Banking Archives — Page 2 of 10 — Business Bells

Category: Banking

More Winners Emerge In 7th UBA Bumper Savings Account Promo

Pan African financial institution, United Bank for Africa (UBA) Plc, has again rewarded its loyal customers in its Bumper Savings Promo in line with its unwavering commitment towards prioritising its customers’ financial well-being as well as boosting savings culture in Nigeria.

The promo is open to account holders of the bank from the six geographical zones in Nigeria, as customers only need to open a UBA Pan African financial institution.

Since the bank commenced the promo in 2020, over 200 winners have emerged from the initiative that continues to reward loyalty and encourage customers to cultivate a savings habit that helps to stay afloat especially during challenging times.

Customers only need to open a UBA Bumper account and save a minimum of N5000 in a month to qualify. The more multiples of N5000 they saved, the higher their chances of winning cash prizes and other juicy benefits.

The electronic raffle draw, which is the 7th since inception, was held at Kairo’s Hub on Wednesday, and was witnessed by relevant regulatory bodies including the National Lottery Regulatory Commission and Consumer Protection Council who were on ground to ensure transparency and accountability.

Winners who emerged from the draw, include, Olunwa Osita Ambrose who smiled home with the star prize of a whooping N2m, while Saheed Adeshina Adediran won N1.2m rent for a year. Adewunmi Olaniyi Sobowale, another lucky winner got 500k shopping allowance.

Others who equally smiled home with N100,000 cash prizes were; Bayode Peter Oluwaseun, Archibong Unyime Gift, Yakubu Fali, Alaegbu Promise Uchenna, Onyenwenyi Chidimma Confidence, Maria Obianuju Onyeneke, Emmanuel Kalu, Aramide Afolabi Temitope, Ijeoma Juliet Okika, Taiwo Micheal Odofin, Daina Ochekema Egbe, Ighodalo Thompson, Mercy Effiong, Alice Gabriel, Imrana Bello, Onyedika Promise Umeji, Uzoma Chibuike Timothy, Adewole James Idowu, Opeyemi John Kolawole and Israel Ojima Daniel.

Olunwa Osita Ambrose who won N2m could not hide his excitement when he was contacted over the phone. He screamed, “Thank You God” over and over and took time to appreciate UBA for the wonderful gesture saying; “This is indeed great. Thank you UBA. You people cannot understand the great impact you have made in my life with this reward. It will transform my life greatly. May God almighty bless this bank and all those who conceptualized the UBA Bumper Account Savings Promo,” Ambrose gushed excitedly. “I am committed to UBA for life,” he concluded.

UBA’s Head of Personal Banking, Ogechi Altraide, who presented gifts to some of the winners who were physically present at the event told customers that UBA places them at the very heart of its business which, according to her, is why the bank remains passionate about their overall success and added that this has consistently been proven in numerous ways which is why the bank has continually invested in cutting-edge technology to improve its service delivery and its overall aim of delighting customers.

She said, “With customer-centric promos like the UBA Bumper promo, we have created an ever-increasing list of millionaires who continue to join the UBA customer millionaire club. For this edition of the promo, we decided to pick the month of October, which is the month of independence commemoration so we can give more Nigerians reasons to cheer while celebrating the country’s independence anniversary”.

“We know that this promo will put lasting smiles on the faces of our customers and will also assure them that UBA truly values them’” Altraide said.

Head, Marketing, Diana Ubah also spoke of UBA’s passionate commitment to give back to its customers especially during these challenging economic periods, where people need all the support they can get to make life more meaningful.

“I have witnessed a lot of events like this and I must say the happiness and live changing moments that comes with a customer getting an unexpected reward is indeed a special one! To this end, I encourage those who are yet to join the winning team, should do so quickly. Without any iota of doubt, you always win with UBA” said Ubah.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-one million customers, across over 1,000 business offices and customer touch points, in 20 African countries.

With presence in the United States of America, the United Kingdom and France, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.

11 October 2021
Heritage Bank, LFC Partner To Boost Employment Prospect Among Youth

In light of the growing unemployment rate in Nigeria, Heritage Bank Plc has partnered Living Faith Church (LFC) Worldwide via its Youth arm at the 17 th Annual International Youth Alive Convention to help prepare and empower millions of young Nigerians with the aim of boosting their employment prospects.

