Banking Archives — Page 4 of 10 — Business Bells

Business Bells

Category: Banking

  • Access Bank Launches Awareness Campaign to Combat E-banking Fraud

    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 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 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 dial *901*911# from any phone deactivate their USSD profile.

     

     

  • CBN Directs Banks To Block 18 Companies’ Accounts

    CBN Directs Banks To Block 18 Companies’ Accounts

     

    The Central Bank of Nigeria, CBN, has directed banks to place a post-no-debit restriction on the bank accounts of 18 companies.

     

    This implies that all debit transactions, including Automated Teller Machines and cheques, on these accounts, have been blocked but can receive inflows.

     

    The directive was contained in a circular dated August 18 and signed by the Director of Banking Supervision, CBN, Haruna Mustapha, according to TheCable.

     

    The circular read in part, “You are hereby directed to place all accounts of the under-listed customers on Post-No-Debit restriction.”

     

    TheCable stated that the affected companies include “Bakori Mega Services, Ashambrakh General Enterprise, Namuduka Ventures Limited, Crosslinks Capital and Investment Limited, IGP Global Synergy Limited, Davedan Mille Investment Limited and Urban Laundry.

     

    Others are, “Advanced Multi-Links Services Limited, Spray Resources, Al-Ishaq Global Resources Limited, Himark Intertrades, Charblecom Concept Limited, Wudatage Global Resources, Treynor Soft Ventures, Fyrstrym Global Concepts Limited, Samarize Global Nigeria Limited, and Zahraddeen Haruna Shahru.

     

    The report also notes that the apex bank did not provide any reason for the action in the circular.

     

    However, the affected accounts belong to bureaux de change, construction firms, investment companies, laundering services, and property companies.

     

    Meanwhile, the CBN has cautioned microfinance banks against performing certain non-permissible activities, which include wholesale backing and foreign exchange transactions.

     

    This was contained in a circular titled, ‘Circular to all microfinance banks,’ released on Friday by Ibrahim Tukur on behalf of CBN’s Financial Policy and Regulation Department.

     

    The circular read, “The Central Bank of Nigeria has observed the activities of some Microfinance Banks that have gone beyond the remit of their operating licence by engaging in non-permissible activities, especially wholesale backing, foreign exchange transactions and others.

     

    “Given the comparatively low capitalisation of MFBs, dealing in wholesale and/or foreign exchange transactions are a significant risk with dire consequences for financial system stability.

     

    “It has therefore become imperative to remind all MFBs to strictly comply with the extant Revised Regulatory and Supervisory Guidelines for Microfinance Banks in Nigeria 2012.”

     

    The apex bank warned that it would continue to monitor developments in the MFB sector and apply stringent regulatory sanctions for violations of extant regulations, including revoking licences.

     

  • UBA Debuts With Another Innovation, As RED Radio Hits Airwaves Live 24/7

    UBA Debuts With Another Innovation, As RED Radio Hits Airwaves Live 24/7

     

    The United bank for Africa (UBA) is leading again through innovation as it launches a podcast, RED Radio, which is available 24/7.

     

    The dynamic and creative online radio channel, RED Radio now provides round the clock informative and entertaining content, bringing out the best of Africa.

     

    RED Radio www.itsredradio.com was berthed as part of the communication suite of UBA to provide real time content to listeners across the African continent and globally.

     

    UBA’s Group Head Corporate Communications, Bola Atta, explained that the platform is an affirmation of the leading role that UBA is playing in the innovative space on the African continent as the bank keeps seeking more ways to reach out to and galvanise people.

     

    She said, “RED Radio can be described as a meeting place. It is an avenue to discuss all kinds of issues that affect the youths on the continent, whether it be business related, health, relationships, sports, lifestyles.. anything. As we bring people together, we also entertain them with music from across the continent.’

     

    ‘It’s such a cool and diverse platform with shows in different languages to appeal to a wide section of listeners. I leave it on quietly on my ipad constantly, catching up with anything I have missed’ she added.

