Ecobank Group has recorded a revenue of over N630 billion for the year ended December 31, 2020. This represents a 7% growth when compared to N586.9 posted in the corresponding period of 2019. In its unaudited report submitted to the Nigeria Stock Exchange (NSE) on Friday, the pan-African bank stated that value of its total assets now stands at N10.2 trillion after a 19% rise.
The bank also recorded superlative performance in other key financial indices despite the harsh operating environment. Summary of the report showed that Deposits from customers went up 23% to N7.3 trillion; Total equity up 17% to N805.1 billion; while Loans and advances to customers grew by 9% to N3.7 trillion.
However, despite the bank’s good showing in deposits from customers and revenue, profits was impacted by the provisioning for goodwill for the acquisition of Oceanic Bank in 2011. Consequently, the bank ended with profit after tax of N35.9 billion, while profit before tax and goodwill impairment closed at N126.4 billion. The Ecobank Group had stated that it is optimistic that with clean book aftermath of the full provisioning for Oceanic Bank, it will improve on its profitability in 2021 and other years ahead.
First Bank of Nigeria Limited is supporting schools with an array of educational based products and solutions targeted at enabling the acquisition of various facilities to boost the continuous expansion and improvement of the educational sector. Parents are not left out, as the Bank has bespoke products which empowers parents and guardians to meet the educational needs of their children.
The Bank’s educational products and solutions include the FirstEdu Loan, Operational Vehicle Loan, Term Loans for constructing new sites and extension of existing sites, Personal Loan Against Salary (PLAS) and FirstAdvance which enhances Parents/Guardians’ capacity to pay their wards’ school fees.
The FirstEdu loan offers short-term finance to private pre-primary, primary and secondary schools/ registered A level educational institutions with steady flow of income. The product offers opportunity for private schools to access flexible funding to meet urgent cash flow needs, replace old furniture and equipment or assets, purchase of fairly-used school buses, as well as refurbishing dilapidated buildings and classroom blocks. This product helps school owners/proprietors in bridging the “no-income” gap between school terms, and to enhance diverse assets acquisition. It allows schools access up to N20 million with no tangible collateral required apart from the domiciliation of school fees with the Bank. Schools with CAC registration that are yet to get Ministry of Education approval can access up to N2million without collateral for up to 90days. In a bid to cushion the effect of covid-19 pandemic, the Bank is in partnership with Lagos State Employment Trust Fund (LSETF) to finance low-cost private schools at a single digit interest rate where schools can access up to N5million.
The Bank is also in partnership with the apex association of private school owners in Nigeria, National Association of Proprietors of Private Schools (NAPPS) to finance member schools at a highly competitive rate. This reduces the cost of borrowing to the customer and eliminates the challenges posed by the provision of additional demanding collaterals.
The Operational Vehicle Loan is targeted at registered businesses. It allows the entrepreneur to acquire brand new vehicles for the day to day operation of the business. Organisations can take advantage of this facility to purchase school buses in the case of school proprietors and even upscale their staff welfare schemes through provision of staff buses. The product terms and conditions is competitive.
Personal Loan against Salary (PLAS) offers customers in paid employment access to cash to meet immediate financial needs such as payment of school fees, medical treatment, holiday expenses, etc. PLAS has a flexible repayment plan spread up to 48 months for our customers’ convenience. There is no equity contribution or collateral requirement.
FirstAdvance is a 30days tenured digital loan also available to salary customers who are in need of assistance to meet immediate financial needs. It empowers customers to access upto 50% of their net monthly salary in less than a minute at any desired time by dialing *894*11# or through our FirstMobile App. Only a salary account domiciled with FirstBank will qualify you for PLAS and FirstAdvance.
Beyond these, FirstBank is at the forefront of promoting virtual learning, whilst exposing not just school children but individuals of all ages to various e-learning initiatives, designed to promote innovation and skills development on emerging technologies through focus areas such as Artificial Intelligence, Coding, Cloud, Internet of Things, Blockchain, Data Science and Analytics, and Cybersecurity.
In achieving this, the Bank has collaborated with Lagos State government, IBM and Curious Learning to ensure the e-learning initiative swiftly moves across the country to school children and individuals with the need to promote the pursuit of knowledge, irrespective of age.
