Category: Business

Wealth Generation: Ecobank Advocates Collaboration Between Economic Stakeholders

The Managing Director, Ecobank Nigeria, Patrick Akinwuntan has advocated a closer collaboration between banks, Telcos, Fintechs and industry regulators to enhance savings and lending in the financial landscape. This development according to him will generate activities in the economy and expand wealth creation. Akinwuntan who was speaking at the ‘Fintech in Nigeria: State of Play’ event based on the research and moderation of the Economist Intelligence Unit, stated that the Fintech industry is currently more active in payments as against wealth creation, which is the ultimate goal for financial inclusion. He noted that the Central Bank of Nigeria (CBN) has been proactive in providing a regulatory environment for the collaboration of players with emphasis on customer protection which has improved customers’ trust in using digital channels. 

Mr Akinwuntan who commended the role fintechs play in facilitating payment, said “there is need to deepen their presence in lending and savings. This is why I maintained that collaboration between Fintech and banks is valuable. We are not at the stage of competition yet; we are at a situation where although we have our profitability interests, we will actually gain much more by collaborating”. He added that “in the area of savings and  lending, be it to the agriculture sector, the creative sector or the young graduates setting out to be entrepreneurs directly, the ability to save even in little bits creates a profile that would be able to attract lending that you can translate into economic value.

Specifically, the Ecobank Managing Director stated that the Fintech industry rose to the situation especially in the payment space and increasingly in lending and savings during the Covid 19 pandemic lockdown in the country. He noted that “between March and April, the number of transactions in the payment space for Fintech grew in multiples of close to 800%. We saw significant participation of the Fintech industry in actually reaching more of the underserved in the market by reducing cost of access and making these services available all the time ether by using traditional banks or in collaboration with government agencies.”

Mr. Akinwuntan explained that Ecobank had uninterrupted banking services for its customers through its digital platforms and agency banking during the lockdown,  “we had invested significantly in our digital platforms; given the nature of Ecobank as a pan African institution, the only way we could reach every household was to leverage the digital platform. We saw a marked growth in the number of digital based transactions as our customers continued in their way of life depending on these platforms. And most importantly is the use of our social media to drive advocacy with the stay safe campaign where we educated the masses on safety guidelines. We were ready for the situation giving the nature of our franchise. And with our agency banking push, people do not need to go beyond their neighborhood to do transaction.”

Also speaking, Director, Payment System Management, CBN, Musa Jimoh said the apex bank’s regulation is driven by innovation. “We have come up with regulations that will enable all the participants to behave symbiotically. Our payment system directive will be driven by the innovation in the banks. We don’t know what will happen in the future in terms of technological development, therefore we follow innovations and prepare a ground for all the participants to work symbiotically. A new innovation is studied before we provide the needed intervention in terms policy derivative that will help everybody to participate”.

He observed that Covid 19 lockdown provided opportunity for banks to sell digital products, test their back up and business continuity processes and explore the technological services available and push for their financial services, noting that CBN is backing up these areas with relevant regulations to ensure all the participants with the payment and financial service space can actually conduct their service responsibly.

On priorities in the regulatory space especially those championing Fintech, Jimoh said the apex bank currently operates both sandbox and the open bank regulation. “the sandbox provides a regulated environment for startups who don’t have the financial strength to take an authorization from CBN to go through the entire process of licensing to test their innovation. We are working hard to show case an environment where startups can come to the regulatory sandbox to test their innovation and services without having the license yet,” adding that “Open banking regulation is a principle that will allow third party to leverage on the existing bank accounts with the banks to get information and provide services. More like democratizing financial services where a person chooses the service provider that will provide services and the kind of services provided.  As a Fintech, you will be able to connect to banks to provide value added services.”

