- NIRSAL’s Commodity Initiative Gets N70bn Boost from Ecobank
The Nigeria Incentive-Based Risk-Sharing System for Agricultural Lending has signed a memorandum of understanding with Ecobank on N70bn portfolio commitment to agribusiness projects initiated by NIRSAL.
The facility will be drawn down in series, with the pact effectively kicking off with an initial N15bn agribusiness financing provision by Ecobank.
The commitment by Ecobank is the latest of NIRSAL’s focus on breaking the jinx of poor investment in agribusiness by the financial sector where banks are provided with strong incentives such as risk-sharing, technical assistance and innovative insurance.
A statement from NIRSAL on Thursday said the attraction for Ecobank, and indeed other commercial banks that have recently made portfolio commitments to NIRSAL-supported agribusiness projects are anchored on NIRSAL’s mapping-to-markets strategy.
The strategy was conceived to de-risk and make operations in commodity value chains more efficient through optimised primary production in a closed financing loop.
The Managing Director, NIRSAL, Aliyu Abdulhameed, said that Ecobank’s support demonstrates the growing acceptance of the Central Bank of Nigeria’s proposition of NIRSAL as an innovative mechanism targeted at providing a safe climate for highly profitable private sector investments.
Abdulhameed said, “This MoU signing marks the beginning of collaboration between NIRSAL and Ecobank on NIRSAL’s agribusiness initiatives and the development of products that will support lending to actors in the agricultural value chain in conformity with Ecobank’s risk acceptance criteria and credit process.
“With Ecobank’s commitment of N70bn portfolio to NIRSAL’s agribusiness initiatives, the bank and NIRSAL will jointly select and develop projects that meet the financing needs of actors in NIRSAL’s focal commodity value chains.”
The statement also quoted the Managing Director of Ecobank, Patrick Akinwuntan, as saying the bank was actively promoting agriculture as a strategic initiative to support national development.
Akinwuntan said Ecobank was committed to working with NIRSAL to open up the vast opportunities that abound in agriculture and to ensure citizens benefit ultimately.
He said, “The Federal Government had made it clear that investing in the agriculture sector is very critical for Nigeria to succeed, especially taking into consideration the natural endowment God granted us in terms of population, land and weather.
“We have the opportunity to make agriculture the economic spinner for Nigeria. What we are doing is to fulfil this policy direction of the Federal Government and the Central Bank of Nigeria.”
BoI Grows Assets by 78.8% to N1.86 Trillion
The Bank of Industry Group concluded the 2020 financial year with a 78.8 per cent growth of assets from N1.04tn to N1.86tn between 2019 and 2020.
A statement by the bank on Monday said the increase was driven to a large extent by the successful debt syndication of €1bn and $1bn that were concluded in March and December 2020 respectively.
BoI stated that the group’s financial statement demonstrated resilience and strength, noting that the period had significant challenges in the operating environment on account of the impact of COVID-19 pandemic on the economy.
“It also indicates synergy with the various interventions developed by the Federal Government, the Central Bank as well as other strategic partners towards ameliorating the impact of the pandemic on Nigerian enterprises,” the statement said.
The group’s total equity increased by 14.8 per cent from N293.08bn in the previous year to N336.48bn in 2020.
It added that as a reflection of the adverse impact of the challenging operating environment on growth of new facilities, loans and advances grew marginally in 2020 by 1.3 per cent to N749.84bn from the 2019 position.
The bank explained that this was largely due to the economic slowdown in the year as well as the various interventions and support initiated by the bank for its customers.
“The bank reviewed and restructured all its managed projects under the CBN intervention programme with interest rate reduction from nine to five per cent per annum for a period of one year and moratorium extension of three months (with a possible extension up to 12 months),” it said.
TAJBank Deploys NQR Solution To Ease Customer Transactions
TAJBank, Nigeria’s non-interest bank, has announced the deployment of the NQR Payment solution, an indigenous Quick Response Code (QRC) by the Nigeria Interbank Settlement Scheme (NIBSS), for merchants and customers as the newest addition to its innovative e-business channels.
The NQR Payment solution is a secure QR-code-based payments and collections platform developed for merchants and customers to receive and make payments for goods and services in a quick, easy, contactless and secure manner.