     

    Some of the flagship shows on RED Radio include the Barbershop Chronicles – a talk show featuring Shody, Sess, Alhaji Popping and Femisoro who discuss life matters from the perspective of men; Diary of an Africana follows the journey of a young African woman as she manoeuvres through various obstacles whilst she explores her true self; The Red Pill which brings you exciting news and music from the Congo and so much more.

     

    The shows are recorded in video format and are also available on REDTV. You can access the podcasts via www.itsredradio.com

     

  • Shareholders Still Showering Encomiums on Stanbic IBTC Over Dividend Pay-Out

    Shareholders Still Showering Encomiums on Stanbic IBTC Over Dividend Pay-Out

     

    Shareholders of Stanbic IBTC Holdings PLC have continued to laud the Group for their last dividend payout of 360 kobo per share for the financial year ended 31 December 2020, as well as the bonus shares of one for every six ordinary shares, approved at the last Annual General Meeting held in May 2021.

     

    Some of the shareholders who expressed their appreciation to Stanbic IBTC said that they were glad that despite all the socio-economic challenges of 2020, the Stanbic IBTC Group continued to keep many Nigerians in paid employment and continued to invest in communities within Nigeria via various Corporate Social Investment projects.

     

     “Indeed, the Stanbic IBTC Group deserves a lot of commendation” said Mr. Tunji Bamidele, one of the Company’s shareholders.

     

    The last audited results showed that Stanbic IBTC posted gross earnings of N234.446 billion against N233.808 billion in 2019. Stanbic IBTC ‘s deposits to customers improved from N819.944 billion to N637.840 billion, while loans and advances improved from N532.124 billion to N625.139 billion.

     

    Based on the results, the board recommended a final dividend of 360 kobo in addition to a bonus of one new share for every six ordinary shares already held. The shares of Stanbic IBTC jumped 9.9 per cent from N44.05 to N48.45 as investors reacted positively to the results and dividend declaration.

     

    Analysts at FSDH Merchant Bank Research had said the 6.6 per cent increase in total income to N198.9 billion recorded by Stanbic IBTC was primarily driven by a 14.7 per cent jump in non-interest revenue N124.7 billion.

     

    Non-interest revenue ascended 14.7 per cent, powered by a 43.4 per cent increase in trading income to N52.1.

     

    Mr Tunde Bamidele, a shareholder, expressed gratitude to the Board and Management of Stanbic IBTC for the steadfastness, hard work and dedication, which resulted in the N83 billion profit after tax for the 2020 financial year: and the subsequent 360 kobo dividend and allotment of bonus shares.

     

    He said: “I would like to express my gratitude to the Board of Directors, Management and members of Staff of Stanbic IBTC for a job well done. Despite the COVID-19 pandemic, the company declared a dividend of 360 kobo, which is impressive compared to other players in the financial industry. I would also like to thank you for giving us a bonus share for every six shares held. Indeed, the bonus dividend is robust.”

     

    Stanbic IBTC remains one of Nigeria’s foremost financial institutions. The financial institution’s Chief Executive, Dr Demola Sogunle, has pledged the organisation’s commitment to put in more efforts towards satisfying the company’s customers, clients, and shareholders.

     

  • PMI Hits 18-month High in July, Amid Strong Demand Conditions

    PMI Hits 18-month High in July, Amid Strong Demand Conditions

     

    Nigeria’s private sector began the second half of the year on a positive footing as they continued the run of expansion that began in July 2020.

     

    Quicker upticks in output, new orders, purchases and employment supported growth. Despite this, firms were able to keep backlogs at bay, though sentiment did moderate to the weakest since last September.

     

    On the price front, higher raw material, wage and transportation prices were linked to another robust rate of overall input price inflation. Output prices also rose sharply.