Incidentally, no less than 40million of unemployed people in the country are youths, which happens to be 66% of Nigeria’s working population, according to the National Bureau Statistics (NBS).

As an institution at the forefront of empowering youths, the MD/CEO of Heritage Bank, Ifie Sekibo said there was need to help prepare the millions of young Nigerians for the transition to work and engaged citizenship, by connecting both post-secondary and University graduates into understanding career opportunities and getting prepared for employment and entrepreneurship.

He also emphasized and canvassed for effective and increased investment in young people as a key pathway to jobs in today’s changing world of work.

The MD of Heritage Bank, who was represented by Adesoji Ogunsanya, Head, Talent Resourcing, human Capital Management, whilst giving career talks on “Getting a Job Immediately after School,” hinted on apt CV writing tips, how to prepare for interviews, personal effectiveness and, career and personal fulfilment.

Admonishing the Winners’ Youth Ministry, Sekibo also advised them to take care of themselves spiritually, emotionally and physically, whilst noting that self-management was also required for optimal productivity.

According to him, it is quite appropriate to also carry out a SWOT Analysis on yourself, leverage on the areas of strength and opportunities, build competency in the area of weakness and threat.

Sekibo explained that the level of joblessness amongst young Nigerians was of interest to Heritage Bank to ensure that they were equipped to find decent jobs, adding that “young people are almost three times as likely as adults to be unemployed”.

However, he disclosed that one of the channels churned out in partnering the youths to leverage their talents and contribute their quota to the growth of the economy, was the use of financial inclusion strategy which would be adopted to prepare them and boost entrepreneurship development, as this is critical to Heritage Bank’s mission to create, preserve and transfer wealth across generations.

The Assistant National Youth Pastor of Living Faith Church, North Central, George Eko, who expressed appreciation for the impartation of knowledge upon the youths by Heritage Bank; affirmed that the self-esteem of the youths had been elevated by being given the opportunity to interact with the Bank which they thought could never be a reality.

He expressed his joy and announced that the people were overwhelmed as the church was not only concerned about their spiritual development but with their physical development which had to do with employment, welfare, and other areas of their lives.

George added, “regardless of the no job scandal, the youths have been empowered differently and Heritage Bank partnered with the Church in the “Job Fair” to ensure that the lives of the youths are improved.

27 September 2021
Merchants, Businesses Must Accept e-Naira Anywhere It’s Presented – CBN 

The Central Bank of Nigeria has stated that the e-naira which will be launched on October 1, is a legal tender equal to the naira and must be accepted as a form of payment by all merchants and business establishments. 

Mr. Musa Jimoh, the CBN Director of Payment System Management, stated this during an appearance on Channels Television’s “Business Morning.”

Jimoh said, “Today, anywhere you present naira to pay, compulsorily it must be accepted because that is our fiat currency. So, the same way naira is accepted that you can’t reject it, is the same way e-naira must be accepted. Anywhere in this country where e-naira is presented, it must be accepted. So, merchants must accept e-naira as a means of payment.”

He recommended that Nigerians should open e-naira wallets, which can be downloaded on mobile phones starting October 1, and said the Central Bank of Nigeria (CBN) was responsible for all liabilities.

“The liability of the e-naira money is directly on CBN which is similar to the cash you hold. The liability of the cash you hold today rests with the CBN. So, it gives Nigerians the opportunity to bank with CBN,” Jimoh said.

What you should know

Nigeria’s Central Bank planned to own a stake in Bitt Inc. It was stated that one of the conditions being considered for accepting Bitt Inc was for the company to register in Nigeria as a Limited Liability company allowing the central bank to own shares in its Nigerian entity.

Bitt is a financial technology business that uses blockchain and distributed ledger technology to enable safe peer-to-peer transactions with seamless mobile money across Bitt’s software and mobile apps.

The Governor of the Central Bank of Nigeria has stated that Bitt Inc, the company developing the country’s digital currency, eNaira, is not his company.

