First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider, will host a virtual SME Business Clinic to provide insightful information on how SMEs can better manage the financial activities of their businesses.
The clinic which is scheduled to hold via Microsoft Teams by 11 am on Thursday, 7 May 2020 is entitled: “Developing a budget to keep your business afloat” and will be discussed by leading SME experts in the country; Abayomi Adewumi, Founder/Director at Global Leadership Institute and Ojiugo Ajunwa, CoFounder at Ritetrac.
Speaking on the event, Mr. Gbenga Shobo, Deputy Managing Director, FirstBank said “the roles SMEs play in Nigeria are instrumental to the growth of our economy, especially in this very sensitive time, where many countries across the world are exploring alternative avenues to sustain the viability of their economy. The FirstBank SME clinic has been instrumental to having SMEs better informed on how to manage their businesses and we encourage SMEs to join us in the forthcoming clinic as it promises to be enriching and impactful to their business.
In line with its resolve to support SMEs with essential skills and information to stay ahead in managing their businesses, FirstBank has held three SME clinics in the course of the year. These clinics were held in Lagos, Port Harcourt, Abuja and had over 150 SMEs in attendance.
Nigerians heaved a sigh of relief when the president recently partially lifted the lockdown placed on activities in the country over the outbreak of the pandemic Corona Virus. Little did the government know that this may likely end up exposing Nigerians more to the dreaded disease by the reckless decision of an organization that should know more like the Guaranty Trust Bank.
It is however disappointing how GTBank, an organization that is probably the first amongst the private sector to contribute towards the treatment of the Covid-19 disease with their construction and equipping of a one hundred and ten (110) bed isolation center, which was handed over to the Lagos State government with a further donation to the Federal government to expectedly fight the spread will be involved in an action that is probably going to see more Nigerians getting infected than stop the spread.
The bank’s decision to however expose their customers to the virus with their decision to restrict the numbers of branches they will be opening when the government decided to ease the lockdown is like giving silent approval for the spread of the virus they are also campaigning against at the same time.
Pictures and videos revealed that the bank did not think through about their decision to open very limited branches. Though they made sure the number of customers entering the banking hall is few but the population of their customers waiting outside the banking hall would have seen to it that the effort to reduce customers inside the banking hall to maintain social distancing has little or no impact in checkmating the spread.
Information made available by the bank on their social media shows it was a management decision to make sure it is only eleven (11) branches of the bank that is made operational in the whole of Lagos while Abuja only has four (4) branches active and this we gathered led to the mammoth crowd of customers that besieged the active branches.
Though the number of working branches has since been increased but pictures and videos shows the irresponsible decision is having the capacity to have exposed many of their customers to the virus and thereby increasing the spread of the disease Nigerians are trying so hard to reduce.
Pictures & Videos of GTBank Social Irresponsibility below;
As part of its commitment to increase customers’ access to banking services in communities across the country, Access Bank has concluded plans to commission 10 Access ‘CLOSA’ outlets in 6 cities in Nigeria.
‘CLOSA’ branches are Access Bank Branded Cabins situated in ‘Metropolitan areas’ offering banking services to its customers. This is also a timely intervention to mitigate the effect of restrictions caused by the coronavirus pandemic.
Access ‘CLOSA’ branches will be located not less than 3km or more than 20km from the nearest existing Access Bank branch, and will offer banking services such as cash deposits and cash withdrawals (no 3rd party withdrawals), customer on-boarding, funds transfer subject to a limit of N150,000, BVN enrolment, card issuance, card activation, cheque deposit, bills payment, and ATM services.
Speaking about the initiative, the Group Managing Director, Access Bank Plc., Herbert Wigwe said, “Access CLOSA was introduced last year, and now, the peculiarities of the Coronavirus has made it even more important to bring banking services closer to the people. Access Bank understands that the risk of transmission is higher in congested spaces and to mitigate this risk, we will be commissioning 10 more banking outlets to serve the needs of our esteemed customers.”
“The CLOSA banking service is not being introduced to replace our existing branches, rather aid the Bank in delivering on its commitment to offer best-in-class service to our customers. We are not aloof to the threat of the COVID-19 pandemic, and whilst we will do all that is required to ensure branches remain safe for our employees and customers in line with the protocol advised by the health authorities, we urge our customers to leverage on our digital channels in carrying out transactions,” he added.
