Fidelity Bank Renovates Classroom Blocks, Commissions ATM Gallery In Zaria to Drive Financial Inclusion
L – R: Emir of Zazzau, His Royal Highness, Alhaji Ahmed Nuhu Bamalli; Executive Director, North Directorate, Fidelity Bank Plc, Hassan Imam; and Divisional Head, Brand and Communications, Fidelity Bank Plc, Meksley Nwagboh at the commissioning of classroom blocks renovated by the bank at Madrasatul Anwarul Islam, Kwarbai, Zaria, Kaduna State on Saturday, 18 June 2022. The bank also inaugurated a state-of-the-art Automatic Teller Machine (ATM) gallery at the Emir’s palace at the event.
Leading financial institution, Fidelity Bank Plc, recently commissioned the newly renovated Madrasatul Anwarul Islam school in Zaria, Kaduna State as part of its Corporate Social Responsibility (CSR) initiatives targeted across Nigeria.
Established over five decades ago by the emir’s father, late Maga in garin Zazzau, Alhaji Nuhu Bamalli, Madrasatul Anwarul Islam is the alma mater of the current Emir of Zazzau and has produced several notable personalities in the country.
The bank also inaugurated a state-of-the-art Automatic Teller Machine (ATM) gallery to drive financial inclusion within the community.
Speaking at the official project commissioning event which held on Saturday, 18 June 2022, Executive Director, North Directorate, Fidelity Bank Plc, Hassan Imam, said the bank’s decision to renovate the school was borne out of its commitment to make learning conducive for both students and teachers across the country.
According to Imam, “Our CSR footprint extends beyond education, healthcare and youth empowerment initiatives across the country as we are driven by the belief that we can only succeed as an organization when the people and community where we do business succeed. That is why we have taken it upon ourselves to help upgrade the facilities here at Madrasatul Anwarul Islam. Our hope is that the teachers and students in the school would put the facility to good use.”
“As part of our commitment to drive financial inclusion across the country and boost commerce in Zaria in particular, we have installed an ATM gallery at the emir’s palace. We hope this would make financial services easier and accessible to members of the Zaria community in line with our mission as a bank and thank the emir, His Royal Highness, Alhaji Ahmed Nuhu Bamalli, for his support in executing this project as well,” explained Imam.
Applauding the bank for its gesture towards promoting education and commerce in Zaria, HRM Ambassador Alhaji Ahmed Nuhu Bamalli encouraged members of the community to put the facilities to good use and protect them against vandalism. He also urged businesses and merchants to patronize the bank as a way of appreciating their efforts in developing the community.
Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 6.7 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.
Ecobank Launches Super Rewards Season 3; 100 customers to get N50,000 Monthly
Ecobank Nigeria has launched Season 3 of its Super Rewards Campaign. The customer-focused initiative is designed by Ecobank to reward customers loyalty, with Season 3 set to reward 100 customers with cash prizes of N50,000 monthly, while 2 customers will go home with N1 million each at the end of the Season. The two-month campaign kicks off June 20 and will run through to August 21, 2022.
Announcing the commencement of the new season in Lagos, Korede Demola-Adeniyi, Head, Consumer Banking, Ecobank Nigeria said season 3 promises to be bigger with 100 customers benefiting N50,000 each. She stated that participation is open to both new and existing individual customers of the Bank, who qualify to be rewarded, while also enjoying a first-grade banking experience.
“Now is the perfect time to open an account with us or reactivate and fund your dormant account. The Super Reward campaign which was initiated by Ecobank in March 2021 is designed to promote a healthy savings culture amongst Nigerians and reward customers’ loyalty to the Ecobank brand. The success of season 1 and 2 campaigns followed by customers’ demand led to the introduction of Season 3. Both Seasons 1 and 2 have produced a total of 8 Millionaires and 1600 customers being rewarded N25,000 weekly in batches of fifty per week”. She stated.
Speaking on the dynamics of the campaign, Daberechi Effiong, Head, Consumer Products, Ecobank Nigeria, said the conditions to qualify for the campaign are simple and easy to ensure both new and existing customers participate and get rewarded. According to her, “New customers only need to open an account with a minimum of N5,000 while existing customers should make minimum deposits of N5,000. Customers with dormant account will also qualify when they reactivate and fund their account with a minimum of N5,000.
She further explained that qualifying customers will be rewarded monthly. “Rewards will be done monthly for the 2 months starting from July, 100 customers will be rewarded with N50,000 monthly. There will be two grand prize rewards of N1 million each at the end of the campaign.” She enjoined those that are yet to open an account with the bank to do so to enjoy the benefits of our bouquet of products and services.
Ecobank Nigeria Ltd. is a subsidiary of the Ecobank Group, the leading pan-African banking group with operations in 33 African countries and an international presence in four locations (London, Paris, Beijing, and Dubai). Ecobank is a major player in the distribution of financial services in Nigeria, leveraging digital platforms including Ecobank Mobile App and USSD *326#, Ecobank Online, Ecobank OmniPlus, Ecobank Omnilite, EcobankPay, Ecobank RapidTransfer, ATMs, POSs and an extensive distribution network of over 250 branches and over 50,000 agency banking locations.