Speaking on the Bank’s support for schools, Mr. Chuma Ezirim, FirstBank’s Group Executive, e-Business & Retail Products, said “at FirstBank, we recognize the indelible roles the educational sector plays in promoting national economic development and we are delighted to support schools with collateral free educational solutions to meet various needs and projects to advance to the next level.”
“As schools proceed with the new term, we enjoin interested schools to visit the nearest branch or the Bank’s website for more information and encourage everyone to access our e-learning driven initiatives to keep learning and get exposed to various opportunities to stay ahead in today’s technologically advanced world.”
Fitch Ratings has assigned Ecobank Nigeria Limited (ENG) a Long-Term Issuer Default Rating (IDR) of ‘B-‘ with a Stable Outlook, Viability Rating (VR) of ‘b-‘ and National Long-Term Rating of ‘BBB (nga)’. The report, released Thursday, noted that Ecobank Nigeria IDRs are driven by its standalone creditworthiness, as expressed by its Viability Rating (VR).
The VR reflects the constraint of Nigeria’s challenging operating environment and modest core capital buffers amongst others. This is balanced by company profile strengths as well as a solid funding profile and good foreign-currency liquidity, which is enhanced by prudent liquidity management by the Ecobank group.
According to Fitch, “the Stable Outlook on ENG’s Long-Term IDR reflects our view that the bank has sufficient headroom at its current rating to absorb moderate shocks from sustained downside risks to the operating environment, the heightened level of risk in doing banking business in Nigeria and the ensuing risks to its financial performance (particularly asset quality) over the next 12-18 months. The Stable Outlook also reflects our expectations that capitalisation will remain resilient over this period with the bank maintaining adequate buffers over the minimum regulatory requirements”.
Fitch Rating reported that the VR benefits from ENG’s company profile strengths of being part of the leading pan-African Ecobank group. ENG is a 100% owned subsidiary of Ecobank Transnational Incorporated (ETI; B-/Stable). ETI is a regional bank holding company with fully-fledged banking subsidiaries in 33 African countries (collectively the group). The group also has a banking license in France and representative offices in Addis Ababa, Johannesburg, Beijing, London, and Dubai. The group’s operations are highly integrated, with all entities connected to a common operating platform and risk management framework, and common branding.
ENG is a material subsidiary for ETI, and its largest single entity, contributing to 23% of group assets at end-9M20. ETI continues to implement a turnaround strategy at Ecobank Nigeria, having deleveraged and de-risked the bank in recent years, although it returned to growth in 2020 and plans above-sector-average loan growth in the medium term. Fitch noted that ENG’s management quality is a relative strength, with ETI appointing experienced bankers to Ecobank Nigeria’s senior team.
“ENG has a solid funding profile, with low-cost current and savings accounts reaching 58% of total deposits at end-9M20 helping the bank to reduce its cost of funding. It has achieved good deposit growth through the expansion of digital channels and its financial inclusion initiatives. Retail and SME deposits to account for 58% of total customer deposits at end-9M20, which results in reasonable deposit concentration, with the top 20 customer deposits representing 29% of the total”. The report stated.
Fitch Ratings also views ENG’s liquidity management as prudent with contingency plans in place. Local-currency liquidity is underpinned by a high share of liquid assets (cash, interbank placements and sovereign securities) representing more than 50% of total assets at end-9M20. ENG’s foreign-currency funding benefits from sizeable interbank deposits, which represented about 15% of total funding at end-9M20. More than half of these deposits (about USD400 million) came from ETI’s affiliates at end-9M20. This reflects the group’s well-established inter-affiliate short-term deposit placement programme (IAP), amounting to USD650 million at end-1H20, which provides ENG with a significant competitive advantage compared with most other Nigerian banks, as ENG is able to rely on IAP funding when foreign-currency liquidity conditions temporarily tighten in Nigeria.
At present, there are over 86,000 banking agents across 772 out of the 774 local government areas in Nigeria, a demonstration of FirstBank’s commitment to deepening financial inclusion and ensuring the unbanked are adequately catered for. In an interview with BusinessDay, Adesola Adeduntan, FirstBank’s CEO, noted that over N9.6 trillion had been processed through the bank’s agent network.
