We refer to the Central Bank of Nigeria Limited (CBN) pronouncement on the reconstitution of the Board of Directors of First Bank of Nigeria Limited.
Further to the press conference held by the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele CON on Thursday, 29 April 2021, the Boards of FBN Holdings Plc and First Bank of Nigeria Limited were dissolved and reconstituted, pursuant to its power under Banks and Other Financial Institutions Act (BOFIA) 2020.
The Board of Directors of First Bank of Nigeria Limited is now comprised as follows:
Dr. Adesola Adeduntan has since resumed work as CEO in line with the directives of the CBN.
We can confirm that the Bank is cooperating with the Central Bank of Nigeria and other regulators while the operations of the Bank are not hampered or hindered in any way and are in fact running smoothly.
We further wish to reassure the public, our esteemed customers and stakeholders in the words of the Governor of the Central Bank in concluding his press conference, “The CBN hereby reassures the depositors, creditors and other stakeholders of the bank of its commitment to ensuring the stability of the financial system. There is therefore no cause for panic amongst the banking public, given that the actions being taken are meant to strengthen the Bank and position it as a banking industry giant.”
Raheem Akingbolu reviews the new FirstBank’s corporate website and reckons that it would go a long way in strengthening the ability of the bank’s patrons and other potential customers in addressing basic banking operations.
Outside the physical identity of any brand, the most accessible door into operations of a company in today’s market is perhaps the website. With digital technology taking the lead in today’s business environment, website has swiftly become the virtual meeting point for sellers and buyers.
As a result of the fact that website can make or mar companies, depending on its message and aesthetic look, companies are now evolving every day to communicate their ideals through their websites. Today, having a website and an online presence give brand promoter opportunity to market their products online.
For the management of First Bank of Nigeria Limited, the new website represents the trending posture of the brand. In line with today’s business environment, the bank has continued to evolve and reposition to strengthening its operational skills. Though ageing, the FirstBank brand is ever young at heart. Through the website, First Bank has been able to present less cumbersome operations and by extension woos potential members of the public to join the FirstBank’s family.
Specifically, the website appears to have demystified online banking. Among other unique features, it allows self-registration of online banking; it makes provision for loan facility and encourages multiple transfers at once.
In a way, handlers of the FirstBank brand show through the friendly site that they are not ready to waste their customers’ time. They are aware that people don’t visit their website because they are looking for somewhere to spend their extra time. The promoters are quite aware that their customers simply want to get to things quickly and that is why the messages on the website speak to the specifics. Technically but smoothly, each category of the products displayed also parades key issues without confusing customers with irrelevant details.
Though an upgrade of the old one, the current website plays up features that are streamlined to reinforce its role in delivering seamless banking and technology solutions to its customers across the world.
The website is configured with modern design and improved functionality that eases customer experience whilst carrying out various activities on the site, including electronic banking. Non-customers are also able to open an account, putting them at an edge in the industry as they establish a relationship with the bank that puts its customers first.
For instance, many analysts have commended the fact that the bank adopts a fresh, magazine-style look and feel for easy navigation in order to promote the access to essential information for its customers, FirstMonie agents, prospective agents and the public. Another beautiful thing about the site is that the upgrade also guides an average customer to make well-informed decisions about one’s personal, business and private financial needs.
There is no doubt the fact that the bank keys into the popular theory that responsive websites are now the rule for institutions, not the exception.
Recent experience in the market place has shown that offering a seamless and consistent user experience, responsive design, allows a single site to serve audiences on all devices and orientations. However, if a company’s analytics show that the percentage of mobile traffic to the company’s site is at least 10% and steadily growing, responsive design is a must for your redesign.
The new FirstBank website is built on a powerful content management system that meets all of the bank’s needs. Meanwhile, some of many basic considerations for institutions, which the new website has explored are; ease of use, features, security and responsive design support.
