Business Archives - Page 35 of 84

Transcorp Hotels Plc posts impressive performance as gross profit increases by 143% and revenue grows by 114% to end a record-breaking year at N21.74bn

Shareholders to receive about N717m dividend

Dupe Olusola, MD/CEO Transcorp Hotels Plc.

Transcorp Hotels Plc has announced its Audited Financial Statements for the full year ended December 31, 2021. The results published on the Nigerian Group Exchange showed a 114% growth in Revenue to N21.74bn from N10.16bn as of December 2020, while Gross Profit rose by 143 % to N16.23bn from N6.67bn.  

The Company’s results show an impressive growth in its performance signalling its strong recovery from the impact of the COVID- 19 pandemic in 2020. The performance also reflects the Company’s resilience and nimbleness, as it consistently leverages innovation to achieve an outstanding performance, breaking occupancy, and revenue records in 2021.

“We are very pleased with the incredibly strong operating performance of our businesses, as most segments improved in 2021. Our leisure demand remained strong throughout the year as different leisure packages introduced continue to drive occupancy,” said Mrs Dupe Olusola, Managing Director/Chief Executive Officer of Transcorp Hotels Plc.

“We believe that Transcorp Hotels Plc is well-positioned to continue to capitalise on the recovery in the hospitality industry as we work towards achieving our vision of becoming Africa’s leading hospitality brand. We are on launching several projects that have been in the pipeline to further our play of being a full-service hospitality brand and diversify our portfolio,” Mrs. Olusola added. “We are excited about the opportunities to deliver continued growth in 2022, as we remain focused on strengthening our business and investing for the future.”

Mr. Emmanuel Nnorom Chairman Transcorp Hotels Plc. in his comments said he expects the hospitality industry to continue to recover in 2022.

“As the domestic leisure, business and the Bleisure segment — corporate travellers which also add leisure activities into their stay – continue to expand, even as international guests return, we expect the hospitality industry to continue its recovery,” Mr Nnorom said, adding that Transcorp Hotels Plc is in an advantageous position to drive the recovery of the industry in Nigeria.

“Having steered the business out of the effects of the pandemic, and back to profitability, our management team has shown the resilience and potential of our business, as well as a sign of the bright future that lies ahead. Backed by a Board committed to corporate governance and organisational excellence, our esteemed shareholders can be reassured that we will continue to deliver value and strong returns, “Mr Nnorom added.

The Nigerian Exchange Group (NGX) listed hospitality giant has continued to set the pace in the industry, reinforcing its position as a leading hospitality brand. In the second half of 2021, the Company launched Aura by Transcorp Hotels, an online booking platform that allows people to book accommodation (hotels and apartments), order food and book diverse kinds of experiences, including tours. Transcorp Hotels has continued to strengthen its business and invest for the future. The Company is developing a world-class event center at the Transcorp Hilton premises in Abuja. It is also working on a Lifestyle Center/Hotel in Lagos, one expected to rival the best of its kind globally.

The hospitality brand maintains that its activities are in furtherance of its mission to redefine hospitality standards in Africa through innovation and exceptional service, creating value for its customers and other stakeholders.

Transcorp Hotels Plc has proposed a final dividend of 7 Kobo per share, subject to appropriate withholding tax and shareholders’ approval.

ZENITH BANK REMAINS RESOLUTE, BEATS MARKET EXPECTATIONS WITH DOUBLE-DIGIT GROWTH IN GROSS EARNINGS

Zenith Bank Plc has announced an impressive result for the year ended December 31, 2021, recording a double-digit growth of 10% in gross earnings which rose to N765.6 billion from N696.5 billion reported in the previous year. This is despite a challenging macroeconomic environment aggravated by the coronavirus (COVID-19) pandemic.

According to the bank’s audited financial results for the 2021 financial year presented to the Nigeria Exchange Group (NGX), the Group achieved year-on-year (YoY) growth in gross earnings of 10% from NGN696.5 billion reported in the previous year to N765.6billion. This was on the back of 23% YoY growth in non-interest income from N251.7billion to N309billion and a 2% YoY growth in interest income from N420.8billion to NGN427.6billion.