     

    The headline figure derived from the survey is the Purchasing Managers’ Index™ (PMI®). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

     

    The headline PMI rose in July to 55.4, up from 53.6 in June. The reading signaled a marked improvement in business conditions, and one which was the strongest since January 2020.

     

    The uptick was centered on stronger demand conditions, with new orders rising at the fastest rate in one-and-a-half years. As a result, firms raised their output levels, and at the joint-quickest rate since August 2020.

     

    Greater output requirements led firms to raise their buying activity during the month, which they did so at the sharpest rate in one-and-a-half years. The sustained period of output and new order growth encouraged firms to add to their inventory holdings. Anticipation of greater demand was also linked to stockpiling efforts.

     

    To cater for higher workloads, firms raised their headcounts. Job creation has now been seen in each month since February. This allowed firms to clear their backlogs for the fourteenth month in a row. The rate of backlog depletion eased to the softest in four months, but was still among the quickest in the series history.

     

    Meanwhile, vendor performance improved again, a trend observed throughout much of the series’ history. That said, the rate at which lead times shortened was the softest in 15 months. According to firms, busier road conditions and material scarcity affected supplier delivery times.

     

    Material shortages drove higher costs, with firms also mentioning rising transportation and staff expenses. Overall input price inflation eased to a seven-month low, but was still strong in the context of the historical average. Output price inflation meanwhile quickened, with the improving demand environment allowing firms to raise their charges.

     

    Finally, sentiment remained positive amid plans to raise exports and expand business operations. That said, the degree of positivity moderated to the fourth-weakest in the series.

     

  • Heritage Bank Receives Accolades for Supporting Ibadan Golf Club

    Heritage Bank Receives Accolades for Supporting Ibadan Golf Club

     

    Heritage Bank Plc has been commended for its continued supports to Nigeria’s sports’ sector, especially backing the Ibadan Golf Club’s 30th anniversary event.

     

    The event that attracted dignitaries and stakeholders from various parastatals also had the presence of the Governor of Oyo State, Engr. Oluseyi Makinde and over 150 golfers who participated in the tournament during the weeklong celebration.

     

    In a speech during the grand finale of the 30th anniversary of the club, the Captain of the Ibadan Golf Club, Oladiran Ibironke commended one of Nigeria’s most vibrant financial institutions, Heritage Bank and others for providing financial support to ensure the success of the event.

     

    “Special thanks to Heritage Bank Plc., the anniversary’s major sponsor for enlarging our coast financially in order to make the anniversary elaborate and eventful. You will forever be remembered in the history of Ibadan Golf Club,” he stated.

    Heritage Bank golf
    R-L: Akintayo Akinola – Divisional Head, South-West, Heritage Bank Plc; Mary Okunola, Lady Captain, IGC; Tunji Oladosu, 2nd Vice Captain, IGC; Engr. Makinde Oluseyi Makinde, Governor, Oyo State; and Oladiran Ibironke, Captain, Ibadan Golf Club; during the Ibadan Golf Club 30th anniversary lead sponsored by Heritage Bank, in Oyo State

    Ibironke also praised the efforts of the founding fathers of the club while tracing the history of how the sporting club has continued to blossom.

     

    He stated that tremendous transformations had occurred within the club since inception 30 years ago.

     

    “We are celebrating 30 years today because some great minds came together and established what we are celebrating today.

     

    “From the history that we heard,   they started from Ibadan Recreation Club before moving over to where we are today in 1990,” Ibironke said.

     

    Speaking on the 30th anniversary, the Ag. Group Head, Corporate Communications, Heritage Bank, Ozena Utulu noted that the Bank is delighted to be the lead sponsor and to be associated with Ibadan Golf Club, stating that the sponsorship is hinged on its brand’s passion to support sports, especially golf in promoting health, wellbeing, and nation building.

     

    She stated that Heritage Bank, as the sponsor of Ibadan Golf Club’s 30th anniversary, is working assiduously towards achieving its vision of becoming a bank known for promoting healthy lifestyles and the general wellbeing of the society at large.