FIRSTBANK PARTNERS WITH ELOY FOUNDATION TO PROMOTE THE SUSTAINABILITY OF FEMALE OWNED SMALL BUSINESSES
In furtherance of the need to empower female business owners across the country, The ELOY Foundation, in partnership with FirstBank presents the ELOY Foundation Business Shower, created to support female entrepreneurs on their journey to building sustainable businesses. The support from FirstBank will be carried out through the FirstGem loan scheme designed for female-owned or partnered MSMEs and its SMEConnect initiative.
The partnership focuses on key sectors of the economy and designed to have female entrepreneurs exposed to essential business skills like training, networking and the ELOY Foundation Business Toolkit, a compilation of business survival skills nuggets. The business shower will avail businesses a platform to pitch their ideas to win seed grants and join the ELOY Foundation Sustainable Empowerment Programme 2022. Participants will also be able to access the FirstGem single digit loan, where eligible.
The ELOY Foundation Business Shower will hold in 5 locations across the country. Kicking off in Lagos on 23 June 2022, the train moves to Port Harcourt on 25 June 2022, then Abuja on 30 June 2022. In July, Kano and Abia will host female business owners on the 2nd and 7th, respectively.
The ELOY Awards Foundation Business Showers will offer an avenue to sustain women empowerment by providing entrepreneurial training and mentorship from experienced businessmen and women, arming participants with tools and information to help them grow their businesses.
According to Tewa Onasanya, Founder of the ELOY Awards Foundation, “it is not just enough to talk about empowering business owners, it is very important to sustain empowerment by providing guidance towards their business progress and giving them access to different resources to help them continue to thrive. MSMEs are the backbone of any nation and there is a great need to sustain this chain of the economy. It is on this common ground that FirstBank has partnered with the ELOY Team to contribute meaningfully in empowering women to achieve fulfilment in their chosen business endeavours.”
Speaking on the partnership, Folake An-Mumuney, Group Head, Marketing & Corporate Communications, FirstBank said, “we commend ELOY Foundation for their efforts on this initiative as the continued strengthening and inclusiveness of female driven business endeavours is essential to the growth of the national economy. We are happy to partner with ELOY Foundation on its Business Shower. Together, we will drive the entrepreneurial viability of participants and expose them to business nuggets that will take their business to the next level.
Woven into the fabric of society for over 128 years, FirstBank plays a leading role in supporting women through strategic empowerment, capacity building and mentorship programs for women in MSME, leveraging its FirstGem and SMEConnect propositions to women across diverse sectors of the economy as well as strategic partnerships with women empowerment organisations like ELOY.
Registration is currently ongoing for the ELOY Business Shower via the link below.
Female business owners are encouraged to send in their business pitch video and business plan for a spot on the ELOY Foundation Sustainable Empowerment Program and a chance to win a grant for their business.
Heritage Bank wins Lagos Environmental Sustainability Award, commits to nature protection
R-L: Kehinde Olugbemi, Ag. Chief Risk Officer, Heritage Bank; Captain Babangida Zakari, Deputy Director of Coordination, Armed Forces Settlement Centre, Oshodi; Prince Ademola Docemo, MD, Lagos State Signage and Advertising (LASSA); Gaji Omobolaji Tajudeen, Permanent Secretary, Lagos State Government Representative; Brigadier General Maxwell Ejike, Director of Training, Armed Forces Settlement Centre, Oshodi, as Heritage Bank wins Environmental Sustainability Award at the 2022 World Environment Day event held in Lagos State.
For its contribution and support towards Environmental Sustainability, especially, in Lagos, the state government, awarded Heritage Bank with its 2022 Environmental Sustainability Award.
The bank joined other corporate organisations and schools within the State, awarded for their efforts towards protecting nature and limiting the impact of climate change on Earth.
The Award was given to the bank by the state government through the Ministry of Environment and Water Resources, Lagos State in the commemoration of 2022 World Environment Day Celebrations in which the bank was also a major sponsor.
Speaking at the year 2022 World Environment Day finale held at Alausa, Ikeja, Lagos at the weekend, the managing director/CEO, Heritage Bank Plc, Ifie Sekibo, commended Lagos state government and its ministry for the efforts exuded during environmental sustainability to protect ecosystems in supporting health and wellbeing of all creatures.
Sekibo, who was represented by the Chief Risk Officer, Heritage Bank, Mr. Kehinde Olugbemi, said: “as this year’s World Environmental Day Celebration theme implies, we have ‘Only One Earth,’ and truly, only one earth to protect. The fact is that human well-being is closely linked to the health of the environment. And our planet is reaching a breaking point. We are beginning to see the consequences of global warming on ecosystems and communities.”
Today, he said, industrialisation, though positive for human well-being on the flip side, has raked lots of havoc on human existence.
Quoting the World Health Organisation (WHO), he said, 24% of deaths can be traced back to avoidable environmental factors, adding that, Heritage Bank Plc has continued to prioritise and make huge commitments to environmentally sustainable practices to help build thriving communities and secure future growth potential.