Fintech in Nigeria: State of Play: is an Economist Intelligence Unit Research which examines key trends in the fintech sector in Nigeria and assesses both industry drivers and impediments to further growth. This report combines extensive desk research and insights from in-depth interviews with industry experts and executives at regulatory bodies and Fintech firms. Key findings of the report showed that Nigerian Fintechs are moving from payments into lending, micro-investment, wealth management, peer-to-peer transfers and insurance. Secondly, Nigeria’s regulatory environment balances innovation and consumer protection but must continually evolve to respond to market dynamics and lastly, Nigerian Fintech needs to address shortcomings in the broader ecosystem to develop and flourish.

UBA Foundation’s National Essay Competition 2020 brings out the finest young creative writers in a challenging year

 

·       Ten out of the twelve  winners are girls

The UBA Foundation, the CSR arm of the United Bank for Africa, today, held its tenth annual National Essay Competition(NEC) in a virtual ceremony that was attended by high school students from across the nation. The UBA Foundation’s Education initiative has been changing lives for a decade as the tertiary education scholarship programme continues to impact the lives of many students and their communities.

For the fourth consecutive year, the females have been leading this competition with14 year-old Eshiet Abasiekeme of Bright Stars Model Secondary School from Akwa-Ibom state taking home this year’s winning prize.  Eshiet received an educational grant of N2,500,000.00 to study in any African university of her choice. She will also be supported throughout her educational career and beyond with constant mentoring by the UBA Foundation.

Abasiekeme who had joined the virtual event from her base in Akwa Ibom state in Nigeria, could not contain her excitement as she heard the announcement that she had won the first prize of the NEC 2020. “I feel honoured to be the winner of this year’s NEC, and I want to appreciate UBA and UBA Foundation as this will help towards my dream of becoming a lawyer,” she said proudly, expressing that she would like to go to university in Uyo in her home state.

The second prize was awarded to 14 year old  Mofoluwake Adesanya of Spring Forte-Lead College Lagos State, who won a N2,000,000 educational grant, whilst the third prize of N1,500,000 went to Abdulganiyy Habeebah, 16 years old. Abdulganiyy attends the International School, University of Lagos.  

Eshiet and the 11 other finalists, took home their brand new lap top computers to enable them continue to work competitively in a world that is rapidly becoming fully digitalised.

Congratulating all the winners at the final event of the competition, the Managing Director/CEO of UBA Foundation, Bola Atta, applauded all the participants for their exceptional brilliance.  She explained that the Foundation had taken into consideration the effect that the Covid-19 pandemic has had on lives and incomes across board and had increased the prize money by 33 per cent this year to help cushion any negative or inflationary effects.

Emphasising the driving force behind the annual competition, she said, “We are passionate about the annual NEC because it changes lives and helps to improve the quality of lives of students and their families. The NEC helps to improve the quality of writing and competitiveness amongst students. We have launched in more African countries this year and would have launched the initiative in 20 countries by the end of 2021. It is not just about writing essays, the ripple effect is really quite enormous, and we are glad that it is cascading to other countries where we operate.’ she said.

Also speaking at the opening of the event, the Group Managing Director/Chief Executive Officer of UBA Plc, Mr. Kennedy Uzoka,  commended all 12 finalists, expressing that UBA was happy to be touching lives and making a solid impact through its National Essay Competition, which is now in its 10th edition.  He was very pleased about the fact that more females again came out tops this year, adding that notwithstanding the constraints and challenges of 2020, the Foundation received the highest number of entries ever, at over 12,000 digital submissions’.

Uzoka who is also the Chairman, UBA Foundation said, “The NEC has been changing lives positively for 10 years, and we have awarded scholarships to students not just in Nigeria but in other parts of Africa like Ghana, Sierra Leone and Senegal.  Some of these students are already graduates and contributing meaningfully to their communities’.

To all 12 of you that have emerged finalists, I would like to congratulate you. If out of 12,000 entries you were able to make it to the top 12, that represents about 0.12% of the entries. You are no doubt, already a winner,” he continued.

UBA Foundation’s National Essay Competition is an initiative under the Education pillar of the Foundation. Now in its tenth year, the aim of the NEC is to ensure that more African youths have access to education. The programme also highlights the good quality of education that exists on the continent as it stresses that the grant must be used in any university of the winners’ choice on the African continent.