In financial website, content is more important than ever to a financial website, offering visitors useful information, tools and resources to make better decisions with their money. Again, First Bank explores this maximally.
The bank’s messaging is simple and consistent, and organised in a scannable format for users to digest and take action. Additionally, like all great sites, the site focuses content around visitor’s needs, offering solutions and varied content types.
Being the first impression that its customers gets, website designers often advise that site design should be visually consistent with everything else the audience sees – from customer’s branch to his statement inserts to his emails.
In a way, the design of the FirstBank website is unique, uncluttered and well-planned so it can keep up with the institution’s changes. Another beautiful thing is that the site’s imagery feel distinct and appeal directly to First Bank’s geographic footprint and specific demographics, successfully balancing branded photography and promotional graphics. Each element of the design has a clear strategic purpose, align with the FirstBank brand promise, and send the right message to the bank’s customers.
Top Nigerian lender, Fidelity Bank Plc recorded a strong financial performance in the first quarter of 2021, posting appreciable growth in profits for the period ended 31 March 2021.
Details of the unaudited results, released at the Nigerian Stock Exchange (NSE) show that Profit before Tax (PBT) grew by 53.9% from N6.6bn in 2020 to N10.1bn for the corresponding period of March 31, 2021. Similarly, Net revenue in the period increased by 13.4% from N30.3bn in Q1 2020 to N34.4bn in 2021, just as the bank recorded growth in other performance indices.
Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc commenting on the results, stated that:
“We commenced the year showing impressive double-digit growth in profitability and improved performance across key efficiency indices whilst ensuring our business model continued to deliver strong positive results in line with our guidance for the 2021 financial year.
Gross Earnings increased by 7.7% YoY to N55.1bn on account of 66.7% growth in non-interest revenue to N12.1bn from N7.2bn in Q1 2020. In absolute terms, the increase in NIR came from FX related income, digital banking income and account maintenance charge etc. as total customers’ induced transactions across all our service channels increased by 30.4% YoY and 17.1% QoQ.
Net Interest Margin remained unchanged at 6.3% compared to 2020FY as the drop in average funding cost offset the decline in average yields on earning assets. Average funding cost dropped to 2.5% from 3.6% in 2020FY due to a combination of improved deposit mix and a slight moderation in average borrowing cost. This led to 26.2% decline in total interest expenses, which translated to 17.1% increase in net interest income to N28.8bn despite a 4.3% increase in interest bearing liabilities. We refinanced our 7-Yr N30.0bn Tier II Bonds issued in 2015 at 16.48% p.a. with cheaper 10-Yr N41.2bn Tier II Bonds priced at 8.5% p.a., which led to a 61bpts drop in average borrowing cost to 4.5%.
Operating Expenses increased by N1.3bn (6.2%) to N23.0bn largely driven by N4.3bn growth in regulatory charges (NDIC & AMCON Charges). Excluding the increase in regulatory charges, total operating expenses would have dropped by 13.8% (6.1% QoQ) to N18.6bn from N21.6bn in Q1 2020 (Q4 2020: N19.8bn).
Total Deposits increased by 3.1% YTD to N1,751.3bn from N1,699.0bn in 2020FY, driven by 5.5% increase in low cost deposits (Demand: 6.2% | Savings: 4.1%). Foreign currency deposits increased by 15.7% YTD (N46.9bn) and now accounts for 19.7% of total deposits from 17.5% in 2020FY, as we harness the benefits of our renewed drive in Diaspora Banking as well as the recent CBN Naira-for-Dollar Incentive Scheme for diaspora remittances to Nigeria.
Retail Banking continued to deliver impressive results as savings deposits increased by 4.1% YTD to N441.6bn and we are on course to achieving the 9th consecutive year of double-digit growth in savings deposits. Savings deposits was responsible for 32.9% of the absolute growth in total deposits and now accounts for 25.2% of total deposits compared to 25.0% in 2020.