R-L: Ozena Utulu, Ag. Group Head, Corporate Communications, Heritage Bank; Kehinde Olugbemi, Ag. Chief Risk Officer, Heritage Bank; Dr. S. Olayiwole Onasanya, Permanent Secretary, Lagos State Independent Electoral Commission (LASEIC) and Titilola Docemo, Regional Head, Lagos Island 2A, as Heritage Bank wins Environmental Sustainability Award at the 2022 World Environment Day event held in Lagos State.
“We realized that our people and other dwellers need clean air to breathe, fresh water to drink, and places to live that are free of toxic substances and hazards.
“So, as a part of our sustainability drive in the Corporate social responsibility space, we have continued to put sustainability at the heart of our decision-making for the sake of humanity and the bank’s own bottom line because a healthy planet is the backbone of nearly every industry on Earth,” he pointed out.
Earlier at the event, Lagos state governor, Mr. Babajide Sanwo-Olu stated that, there is an urgent need for everyone to focus on the need to live sustainably with nature for the benefit of mankind, adding that, this has become necessary to shift to a greener lifestyle through both policies and individual choices.
He added that sustainability of the environment is among the most pressing issues in the world today out of which the Earth faces triple planetary emergencies namely, Climate change, loss of biodiversity and Environmental Pollution.
The governor, who was represented by the Permanent Secretary, Office of Environmental Services, Dr. Omolaji Gaji, added that, the impact of the challenges has negatively made the achievements of Sustainable Development Goals (SDGs) less successful.
“With nature in emergency mode, the #OnlyOneEarth campaign for World Environment Day 2022, wants us to celebrate the planet through collective environmental action”, he said.
The governor commended Corporate Organisations, such as Heritage Bank for ensuring that the persistent drive of the State’s policy towards entrusting the legacy of greening and restoration of indigenous trees to the citizen is sustained.
Similarly, the commissioner for the Environment and Water Resources, Mr. Tunji Bello said, government through the ministry of the Environment & Water Resources has implemented several programmes to mitigate these challenges through Tree planting, Climate change summit, Environmental bees’ clubs in schools, waste to wealth and ban on open defecation.
Speaking through the Director of Sanitation Services Department, Dr. Hassan Sanuth, the PS added that, the government keyed into this call in 2021 by commencing the greening of Abraham Adesanya setback, together with restoration of some historical plants in specific locations like Agege, Idi-Mangoro where Mango trees were planted, Idi-Agbon in Ifako-Ijaiye where coconut trees were planted and in Lagos Island where breadfruit trees were planted at St. Paul Anglican Primary School, Breadfruit Lagos as part of this year’s celebration.
The guest lecturer, Dr. Ayo Tella while delivering his paper, noted that, Anthropogenic effects caused by human activities such as the felling of trees have altered the earth’s natural systems and survival of many species.
Heritage Bank had earlier donated plastic bins to Navy Town Secondary School, Ojo, Lagos, to mark the World Earth Day even as it has embarked on a project to address water crisis, whilst contributing towards making clean and potable water accessible to all.
Similarly, a global open-source movement known as Liter of Light Nigeria partnered with Heritage Bank Plc to provide sustainable solar electricity for Itomaro community in Lagos State while the bank, in 2020, had been on the move to distribute over 10, 000 mosquito nets to rural dwellers.
Dangote Cement Shareholders up dividend by 25% to N20 per share
Shareholders of Dangote Cement Plc yesterday commended the Management of the company for an impressive performance despite the economic challenges in the year under review.
Unanimously, the shareholders approved N20 per share for the year ended December 31, 2021 as against the N16 paid in the preceding year. This represents a 25 per cent increase in dividend compared to the 2020 dividend of N16.00 per share, reinforcing the Company’s commitment to maximising shareholder value.
The shareholders gave their approval at the 13th Annual General Meeting (AGM) held in Lagos. They commended the management for the impressive performance recorded in the year under review. They also applauded the company for its efforts in reducing unclaimed dividend of the company.
Dangote Cement in the year under review achieved its highest profit before tax in its history at N538.4 billion. Also, the Company recorded Group volumes of 29.3Mta, up 13.8 per cent. Exceptional EBITDA of N684.6 billion was achieved, up by 43.2 per cent owing to strong cost control measures.
Chairman of the company, Aliko Dangote, said that “Over the last decade, Dangote Cement has recorded exponential growth across all areas.”
According to him, Group volumes are now at almost 30Mta, our capacity has tripled to 51.6Mta and we export cement from five countries across Africa.
“As the volatile global environment propels us into a new era of uncertainties, we are fortunate that the last two years have taught us resilience, adaptability and grit. These values are what we need to face unpredictable times in the future.
“Dangote Cement remains the leading cement company in Africa, well-positioned for a positive and sustainable future. We are resolute in transforming Africa, while creating sustainable value for our stakeholders.”
Dangote said in January 2022, the Company completed the second tranche of its buy-back programme as Dangote Cement has now repurchased 0.98 per cent of its outstanding shares, saying this share buy-back programme reflects the Company’s unwavering commitment to creating value and identifying opportunities to return cash to shareholders.
