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Ecobank Deepens Online Payment With New Virtual Card

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Fund management

Ecobank Introduces Virtual Card to Deepen Online Payment

Ecobank announced the launching of a new virtual card integrated into its digital banking channel, Ecobank Mobile.

The virtual card will help facilitate online payments and ensure users’ safety when making payments online.

The lender said the virtual card was rolled out with the recently released version of the Ecobank Mobile app available for download at the Google Play and App Stores.

In a statement released by Ecobank, all the bank’s account holders on the mobile app can now access the virtual card for their online payment needs.

The Ecobank Virtual Card is a safe and secure way to make online payments without having to use your plastic debit, prepaid or credit card,” a statement from the bank quoted the Head, Consumer Bank, Ecobank Nigeria, Korede Demola-Adeniyi, to have said.

Furthermore, she noted that, “customers may use it for their online shopping needs, share or create gift cards for loved ones who can benefit from this innovative form of payment.

“The Ecobank Virtual Card is stored on the mobile banking profile of each Ecobank customer who requests one. Access to the card is password protected and encrypted for user safety. Deleting or blocking a virtual card is very easy and can be done so at the touch of a button when logged into the Ecobank Mobile App.

According to Demola-Adeniyi, “the Ecobank virtual card supports recurrent payments and can easily be used for Apple Music, Netflix or other online subscriptions. The Ecobank Virtual Card is prepaid and users simply fund each card with the amount they would like to spend online or gift someone else.

“This gives the cardholder the flexibility and control over spending. Users also receive an SMS and email notification for every transaction done which enables easy tracking of transactions.

She noted that the bank is, “able to offer co-branded virtual gift cards to large e-commerce merchants which can be restricted for use on their websites or apps. We welcome them to contact us to discuss further. Getting an Ecobank Virtual Card is also a very convenient process and does not require a trip to a branch to activate or pick up”.

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

Stanbic IBTC Obtains Approvals, License to Establish Life Insurance Subsidiary

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stanbic IBTC Insurance

Stanbic IBTC Holdings Plc on Friday announced that it has obtained all required Regulatory Approvals and a license from the National Insurance Commission to establish a wholly-owned Life Insurance subsidiary, Stanbic IBTC Insurance Limited (SIIL).

In a statement signed by Chidi Okezi, Company Secretary, Stanbic IBTC and released on Friday, the bank said “The establishment of this new subsidiary essentially complements the bouquet of product offerings by Stanbic IBTC as it continues its goal of being the leading end-to-end financial solutions provider in Nigeria. In this regard, SIIL will aim to facilitate long term insurance for already financially included individuals and will seek to become the preferred Insurer in the Life Insurance Business.

“Stanbic IBTC Holdings PLC, a member of Standard Bank Group, is a full-service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade deals between Africa, China and select emerging markets. Standard Bank Group is the largest African financial institution by assets. It is rooted in Africa with strategic representation in 21 countries on the African continent.

“Standard Bank has been in operation for over 158 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.”

 

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Finance

World Bank to Discuss New $1.5 Billion Loan Request From Nigeria

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Zainab Ahmed

The Finance Minister, Budget and National Planning, Mrs. Zainab Ahmed, on Friday said the Federal Government has met all the conditions for a fresh loan of $1.5 billion from the World Bank.

The minister disclosed this on Bloomberg TV.

She said the multilateral financial institution is in the final stage of approving the loan. The minister explained that the loan will be discussed in the bank’s next meeting and possibly be approved in the same meeting.

In June, the Senate approved the borrowing plans but the World Bank pushed back demanding Nigeria fulfill the conditions attached to the $3.4 billion loan received from the International Monetary Fund (IMF) in May.

Some of the conditions were to increase revenue generation by upping VAT, the introduction of tariff reflective electricity bill, the removal of subsidy and the unification of the nation’s foreign exchange.

Most of which the Federal Government has done despite protests from most Nigerians who called the new policies anti-people given their current situation.

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Finance

Nigeria Realises Over N400 Billion from Company Income Tax in the Third Quarter of 2020

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tax relief

The Federal Government realised N416.01 billion from Company Income Tax (CIT) in the third quarter of the year, according to the latest report from the National Bureau of Statistics (NBS).

This was 3.48 percent higher than the N402.03 billion generated in the second quarter of the year and represents a decline of 20.13 percent year-on-year from N520.89 billion realised in the third quarter of 2019.

A breakdown of the report showed the professional services sector including the telecoms generated the highest amount of CIT at N55.52 billion during the quarter, while the manufacturing sector followed with N42.03 billion.

The banking and financial institutions realised N24.05 billion while the mining generated the least and closely followed by Textile and Garment Industry and Local Government Councils with N120.93 million, N167.51 million and N321.72 million generated, respectively.

The report added that out of the total amount realised during the quarter under review, a sum of N244.70 billion was generated as CIT locally. The federal government collected N70.34 billion as foreign CIT payment and the remain N100.97 billion was received as CIT from other payments.

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