As he explained, FirstMonie agents have supported several government and NGOs’ cash transfers to the poorest of the poor in the rural areas. Additionally, selected FirstMonie agents in the rural communities are equipped with BVN enrolment devices; as such they are able to enrol and open accounts for rural dwellers that hitherto may not have had the opportunity to be included in the formal financial services system.
The bank’s commitment to providing access to finance for Small and Medium Enterprises (SMEs) was also highlighted by the CEO, who hinged this on “their potential to impact the economy”.
He discussed the bank’s value adding solutions that have created a functional ecosystem for SMEs to thrive. The ecosystem includes propositions such as connection of the SMEs to talents and resources/cutting edge tools, access to business finance and market, capacity building opportunities and policy advocacy.
These are all aggregated on its SMEConnect platform as value adding products and services for easy access and at rates (prices) that are competitive and mostly discounted. The SMEConnect is a digital platform that allows the SMEs connect to FirstBank’s offerings from the comfort of their locations anywhere in the world.
This, according to Adeduntan, has been well received by the SME community as we engage across the country.
When Mark Zuckerberg recognised UBA’s Leo at Facebook F8
Technology has been a veritable gift to mankind, and over the years, it has been responsible for creating amazingly useful resources which put all the information individuals need at their fingertips. The development of technology has also led to so many mind-blowing discoveries, better facilities, and better luxuries, which has in-turn helped to improve lifestyle and standard of living.
For instance, through relevant technological development, the average individual has been empowered to shop online and carry out seamless transaction any time of the day or night from the comfort of his own home or business place.
To this end, forward thinking companies and financial institutions with eyes in the future who have been conversant with the new trend in customer behaviour, have painstakingly designed new products and services tailor-made to meet the growing needs of customers anytime anywhere.
It is bearing this in mind that Pan-African financial Institution, United Bank for Africa (UBA) Plc, changed the face of e-banking in the African continent for the first time with the introduction of Leo – UBA’s Chat Banker. The idea of Leo, which was birthed in 2018, was to enable customers make use of their social media accounts to carry out key banking transactions with ease.
This is the first time ever that a financial institution in Africa evolved a one-stop solution to simplify the way customers transact, a key essential in today’s fast-paced world with demands for quick-time transactions and response.
With Leo’s help, customers have been able to open new accounts with ease, receive instant transaction notifications, check their balances on the go, transfer funds and airtime top up. Cheque confirmation, bill payments, loan application, account freezing, request for mini statements, flight bookings, airtime and data purchases, are some other services that the chat banking BOT has been helping customers to carry out since 2018.
And Leo, the Artificial Intelligent Bot which carries out seamless conversations with his customers – who he calls his friends by the way- has achieved this and more in its three-year existence; allowing users to carry out quick, fast and recurring transaction with ease from their popular social media accounts such as Facebook and Whatsapp.
No wonder the bank has earned a lot of laurels and accolades in the last three years confirming Leo’s global acceptance and recognitions, as pointed out by UBA’s Group Manging Director, Mr. Kennedy Uzoka, some of which are:
‘Africa’s Best Digital Bank of the year’ by Euromoney; The Most; Innovative Bank of the year’ by International Finance; ‘Best Customer Engagement Tool’ by Africa Fintech; Pulse magazine rated Leo on WhatsApp as ‘The best WhatsApp Banking App’; ‘The Best Social Banking platform’ in Uganda; ‘Excellence in Automated Chatbot Initiative’ by Finnovex Awards; ‘Next Generation Class of 2019’ by CIBN; ‘Best Automated Chatbot Initiative, Application or Programme’ by The Asian Banker. The list is endless.
“The formulation of this product, is consistent with UBA’s Customer 1st philosophy, where we have been doing things not the way we like, but focusing on what the customers want, where they want it, and in the exact platform they want it; Uzoka explained. “At UBA, we have been continuously working with technology giants that have the global capacity to ensure not only seamless but also effortless banking for the millions of our customers across Africa; as all the bank’s subsidiaries in Africa have activated Leo to perform financial services for customers.
Continuing, he said, “Since 2018, Leo has been helping with most transactions and to deliver any form of banking services. And this has been highlighted more especially during the lockdown occasioned by the COvid-19 virus, as Leo assisted all its users on all major social media platforms to carry out all their banking activities without having to physically visit a branch. This, to us, remains an admirable feat because with Leo, the banking needs of our customers have become easy and simple – as simple as chatting”; Uzoka pointed out.