He also noted that “We began operations in our new 3Mta Okpella plant in Edo state in 2021, where we are successfully ramping up production and have contributed to creating a new industrial hub.
“We are actively deploying our alternative fuel strategy across all countries of operations, to optimise energy efficiency, reduce reliance on fossil fuels and ultimately reduce CO2 emission. Whilst we focused our efforts on meeting the robust demand of our local market in Nigeria, at the expense of our export markets, we still made significant progress in our cement and clinker exports.
“In 2021, we exported seven ships of clinker out of Nigeria and exported cement from five of our operations. Our vision is for West and Central Africa to be cement and clinker self-sufficient, while making the regional and continental free trade agreements a reality.”
He added that along with the Company’s focus on strategy, it made progress on the effectiveness and diversity of its Board with the appointment of Ms. Halima Aliko-Dangote to the Board as a Non-Executive Director effective 26th February 2022, bringing female Board representation to 27 per cent, from 20 per cent in 2020 in addition to the six different nationalities and five independent non-executive directors on our Board.
He emphasised “We continue our sustainability and governance efforts with our 7 Sustainability Pillars – ‘The Dangote Way’. The 7 Pillars: cultural, economic, institutional, financial, environmental, operational and social, provide the appropriate framework in which we have embedded our corporate values and strategic objectives.”
He said “Our strategy in 2021 focused on energy transition, which is a crucial enabler of sustainable development and climate resilience on the continent. We have increased our focus on alternative fuels in our energy mix. We are actively investing in installing mechanical multi-fuel systems that can process diverse types of wastes.”
Outlook for Dangote Cement in 2022, Group Managing Director/Chief Executive Officer of Dangote Cement, Michel Puchercos said “Our goal to be the partner of choice for those transforming Africa, while creating sustainable value for our stakeholders remains firm and clear.
“Despite operating in a challenging and fast-moving environment, Dangote Cement consistently delivers superior profitability to the shareholders. The robust demand experienced across the continent despite the COVID-19 related challenges, confirm the powerful potential of these markets.”
Wema Bank emerges most profitable in PAT growth in Q1 2022
The Nigerian banking sector recorded impressive growth in the first quarter of the year, recording a 23.24% year-on-year increase in real GDP. This is also evidenced by the performance of the twelve commercial banks listed on the Nigerian Exchange (NGX).
Wema Bank proved its mettle in the key metrics of total assets growth, customer deposit growth, profit after tax growth, loan book growth, return on average equity and cost to income ratio.
According to a special report on the financial performance of quoted Nigerian banks by Nairametrics, some banks have dominated the efficiency, deposit, and profitability metrics, especially newly re-engineered banks like Wema Bank and Unity Bank, among others. They are now two of the top five leading banks in the country.
According to data from Nairalytics – the research arm of Nairametrics, the twelve banks reviewed posted an aggregate profit after tax of N275.27 billion in Q1 2022, representing a 14.7% increase compared to N239.95 billion posted in the corresponding period of 2021.
The banks were able to record an improved bottom line despite the CBN monetary policy leaning towards a dovish direction, that is, keeping interest rates low. However, the apex bank in its latest MPC meeting has raised the benchmark interest rate from 11.5% to 13%, and banks could be seeing a rise in their interest earnings going forward.
For this analysis, the Q1 2022 results of the following banks were tracked: Access Holdings, FBN Holdings, FCMB, Fidelity Bank, Wema Bank GT Holding, Stanbic IBTC, Sterling Bank, Union Bank, UBA, Unity Bank, and Zenith Bank. Ecobank was not considered in the analysis as the bank operates efficiently in other markets besides Nigeria.
The key metrics considered in these analyses are total asset growth, loan book growth, profit growth, cost–to–income ratio, and return on average equity.
Leading Banks by Profits After Tax (PAT) growth
The twelve banks under our radar posted an aggregate profit after tax of N275.27 billion in Q1 2022, which is 14.7% higher than the N239.95 billion recorded in the previous year (Q1 2021).
First position – Wema Bank (+119%)
Second position – First Bank (+108%)
Third position – Sterling Bank (+47.9%)
Fourth position – FCMB (+44.6%)
Fifth Position – FBNH: (+33.9%)
Upshots: In terms of net profit, Zenith Bank recorded the highest profit after tax of N58.19 billion. In terms of growth, Wema Bank topped the list with a 119% growth in its bottom line while First Bank recorded a 107.7% growth.
Leading Banks by cost-to-income ratio performance
The cost-to-income ratio is a key financial metric, which shows a company’s costs as a proportion of its income. It helps to give investors a clear view of how efficiently a bank is being run. Specifically, it shows how much input the bank requires to generate N1 of output.
Notably, the lower this ratio, the more profitable, productive, and competitive the bank will be. Here are the banks with the lowest cost-to-income ratio:
First position – First Bank (-12.48%)
Second position – FCMB (-6.83%)
Third position – Wema Bank (-5.5%)
Fourth position – Stanbic IBTC (-5.4%)
Fifth Position – Sterling Bank (-2.1%)
Upshots: First Bank recorded the highest decline in its cost-to-income ratio in Q1 2022, dropping from 79.5% recorded in Q1 2021 to 67.03% in the review period. FCMB also saw a decline in its numbers to 72.69%. However, GT Bank currently has the lowest cost-to-income ratio of 42.42% in Q1 2022.
