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NCOY: FirstBank is powering the Next Generation of Nigerian Innovators and Entrepreneurs

What did (the various territories that were later to be amalgamated into) Nigeria look like in 1894? How about a hundred years later in 1994? And what could Nigeria look like in the year 2094? History provides elaborate answers to the first two questions. Answers – accurate or near-accurate answers, that is – to the third, however, will rely entirely on the ability to predict/envision the future and work to invent and create the predicted future.

With a continuing shining legacy of nation building – supporting innovative financial, commercial and other developments in Nigeria and even Africa – one bank is already projecting beyond today to the year 2094 – exactly 200 years from its founding in 1894. The bank, First Bank of Nigeria Ltd, is not just predicting a bright, innovative future for Nigeria but is going all out to foster what is required to invent it. FirstBank is putting its money where its mouth is. The bank has been betting the farm on Nigeria’s young and emerging generation for decades.

Take the last two decades, for example. FirstBank has been involved with Junior Achievement Nigeria (JAN) for over twenty years as one of the many ‘fronts’ in the bank’s engagements with the next generation of Nigerians to collaboratively create the bright, innovative future that Nigerians dream of. For ten years now, FirstBank has been supporting the National Company of the Year (NCOY) competition, an extension of the JAN Company Programme, designed to help senior secondary school students better understand how businesses are organised and operated. The students will be required, during the course of the competition, to develop a business plan, establish production and sales of goods and services for their company, monitor progress toward goals at regular department and company meetings, maintain complete financial records, compile a report to stockholders, and liquidate the company at a given period with the support of a volunteer.

FirstBank’s partnership with JAN on the National Company of the Year competition has meant a decade of impact and innovation illustrated by the very nature of innovative products and services created by young minds to solve real problems facing society and the business systems they put in place in form of student companies to successfully produce and market the products and services sustainably and to impact their local communities. Consider the growing problem of fire accidents and deaths from gas explosions resulting from gas leakage in homes, offices and industries. The students from Taidob College, Abeokuta, through their student company, TC Achievers, created an innovative solution to address it.

TC Achievers produced a domestic and industrial gas leakage detector – a device which raises an alarm and sends SMS to the owner’s mobile phone once there is any gas leakage. Their innovative device fetched TC Achievers first position in the regional competition in Ogun State and at the national level in Lagos, earning them the right to represent Nigeria in Ghana at the 2019 African Company of the Year competition. Taidob College emerged from Ghana with four awards, the most by any of the participating Junior Achievement member countries, including Botswana, Eswatini (Swaziland), Gabon, Ghana, Kenya, Mauritius, South Africa, Uganda, Zambia and Zimbabwe. The Nigerian representatives won the following: Client Focus Award, Entrepreneurial Spirit Award, Facilitator of the Year Award and were second runners-up for Company of the Year Award.

The 2018 National Company of the Year competition winners who went on to emerge the grand winners at the Africa Company of the Year competition in Ghana same year, Inventive Explorers from Caro Favoured College, Ajegunle, Lagos were concerned about traffic accidents, especially in areas with school children crossing busy streets. Their innovative device, a rechargeable handheld LED traffic light, was designed to solve this real problem faced by various congested communities. Besides the grand prize at the Africa Company of the Year competition, they also brought back home the Access Award, given to the business that best exhibits the principles of global connectivity.

Guided by the same spirit of innovativeness and enterprise and a passionate desire to solve a real problem facing society that were at work when TC Achievers and Inventive Explorers devised their award-winning innovative solutions, the first runners-up in 2018, Brain Max, the student company formed by student representatives of Government Girls Secondary School, Abaji, Abuja designed a website and software application for connecting local produce farmers directly to their customers. Brain Box also won Best Corporate Social Responsibility Project Award on account of which they visited camps of Nigeria’s internally displaced persons (IDPs) to provide financial literacy and entrepreneurship education to occupants, including helping the IDPs to secure seed funding. It was the same inspiration for the second runners-up, Sharon Glory Ventures, the student company formed by students of Sharon Rose College, Saki, Oyo State who produced a water-level indicator to enable homeowners to determine the level of water in their tanks. Sharon Global Ventures also received the award for the Most Innovative Product.