2020 UBAF TOP 12 FINALISTS

S/N NAME   POSITION
1 Eshiet Abasiekeme Eshiet   1st
2 Mofuluwake Adesanya   2nd
3 Abdulganiyu Habeeba   3rd
4 Emenugha Hannah Amarachi   4th
5 Ibem Marylyn Anya   5th
6 Ehibor Favour    6th
7 Nwabueze Regina Ugochi   6th
8 Dimaro Tamarapreye    7th
9 Ozoke Melvin Damian Uchenna    8th
10 Enobong Flourish David   9th
11 Chukwuma Light E. C.   10th
12 Stephen God’s Grant   11th

 

Shoprite surprises customers on a bumper Black Friday

Shoprite Nigeria’s supermarkets have offered early Black Friday deals and big discounts on everyday essentials as customers are increasingly looking for value, given the pressure many households are currently experiencing.

The Shoprite bumper black Friday offer begins from 25th November and ends in 29th November, 2020 and it’s a pan-Nigeria value added offer.

According to the Shoprite statement, “ In response to COVID-19 pandemic, Shoprite will for the first time offer early Black Friday deals and keep the deals valid for longer, to allow customers more time to plan and shop, and to prevent overcrowding.”

The statement further stated that some of the great deals on offer include   Coca-Cola, Fanta, Sprite products, Power Vegetable Cooking, Ariel Washing Powder and many others products.

Stringent hygiene and sanitizing protocols will be in place at all Shoprite supermarkets in Nigeria to help protect customers and employees as far as possible.

These include, but are not restricted to, the use of face masks, hand sanitizer, social distancing and limited entry where necessary to avoid overcrowding. Customers are encouraged to pay by card and to capitalize on the extended trading hours to make the most of the deep-cut specials that will be on offer.

Transcorp Hilton Abuja Wins Four Awards at 2020 World Travel Awards

  • Named Africa’s Leading Business Hotel for the Sixth Consecutive Year

Transcorp Hilton Abuja has been honoured with four (4) awards including Africa’s Leading Business Hotel for the sixth consecutive year at the 27th annual World Travel Awards. 

The hotel, which is owned by Transcorp Hotels Plc, the hospitality subsidiary of Transnational Corporation of Nigeria Plc, also won the awards for Nigeria’s Leading Hotel, Nigeria’s Leading Business Hotel and Nigeria’s Leading Hotel Suite (the Presidential Suite).

Commenting on the award, the General Manager of Transcorp Hilton Abuja, Kevin Brett, said, “We are delighted once again to receive the World Travel Awards in various categories. It is a testament to the fact that the hard work and commitment our team put in daily is recognised and appreciated”. Speaking further, he said “I thank our guests who through their continuous patronage and feedback have helped us retain the number one position in the Nigerian hospitality industry”

The Managing Director, Transcorp Hotels Plc, Dupe Olusola, in her remarks, highlighted the significance of receiving such an award during the COVID-19 Pandemic. She said, “It is such a pleasure to receive the ultimate seal of excellence in the global tourism and hospitality industry from the World Travel Awards. At a time were travellers are exploring only the best hospitality products, the significance of this recognition is truly important”

According to the organiser of the award, this year’s World Travel Awards nomination programme reported record and never before seen visitor traffic and engagement from the public voter (the all-important tourism consumer) despite the incredible challenges faced by our industry over the course of 2020. This shows that as the global recovery begins, the appetite for tourism has never been as keen and offers hope and much-needed encouragement to us all.

World Travel Awards was established in 1993 to acknowledge, reward and celebrate excellence across all key sectors of the travel, tourism and hospitality industries. Today, the World Travel Awards brand is recognised globally as the ultimate hallmark of industry excellence.

FIRSTBANK PROMOTES FINANCIAL INCLUSION AMONGST CHILDREN WITH KIDSFIRST AND MEFIRST ACCOUNTS

First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider has announced its variant account products – KidsFirst and MeFirst – created to encourage the right savings culture among children from 0 – 17 years. The offerings have relevant enhancements including appropriate parental guidance and financial discipline for children as they grow into adulthood. Both accounts can be opened with zero balance and operated with a minimum balance of N100.00.