Within three years of operations, UBA’s Leo has recorded a number of milestones including opened a total of 390,756 accounts; achieving 2,169,384 subscribers; conducting a total of 9,605,703 transaction count worth a value of N81,530,918,868.Leo which has over 2.1m unique users has also generated over 20 million conversations and over 85 million engagements; with such impressive feedback and usage and remains the only AI BoT showcased at the F8 in Mark’s Zuckerberg’s opening remarks.
UBA’s Group Head, Digital Banking, Sampson Aneke, reiterated that Leo is not just a chat machine, but an artificial intelligence personality meant to address any type of banking concerns raised by customers.
“Leo has been operating a secure lifestyle banking platform on Facebook messenger, WhatsApp and IOS and Andriod to assist customers with their transactions while chatting with your friends and business partners. The security with this platform has been that for every transaction, a One Time Password (OTP) is generated to the phone number that is registered on your account,” he explained, and added that the bank is working tirelessly to improve LEO’s services to the customers in the coming weeks.
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, 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.
The Group Chief Executive Officer, Ecobank Transnational Incorporated (ETI), Ade Ayeyemi, has affirmed that the pan-African banking group is facilitating smooth and instant payments across Africa as countries start the implementation of the African Continental Free Trade Area Agreement (AfCFTA). Ayeyemi who made this assertion during an interview with the media recently pointed out that Ecobank has been able to effect international payment across the 33 countries where it operates on the continent through its Rapid Transfer platform. He reiterated that the bank’s platform can be scaled to accommodate other African countries under the AfCFTA based on their respective regulations.
According to the Ecobank Group Chief, the banking group is one of the key supporters of the AfCFTA which he believes will be of great benefit to both the continent and customers of the bank. “With this Pan-African exposure, the governments and our customers will re-evaluate their businesses to efficiently take charge of bigger opportunities. So, if you manufacture goods in Aba for the Nigerian market, you can now start thinking of how to expand your manufacturing capacity to be able to export across West Africa and also other African countries, not just looking at Nigeria as a market alone. And as you change your demand forecast, you need to now improve your capacity to produce and that will mean importing new machinery to expand your manufacturing base, develop bigger market and hire more people.”
He is optimistic that the introduction of the AfCFTA would curb the regulations and government policies limiting the flow of foreign exchange. “Banks will work with other banks like Afrexim Bank to provide a swift payment platform as Africa will be the first market for most African products. For instance, there is no need for Nigeria to import rubber from Malaysia when rubber is being exported by Côte d’Ivoire. It is better within the African space. So, there is a whole range of businesses that we are having conversations with our customers, the governments and the African Union, because of our pan-African presence.”
The AfCFTA which came into effect this January, aims at creating a single African wide market for goods and services. It will pave the way for rapid dismantling of impediments to cross-border trade leading to free movement of business, persons and investments across the continent, thus leading to the establishment of the Customs Union. It will bring together all 55 AU member states, covering a market of more than 1.2 billion people. It is set to be the world’s largest free trade area since the formation of the World Trade Organization In terms of numbers of participating countries.
Ecobank Nigeria says it is partnering Ultima Studios on the Lions’ Den TV reality show to further its aspiration to support entrepreneurs who have good business ideas but need to raise funds for advancement. Managing Director, Ecobank Nigeria, Patrick Akinwuntan who stated this in Lagos reiterated Ecobank’s commitment to be the foremost financial institution in the country providing thought leadership within the Small and Medium Enterprises (SMEs) space and also supporting them with access to financial products and services to succeed. Ecobank is the Lead Sponsor of the TV reality show hitting TV screens in 2021.
Lions’ Den which is being packaged and produced in Nigeria by Ultima Limited, a leading reality television programmes producer in West Africa, is a spinoff of the popular ‘Dragons Den’ and ‘Shark Tank’ in the UK and US respectively. The TV show brings together budding entrepreneurs and innovators with seasoned investors and business leaders to create an avenue where compelling best ideas are supported and funded.