In 2020, given the global COVID-19 pandemic, the FirstBank-sponsored National Company of the Year competition will be conducted virtually. The virtual format will, however, not take anything away from the allure and competitiveness that the competition has been noted for over the years. This year’s unique competition, holding on Saturday, 12 December 2020 at 3 p.m. (West/Central African time), will bring together six outstanding student companies across Nigeria to lock horns for a lifetime opportunity to carry Nigeria’s flag at the JA Africa Company of the Year competition later in the year, and possibly repeat the feat achieved by the 2018 Nigerian representatives.

The Virtual Company of the Year (VCOY) competition is the culminating point for the implementation of the Virtual Company Programme. The goal of the VCOY is to create a signature showcase for JAN and the students who benefited from the impact of the digital JA Company Programme. This pilot programme will be in two stages where the first stage will identify the top business ideas from each region and select the top five most viable business ideas and reward them with seed funding to fully develop their ideas into businesses. The second stage of this competition sees the introduction of top professionals across different sectors who would serve as the panel of judges to determine each student company’s performance against a set of established criteria. Judges look out for evidence of innovation and application of new ideas in all aspects of business and select the best team to represent Nigeria at the Africa Company of the Year competition.

Whichever student companies emerge as winners of the 2020 National Company of the Year competition, one thing is certain: All the participants, not just at the national level but also at the regional levels, will join the ever-growing and rapidly-expanding crop of young minds engaged, trained, prepped and reoriented in a FirstBank-sponsored empowerment programme to become innovative and entrepreneurial thinkers and problem solvers. The bank is supporting such programmes so the young participants will join it in the arduous task of nation building and inventing the desired future for Nigeria. FirstBank is confident that the young minds who come through the JAN Company of the Year competition will be Nigeria’s future Steve Jobs, Bill Gates, Warren Buffet, Jeff Bezos, Mark Zuckerberg, Richard Branson, Larry Page and Sergey Brin. In their time and in the envisioned future for Nigeria, the country will stand tall, unintimidated by her Western counterparts, having been catapulted to the status of a leading developed nation by the young and emerging generation FirstBank has been betting big on for years.

BUA continues support for COVID-19 Interventions

…Donates 3 ambulances, 50,000 facemasks to Kaduna

Barely 48 hours after Bauchi and Gombe State governments received 3 ambulances and 50,000 facemasks each from BUA Group to combat the rising cases of COVID-19 pandemic, another 3 fully equipped ambulances and 50,000 reusable facemasks have been donated to the Kaduna State Government. This is in addition to a N100million donation given by BUA to the state government at the height of the pandemic.

While handing over the donations to Governor Nasir El Rufai of Kaduna State, Aliyu Idi Hong, the Government Relations Director of BUA Group, who represented Abdul Samad Rabiu, Founder & Chairman of BUA, expressed worry over the recent rise in cases of Covid-19 especially in Africa.

Hong who commended the Kaduna government for its untiring effort in curbing the spread of the virus in the state added that BUA as an indigenous conglomerate will keep committing resources towards ensuring that citizens of Nigeria are protected against the COVID-19.

He said the fully equipped ambulances will assist in the conveyance of patients, specifically for COVID-19 and other medical emergencies

Receiving the donations, Governor Nasir El Rufai noted that BUA had earlier donated one hundred million naira to boost the COVID-19 fight in the state and thanked the BUA Chairman, Abdul Samad Rabiu for the kind gesture.

“I thank the management of BUA for this generous gesture. It is not the first time Abdul Samad Rabiu has assisted Kaduna State. He gave us one hundred million naira and other donations in kind. I am not only pleased to receive these donations but to hear that more help is on the way.