Net Loans and Advances increased by 7.6% YTD to N1,426.3bn from N1,326.1bn in 2020FY. However, the actual growth was 6.8% while the impact of the currency adjustment (2020FY: N400.3/$ – Q1 2021: N407.6/$) accounted for a 0.8% YTD growth in the loan book. Cost of risk came in at 0.4% and the NPL ratio dropped to 3.6% from 3.8% in 2020FY.
Other Regulatory Ratios remained above the required thresholds with liquidity ratio at 33.9% and capital adequacy ratio (CAR) at 18.4% from 18.2% in 2020FY.
We are committed to sustaining our growth trajectory and achieving the long-term strategic aspirations of the Bank as we look forward to delivering another set of good results in the next quarter”.
Ecobank Transnational Incorporated (ETI) has released its Q1, unaudited results for the period ended March 31st, 2021 showing remarkable performance in all the key financial indices. The Pan African bank recorded a profit Before Tax (PBT) of N40.3 billion, representing 22% increase over the N33 billion reported at the same time in 2020. Profit After Tax (PAT) closed at N30.5 billion.
The result submitted to the Nigerian Stock Exchange on Monday indicated a Gross earnings of N214.3 billion representing 10% increase against N194.9 billion during the same period in 2020. Similarly, Revenue went up by 15 per cent to N 164.6 billion; Operating income before impairment losses up by 37 per cent to N 67.0 billion and Total assets went up 1 per cent to N 10.4 trillion. However, Loans and advances to customers went down by 1 per cent to N 3.6 trillion and Total equity also reduced by 2 per cent to N8 trillion.
Analysts linked this remarkable improvement in the Bank’s financials despite global economic challenges to its digital platform and innovative products and services. Ecobank Group CEO, Ade Ayeyemi had said “We are focusing on achieving execution momentum in our payment business, the sustained reliability of all our platforms, driving increased adoption of our products and services, bringing our NPL ratio low and exceeding the expectations of our customers to truly be the pan-African Bank that Africa trusts”. He noted that “these, together with all our investments and achievements to date, will enable us collectively grow revenues and generate long-term return of capital to our shareholders, despite the near- term challenges from COVID-19.”
Ecobank Nigeria Limited has concluded plans to host a digital conference as part of its commemoration of this year’s Workers’ Day. According to Korede Demola-Adeniyi; Head, Consumer Banking, the webinar which is scheduled for the 29th of April titled “Inflation and Your Money – Our role As Your Bank” is targeted at educating members of the public on how to manage limited resources at their disposal, stressing that it would also provide tips on savings, borrowing, investments and how Ecobank can be useful to the participants and general public amidst the rising inflation.
According to Mrs. Demola-Adeniyi, though Nigeria recorded early exit from the recession in the fourth quarter of last year, the effects of the COVID-19 pandemic have continued to impact negatively on the revenues of many corporate entities, businesses and income of individuals; noting that this development has been further compounded by inflation. In her words, “Inflation rate has continued its upward trend to settle at about 18.1% in March with prices of goods rising significantly in the last six months. This, in turn has significantly reduced the disposable income and cash available to consumers.” Consequently, as a bank set up to contribute to economic development, we thought it important to facilitate a discussion during this period of Worker’s Day, that will provide some guidance to our customers and the general public on how they can manage their cash and resources through rising inflation.”
She disclosed that the webinar which will be hosted on the Microsoft Teams’ platform will converge important stakeholders who will discuss the realities of the economy of the country and also proffer solutions on how to stay afloat financially and better manage resources. Some of the speakers include Jimi Ogbobine, FCA – Head, Agusto Consulting Ltd; Fela Popoola, Managing Director, EDC Nigeria Limited and Daberechi Effiong, Head, Consumer Products, Ecobank Nigeria, amongst others.