KidsFirst Account is designed for children between the ages of 0 and 12 years to sensitise them on how exciting saving can be. The account comes with a trendy gift item for the child when the account is opened with a minimum of N10,000.00. The account is automatically transited to MeFirst account when the child is 13 years old.

MeFirst account, on the other hand, is designed for teenagers between the ages of 13 and 17.  This account is created in recognition of the need to help teenagers embrace the culture of financial responsibility and cashless payment  as they develop into young adults. They have access to attractive and trendy pre-paid cards through which parents/guardians can credit weekly/monthly allowance and monetary gifts. MeFirst account holders can select from 5 exciting card design options that suites their trendy style.

The Mefirst cards are enabled to pay for micro online shopping as desired – mobile games, apple music, Spotify and local POS transactions as well. Teens are thereby exposed to the cashless culture and electronic payment activities early in life, which is expedient in today’s digital age. Parents and guardians of the child are granted access to track and control the spend pattern.

Speaking on the accounts, Gbenga Shobo, FirstBank’s Deputy Managing Director said, “we are delighted with the role we play in promoting financial literacy amongst children and teenagers in the country. Our KidsFirst and MeFirst accounts are designed to ensure that parents and guardians are able to have their wards exposed to the right savings culture and financial discipline as they evolve to adulthood.”

“With these accounts, parents are able to save and strengthen their preparedness for various financial obligations of their children like paying for school fees as they progress with their academic pursuit which is pivotal to securing the future of the children. MeFirst and KidsFirst accounts are essential gifts from parents to their children”.

Ecobank Nigeria Holds Awareness Webinar on Diabetes

Ecobank Nigeria has concluded plans to step up awareness on non-communicable diseases particularly diabetes to commemorate this year Ecobank Day. Ecobank Day is a special day set aside every year by Ecobank Group, for management and staff of the bank to embark on Corporate Social Responsibility (CSR) activities that impact its immediate environment and people. 

This year’s theme is ‘Take Action Against Diabetes’ It is scheduled for Wednesday 18th November at 11am  Join live event . Two specialists on Diabetes, Dr. Mosunmoluwa Obafemi Adio, Consultant Endocrinologist, Presidential Emergency Plan for AIDS Relief (PEPFAR) at UCH, Ibadan, & currently a Consultant Endocrinologist With Evercare and Dr. Mazeedat Erinosho, Public Health Practitioner & Director, Saving One Million Lives Programme, Ministry of Health, Lagos State, who will speak on how best to maintain a healthy lifestyle as a Diabetic patient and new breaks on the dreaded disease. Also, a survivor will share his life experience. 2020 Ecobank Day events are being held virtually, to ensure safety from Covid-19. Registration is through

Patrick Akinwuntan, Managing Director, Ecobank Nigeria, said “At Ecobank we take great pride in our commitment to ‘giving back’ to our communities and since 2013 we have held our annual Ecobank Day as our flagship event to do so. It is a day on which Ecobankers voluntarily give up their free time to help deserving causes and is also a focus for the Bank to make donations. Each year, a specific cause is supported, and these include education, maternal healthcare, safe water supplies, malaria prevention and cancer screening”. He noted that the pan African bank last year decided to focus on raising awareness and helping to prevent Non-Communicable Diseases as a three-year campaign with this year focusing on Diabetes.

Biyi Olagbami, Chief Risk Officer, Ecobank Nigeria, said “We all need to do everything that we can to raise awareness to help prevent Diabetes and the other NCDs in Nigeria. Regrettably, most people don’t know that they have it. It can cause all sorts of complications, including kidney damage, sight loss, amputation of feet and even premature death.” Olagbami, who also doubles as the lead CSR champion for Ecobank Nigeria disclosed that planned activities aimed at raising awareness about Diabetes, include informational webinars and controlled screening in strict adherence to measures outlined by the government to combat the spread of Covid-19. He added that donations will also be extended to credible organisations for training healthcare professional, equipping care structures, field monitoring and evaluation, advocacy.

