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Access Bank and Mastercard: Enabling Seamless Africa-Global Payments

L-R: Folashade Femi-Lawal, Country Manager, West Africa, Mastercard; Roosevelt Ogbonna, Group MD, Access Bank; Mark Elliot, Division President, Africa, Mastercard; and Chizoma Okoli, Deputy MD, Access Bank at the Access – Mastercard Event.

In today’s interconnected world, seamless cross-border payments are vital for economic growth, business expansion, and personal empowerment. For decades, millions of Africans faced steep barriers in sending or receiving money internationally: high fees, opaque exchange rates, and long delays that made transactions uncertain and costly. Whether they are students paying tuition abroad or traders settling import bills and families depending on remittances, these challenges have touched every layer of society.

Africa’s fragmented payments landscape, marked by multiple currencies, varying regulations, and limited banking infrastructure, has long slowed financial inclusion. In this system, a trader in Lagos might wait weeks for funds from Nairobi, while a Ghanaian student in the United States could lose a significant portion of tuition to

intermediary charges. For many, especially in rural or informal sectors, formal banking channels were out of reach, forcing reliance on informal and risky alternatives.

Recognising the need for change, Access Bank, one of Africa’s largest and most innovative financial institutions, has partnered MasterCard, a global payments leader, to reimagine how money moves across borders. The collaboration aims to make cross-border payments faster, cheaper, and more transparent, empowering individuals and businesses to participate more fully in the global economy.

“By combining our strengths, we can unlock new opportunities, bridge the financial divide, and create a more inclusive and prosperous future for all Africans,” says Robert Giles, Senior Advisory, Retail Banking at Access Bank.

The partnership leverages Access Bank’s extensive African footprint and its Access Africa platform alongside MasterCard’s global network, treasury infrastructure, and advanced technology, particularly through the Mastercard Move system. Together, they have built an ecosystem that finally delivers on the promise of speed, convenience, and reliability.

The solution is designed to be inclusive and versatile, allowing users to send and receive money via multiple channels: bank accounts, cards, mobile wallets, and even cash. Whether a student in Ghana paying tuition in Europe, a trader in Lagos importing goods from China, or a family in Kenya receiving remittances, cross-border transactions are now simpler and safer.

For MasterCard, the goal extends beyond expanding services; it is about deepening financial inclusion. “This partnership transforms payment experiences, extending MasterCard’s digital ecosystem to ensure millions from underserved communities can participate in the evolving digital economy,” says Mark Elliott, Mastercard’s Division President for Africa.

The alliance builds on mutual strengths, Access Bank’s deep local knowledge and MasterCard’s global reach, to create a seamless payments corridor connecting Africa to the world.

A critical element of this innovation is the technical integration led by Fable Fintech, a MasterCard Express Partner under the Move Programme. Integrating Access Bank’s operations across multiple African markets was a massive undertaking, given diverse currencies and regulatory frameworks. The result is a unified cross-border payment experience, reducing complexity and delays.

“We were fortunate to be the fulcrum of the seamless multi-country integration of one of Africa’s largest banks using MasterCard’s cross-border assets,” a Fable Fintech representative noted. The platform now supports real-time or near-real-time transactions, offering resilience, scalability, and strong fraud protection.

Apart from technology, this partnership signals a paradigm shift, from dependency to empowerment, from financial fragmentation to unity. By democratising access to affordable and transparent payments, Access Bank and MasterCard are enabling millions of Africans to engage in international trade, education, and family support. The impact is tangible: faster transactions, lower costs, and increased financial inclusion.

Already, the ripple effects are visible. Informal traders in Kigali now use formal financial channels instead of risky agents. SMEs in Nairobi can settle invoices with international clients more predictably. Families in Accra receive remittances with less worry about lost payments, while students overseas manage tuition with ease. Each transaction strengthens Africa’s participation in global commerce.

The partnership also prioritises financial literacy and empowerment. Recognising that technology alone is not enough, Access Bank and MasterCard are educating users on digital payments, security, and the benefits of financial inclusion, particularly in underserved communities where awareness gaps remain.