     

    “Heritage Bank believes in development. We have the tenacity to develop and sport is a way of developing Nigerians both young and old. We want to encourage the golfers; I believe that this type of games is capable of helping them to keep healthy and fit,” Utulu stated.

     

  • Fidelity Bank Deepens Workforce Transformation Agenda, Promotes 745 Staff

    Fidelity Bank Deepens Workforce Transformation Agenda, Promotes 745 Staff

    In line with its recently launched seven-point agenda which among other things seeks to increase staff morale while empowering them to work more efficiently, Fidelity Bank has promoted 745 employees.

     

    The bank said the promotion came on the heels of the performance review of two financial years – 2019 and 2020.

     

    A total of 461 staff members benefited from the FY 2019 promotion exercise, while 284 staff members benefited from the FY 2020 exercise.

     

    The beneficiaries cut across the senior, middle, and junior management cadre of the bank, and the promotion was based on merit, using a transparent and robust performance management system in line with global best practices.

     

    Speaking about this, Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc said “I am very delighted to announce the promotions for 2019 and 2020 financial years.

     

    “Releasing the list for 2 financial years’ promotion at the same time, is something we are very proud of.

     

    “We strongly believe that the continuous growth of our bank over the years has been largely attributed to the commendable efforts and unrelenting sacrifices of our employees. Promotion is one of the many ways we express our gratitude. We are thankful to be a home to many amazing talents that continue to drive our value and most importantly, serve our stakeholders in the highest standards.”

     

    Speaking further, she noted; “Since I was appointed the MD/CEO of our great bank in January 2021, I have been committed to a 7-point agenda to move our bank further, out of which workforce transformation is a key category. Staff performance and reward is a critical to us, and as an organisation, we will continue to make available adequate resources to deepen the skills and entrench a culture of high performance amongst employees.

     

    “I wish to appreciate all members of the Fidelity Bank family for their commitment and drive, and unrelenting sacrifices towards delivering our objectives. As we move forward in our quest to becoming a leading tier-one bank, I encourage all elevated staff to see their promotion as a call to rededicate themselves to excellence.”

     

    Fidelity Bank has continued to empower its employees with invaluable resources capable of putting them at the forefront of innovative transformation.

     

    In March 2021, the bank announced two capacity-building projects – One Culture Project and Project Alpha – that were targeted at transforming the workplace for its staff.

     

    In particular, Project Alpha was created to help Fidelity Bank develop a robust and holistic learning and development framework for all staff while One Culture Project was formed to reinforce the behaviour and value systems that will help the bank, as well as staff, achieve set goals.

     

  • Market Formation Framework, Driver to Optimally Develop Solid Mineral Sector- Sekibo

    Market Formation Framework, Driver to Optimally Develop Solid Mineral Sector- Sekibo

    The Managing Director/CEO of Heritage Bank Plc, Ifie Sekibo has said that market formation framework is the key to optimally exploit Nigeria’s precious metal and solid minerals endowments.

     

    He disclosed this during a webinar organised by the Securities and Exchange Commission (SEC) in collaboration with the Federal Ministry of Mines and Steel Development with the theme, “Financing the Solid Minerals Sector through the Capital Market and the Critical Role of Commodity Exchanges.” 

     

    In a press statement signed by Ozena Utulu, Ag. Group Head, Corporate Communications, Sekibo explained that a fully established market formation process that would lead to having a Corporation as an integrated solid mineral institution like NNPC which allows the collateralisation of assets those banks can rely on for alternative funding options.

     

     

    According to him, this will guarantee other creative ways of raising funds for financing commercial activities relating to solid minerals and viable projects along its value chain.

     

    Sekibo, who was represented by the Divisional Head, Strategy and Business Solutions, of the Bank, Olusegun Akanji, said for the sector to be viable, it requires lots of converged government interventions because for any development focused sector to kick-off around the world, it needs government intervention to lay the foundation for the private sector and funders to step-in and pool their resources. 

