. Ownership A limited liability company can have up to fifty (50) shareholers. A business name can have a maximum of 20 proprietors (partners), except for accounting and law firms. 7. Annual General Meeting A limited liability company is required to hold an annual general meeting where shareholders vote on key decisions. A business name is not requied to hold any meeting and is not required to vote before making any decisions. Bloovera helps entrepreneurs aross the world take care of all their business, creative and digital needs. Do you have any question or you would like us to be of help, feel free to reach out to us through any of our contact channels. Call/WhatsApp +23409053334874