L-R: Fela Ibidapo, Divisional Head, Corporate Communications of Heritage Bank Plc; Jasmine Howson-Wright, Winner of “Rita Dominic Acting Challenge;” Chioma Okafor, 1st runner-up; Rita Dominic, Foremost Nigerian Actress/Co-Founder of the Audrey Silva Company and Josh Anowi, 2nd runner-up, during the cheque presentation to the winners of the first “Rita Dominic Acting Challenge,” powered by Heritage Bank, held yesterday in Lagos.
Heritage Bank Plc has further reiterated its commitment to the growth and development of the creative and entertainment sector by supporting the “Rita Dominic Acting Challenge.”
Heritage Bank in collaboration with a foremost Nigerian Actress and Co-Founder of the Audrey Silva Company, Rita Dominic launched an acting challenge for aspiring actors to recreate a scene in a new film “La Femme Anjola,” produced by the later.
Respectively, the winners carted away cash prizes- ; the Prize winner, Jasmine Howson-Wright received N1million, Chioma Okafor, 1st runner-up got N300, 000, whilst the 2nd runner-up grabbed N100, 000 consolation prize for the recreating a scene from La Famme Anjola in the acting challenge.
Speaking at the presentation of the cheque to the winners, the Divisional Head, Corporate Communications of the Bank, Fela Ibidapo explained that as the institution’s name implies, Heritage Bank has continued to make efforts in supporting creativity, ideologies and talents like these, where arts are used as a tool to promote cultural awareness and to help younger Nigerians form a strong sense of National identity.
“As a bank, we look for creativity, ideas and talents to support. We are called Heritage Bank for reasons, which involves putting our money where our mouth is, being that art and entertainment space are platforms where we considered being opportunity for us to leverage our supports.
“It is a privilege that we are here today to celebrate the movie and the success achieved thus far and to the winners” he stated.
He assured that the bank would always be driven by cultural heritage in delivering distinctive financial services to create, preserve and transfer wealth.
According to him the bank is proud of the entertainment industry and will continue to stand by operators in it by supporting them and watch them grow.
The Foremost Actress, Dominic thanked Heritage Bank Plc for believing in her dreams and for helping and recognizing the need to support young talents in Nigeria.
“I have been eager to make my dream a reality, luckily Heritage Bank came on board to partner with us this year. I consider this as a fantastic opportunity to get my lifelong dream to have actors,” she said.
According to her, the acting challenge is an opportunity to help young aspiring actors to find their feet in the industry because of how difficult it can be in the industry.
She noted that there were enormous aspiring talents to harness; as it was difficult to nominate the winners amongst participants in the Rita Dominic Acting Challenge.
She advised the winners to remain unwavering, focus their eyes on their visions and goals if they desire to succeed in the entertainment industry.
R-L: Fela Ibidapo, Divisional Head, Corporate Communications of Heritage Bank Plc; Jasmine Howson-Wright, Winner of “Rita Dominic Acting Challenge” and Rita Dominic, Foremost Nigerian Actress/Co-Founder of the Audrey Silva Company, during the cheque presentation to the winners of the first “Rita Dominic Acting Challenge,” powered by Heritage Bank, held yesterday in Lagos.L-R: Fela Ibidapo, Divisional Head, Corporate Communications of Heritage Bank Plc Chioma Okafor, 1st runner-up of “Rita Dominic Acting Challenge” and Rita Dominic, Foremost Nigerian Actress/Co-Founder of the Audrey Silva Company, during the cheque presentation to the winners of the first “Rita Dominic Acting Challenge,” powered by Heritage Bank, held yesterday in Lagos.R-L: Fela Ibidapo, Divisional Head, Corporate Communications of Heritage Bank Plc; and Josh Anowi, 2nd runner-up of “Rita Dominic Acting Challenge” and Rita Dominic, Foremost Nigerian Actress/Co-Founder of the Audrey Silva Company, during the cheque presentation to the winners of the first “Rita Dominic Acting Challenge,” powered by Heritage Bank, held yesterday in Lagos.
Unity Bank Plc grew its assets base to N492.02billion representing a significant increase of 67.90% from the N293.05 billion of total assets value recorded in 2019. This is even as the agric-focused lender declared gross earnings of N42.71 billion within the period under review.
A review of the Bank’s audited results for full year ended 31 December 2020, released to the Nigerian Stock Exchange, showed that the Bank improved its bottom line marginally as Profit After Tax, PAT stood at N2.09 billion. Profit Before Tax, PBT closed at N2.22 billion, in a year that was defined by the unmitigated impact of global pandemic characterized by disruptions in business activities and general downturn that resulted in revenue/returns dip in major leading sectors globally.