Managed by Access Bank and Agency banking representatives, Access CLOSA branches are set to begin operations in Port Harcourt, Lagos, Kogi, Kaduna, Bayelsa, Delta, Anambra, and Kogi.
FirstBank; Nigeria’s leading financial institution and Africa’s Bank of Choice has expressed its appreciation to the public – especially its customers – for their continued patronage of its services during the COVID 19 lockdown, whilst assuring the public that stringent measures have been implemented to ensure its branches and locations across the country operate in line with the health and safety guidelines issued by the Nigeria Centre for Disease Control to mitigate the spread of coronavirus.
Expressing the Bank’s delight at welcoming customers to its branches and locations from Monday, 4 May 2020, Dr. Adesola Adeduntan, the Bank’s CEO noted that these safety measures include ensuring personal protection, as wearing face masks is now mandatory; maintaining social distancing by reducing physical contact by at least one meter from the next person and queue guides and markings are in place to guide customers; as well as enhancing the practice of personal hygiene as hand washing stations and hand sanitisers have been provided.
Dr. Adesola Adeduntan
Speaking on the impact made by the Bank across its sub-Saharan business Dr. Adeduntan said “We are glad that our investment in technology over the years has really borne fruit as many of our staff were able to work remotely during the lock down with effective IT support to hand. We were therefore able to actively support our customers, their families and businesses through these challenging times.
We ensured business continuity across eight countries – Nigeria, Ghana; Democratic Republic of Congo; Sierra-Leone; the Gambia, Guinea; Senegal and United Kingdom. We recognize that this has truly been a trying period and are poised to continue to provide as much support as we can to our customers and communities we operate in”.
Coming back home, the Bank’s Chief explained that during this period it proactively reviewed products and services to support customers better and expressed his appreciation to Nigerians for the whole hearted adoption and patronage of its electronic services, as these indeed demonstrated the trust which the public repose in the Bank and in return the Bank commits to always live by its resolve on being true to its mantra – You First.
He said “It is for this reason; putting our customers first, that our Bank working to regulatory, Federal and State Government directives worked assiduously to keep over 50 percent of our branches open across all nooks and crannies of the country.
At the same time the call centre was restaffed in the most efficient manner and retooled as we provided even more opportunities for our customers to reach us for their banking needs”.
He further provided a snapshot of transactions carried out across FirstBank’s e-banking channels during the five-week lockdown in various parts of the country:
We recorded approximately 12.6 million withdrawals amounting to about N156bn across our ATMs well placed across the country.
Nigerians with FirstBank cards used them 105 million times to make payments or withdrawals worth about N1.18 Trillion as they relied on us to settle their banking needs
Our customers made transfers over 106 million times with a total value of about N8.18 Trillion across our digital channels.
During this period, our 53,000 plus agents have processed over N512bn worth of transactions
We have also recorded over 275,000 new sign-ups to alternative channels covering our Firstmobile; USSD and First-Online platforms.
As one of the leading SME banks in the country, with a drive to ensure SMEs are supported, Dr. Adeduntan, also stated that FirstBank has enhanced palliatives such as introduction of special waivers on repayment fees on its credit cards, and a 90-day loan moratorium on selected products across markets, to help cushion the impact of the toll on employment and livelihoods.
Our Wholesale business was also not left out as advisory services and a range of financial needs were met to the delight of our Corporate and Commercial customers.
On community impact, the Bank partnered with other organisations in the private sector to collectively help those most impacted by this pandemic. It has contributed N1billion and several volunteer staff towards the efforts of the Nigerian Private Sector Coalition Against COVID-19 (CACOVID) to meet the intervention objectives in the key areas of health; testing, provision of much needed health infrastructure, isolation units and raising public awareness and where needed providing food to the most vulnerable.
This is a time when we all must step up and do our bit by our people and our communities.
In addition FirstBank in keeping with its long standing tradition and focus on educational support and talent development has partnered with several organisations in a bid to help 1 million students access e learning.
“It is important in all this not to forget the children whose needs can so easily be overlooked at a time such as this”.