Applause As Ecobank Donates Ambulances To Ogun Govt

Ogun State Governor, Prince Dapo Abiodun has commended the management of Ecobank Nigeria for donating rural health tricycle ambulances to the state, saying the gesture will go a long way in complementing government’s efforts on primary healthcare delivery.  The presentation was made at the Governor’s office, Oke-mosan, Abeokuta during a courtesy call on Governor Dapo Abiodun by some members of Ecobank Nigeria Executive Management Team last week.

According to him, the bank’s donation speaks directly to government’s plan to ensure that healthcare is available to all citizens  in the state, noting that most people in the state live in rural areas that are not accessible to the regular ambulance services.

“On behalf of the entire people and government of Ogun state, we express our very deep and sincere appreciation to the board and management of Ecobank for thinking through and supporting us with this ambulance that is built on a frame of a tricycle. It is an ingenious innovation, I must say. We appreciate you for this gift. Most of our people reside in the nooks and crannies, where vehicles cannot access easily. So, this is a gift we appreciate and will go a long way in assisting healthcare delivery particularly our pregnant women in the rural area.”

The Governor further solicited for more collaboration and partnership with Ecobank in other sectors of the state’s economy.

Speaking in the same light, the state Commissioner for Health, Dr. Tomi Coker, commended Ecobank for the donation, saying that the ambulances would further help to address the issue of maternal mortality in the state.

According to her, “We are extremely grateful to Ecobank’s leadership for this. It is part of our vision to reduce mortality rate as well as increase the life expectancy of Ogun state people.  This is going to help us achieve this aim, though our state is one of the states in the country that has low maternal mortality rate. We can also use this for other non-communicable disease patients that need transfer. On behalf of all the citizens of Ogun state, I thank everyone here for coming to witness this occasion.”

Making the presentation, Managing Director, Ecobank Nigeria, Patrick Akinwuntan said the donation is a way of supporting the efforts of the government at delivering primary healthcare to the people, noting that the ambulance is designed to reach people at the grassroots.

“On behalf of the board, management and staff of Ecobank, it is our pleasure to present this ambulance fitted for grassroots, so that health services can reach every door step in Ogun state.  This is also to complement government’s effort in this regard. We are honoured to have had the cooperation of your ministry of health, headed by Dr. Tomi Coker. To the glory of God and in service to humanity; we are pleased to present this to you.”

Other members of the bank’s visiting Executive Management Team include the Executive Director, Commercial Banking, Carol Oyedeji ; Head, Consumer Banking, Korede Demola- Adeniyi; Segment Head, Public Sector/AgriBusiness, Mojisola Oguntoyinbo; Regional Head, South West/Mid-West, Christopher Olusola; Regional Manager, Public Sector, South West/Mid-West, Victor Inyang and Business Manager, Abeokuta branch, Olusegun Makinde.

Stallion Group Unveiled Nigeria 1st Electric Car, Hyundai Kona

Hyundai Kona

The Lagos State Governor, Babajide Sanwo-Olu on Friday, November 13, 2020, unveiled the first Nigerian electric car named Hyundai Kona.

The car, which is a product of Stallion Group, was launched at the VON Automobiles Nigeria in Ojo, Lagos State where the car was manufactured.

The new Kona, an Electric car is regarded in European motoring industry as the world’s number one, with the cost, put at about N24 million

While speaking during the unveiling of the product, Sanwo-Olu observed that VON has over 40 to 50 years of vehicle manufacturing history, when they were assembling various Volkswagen products.

The governor was full of commendation for Stallion Group for the noble initiative, just as he promised that Lagos State Government will make provisions for electricity charging points for the vehicle across the state, to make it easy for users to enjoy their Electric Vehicles (EV).

Hyundai Kona

The Governor also promised the completion of the Lagos-Badagry Expressway, which was started under the administration of former governor of the state, Babatunde Fasola, in order to facilitate business activities in the state.