The lender substantially grew its customers’ deposit portfolio to N356.62 billion, up from N257.69 billion in the corresponding period of 2019, representing a 38.4% growth. This affirms positive market uptake of the Bank’s product offerings, as well as the lender’s growing customer base to its recent aggressive push with agile customer-centric products, which has played a role in deepening financial services penetration especially to a wider world, underserved spectrum of the retail market.
Other major highlight of the audited financial statement relates to growth in its net operating income which rose to N25.46 billion from N23.21 billion in the corresponding period of 2019, representing a 9.71% increase. This is even as the net interest income recorded a significant jump, as it rose by 7.60% to N17.75 billion from N16.49 billion in the corresponding period of 2019. Earnings per Share closed at 17.85 Kobo.
The Bank’s gross loans portfolio increased by 92.9% to N206.2 billion in December 2020 from N106.9 billion in December 2019. The Bank’s lending strategy was specially tailored to support the nation’s food agenda. This had the added advantage of improving food security across the country, providing employment to thousands of youths and entrepreneurs, contributing to the conservation of FX stocks and mitigating security challenges by ensuring adequate empowerment of citizens and deepening skills acquisition across the value chain.
Commenting on the result, Unity Bank’s Managing Director/Chief Executive Officer, Mrs. Tomi Somefun stated that the results showed the resilience of the Bank during unprecedented times of uncertainties and our ability to innovate and focus on key balance sheet items that will enable us maintain growth trajectory.
She further opined that: “Consequently, for the year under review, the opportunities to significantly create more quality assets for the business, thought to have sustainable impact, informed part of choices made and we have seen some encouraging market uptake in this regard, apart from the benefits to the enterprise bottom-line that have also started trickling in. Other key performance indicators especially on the liability side of the business was equally not left out. The Bank deployed new product features and augmentation supported by omni-channel, USSD promotions and other channels to enhance services delivery efficiency, drive income generation capacities and enhance steady balance sheet growth for the year”.
Looking ahead, Somefun stated: “we will latch on targeted strategies to deploy significant investment in technology in order to ride the waves of the COVID-19 pandemic. On the back of this, the Bank focus on achieving major efficiency gains, deepening its retail footprints and penetrating identified cluster market segments, as bulwarks to tapping into various youth markets platforms, in addition to the mass market would get further boost”.
While laying outlook for the future, the Unity Bank’s Chief further stated: “The Bank is also looking to consolidate on the gains from its core business areas and niche in the agribusiness sector. The Bank has solidly financed over one million farmers over the past three years. These farmers cut across several primary crop production such as rice, maize, cotton, wheat, sorghum, etc coupled with their rich value chains, and we hope to continue to expand on this as we play our part in driving the country’s quest for self-sufficiency in food production.”
Analysts are of the view that having made appreciable impact in the agribusiness and its value chains consistently, the market is excited that the current year performance and different initiatives of the Bank show that the agribusiness is bankable not only as a differential positioning but also for sustainable business performance and profitability.
FirstBank, Nigeria and indeed West Africa’s premier financial inclusion services provider has announced the launch of its newly designed website at https://www.firstbanknigeria.com/. The new website is upgraded with features that are streamlined to reinforce its role in delivering seamless banking and technology solutions to its customers across the world.
The website is configured with modern design and improved functionality that eases customer experience whilst carrying out various activities on the site, including electronic banking. Non-customers are also able to open an account, putting them at an edge in the industry as they establish a relationship with the Bank that puts YOU, its customers, First.
The new website seamlessly adopts a fresh, magazine-style look and feel for easy navigation in order to promote the access to essential information for its customers, FirstMonie agents, prospective agents and the public. This upgrade also guides one to make well-informed decisions about one’s personal, business and private financial needs.
Dr. Adesola Adeduntan, CEO of FirstBank Group, while speaking on the launch of the New Corporate Website, said that “as one of the key contact points to existing and potential customers, the Bank’s website remains a gateway to our business, supporting our unique value propositions and financial services solutions. As such, we are committed to continuously improve the overall user experience through intriguing content quality, exciting features and ease of navigation”.
He further noted that “the Bank’s new website will be updated on a regular basis with exciting features that will continue to reinforce the Bank’s resolve to promote digital customer interactions and transactions across our virtual touchpoints and platforms”.
Concluding, he remarked that ”the website will also serve as a financial services library that will keep customers and the public abreast of various financial services solutions and offerings, thereby helping them to improve their economic and social wellbeing”. He encouraged everyone to explore the website and follow the Bank’s social media pages for updates.
FirstBank has continued to evolve over the years, successfully adopting the latest technology and embracing innovation in its quest to be African’s bank of first choice.