Profit before tax also grew by 10% from NGN255.9 billion to NGN280.4 billion in the current year. The increase was due to growth in the top-line and very strong management of the treasury portfolio that increased efficiency, resulting in a drop in interest expense by 12% from NGN121.1 billion in 2020 to NGN106.8 billion in the current year. This further led to a 7% increase in net interest income of NGN320.8 billion in 2021 from NGN299.7 billion in 2020.

Customer deposits increased by 21%, growing from NGN5.34 trillion in the previous year to NGN6.47 trillion in the current year. The growth in customer deposits came from both corporate and retail customers. Retail deposits grew by NGN146 billion from NGN1.72 trillion in 2020 to NGN1.87 trillion in 2021. The Group’s continuous drive for retail deposits combined with the strategic rebalancing of its funding base helped to reduce the cost of funding from 2.1% to 1.5% in the current year. Although operating expenses grew by 13% YoY, growth remains below the inflation rate, and the Group improved its Earnings per Share (EPS) which grew by 6% from NGN7.34 to NGN7.78.

Total assets increased by 11%, growing from NGN8.48 trillion in 2020 to NGN9.45 trillion in 2021, mainly driven by growth in customer deposits. With the steady recovery in economic activities, the Group prudently grew its gross loans by 20%, from NGN2.9 trillion in 2020 to NGN3.5 trillion in 2021, with moderated NPL ratio from 4.29% to 4.19% YoY. The Group recorded impressive liquidity and capital adequacy ratios of 71.6% and 21.0%, which remained above regulatory thresholds of 30% and 15%, respectively.

In 2022, the Group intends to consolidate on the gains achieved in the previous year in all business segments and combine leadership in the industry, innovation and technology to drive improved performance and deliver enhanced returns to all stakeholders.

As a testament to its commitment to its shareholders, the bank has announced a proposed final dividend payout of N2.80 per share, bringing the total dividend to N3.10 per share.

Zenith Bank has continued to distinguish itself in the Nigerian financial services industry through superior service offerings, unique customer experience and sound financial indices. The bank remains a clear leader in the digital space with several firsts in deploying innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.

In recognition of its track record of excellent performance, Zenith Bank was voted as Best Commercial Bank in Nigeria in the World Finance Banking Awards 2021, Best Bank in Nigeria in the Global Finance World’s Best Banks Awards 2020 and 2021, Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020, and Best in Corporate Governance ‘Financial Services’ Africa 2020 and 2021 by the Ethical Boardroom. Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, Number One Bank in Nigeria by Tier-1 Capital in the “2021 Top 1000 World Banks” Ranking by The Banker Magazine and the Retail Bank of the year at the BusinessDay Banks and Other Financial Institutions (BOFI) Awards 2020 and 2021.

Similarly, Zenith Bank was honoured as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020 and emerged winner in four categories at the Sustainability, Enterprise, and Responsibility (SERAS) Awards 2021, carting home the awards for “Best Company in Reporting and Transparency”, “Best Company in Infrastructure Development”, “Best Company in Gender Equality and Women Empowerment”, and the coveted “Most Responsible Organisation in Africa.

Wema Bank, ADEMOLA ADEBISE ADMONISHES ACCOUNTANTS ON DATA PROTECTION

Mr Ademola Adebise, Managing Director Wema Bank Plc

The Managing Director and Chief Executive Officer of Wema Bank Plc, Mr Ademola Adebise, has advised accountants to store data safely and protect them against cybersecurity threats and other criminal breaches.

Adebise said this on Tuesday at the 16th Institute of Chartered Accountants of Nigeria (ICAN) Western Accountants Conference themed ‘Digital Economy: Whither the Professional Accountant’ held in Ijebu-Ode, Ogun State.

The MD/CEO who stressed the importance of data storage and security said that accountants in the digital age must be flexible and knowledgeable to save data on storage devices on-premises or in the cloud.

He also noted that in case of loss or data corruption, the 21st-century accountant needs to be conversant with the Disaster Recovery Plan (DRP) to mitigate loss.

Mr Adebise explained that “a large amount of data is sitting on storage. As accountants, we need to safeguard our storage and be versed in data recovery and business continuity planning should there be a loss or corruption of data.