“This pandemic is still with us, it is still infecting people at a very rapid rate particular here in Kaduna state. So we are very concerned and every assistance we get, we appreciate”.

Since the start of the pandemic, BUA has so far committed over N8billion in cash donations, food stuff, infrastructure, medical supplies and equipment, amongst others.

Ecobank, Vanguard Rallies Experts on Discussion Around Financial Inclusion

All is set for the digital financial inclusion summit as Ecobank Nigeria, in partnership with Vanguard Economic Forum Series, convenes top minds in the industry on a discussion centering around Digital Financial Inclusion. The virtual summit is slated for 8th of December, 2020.

The Speakers and panelists who are subject matter experts in digital transformation and financial inclusiveness were carefully drawn from the banking, regulatory bodies, telecoms and other key sectors of the economy notably Jimoh Itopa, Director Payment System Management, Central Bank of Nigeria (CBN), Alan Sinfield, current CEO 9mobile, Ronke Kuye, CEO, Shared Agent Network Expansion Facilities Limited (SANEF), Jacqueline Juma of EfinA a transformative specialist in Digital Financial Services (DFS), Engr. Gbenga Adebayo, Chairman of Alton, and Kolawole Olanike, Head Agency Banking, Ecobank Nigeria.

According to a statement from Ecobank and Vanguard, Alan Sinfield, CEO 9mobile is a telecoms expert with vast international and operational expertise and experience in wireless telecoms, fintech, and banking sectors spanning over 30 years. He had been a CEO at Ooredoo (Starlink), a subsidiary of Qatar Telecommunications Group.

Ronke Kuye, is the Chief Executive Officer of Shared Agent Network Expansion Facilities Limited (SANEF). Ronke has over 24 years experience in banking, cards and Payment systems and e-business, Operations, Process Transformation and Project Management.

Jacqueline Juma, a transformative specialist in Digital Financial Services (DFS), currently serves as the Head, Digital Financial Services at EFInA.

Also listed as panelist is Engr. Gbenga Adebayo, the Chairman of Association of Licensed Telecom Operators of Nigeria (ALTON) and Kolawole Olanike, Head Agency Banking in Ecobank.

Announcing the Summit in Lagos recently, Head, Consumer Banking, Olukorede Demola-Adeniyi said the Summit will provide a platform to discuss the need for a comprehensive alignment of policy and regulatory frameworks among regulators like CBN, NCC, NITDA to support a sustainable digital financial inclusion growth, examine key issues and ways of advancing digital financial inclusion for women, youths and MSMEs and discuss the role of interoperability in mobile payment innovation. Further she mentioned that the role and impact of agency banking for financial inclusion growth will be x-rayed as well as the need for public and private sector investments in internet infrastructure and mobile connectivity growth in rural areas.

Also, Jude Ndu, Director Vanguard Conferences and The Economic Forum Series, said the Summit would help Ecobank communicate and connect with Nigeria’s largely unbanked population on the urgent need to adopt and subscribe to innovative digital payment channels like the *326# and financial service offerings to close the large financial Inclusion gap and a direct response the economic challenge post COVID-19. Participants can register by visiting the url —http://bit.ly/2Fj5Mvm.

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.

LASG PARTNERS FIRSTBANK TO PROMOTE ACCESS TO AFFORDABLE HEALTHCARE

The Lagos State Health Management Agency (LASHMA), in its commitment to ensure that residents at the grassroots have access to affordable, effective and quality healthcare, has partnered with First Bank of Nigeria Limited to utilise its over 13,000 Firstmonie Agents as payment channels for the Lagos State Health Scheme (LSHS).

The General Manager, Lagos State Health Management Agency (LASHMA), Dr. Emmanuella Zamba, made the disclosure during the flag off of the partnership in Alausa, saying that the partnership became necessary to facilitate ease of health insurance premium transactions for residents, especially at the grassroots.