As part of its commitment to support the growth and sustainability of Micro, Small and Medium-scale Enterprises (MSME) in the continent, Pan African financial Institution, United Bank for Africa (UBA) Plc, is set to organise the next edition of its UBA Business Series.
The UBA Business Series which is a monthly event, is an MSME Workshop as well as a capacity building initiative of the bank where business leaders and professionals share well-researched insights on best practices for running successful businesses, especially in the face of the difficult operating environment that dominates the African business landscape.
Through this initiative, UBA has been assisting with essential tips to help businesses re-examine their models and strategies and ensure that they stay afloat and remain thriving.
The topic for the next edition of the series is ‘ Managing Performance for Business Growth,’ and it will be held on Wednesday, April 14, 2021 via Microsoft Teams. At this session, the Managing Director, Secure ID Limited, Mrs Kofo Akinkugbe, will be sharing useful tips and insights on the key strategies of performance management to boost business growth.
Akinkugbe is the founder of SecureID Nigeria, a MasterCard, VISA and Verve certified Smartcard Personalization Bureau and Digital Technology company. She currently serves as the Managing Director/CEO, Secure Card Manufacturing, – a Smartcard manufacturing plant producing high security identity cards and documents for the Banking, Telecoms and Public sectors across Africa and beyond.
The capacity building event is a virtual session which is open to all – including business owners and leaders – and will be held on Wednesday, April 14 th, 2021, at 2pm WAT. Interested participants can register via http://bit.ly/UBASMEWorkshopMarch2021
UBA’s Head, SME Banking, Sampson Aneke said of Akinkugbe, ‘with her vast experience garnered over the years from various sectors, she will help business owners understand how performance management strategies can be effectively implemented to ensure business growth’.
He emphasised UBA’s commitment and deep passion for small businesses, which according to him, remains the engine of any developing economy adding, “We know small businesses are the backbone of the economy in every country. In many climes, businesses with fewer than 100 employees account for 98.2% of all businesses. This no doubt captures the importance of SMEs to a thriving economy which is why UBA is committed to seeing them flourish.”
United Bank for Africa Plc has carved a niche for itself and continues to stand out as the leading Pan-African financial institution, consistent in introducing numerous first rate innovative products with customer satisfaction in mind. To this end, the bank has invested significantly in cutting edge technology in a bid to boost its overall services to customers. The development is a further demonstration of the bank’s unalloyed commitment to ensuring premium services as well as reaffirming its dominance across Africa.
In a bid to reinforce its commitment to first-rate experience, the lender introduced Leo the Chat Banker in 2018 and did not rest on its oars as it innovated with more firsts launching on facebook, in 2019 and on WhatsApp, following which it created Leo Apple Business Chat’ for Ios on iPhone and iPad. A feat its peers are yet to replicate, even though some banks like Diamond Bank now merged with Access Bank tried with Ada and StanbicIBTC Bank’ Sami. First Bank and GT Bank also launched on WhatsApp. They were all unable to replicate the success story of UBA’s Leo.
Recently, UBA has again raised the bar, with another first of its kind, that is currently setting the pace in the digital banking space. The New UBA mobile App, launched in March is a one stop shop for all banking transactions like never seen before on the African continent and is already a massive success with customers who have embraced the app wholeheartedly with more than 200,000 downloads since its launch in March. A testament to the excellent unique offerings imbued in the new mobile app.
The new app, which is a total upgrade from the former app, has new features including four amazing themes and a more amazing graphical interface, just as it has another never-been-seen before feature where it blurs your account balance when you cover your phone’s censor.
Armed with benefits and features designed to give its customers increased control and accessibility to carry out transactions with ease, UBA Digital Banking Group Head, Kayode Ishola, said the app has been tailor-made to give customers what they want, how and in the way they want it. He made this disclosure during a recent virtual press parlay with both local and international media, adding that a lot of investment in cutting edge technology and attention to details was put into the new mobile app.
According to him, the new UBA Mobile App is “your personal finance manager built with a distinctive user interface that will change the face of banking. “With this app, we are reimagining banking as our engagement has moved from being channel-based to being platform-based.
“The speed of the platform has been made to match the speed of light as we have cut down significantly on the number of processes expected to carry out your transactions. Interestingly, we have worked towards creating behavioural insight for our customers and working around this to address the real needs of our customers using the Omni channel platform and running on our open digital platform, which is very interactive and armed with lifestyle services. It is sleek and trendy with seamless user interface”, he added.
On the security features of the app, UBA’s Group Chief Information Officer, Onyebuchi Akosa, said the new platform will revolutionise the way banking services are offered as it will deliver increased personalised banking via a watertight and highly-effective security system.