While imploring members of the public to join the webinar, Mrs. Demola-Adeniyi maintained that “The webinar is bound to provide financial education and financial planning tips to our customers and every other participant. Participants will be informed about relevant investment opportunities to create wealth and most importantly, how the bank can be useful to them at this time. It is important to make an informed decision regarding how to manage your money”.
The Ecobank Digital Series is a virtual programme organised by Ecobank to educate and enlighten the public on crucial issues of public interest, especially as it relates to their financial freedom.
The Federal Government has prohibited the importation of refined sugar and its derivatives from the nation’s Free Trade Zones (FTZs), in a bid to protect the sugar industry, which is governed by the Nigerian Sugar Master Plan (NSMP).
The prohibition move, which came through a directive from the Minister, Ministry of Industry, Trade and Investment, was conveyed in a letter by the Nigerian Ports Authority (NPA), Lagos Port Complex, Apapa, Lagos, sent to the Terminal operators of the Lagos Port Complex (LPC), Apapa, Lagos.
The NPA letter dated 08 April, 2021, and titled ‘RE: Prohibition of Importation of Sugar from the Free Trade Zones into the Nigerian Customs Territory’, was signed by Mr. Buba Jubril for the Port Manager, Lagos Port Complex.
According to the letter, “We have for reference a letter from Honourable Minister of Industry, Trade and Investment ref: HMIT1/GEN/ CORR/008/ VOL. I/ dated 15th February, 2021 on the above subject.
“It has recently come to our notice that due to the recent location of a Sugar Refinery in a Free Trade Zone, Refined Sugar is being imported into the Nigerian Customs Territory under the concession granted to enterprises in the Free Trade Zones to export 100% of their output to the Nigerian Customs Territory, and this is real potential threat to the goals of the Nigerian Sugar Master Plan (NSMP).
“The Nigeria Sugar Industry is governed by the Nigerian Sugar Master Plan (NSMP). The NSMP provides a framework for motivating investment in the local production of Refined Sugar by securing the Nigerian Sugar market for investors in the Backward Integration Program (BIP). It does this by providing import sugar allocations for Raw Sugar to recognised investors based on the performance on the BIP and guided recognition of their installed refining capacity.
“Your Terminal is hereby informed by this letter that, in order to protect our national interest and ensure the returns in the Federal Government’s investment in the NSMP are realised, and in line with extant laws and regulations of the Federal Government of Nigeria, importation of Refined Sugar and all other sugar derivatives from the Free Trade Zones into the Nigerian Customs Territory are here prohibited by the Honourable Minister, Ministry of Industry, Trade and Investment,” the NPA letter stated.
It added that, “In view of the above, your terminals are by this letter directed to ensure strict compliance with this directive. Please accept as always the assurances of our esteemed regards.”
Red Star Express Plc, one of Nigeria’s foremost logistics solutions providers, has launched an online platform which enables customers to make custom duty payments for imported items.
In a statement from the company, this platform will provide a more convenient option for customers to make such payments as they look to clear their items at the ports.
The company’s Group Managing Director, Dr Sola Obabori, in the statement, also mentioned that the platform will also offer customers other benefits alongside its convenience. “We understand that customers demand more in terms of transparency and accountability; especially when it concerns the payment of their custom duties for items brought into the country. Not only does this platform give them the convenience of paying online, customers will also be able to view the complete breakdown of these charges as determined by the agencies involved at the ports.”
“As always, Red Star Express Plc will continue to strive to meet and exceed the expectations of its customers. This development is just another step towards achieving that aim,” he added.
The trajectory of Junior Achievement Nigeria reaching over 1 million youths is one that has embraced diverse support of individuals, groups, and organisations. The continuous tenacity applied to impacting the lives of youths especially in a time where the pandemic brought many to economic recession is one that can best be described as apt. Our programs are helping young people recover from loss, stay updated and learn in-demand skills that could help them become more attractive to the labour market. The support of Board members such as First Bank of Nigeria Limited, Sigma Pensions, Schlumberger, Citi, Channels Television, Agile Communications, Deloitte, Aliko Dangote Foundation, and partner organizations such as Union Bank, Google, ACT Foundation, Facebook, Slum2school gave life to these programs.