She noted that FirstBank was selected for the partnership in recognition of its effectiveness, efficiency and large clientele base.

“The Agency realised that not all residents can go to the Bank or use online platforms for the payment of their health insurance premiums, hence the Agency identified the need for other payment platforms such as the Firstmonie Agents”, Dr. Zamba explained.

Asserting that the partnership would avail residents the opportunity to pay either N40,000 annually for family plan or N8,500 annually for individual plan through any of the Firstmonie Agents, the General Manager said that once the insurance premium is paid before 25th of every month, such enrollee can receive care from the first day of the following month at any public or private hospital of their choice within the scheme’s network of providers.

While commending the good gesture of First Bank of Nigeria Limited, Dr. Zamba urged other corporate and multinational organisations to support the Agency towards ensuring that Lagos residents, irrespective of their tribal, cultural or religious differences, access quality healthcare.

The General Manager disclosed that efforts are being intensified to ensure that residents can also enrol for the Scheme at any of the Firstmonie Agents situated within their localities.

The Deputy Managing Director, First Bank of Nigeria Limited, Mr. Gbenga Shobo, who commended the Lagos State Government for its determination in ensuring the good health and wellbeing of all residents, said “the initiative will have a crucial role at improving the life expectancy of Lagos residents, whilst promoting their increased contribution to the growth and development of the State”.

He implored residents not to hesitate to pay their health insurance premiums at any of the Firstmonie Agents located in all the local governments and local council development areas in the State in order to have their health secured.

Shobo advised residents in the State to register and enrol in the Scheme in order to enjoy the good gesture of the present administration led by Mr. Babajide Olusola Sanwo-Olu.

MEET TAYO KIMBERLY ADEJUMO, ‘THE DOYEN OF LUXURY SHORTLETS APARTMENT IN NIGERIA’

She is definitely not a rookie when it comes to the business of luxury Real Estate in Nigeria; Tayo Kimberly Adejumo, the head honcho of Kimberly’s Apartment, has registered her entry into the luxury real estate business with special interest in; shortlets apartment, interior decoration, smart home construction, furniture/ housewares procurement and building consultancy. Kimberly’s is a real estate conglomerate which houses subsidiaries like; Kimberlysapartment, Kimberlyspremiumrentals, Kimberlyshomes and KimberlysBuildersmart.

Before venturing into the shortlets/real estate business, she started with a flat at an highbrow area where she resides in Lagos. With her love and passion for interior decoration, real estate and customer service delivery, she was able to extend her tentacles into having over 50 shortlets apartment under her watch in Lagos. For the hard work she is putting into the real estate business, she earned the sobriquet ‘Doyen of Luxury Shortlet Apartment’ in Nigeria. Not only that, her company was also certified and verified by I-PRAC; a world acclaimed platform that vet property owners for customers in order to avert fraudulent practice. Take a visit round her shortlets apartment across Lagos, it’s a mecca of sorts for Nigerians and foreign travelers who love comfort laced with luxury. All her shortlets apartments are fully equipped with up-to-date state-of-the-art home facilities and the best of well-trained customer-oriented staffs.

The Osun State born business entrepreneur, has never settled for less since her foray into the highly competitive industry. Travelling from the popular Burj Khalifa in Dubai to the Silicon Valley region in California to the 7th arrondissement in Paris France to the Knightsbridge in West London, she is fully armed with an impeccable taste and eye for quality. She draws inspirations from eyepopping renaissance and medieval era designs across the world. This has enabled her stay afloat among competitors. Within a short period of 7 years into the business, she has designed and recreated many beautiful palatial jaw dropping homes across Lagos, Nigeria. Many kept wondering how she was able to achieve so much in a male dominated industry. With passion, dedication, resilient, steadfastness, love for excellence and fervent prayers, she was able to crest her name in Gold.