Mr. Akinwuntan said he is optimistic that the show would attract the target group including established SMEs seeking seed or expansion capital , aspiring entrepreneurs and young graduates with bright business ideas. He reiterated that the TV show has a proven track record of appealing to both male and female audiences across the globe.
“ SMEs and entrepreneurs in the country are looking for a viable partner that will help them build sustainable businesses. Customers have become more discerning, they are not looking for any partner, but the right partner – one that is not just providing financial support but is investing in their growth; this is what Ecobank represents. We have been actively supporting SMEs because we recognise them as the engine of growth of any economy. This TV show will further create more entrepreneurs. We are pleased to partner with Ultima Limited who have a pedigree of producing world class programmes such as ‘Who Wants To Be A Millionaire?’ and ‘Project Fame West Africa’. We believe the target group will embrace the programme and at the end of the day, we will achieve our objectives of supporting small businesses and helping aspiring entrepreneurs in the country realize their dreams.”
Recently, the Chief Executive Officer, Ultima Studios, Femi Ayeni said he has reached an agreement with UK-based Sony Pictures Television to produce the Nigerian version of the globally acclaimed business reality television show, ‘Lions’ Den’. He said the show, the first of its kind in Nigeria, is a variation of the original show that was first aired in Japan and has now been produced in over 30 countries. The show targets entrepreneurs who have good business ideas but need to raise funds to advance their business. According to him, Ultima’s choice of Lions’ Den is a celebration of the entrepreneurial spirit of Nigerians, adding that the programme will not only provide exciting viewing for viewers at home, but also provide an opportunity for serious entrepreneurs to attract much-needed investments.
Lions’ Den is the world’s number one business reality show – adapted in over 30 countries worldwide. In summary, five investors listen to pitches from budding and innovative entrepreneurs who present their innovative ideas/ business plans in return for capital. Entrepreneurs with successful pitches on the show do not only obtain investments but also acquire mentors and partners for the lifespan of their business. The show, which appeals to adults 18 -54 years, generates consumer engagement opportunities as well as long term business relationships with participants, both on and off the show. It provides a platform for business education, directly and indirectly expanding on several business concepts such as investments, demand and supply, branding, business accounting and entrepreneurship. Entrepreneurs on the show and those viewing the show will acquire insightful business knowledge, through the questions, comments and suggestions offered by the Lions over the course of the show.
First Bank of Nigeria Limited, Nigeria’s leading financial inclusion services provider has launched the Virtual Payment card, a Naira denominated debit card and digital representation of the plastic debit card. The card is designed to be linked to either a customer’s operative account or wallet account.
The FirstBank Virtual Payment Card is a suitable alternative to the use of cash and cheques, with its wide-range features which include the ability of cardholders to protect his/her card using the block and unblock capabilities; PIN Reset; Change PIN as well as view statement at one’s convenience. It also enables diaspora customers to spend from his/her FirstBank account within the spend limit advised by the bank without the need for a physical card.
The FirstBank Virtual Payment Card is a safe, convenient, and easy way of making e-commerce payments amongst other functionalities.
The Virtual Payment Card can be created via the Bank’s leading digital channels; FirstMobile or Firstmonie Wallet applications. Customers can download the card, activate the card and consummate transactions all at once from the comfort of their homes/offices. No branch visit is required. Customers are advised to update their mobile application to the latest version, then select Card Services on the FirstMobile App and My Virtual Card application to create a Virtual Card at the cost of N215 (VAT Inclusive).
Speaking on the launch, Mr. Gbenga Shobo, Deputy Managing Director, First Bank of Nigeria Limited said ‘the launch of our Virtual Payment Card is yet another secure and seamless way we promote electronic banking, whilst enabling customers to carry-out their transactions on the web”
“The Virtual Payment Card is also designed to guard against the spread of the COVID-19 as it does not require physical interaction between the customer and FirstBank Branches. We enjoin our customers to download the application and stay ahead in modern banking,” he concluded.
Similarly, FirstBank recently launched the FAST Track ATM, the next generation ATM and first of its kind in Africa, designed to promote financial activities on the ATM without any form of physical interaction with the machine.
For more information on the Virtual Payment Card, kindly click here for the Frequently Asked Questions (FAQs).
