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CBN Extends BVN for Diaspora Bank Customers

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Bank Verification Number

The Central Bank of Nigeria (CBN) has extended the bank verification number (BVN) enrollment for Nigerian bank customers in the Diaspora to June 30, 2016.

The central bank stated this in a letter addressed to all commercial banks that was posted on its website on Wednesday.

According to the apex bank, the decision to extend the BVN enrollment was taken after it observed through a survey, the low percentage of registeration of Nigerian bank customers in the diaspora. This, it attributed to lack of accessibility to registration centres and unavailability of registeration centres in some cities where Nigerian population is high.

It explained: “You will recall that as part of efforts towards ensuring full implementation of the BVN project, the CBN issued a circular extending the deadline for the registration and linkage of BVN to accounts of Nigerian banks’ customers in diaspora to January 31, 2016.

“The CBN has observed, through a recent survey, the low percentage of registeration of Nigerian banks’ customers in diaspora, which may be attributed to lack of accessibility to registeration centres and unavailability of registration centres centres in some cities where Nigerian population is high.

“Consequently, all deposit money banks are hereby requested to note that BVN enrollment for Nigerian banks’ in diaspora is hereby extended to 30th June, 2016. This is to enable such customers complete the enrollment and link the BVN to their bank accounts.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Banking Sector

UBA Grows Profit by 33 Percent YoY, Declares 20k Per Share Interim Dividend in H1 2021

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UBA Insider dealings

Africa’s leading financial institution, United Bank for Africa (UBA) Plc, has announced its audited half year financial results for the half year ended June 30, 2021, showing impressive growth across all major income lines and performance indicators.

The pan African financial institution delivered a 33.4 per cent appreciation in its profit before tax which rose to N76.2bn as at June 2021, up from N57.1bn recorded in the same period of 2020, translating to an annualised Return on Average Equity of 17.5% as against 15.1% a year earlier.

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Bank of Ghana Holds Key Interest Rate at 13.5%

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Ghana one cedi - Investors King

Ghana’s central bank on Monday kept its main interest rate unchanged at 13.5% with concerns over rising inflation balanced out by optimistic Covid-19 recovery forecasts, Governor Ernest Addison said in a statement.

The Ghanaian economy grew by just 0.4% last year – its slowest rate since 1983. But it has gained ground in 2021, expanding 3.1% in the first quarter and 3.9% in the second.

The bank’s Monetary Policy Committee sees Ghana’s overall economic outlook continuing on an upward trajectory despite inflation having risen for a fourth month in a row in August.

“Developments continue to point to a sustained recovery in economic activity following the downturn at the peak of the pandemic,” Addison said.

“Given these considerations, and the fairly balanced risks to inflation and growth in the outlook, the committee decided to keep the policy rate unchanged,” he added.

Ghana’s consumer price inflation was at 9.7% year-on-year in August, with food inflation, the largest contributor to the country’s overall inflation rate, rising for a third straight month.

Although the inflation rate remains within the central bank’s targeted band of 8% plus or minus 2 percentage points, Addison cautioned that a close monitoring of the situation would be necessary to swiftly mitigate any impacts to local markets.

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Banking Sector

Stanbic IBTC: Working Towards Net Zero Emissions

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Stanbic IBTC Bank- Investors King

As part of the Stanbic IBTC 2021 Sustainability Week event, Stanbic IBTC Holdings PLC, a member of Standard Bank Group, organised a sustainability webinar tagged “Working Towards Net Zero Emissions”.

The objective of the virtual event which was held on Monday, 20 September 2021 via the Group’s #Bluetalks platform, was to promote public awareness on the impact of climate change and provide practical methods towards reducing carbon footprints and achieving net zero emissions.

Delivering his opening remark at the event, Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC said: “We all cannot continue to ignore our responsibility in the current changes to the climate. Through small adjustments leading to a more conscientious and sustainable lifestyle, each one of us can take part in the global climate protection project. As reflected in one of our strategic value drivers SEE (Social, Environmental and Economic) Impact, Stanbic IBTC is focused on ensuring it does business responsibly whilst positively impacting the society and environment where we operate. As such, the 2021 Stanbic IBTC Sustainability Week is an opportunity for us to advance awareness around practical steps we are taking, and more which we can take, to make our world a better place.”

The webinar featured seasoned experts including Temesoye Jack, Group Head, Sales, Banks, Gas Stations and SMEs, Starsight Energy; Professor Kenneth Amaeshi, Chair in Sustainable Finance and Governance at the European University Institute (EUI) and Oluwasegun Olajuwan, Group Chief Executive Officer, THLD Group.

Temesoye Jack stated that renewable energy sources like solar energy can help countries attain net zero emissions. She said, “Solar energy can help us move towards reducing greenhouse emissions. We need to have more energy efficient offices nationwide. However, this shift will not happen overnight as it is a gradual process.”

She explained that Nigeria has barely scratched the surface when it comes to renewable energy and emphasised that sustainable practices do not have to end in the office but must be observed in all areas of the country

Prof. Kenneth Amaeshi highlighted the importance of harmonising technology upgrades and sustainable growth to reduce carbon emissions. He explained that sustainability at the global level is targeted at mitigating the adverse effects of climate change.

According to Prof. Kenneth, “From recent surveys, it is clear individuals are ready to go green. The affordability of clean energy will determine if we will be able to reduce carbon emissions.”

Speaking on practical steps that can be adopted to help in achieving net zero emissions, Oluwasegun Olajuwan, Group Chief Executive Officer, THLD Group, said “Autogas has been around for 40 years, and Nigeria is not fully embracing it. It is safer, cleaner and more cost effective than fossil fuel and diesel. Vehicle conversion from fuel to Autogas is affordable. CNG (Compressed Natural Gas) is more efficient than fuel. The use of CNG in vehicles mitigates the emission of nitrous oxide and hydrocarbons by 40% and 90% respectively, compared to petrol.”

Omolola Fashesin, Head of Sustainability at Stanbic IBTC, thanked the panellists for the informative session, which helped create awareness of alternative sources that can help reduce carbon emissions. She urged the participants to apply learnings from the webinar to take practical steps to reduce their carbon footprint.

Finally, in his closing remarks, Kunle Adedeji, Executive Director Finance and Value Management stated that “at Stanbic IBTC, we are committed to facilitating a better and more sustainable future for all. We have already commenced various workstreams that will help us on the journey towards Net Zero emissions. Some of these include understanding our energy sources, consumption patterns and possible areas for efficiency; adoption of cleaner energy sources in our office locations (leveraging Autogas and Solar energy solutions); and adoption of Tree Planting programs which will help us with carbon sequestration.”

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