The well-travelled cosmopolitan affable graduate of Public Administration from Imo State University, Owerri, is not giving out to mediocrity. She strongly believes in her mission statements which give special preference to Quality, Integrity, Satisfaction and Hospitality. Upholding these virtues has helped her flourish tremendously. Undeterred about the challenges ahead, Tayo is steadily blazing the trail with her Midas touch of Gold. If you are looking to invest in Real Estate or give out your apartment to a shortlets manager, she is the go-to person. Her high-profile list of clienteles can confidently go to sleep trusting her profound managerial skills with integrity. As the year 2021 beacons, she is planning a massive take over. With lots of construction projects underway, she will give her competitors a run for their money.

Ecobank Group Report N461 billion Revenue in nine months

Ecobank Group made N461.2 billion revenue in nine months for the period ended 30th September 2020, representing nine per cent increase against the corresponding period of last year. In its audited report submitted to the Nigeria Stock Exchange (NSE) on Friday, the pan African bank also recorded superlative performance in other key financial indices despite the harsh operating environment.

Summary of the report showed that gross earnings increased by 0.4 per cent to N 613.1 billion; total assets nudged up by nine per cent to N 9.430 trillion during the period under review as against the period of last year. Also, deposits from customers increased to N 6.686 trillion representing 13 per cent and total equity went up by three per cent at N 708.6 billion.

However, despite the bank’s good showing in deposits from customers, revenue and gross earnings, profits was impacted by the provisioning of about N60.5 billion for goodwill for the acquisition of Oceanic Bank in 2011. The bank said it is optimistic that with the clean book aftermath of the full provisioning for Oceanic Bank, it will improve on its profitability for the year end. Profit before tax and goodwill impairment close at N 95.1 billion.

“GET YOUR REMITTANCES IN DOLLARS”- ECOBANK

In a reaction to the recent announcement by the Central Bank Nigeria (CBN) that beneficiaries of remittances can now receive their transfers in Dollars or opt to have funds paid directly into their domiciliary accounts, Ecobank Nigeria has assured its customers that it will put the necessary processes in place to make this happen seamlessly.

Patrick Akinwuntan, Managing Director, Ecobank Nigeria, in a chat with the Media in Lagos said Ecobank is taking steps to see the immediate implementation of this policy. He encouraged Nigerians in the diaspora and their loved ones here in Nigeria to take advantage of the policy by opening the Ecobank domiciliary account or reactivating their inactive domiciliary account with the bank.

“We are leaving no stone unturned to ensure that our customers instantly receive their transfers as cash (USD) or transfers into their domiciliary accounts. Our customers have the flexibility to choose the mode of receipt that suits them. It is strictly on their terms.” he said.

He went on to say “Our proprietary money transfer platform, Rapidtransfer, available on the App Store and Play Store, makes it possible for Nigerians abroad to remit home instantly at very affordable charges. We have also just launched a new version, Rapidtransfer International, specifically for Nigerians living in Europe. The functionality of both apps is being enhanced to meet this new requirement.”

Ecobank also stated that it is collaborating with other remittance partners (Western Union, MoneyGram, Ria, Small World etc.) on this new development in a bid to deliver maximum value to its customers.

In the same vein, Olukorede Demola-Adeniyi, Head, Consumer Banking, Ecobank Nigeria, said the Nigerian diaspora community makes significant contribution to the economy and Ecobank is committed to supporting them by providing advisory services, remittance solutions, investment options and financial planning.

To lend credence to this, Ecobank recently held a Diaspora Summit with major stakeholders in commemoration of Nigeria’s 60^th Independence Anniversary.