‘’ As the lock down is lifted nationwide, we will continue to provide seamless service to our customers ensuring the highest levels of support whilst operating as efficiently as possible, ensuring safety of all is paramount and empowering our staff to drive these goals. We will do these with three things in mind: ensuring you are staying safe; supporting your business; and safeguarding our future’’ Dr, Adeduntan said
Zenith Bank Plc has announced its unaudited results for the first quarter ended March 31 2020, with gross earnings rising by 6% from N158.1 billion in March 2019 to N166.8 billion.
From the unaudited statement of account which was presented to the Nigerian Stock Exchange (NSE) on Wednesday, April 29, 2020, this top-line growth was driven by the 43% expansion in non-interest income from N32.7 billion in the prior-year period to N46.6 billion in March 2020.
The Bank’s profit before tax also rose 3% from N57.3 billion in the prior-year period to N58.8 billion in March 2020. The increased profits benefited from the twin effects of continuing top-line growth and focused cost-of-funds optimisation. Cost of funds declined significantly from 3.0% in March 2019 to 2.6% in the quarter, translating to a 10% decrease in interest expense dropping from N36.3 billion in March 2019 to N32.8 billion in the quarter. Despite this drop, the current low yield environment necessitated the repricing of interest-bearing assets which in turn resulted in a 13% compression in net interest margin, decreasing from 8.9% in March 2019 to 7.7% in the current period.
Zenith Bank has continued to gain customer acceptance, with customer deposits increasing by 5% from N4.26 trillion in December 2019 to N4.46 trillion in Q1 2020. The Bank’s customer deposit mix rebalancing remains on-track as the Group added N150 billion in savings account balances in Q1 2020, supported by its retail drive. The Bank’s total assets increased by 12% growing from N6.35 trillion in December 2019 to close at N7.13 trillion in Q1 2020. Gross loans grew by 11% from N2.46 trillion in December 2019 to N2.74 trillion in Q1 2020.
Zenith Bank continues to surpass the expectations of its shareholders with its track record of superlative performances. In recognition of this, the Bank was voted as the Best Commercial Bank in Nigeria 2019 by the World Finance and the Best Digital Bank in Nigeria 2019 by Agusto and Co. The Bank was also recognised as Bank of the Year and Best in Retail Banking at the 2019 BusinessDay Banks and Other Financial Institutions (BOFI) Awards. Recently, the Bank emerged as the Most Valuable Banking Brand in Nigeria, for the third consecutive year, in the Banker Magazine “Top 500 Banking Brands 2020”, Best Bank in Nigeria 2020 in the Global Finance World’s Best Banks Awards 2020, and Bank of the Decade (People’s Choice) at the ThisDay Awards 2020.
Heritage Bank Plc has joined the world to commemorate the 2020 World Malaria Day, amid fears that paying much emphasis on the novel Coronavirus Pandemic could reinforce progress on the mosquito-borne disease, especially in Africa.
The theme of the World Malaria Day 2020, is entitled, “Zero Malaria Starts with Me,” which is a grassroots campaign, first launched in Senegal in 2014.
In canvassing for fight against the malaria scourge and calling on all stakeholders to take proactive action in renewing their focus on eliminating malaria by 2030 as targeted by World Health Organisation, the MD/CEO of the bank, Ifie Sekibo said that zero malaria starts with every one of us working together for a more prosperous and healthy future for all.
Mr Ifie Sekibo
This call is coming against the backdrop of the global rise in malaria cases with the recent warning by WHO that the number of deaths caused by malaria in Sub-Saharan Africa could double to 769,000 this year, as efforts to curb the disease are disrupted by the COVID-19 pandemic.
According to WHO, in 2018, there were 213 million malaria cases and 360,000 related deaths in the African region, accounting for over 90 per cent of global cases. The WHO said if the focus on slowing the spread of the new virus leads to a reduction by three quarters of access to anti-malaria medicines, deaths could double to 769,000.
“Countries across the region have a critical window of opportunity to minimise disruptions in malaria prevention and treatment and save lives at this stage of the COVID-19 outbreak,” the WHO said in a statement. It further alarmed that the doubling of the number of deaths represents the worst case scenario, which also assumes the suspension of all distribution of treated mosquito nets due to the pandemic.