     

    “Once, we can collateralise these assets, whether they are under the ground or being determined, you use different instruments to bring liquidity into them. Then investors will follow up once we have established there is enough they can explore.” the MD stated.

     

    He further suggested that finance sector regulators need to expand its Prudential Guidelines to accommodate the instruments such that precious metal backed or solid minerals backed assets could qualify as part of the computation of liquidity ratios.

     

    “Once banks start injecting their resources, customers would certainly follow that trend. You can start arranging for sophisticated solutions like bonds, bullion backed assets and pension notes. Again, banks will have to be poised to hold the funding that comes from this sector; that way, they can open new transactional frontiers either locally or internationally. 

     

    “At the base of this, are the issues of pricing and integrity of the market. Once banks play in that sector and we have a government institution like the NNPC type to hold all these documentations, it would be very easy to establish price discovery on an ongoing basis. This will in turn attract international funders, hedge funds and retail investors. Today, we have retail bonds in the same way; we can have gold backed or any of the solid mineral assets where retail investors can put in the funds,” Sekibo explained.

     

    Meanwhile, it would be recalled that Heritage Bank Plc has said its involvement in the private sector collaboration with Dukia Gold & Precious Metals Refining Co. Limited is set to unlock the over N344 trillion market worth of gold investible instruments in the solid minerals sector.

     

    However, he reiterated that consistent packaged framework, which could only be held by an established government institution, as part of the layers of framework, would help to tackle major challenges in trying to support Dukia Gold’s clients.

     

    “With consistent packaged framework, it will be easier for Dukia Gold and help in less spending. If Dukia Gold should speak of their challenges, they will speak about tonnes of tonnes of documents they have to produce. But with a unified source of documentation, it makes the process easier and improves cost management. These are some of the challenges we have experienced in trying to support a few clients we worked with,” Sekibo stated.  

     

  • Access Bank Launches AccessX to Enhance Self-Service Banking

    Access Bank Launches AccessX to Enhance Self-Service Banking

    In a bid to provide top-notch digital service to its customers and demonstrate the best of innovative solutions through self-service banking, Access Bank Plc has launched AccessX that it termed an experience centre.

     

    The bank explained that the experience centre is a one-stop technology hub where its customers are taken on a digital tour spanning from Artificial intelligence to Robotics, and Smart data.

     

    The financial institution said the centre is related to digital channels and a place to demonstrate the best of its innovative solutions through self-service banking.

     

    Speaking with our business correspondent, the bank’s Executive Director, Retail Banking, Victor Etuokwu, said: “AccessX is an additional touchpoint to back up our customers.

     

    “It is recognition of the fact that 90 percent of our transactions are engagement with the customers is digital and so those require support from us in some forms either on their cards, mobile apps or internet banking are given.

     

    “As we are setting up this experience centre across the country, our customers will  have a point of contact where they can get support, find out what is new on digital and get speedy service that is outside of the traditional branches.

     

    “The traditional branches do have their place, they have something to support with but AccessX centre is 100 per cent digital support.”

     

    Providing details on other digital services that customers can benefit from the AccesX centre, Daniel Akumabor, the Chief Technology Officer – Channels, said: “There are a lot of concepts and services we can afford customers and that does not mean that this is an exclusive place where we do all that.

     

    “Customers coming in here can do a lot of things. They can resolve challenges, complaints, enquiries or requests across our digital channels.

     

    “When they say digital channels, that stands for when there is a card, USSD, internet banking, mobile app are paramount for cooperate customers.

     

    “And as a bank, we are very innovative, we have a lot of our own solutions to the internet market, and we have things like face field, swift pages and merchant enquiries solution for our customers.

     

    “As we roll out all those digital channels, we are able to them satisfied. This also gives opportunities for the customers to have full digital experience in channels we are all aware of and also it helps us get feedback to improve our channels and see the way the customers interact with our channels.”