Ecobank is “Agric Lender of the Year 2020” – BAFI Awards

Ecobank Nigeria has emerged the winner of “Agric Lender of the Year” award at the prestigious Business Day’s Bank and other Financial Institutions Awards (BAFI). The bank was winner among other strong contenders to clinch the coveted award over the weekend. According to Publisher of Business Day Newspapers, organisers of the event, Frank Aigbogun, Ecobank emerged winner from more than six strong nominees that were vetted, from which three were selected for the judges’ final choice. He stated that Business Day analysts spent over four weeks assessing the performance of Ecobank and its peers to arrive at its decision. He lauded Ecobank’s support for financing rural farmers for food sufficiency, providing employment, creating awareness to showcase the potentials in the sector and partnering government agencies, local and international development partners to develop the agric sector.

Receiving the award, Segment Head, Public Sector/AgriBusiness, Mojisola Oguntoyinbo said the award was well deserved, stating that Ecobank has been at the forefront of financing the entire value chain of agriculture thereby supporting the emergence of new entrepreneurs in the sector. According to her, “As a bank, we are glad that our efforts at developing the agriculture sector of our country are being recognised. This is an encouragement that we should step up our support for the national economy.”

According to her, “Earlier in the year, we announced Agriculture Businesses Finance Scheme which will see us commence the disbursement of agriculture loans to practitioners in different value chains in the sector within the next two years. We have Agric Schemes to support over 70,000 farmers with special loans to increase their capacity and yields in support of the CBN 2020 wet season programme with the Maize Growers, Processors and Marketers Association of Nigeria (MAGPAMAN). We are also in partnership with the Nigeria Incentive-based Risk-Sharing System for Agricultural Lending (NIRSAL), the United States Agency for International Development (USAID), the Development Bank of Nigeria (DBN) and other developmental partners to double the amount of credit provided to the agricultural sector over the next two or three years.”

Ecobank has been actively leveraging entrepreneurship as a strategy to tackle poverty and growing unemployment in Nigeria through the creation of relevant platforms. One of such platforms is the Ecobank Xpress Point, the bank’s Agency Banking proposition which enables Agents carry out financial transactions on behalf of Ecobank and earn commission on transactions processed. Ecobank popularly referred to as the digital bank is also using its various platforms including PoS, Omnilite, Omni, ATM, Mobile banking, Ecobank Mobile app, EcobankPay and Ecobank Online, among others to facilitate ease of transactions for customers.

The BAFI Awards is adjudged the most rigorous, prestigious and transparent awards programme in the Nigerian financial industry. Since its inception, Business Day has implemented an audit based approach in the evaluation process, meticulously reviewing shortlisted company’s financial reports, commissioned customer perception surveys, and analysts’ opinions to determine winners in the different award categories.

UBA Gets Double Honours at BAFI Awards

… Wins Best Bank of the Year, International Bank of the Year

l-r: Head of Media and Media Relations, UBA Plc, Ramon Nasir; Deputy Managing Director, United Bank for Africa, Liadi Ayoku, President, Nigerian Institute of Taxation, Dame Gladys Olajumoke Simplice; and Managing Director, BusinessDay Newspapers. Mr Ogho Okiti at the BusinessDay Bank and other Financial Institutions Award (BAFI) where UBA won Bank of the Year and International Bank of the Year Awards, held in Lagos at the weekend.

Pan-African financial institution, United Bank for Africa (UBA) Plc, carted two highly coveted laurels at the BusinessDay’s Bank and other Financial Institutions Awards (BAFI) winning the Bank of the Year and the International Bank of the Year at the glamorous event held over the weekend.

The bank beat other strong contenders – Zenith Bank, Guaranty Trust Bank, Access Bank and First Bank – to clinch the two top categories in a well-attended ceremony comprising of Bank CEO’s, Captains of Industries and Senior financial executives.

UBA won the ‘Bank of the Year’ in recognition of UBA’s consistent effort in outperforming its peers using a composite of financial metrics, strategic foresight, execution discipline, world-class governance and global vision.

The Bank also won the award for ‘International Bank of the Year’, a keenly contested category, that pitches Nigerian financial institutions that have expanded on the continent against their international peers operating across Africa.

