Ecobank Nigeria has launched Smart Small And Medium Enterprise (SME) Agency Banking campaign targeted at empowering 100,000 entrepreneurs under the Ecobank SME and Agency Banking proposition. Emeka Agada, Head of SME, Ecobank Nigeria, said the initiative was introduced in line with the bank’s commitment to support the Federal Government and Central Bank Of Nigeria vision for financial inclusion across the country. Aside improving financial inclusion, this campaign also aims to create self-employment for new entrepreneurs and help diversify income streams of existing small businesses across Nigeria. He reiterated that Ecobank has made it easy for entrepreneurs and small businesses to become the Bank’s Agents under this initiative.
“This laudable initiative is to empower small businesses and create new entrepreneurs. It is open to every honest and enterprising adult capable of using smart phones and/ or Point of Sale (PoS) Machines as well as every small and medium enterprise subject to their meeting the terms and conditions as set out for Agents. Why not join the Ecobank Smart SME Agent network today and become a mobile financial services provider? “. He stated.
Mr Agada explained further that an Xpresspoint agent could perform basic banking services such as account opening, deposit collection for Ecobank, interbank transfers to other banks, card and card-less withdrawals, bill payment, airtime top-up, remittance services amongst others. He said Agents will earn money through-fees and commission on all successful transactions done through the agency. Ecobank will also train the agents and provide branding materials for free.
In her comment, Mrs. Nike Kolawole, Head Ecobank Agency Network lauded the Initiative and added that the Ecobank Agency proposition remains the best in the industry today. She encouraged small businesses to partner with the bank to drive financial inclusion and employment.
On a general note, Mrs. Kolawole emphasized that “banking has greatly evolved and has become closer to the people. With the introduction of Agency banking, no one needs to visit a bank branch to carry out a transaction. With your phone, you can perform your own transaction or perform transactions for other people on behalf of the bank and earn commissions. I encourage the youth and owners of small businesses (men and women) to use this initiative to expand their revenue streams while offering this value-added service to customers”.
– SPEARHEADS INNOVATION IN ELECTRONIC BANKING IN NIGERIA
In the light of COVID-19, FirstBank has launched the FastTrack ATM, a Next Generation ATM and first of its kind in Africa, designed to promote financial activities on the ATM devoid of any form of physical interaction with the machine. The introduction of the FastTrack ATM which is done in partnership with Inlaks enables customers carry out cash withdrawals without having to touch the interface of the ATM.
With the FastTrack ATM, widely referred to as Touchless Solution, the customer carries out the transaction by using his or her mobile phone to perform the needed steps designed originally for implementation on the ATM. By using one’s phone, the transaction is carried out – in advance – through the Bank’s USSD or mobile banking option. Upon the schedule, the customer visits the FastTrack ATM to complete the transaction by tapping a contactless Near Field Communication (NFC) card on the ATM to withdraw his or her cash.
FirstBank customers can now leverage the real-time mobile banking capabilities of their cellphone to activate cash withdrawals at the FastTrack ATM. The ATM solution is the Bank’s response to control the spread of COVID-19, whilst promoting the safety of customers that carry out transactions at the ATM.
Speaking on the launch of the FastTrack ATM, Dr. Adesola Adeduntan, CEO, First Bank of Nigeria Limited said ‘at FirstBank, we are driven to provide seamless financial solutions to ensure our customers are able to timely carry out their transactions in safe, secured and efficient ways, thereby putting them ahead in digital banking, not just in Nigeria but Africa. We are delighted to set the pace regarding the use of the Next Generation ATM in Africa which enables customers to use their mobile phones to remotely initiate ATM-based cash withdrawals via our *894# USSD banking or FirstMobile application. At the core of our strategy lies innovation which is critical to adapting to the new normal’.