He said: “The new app has also been built with the best-in-purchase security features and has been modelled appropriately to ensure that all the features are working properly to secure transactions maximally. It is also important to mention that the bank took into consideration the virtually impaired, and thus has used voice recognition as a channel for transaction which suits both convenience and the visually impaired customers.”
Head, UBA SME Banking, Sampson Aneke, on his part noted that the app has been created with a high-level of intelligence because it can work based on frequent transactions.
He added that “it can also speak to the specific country where it is being used as the new mobile app runs concurrently in the 20 countries of UBA’s operation interacting in the different languages and cultures in line with the specific needs and regulation of the country in focus. This all-encompassing platform which boasts of a new user interface because of its sleek, modern nature of delivering seamless experience across several devices; can be used as a budgeting tool, loan application and also allows customers view their expenses according to their various categories such as the amount spent on data within a particular period.”
Beyond lip service, the bank, which is known for its culture of excellent service, has continuously innovated all of its business segments, whilst delivering top-notch operational efficiencies and best-in-class customer service. Over the years, the reward for creating such superior value has come in form of customer satisfaction and numerous local and international awards, thus consolidating their leadership position in Africa. For the bank, those awards are evidence of the diligent execution of its strategic initiatives geared towards customer service fulfillment.
Social Impact
Beyond the multiple zeros that are the underlying goal of every financial institution, UBA is also big on social impacts and customer satisfaction, the latter being a requisite for a rewarding year for the bank. Through its UBA Foundation, its CSR arm that is committed to being a socially responsible company and role model for all businesses in Africa, the foundation is committed to the socio-economic betterment of the communities in which the bank operates, focusing on development in the areas of education, environment, economic empowerment and special projects. The UBA Foundation was incorporated in January 2004.
The bank performs all these social functions while maintaining a sound pedigree as an institution that helps millions across the continent meet their financial goals. In fact, as one of the oldest surviving financial institutions in Nigeria, UBA holds a distinctive position as a general wealth distributor, which makes its financial performance more profound and impactful.
With about 274,000 shareholders, about 72 per cent holding between one and 10,000 ordinary shares, UBA has the most diversified shareholders’ base. It is also one of the most actively traded stocks at the Nigerian stock market, and a major influence in the traditionally most active banking sector. A total of 6.95 billion ordinary shares of UBA were traded at the stock market in 2020 while the bank’s share price rose by 21 per cent, more than a double of average return of 10.1 per cent recorded by the NSE Banking Index.
With more than 21 million customers and 1,000 business offices and customer touch points in 20 African countries, UBA is a systemically important, tier one financial institution. Despite the disruptions caused by the COVID-19 pandemic, the group remained a major developmental partner for its host communities, environment and economy as it donated N5.10 billion to various corporate social responsibility (CSR) initiatives during the year, through its foundation.
Impressive Performance
Despite the challenges the year brought including the COVID-19 pandemic, the bank’s performance stood out- while the deposit base increased by 48.1 percent, the bank’s profit before tax rose to N131.9 billion compared with N111.3 billion in 2019; profit after tax rose by 27.7 per cent to N113.8 billion compared with N89.1 billion in 2019 and earnings per share thus rose by 26.8 per cent from N2.52 in 2019 to N3.20 in 2020.
A further breakdown showed that the total assets last year leapt two spaces to N7.70 trillions from N5.62 trillion in 2019, about 37 per cent increase. The balance sheet performance is reflective of the overall performance outlook for the pan-African banking group. Market pundits are placing a “buy” note on UBA on the heels of the 2020 performance. UBA has the highest upside potential among the five stocks recommended by Cowry Asset Management Limited as the stock market reopened.
The 12-month report showed that gross earnings rose by 10.8 per cent to N620.4 billion in 2020 compared with N559.8 billion recorded in the corresponding period of 2019. The overall top-line performance was driven by growths across the income lines. Interest incomes had grown from N404.83 billion in 2019 to N427.86 billion in 2020.
Net interest income stood at N259.47 billion in 2020 as against N221.88 billion in 2019, fees and commission incomes also rose from N110.56 billion in in 2019 to N126.94 billion in 2020 while net trading and foreign exchange income increased from N37.63 billion to N59.45 billion. Further segmented analysis showed the continuing growth and profitability of the group’s non-Nigerian subsidiaries, providing diversification that helped to cushion and insulate the group from market fluctuation.
Meanwhile, the “Rest of Africa”-other African subsidiaries excluding the main Nigerian market, saw turnover growth from N166.27 billion in 2019 to N232.06 billion in 2020, repeating the same trend in pre-tax profit, which rose from N52.15 billion to N75.12 billion. The group also recorded increased incomes and profit across its business lines with corporate banking, retail and commercial banking and treasury and financial markets recording N201.02 billion, N214.39 billion and N204.96 billion respectively in 2020 as against N181.4 billion, N193.46 billion and N184.95 billion respectively in 2019.