The collaboration aligns with broader socio-economic goals such as job creation, poverty reduction, and gender inclusion. By expanding access to finance, it empowers women entrepreneurs, youth, and small businesses to thrive. A woman running a rural enterprise can now receive payments from clients abroad and reinvest in her community; a young professional can more easily fund studies or start a venture. The result is a more inclusive and resilient African economy.

This initiative also complements Access Bank’s wider sustainability agenda, seen in projects like the Access Clean Water Initiative, which integrates financial inclusion with social impact. The Bank’s approach underscores that responsible banking and profitability can go hand in hand.

Access Bank and MasterCard are looking at scaling their innovation, embrace emerging technologies, and deepen collaborations with governments and development partners to expand access even further. As Africa’s economies evolve, agile and secure payment systems will be essential to sustaining growth.

The partnership stands as example of what is possible when business, technology, and purpose converge. By harnessing shared vision and innovation, Access Bank and MasterCard are redefining Africa’s role in the global payments ecosystem, breaking down financial barriers and enabling millions to connect, trade, and thrive across borders.

Access Bank Hosts 2024 French Business Forum, Affirms Boost to Nigeria-France Trade Relations

L-R: Aigboje Aig-Imoukhuede, Chairman of Access Holdings PLC and President of the France-Nigeria Business Council; Laurent Favier, Consul General of France in Lagos; Zahrah Mustapha Audu, Technical Adviser to the President on Foreign Direct Investment; Folashade Ambrose-Medebem, Commissioner for Commerce, Cooperatives, Trade and Investment; Roosevelt Ogbonna, Managing Director/Chief Executive Director, Access Bank Plc; Florent Mangin, Head of the Regional Economic Department French Treasury, at the French Week 2024 Business Forum at the Access Bank headquarters in Lagos…Tuesday, November 12, 2024.

Access Bank PLC has hosted the French Week 2024 Business Forum at its headquarters in Lagos, affirming its commitment to bolstering trade relations between Nigeria and France. The event, which kick-started the annual French Week celebration, highlighted Access Bank’s dedication to fostering bilateral business collaborations and creating a platform for growth, trust, and innovation in the France-Nigeria economic space.

The Business Forum attracted high-profile dignitaries, including Ambassador of France to Nigeria, Consul General of France in Lagos, President of the Franco-Nigeria Chamber of Commerce and Industry, and Chairman of Access Holdings Plc. Commissioner for Commerce, Cooperatives, Trade, and Investment in Lagos, as well as the Technical Adviser to the President on Foreign Direct Investment, conveyed the federal government’s full support for advancing cross-border partnerships with France, appreciating Access Bank’s leadership in organising such impactful forums.

In his opening remarks, Mr. Laurent Favier, the Consul General of France, acknowledged Access Bank’s growing presence in France, further underscoring the bank’s pivotal role in facilitating trade between the two nations. He lauded Access Bank for championing France-Nigeria economic relations by establishing both a strong footprint in Paris and a dedicated French Desk in Nigeria to facilitate seamless business transactions.

Aigboje Aig-Imoukhuede, Chairman of Access Holdings PLC, who also serves as President of the France-Nigeria Business Council, emphasised the council’s role in supporting economic policies that enhance the business environment for both nations. “The France-Nigeria Business Council seeks to play a crucial role in supporting our government, businesses, and citizens to create a more enabling, uplifting, and secure environment for cross-border businesses,” he stated.

During the first panel discussion, Roosevelt Ogbonna, CEO of Access Bank Nigeria, highlighted the bank’s efforts in supporting African presence in global markets. “Access Bank is dedicated to giving Africa a voice on the international stage, helping local businesses scale through better access to information, credit, and capital. Our presence in Paris not only strengthens Nigeria’s influence, but also facilitates investments that align with the ongoing economic transformations on the African continent.”

In his closing remarks, HE Marc Fonbaustier, the Ambassador of France emphasized the significance of the forum as a platform to elevate Nigeria-France trade and investments. “Events like this provide a rare opportunity to enhance our bilateral economic relationship, strengthening existing trade and investment channels and fostering new partnerships.”

