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Ecobank Unveils Digital Banking Campaign

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Ecobank Nigeria has launched ‘Move on up’, a fully-integrated consumer advertising campaign meant to ensure consumers have easy access to digital banking solutions across the country.

The Managing Director, Ecobank Nigeria, Mr. Charles Kie, was quoted in a statement by the lender as saying, “We are delighted to be launching this campaign in Nigeria. Ecobank Nigeria has grown consistently over the years to become a well-recognised corporate brand in the Nigerian banking industry.

“Our mission is to ensure that our customers have access to world-class, convenient, accessible and reliable banking solutions in Nigeria. This new campaign demonstrates how we are fulfilling that mission.”

The Deputy Managing Director, Ecobank Nigeria, Mr. Tony Okpanachi, said, “The new campaign also showcases our widest ever range of banking solutions and the many ways Ecobank helps consumers everyday.”

According to him, the ‘Move on up’ rests on three pillars, adding, “The first is digital convenience. Customers want the convenience of banking; from being able to pay with an Ecobank card to making financial transactions on their mobile phones, over the Internet, at automated teller machines and at different points of sale.

“The second pillar is relevance. Ecobank creates personal banking solutions that are relevant to its customers, such as a range of accounts packaged together as bundles.

“The final pillar is choice. This comes via the accessibility of wide-ranging products and services, thanks to Ecobank’s leading pan-African platform.”

The Group Head, Marketing, Ecobank, Ama Okyere, who led the development of the campaign, was quoted as saying, “This fully-integrated consumer advertising campaign demonstrates Ecobank’s relevance in our consumer’s life. We are pleased to roll it out in Nigeria, a key market for Ecobank.

Ecobank Nigeria, a subsidiary of Ecobank Transnational Incorporated, is present in 36 African countries. The lender operates a consolidated online, real time branch network in over 450 locations across the country.

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.

Finance

CBN Maintains 11.5 Percent Monetary Policy Rate, Leaves Other Ratios Unchanged

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The Central Bank of Nigeria led Monetary Policy Committee (MPC) has left the interest rate unchanged at 11.5 percent to further stimulate activities in the real sector of the economy.

Godwin Emefiele, the Governor of Central Bank of Nigeria disclosed this at the end of the MPC meeting on Tuesday in Abuja.

He said other parameters, the Cash Reserve Ratio (CRR), Liquidity ratio, and asymmetric corridor, were left unchanged.

According to the Governor, the committee voted unanimously to maintain the current monetary policy and attributed the surge in inflation to structural policies, the increase in pump price and the recent #EndSARS protest.

Highlights of CBN-MPC’s  Decision

  • MPR was kept at 11.50%
  • The asymmetric corridor of +100/-700 basis points around the MPR
  • CRR was retained at 27.5%
  • Liquid Ratio was also kept at 30%

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Finance

Unity Bank Grew Gross Earnings by 8 Percent to N34 Billion in Nine Months

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Unity Bank Plc grew gross earnings by 8 percent despite COVID-19 and other headwinds that hurt the profitability of most businesses in the first nine months of the year.

A break down of the bank’s unaudited financial results for the period showed gross earnings rose by 8 percent to N33.91 billion for the nine months ended September 30, 2020, up from N31.26 billion posted in the same period of last year.

The lender’s total assets rose by 44 percent from N293.05 billion in the corresponding period of 2019 to N420.87 billion in the period under review.

Unity Bank grew profit before tax from N1.61 billion in 2019 to N1.71 billion in the period under review, while profit after tax expanded from N1.48 billion in the corresponding period to N1.57 billion in 2020.

Customers’ deposits stood at N332.36 billion during the period under review, up from N257.69 billion posted in 2019.

Commenting on the performance, Mrs. Tomi Somefun, the Managing Director/Chief Executive Officer, Unity Bank Plc, expressed delight at the strong growth recorded across the bank’s balance sheet, especially from both the liability and assets side of the business and across key indices.

She said, “even as the bank continues to innovate in its e-business product bouquet to target and support value chain business with robust technology and thus diversify its earnings base.”

Somefun said, “One of the areas that will define our strategic direction going forward is investment in alternative channels, leveraging further deployment of resources in technology.

“COVID-19 gave us a chance to test the integrity and scalability of our technology, the IT infrastructure, and the electronic banking channels, and provided us an opportunity to see where we needed to improve and strengthen, knowing that the future of sustainable banking business is in alternative channels.”

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Financial Sector Grew by 6.8 Percent in the Third Quarter

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The finance and insurance sector that comprises of both the financial institutions and insurance subsectors grew by 5.91 percent year-on-year in nominal terms in the third quarter (Q3).

According to the National Bureau of Statistics (NBS) latest report, the financial institutions’ subsector accounted for 88.89 percent of the sector in real terms in the quarter under review while the insurance subsector contributed the remaining 11.11 percent.

During the third quarter of 2020, the financial institutions’ subsector grew by 6.8 percent in Q3 2020 from 28.41 percent in Q2 2020 and 0.61 percent in Q3 2019 despite COVID-19 and a tough operating environment. The insurance subsector, however, contracted by -18.67 percent in Q3 2020 from -29.53 percent in Q2 2020 and 3.96 percent in Q3 2019.

On a quarterly basis, the sector declined by 24.76 percent.

In terms of contribution to GDP, the finance and insurance sector contributed 2.46 percent in Q3 2020, higher than the 2.40 percent it represented a year ago and lower than the contribution of 3.76 percent achieved in the previous quarter.

The economy contracted by 3.62 percent in the third quarter following a 6.10 percent decline posted in the second quarter. Nigeria is officially in the second economic recession in four years.

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