JA Nigeria kicked off the year with a financial literacy program themed ‘Break Free’ – #JAPA. ‘Break free’ was tailored toward impacting the lives of young professionals on matters regarding money management. Burdened with the fact that COVID-19 affected the finances of many, we organised a program aimed at helping young people gain financial freedom. With the support of Sigma Pensions, ‘Break free’ gave insight on basic finance understanding finance concepts such as saving, pension, and investments, and strategies to live a debt-free life.
As you know, one of JA’s aims is to build a generation of digitally inclined youths. To make this happen, youths need to learn diverse strategies on how to stay safe online. Due to the pandemic, more young people embraced online activity and this led to the implementation of the Safe Online Spotlight Series with Facebook. Although Safe Online has since been implemented, the COVID-19 outbreak made the implementation even more necessary. This program seeks to help young minds stay aware of online bullies, fraud, and other internet-like dangers that could pose a threat to them while surfing the Internet. JA Nigeria is glad to have Facebook support this program that helps protect young people from online dangers.
In the light of impact and choosing to challenge diverse societal abnormalities that could serve as barriers to the successes of women, JA Nigeria celebrated International Women’s Day. An offshoot of marking the IWD 2021 was the weekly ‘Girls4Tech’ program sponsored by Mastercard. This program was designed to inspire female teenagers between the ages of 8-14 as taking STEM-related courses could encourage more girls to consider a career in STEM. Did you know that in Nigeria, only 20% of girls are enrolled in STEM-related courses? This reveals the urgency for programs like ‘Girls for Tech.’ Recall, “An equal world is an enabled world.”
Our GoogleIT Support program is on the run! Organisations are counting on young people who can think outside the box and we delight in building young people to not only think creatively but to see how their potentials can cause a global impact. This program is a 4-6 month program that aims to equip young graduates and ‘out of school’ youths with 21st century professional IT skills needed for the job market. At Junior Achievement Nigeria, we are intentional about leaving no stone unturned as regards matters that can contribute to a thriving economic environment for youths. According to a statement by Adebowale Akinbobola, one of the beneficiaries of the JA Nigeria Google IT support program, he stated; “I am looking forward to the other modules and I appreciate JA Nigeria for this opportunity. I say cheers to greater impact from JA Nigeria and also for myself”.
In 2020, JA Nigeria started the #NoStudentLeftBehind campaign to support young people in developing skills that they need to be economically independent even in trying times. We look forward to more donations; this would accelerate our goals towards ensuring that there are No Students Left Behind.
In another development, JA Nigeria implemented its Financial Literacy Day program as part of the celebration for Global Money Week. Global Money Week is a worldwide celebration held in March to empower the next generation to be confident and money-savvy global citizens. The event which is in partnership with the Central Bank of Nigeria was held simultaneously in select schools across the country in efforts to create a financially literate generation. Similarly, through a partnership with Prudence Foundation. Primary school students were exposed to the basics of money management through the implementation of the ‘ChaChing’ program. ChaChing uses the ‘Earn. Save. Spend. Donate.’ mantra to teach these students life-long learning about financial management.
Furthermore, in line with JA Nigeria’s mission of providing business and economic education for young people, a recycling program titled ‘Every Can Counts’ will be implemented with the support of Novelis/GZI. ‘Every Can Counts’ is an educational program for primary and secondary school students, where they will be taught and motivated to know about the meaning and value of aluminum recycling, the importance of putting recycling into practice, and how this can help them become entrepreneurs who care about a sustainable future.
JA Nigeria, however, solicits support from well-meaning Nigerians, philanthropists, and corporate organisations to partner with us to accelerate our impact by helping us raise a generation of conscientious business leaders leading a vibrant economy and ultimately help young people to own their economic future.