“The accountant must know contemporary issues on cybersecurity – ensuring that digital information is safe and secure, at all times. Going digital exposes you to risk from hackers. So, as an accountant, you need to have an in-depth knowledge of cybersecurity and must know the various data and information security standards to audit the environment.”

Apart from being security conscious and storing data securely, the MD/CEO further noted that modern accountants should understand the changes taking place in the profession, including the evolution from traditional data collection methods.

He said, “these include using Enterprise Resource Planning systems that are interconnected to process data from production, distribution, marketing, and sales. The accountant, therefore, needs to be skilled to understand the complexities, transaction flows of the new ways of doing things and understand what data is saying.”

In Nigeria, the most popular forms of cybercrimes that accountants and other professionals in the financial services sector are susceptible to include fraudulent electronic mails, identity theft, hacking, cyber harassment, spamming and Automated Teller Machine spoofing.

The biggest, however, is still fraud emails. The Nigeria Electronic Fraud Forum (NeFF) revealed that bank customers lost N3.6 billion to cyber-fraud in two years (2017 and 2018).

Data released by the Nigeria Inter-Bank Settlement System (NIBSS) also showed attempted fraud in 2018 alone was about N9 billion.

UBA Gifts Customers Awesome Digital Experience at Valentine with New Internet Banking

Africa’s global bank, United Bank for Africa (UBA) Plc, is set to launch the new internet banking, tagged ‘Made for Love’ in time for the Valentine season which is widely celebrated all over the world as the season of love.

The newly upgraded internet banking has been fully equipped to provide a new digital experience to customers as the bank has invested in cutting edge technology to achieve this with attention to the smallest detail.

UBA’s Group Managing Director/Chief Executive Officer, Kennedy Uzoka, who gave insight on the new internet banking system, explained that as always, UBA remains committed towards prioritising customers, which is why the bank has gone the extra mile in conceptualising an outstanding service, with countless benefits and features designed to give its esteemed customers increased control and accessibility to carry out their transactions with ease.

As a key part of the new features, he said the application has been loaded with security elements to protect all financial transactions on the bank’s platform and is securely focused on the ultimate customer experience.

Speaking specifically about the internet Banking payment system, the GMD explained that it is the best in its class and was designed with multiple-factor authentication security features, which makes it extremely difficult to hack. He, however, advised customers not to divulge personal information to third parties, in order to keep the line of transaction fully protected on the part of the customer.

“The new Internet banking comes with a lot of features that are engaging for customers and have made banking transactions a lot easier, while easily addressing customers’ needs, through inbuilt emerging technologies like Artificial Intelligence (AI),” Uzoka said.

He listed some of the upgraded features to include transfer of money from UBA account to other UBA accounts, sending money to saved beneficiaries, card-less withdrawal for self and for third party, personal financial management and so much more.

“Mobile technology is our strategy in UBA, and we have devoted a lot to ensure that we are able to deliver banking services using a web system that is unparalleled across the globe”, Uzoka explained.

Also speaking on the new digital experience, Group Head, Digital Banking, Kayode Ishola, said the new internet banking is the customers’ personal finance manager built with a distinctive user interface that will change the face of banking, adding that the internet banking has been designed as multilingual and multi-currency Web payment system to address the needs of all categories of UBA customers, irrespective of their education and tribe, either for Individual customers or SME customers.

He disclosed that the new Internet banking runs concurrently in the 20 countries of UBA’s operation, interacting in the different languages and cultures in line with the specific needs and regulation of the country in focus, adding that it is sleek and trendy with a seamless user interface and can also speak to the specific country where it is being used.

“Interestingly, we have worked towards creating behavioural insight for our customers and working around this to address the real needs of our customers using the Omni channel platform and running on our open digital platform, which is very interactive and armed with lifestyle services,” Ishola explained.

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

FIRSTBANK FELICITATES WITH JUNIOR ACHIEVEMENT NIGERIA ON NOBEL PEACE PRIZE NOMINATION

FIRSTBANK FELICITATES WITH JUNIOR ACHIEVEMENT NIGERIA ON NOBEL PEACE PRIZE NOMINATION

In recognition of the giant strides and efforts by Junior Achievement Worldwide – the parent body of Junior Achievement Nigeria and other Junior Achievement across 119 countries – in equipping young people to solve societal issues, whilst building an entrepreneurship mindset, Junior Achievement World Wide –– has been nominated for the 2022 Nobel Peace Prize.