     

    And when asked about how accessible it is for customers anywhere, Akumabor said: “Customers from any part of the world can reach excellent centres and get things resolved for them.

     

    “Here is the difference, we know that our customers like to do things digitally and if they go to any of our branches for complaints, there would always be some things that they will need to refer to service engineer at the bank’s office and tell the customers something like this would be resolved in the next few hours.

     

    “The reason they do that is they would refer the matter to somebody else who is going to work on it but when you walk in here that is not going to happen because the tech skits can do it on the spot.”

     

    To know more about AccessX please click HERE.

     

  • Stanbic IBTC Bank Identifies Opportunities for SMEs Growth in Nigeria

    Stanbic IBTC Bank Identifies Opportunities for SMEs Growth in Nigeria

    Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, recently hosted a webinar where it reiterated its zeal and commitment to assisting the Small and Medium Enterprises (SMEs) ecosystem in Nigeria.

     

    The webinar themed “Scaling Your Business in Challenging Economic Times”, was well attended by enthusiastic entrepreneurs looking to overcome the economic challenges currently faced by their businesses.

     

    In his opening remarks, Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, listed the COVID-19 pandemic, dearth of innovative solutions and lack of access to adequate business finance as some of the challenges that have plagued the SME sector in Nigeria in recent times.

     

     “As a business entity, Stanbic IBTC understands that running a business is not a bed of roses and that challenges differ from one business ecosystem to another. For this reason, Stanbic IBTC Bank is always in search of solutions to solve business challenges as they arise,” Adeniyi said.

     

    He also advocated for the diversification of the economy through policies that will be aimed at driving commercial growth in various sectors, as SMEs are vital to the vast business ecosystem of any economy.

     

     According to him, this would boost economic growth and lead to an improved standard of living for the citizenry. He further advised SMEs to monitor their expenditure and make the necessary adjustments closely.

     

    Speaking on how the pandemic affected SMEs and the outlook of the post-pandemic era, Ayodele Ojosipe, Head, Enterprise Banking, Stanbic IBTC Bank, explained that challenges faced by SMEs during the lockdowns still have profound effects on their businesses to date.

     

    He added that whilst these challenges have resulted in increased costs of doing business, the inability of most SMEs to pass these costs to their customers has led to margin compression and outright losses in most cases thereby threatening their business sustainability.

     

    Ojosipe stated further that despite the fluctuation and devaluation of the currency which has culminated in capital inadequacy for most SMEs in Nigeria, there are opportunities in the immediate business environment that small businesses can explore to turn the tide.

     

     He advised SMEs to take advantage of the Stanbic IBTC unsecured SME Loan which is available to both existing and new clients of the Bank within 24hrs to enable them to meet their financing needs.

     

    Ojosipe identified changes in business dynamics, client focus, optimising cash flows and business partnerships, talent retention, restructuring loans (if any), deferring costs and accessing cheaper funding as key focus areas for SMEs to guarantee business continuity.

     

    He further cited aspects of the recently promulgated Finance Act which would benefit small businesses.

     

    Some of the areas include the Company Income Tax Act, which stipulates those small businesses with less than N25m million turnover will no longer have to pay taxes and the CAMA act which states that small businesses with a turnover of less than N120m million need not turn in audited financials while filing their taxes, hence saving them costs in the appointment of auditors.

     

    Ife Durosimi-Etti, Founder, AGS Tribe, highlighted the need for small businesses to explore innovative ways of staying relevant through identifying what customers need.

     

    She harped on the advantages of collaborations with other business owners, avoiding unnecessary loans, seeking opportunities for grants, and the importance of joining accelerator programmes for exposure.

     

    The Bank urged SMEs to build well-positioned brands for opportunities and take advantage of services available within enterprise banking as they come with numerous benefits to boost their businesses.

     

    Stanbic IBTC Bank is committed to the continuous support and development of SMEs through targeted initiatives and products.