According to Olufemi Adeoti, Managing Director, Inlaks, “given that consumers are more adaptable to mobile technology Inlaks – the Africa’s leading Information Technology Solutions provider together with Hyosung ATM OEM are partnering with FirstBank to introduce the first fully compliant COVID-19 FinTech ATM. This is in alignment with the ‘new normal’ desired customer experience which includes digitalization and delivering a secure contactless cash access to the bank’s FirstMobile customers for better user experience, simplicity, speed and convenience”
In recognition of its giant strides at promoting electronic banking in the country, FirstBank’s mobile banking application – FirstMobile – was recently awarded the Best Mobile Banking App award 2020 in the Global Finance Best Digital Bank Awards 2020 as well as 2019 Best Mobile Banking App by Global Business Outlook.
FirstBank has been at the forefront of promoting electronic banking solution in Nigeria. In 2017, the Bank was recognized as the first financial institution in Nigeria and the West-Africa sub-region to issue 10 million ATM cards to customers across the country. The bank was the second in Africa to achieve the milestone.
These feats are achieved through the trusts in its industry leading innovative banking solutions by over 10 million customers on its USSD *894# banking platform and over 4.1 million customers on its FirstMobile banking application, endearing the Bank to process about 30% of card transactions in the entire banking industry in the country.
The Board of Directors of SunTrust Bank Nigeria Limited, at its meeting held on Thursday 26th November 2020, has elected Mr. Olanrewaju Shittu as Chairman of the Board of Directors to replace Mr. JIbril Aku.
The board has also approved the appointment of Mr. Mohammed Datti Yola as a Non-Executive Director, Subject to the approval of the CBN.
Mr. Shittu was a Director at Central Bank of Nigeria. He retired in 2018 and is a holder of MBA degree, Fellow (FCA) Institute of Chartered Accountants of Nigeria (ICAN), Associate (ACA) Institute of Chartered Accountants of Nigeria (ICAN) and an Associate (ACTI) Chartered Institute of Taxation, Nigeria.
Mr. Datti is a retired General Manager at the National Pension Commission (PenCom). He earlier worked at Central Bank of Nigeria where he rose to the rank of a Senior Bank Examiner before joining other commercial banks. He is a holder of MBA degree and a Fellow (FCA) Institute of Chartered Accountants of Nigeria (ICAN), Associate (ACA) Institute of Chartered Accountants of Nigeria (ICAN).
The Bank expresses it gratitude for having such gentlemen as members of its Board of Directors and assured its stakeholders that their wealth of experience will be brough to bear in the success of the bank.
To enhance effective growth in profitability and good returns on shareholders’ investment, the Board of Directors of SunTrust Bank Nigeria Limited, has elected Mr. Olanrewaju Shittu as Chairman of the Board of Directors to replace Mr. JIbril Aku.
This decision was made at its meeting held on Thursday 26th November 2020. The board also approved the appointment of Mr. Mohammed Datti Yola as a Non-Executive Director, Subject to the approval of the CBN.
While Mr. Shittu was a former Director at Central Bank of Nigeria, Mr. Datti is a retired General Manager at the National Pension Commission (PenCom).
SunTrustbank, it would be recalled was licensed on September 15, 2015 as the first new commercial bank license given by the Central Bank in 15 years and its journey as a bank began in 2009. It commenced business on August 1, 2016.
The new Chairman, Olanrewaju Shittu retired in 2018 and is a holder of MBA degree, Fellow (FCA) Institute of Chartered Accountants of Nigeria (ICAN), Associate (ACA) Institute of Chartered Accountants of Nigeria (ICAN) and an Associate (ACTI) Chartered Institute of Taxation, Nigeria.
Commenting on the bank’s operations so far, a senior executive in the bank said: “Over 90 per cent of banking transaction are being transacted electronically worldwide. Banking is no longer where you go to… the only financial institution that can stand in the future is no longer those with physical branches but only by banking services that will be driven by technology and therefore most customers of tomorrow will no longer be interested in going to the banking halls… We are a financial technology bank that will bring banking to your home rather than make you come to us…We will be everywhere but we will be nowhere…we will have the minimum branches required to operate as a bank but we will drive financial services through technology…”
The Managing Director, Ecobank Nigeria, Patrick Akinwuntan has advocated a closer collaboration between banks, Telcos, Fintechs and industry regulators to enhance savings and lending in the financial landscape. This development according to him will generate activities in the economy and expand wealth creation. Akinwuntan who was speaking at the ‘Fintech in Nigeria: State of Play’ event based on the research and moderation of the Economist Intelligence Unit, stated that the Fintech industry is currently more active in payments as against wealth creation, which is the ultimate goal for financial inclusion. He noted that the Central Bank of Nigeria (CBN) has been proactive in providing a regulatory environment for the collaboration of players with emphasis on customer protection which has improved customers’ trust in using digital channels.