Asheesh Advani, CEO of JA Worldwide, shared his perspective in response to the nomination: “Peace is only possible when youth in all countries and regions have economic empowerment. JA Worldwide is honored to receive this nomination and will continue our work to enable all young people to have the skills and mindset to build thriving communities. Our primary hope for solving the world’s most complex problems rests in the young people of today who will be the leaders of tomorrow.”

The nomination has received commendations from various individuals and corporate bodies across the world, especially those that have been partnering with Junior Achievement to promote self-sufficiency amongst the youth in their quest to making the world a better place.

Amongst the organisations is First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider. The financial services heavyweight has remained at the forefront of driving youth development and career building in the country.

FirstBank has been partnering with Junior Achievement Nigeria (JAN) to implement FutureFirst programme which is built around career counselling, financial literacy and entrepreneurship. In the last 11 years, the bank, through its partnership with JAN, has hosted its annual flagship event- the National Company of the Year Competition (NCOY)- which convenes winners of the JA Company Regional Competitions across Nigeria to compete for the National Company of the Year Award.

Excited about the nomination, FirstBank’s Group Head, Marketing & Corporate Communication, Mrs. Folake Ani-Mumuney said, “we are proud to be associated with Junior Achievement on the nomination of 2022 Nobel Peace Prize. The nomination is certainly well deserved given the depth and reach of the organisation’s impact on the society based on its programmes worldwide. As an institution that remains woven into the fabric of the society, we are truly delighted for this recognition and it would further reinforce our commitment to drive youth development and empowerment in partnership with JAN”.

In response to the news, Executive Director of JA Nigeria (Foluso Gbadamosi), commented: “It’s an honour to be part of the JA Network and we join our colleagues across the world in celebrating this recognition of our efforts to educate and empower young people across the world. Through our unique blend of entrepreneurship, digital literacy, financial literacy, and work readiness programs, we, at JA Nigeria, aim to ensure that Nigerian youth, regardless of socioeconomic status, maximise their potential and take ownership of their economic future as they become leaders of tomorrow”

Nominations may only be received from heads of state and certain elected officials, university professors in selected fields, past Nobel laureates, and a few other notable individuals. Although the identity of each nominee is officially to remain anonymous for 50 years, we have received permission to share with you that we were nominated by a distinguished Professor of Law and International Affairs who was impressed by JA’s incredible global reach, our success in delivering economic empowerment to youth at scale, and our ability to find unity in diversity.

Heirs Life Introduces Annuity Campaign Promises Retirees a Guaranteed Pension for Life

Specialist digital life insurance company, Heirs Life Assurance (HLA) has rolled out an awareness campaign for its pension-regulated Annuity Plan, promising retirees a steady income for as long as they live. The premise of the plan is for people to retire without financial worries as the plan pays policyholders a guaranteed pension for life.

Last year, Lagos State Government announced Heirs Life as one of the few life insurance companies providing Annuity plan to its pensioners, demonstrating the government’s confidence in the company which only launched last year. Since then, the company has partnered with several organisations to provide the Annuity plan to their employees.

According to the Managing Director, Niyi Onifade, these partnerships are testament to the confidence regulators and other partners have in the company’s capacity to fulfil its promises and its consistent delivery of service excellence.

In his words, “Pensioners have every reason to live life confidently as the Annuity Plan takes care of the worries of retirement, specifically, the uncertainty of the future. We are delighted to provide Annuity to pensioners in Nigeria. We consider this as a big win because it is an indication that our customers, regulators, and government agencies are confident in our promise of service excellence. At Heirs Life, we continue to address the specific needs of different audience segments in line with our mission to make insurance accessible to everyone.”

Speaking on the campaign, the Chief Marketing Officer, Ifesinachi Okpagu, identified awareness as an important step to get more retirees signed onto this beneficial plan. “Everyone needs to understand the options open to them as they build their retirement plan. Hence, our campaign “The Fun Begins at Retirement” addresses the option of planning a wholesome retirement with the benefit of the Heirs Annuity Plan,” she said.

