Category: Business

UBA Poised To Change The Face Of E-Banking with New Mobile App

Pan African financial institution, United Bank for Africa (UBA), Plc is set to change the face of digital banking services with its new mobile banking app aimed at delivering first-rate services to customers.

The new UBA mobile banking app, has been armed with benefits and features designed to give its customers increased control and accessibility to carry out transactions with ease.

UBA’s Group Head, Digital Banking, Kayode Ishola, who spoke about the new banking app to members of the press during an international virtual media parley on Monday, explained that apart from being able to decide where they want their cards to operate and block, view, or request new cards straight from the app to suit their specific needs, the app has been tailor-made to give customers what they want, how and in the way they want it.

Reeling off some of the features and benefits of the app, he said a lot of investment in cutting edge technology and attention to details was put into the new UBA mobile app.

 

 

Ishola said, “The new UBA Mobile App is your personal finance manager built with a distinctive user interface that will change the face of banking. With this app, we are reimagining banking as our engagement has moved from being channel-based to being platform-based. The speed of the platform has been made to match the speed of light as we have cut down significantly on the number of processes expected to carry out your transactions.

“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. It is sleek and trendy with seamless user interface” Ishola stated.

 

UBA’s Head, SME Banking, Sampson Aneke, said that apart from the fact that the app has been created with journey that has a high-level of intelligence – as it can work based on frequent transactions, it can also speak to the specific country where it is being used as the new mobile app 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.

“This all-encompassing platform which boasts of a new user interface because of its sleek, modern nature of delivering seamless experience across several devices; can be used as a budgeting tool, loan application and also allows customers view their expenses according to their various categories such as the amount spent on data within a particular period;” Aneke added.

 

On the security features of the app, UBA’s Group Chief Information Officer, Onyebuchi Akosa, said that security of the app are best in class adding that the new platform, which will revolutionise the way banking services are offered, promises to deliver increased personalized banking via a watertight and highly-effective security system.

“The new app has also been built with the best-in-purchase security features and has been modelled appropriately to ensure that all the features are working properly to secure transactions maximally. It is also important to mention that the bank took into consideration the virtually impaired, and thus has used voice recognition as a channel for transaction which suits both convenience and the visually impaired customers,” he said.

 

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty 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.

Nigerian-Dutch Centre Partners FMARD, CBN to Host Dairy Devt. Webinar

The Centre for Nigerian Dutch Dairy Development (CNDDD) has announced that it will host a webinar in partnership with the Federal Ministry of Agriculture and Rural Development (FMARD) and the Central Bank of Nigeria (CBN) on topics that will enable a sustainable national dairy sector and value chain in Nigeria.

 

The CNDDD webinar titled “Harnessing the Great Unpolished Diamond of Africa” slated for Wednesday March 10 at 10.00am will have pressmen in virtual attendance. Speakers at the webinar would include the Chief Operating Officer of URUS, Mr. Keith Heikes, Head of Animal Science, Nasarawa State University, Prof. Mohammed Maikano Ari and Corporate Director, Dairy Development, Royal FrieslandCampina, Mr. Jeroen Elfers.

 

The webinar would highlight the key building blocks required for a sustainable dairy sector in Nigeria and provide insights into best practices around cattle breeding and the importance of good animal nutrition. Please click to join: https://tinyurl.com/CNDDDWebinar

 

The Center for Nigerian Dutch Dairy Development is Nigeria’s first national expertise Centre for Dairy Development and it is committed to unlocking and developing dairy expertise for all stakeholders in the Nigerian dairy sector. The Centre seeks to drive a homegrown model for the entire dairy value chain in Nigeria as it partners with stakeholders including the government, universities and dairy value chain professionals.

FIRSTBANK PROMOTES DIASPORA REMITANCES, REWARDS CUSTOMERS WITH EXTRA N5 FOR EVERY DOLLAR RECEIVED

First Bank of Nigeria Limited, Nigeria’s leading financial inclusion services provider is rewarding customers with N5 for every dollar received through foreign remittances. This N5 for a dollar incentive is paid to FirstBank’s customers regardless of their preference to collect the USD as cash across the counter in any of the Bank’s over 750 branches nationwide or as transfer into the customers domiciliary accounts.