With the successful launch of the French Week 2024 Business Forum, Access Bank reaffirms its commitment to positioning Nigeria as a key player in the international business landscape, promoting shared economic growth and sustainable partnerships that benefit both nations.

L-R: Moses Umoru, Director General, Franco-Nigeria Chamber of Commerce and Industry; Guillaume Niarfeix, President, Franco-Nigeria Chamber of Commerce and Industry; Aigboje Aig-Imoukhuede, Chairman of Access Holdings PLC and President of the France-Nigeria Business Council; Laurent Favier, Consul General of France in Lagos; Zahrah Mustapha Audu, Technical Adviser to the President on Foreign Direct Investment; Folashade Ambrose-Medebem, Commissioner for Commerce, Cooperatives, Trade and Investment; Roosevelt Ogbonna, Managing Director/Chief Executive Director, Access Bank Plc; Florent Mangin, Head of the Regional Economic Department French Treasury; Jean Haas, Secretary General, France Nigeria Business Council, at the French Week 2024 Business Forum at Access Bank headquarters in Lagos…Tuesday, November 12, 2024.

Access Holdings Strengthens Commitment to Child Education, Donates Buses to Bethesda Child Support Agency

In demonstration of its commitment to social impact, Access Holdings Plc has taken another significant step towards empowering vulnerable children through education. As part of its longstanding partnership with Bethesda Child Support Agency, the Human Resources and Executive Office team of Access Holdings PLC, as part of its Corporate Social Responsibility (CSR) program, acquired and formally handed over two coaster buses to the organisation during a ceremony held recently at Access Towers in Victoria Island, Lagos.

This donation marks an important moment in Access Holdings’ mission to provide quality education to 1,000 underprivileged children across Nigeria—a mission that has been at the heart of its corporate social responsibility (CSR) efforts for over a decade. The newly donated buses are set to play a crucial role in Bethesda’s operations, enabling the safe and efficient transportation of children to and from school, thus removing one of the significant barriers to education for these young minds.

The team of about 20 employees has in the last couple of years channelled resources generated mainly from personal funds under its CSR program to support Bethesda’s comprehensive services, which include education, healthcare, and essential support for underserved children. This partnership exemplifies how individuals, groups and corporate initiatives can extend beyond philanthropy, directly impacting lives and fostering community development.

Speaking at the handover event, Victor Willie, Head of Government & Stakeholder Relations at Access Holdings PLC, emphasised the transformative potential of this partnership: “This collaboration with Bethesda is more than just a philanthropic gesture; it’s about creating tangible opportunities and breaking the cycle of poverty for vulnerable children. The buses we’ve donated will help Bethesda reach more children, ensuring they have access to the education that is fundamental to their growth and the future of our nation.”

With millions of Nigerian children still out of school, Access Holdings’ initiatives address a critical need by eliminating obstacles to education. For many of these children, gaining access to education is not merely about learning; it represents a lifeline that can protect them from exploitation and abuse while offering a pathway out of poverty. By addressing transportation challenges, Access Holdings is actively contributing to the creation of a brighter, more equitable future for these children and their communities.

Pastor (Mrs.) Nkoyo Rapu, founder of Bethesda Child Support Agency, expressed deep gratitude during the event, noting the profound impact of Access Holdings’ continued support:

“Access Holdings has been a dedicated partner in our mission for over ten years. This latest donation of buses will change the lives of countless children who otherwise would have had no access to education. Their support underscores the power of collective responsibility and demonstrates what can be achieved when organisations truly commit to community upliftment. Together, we are unlocking doors of opportunity for those who need it most.”

Access Holdings remains steadfast in its dedication to driving initiatives focused on education, human capital development, and community empowerment. Through enduring partnerships and impactful programs, the organisation continues to work towards building a more just and inclusive society, where every child has the opportunity to realise their full potential.

This partnership with Bethesda Child Support Agency highlights Access Holdings’ belief in the fundamental importance of education as a cornerstone for capacity building, nation-building, and sustainable community development.