Mr Akinwuntan who commended the role fintechs play in facilitating payment, said “there is need to deepen their presence in lending and savings. This is why I maintained that collaboration between Fintech and banks is valuable. We are not at the stage of competition yet; we are at a situation where although we have our profitability interests, we will actually gain much more by collaborating”. He added that “in the area of savings and lending, be it to the agriculture sector, the creative sector or the young graduates setting out to be entrepreneurs directly, the ability to save even in little bits creates a profile that would be able to attract lending that you can translate into economic value.
Specifically, the Ecobank Managing Director stated that the Fintech industry rose to the situation especially in the payment space and increasingly in lending and savings during the Covid 19 pandemic lockdown in the country. He noted that “between March and April, the number of transactions in the payment space for Fintech grew in multiples of close to 800%. We saw significant participation of the Fintech industry in actually reaching more of the underserved in the market by reducing cost of access and making these services available all the time ether by using traditional banks or in collaboration with government agencies.”
Mr. Akinwuntan explained that Ecobank had uninterrupted banking services for its customers through its digital platforms and agency banking during the lockdown, “we had invested significantly in our digital platforms; given the nature of Ecobank as a pan African institution, the only way we could reach every household was to leverage the digital platform. We saw a marked growth in the number of digital based transactions as our customers continued in their way of life depending on these platforms. And most importantly is the use of our social media to drive advocacy with the stay safe campaign where we educated the masses on safety guidelines. We were ready for the situation giving the nature of our franchise. And with our agency banking push, people do not need to go beyond their neighborhood to do transaction.”
Also speaking, Director, Payment System Management, CBN, Musa Jimoh said the apex bank’s regulation is driven by innovation. “We have come up with regulations that will enable all the participants to behave symbiotically. Our payment system directive will be driven by the innovation in the banks. We don’t know what will happen in the future in terms of technological development, therefore we follow innovations and prepare a ground for all the participants to work symbiotically. A new innovation is studied before we provide the needed intervention in terms policy derivative that will help everybody to participate”.
He observed that Covid 19 lockdown provided opportunity for banks to sell digital products, test their back up and business continuity processes and explore the technological services available and push for their financial services, noting that CBN is backing up these areas with relevant regulations to ensure all the participants with the payment and financial service space can actually conduct their service responsibly.
On priorities in the regulatory space especially those championing Fintech, Jimoh said the apex bank currently operates both sandbox and the open bank regulation. “the sandbox provides a regulated environment for startups who don’t have the financial strength to take an authorization from CBN to go through the entire process of licensing to test their innovation. We are working hard to show case an environment where startups can come to the regulatory sandbox to test their innovation and services without having the license yet,” adding that “Open banking regulation is a principle that will allow third party to leverage on the existing bank accounts with the banks to get information and provide services. More like democratizing financial services where a person chooses the service provider that will provide services and the kind of services provided. As a Fintech, you will be able to connect to banks to provide value added services.”
Fintech in Nigeria: State of Play: is an Economist Intelligence Unit Research which examines key trends in the fintech sector in Nigeria and assesses both industry drivers and impediments to further growth. This report combines extensive desk research and insights from in-depth interviews with industry experts and executives at regulatory bodies and Fintech firms. Key findings of the report showed that Nigerian Fintechs are moving from payments into lending, micro-investment, wealth management, peer-to-peer transfers and insurance. Secondly, Nigeria’s regulatory environment balances innovation and consumer protection but must continually evolve to respond to market dynamics and lastly, Nigerian Fintech needs to address shortcomings in the broader ecosystem to develop and flourish.