 

 

The reward to customers is in line with the Central Bank of Nigeria’s ‘Naira 4 Dollar scheme’, driven to promote diaspora remittances into the country. For example, a customer that receives 10,000 USD, gets N50,000.00 as reward. The scheme runs from Monday, 8 March – Saturday, 8 May 2021.

 

Speaking on the initiative, FirstBank’s CEO, Dr. Adesola Adeduntan said “at FirstBank, we are pleased to participate in the CBN’s ‘Naira 4 Dollar scheme’ as it will contribute to deepening financial inclusion in Nigeria. Indeed, it’s an activity we are pleased to lead, whilst promoting access to funds across the nooks and crannies of the country in almost 127 years of our existence.

 

We are delighted to be a gateway to promoting dollar remittances into the country and we encourage our customers, their loved ones and friends to use our international money transfer services which would enable them to enjoy the rewards of this promo, sustaining the increase in inflows of diaspora remittances into Nigeria consequently help in poverty reduction, income redistribution and enhancement of economic growth” he concluded.

 

FirstBank pioneered international funds transfer and remittances over 25 years ago and has been at the forefront of promoting cross border payments in the country, having started the journey with Western Union Money Transfer. The Bank’s wealth of experience and operation in over 750 locations nationwide gives it the edge in the market.

 

Only recently, the Bank launched the First Global Transfer (FGT) product to promote international transfer of funds across its subsidiaries in sub-Saharan Africa. The Bank’s subsidiaries in Africa include FBNBank DRC, FBNBank Ghana, FBNBank Gambia, FBNBank Guinea, FBNBank Sierra-Leone, FBNBank Senegal.

Ecobank To Pay Customers N5 For Every Dollar Received

Ecobank is implementing the Central Bank of Nigeria (CBN)’s scheme which offers N5 for every Dollar received into domiciliary accounts or as cash over the counter.  Korede Demola-Adeniyi; Head, Consumer Banking, Ecobank Nigeria, who announced this in Lagos stated that the decision is in line with the CBN’s directive and fully aligns with efforts to encourage the inflow of diaspora remittances into the country. She noted that the “CBN Naira 4 Dollar scheme” is an unprecedented incentive for senders and recipients of international money transfers.

 

 

Korede Demola-Adeniyi said that the scheme takes effect from 8th March and will run till 8th May, 2021. “Ecobank will pay N5 on every Dollar so beneficiaries will not only get the foreign currency sent from their family and friends abroad, they will also get extra Naira”, she stated.

 

Only recently, Ecobank had a first of its kind virtual Diaspora Summit to discuss opportunities for Nigerians living abroad and the various platforms available to assist them with their investment decisions and remittance needs. The event had major players in the remittance space, diaspora audience, government officials and notable stakeholders in attendance.

 

 

Further, the Managing Director, Ecobank Nigeria, Patrick Akinwuntan has disclosed that apart from consistent engagement with Nigerians in the diaspora, Ecobank is leveraging its digital technology to make remittances to Nigeria and Africa easy, convenient and affordable.

 

Mr. Akinwuntan stated that growing evidence has shown a positive relationship between diaspora remittances and economic growth. “Ecobank will continue to pursue its mandate of helping to enhance the economic development and integration of Africa, through the 33 countries where the bank operates on the continent. Ecobank’s Rapidtransfer and mobile app (Ecobank Mobile) enable Africans, wherever they are, to easily and instantly send money to bank accounts, mobile wallets and agent locations across 33 African countries”, he stated.

 

 

Ecobank Nigeria, a member of the Pan African Banking Group is committed to supporting Africans in the diaspora by providing advisory services, remittance solutions, investment options and financial planning schemes. The bank also offers mortgages, treasury bills, capital market instruments, among others.

Transcorp Hotels Launches Aura, an Online Marketplace for Accommodation and Experiences

  • Nigeria’s largest hospitality brand launches a new platform for booking vacation homes, holiday lets, and experiences.