A statement signed by the Founder/Chief Operating Officer of the bank, Mr. Hamid Joda, indicated that the ingenious solution would further drive TAJBank’s culture of innovation and create a seamless payment experience for its rapidly growing individual and corporate customers in their banking transactions.
“We are excited to have this payment channel introduced into the nation’s financial system as an addition to other innovative solutions we have deployed over the past few months.
This is a proof that, as we have said in our communications signature line, TAJBank’s interest is always in our customers”, Joda enthused.
In his remarks, the non-interest lender’s Chief Marketing Officer/Co-Founder, Mr. Sherif Idi, also maintained that the deployment of the NQR payment solution would revolutionize the e-payment experience and open new frontiers for small, medium and large scale businesses who are major stakeholders of the bank.
Since it commenced operations in the non-interest banking segment of the financial services industry, TAJBank is noted for its impeccable track record of growth and innovation, rendering exceptional quality services to customers.
The lender’s NQR solution is open to all customers of the bank, both merchants and individuals, across all its branches and digital channels globally.
African Development Bank’s First Virtual Business Opportunities Seminar of 2021, Draws 450 Global Partners and Suppliers
The African Development Bank hosted its first virtual business opportunities seminar (BOS) of 2021 on 6 and 7 April.
The BOS seminars offer a one-stop shop for companies, civil contractors, manufacturers, consultants, and suppliers from the Bank Group’s regional and non-regional members seeking to provide goods and services to projects or to the Bank.
Held virtually as a result of the ongoing Covid-19 pandemic, delegates were informed about the Bank’s strategy for supporting economic growth, its priority areas, rules and procedures for project and corporate procurement, and ongoing public and private sector operations.
During the sessions staff discussed the sectors that offer opportunities for partners and suppliers: climate change; infrastructure, cities and urban development; industries and trade; finance and SMEs; agriculture; health, human capital, youth, and skills development.
“The Bank’s 2021 Business Opportunities Seminar was an impressive learning experience and an open door to interact virtually with different experts and gain insights into best practices and directions for conducting effective business approaches within the Bank,” said David Andrés Rojas Mejía, Senior Business Development Specialist at Catalonia Trade and Investment Promotion Agency.
Private sector partners contributed richly to the discussion, sharing their experience around partnering and contracting with the Bank. They included Kwame Boate, country director of TechnoServe Inc., (Ghana) and Cletus Kayenwee of the Rural Enterprises Program at the Ghanaian Ministry of Trade, who shared their experience contracting with the Bank on Ghana’s “One District One Factory” Enable Youth Program. The program aims to build the entrepreneurial capacity of graduate youth. Participants also heard from Abdelillah Zenjari, Deputy General Director of TEKCIM. He shared his experience partnering and obtaining a loan of €45 million to build a cement factory with a capacity of 1.4 million tons in the region of d’El Jadida in Morocco.
Over the years, the seminars have hosted approximately 2,500 delegates from 55 countries, with an average of 75% of delegates from non-regional member countries and 90% from the private sector.
For the Bank, the seminars increase interest in Bank-financed projects and enhance competition, thereby promoting higher-quality offers that deliver optimal value for money for its regional member countries.
“The sessions have also helped me to understand how to find opportunities for my firm by being better able to navigate your procurement framework and processes,” said Dede Watkin, Business Development Manager at Beale &Co, a participant.
Finance2 weeks ago
List of Microfinance Banks’ USSD Codes In Nigeria
Government4 weeks ago
FEC Approves $1.5 Billion For Repair of Port Harcourt Refinery
Cryptocurrency4 weeks ago
Zugacoin that Plunges Over 99 Percent in 6 Days Partners Innoson, Buy Innoson Products With Zugacoin
News4 weeks ago
Focus on bank MDs, Others, Workers Reply EFCC Over Asset Declaration
Government3 weeks ago
US Intelligence Says ISIS and Al-Qaeda Are Planning to Attack Southern Nigeria
Government4 weeks ago
Customers TO Pay N6.98 Per USSD Transaction – CBN, NCC
News4 weeks ago
EFCC Directs Bankers to Declare Assets by June 1
Banking Sector3 weeks ago
GTBank Records N201.4 Billion Profit After Tax in 2020