The UBA Foundation, the CSR arm of the United Bank for Africa, today, held its tenth annual National Essay Competition(NEC) in a virtual ceremony that was attended by high school students from across the nation. The UBA Foundation’s Education initiative has been changing lives for a decade as the tertiary education scholarship programme continues to impact the lives of many students and their communities.
For the fourth consecutive year, the females have been leading this competition with14 year-old Eshiet Abasiekeme of Bright Stars Model Secondary School from Akwa-Ibom state taking home this year’s winning prize. Eshiet received an educational grant of N2,500,000.00 to study in any African university of her choice. She will also be supported throughout her educational career and beyond with constant mentoring by the UBA Foundation.
Abasiekeme who had joined the virtual event from her base in Akwa Ibom state in Nigeria, could not contain her excitement as she heard the announcement that she had won the first prize of the NEC 2020. “I feel honoured to be the winner of this year’s NEC, and I want to appreciate UBA and UBA Foundation as this will help towards my dream of becoming a lawyer,” she said proudly, expressing that she would like to go to university in Uyo in her home state.
The second prize was awarded to 14 year old Mofoluwake Adesanya of Spring Forte-Lead College Lagos State, who won a N2,000,000 educational grant, whilst the third prize of N1,500,000 went to Abdulganiyy Habeebah, 16 years old. Abdulganiyy attends the International School, University of Lagos.
Eshiet and the 11 other finalists, took home their brand new lap top computers to enable them continue to work competitively in a world that is rapidly becoming fully digitalised.
Congratulating all the winners at the final event of the competition, the Managing Director/CEO of UBA Foundation, Bola Atta, applauded all the participants for their exceptional brilliance. She explained that the Foundation had taken into consideration the effect that the Covid-19 pandemic has had on lives and incomes across board and had increased the prize money by 33 per cent this year to help cushion any negative or inflationary effects.
Emphasising the driving force behind the annual competition, she said, “We are passionate about the annual NEC because it changes lives and helps to improve the quality of lives of students and their families. The NEC helps to improve the quality of writing and competitiveness amongst students. We have launched in more African countries this year and would have launched the initiative in 20 countries by the end of 2021. It is not just about writing essays, the ripple effect is really quite enormous, and we are glad that it is cascading to other countries where we operate.’ she said.
Also speaking at the opening of the event, the Group Managing Director/Chief Executive Officer of UBA Plc, Mr. Kennedy Uzoka, commended all 12 finalists, expressing that UBA was happy to be touching lives and making a solid impact through its National Essay Competition, which is now in its 10th edition. He was very pleased about the fact that more females again came out tops this year, adding that notwithstanding the constraints and challenges of 2020, the Foundation received the highest number of entries ever, at over 12,000 digital submissions’.
Uzoka who is also the Chairman, UBA Foundation said, “The NEC has been changing lives positively for 10 years, and we have awarded scholarships to students not just in Nigeria but in other parts of Africa like Ghana, Sierra Leone and Senegal. Some of these students are already graduates and contributing meaningfully to their communities’.
To all 12 of you that have emerged finalists, I would like to congratulate you. If out of 12,000 entries you were able to make it to the top 12, that represents about 0.12% of the entries. You are no doubt, already a winner,” he continued.
UBA Foundation’s National Essay Competition is an initiative under the Education pillar of the Foundation. Now in its tenth year, the aim of the NEC is to ensure that more African youths have access to education. The programme also highlights the good quality of education that exists on the continent as it stresses that the grant must be used in any university of the winners’ choice on the African continent.
First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider has announced its variant account products – KidsFirst and MeFirst – created to encourage the right savings culture among children from 0 – 17 years. The offerings have relevant enhancements including appropriate parental guidance and financial discipline for children as they grow into adulthood. Both accounts can be opened with zero balance and operated with a minimum balance of N100.00.
KidsFirst Account is designed for children between the ages of 0 and 12 years to sensitise them on how exciting saving can be. The account comes with a trendy gift item for the child when the account is opened with a minimum of N10,000.00. The account is automatically transited to MeFirst account when the child is 13 years old.