  • Aura is a new platform that connects people to great accommodation, great food, and memorable experiences in different cities across Africa

  • Aura to partner with homeowners, hoteliers, restaurateurs, tour operators, and locals to redefine travel and tourism

Africa’s leading hospitality brand Transcorp Hotels Plc. has announced the launch of Aura, a new digital platform through which people can book accommodation, restaurants, and experiences.

 

The new brand, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

 

“It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.

 

“For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

 

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

 

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

 

“To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

 

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.”

 

Working with thousands of partners across Nigeria and different cities in Africa, Transcorp Hotels Plc. is building the continent’s largest platform for people-driven hospitality. While travellers enjoy the right selections at the best prices on Aura, hosts can also earn a lot of money by receiving guests in their unoccupied homes and sharing the local culture with them.

 

For travellers who would rather stay in hotels, Aura also has a great selection of some of the best hotels in every city.

 

With the launch of Aura, Transcorp Hotels Plc. has further cemented its leadership in the hospitality industry and reinforced its commitment to innovation and superior guest experience across different demographics.

 

Guests and hosts can sign up at aura.transcorphotels.com to start booking or hosting. The service is currently available in Nigeria only, but the company said plans are already in place to expand to major cities in Africa.

When will Seplat Chairman, ABC Orjiakor Pay His Debt?

In life, there is a time for everything, a time to sow and a time to reap. Indeed, there is a time to be born and a time to die.

In the business sector, there is often the need to obtain a loan in a bid to push an organisation to the next level. As such, there is a time to obtain a loan and a time to also payback.

In recent times, one of the biggest talking points in the banking industry and indeed the court has been about a loan obtained by Cardinal Drilling Services (CDS), a sister company owned by the Chairman of Seplat Development Company (SPDC), ABC Orjiakor.

The loan running into millions of dollars was originally obtained from defunct Diamond Bank before it was inherited by Access Bank Plc when it acquired Diamond Bank.

So dirty has the back and forth of the repayment of the loan been that both plaintiff and defendant have been at loggerheads.

Their lawyers have also not been spared of the mudslinging. Access Bank recently wrote to the Legal Practitioners’ Privileges Council (LPPC) and the Legal Practitioners’ Disciplinary Committee (LPDC), demanding the sanctioning of Mr Babajide Koku (SAN) as well as Etigwe Uwa (SAN), both lawyers to SPDC, for alleged professional misconduct.

The petition against Koku and Uwa stated that both lawyers engaged in acts unbecoming of legal practitioners and contravened well-established legal principles in bad faith.

According to Access Bank, SPDC did not meet the condition of the court by posting a bond of $20 million dollars as security before applying for the suspension of its interim Marewa injunction on its assets at the Appeal Court.

There have also been claims that Access Bank is not only bullying SPDC but is also attempting a hostile takeover.

In the real sense of things, how does a hostile takeover come into the equation?

If Orjiakor is not denying owing Access Bank through defunct Diamond Bank, why then can’t he just pay up what he owes instead of going to court.  If indeed SPDC is not responsible for the loan, is Cardinal Drilling Services Limited also denying borrowing the loan?

Actions and statement like a hostile takeover in view of current developments only paints the picture that Cardinal Drilling Services Limited is not a good corporate citizen.

A responsible entity that obtains a loan shouldn’t be forced to pay back. In a sane clime, such a company will pay back what it owes so that others in need of loans can access them.

With the business integrity of Seplat Development Company’s chairman presently being second-guessed due to the case in court, Industry Watchers are saying that it is better for Orjiakor to pay his debt.

The argument is that a debt is an obligation, and one who obtains a loan must pay. Why then can’t Orjiakor just fulfill his obligation knowing that the debt will always remain while the interest will also continue to increase?

Morola Babalola, The Maven Of Real Estate Business In Nigeria

When it comes to the business of Real Estate in Nigeria, the name Morola Olabisi Babalola is definitely worthy of some accolades and encomium. Driven by her passion to create impact and see many rise from the scratch of shelter, to live among the high and mighty in the society, coupled with her spirit of hard work and wealth of experience, she has turned the fantasies of a countless number of families into fantastic realities.