However, Sekibo stated that malaria in Nigeria and Africa as a whole has been an unceasing prevalence and dilemma for communities, posing a challenge that has made eradication seem almost impossible.
In his call for collaboration to eliminate the disease in various society, Sekibo emphasized that to attain the global targets on malaria and the goals of Nigeria’s national malaria tactical plan would only be feasible through greater investment and expanded coverage of core tools to prevent, diagnose and treat malaria.
Sekibo stated that as part of the bank drive to support the fight against malaria, Heritage Bank proposes to focus on how malaria makes people susceptible to the present pandemic (COVID-19) in the world, whilst sensitizating the public on its social media platforms on COVID-19 as it relates to malaria. He further hinted that the overly concerns of exposure to COVID-19, as malaria and the virus have some symptoms in common which includes fever, headache and body pain, hence measures normally taken for malaria interventions have been suspended, which leaves vulnerable population (pregnant women and children) at a greater risk of contracting it. Sekibo stressed that early detection of malaria and proper management will reduce the mortality risk associated with COVID-19, whilst noting that community sensitization and mobilization around the prevention, diagnosis and treatment of malaria is of great importance.
FirstBank mourns as we confirm the loss of our staff, Abdullahi Lawal who until his passing worked at our Kano Main Branch.
Our thoughts and prayers are with his family at this time as we do all that is necessary to support them. We ask that all necessary courtesies be extended to the family so they can grieve privately.
As a responsible corporate organization, FirstBank has been at the fore-front of the concerted efforts against the coronavirus pandemic alongside others.
We have robust protocols in place including practicing social distancing, frequently disinfecting our buildings and locations even whilst ensuring services are available through our alternative channels such as our ATMs and other digital platforms.
We have immediately therefore, shut down access to the premises as we disinfect the entire location and ask all staff and customers who may have been in contact with our late colleague to follow the NCDC guidelines and self-isolate. We will, as a matter of course, extend all possible support to staff and customers at this difficult time.
Our thoughts are with the family he left behind and indeed with the wider FirstBank family who mourn this loss deeply at this time.
We remain committed to protecting the health and safety of all staff, customers and host communities, as together the fight against coronavirus will be won.
Amid shuttering of social activities especially commercial services, through various lockdown measures to contain the coronavirus pandemic, FirstBank has proven that as long as its customers require services, the Bank will be waiting right in front of them.
As key enablers of the economy, banks are providers of essential services to customers and communities.
Dr. Adesola Adeduntan, CEO FirsBank Nig. Plc
Sequel to the pandemic outbreak, the Minister of Finance, Budget and Planning and the Governor of the Central Bank of Nigeria obtained Presidential approval to permit critical financial services to function during this period.
CBN further urged the general public to limit their use of cash and avail themselves of alternative payment channels such as mobile banking, internet banking, mobile money, Point of Sale (POS), and USSD banking; assuring that financial institutions will remain operational during this period and therefore people should guard against panic withdrawals from their banks.
The assumption that banks will be able to deliver services during this period, was no doubt predicated on the fact that institutions like FirstBank already had a fully functional digital infrastructure, to serve its customers through electronic channels.
In a statement to customers, FirsBank’s CEO Dr. Adesola Adeduntan, categorically made this promise to them: “COVID-19 will not slow us down”.
“These are unprecedented times,” acknowledges Adeduntan “We therefore promise that now more than ever we will remain steadfast, showing up for all Nigerians; we would always be there for you.
“As I reflect on the last two weeks, I am comforted by the resilience of our people. I look back at our commitment and contribution to keeping commerce going and enabling businesses.”
These reassuring words of Dr. Adeduntan, do not go without tangible proofs of the bank’s unrelenting efforts to stay ahead of the situation many customers feared would cripple banking transactions and further exacerbate the pains brought on by the pandemic.
Indeed, since the enforcement of the lockdown measure, regular and unique ancillary services continue to be seamlessly delivered by FirstBank.
The impressive achievements of FirstBank in service delivery, during this unexpected disruption to lives and businesses on a global scale, has been nothing short of the extraordinary.
Or how would you explain over 53,000 agents bringing banking services right to your doorsteps, processing over 5 million transactions with different and large monetary values in the week preceding 10 April.
How about an approximate 2.5 million withdrawals amounting to N35billion across FirstBank’s ATMS in a single week?