UBA’s Deputy Managing Director, Mr. Liadi Ayoku, who received the awards on behalf of the bank, expressed his delight on the recognition from BusinessDay.

He said, “These awards mark another milestone for UBA Group and is a testament of the diligent execution of the bank’s strategic initiatives on customer service. Being recognized as Nigeria’s best bank complements positive feedback from customers and is a recognition of our improving efficiencies, service quality and innovation. I therefore dedicate it to our growing loyal corporate and retail customers, who are our essence. Given our heritage commitment to Africa’s development, we continue to impact lives through our service as well as funding to individuals, businesses and government,” he noted.

Ayoku pointed out that the bank remains focused on its goal of democratizing banking in Africa, leveraging on new technologies and emphasised its determination to change the narrative of financial services in Africa.

Publisher of BusinessDay Newspapers, organisers of the event, Frank Aigbogun, noted that UBA has excelled in the key areas of prioritising customers, which according earned the bank the double honours.

While explaining the rationale behind UBA winning the two prestigious categories in its December issue, Aigbogun noted that the bank stood out in prioritising customers as has been evident in the significant rise in Customer Deposits which leaped by 35.7 % to N5.2trillion up from N3.8 trillion at the end of the last financial year.

He noted that even though Africa’s economic landscape has been unpredictable in recent times which resulted in recession in Nigeria and some of Africa’s best performing economies, the bank still found its rhythm and excelled.

Deputy Managing Director, Ayo Liadi with the Bank of the Year Award won by UBA at the BusinessDay Bank and other Financial Institutions Award (BAFI), held in Lagos at the weekend.

He said, “In these conditions only the most diversified and innovative of regional banks can prosper. And this is precisely why UBA has scooped the BAFI 2020, Best Bank of the year and International Bank of the year, a testament to hard work, resilience. For one, the lender registered impressive top- and bottom-line growth over the review period.”

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.

Ecobank Nigeria Launches Smart SME Agency Banking Campaign to Empower Small Businesses

Ecobank Nigeria has launched Smart Small And Medium Enterprise (SME) Agency Banking campaign targeted at empowering 100,000 entrepreneurs under the Ecobank SME and Agency Banking proposition. Emeka Agada, Head of SME, Ecobank Nigeria, said the initiative was introduced in line with the bank’s commitment to support the Federal Government and Central Bank Of Nigeria vision for financial inclusion across the country. Aside improving financial inclusion, this campaign also aims to create self-employment for new entrepreneurs and help diversify income streams of existing small businesses across Nigeria. He reiterated that Ecobank has made it easy for entrepreneurs and small businesses to become the Bank’s Agents under this initiative.

“This laudable initiative is to empower small businesses and create new entrepreneurs. It is open to every honest and enterprising adult capable of using smart phones and/ or Point of Sale (PoS) Machines as well as every small and medium enterprise subject to their meeting the terms and conditions as set out for Agents. Why not join the Ecobank Smart SME Agent network today and become a mobile financial services provider? “. He stated.

Mr Agada explained further that an Xpresspoint agent could perform basic banking services such as account opening, deposit collection for Ecobank, interbank transfers to other banks, card and card-less withdrawals, bill payment, airtime top-up, remittance services amongst others. He said Agents will earn money through-fees and commission on all successful transactions done through the agency. Ecobank will also train the agents and provide branding materials for free.

In her comment, Mrs. Nike Kolawole, Head Ecobank Agency Network lauded the Initiative and added that the Ecobank Agency proposition remains the best in the industry today. She encouraged small businesses to partner with the bank to drive financial inclusion and employment.

On a general note, Mrs. Kolawole emphasized that “banking has greatly evolved and has become closer to the people. With the introduction of Agency banking, no one needs to visit a bank branch to carry out a transaction. With your phone, you can perform your own transaction or perform transactions for other people on behalf of the bank and earn commissions. I encourage the youth and owners of small businesses (men and women) to use this initiative to expand their revenue streams while offering this value-added service to customers”.