The businesses also sustained improved profit. Corporate banking netted N62.32 billion in 2020 as against N47.9 billion in 2019. Retail and commercial banking recorded net profit of N30.23 billion as against N24.36 billion while net profit on treasury and financial marker dealings improved from N16.23 billion in 2019 to N21.22 billion in 2020.
On the cost side, operating expenses grew by 10.1 per cent to N249.8 billion, as against N217.2 billion in 2019, well below average inflation rate of 13.2 per cent for the year, thus reflecting the bank’s cost effectiveness. Despite the challenging business environment during the COVID-19 pandemic and the resultant effect on economies globally, the bank’s profit before tax rose to N131.9 billion compared with N111.3 billion in 2019. Profit after tax rose by 27.7 per cent to N113.8 billion compared with N89.1 billion in 2019. Earnings per share thus rose by 26.8 per cent from N2.52 in 2019 to N3.20 in 2020.
The balance sheet also showed that UBA recorded a remarkable 24 per cent growth in loans to customers at to N2.6 trillion while customer deposits increased by 48.1 per cent to N5.7 trillion, compared with N3.8 trillion recorded in the corresponding period of 2019, reflecting increased customer confidence, enhanced customer experience, successes from the ongoing business transformation programme and the further deepening of its retail banking franchise. While the paid up capital remained unchanged at N17.1 billion, total equity funds rose from N597.98 billion in 2019 to N724.15 billion in 2020, driven mainly by increase in retained earnings and other reserves.
Management Outlook
Re-echoing the stance of analysts on the strong performance of the bank despite the global pandemic, UBA Group Managing Director, Mr. Kennedy Uzoka said last year was important for the UBA Group, as it gained further market share in most of its countries of operation.
According to him, the bank ended a very challenging year on a reassuring note as shown by double-digit growth in both top and bottom lines. Despite the tumultuous impact of the pandemic globally and across UBA’s 23 countries of operation, the group created N519 billion additional loans as it continued to support customers and their businesses.
He outlined that customer deposits grew 48.1 per cent to N5.7 trillion, driven primarily by additional N1.8 trillion in retail deposits, assuring that as a global bank, UBA remains well capitalised and determined to successfully drive financial inclusion on the continent through innovative products and vast network.
He pointed out that the bank’s capital adequacy and liquidity ratios came in at 22.4 per cent and 44.3 per cent were well above the respective regulatory minimum of 15.0 per cent and 30 per cent.
“Our primary strategy will continue to focus on providing excellent services from our customers’ standpoint, putting the customer first always. Looking ahead, I am inspired by the achievements we have made since the launch of our transformation programme. We have expanded market share considerably across the geographies where we operate and are consolidating our digital banking leadership in Africa. We will continue to leverage our diversified business model and dedicated workforce to further strengthen our position as ‘Africa’s Global Bank,” Uzoka said.
Group Chief Financial Official, United Bank for Africa (UBA) Plc, Ugo Nwaghodoh said the persistent low interest rate environment in 2020 exerted significant downward pressure on margins, notwithstanding, the bank’s interest income for the year grew by 5.7 per cent to N427.9 billion, driven by 8.2 per cent and 7.5 per cent year-on-year growth on interest income on loans and investment securities respectively.
Essentially, the 2020 performance no doubt shows the resilience of the uniquely diversified operating model of the UBA, and brings to bear the gains from continuing investments in its pan-African outlook. Analysts are optimistic the group will sustain its growth trajectory, given expected improvements in national and global environments in 2021.
…Shareholders optimistic about future earnings prospects
l-r: Group Managing Director/CEO, Mr. Kennedy Uzoka and Group Chairman, Mr. Tony Elumelu, at the 59th Annual General Meeting of United Bank for Africa(UBA) Plc, held in Lagos on Thursday
Pan African financial institution, United Bank for Africa (UBA) Plc has assured its teeming shareholders and investors of even greater returns in the coming months, with the bank having established a diversified business model that ensures impressive performance even in periods of uncertainty, across its geographical network.
UBA Group Chairman, Tony O. Elumelu, who gave this assurance to shareholders at the 59th Annual General Meeting at the UBA Head Office, on Thursday April 1, 2021, explained that the bank has made strategic decisions that will strengthen its resolve to earn the industry leadership that it has envisioned in Nigeria, Africa and globally.