No doubt, when Morola was going into the Nigerian property business, she had one goal at the back of her mind, to help those who would not have dreamt of owning a house, not just to own a house, but to own it among the high class. Her imprints in the industry have shown that she set out to impact the actual end-users, people who are actually in need of homes, reaching out to new families who are just growing up with the creation of “middle-income-homes” in the high-ranked area of Lekki and Victoria Island. She is said to have been one of the realtors that broke the fallow ground of that area. Today, many professionals, families, small and medium business owners who are now proud house owners, have her to thank.

As if that was not enough, Morola in her bid to ensure no one is left out no matter their level of income, pioneered a housing cooperative “Affordable Housing Cooperative Society Ltd” which is aimed towards seeing tenants become landlords of the houses they rent, empowering members and putting their dreams right in their hands. (Watch out for the unveiling of this very soon)

With about two decades of experience, the Ogun state born mother of three began her career in real estate when many were still scared of venturing into the sector. She has been exposed to the industry right from the beginning. As a pioneer staff with the foremost real estate company, Primewaterview Limited, Morola started most of the housing units in the company, with individual units in Oniru. At the time, she was also the head of Corporate Services in charge of marketing and managing of high net worth individuals.

Morola’s hard work, passion and creativity saw her climb the ladder of greatness when she was deservedly promoted to become the Managing Director of PWV Management Services (a subsidiary of the group company) where she turned the subsidiary around from drowning into a profitable venture and later the Group MD and Chief Executive Officer of Primewaterview Holdings Limited in 2012, after the resignation of the erstwhile GMD and CEO, Adetunji Ogunwusi. She practically organised the facility management and other subsidiary companies for the firm.

After selflessly serving under the Primewaterview company for close to 20 years, Morola finally emerged with her own, Townsend Property Investments Limited, a seasoned and fast-growing indigenous real estate Company with a passion for affordable and comfortable housing development, in 2017. Although the company had been incorporated earlier, the full operation began in the year 2017. It is interesting to know that this was a period when the country’s economy was being shaky, but Morola was born to succeed even in the stormy weather. Almost immediately, Townsend hit the ground running with the launch of a 38-unit home in Lekki delivered to the subscribers on the 5th of February, just as promised. At the moment, some other massive, outstanding housing projects are in the pipeline.

With Townsend Properties Limited, Morola is setting a new goal post for others to follow, with the launching of real estate into various other sectors, like tourism, with partnership deals with international organisations like the African Union, AU. This is geared towards building tourist destination centres across the state of the federation. This is in a bid to create more comfortable and stress-free experience for tourists. This initiative will see tourists in a whole new world of a fascinating experience.

Stakeholders Endorse Ecobank Stewardship Pack and School Bundle

Stakeholders in faith-based organisations and education sector have endorsed the two new products recently introduced into the financial market by Ecobank Nigeria, saying they can provide solutions to their needs. The products Ecobank Stewardship Pack and the Ecobank School Bundle are targeted at religious and educational institutions at all levels respectively.  The Ecobank School bundle is designed to help educational institutions manage their banking needs more effectively so they can concentrate on providing world-class education. It comprised a bouquet of digital offerings that includes Omniplus/Omnilite, Collegepay, Ecobankpay, Web collections Paydirect, Point of Sale Terminals (POS), NIBBS platforms, EBILLS PAY, Asset Finance and Ecobank School Loan. The Ecobank Stewardship Account on the other hand is designed to help religious organizations run their daily operations smoothly and earn interest at the same time. Also referred to as The Good Steward Pack, its features include: zero monthly maintenance charge and interest rate payable on average monthly balance amongst others.

Speaking at the virtual launch, Prof. Humphrey Adebayo, Vice Chancellor, Covenant University, Ota, commended Ecobank Nigeria for taking the initiative to create the innovative products, stressing that they would add value to the operations of the various target groups. He lauded Ecobank for rising to the challenges of covid 19 pandemic by providing services to the banking public through its various digital offerings, stating that the new products would further free time for them to focus on core roles.