The Central Bank of Nigeria (CBN) has announced that the Nigerian International Financial Centre (NIFC) will be established to act as a gateway for funds and investments into the country.

21 September 2021
Dollar Hits N575 Two Days After Aboki FX Update Suspension

The dollar rose to between N572 and N575 in different parts of the country on Monday barely two days after online platform, Aboki FX, stopped providing updates on the exchange rate.

A visit to the ever-busy Wuse Zone 4 which is the hub of bureau de change operators in Abuja, discovered that the dollar was sold for N574 as opposed to the N570 it was sold for on Friday.

In Lagos, the dollar was sold at N572 while in Kano it was N575 as of 3pm on Monday.

The pound was sold for N780 as opposed to N770 last Friday.

The Governor of the Central Bank of Nigeria, Godwin Emefiele, had accused the online foreign exchange update platform, Aboxi FX, of manipulating the forex market.

Emefiele, had said the bank would shut down the operations of Aboki FX which it described as illegal.

Subsequently, Aboki FX said in a statement on Friday that it would no longer publish exchange rates for now and hoped that the naira would stabilise.

It further stated that it usually gets its information from bureau de change operators in Lagos.

20 September 2021
Heritage Bank Boss, Sekibo Urges Govt, Stakeholders To Prioritise SMEs, Youth Entrepreneurship

The Managing Director/CEO of Heritage Bank Plc, Ifie Sekibo has urged stakeholders and governments at all levels to prioritize conscious inclusion of Small and Medium Enterprises and youth entrepreneurship in bridging the gap to attain sustainable solutions to economic recovery as it is the most impactful route to drive lasting and meaningful growth.

Sekibo gave this submission on the sidelines of the 14th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) with a theme: “Economic Recovery, Inclusion & Transformation: The Role of Banking and Finance.”

According to him, one of the key areas where government, financial institutions and other stakeholders can move this nation from poverty to prosperity is through conscious creation of viable environment for small businesses and young entrepreneurs to thrive because they are the backbone of local economies around the world – they happen to be the biggest employers, job creators and contributors of the national gross domestic products.

“We cannot talk about moving from poverty to prosperity without taking SMEs very seriously in this country.

“We must support the SMEs sector reform through providing infrastructure, providing loans to farmers and ensuring interest rate loans is single digit,” he affirmed.

Sekibo, who was represented at the conference by the Regional Head Abuja-1, Daniel Oniko, stated that giving SMEs and young entrepreneurs leverage to contribute immensely to the development of their host community through engaging the youths and unemployed individuals will bring about and facilitate economic recovery.

He emphasized that the role of SMEs in creating and sustaining national development in relation to job creation has been considered a key tool in modern-day poverty alleviation, economic emancipation, and total well-being.

The MD, however disclosed that “One of Heritage Bank’s major cardinal point as a bank is supporting micro, small and medium scale businesses and our strong desire to see young men and women succeed in any area of their business.

This will help the society and economy to grow, thereby moving the nation from poverty to prosperity, he added. He noted that Heritage Bank was taking the lead through various initiatives such as its youth entrepreneurship development programmes which were aimed at increasing the contributions of the MSME segment to the economy.”

He further explained that the entrepreneur schemes of the bank in the support for business had always focused on dependable job-creating sectors such as the agricultural value chain: fish farming, poultry, snail farming, etc., cottage industry, mining and solid minerals, creative industry: tourism, arts and crafts, and Information and Communication Technology (ICT).

Speaking earlier, the Vice President Yemi Osinbajo, said emerging challenges require that the banking and finance sector takes on more transformative projects such as housing and renewable energy.

The VP acknowledged that the banking and finance sector has over the years played significant roles in the nation’s economic development.

According to the Vice President, “it is time for the sector to take on some of the transformative big-ticket items that would fundamentally transform our economy. Such matters include consumer finance but housing finance.

In his goodwill message, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele stated that the banking sector remained well positioned to support the recovery efforts of the monetary and fiscal authorities.

“Clearly, Nigeria’s banks have become not only strong and resilient but have also carved a good niche in the world to consolidate on the growth and resilience of the banks in the last decades”, he added.