“We spearheaded strategic investments in our digital banking and technology platforms to further promote self-service banking; we have also focused on enhancing the capabilities of our people through various online capacity development programmes,” Elumelu added, “Our African operations (ex-Nigeria) have contributed approximately 55% of our profits for the year, illustrating that we are truly a pan-African bank.”
He further explained that the bank remains committed to ensuring its viability amid an ever-changing business environment and to continue be a role model for African businesses by showcasing the best of Africa to the world. “The work we have done in strengthening our governance structures Group-wide and in improving our business and operating models in 2020 positions our bank to benefit from these recovery trends and to achieve significant market share gains across our operations,” he noted.
At the end of the 2020 financial year, UBA’s profits grew remarkably by 27.7 percent to N113.8 billion, compared to N89.1 billion recorded at the end of the 2019 financial year, whilst profit before tax was impressive at N131.9 billion, compared toN111.3 billion at the end of the 2019 financial year.
Gross earnings grew by 10.8 percent to N620.4 billion, compared to N559.8 billion recorded in the same period of 2019 whilst total assets also grew by 5.6 percent to an unprecedented N7.7 trillion for the year under review.
In its usual tradition of rewarding shareholders, the bank proposed a final dividend of N0.35 kobo for every ordinary share of 50 kobo, bringing the total dividend for the year to N0.52 kobo as the bank had paid an interim dividend of N0.17 kobo earlier in the year.
Shareholders at the meeting commended the bank’s decision to plough-back some of its profits into business consolidation, adding that these times call for prudent and effective management of financial resources for all businesses especially those with high shareholding rate such as UBA.
One of the shareholders, Sir Sunny Nwosu, who spoke at the meeting, commended the board and management of the bank company for keeping up with its activities despite the Covid-19 pandemic and its resultant effect on major businesses.
Whilst advising the company to gear up efforts to increase dividends in the next financial year, Nwosu praised UBA’s for ensuring that the African subsidiaries performed well by contributing 55% to the Group’s business.
Another shareholder, Nonah Awoh, who agreed with the improvement recorded from the bank’s Ex-Nigeria’s subsidiaries, encouraged the management to boost other subsidiaries with the needed resources to help them perform even better in the current financial year.
UBA’s Managing Director/Chief Executive Officer, Kennedy Uzoka, who responded to shareholders’ comments at the meeting spoke on the reduced dividend pay-out this year, explaining that the bank had decided to be conservative to further strengthen the business.
He said, “As an institution that has been in operations for 72 uninterrupted years, UBA wants to continue to perform optimally. In line with this, we have used most of our funds to prepare for unforeseen challenges. Given the trajectory and the resilience of our business, we can assure you that we will meet and surpass the expectation of you our shareholders.”
Continuing, he said, “We have recalibrated our business structure, starting from Lagos and extending to the South-South. We have bolstered them with the necessary leadership to achieve our aim. We believe that with these measures we have put in place, our Nigerian business will give the rest of Africa a good fight,” Uzoka said.
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-one million customers, across over 1,000 business offices and customer touch points. Operating in 20 African countries with presence in the United States of America, the United Kingdom and France, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.
Polaris Bank savings customers are gearing up for the grand finale of the ongoing nationwide ‘ Save & Win’ promo, which is scheduled to hold in April 2021.
At the end of the ‘Save & Win’ Millionaire promo, a total of N26,000,000 would have been won by 188 Polaris Bank customers nationwide. The promo has so far recorded two draws in February and March with the Grande-finale scheduled for April 2021.
The grand finale draw will see Six millionaires emerge from the six geo-political zones of Nigeria and 60 other customers will go home with a consolation sum of N100,000 each. All winners will emerge through a transparent, electronically-generated process that regulatory institutions will supervise.
The ‘Save & Win’ promo aims to make millionaires of Nigerians by encouraging current and new customers to save a minimum of N10,000 monthly. The ‘Save & Win’ promo was launched in November 2020, and so far, two millionaires: Lucky Okunzuwa, a customer of Akpakpava branch in Benin City, Edo State and Ikechukwu Bartholomew Obiefuna, a customer of Okeke Street Branch, Awka, Anambra State, have emerged. In addition, 120 customers have also walked away with N100,000 each across the previous two draws which took place on the 9th of February and 9th of March, bringing the total amount won to N14,000,000 so far.
Commenting on their win, both the first and second millionaire, Lucky and Ikechukwu expressed immense appreciation to the Bank and had positive things to say on the Save & Win promo cash prize.
‘‘I am very delighted about winning one million naira in the Polaris Bank Save & Win Promo. It was like a dream when I was told but this is a reality. The money will go a long way in supporting my small business to grow. I also commit to continue to save more. I sincerely thank Polaris Bank for this novel initiative,’’ lucky remarked.