Heirs Annuity Plan pays retirees a steady amount, monthly or quarterly for as long as the annuitant lives. This way, the individual is assured of a great future even during retirement.

Beyond the Heirs Annuity plan, Heirs Life has introduced a variety of interesting life assurance plans for different customers. Heirs Life continues to transform life insurance in Nigeria through its digital service delivery and by providing simple, quick, reliable, and accessible financial security plans to individuals and businesses. Heirs Life is a subsidiary of Heirs Holdings, a pan-African investment group.

Alongside other products, the Heirs Annuity plan can be purchased via the company’s website www.heirslifeassurance.com and other digital channels or through the company’s accredited representatives.

GTCO Plc acquires the Mutual Fund and Pension Subsidiaries of Investment One Financial Services Limited; Investment One Funds Management Limited and Investment One Pension Managers Limited

GTCO Plc acquires the Mutual Fund and Pension Subsidiaries of Investment One Financial Services Limited; Investment One Funds Management Limited and Investment One Pension Managers Limited.

Guaranty Trust Holding Company Plc (GTCO Plc or the Group), a diversified financial services provider, today notified the Nigerian Exchange Group (NGX) and the investing public that GTCO Plc has concluded the acquisition of the 100% equity stake in Investment One Pension Managers Limited (IOPM) and Investment One Funds Management Limited (IOFM) (together, the Companies) held by Investment One Financial Services Limited (IOFS or the Seller).

IOPM is licensed by the Nigerian Pensions Commission (PenCom) to operate as a Pension Fund Administrator in Nigeria. On the other hand, IOFM is licensed by the Securities and Exchange Commission (SEC) to undertake fund management and investment services on behalf of clients and manage collective investments schemes as a corporate investment adviser. The Seller is regulated by the SEC and offers a wide range of services including Investment Management, Trust Services, Financial Advisory Services, Security Brokerage and Pension Funds Management. Forthwith, the Companies cease to be subsidiaries of the Seller and have become wholly owned subsidiaries of GTCO Plc.

In line with GTCO Plc’s aspirations to operate across the financial services sector value chain in Africa, these acquisitions would expand the product and service offerings of the Group into the Assets and Funds management segments whilst positioning GTCO Plc as a dominant player for all critical financial services.

Commenting on the completion of the Corporate Reorganization, Mr Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO), said: “We are very excited to get started on the next phase of our incredible journey to driving Africa’s growth by making end-to-end financial services easily accessible to every African and African Businesses by leveraging Technology and Strategic Partnerships. As a bank, we were always looking to meet every customer need; with our corporate reorganization, we will be able to do more to help our customers thrive in this new world of digital technologies and unprecedented possibilities”.

He further stated that, “Whilst we are evolving as an organization, we remain committed to our founding values which have endeared our brand to millions of people across Africa and beyond, and which continue to drive our financial success. As a Proudly African and Truly International brand, we will continue to live by these values — of excellence, hard work and integrity, even as we create faster, cheaper, safer and products for people and businesses through every stage of life.”

The acquisitions were facilitated by Exotix Advisory Limited and Vetiva Capital Management Limited as Financial Advisers, Aluko & Oyebode as Legal Adviser and Deloitte & Touche (Nigeria) as Financial Due Diligence Adviser.

GTCO Plc is a diversified financial services company with N5.144trillion in assets, providing commercial banking services and non-banking financial services across eleven countries, including the United Kingdom. The Group offers a wide range of banking as well as non-banking financial services in Nigeria, West Africa, East Africa, and the United Kingdom. The Group is rated B- by S&P, a reflection of the Group’s stability and reputation of being a well-established franchise with strong asset quality and consistent excellent financial performance.

We Are Improving Neighbourhoood Banking With 50,000 Agents Point Across Nigeria – Ecobank

Ecobank Nigeria says its vision to use its agency banking scheme to drive financial inclusion is fast yielding fruits as it now has over 50,000 agents locations across the country. According to the bank apart from helping to drive its financial inclusion strategy in Nigeria, the agents are empowered to create wealth and enjoy financial freedom. Head of Agency Banking, Ecobank Nigeria, Olanike Kolawole, who stated this in Lagos said the customer experience is very good as customers can do simple deposit, withdrawal and transfers in their own neighbourhood rather than travel to a bank branch.