20 September 2021
FirstBank Launches Diaspora Remittance Platform

FirstBank of Nigeria Limited has launched its wholly-owned remittance platform, First Global Transfer, to promote the international transfer of funds across its subsidiaries in sub-Saharan Africa.

The bank, in a statement at the weekend, said the FBN subsidiaries operate in Congo DR, Ghana, Gambia, Guinea, Sierra Leone, and Senegal.

It also said the network of International Money Transfer Operators (IMTOs) is targeted at easing the accessibility of its customers to receive money from close to 100 countries in a safe and secured manner.

The bank said the new product would also boost diaspora remittance inflow into Nigeria and that with over 750 branches across the country, customers can receive money from the nearest FirstBank branch.

The bank said it has been in partnership with Western Union, MoneyGram, Ria, Transfast, and WorldRemit.

Other IMTO partners of the bank include Wari, Smallworld, Sendwave, Flutherwave, Funtech, Thunes and Venture Garden Group.

“Beneficiaries can receive remittance in US dollars in any of our over 750 branches spread across the country.

“Customers without an existing domiciliary account can have dollar accounts automatically created for their remittances.

“You can also receive inflow directly into your account through Western Union,” the bank stated.

In his comment, the bank’s deputy managing director, Mr Gbenga Shobo, said: “We are excited about these partnerships, as it is essential to ensure our customers are at an advantage to receive money from their loved ones and business associates, anywhere they are, across the world.”

20 September 2021
Fidelity Bank Profit Before Tax Inclines By 72.4% In First Half Of 2021

Fidelity Bank Plc has posted a profit before tax (PBT) of N20.6 billion for the six months ended June 30, 2021.

The Managing Director/Chief Executive Officer of Fidelity Bank, Mrs. Nneka Onyeali-Ikpe, disclosed this in the bank’s audited half-year (H1) results released to the Nigerian Exchange (NGX) Limited on Sunday in Lagos.

Onyeali-Ikpe said that the bank’s PBT represented a 72.4 percent growth when compared to N12.0 billion recorded in the comparative period of 2020.

She added that profit after tax (PAT) rose to N19.31 billion from N11.30 billion recorded in the corresponding period.

She said the growth was on the Back of Increased customer transactions and improved operational efficiency.

“We sustained our impressive financial performance with double-digit growth in profit as increased customer transactions drove non-interest revenue while improved operational efficiency continued to moderate cost-to-serve,” she said.

Onyeali-Ikpe also said that the financial result for the period indicated that Gross Earnings increased by 6.2 percent Year-on-Year (YoY) to N112.3 billion on account of 27.8 percent growth in Non-Interest Revenue (NIR) to N23.8 billion from N18.1 billion in H1 2020.

She added that the bank’s NIR was driven by strong growth in commission on banking services by 57.7 percent, account maintenance charges by 50.6 percent, digital banking income by 49.4 percent, and trade income by 33.7 percent among others.

Total customer-induced transactions across all distribution channels increased by 58.0 percent YoY and 21.2 percent QoQ.

The bank showed a good appetite in funding the real sector with net loans and advances increasing by 15.8 percent YTD to N1.53 billion from N1.32 billion in 2020FY.

However, the actual growth was 14.7 percent while the impact of the currency adjustment (2020FY: N400.3/dollars-H1 2021: N410.6/dollars) accounted for a 1.1 percent YTD growth in the loan book. Cost of risk came in at 0.3 percent and the NPL ratio (stage 3 loans) dropped to 2.8 percent from 3.8 percent in 2020FY.

Other regulatory ratios remain well above the minimum requirement: capital adequacy ratio at 18.8 percent from 18.2 percent in 2020FY.

Total Deposits increased by 16.5 percent YTD to N1.98 billion from N1.69 billion in 2020FY, driven by increased deposit mobilization across all deposit types.

“Digital Banking gained further traction as we now have 55.1 percent of our customers enrolled on the mobile/internet banking products and 89.3 percent of customer-induced transactions were done on digital platforms.”

She also explained that the bank’s foreign currency deposits increased by 23.1 percent YTD at 149 million dollars and now accounted for 18.5 percent of total deposits from 17.5 percent in 2020FY.