IFC Awards Access Bank ‘Best Trade Partner Bank West Africa’

Access Bank has been recognised as the ‘Best Trade Partner Bank West Africa 2024’ by the International Finance Corporation (IFC). Presented at the Global Trade Partners Meeting (GTPM), held recently, in Barcelona, Spain, this prestigious award highlights Access Bank’s outstanding performance and commitment to fostering trade finance across the continent.

The GTPM, organised by the IFC, is one of the most significant events in the global trade finance industry, and is known for its unique footprint due to IFC’s extensive reach and client base in emerging markets. The 2024 event marked the 20th anniversary of IFC’s Global Trade Finance Program and attracted a record number of delegates, featuring prominent speakers and panellists, who provided valuable insights into the global trade landscape.

Seyi Kumapayi, Executive Director, African Subsidiaries at Access Bank, said, “We are honoured to receive this award from IFC, which is a testament to our relentless efforts in leveraging our extensive network across Africa to scale trade opportunities between the continent and the rest of the world. Access Bank remains committed to facilitating trade that drives economic growth and prosperity for our stakeholders and the regions we serve.”

Representing Access Bank at the GTPM were Sunmbo Olatunji, Group Head, Treasury; Tosin Olatunji, Group Head, Corporate Operations; Seun Olufeko, Group Head Project and Structured Finance, Corporate and Investment Banking Division (CIBD); Oluchukwu Kalu, Team Member PSF, CIBD; and Rowly Isioro, Head, Trade and Global Transaction Banking (Africa). Isioro also participated in a panel discussion titled ‘IFC: 20 Years in Trade, Partnerships and Perspectives.’

Speaking on the panel, he addressed the importance of building resilient trade finance systems in emerging markets and how the IFC Global Trade Finance Programme has evolved over the years, from IFC providing guarantees for letters of credit to accommodate other trade instruments like promissory notes and green trade or climate-friendly transactions. “Africa is ripe for partnerships that can drive substantial economic growth,” Isioro said.

“At Access Bank, we are dedicated to developing innovative solutions that tackle the unique challenges faced by African businesses, such as currency volatility and regulatory complexities. By strengthening our trade finance infrastructure, and by leaning on the interconnectivity of our subsidiaries – strategically spread across Africa’s key trade blocs – we aim to facilitate smoother trade flows and empower our clients to seize global opportunities effectively,” he added.

The GTPM Barcelona 2024 featured a three-day programme that saw contributions from internationally renowned speakers such as Marc Auboin, Counsellor at the World Trade Organisation; Alexia Boutin-Somnolet, Lenders’ Solution Leader at Marsh; Gonzalo Gortázar, Chief Executive Officer of CaixaBank, Spain; Nathalie Louat, Global Director, Trade and Supply Chain Finance at IFC; and Paolo Mauro, Director of the Economic and Market Research Department at IFC, amongst others. The event, which was sponsored by Access Bank, CaixaBank, amongst other, concluded with a Gala Awards Dinner celebrating the 20th anniversary of IFC’s Global Trade Finance Programme and honouring its high-performing trade finance partners.

Access Bank PLC and KCB Group PLC Sign Binding Offer on Acquisition of National Bank of Kenya (NBK)

Access Bank PLC and KCB Group PLC (“KCB”) have today signed a binding agreement to acquire 100 percent shareholding in National Bank of Kenya Limited (“NBK”) from KCB.

The successful completion of the transaction is subject to conditions that are customary for transactions of this nature including receipt all regulatory approvals from, amongst others, the Central Bank of Kenya, the Central Bank of Nigeria, the COMESA Competition Commission, and notifications to other relevant regulators.

For Access Bank, this move underscores its commitment to bolstering its presence in Kenya and the broader East African region. Furthermore, the acquisition builds on the Bank’s growing operations in the Democratic Republic of Congo, Rwanda, as well as its impending acquisitions of a majority stake in Uganda’s Finance Trust Bank Limited, the acquisition of majority equity stake in African Banking Corporation (Tanzania) Limited (“BancABC Tanzania”), and Standard Chartered Bank’s Consumer, Private & Business Banking business in Tanzania.