“Apart from driving financial inclusion of the unbanked and under-banked, we are improving neighbourhoood banking with our 50,000 agent points across Nigeria. The vision of the Ecobank is to use the agency banking scheme to drive entrepreneurship, provide employment opportunities and support Micro, Small and Medium Enterprises (MSMEs) to contribute meaningfully to the development of nation’s economy. For us as a bank, agency banking is part of our efforts to help more Nigerians embrace entrepreneurship as best strategy to tackle poverty and address growing unemployment. We are out to empower people to create wealth and enjoy financial freedom”. She stated.

Further, she said the bank is happy with its agency banking services providers also known as our Xpress point agents, knowing they are playing a critical role in helping us reach out to the unbanked and underbanked in the society. “They are bringing more people to the banking space through their services. They carry out financial transactions on our behalf and earn commission on every transaction processed. Our services are available for sole proprietors, partnerships, co-operative societies, companies with large distribution network – like petrol stations, FMCGs, telecommunication companies, super agents, aggregators and unregistered businesses such as petty traders, hair saloon and others”.

Meanwhile, the Shared Agent Network Expansion Facilities (SANEF) in it recent report says, Ecobank Nigeria which ranked fourth out of 23 listed banks in the country in terms of agents acquired in 2021, made impressive showing in accounts opening at agency locations. SANEF is an initiative of the Central Bank of Nigeria (CBN), supported by Deposit Money Banks (DMBs), Nigeria Inter-Bank Settlement Systems (NIBSS) and Licensed Mobile Money Operators/Shared Agents. Its major role is to deepen Financial Inclusion in Nigeria; drive financial literacy and campaign awareness on financial products and services.

According to the report Nigerian banks in 2021 acquired over 441,470 agents across the regions of the country, which represents 101% of Year to date achievement against the target set for 2021. Four (4) regions achieved over 70% of Target; Northeast had 67% growth in agent acquisition despite security challenges in the region; Similarly, Southeast recorded131% growth in agent acquisition. Abuja (42%), Rivers (28%), and Lagos (57%) of the total agents deployed in Northcentral, South-south, and Southwest respectively. The Report revealed that 1.62 billion transactions valued at N30.5 trillion were carried out at agent locations, while 3.1million accounts/ wallets were opened at during the year.

Future Face Africa sponsored by Ecobank presents the Winners; Ana Campos – Angolan and Nziza Ken – Rwandan

Ana Campos, a Rwandan and Nziza Ken, an Angolan both winners of Future Face Africa model talent search competition held at Eko Hotels and Towers, Lagos, Nigeria at the weekend

It was all glitz and glamour as winners emerged at the grand finale of the keenly contested Future Face Africa (FFA) model talent search competition which took place at Eko Hotels and Suites, Lagos last Sunday. Ana Campos, An Angolan and Nziza Ken, a Rwandan emerged winners in both female and male category respectively at Africa’s largest model search competition.

The final event had 18 contestants who qualified after a rigorous selection process involving physical castings in eight African countries, as well as thousands of digital applications from all over the world. Some of the 18 finalists were flown into Lagos for a photo session and runway competition – turning their modelling aspirations into a reality.

The two winners won the title of “Africa’s next future face” and received a two-year international modelling contract with a top international modelling agency; as well as $5,000 cash prize. In addition to providing a career start in modelling, the competition also prepares the winners for global modelling roles. The event is majorly sponsored by Ecobank Nigeria.

Speaking at the event, Head Marketing and Corporate Communications, Ecobank Nigeria, Babajide Sipe, said the bank’s decision to sponsor the event is in line with its Pan African vision of developing potentials and talents on the continent, adding that it aligns with Ecobank’s commitment to providing a veritable platform for actualizing the dreams of many young talents who will become global super stars in the fashion and beauty industry.

“We are proud to be sponsors of this event. You know that Ecobank is committed to Africa and focused on giving the young ones every opportunity to realize their potential. Africa has the talent, the resources and the best people across the globe to succeed in any industry. Future Face Africa is a platform to discover some of these talents and to again put Africa in the global Fashion scene.