According to her, this is as the bank continues to harness the benefits of its renewed drive in the diaspora banking space.

“We look forward to sustaining the current momentum in H2 by optimizing our balance sheet and lowering our cost–to–serve.

“This will translate to improved earnings while we remain committed to our medium to long-term strategic objectives,” Onyeali-Ikpe said.

14 September 2021
COVID-19 Fear Grips GTBANK, Workers Told To Get Vaccinated Or Get Sanctioned

The fear of the dreaded Covid-19 seems to be ravaging GTBank as the financial institution has threatened to sanction its workers who refuse to get vaccinated.

BUSINESS BELLS learnt that a protracted COVID-19 emergency among its staffers has forced the Guaranty Trust Holding Company Plc (GTCO), owners of GTBank, to impose a mandatory vaccination policy as defaulters risk a 50% pay cut.

In an internal memo, titled -‘Deadline for Covid-19 Vaccination’, and dated Tuesday, September 13, 2021, the financial institution directed its staffers to take the mandatory COVID-19 jab or face the consequence.

The memo signed by the bank’s Operational Risk Management Team in Ajose Adeogun office area of Lagos State stated;

“All staff have been mandated to ensure they receive their vaccines in their various locations on/before 30th of September 2021.

“Please be informed that starting October 2021, any staff that fails to comply will no longer be allowed into the bank’s premises and may be placed on half salary,”

See the memo addressed to staff by GTBank below:

It would be recalled that earlier in the year (2021), COVID-19-related symptoms affected a large number of staffers of GTBank branch located at 42 Oyin Jolayemi St, Victoria Island, Lagos.

14 September 2021
Heritage Bank, Others Bankroll SCOA Handover of Trucks, Equipment Worth N15.5bn To Julius Berger

Heritage Bank Plc, Nigeria’s Most Innovative Banking Service provider and seven other banks have provided a total of N15.5billion to assist SCOA Nigeria Plc for the importation and supply of MAN Platform Trucks and equipment to Julius Berger Nigeria for construction of 380km Abuja-Kaduna-Kano roads and many others across the country.

Specifically, Heritage Bank availed SCOA Motors an Advance Payment Guarantee (APG) N4.64 billion for the project.

Whilst, other banks – Zenith, Wema, UBA, Union, Unity, Coronation and Providus Banks complemented the global total sum.

The sum total covers for 33 trucks and technological equipment.

For the first phase during the ceremony, 16 of the trucks were handed over to Julius Berger and the second phase of delivering will be executed next month.

R-L: Mother Dan-Egwu, Regional Head, Lagos Mainland, Lagos Mainland Zone of Heritage Bank Plc; Henry Agbamu, Chairman of SCOA Nigeria Plc; MD of Julius Berger Nigeria Plc, represented by Ralph Brendicke and GMD/CEO of SCOA Nigeria Plc, Dr. Massad Boulos, during the Official Handover Ceremony of State-of-the-Art Man Trucks and Wirtgen Equipment to Julius Berger Nigeria Plc with Heritage Bank being one of the lead financiers, weekend in Lagos

Commenting on the Official Handover Ceremony of State-of-the-Art Man Trucks and Wirtgen Equipment to Julius Berger Nigeria Plc, the MD/CEO of Heritage Bank Plc, Ifie Sekibo stated that the support efforts through project financing in the various sectors of the economy is one of the platforms that underscores our resolve and readiness to make a mark in the financial sector as a major pivot of socio-economic transformation of the country.

The Regional Head, Lagos Mainland Zone of Heritage Bank, Mother Dan-Egwu, who represented Sekibo, said the bank partnered to support SCOA Nigeria Plc for its long and outstanding presence in the automobile market, by retaining the cutting edge in their line of business.

Dan-Egwu disclosed that the Heritage Bank’s philosophy is to support businesses to grow in their discharge of duties; she was quoted as saying, “For us at Heritage Bank, our core business philosophy as a timeless wealth partner to our customers is captured in our mission to create, transfer and preserve wealth.”