Leading Banks by Total Assets growth
The analysis of the combined assets of the 13 listed banks (Ecobank excluded) reveals that the total assets increased by 6.7% from N57.67 trillion recorded as of December 2021 to N61.54 trillion in the review period. The total asset of the listed banks amounts to over 85% of Nigeria’s annual real GDP (2021 estimate).
The increase in the total assets of the banks indicates a stronger financial position. All the banks under study recorded an improvement in their total asset base. Below are the leading banks by total assets growth between March 2022 and December 2021.
First position – Fidelity Bank (+22.9%)
Second position – Zenith Bank (+18.9%)
Third position – Stanbic IBTC (+13%)
Fourth position – Unity Bank (+9.7%)
Fifth Position – Wema Bank (+7.7%)
Upshots: Fidelity Bank tops the list of best performers in terms of asset growth in the first quarter of 2022 after its total assets increased by 22.9% from N2.89 trillion recorded as of December 2021 to N3.56 trillion by the end of March 2022.
Leading Banks by Customer Deposits growth
Customer deposits remain one of the most competitive items in the banking sector since it is from deposits that loans are issued out and other investments are made.
The total customer deposits stood at N40.34 trillion, as of the first quarter of the year, representing an 8.7% increase compared to N37.1 trillion recorded as of the previous quarter. The bank leading the charge in terms of value is Access Bank, which accounts for 18.5% of the total share, however, Zenith Bank tops in terms of growth.
First position – Zenith Bank (+27.8%)
Second position – Fidelity Bank (+18%)
Third position – Unity Bank (+17.4%)
Fourth position – Wema Bank (+8.8%)
Fifth Position – Access Bank (+7.8%)
Upshots: Zenith Bank recorded the highest growth in customer deposits, followed by Fidelity and Unity Bank with 18% and 17.4% increases respectively. Only Union Bank recorded a customer deposit decline in the first quarter of 2022.
Leading Banks by loan book growth
Bank loan is an important metric used in assessing the performance of banks. Notably, loans allow for growth in the overall money supply in an economy and open up competition by lending to new businesses.
The interest and fees from the loans form a major part of where banks generate their earnings. According to the analysis, loans to customers increased by 8.3% to N21.71 trillion in Q1 2022 from N20.05 trillion recorded as of December 2021.
First position – Fidelity Bank (+28%)
Second position – Zenith Bank (+25%)
Third position – Unit Bank (+11.9%)
Fourth position – UBA (+7.1%)
Fifth Position – Stanbic IBTC (+6.4%)
Upshots: Fidelity Bank led the list of banks with the highest loan book growth in the first quarter of 2022. Specifically, its customer loan increased by 28% to N1.83 trillion from N1.43 trillion recorded as of December 2021.
Leading Banks by Return on Equity (ROAE)
The return on equity is an important metric that shows the percentage of profit made on every N1 of the shareholders’ fund. It is used to measure the performance and efficiency of the banks.
This metric will show how well banks have maximized any increase in shareholders’ wealth.
First position – Access Bank (21.39%)
Second position – UBA (20.4%)
Third position – GT Bank (19.3%)
Fourth position – Zenith Bank (19.2%)
Fifth Position – Wema Bank (15.96%)
Upshots: The aggregate returns on equity for the twelve banks stood at 13.72% as of March 2022. Access Bank led the list with a return on average equity of 21.39% (annualized) in March 2022, closely followed by UBA (20.4%) and GT Bank (19.3%).
Final Scorecard
Taking the average of the performance of the banks across the six metrics under our radar, we see Zenith Bank on top of the rank, followed by Wema Bank, Stanbic IBTC, First Bank, and Fidelity Bank based on their Q1 2022 numbers.
UBA set to Reward Loyal Customers in Super Savers Draw
Africa’s Global Bank, the United Bank for Africa (UBA) Plc, is set to reward several of its loyal customers in its upcoming Super Savers Draw which will be held on Friday, May 27th at the UBA Head Office, Marina, Lagos.
The UBA Super Savers Draw is a promo organised by the Bank through a series of transparent draws which will see hundreds of its Savings Account holders, rewarded with huge prizes after a transparent draw. At the draws, one lucky customer will win N2 million, N1.2 million, N500,000 each; while N100,000 cash prize will be up for grabs for 20 Bumper Account holders.
Another 10 Savings Account holders will win N1million each and some university students with a NextGen Account will win a monthly salary of N15,000 for a year.
UBA’s Head, Personal Banking, Ogechi Altraide, who spoke ahead of the draws, explained that the Super Savers promo is yet again another opportunity for customers to have their lives transformed. All existing customers should do to qualify is to ensure that they save monthly in their UBA Savings Account, while new customers should simply dial *919*20# to open a UBA Bumper Account.