Commenting on the transaction, Roosevelt Ogbonna, Managing Director/Chief Executive of Access Bank Plc said:

“The transaction represents an important milestone for the Bank as it moves us closer to the achievement of our five-year strategic plan through increased scale in the Kenyan market. We are building a strong and sustainable franchise to support economic prosperity, encourage Africa trade, advance financial inclusion thereby empowering many to achieve their financial dreams.

“Trade flows in East Africa revolve around key trade corridors, with Kenya being a key player in the region. With the African Continental Free Trade Agreement, these corridors will continue to expand and by deploying our best-in-class financial solutions, we are strategically positioned to deliver sustainable value for our stakeholders. The consolidation in Kenya will support the realisation of our aspiration to be Africa’s Payment Gateway to the World. Subsequent to the completion of the transaction, NBK would be combined with Access Bank Kenya Plc to create an enlarged franchise in the pursuit of our strategic objective for the Kenyan and East African markets.”

KCB Group CEO Paul Russo said: “This transaction represents what we believe is a great opportunity to maximise value for our shareholders while strengthening the competitive position for the Group. The past four years have been defining for NBK as a KCB Group subsidiary and this step marks the opening of new opportunities.”

“During the period, we have made progressive investments in the Bank, and we believe that this is in the best interest of the Group and its sustainability. Our growth strategy is premised on both organic and inorganic plans, and we shall continue to seek opportunities that increase our shareholder’s value,” said Mr Russo.

All parties will be working together in the coming months to fulfil the conditions precedent relating to the proposed acquisition, which include the regulatory approvals of the Central Bank of Nigeria and the Central Bank of Kenya. Access Bank will continue to provide a full range of banking services and continuity for its stakeholders including employees and customers in Kenya.

In the meantime, NBK customers will continue to access seamless services across various touchpoints including through the branch network and mobile banking platforms.

Upon conclusion, stakeholders will benefit from the from an enlarged franchise, with best-in-class customer service and governance structures committed to empowering the communities wherein the Bank operates. The combined entity will leverage Access Bank’s dedication to economic development by extending financial services to the unbanked, thereby deepening financial inclusion across the region.

In recent months, Access Bank has embarked on a strategic expansion drive, marked by significant acquisitions. In January, the Bank completed its acquisition of Atlas Mara Zambia, thereby becoming one of Zambia’s top five banks by revenue with prospects to be in the top three by 2027.

Access Compromised: How Access Bank Expensive Porous Financial Security Exposes Depositors to Scammers and Fraudsters

Access Compromised: How Access Bank Expensive, Porous Financial Security

The primary function of banks is to make sure the money deposited with them and the data of their customers’ are kept safe at all times. This is the reason the current situation in Access Bank, a bank that used to be one of the most reliable financial institutions in the country, is sad and pitiful.

In the interim consolidated financial statement of June 30, 2023 of Herbert Wigwe led Holdings, it was recorded that Access Bank incurred a loss of N5. 46 billion to fraud and forgery incidents, a situation that places the bank on top of the list of most risky banks to save your money.

Findings shows the recorded loss were the money the owners were able to recover from the bank and this did not includ several billions whose owners were frustrated or bullied by the actions of Access Bank from recovering their money deposited from safe keeping with the bank that were somehow stolen.

The statement which was released by the Bank’s newly formed parent company Access Holdings reports that the N20.85 trillion asset company has been doing a shoddy job in securing the savings of their many customers which is primarily the bank’s responsibility and has only been able to prevent a loss of mere N975 89 million out of N6.44 billion which means they can confirm depositors with Access Bank incurred N5.46 billion debt due to the bank’s porous cyber security despite the several billions being earmarked for that purpose in the bank’s annual budget.

The report reveals the loss of N5.459 billion is as a result of fraudulent transfers, fraudulent withdrawals and reactivation of customers’ accounts, while N4.53 million loss was from cash theft, cash suppression, cash pilferage and dry posting.