According to her, the bank’s field of engagement of support has so far been diversified, covering economic sectors such as Micro, Small and Medium Enterprises, agriculture, entertainment and arts, education, oil and gas, aviation and haulage as well as the public sector.

R-L: Ralph Brendicke, Representative of the MD of Julius Berger Nigeria Plc; Mother Dan-Egwu, Regional Head, Lagos Mainland, Lagos Mainland Zone of Heritage Bank Plc; Engr. Amresh Shrivastava, Deputy CEO of SCOA Nigeria Plc and Federal Republic of Germany’s Head of Mission in Lagos, H.E Ambassador Dr. Von Munchoe-Pohl, during the Official Handover Ceremony of State-of-the-Art Man Trucks and Wirtgen Equipment to Julius Berger Nigeria Plc with Heritage Bank being one of the lead financiers, weekend in Lagos

Earlier in his address, the GMD/CEO of SCOA, Dr. Massad Boulos commended Heritage Bank and the other banks’ roles, as the transactions were made possible through their solid partnership.

“I will also thank Heritage bank, their Directors, MD; Unity Bank and other senior bankers official & the entire team of banks, they’ve worked closely together with us on this project, same with Providus Bank, they all have worked together tirelessly for the success of this project,” he said.

According to him, this partnership is like no other considering the parties involved especially SCOA Motors and Julius Berger in the official hand over of state of the art modern trucks for use on the road constructions’ equipment for the execution of the biggest and the most significant project in Nigeria; the Abuja/Kaduna/Kano express way.

SCOA Motors Plc has been operating in the Nigeria Market since 1922. The company has over the years expanded from Automobiles to other lucrative ventures such as importation and assembling of Vehicles and Generating plants, Agriculture /Food processing.

14 September 2021
e-Naira Will Strengthen Banking System, CBN Reassures

The Central Bank of Nigeria, CBN, has said e-Naira will strengthen the banking system and make it easier to comply with existing laws such as anti-money laundering, customer protection against fraud and ensuring the safety and stability of the payment system.

The Deputy Governor Operations, Central Bank of Nigeria, Mr Folashodun Shonubi, said this at the Chartered Institute of Bankers of Nigeria advocacy series webinar held recently.

Shonubi said, “The Central Bank in its implementation has ensured the e-Naira feeds our economy and provides greater value.

“The central bank digital currency offers all the benefits of cash but in digital form. Every single digital currency is an electronic version of the cash, the legal tender. When you make a cash payment, settlement is done instantly; digital currencies entail the same promises and even more.”

He added, “CBDC offers a safer option from the privately issued cryptocurrency which have been based on the possibility to enable cheaper transactions but have now been used for investment.

“The intention is not to eliminate other forms of payment but to complement the current areas of payment options, thereby ensuring the stability of the payment system in the long run. I expect in the coming days we will see rapid inclusion rates.

“For banks in developing nations, it will enhance their liquidity, efficiency in national remittances and challenge the high cost of remittances as the world rebounds in the post-pandemic.

“I am of the view that the era of CBDC promotes greater opportunities, and the central bank must be aware of the risks and mitigate them.”

On his part, Director-General of the Securities and Exchange Commission, Mr Lamido Yuguda said, “The pilot project on the E-Naira is about to be launched in October. People would want to position their digital currencies in such a way that many other users, beyond their borders, would use this particular currency.”

Yuguda said that the digital currency would help improve the capital market when combined with vibrant inter-developmental policies, which would lead to financial inclusion, especially in the capital market.

He added, “This is an opportunity for the fintech market to connect our people to existing opportunities in the financial market, connecting our people with investment opportunities in other climes. Once we do that, we would grow our market, Nigeria has 200 million people. We are blessed with a hardworking youthful population.

“This capital market would in turn finance the necessary infrastructure investment that this country needs today.”

President, Fintech Nigeria, Ade Bajomo, said “The digital currency brings the opportunities to reduce poverty and increase financial inclusion. There are opportunities in terms of resilience, accelerating cross border payment, and promoting financial inclusion.”

Bajomo added that it provided an opportunity to explore the Fintech and the digitalisation of Nigeria and empower innovators and financial services companies to innovate.

11 September 2021