Sanwo-Olu said, “Lagos-Badagry Expressway which has been expanded from 2 to 10 lanes will soon be complete, we are not rushing the road; we are building a first-class road construction project.’’

The Managing Director, VON Automobiles, Mr Rohtagi Manish, while explaining the essence of the launch, pointed out that Kona will change things positively in the Nigerian auto market.

According to Manish, the changes in global temperature and weather patterns are seen today are caused by human activity. Kona, he said, is one way to respond to the global weather challenges, so as to achieve a greener environment.

This appears to be a huge boost for the promoters of more environmentally friendly automobile and subsequently promote a green environment. This will also help to drive the Federal Government’s efforts to shift focus from petrol-based automobile to vehicles with a cheaper source of energy.

 

FIRSTBANK WINS GLOBAL FINANCE 2020 BEST MOBILE BANK APP AWARD

First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider has announced that its mobile banking application, FirstMobile, has been awarded the 2020 Best Mobile Banking App award 2020 in the Global Finance Best Digital Bank Awards 2020. The achievement of this feat is largely attributable to the Bank’s relative strength and success of its web products and services, notably FirstMobile.

Speaking on the 2020 Global Finance awards Joseph D. Giarraputo, publisher and editorial director of Global Finance said; “This year, a global pandemic accelerated the transition to digital banking, but forward-thinking banks were already on that road. The Digital Bank Awards hone in on the institutions that are leading the shift toward a new world of banking.”

According to Global Finance, winning banks were selected based on various criteria, including strength of strategy for attracting and servicing digital customers, success in getting clients to use digital offerings, growth of digital customers, breadth of product offerings, evidence of tangible benefits gained from digital initiatives, and web/mobile site design and functionality. winners chosen from entries evaluated by a world-class panel of judges at Infosys, a global leader in consulting, technology and outsourcing. The editors of Global Finance were responsible for the final selection of all winners.

Appreciating the award on behalf of the Bank, Gbenga Shobo, Deputy Managing Director, FirstBank said “the Global Finance 2020 Best Mobile Banking App award is testament to our continuous commitment to putting our customers first which was demonstrated in our recent upgrade of the leading mobile banking application, FirstMobile. The upgrade on FirstMobile is designed to suit the social pattern and lifestyle of all our customers.

“We dedicate this award to all customers and appreciate Global Finance for the recognition.”

Only recently, Global Business Outlook awarded FirstMobile with the 2019 Best Mobile Banking App.

Access Bank Reiterates Commitment to Service Excellence

Access Bank has restated commitment to deliver superior service to its customers.

The Bank in a statement said it is concerned by the inconvenience that some of its customers are currently experiencing and would play its part to ensure that they have access to their accounts as quickly as possible.

“We want to express our sympathy for the inconvenience that eight of our customers are going through due to the restrictions on their accounts as mandated by a Federal court order. We are eager for this to be resolved as soon as possible.”

The Bank noted that “It is common knowledge that we and the entire banking industry are regulated entities and therefore operate under the authority of our regulators and law enforcement agencies. As such we are compelled to comply with regulatory directives”.

“While acknowledging the concern of all well-meaning parties, we urge that enquiries and views be channeled to the relevant regulatory and judicial agencies where the matter is receiving attention. It is therefore surprising that some individuals still choose to target Access Bank in a negative manner despite not being the source of the action.

The Bank has always been at the forefront of innovative efforts in support of the development of our country. We embrace this role as we are also the largest employer of labour – a sizable number of which are youth.

Access Bank has always led the way with regard to support for young Nigerians in terms of capacity building and development of SMEs. Recall that Access Bank launched an initiative to boost the creative industry with loan facilities aimed at capacity building and employment for individuals and businesses in movie production and distribution, fashion, IT and music. Our commitment also extends to the support of small business owners through initiatives that provide access to finance for growth and expansion.

We continue to be concerned by the inconvenience that our affected customers are experiencing. We stand ready to play our part to remedy the situation and have them using their accounts as quickly as possible.

Exit mobile version