MeFirst account, on the other hand, is designed for teenagers between the ages of 13 and 17. This account is created in recognition of the need to help teenagers embrace the culture of financial responsibility and cashless payment as they develop into young adults. They have access to attractive and trendy pre-paid cards through which parents/guardians can credit weekly/monthly allowance and monetary gifts. MeFirst account holders can select from 5 exciting card design options that suites their trendy style.
The Mefirst cards are enabled to pay for micro online shopping as desired – mobile games, apple music, Spotify and local POS transactions as well. Teens are thereby exposed to the cashless culture and electronic payment activities early in life, which is expedient in today’s digital age. Parents and guardians of the child are granted access to track and control the spend pattern.
Speaking on the accounts, Gbenga Shobo, FirstBank’s Deputy Managing Director said, “we are delighted with the role we play in promoting financial literacy amongst children and teenagers in the country. Our KidsFirst and MeFirst accounts are designed to ensure that parents and guardians are able to have their wards exposed to the right savings culture and financial discipline as they evolve to adulthood.”
“With these accounts, parents are able to save and strengthen their preparedness for various financial obligations of their children like paying for school fees as they progress with their academic pursuit which is pivotal to securing the future of the children. MeFirst and KidsFirst accounts are essential gifts from parents to their children”.
Ecobank Nigeria has concluded plans to step up awareness on non-communicable diseases particularly diabetes to commemorate this year Ecobank Day. Ecobank Day is a special day set aside every year by Ecobank Group, for management and staff of the bank to embark on Corporate Social Responsibility (CSR) activities that impact its immediate environment and people.
This year’s theme is ‘Take Action Against Diabetes’ It is scheduled for Wednesday 18th November at 11amJoin live event . Two specialists on Diabetes, Dr. Mosunmoluwa Obafemi Adio, Consultant Endocrinologist, Presidential Emergency Plan for AIDS Relief (PEPFAR) at UCH, Ibadan, & currently a Consultant Endocrinologist With Evercare and Dr. Mazeedat Erinosho, Public Health Practitioner & Director, Saving One Million Lives Programme, Ministry of Health, Lagos State, who will speak on how best to maintain a healthy lifestyle as a Diabetic patient and new breaks on the dreaded disease. Also, a survivor will share his life experience. 2020 Ecobank Day events are being held virtually, to ensure safety from Covid-19. Registration is through
Patrick Akinwuntan, Managing Director, Ecobank Nigeria, said “At Ecobank we take great pride in our commitment to ‘giving back’ to our communities and since 2013 we have held our annual Ecobank Day as our flagship event to do so. It is a day on which Ecobankers voluntarily give up their free time to help deserving causes and is also a focus for the Bank to make donations. Each year, a specific cause is supported, and these include education, maternal healthcare, safe water supplies, malaria prevention and cancer screening”. He noted that the pan African bank last year decided to focus on raising awareness and helping to prevent Non-Communicable Diseases as a three-year campaign with this year focusing on Diabetes.
Biyi Olagbami, Chief Risk Officer, Ecobank Nigeria, said “We all need to do everything that we can to raise awareness to help prevent Diabetes and the other NCDs in Nigeria. Regrettably, most people don’t know that they have it. It can cause all sorts of complications, including kidney damage, sight loss, amputation of feet and even premature death.” Olagbami, who also doubles as the lead CSR champion for Ecobank Nigeria disclosed that planned activities aimed at raising awareness about Diabetes, include informational webinars and controlled screening in strict adherence to measures outlined by the government to combat the spread of Covid-19. He added that donations will also be extended to credible organisations for training healthcare professional, equipping care structures, field monitoring and evaluation, advocacy.
Ogun State Governor, Prince Dapo Abiodun has commended the management of Ecobank Nigeria for donating rural health tricycle ambulances to the state, saying the gesture will go a long way in complementing government’s efforts on primary healthcare delivery. The presentation was made at the Governor’s office, Oke-mosan, Abeokuta during a courtesy call on Governor Dapo Abiodun by some members of Ecobank Nigeria Executive Management Team last week.