Representatives from relevant regulatory bodies have also attested to the free, fair and transparent process of the draw used in selecting the winners. They also commended the Bank for keeping its promise to the winners.
Giving a background to what informed the Promo, Polaris Bank’s Acting Managing Director/CEO, Mr. Innocent C. Ike, said, “it is a reward for our customers, who despite the challenging times, can put aside some money as savings. He reiterated that in not-so-pleasant economic times, there is a compelling need to save – not only to win a prize – but also to plan for the rainy day. He disclosed that “both existing and new savings account customers of the Bank are eligible to participate in the promo.”
Savings Account accessibility is swift and straightforward in Polaris Bank. Prospective customers can dial *833*0# on their phones to follow the prompt to create or reactivate their savings account from their devices by visiting https://accounts.polarisbanklimited.com/opening/ or any of the Bank’s branches across the country.
Polaris Bank is a future-determining bank committed to delivering industry-defining products and services across all sectors of the Nigerian economy.
Access Bank Plc has announced that it received approval from South African and Nigerian regulatory authorities to acquire South African-based Grobank Limited. The bank’s expectation of 30% profit outside its Nigerian base, through a series of acquisitions in East and West Africa, is coming to fruition.
According to the announcement, the approvals constitute a significant milestone in achieving completion of the transaction by the second quarter of 2021. This milestone further solidifies Access Bank Plc’s outside revenue plan especially after the announcement that its Zambian subsidiary (Access Bank Zambia) has finalized the acquisition of Cavmont Bank Limited.
According to the CEO of Access Bank, Mr. Herbert Wigwe, “Today’s announcement represents significant progress in delivering on our strategic intent of becoming Africa’s Gateway to the World in pursuit of our vision to be the World’s Most Respected African Bank.”
Nigeria’s biggest banks such as Access Bank, Guaranty Trust Bank Plc, and Stanbic IBTC Holdings Plc are diversifying outside their core operations or expanding across Africa in an attempt to increase revenue after the outbreak of the Covid-19 pandemic.
The approved acquisition would enable the bank to further pursue its objectives of business diversification, enhanced operational efficiencies, talent retention, and robust governance.
Grobank in South Africa and Cavmont Bank in Zambia are further indicators of the bank’s presence in the SADC region.
In Nigeria, the bank is looking to transition to a holding financial institution this year which will enable it to open subsidiaries in insurance brokerage and payments.
Winners have emerged at the Heritage Bank Plc, ‘YNSPYRE’ Cream Platform Promo held in Abuja.
CREAM Platform, Nigeria’s premiere creative reward platform officially kicked off its partnership with Heritage Bank’s YNSPYRE Initiative with the commencement of the CREAM Monthly draws on Friday – March 26th 2021, rewarding subscribers who dialed the *745*463# code, with lots of cash and other prizes.
The CREAM YNSPYRE Draw proper started off on a great note with random picking of numbers electronically and with some never-to-be-forgotten moments producing 5 winners who went home with the sum of N200, 000 each as well as a pledge by D’Banj to fully support their businesses and passion in a call session from D’banj to the lucky winners.
Recently, Heritage Bank doled out the sum of N1million to Damilola Adeyemi, a winner of an online giveaway competition to celebrate the bank’s product, Ynspyre ambassador, D’banj, which heralds launching of the Ynspyre Account set aside for talented young Nigerians in the different spectrum of the creative and entertainment industry.
At the draw held on Friday in Abuja, five winners were chosen from a pool of Heritage Bank’s customers that are currently on the Cream Platform and subscribers who dialed the *745*463# code for transactions.
The Cream Platform is chaired by popular Nigerian musician D-Banj (real name Oladapo Oyebanjo).
The event was attended by the Heritage Bank Regional Executive, Abuja and North, Mr George Okoh-Oboh; popular Nollywood Actress Tonto Dikeh; popular musician Mr Easi (real name Isaiah Ediae) and other top officials of the bank.
Speaking at the event, Okoh-Oboh described the partnership between Heritage Bank and Cream Platform as a game changer for the creative industry in Nigeria.
He said, “It’s been a smooth journey and the Bank has also set aside certain funds for the creative industry because we believe that is needed to support our youths.
“And so what we have done is to be able to put this out there so that we can select very talented youths working with D-Banj and once they meet certain criteria, we will be able to lend across to them as a bank.
“So the funds have already been set out and waiting this launch which we are having today. So it’s quite an interesting story for the bank and it’s a great day for us today.
In his comments at the draw, D-Banj who was physically present at the event, said that the Cream Platform has built a strong reputation for producing some of the brightest talents in the country over the last couple of years.
He said the purpose of the platform was to have a creative hub for Africa where people can upload their contents, be discovered and get funding support from Heritage Bank.