According to her, the Super Savers Draw is open to account holders of the bank from the six geographical zones in Nigeria and has something big for everyone. The aim is to appreciate loyal customers of the bank, who have cultivated a savings culture and stayed loyal to the bank over the years. It will also offer fresh opportunities for potential and intending customers to join the growing number of UBA millionaires and lucky winners who have in the past benefitted from various promos held by the bank.
Winners who recently emerged from the draw, include, Olunwa Osita Ambrose who smiled home with the star prize of a whooping N2m, while Saheed Adeshina Adediran won N1.2m rent for a year. Adewunmi Olaniyi Sobowale, another lucky winner got N500,000 shopping allowance.
Others who equally smiled home with N100,000 cash prizes were; Bayode Peter Oluwaseun, Archibong Unyime Gift, Yakubu Fali, Alaegbu Promise Uchenna, Onyenwenyi Chidimma Confidence, Maria Obianuju Onyeneke, Emmanuel Kalu, Aramide Afolabi Temitope, Ijeoma Juliet Okika, Taiwo Micheal Odofin, Daina Ochekema Egbe, Ighodalo Thompson, Mercy Effiong, Alice Gabriel, Imrana Bello, Onyedika Promise Umeji, Uzoma Chibuike Timothy, Adewole James Idowu, Opeyemi John Kolawole and Israel Ojima Daniel.
Altraide said, “Indeed, there is something for everyone in the Super Savers Draw and it goes without saying that UBA prioritises not only the financial well-being, growth and ultimate success of customers but also places them at the very heart of its business which is why the bank keeps making more and more of its customers millionaires. Our customers are special to us, and this is another opportunity to prove just that”.
“Without a doubt, UBA prioritises not only the financial well-being, growth and ultimate success of customers but also places them at the very heart of its business which is why the bank keeps making more and more of its customers millionaires”.
Since UBA commenced the promo in 2020, about 300 winners have emerged from the initiative that continues to reward loyalty and encourage customers to cultivate a savings habit. The last mega draws which was held in December 2021, saw lots of customers rewarded by the bank.
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five (25) million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London and Paris, 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.
Heritage Bank leveraging technology to promote financial inclusion for inclusive growth
In today’s world, making financial services accessible is fast becoming a key area of concern to policymakers for the well-known reason that it has far reaching economic implications. To this end, financial inclusion has assumed a greater level of importance due to its perceived relevance as catalyst for economic growth since it is critical for attaining inclusive growth in an economy.
In 2012, Nigeria took major steps in its journey by launching the National Financial Inclusion Strategy (NFIS). The main goal of the NFIS is to ensure that 80per cent of Nigerian adults are financially included by 2020. Before this, the formal use of financial services by the adult population stood at 36.3per cent in 2010. To achieve the 2020 goal, the Central Bank of Nigeria (CBN) introduced strategies to spike innovation in the financial services sector in Nigeria and by 2017, one amongst the achievements was that the CBN had given over 20 licenses to mobile money operators, which has currently grown to 21.
According to 2018 data from Enhancing Financial Innovation and Access (EFInA), 38.1million of Nigeria’s 106million (18years and above) adults or 36 percent of Nigerians remain completely financially excluded.
In a recent survey by Augusto & Co on Consumer Digital Banking, only 34per cent of the respondents said they had experienced the service of digital banks. Only 17per cent of respondents above the age of 55 are aware of their services, while for people aged 41-54, the awareness rate stood at 31per cent. This spells the need to deepen the financial inclusion drive if Nigeria is to attain the NFIS target and accelerated economic growth.
The apex bank may have missed the 2020 target of 80 percent for financial inclusion, but it stands a better chance of meeting the target of 95per cent by 2024, as industry players have argued that to achieve the NFIS target for inclusive economic growth, the financial sector must strongly leverage technology (mobile and digital channels) to promote financial inclusion and enhance access to financial services for the unbanked and underserved segments of the population.
One of the financial institutions that has continued to leverage on technology to revitalize the industry via deploying its huge resources and vast networks to deepen financial inclusion in the country for inclusive economic growth is Heritage Bank Plc, Nigeria’s most innovative banking service provider.
The MD/CEO of Heritage Bank, Ifie Sekibo, affirmed that banks cannot push financial inclusion unless they also push secured technology inclusion.
According to him, Heritage Bank has continued to entrench financial inclusion across board via creating access to accounts and other financial products, savings, mobile money systems and payment systems that provide opportunities for financially excluded Nigerians and Micro, Small and Medium Enterprises.
Introducing HB API Sandbox & Banking as a service via One Pipe
The Bank launched an API Sandbox to accelerate the ideas of technology entrepreneurs to build innovative and commercially viable products that were birthed through HB LAB. This platform provides a suite of financial and non-financial APIs targeted to meet the needs of FinTech, Tech SMEs, and Communities. Our APIs grants Tech Companies, third-party developers, and non-Fintech companies access to multiple payments and financial services required by their customers.