On record, FirstBank’s larger corporate customers have done over 1,700 transactions successfully on the bank’s e-bills platform worth N6.8billion during this challenging period.
Nigerians with FirstBank cards have used them 21 million times for payments or withdrawals, worth N268 million.
Customers have made transfers over 10 million times with a total value of about N615billion naira across FirstBank’s digital channels all in one week.
How does a bank get all these done under the prevalent lockdown and disruption of regular routine?
“Expertise and resilience are in our DNA,” explains the Bank’s CEO, “we are working tirelessly to ensure that your banking transactions continue seamlessly and will remain so; COVID-19 will neither slow us down nor defeat us.
We are holding up our side, and now more than ever we will uphold our promise to you to be here for you and put You First.”
Indeed, the capability of banks to render uninterrupted digital services and investment advisory across many channels, especially during a crisis, projects economic stability.
More than ever before, the importance of the services banks provide to individuals and communities extends beyond commercial interests, especially now that cash withdrawals far outstrip deposits.
As an unprecedented challenge to financial institutions like banks, the current coronavirus pandemic serves as a litmus test for them to prove their role as systemic stabilizers, delivering services at least in part for social good.
As the crisis lingers with no end in sight, FirstBank staff remarkably are in place to attend to customers’ needs, in spite of the social distancing measure.
The bank continues to maintain all pre-existing channels of communication including receiving emails through its firstcontact@firstbanknigeria. com address and urging customers to contact their Relationship Managers or Private Bankers for banking services guidance and advisory.
Despite the extra efforts banks may put into rendering uninterrupted services in times like this, they are doing nothing more, than to meet the expectations of customers and maintain economic stability.
From a tactical level, financial institutions like banks can do a lot to reduce consumer and business stress, because as deposit gatherers, credit grantors, and payment facilitators, banks play a vital role in the functioning of the economy.
However, delivering solutions tailored to each individual customer at this critical time, also engenders trust and brand loyalty.
“We recognize our role in keeping the engine going, keeping society going and recognize further, it is our responsibility to remain at the forefront of this; true to our name and in keeping with the incontrovertible fact that we are fully woven into the fabric of society. Our unparalleled network and total coverage of this nation serve us all well at this time ensuring service across the country via our safe, user friendly and convenient alternative channels are available for you 24/7,” says Adeduntan.
While Nigeria is Africa’s largest economy, large portions of the economy are in the informal sector and depend constantly on cash movement.
As the financial consequences mainly for MSMES become more serious due to paucity of inflows, (some major players in the economy – oil, aviation and tourism too are not spared) people will expect their banks to look out for them and protect them from imminent financial catastrophe.
Indeed, bank clients would like to see the pandemic brought under containment as soon as possible, in order to resume work and commercial activities. For them, a stable and reliable financial partner like FirstBank that has shown resilience and reliability would be an institution that can be leveraged on, to get business back on track and rolling as fast as possible, once this is over.
Adeduntan in concluding his statement says to the bank’s customers: “Rest assured that we are in this together, and together we will emerge stronger at the end of this period because this too shall pass. We have all it takes; your support, patronage and trust. We will always put You First”.
…orders 400,000 tests kit to increase Nigeria’s testing capacity
The private sector-led Coalition Against COVID-19 (CACOVID) has ordered for 250,000 supplies for tests and another 150,000 extraction kits to fast-track molecular testing for the deadly coronavirus, noting that the reality of the situation at hand was such that efforts must be put together with no stone left unturned in dealing with the scourge.
The coalition also disclosed that no less than 1.7 million households would benefit from its food relief package as part of complementary efforts to help alleviate the effects of the lockdown and restrictions adopted by governments across the nation.
Briefing newsmen in Lagos on the group’s activities in helping the Federal Government halt the spread of the virus, leaders of CACOVID stated that the coalition has set up isolation centers in five states of Lagos, Kano, Rivers, Borno and Enugu as well as FCT, while renovations of hospitals and medical supplies are being carried out in other states.
Chief Executive Officer of Aliko Dangote Foundation (ADF), Zouera Youssoufou explained that all the partners in CACOVID are ready to roll out in all parts of the country having commenced building and equipping of isolation centers in some states.