Future Face Africa, no doubt Africa’s largest model search competition is headed by Elizabeth Isiorho, a pioneer in the African modelling industry and the founder of Beth Model Management Africa, Africa’s largest modelling agency.

FIRSTBANK’S SMECONNECT PORTAL COULD BE THE DIFFERENTIATOR FOR SMES IN NIGERIA

Over a hundred years since banks came into Nigeria, services rendered to small and medium scale businesses were limited to core banking services and transactions. However, those that cared to look further were able to stand the test of time, reinventing themselves with cutting edge financial services that remain key to sustaining its relevance to not just its host communities but the global community.

Based on findings from extensive engagements with customers, internal and external surveys and reports by SMEDAN, Efina and NBS, FirstBank of Nigeria Limited has been deliberate in ensuring that SMEs thrive and grow their businesses as SMEs can access and enjoy the convenience of its industry-leading financial services. FirstBank thus launched the SMEConnect portal to congregate value-adding propositions & services for SMEs on a single platform for easy access.

The value propositions and services on the SMEConnect portal educate and equip SMEs to combat challenges like poor business structure, lack of infrastructure, low market penetration, limited access to information and professional services, inconsistent government policies and others that might stifle their growth.

For example, lack of capacity is one of the most indicted reasons for business failure or stunted growth in business. The SMEconnect portal connects business owners to resources and information to educate them on structuring and better managing their businesses. The platform houses webinars on various important topics to help educate SMEs and build the required capacity.

The blog section of the portal has interesting and informative content like:
Tips for Building and maintaining good customer relationships; Remaining in business after Covid-19; How to scale up; How to successfully separate a financial business account from a personal business account; as well as Creating a Micropension scheme for MSMEs etc.

FirstBank also runs varying degrees of entrepreneurship programs and activities through pieces of training, workshops, seminars, business clinics and webinars, and the events are displayed on the portal for business owners to access.

It is known that over 60% of businesses fail in their first year, not only because of capacity constraints, access to finance is another reason they fail. The SMEConnect portal connects businesses to resources and finances by providing information on the various finance options available to registered users. There is a section of the portal that breaks down the steps to accessing finance for businesses, to simple actions such as opening either savings or domiciliary accounts After all, what would be the essence of all the education and capacity building if the business owner is still unable to access finances and other resources. SMEs that have an account with FirstBank can access direct and indirect funding throughout the business life cycle via grants, debt/loans, and equity.

In addition to other benefits, the platform connects SMEs to Market, Resources, Infrastructure, Talent for business development, Policy and Advocacy, giving them all they need to move to the next stage of their business growth. The portal also integrates SMEs into large distribution networks by connecting them to customers, distributor channels, suppliers, and large corporates.

There are also productivity tools such as the Business Diagnostic tool that helps check the health of a business as well a pool of professionals like accountants, lawyers, digital marketers, consultants and business coaches, which SMEs can tap into. Some of these value-adding solutions are free, and for the few that are not, they come at substantially discounted rates. As the premier Bank in West Africa, First Bank has exceeded the expectation of what its services to individuals and businesses ought to be. The SMEConnect portal is one of First Bank’s initiatives to promote the sustainability of SMEs by exposing them to the knowledge and resources they need to grow their business.

One of the most exciting features businesses get on the SMEConnect portal is the Business Diagnostic Tool earlier mentioned, it is a 15-minute survey where SMEs are asked questions about their business and at the end, get a customised report for their business. This is ordinarily, a service that business owners pay consultants to get, but First Bank has made it available for free even to businesses that do not have an account with them.

There are special offers for SMEs that are registered and have an account with First Bank, and an opportunity to be listed on the portal. You can find businesses listed across different industries like education/training, manufacturing, trade, agriculture, hospitality, transportation/logistics, telecommunications, ICT, healthcare and fitness, sports, FMCG, financial services, media/entertainment, food, real estate, engineering/construction, oil & gas, fashion/beauty, and services.

These registered businesses get to showcase their products/services for free, interact with customers and other SMEs, have an opportunity to attend free monthly capacity building workshops, seminars and webinars; and get exclusive discounts on business development resources such as booking a business coach.

As more businesses sign up and use the SMEConnect portal, it is possible to see a future where Nigerian businesses break even, thrive, and grow amidst challenges.

Culled from Nairametrics