Mr. Tajudeen Ajayi, winner of the 59th FirstBank sponsored Lagos open golf championship receiving the award from Mr. Olusegun Alebiosu, Chief Risk Officer, FirstBank and representative of the Bank’s CEO at the prize presentation and award night of the 59th edition of the annual FirstBank sponsored golf tourney, recently held at the Ikoyi Club, Lagos.
Ikoyi Club based category-1 amateur golfer, Ajayi Tajudeen has emerge winner of the 59th edition of the FirstBank sponsored Lagos Open Golf Championship. Ajayi closed with 1-under par 70 for a total of 7-over the course par to win the Championship by two-shots after 56-holes.
Happy at the recently held golf tourney, Ajayi adduced his success to hard work, saying “I practiced a lot”.
“There is no short cut to success which is why I take the sport very seriously. I was well prepared for this tournament because I practiced a lot”, he said in a chat with newsmen shortly after being declared the Champion.
With his victory, Ajayi replaces Peter Eben-Spiff on the FirstBank Open winners list.
Playing 4-shots adrift going to the final round, Ajayi recorded bogey free 18-holes to steal the show ahead of overnight leader, Gabriel Ejembi who carded a closing 76 for 9-over the course par over 56-holes to beat clubmate Ejembi to the second position.
Coming in the third position was Tochukwu Emuwa at 14-over. Emuwa opened his game with 76, a second-round score of 75 and a closing 74 to duck in the third position.
Olusegun Emmanuel came fourth while Junior Champion; Osiregbeme Egbakhumeh completed the top five in the R&A and USGA sanctioned championship.
Satisfied with the outcome of the competition, Olusegun Alebiosu, the Chief Risk Officer of FirstBank, who represented the Bank’s Chief Executive Officer, reiterated the banks continuous support for the championship.
The competition was organised in full compliance with Federal Government Covid-19 protocols
Ecobank Nigeria has launched a radio programme – “Ecobank Business Hour” targeted at empowering small and medium enterprises (SMEs) in the country. Emeka Agada, Head, SME, Ecobank Nigeria, says the programme which is being syndicated across 10 radio stations in Nigeria is one of the several initiatives the bank is deploying to empower its SME customers with the right resources to thrive. He stated that the programme will also enlighten the public about the various solutions designed by the bank to help businesses.
He explained that the radio programme being produced by Royal Roots, one of Nigeria’s leading production companies, has already commenced and will be aired for an initial period of 13 weeks. He added that the rich content will help entrepreneurs and business managers to upskill and reskill for growth in the new digital landscape. According to him, “This further underscore our unwavering commitment to supporting and sustaining the development of SMEs in all sectors of the economy. The radio programme promises to be an impactful series. I encourage all small business operators including their customers, friends and family members to set aside time to listen to the programme and get tips on how to grow their businesses.”
Also speaking, Greg Odutayo, Managing Director, Royal Roots, said the program will enable aspiring entrepreneurs understand how to set up and manage successful businesses. He commended Ecobank for supporting a programme of this nature, capable of generating positive activities in the SME space.
The Business Ecobank Hour is being anchored by the duo of Greg Odutayo, a presenter, producer and director with over 28 years of professional experience and Helen Ese Emore, an international facilitator, seasoned MSME project development and business coach. The programme will run in 10 radio stations including, Inspiration 92.3FM, Lagos, RayPower 106.5FM, Kano, Odenigbo 99.1FM, Obosi, Liberty 91.7FM, Kaduna and PH Family Love 97.7FM, Port Harcourt and of others. Some of the topics and issues lined up for the broadcast include- starting a new business, structuring your business and business planning, company registration, funding your business, creating markets for your products, taxes and taxation, digital payments and collections, how to obtain SONCAP and NAFDAC registration for all products and many other relevant topics, in addition to tips on how to access Ecobank’s bouquet of offerings for SMEs.
Only recently Ecobank Nigeria was named Among 2020 Customer Experience Leaders in Nigeria by Leading audit and professional services company, KPMG Nigeria. Specifically, the report stated that respondents were impressed with the interaction between Ecobank and its customers during the COVID-19 pandemic lockdown, stressing that the bank was able to provide personalized service to its respective customer segments. KPMG’s Nigeria banking industry customer experience survey measures the performance of lenders in the country in terms of their relationship with their account holders and other users of financial services.