According to her, there are currently three testing platforms for molecular testing in Nigeria, one of which is the “Open PCR machines”, which the Coalition has ordered for 10 units, with eight laboratories certified to conduct COVID-19 tests.
Ms. Youssoufou said, “Open PCR machine is currently the standard platform. Eight labs in Nigeria are certified to conduct COVID-19 testing; 10 new PCR machines and 150,000 extraction kits have been ordered. The other is Roche Cobus Platform with 6 Machines in Nigeria, each capable of testing 960 tests at a time. Nigeria was on track to receive 38,000 but we have ordered 250,000. 10,000 tests ordered by UNICEF have arrived on Thursday, April 16.
“We also have Cepheid Gene Expert Machines – there are 400 machines installed in the country. 250 are expected to be functional with trained lab technicians. Cepheid has developed a COVID-19 testing cartridge that has received FDA approval, and will begin shipping to Africa in two weeks. We have ordered 250,000 cartridges and expect shipment receipt in two weeks.”
In his remarks, Group Managing Director of Access Bank Plc, Mr. Herbert Wigwe, said the Coalition right from the onset knew the fight against coronavirus was not going to be easy but would require collaborative efforts of all.
He said the CACOVID-19 is approaching the fight against the virus from three levels, “One, it was clear from the beginning that no one institution can go it alone, so we solicit everybody’s cooperation in tackling this scourge. Two, while several measures are being taken to stop the spread, including lockdowns, restriction, social distancing, there is the need to address hunger. How do we cater to the feeding needs of the people if these measures are to be effective?”
Wigwe explained that the third level was the thought leadership aspect of the plan which is to tackle the post-pandemic aspect. According to him, “a lot of businesses have been badly affected and economies have been disrupted. How do we get them back to life after we might have defeated the coronavirus?”
The Access Bank GMD explained the modalities to be adopted to get the food relief materials to the targeted households, pointing out that it would be done from the bottom of the pyramid, which is the 774 local government areas where the CACOVID partners would be assigned to deliver the materials.
He said he was optimistic that the food relief materials would reach all intended beneficiaries because according to him, it was a path that has already been trodden by Aliko Dangote Foundation, which has been distributing foods to the vulnerable in the states and has been achieving results.
Also, responding during the briefing, the Chief Executive Officer, MTN Nigeria, Mr. Ferdi Moolman urged other private sector organizations which are yet to identify with CACOVID in the onerous task to join hands and make their modest contributions.
Justifying why no organization could afford to stay aloof, Mr. Moolman said the whole the world is not at peace presently and every nation is on its own fighting the battle of COVID-19.
FrieslandCampina WAMCO Nigeria PLC, makers of Peak and Three Crowns brands of milk, has donated the sum of N500million as a contribution towards Nigeria’s COVID-19 intervention fund organized by the Private Sector Coalition Against COVID-19 (CACOVID).
The donation, which is coming as part of FrieslandCampina WAMCO’s corporate social responsibility follows the company’s recent donation of N100million worth of Peak and Three
Crowns milk products to support over 100,000 families in low-end communities and vulnerable groups who are at risk of compromising their nutritional needs. This donation is in
line with its purpose of providing better nutrition.
Explaining the corporate gesture in Lagos April 16, the Chairman of the Board of Directors,FrieslandCampina WAMCO Nigeria PLC, Mr. Moyo Ajekigbe, said “The novel coronavirus
pandemic is a global disaster that has cost the world thousands of lives and threatens its economic well-being.
“At FrieslandCampina WAMCO, we believe that everyone must come together to make a difference. If we all join hands with government and credible associations to provide
substantial palliatives, critical medical supplies, and with the cooperation of every Nigerian through the adherence of precautionary measures, we will defeat the COVID-19. Hence our donation of products and funds” Ajekigbe said.
The Managing Director, FrieslandCampina WAMCO, Mr. Ben Langat further said, “As a company, we have made several donations to support meaningful initiatives in the fight
against the COVID-19 pandemic; this indeed represents the confidence and care we have for Nigeria. As we encourage Nigerians to unite to defeat the COVID-19 pandemic and reach for their peak again, FrieslandCampina WAMCO Nigeria will continue to take responsible actions that ensure we make nourishing dairy nutrition accessible for Nigerians.”