According to him, the bank’s donation speaks directly to government’s plan to ensure that healthcare is available to all citizens in the state, noting that most people in the state live in rural areas that are not accessible to the regular ambulance services.
“On behalf of the entire people and government of Ogun state, we express our very deep and sincere appreciation to the board and management of Ecobank for thinking through and supporting us with this ambulance that is built on a frame of a tricycle. It is an ingenious innovation, I must say. We appreciate you for this gift. Most of our people reside in the nooks and crannies, where vehicles cannot access easily. So, this is a gift we appreciate and will go a long way in assisting healthcare delivery particularly our pregnant women in the rural area.”
The Governor further solicited for more collaboration and partnership with Ecobank in other sectors of the state’s economy.
Speaking in the same light, the state Commissioner for Health, Dr. Tomi Coker, commended Ecobank for the donation, saying that the ambulances would further help to address the issue of maternal mortality in the state.
According to her, “We are extremely grateful to Ecobank’s leadership for this. It is part of our vision to reduce mortality rate as well as increase the life expectancy of Ogun state people. This is going to help us achieve this aim, though our state is one of the states in the country that has low maternal mortality rate. We can also use this for other non-communicable disease patients that need transfer. On behalf of all the citizens of Ogun state, I thank everyone here for coming to witness this occasion.”
Making the presentation, Managing Director, Ecobank Nigeria, Patrick Akinwuntan said the donation is a way of supporting the efforts of the government at delivering primary healthcare to the people, noting that the ambulance is designed to reach people at the grassroots.
“On behalf of the board, management and staff of Ecobank, it is our pleasure to present this ambulance fitted for grassroots, so that health services can reach every door step in Ogun state. This is also to complement government’s effort in this regard. We are honoured to have had the cooperation of your ministry of health, headed by Dr. Tomi Coker. To the glory of God and in service to humanity; we are pleased to present this to you.”
Other members of the bank’s visiting Executive Management Team include the Executive Director, Commercial Banking, Carol Oyedeji ; Head, Consumer Banking, Korede Demola- Adeniyi; Segment Head, Public Sector/AgriBusiness, Mojisola Oguntoyinbo; Regional Head, South West/Mid-West, Christopher Olusola; Regional Manager, Public Sector, South West/Mid-West, Victor Inyang and Business Manager, Abeokuta branch, Olusegun Makinde.
First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider has announced that its mobile banking application, FirstMobile, has been awarded the 2020 Best Mobile Banking App award 2020 in the Global Finance Best Digital Bank Awards 2020. The achievement of this feat is largely attributable to the Bank’s relative strength and success of its web products and services, notably FirstMobile.
Speaking on the 2020 Global Finance awards Joseph D. Giarraputo, publisher and editorial director of Global Finance said; “This year, a global pandemic accelerated the transition to digital banking, but forward-thinking banks were already on that road. The Digital Bank Awards hone in on the institutions that are leading the shift toward a new world of banking.”
According to Global Finance, winning banks were selected based on various criteria, including strength of strategy for attracting and servicing digital customers, success in getting clients to use digital offerings, growth of digital customers, breadth of product offerings, evidence of tangible benefits gained from digital initiatives, and web/mobile site design and functionality. winners chosen from entries evaluated by a world-class panel of judges at Infosys, a global leader in consulting, technology and outsourcing. The editors of Global Finance were responsible for the final selection of all winners.
Appreciating the award on behalf of the Bank, Gbenga Shobo, Deputy Managing Director, FirstBank said “the Global Finance 2020 Best Mobile Banking App award is testament to our continuous commitment to putting our customers first which was demonstrated in our recent upgrade of the leading mobile banking application, FirstMobile. The upgrade on FirstMobile is designed to suit the social pattern and lifestyle of all our customers.
“We dedicate this award to all customers and appreciate Global Finance for the recognition.”
Only recently, Global Business Outlook awarded FirstMobile with the 2019 Best Mobile Banking App.