L-R: Fela Ibidapo, Divisional Head, Corporate Communications of Heritage Bank Plc; Jasmine Howson-Wright, Winner of “Rita Dominic Acting Challenge;” Chioma Okafor, 1st runner-up; Rita Dominic, Foremost Nigerian Actress/Co-Founder of the Audrey Silva Company and Josh Anowi, 2nd runner-up, during the cheque presentation to the winners of the first “Rita Dominic Acting Challenge,” powered by Heritage Bank, held yesterday in Lagos.
Heritage Bank Plc has further reiterated its commitment to the growth and development of the creative and entertainment sector by supporting the “Rita Dominic Acting Challenge.”
Heritage Bank in collaboration with a foremost Nigerian Actress and Co-Founder of the Audrey Silva Company, Rita Dominic launched an acting challenge for aspiring actors to recreate a scene in a new film “La Femme Anjola,” produced by the later.
Respectively, the winners carted away cash prizes- ; the Prize winner, Jasmine Howson-Wright received N1million, Chioma Okafor, 1st runner-up got N300, 000, whilst the 2nd runner-up grabbed N100, 000 consolation prize for the recreating a scene from La Famme Anjola in the acting challenge.
Speaking at the presentation of the cheque to the winners, the Divisional Head, Corporate Communications of the Bank, Fela Ibidapo explained that as the institution’s name implies, Heritage Bank has continued to make efforts in supporting creativity, ideologies and talents like these, where arts are used as a tool to promote cultural awareness and to help younger Nigerians form a strong sense of National identity.
“As a bank, we look for creativity, ideas and talents to support. We are called Heritage Bank for reasons, which involves putting our money where our mouth is, being that art and entertainment space are platforms where we considered being opportunity for us to leverage our supports.
“It is a privilege that we are here today to celebrate the movie and the success achieved thus far and to the winners” he stated.
He assured that the bank would always be driven by cultural heritage in delivering distinctive financial services to create, preserve and transfer wealth.
According to him the bank is proud of the entertainment industry and will continue to stand by operators in it by supporting them and watch them grow.
The Foremost Actress, Dominic thanked Heritage Bank Plc for believing in her dreams and for helping and recognizing the need to support young talents in Nigeria.
“I have been eager to make my dream a reality, luckily Heritage Bank came on board to partner with us this year. I consider this as a fantastic opportunity to get my lifelong dream to have actors,” she said.
According to her, the acting challenge is an opportunity to help young aspiring actors to find their feet in the industry because of how difficult it can be in the industry.
She noted that there were enormous aspiring talents to harness; as it was difficult to nominate the winners amongst participants in the Rita Dominic Acting Challenge.
She advised the winners to remain unwavering, focus their eyes on their visions and goals if they desire to succeed in the entertainment industry.
R-L: Fela Ibidapo, Divisional Head, Corporate Communications of Heritage Bank Plc; Jasmine Howson-Wright, Winner of “Rita Dominic Acting Challenge” and Rita Dominic, Foremost Nigerian Actress/Co-Founder of the Audrey Silva Company, during the cheque presentation to the winners of the first “Rita Dominic Acting Challenge,” powered by Heritage Bank, held yesterday in Lagos.L-R: Fela Ibidapo, Divisional Head, Corporate Communications of Heritage Bank Plc Chioma Okafor, 1st runner-up of “Rita Dominic Acting Challenge” and Rita Dominic, Foremost Nigerian Actress/Co-Founder of the Audrey Silva Company, during the cheque presentation to the winners of the first “Rita Dominic Acting Challenge,” powered by Heritage Bank, held yesterday in Lagos.R-L: Fela Ibidapo, Divisional Head, Corporate Communications of Heritage Bank Plc; and Josh Anowi, 2nd runner-up of “Rita Dominic Acting Challenge” and Rita Dominic, Foremost Nigerian Actress/Co-Founder of the Audrey Silva Company, during the cheque presentation to the winners of the first “Rita Dominic Acting Challenge,” powered by Heritage Bank, held yesterday in Lagos.