Following the launch of HB’s API Sandbox, the Bank partnered with API aggregator Companies to extend the Bank’s API services to a wider audience, layering their value-added services to deliver our BaaS platform. Banking as a Service (BaaS/Open Banking) is an end-to-end business process that allows FinTech and other third-party service providers to offer core financial services to their customers by integrating with the Bank via our readily available APIs. This is a billed service that also provides relevant data insight required to pursue aggressive retail accounts acquisition by leveraging the aggregator robust retail prospect pipeline.
Redefining digital banking space with ‘Octiplus’
Sekibo promised that his bank would continue to drive financial inclusion through a robust, innovative, and advanced digital banking solution, ‘Octiplus’ which it recently launched.
Octiplus is a bank-agnostic, all-in-one digital banking application, which grants users access to a bouquet of financial, lifestyle and social networking features with the added convenience of converging card-based payments within one application irrespective of the issuing Nigerian bank. Ifie Sekibo stated that, “with Octiplus, we are redefining the concept of digital banking for the discerning mobile user, as the app is equipped with several exciting features that reiterate the bank’s commitment to expand its digital architecture and modernize its interactions with the banking public, irrespective of your preferred financial institution.”
Octiplus promises an intelligent Omni-channel experience which augments the usual transactional features including bills payment, funds transfer and airtime recharge with its unique ability to facilitate person to person/group interactions which encourages small businesses and a thriving side hustle for young professionals. The App is now available for download on the Google and iOS App Stores.
Catching them young with HB BUD Account
HB Bud account is a savings account for children and the younger demographic aimed at introducing financial literacy and inclusion. The account can be opened in trust for a child by the parent/guardian who will be the primary account holder with the responsibility of running this account until their child attains adulthood and can solely operate their own accounts or possibly move to other age-appropriate products. This product was initially launched in 2014 as a unique proposition to cater mostly to the educational needs of children and young adults who are preparing and saving up for further education and, as well, deepen brand visibility and increase the bank’s market share. However, some operational exigencies and regulatory framework have necessitated the modification and adjustment of this product to serve the customers optimally. Children and teens from 0 to 18yrs are the target market.
The features are unique as outlined: Access to cash backed loan by parent/guardian/sponsor for school fees/education loan. You can access up to 70per cent of your balance held with the Bank as cash backed loan. The customer must have run the BUD account for a minimum of 6 months to access the cash backed loan. Ease of saving through standing order instructions. Access to exclusive events. Free participation in the BUD MINI career mentoring and coaching sessions once a year. Opportunity to act as a Heritage Bank Executive Committee member for one day.
Catering for the unbanked via HB Starter Product
This is the banks flagship CBN KYC Tier 1 savings account to cater for the unbanked. It is a level 1 entry into savings account category in Nigeria, in which an individual can open without having the mandatory requirements/documents to open a standard or regular account in Nigeria. This is one way of ensuring that all citizens of Nigeria are financially included since the account can be opened with or without a smart phone at the bank or online. In essence, this type of savings account doesn’t require any utility bills, or even an ID to open.
Most people who fall under this category usually do not see the need to open an account because they find it easier to save whatever money they have in their houses. This category of people wants to avoid bulky manual account opening process and have a better time management. This product is very precise and requires minimum account opening documentation, also it can be done at the comfort of one’s home. Customers can in addition be assisted by the Bank’s relationship managers and sales teams. Also, customers can get on the bank’s website to initiate a new account opening process from start and receive the account number at the end of the process.
Product targeted at individuals across all market segments
This is known as HB Individual Current Account Product, which is a checking account for all individuals across market segments above the age of 18years. This account has been made seamless with unique features for individuals’ access to loan products, minimum balance of N0.00, No COT on all transaction, account opening balance N5, 000 and access to clearing check book.
Customization of payment gateway on HB CheckOut and Virtual Accounts
Heritage CheckOut is a fully integrated payment processing platform with infrastructure for digital payments across Africa. Olusola Longe-Okenimkpe, Divisional Head, E-Business & Collections disclosed that the platform provides an underlying technology platform that allows businesses to receive and issue payments from anywhere in the world, with robust inbuilt fraud management, compliance, and security applications.
She also defined Virtual Accounts as series of off-balance accounts whose total balance mirrors the balance in pool account. According to Olusola, pool account is linked to all the virtual accounts and the balance in the pool account mirrors the total balance in the virtual accounts.
Opportunities for financially excluded with HB Business Account
The Heritage Bank Business Account is a cost-effective current account that provides flexible, affordable, and transparent pricing grid based on debit monthly turnover covenant. The product is targeted at all Micro and Small Enterprises of SME and Retail segments.
Ensuring seamless transaction using HB transfer code
The transfer code *745# of Heritage bank guarantees seamless usages and reduces the stress of going to the branch of Heritage bank to make payment. Just like other banks, you can use Heritage bank mobile banking code which is *745# to check your account balance, transfer money to Heritage bank or other banks, pay for utility bills and cable TV subscription, pay for church’s services everywhere you are using your mobile phone.