If it would be recollected the bank was accused of practices that are not professional by Mr P of the singing duo of PSquare. The grouse of the musician is that the Bank and some other banks colluded with some individuals to use his name to perpetrate fraud on hapless Nigerians by allowing elements that are not him to use a combination of his stage and real names to open account to defraud the people.

He also accused the bank of not making moves to curbing the fraud months after he had reported the actions of the scammers to the bank over the anomaly of allowing such account to operate without the BVN.

It is important to note that the once proactive Access Bank seems to have been swimming in the deeps of banking security services for some times as there has been several incidents involving the bank that was at a time running the best secured online banking platform in the country to actions that has seen several depositors lose their life savings kept with the bank or use an account opened with the bank to steal.

Access Bank Polo 2023: A Grand Affair for Education and Philanthropy

The annual Access Bank Polo and Charity event at the Guards Polo Club in Egham, Surrey was once again a remarkable gathering of royalty, diplomats, political leaders, the business community, and supporters of Access Bank. This prestigious event not only showcases the elite sport of polo but also serves as a fundraising platform to support underprivileged children’s access to quality education.

The Access Bank Polo event is held in partnership with the Fifth Chukker Resort, with the primary objective of empowering underprivileged children through education. The proceeds from the event go towards building the much-needed infrastructure and facilities, ensuring that these deserving children have the opportunity to dream, learn, and grow.

This year’s event witnessed an incredible milestone, with an astonishing 100 classroom blocks being pledged by generous contributors. This achievement is a testament to the unwavering commitment of Access Bank, its partners, and donors to make a lasting impact in the lives of underprivileged children. With these new classroom blocks, countless more children will have access to a safe and nurturing educational environment.

Since the inception of the initiative, over 80,000 children have already benefitted from the schools built as a result of the fundraising efforts. These facilities not only provide education but also serve as a beacon of hope for the future generations, inspiring them to aspire for a brighter future.

Access Bank takes great pride in being a driving force in championing equal education opportunities. The organization firmly believes that every child, regardless of their socio-economic background, should have the chance to thrive and succeed.

With the success of the Access Bank Polo event, Access Bank remains steadfast in its commitment to creating a world where every child has the opportunity to access quality education. The ongoing support and collaboration of its partners, sponsors, and attendees will continue to play a crucial role in changing lives and uplifting communities.

The Access Bank Polo with this noble Charity event has established itself as an extraordinary corporate event in London, bringing together influential individuals and organizations for a noble cause. The commitment to providing underprivileged children with access to education is commendable, and the results speak for themselves. With each passing year, more lives are transformed, and the potential for a brighter future becomes a reality for countless children. Access Bank’s endeavors are a beacon of hope, highlighting the power of collective efforts to make a meaningful difference in society.

In attendance His Majesty, Ogiame Atuwatse Ill, the Twenty-First Olu of the Warri Kingdom; Her Majesty, the Queen Consort of Warri Kingdom, Olori Atuwatse IlI; HH, The 14th Emir of Kano, Muhammadu Sanusi; Babajide Sanwo-Olu, Governor of Lagos State; Mosun Belo-Olusoga, former Chairman, Access Bank PIc (2015-2019); Dr. Ajoritsedere Awosika, former Chairman, Access Bank PIc (2019-2023); Paul Usoro (SAN), Chairman, Access Bank Plc and Chairman, Coronation Capital, Aigboje Aig-Imoukhuede; Herbert Wigwe, Group MD/CEO, Access Holdings PIc; Roosevelt Ogbonna, Group Managing Director, Access Bank Plc and Amaechi Okobi, Chief Brand and Communications Officer, Access Holdings Plc among other dignitaries.

ACCESS BANK PARTNERS SME.NG TO ROLL OUT EBI MARKETPLACE

SME.NG in partnership with Access bank Plc and other leading institutions, including the Bank of Industry (BOI), LAPO Microfinance Bank, Chapel Hill Denham, and the Impact Investment Foundation Nigeria are launching the Ebi Marketplace – a Nigerian innovation for female entrepreneurs.