Unity Bank Plc grew its assets base to N492.02billion representing a significant increase of 67.90% from the N293.05 billion of total assets value recorded in 2019. This is even as the agric-focused lender declared gross earnings of N42.71 billion within the period under review.
A review of the Bank’s audited results for full year ended 31 December 2020, released to the Nigerian Stock Exchange, showed that the Bank improved its bottom line marginally as Profit After Tax, PAT stood at N2.09 billion. Profit Before Tax, PBT closed at N2.22 billion, in a year that was defined by the unmitigated impact of global pandemic characterized by disruptions in business activities and general downturn that resulted in revenue/returns dip in major leading sectors globally.
The lender substantially grew its customers’ deposit portfolio to N356.62 billion, up from N257.69 billion in the corresponding period of 2019, representing a 38.4% growth. This affirms positive market uptake of the Bank’s product offerings, as well as the lender’s growing customer base to its recent aggressive push with agile customer-centric products, which has played a role in deepening financial services penetration especially to a wider world, underserved spectrum of the retail market.
Other major highlight of the audited financial statement relates to growth in its net operating income which rose to N25.46 billion from N23.21 billion in the corresponding period of 2019, representing a 9.71% increase. This is even as the net interest income recorded a significant jump, as it rose by 7.60% to N17.75 billion from N16.49 billion in the corresponding period of 2019. Earnings per Share closed at 17.85 Kobo.
The Bank’s gross loans portfolio increased by 92.9% to N206.2 billion in December 2020 from N106.9 billion in December 2019. The Bank’s lending strategy was specially tailored to support the nation’s food agenda. This had the added advantage of improving food security across the country, providing employment to thousands of youths and entrepreneurs, contributing to the conservation of FX stocks and mitigating security challenges by ensuring adequate empowerment of citizens and deepening skills acquisition across the value chain.
Commenting on the result, Unity Bank’s Managing Director/Chief Executive Officer, Mrs. Tomi Somefun stated that the results showed the resilience of the Bank during unprecedented times of uncertainties and our ability to innovate and focus on key balance sheet items that will enable us maintain growth trajectory.
She further opined that: “Consequently, for the year under review, the opportunities to significantly create more quality assets for the business, thought to have sustainable impact, informed part of choices made and we have seen some encouraging market uptake in this regard, apart from the benefits to the enterprise bottom-line that have also started trickling in. Other key performance indicators especially on the liability side of the business was equally not left out. The Bank deployed new product features and augmentation supported by omni-channel, USSD promotions and other channels to enhance services delivery efficiency, drive income generation capacities and enhance steady balance sheet growth for the year”.
Looking ahead, Somefun stated: “we will latch on targeted strategies to deploy significant investment in technology in order to ride the waves of the COVID-19 pandemic. On the back of this, the Bank focus on achieving major efficiency gains, deepening its retail footprints and penetrating identified cluster market segments, as bulwarks to tapping into various youth markets platforms, in addition to the mass market would get further boost”.
While laying outlook for the future, the Unity Bank’s Chief further stated: “The Bank is also looking to consolidate on the gains from its core business areas and niche in the agribusiness sector. The Bank has solidly financed over one million farmers over the past three years. These farmers cut across several primary crop production such as rice, maize, cotton, wheat, sorghum, etc coupled with their rich value chains, and we hope to continue to expand on this as we play our part in driving the country’s quest for self-sufficiency in food production.”
Analysts are of the view that having made appreciable impact in the agribusiness and its value chains consistently, the market is excited that the current year performance and different initiatives of the Bank show that the agribusiness is bankable not only as a differential positioning but also for sustainable business performance and profitability.