Capturing educational sector via Alumni Banking service, Acada Portal Solution
To further capture individuals in educational sector into the financial inclusion space, Heritage Bank unveiled the Alumni Banking Service and Acada Portal Solution which are internet-based solutions that seamlessly integrate school’s portal and Alumni platforms that benefit the different stakeholders and complement efforts in attaining the best global practices in school management. Alumni Banking service is an educational provision by Heritage Bank that seeks to utilize and track, engage, endow, and invest a model to help secondary and tertiary educational institutions create modern alumni systems that contribute to their financial stability just like great alumni do in the best global schools.
Inclusion of creative industry, e-sport gaming on HB YNSPYRE Account
YNSPYRE Account is a product targeted specifically at the creative economy populated by not only youths in video and film, and music. It goes much more than that as it involves people in technology, the creative industry and gaming as part of the creative industry.
Addressing the press about the initiative in gaming as a creative endeavour, Dike Dimiri, Heritage Bank Regional Executive, Lagos, and South-West explained that the involvement of the bank is to identify income-earning opportunities for some people in the economy.
According to him, “HB has designed a product that identifies and finds a mechanism that guides Nigerians in gaming or e-sports. The bank is set to revolutionize e-sports by bringing it to an acceptable level attained by football, lawn tennis and other crowd pulling games.”
Heritage Bank is fast changing the narratives of the banking landscape through the adoption of more secured technology (product and channels) for seamless services that guarantee the larger part of the population is involved in economic activities as well as being financially included.
For this to be effective, Sekibo affirmed that the population must access financial services and products which ensure that households and businesses irrespective of income levels have access to and can effectively use the appropriate financial facilities they need to improve their lives and further their savings and investments.
Ecobank Transnational Incorporated holds its 34th AGM and Shareholders approve resolutions
Ecobank Transnational Incorporated (“ETI”), the parent company of the Ecobank Group, the leading pan-African bank with operations across 33 African countries, today held its 34th Annual General Meeting (AGM) in Abidjan, Côte d’ Ivoire.
Alain Nkontchou, Chairman Ecobank Group said: “2021 was a transformational year for the Group and the Board is pleased to be rewarding shareholders with a dividend for the first time since 2016. Our results show that we are maximising operational efficiencies and successfully transforming our business for sustainable long-term growth. As we continue to deliver on our strategic imperatives, we are firmly positioned as the ideal partner for households and businesses to grow and succeed, and to foster Africa’s economic development, while continuing to grow our revenues and value.”
Ade Ayeyemi, Chief Executive Officer, Ecobank Group, further observed: “The Group’s years of consistent and disciplined management, decisive action, investments in people and innovative technology are producing tangible results with 2021’s record growth in profits. Our scalable payments ecosystem endows us with low cost-to-serve and the readiness to facilitate the expected huge growth in payments and collections. This, coupled with our intent to be the trade bank for sub-Saharan Africa, makes us a key player in helping Africa’s businesses and economies to maximise the huge opportunities created by the African Continental Free Trade Area (AfCFTA).”
Ade added that the Bank’s first quarter results for 2022 provided a clear confirmation of Ecobank Group’s continuing strong and sustained performance trajectory reinforcing the Bank’s reliability and capacity to successfully deliver on its Africa-focused purpose and support for the continent’s economies, regardless of the prevailing challenges. “We are steadfast in our determination to win for all our stakeholders,” he noted.
Shareholders applauded the Group’s impressively strong performance in 2021, which was achieved despite the challenging environment. The Group’s profit for the year was $357 million compared with $88 million in 2020, although the latter was adversely affected by a goodwill impairment charge of $164 million. The Group’s net revenues increased by 4.6 per cent to $1,757 million.
Ecobank’s ‘One Market. Endless possibilities.’ AGM theme underlines the infinite possibilities offered by the African market, especially in the era of the AfCFTA. The Bank is ready to maximise this one market with endless possibilities with its customers and clients by providing support to trade and satisfying the financial needs of customers and clients, using its innovative solutions and services. With an unrivalled African footprint, strong balance sheet and ability to tap capital markets as necessary, Ecobank’s Commercial, Corporate and Investment, and Consumer Banking divisions’ continued and effective growth and impact is assured.
The Shareholders approved all the resolutions presented at the AGM, including the appropriation of profits, the renewal of the mandates of directors and the appointment of alternate auditors.
WEMA Bank Reiterates Commitment To Customer Data Confidentiality
The attention of Wema Bank has been drawn to recent reports of members of the public receiving text messages with account numbers.
We implore members of the public that, as a financial institution, Wema Bank takes issues around data integrity and breaches seriously, and we are currently investigating the reports. Recently, we embarked on a massive activation campaign in the month and wish to state that all accounts opened are valid and fit for use. We would like to reassure our customers that we keep all customer data confidential.
Do note, however, that no account can be activated except by the owner of the account, when the person downloads the app and proceeds with account confirmation.
Again, we implore everyone to keep their personal details safe as scammers are on the prowl and would use all opportunities to defraud customers. Where you think your data may have been compromised, please change all your passwords and PINs immediately.
We want to assure all our customers that your financial transactions remain safe and secure with Wema Bank. We appreciate all our customers for choosing to bank with us and urge them to refer our simple, convenient, and reliable digital banking services via ALAT to their friends and family.