He said the platform would enable Nigerians discover their talents in areas such as entertainment, entrepreneurship, music, arts and other areas in the creative industry value chain.
He expressed optimism that the creative industry, if properly harnessed, has the potentials to reduce the level of unemployment in the country, boost wealth creation for the people and help the country generate the much needed foreign exchange.
He noted that with the creative industry accounting for one of the highest exports from Nigeria, time has come for operators in the sector to be supported with the finances.
He said, “This year will make it five years that the platform was launched and our main aim is to create a gateway to the creative hub of Africa. With so much talent in the country and the hub in the continent, we saw it as a platform for people to have that access to become whatsoever you desire.
“And it’s no news that Heritage Bank is our partner to provide the access and financial help that you will need.
The creative industry is one of the biggest exports in the last three years now whether you are looking at music, fashion, movies. But we need that financial help, that financial backing.
“So for a long time, we have been discussing with Heritage Bank to see how we can get the funds and get that help to the people.
“And today is going to be the first time that we are actually rewarding the customers. Heritage Bank went further to help us create the ‘YNSPYRE’ Product.
“This product is for the youths and the creative industry to help ease access to funding contents uploaded on the Cream Platform.”
In her comments, Dikeh urged D-Banj and the Bank to create more awareness about the product to enable many people to take advantage of the initiative.
She said as an advocate of youth empowerment, the initiative would help to harness the potentials if the youths and stimulate the much needed development of the creative industry.
Some of those that won at the digital draw such as Blessing (An Entreprenuer), Justice Isaac Precious (A footballer and musician) and John (A Caterer) expressed joy for emerging winners.
They also commended the bank and D-Banj for the coming up with the initiative.
…REINFORCES ITS LEADING ROLE IN PROMOTING WOMEN EMPOWERMENT
First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider has announced the fourth edition of its annual FirstGem Conference, tagged FirstGem 4.0. The 2021 event is themed ‘The Art of Negotiation’ and convened to provide women with insights on the secrets of wealth management, investment and savings. It is scheduled to hold on Wednesday, 31 March 2021. Participants are required to register via the link http://bit.ly/firstbankwebinar
The product, FirstGem, is an account designed specifically to meet the needs of women, aged 18 years and above. The product is targeted at a broad spectrum of women, working professionals, entrepreneurs or market women to promote their business through an array of benefits, from free business advisory services on business funding, specialized training on Business Development initiatives (online and physical), regular information or insights on business opportunities or openings in various sectors and industries. FirstGem account owners have access to mouth-watering discounts at merchant outlets (spas, salons, grocery stores) that offer lifestyle products and services.
The Guest Speakers at the event are Mrs. Ibukun Awosika – Chairman, Board of Directors, First Bank of Nigeria Limited; Prof Pedro Videla – Prof. of Economics at IESE Business School and Prof Mehta Kandarp, Senior Lecturer, IESE Business School. They would respectively speak on the topics; the theme of the International Women’s Day “Choose to Challenge”, the current state of the Global Economy and how it Impacts Business Decisions and Negotiation as a Tool for Winning in Business & Career.
During the event, FirstBank SME customers would be given the opportunity to pitch their business idea and stand a chance to get N1,000,000 seed fund to kick-start their business. The business ideas would be judged by the following criteria; Originality, Feasibility, Good presentation skills and Sustainability.
Speaking on the event, Mr. Francis Shobo, Deputy Managing Director, Firstbank said “The FirstGem 4.0 is the icing on the cake in the streams of initiatives and activities we have organised and participated in March as we join the world to celebrate women for the indelible roles they play in our society. Through these activities, we spearhead the call on the need to promote women inclusiveness in the country as the role they play towards the continued socio-economic growth and development of any given society cannot be overemphasized.”
Shedding light on the impact of the FirstGem account, he said “our FirstGem account is specifically designed to meet the financial needs of women as it offers unrivalled services that empower women to do more and achieve more. It seeks to drive financial development and the empowerment of women through gender engineered programmes. At FirstBank, we recognize that promoting female entrepreneurship and empowerment is crucial to a better society, “he concluded.
Since the product launch in October 2016, the Bank has implemented various activities targeted at promoting female empowerment, impact and influence in the economy. Through its online portal – designed to provide a virtual online community with over 61,293 members where like-minded women irrespective of where they are in Nigeria and abroad, gather to connect, grow and share knowledge on everything about lifestyle, motherhood, career development, entrepreneurship, health, work and family. We encourage all women to join the community by signing up via this link https://firstgem.com.ng/community to enjoy this experience.
FirstGem has successfully empowered women in states across the geo-political zones in Nigeria and the United Kingdom.