According to him, “The pandemic has disrupted human activities, and changed the perspective of the world thereby increasing the need for more digital and innovative solutions to the problems it created, which will further facilitate the ease of doing of business. Education and religious institutions were highly affected by the lock down, creating a gap in the system. Digital solutions become extremely important for online learning and services with digital financial solutions being helpful with collection. This has helped in freeing these institutions to focus on their core activities. The digital platform provided by Ecobank is efficient and guarantees a high level of security and allow for real time banking services and with minimal downtime. The new Ecobank products will undoubtedly add value to these institutions.”

Alhaji Mohammed Balarabe, a seasoned Banker and chief launcher at the event said the target group would find them useful as they embark on their conventional activities. According to him, “The new normal presents a lot of challenges in almost all aspects of our life in particular, the faith-based organizations and educational institutions because of their conventional way of carrying out activities. In a bid to address these challenges, Ecobank introduced these targeted products that will help tackle them. I believe more will come our way from the Ecobank platform.”

At the launch which doubled as Ecobank Public Sector Stakeholder Engagement Webinar titled “Digital enablement of education and faith: Winning tools for new normal lifestyle”, the  products also received endorsement from Mrs. Olabimpe Aderiye, Hon. Commissioner of Education, Ekiti State, Chief ‘Yomi Otubela, National President, National Association of Proprietors of Private Schools (NAPPS) and host of others.

Carol Oyedeji, Executive Director, Commercial Banking, Ecobank Nigeria while welcoming guests at the virtual launch was optimistic that the products can effectively assist educational institutions and faith-based organizations through tailor made digital offerings against the backdrop of the new normal lifestyle occasioned by the covid 19 pandemic. She added that “At Ecobank, we are using digital technology to assist businesses for payments and collections, financially include many millions into formal financial systems, and therefore improve lives across Africa. We are indeed making banking easier, more accessible and more affordable across the continent than ever before.”

Moji Oguntoyinbo, Segment Head, Public Sector and Agribusiness, Ecobank Nigeria, said “Ecobank products are designed to bridge the gap and meet funding and other financial needs quickly and efficiently. Education and religion are interwoven right from the onset. Religion institutions have been huge investors in Education. These products are designed to provide secured savings and collection channels especially in the post covid 19 era where digitization is highly helpful to limit the spread of the virus.”.

Ecobank Group Signs A Remittance Partnership With Small World Financial Services

Leading international money transfer provider Small World Financial Services (“Small World”), has signed a partnership with Ecobank -the leading Pan-African banking group, based in Lomé, Togo.

The agreement brings the strengths and assets of both organisations to offer money transfer services to Africans in the diaspora. This is an exciting development for both Small World and the Ecobank Group as Small World can continue to grow its global customer base as well as its 250,000 pick-up locations, while Ecobank, with its footprint across 33 African countries can further expand its remittance reach within African communities across Europe and other parts of the world. Small World customers will be able to access the unparalleled Ecobank Africa -wide network in three ways: Direct transfer to Bank accounts, mobile wallet; and cash pick up at any Ecobank location.

This partnership will further financial inclusion in Africa as Ecobank will make available the Ecobank Xpress Account (a mobile based bank account developed for the unbanked and under-banked) for the recipients of remittances sent by Small World Financial Services’ customers.

Nick Day, Chief Executive and Founder of Small World, said: “We are delighted to be forging a partnership with Ecobank. It is a leading bank in Africa with over 50,000locations in the region which means our global customers get access to even more ways to send money home to African countries. Importantly, Ecobank shares our commitment in delivering great customer service alongside providing fast, affordable and reliable transfers.

“Nana Araba Abban, Ecobank Group Consumer Banking Head, added: “We’re proud to offer seamless payments across our vast borderless network in Africa. At Ecobank, we value partnerships, such as this, that enable Africans in the diaspora to remit money affordably and conveniently. This provides a win-win partnership as Ecobank can offer banking services to Africans wherever they are on the globe.”Ecobank shares Small World’s commitment of making financial services seamless, convenient, and interoperable across Africa.”

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