The Ebi Marketplace consists of an access to capital market, an e-commerce mall and a knowledge market for female entrepreneurs in Nigeria seeking to digitize their businesses.

Conceptualised and developed by SME.NG as a tangible solution to the impact of COVID-19 on female entrepreneurs, the Ebi Marketplace aims to close the gender digital divide in Nigeria by supporting women’s digital literacy and financial inclusion, while Access Bank will be providing access to capital and markets.

Thelma Ekiyor, the brain behind the Ebi Marketplace stated that SME.NG is committed to investing in facilitating female entrepreneurs’ profitability, so that they are positioned for infusion of capital.

According to her, this innovation is supported by Nigerian investors for the Nigerian market.

“We at SME.NG see ourselves as an indigenous solutions provider in Nigeria’s SME ecosystem. Women in Nigeria establish businesses more than men, but struggle to grow beyond a certain point. We believe we have a strategic role to play in breaking that financial and growth ceiling,” she noted.

ACCESS BANK CONCLUDES LSETF W INITIATIVE GRASSROOT ENGAGEMENTS in LAGOS

Access Bank Plc, through its W initiative has concluded a community engagement program to create awareness for the LSETF W initiative loan package created for women in business.

One of the brand objectives of Access Bank is to be the Bank of choice for women, particularly women in business by providing them with access to finance. Accordingly, the Bank through its W Initiative, partnered the Lagos State Employment Trust Fund to launch the LSETF W Initiative loan

The LSETF W Initiative loan is a matching fund financing option for women-owned businesses in Lagos State

To further expand the reach of this offering, W Initiative and the LSETF teams embarked on a comprehensive community engagement across 4 local governments in Lagos to create awareness about availability of the product, processes as well as requirements involved. The sessions were held at Balogun Market, Alimosho LGA, Surulere LGA and Oshodi LGA respectively.

Group Head of the W Initiative, Abiodun Olubitan, encouraged women to take the opportunity noting that access to finance would help to grow their business.

“There is a financing gap for women owned businesses for which the LSETF W Initiative loan was developed. With a highly competitive interest rate of 10% per annum, no collateral requirements, and a maximum repayment period of 24 months, female-owned SMEs are able to thrive,” she added.

Olubitan further encouraged the women to use the funds appropriately to grow their businesses and ensure no diversion of funds for other purposes. She emphasised the need to register their businesses, keep financial records, and run a business account as this would help position them for the loan.

This LSETF W Initiative loan is projected to increase the contributions of women-owned businesses to the Nigerian economy and reduce unemployment which will have a significant developmental impact.

Access Bank launches awareness campaign to combat E-banking fraud

As part of its continued commitment to educate and protect customers from e-banking fraud, Africa’s largest retail bank, Access Bank Plc, has launched an awareness campaign aimed at sensitizing customers on measures they can take to protect themselves.

The Access Bank campaign, themed ‘Banks Don’t Ask’, focuses on three key activities that account for most fraud incidents in Nigeria, phishing, SIM card fraud, ATM fraud and POS fraud.

From all indications, the rates of phishing, SIM card fraud, ATM fraud and POS fraud in the country has tripled in the past few years. Also, the sophistication with which these activities are carried out has evolved, resulting in unsuspecting customers being highly susceptible to these criminal activities.

Victor Etuokwu, ED Retail Banking Access Bank stated, “In the past few years, there has been a significant increase in the rate of internet-based and technology-perpetrated fraud”. He added “We want to ensure that our customers are not only protected but are also aware of the tactics employed by fraudsters. Access Bank will never request for personal banking information such as your 16-digit card number, password, PIN, BVN, CVV or One-Time Password (OTP). So, customers are also advised to never share this information with anyone even if they claim to be from the Bank”.

To report suspicious activities (phone calls, emails or text messages), customers can call Access Bank on 01- 2712005 or send a mail to contactcenter@accessbankplc.com. To prevent SIM card fraud in cases of lost or stolen devices, customers can simply *901*911# from any phone deactivate their USSD profile.