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Banking Sector

Access Bank To Acquire BancABC Botswana

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Access Bank Plc on Monday disclosed that it had entered into a definitive and binding agreement with ABC Holdings Limited to acquire 78.15 per cent shareholding in African Banking Corporation of Botswana Limited (BancABC Botswana).

The transaction, which is subject to regulatory approvals and customary conditions precedent, is expected to close before the end of this quarter.

ABC Holdings is a subsidiary of London Stock Exchange listed group – Atlas Mara Limited.

Access Bank disclosed this in a statement signed by its Company Secretary, Sunday Ekwochi.

Bostwana is renowned for its quality sovereign credit rating and stability. Access Bank’s market entry is expected to further solidify its strategy as, “a strong banking partner in key verticals across retail and corporate banking, including especially supporting trade in payments across southern Africa and Sub-Saharan Africa more broadly.”

Commenting on the deal, the GMD/CEO, Access Bank, Herbert Wigwe, said: “We remain committed to a disciplined and thoughtful expansion strategy in Africa, which we believe will create strong, sustainable returns for our shareholders and stakeholders at large, over the medium and long-term.

“The establishment of Access Bank through this acquisition in the Republic of Botswana will position the bank to deliver a more complete set of banking solutions to its clients active in and across the SADC and COMESA regions.

“This transaction complements our recent strategic growth acquisitions in South Africa, Zambia and Mozambique. We are building a bank of the future that Africans across Africa and the world would be proud of and look forward to welcoming the employees, customers and other stakeholders of BancABC Bostawana to Access Bank.”

Banking Sector

Polaris Bank Set to Boost Nigerian’s Digital Banking Ecosystem, Unveils a New Digital Bank

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With the rising opportunities in the e-payment systems accelerated by the COVID-19 era sweeping across the world, there are indications that one of Nigeria’s leading retail franchise, Polaris Bank, has thrown its hat into the ring as it unveils a new digital Bank.

Feelers indicate that the Bank’s new Digital Bank which has for some time been in test mode amongst its staff and customers is set to grow its market share, targeting a new generation of digital natives and immigrants who are socially and financially aware of innovations in self-service and stress-free transactions. According to industry players, the long wait which greeted the launch was to ensure that the platform is robust enough to meet prevailing global standards and support other existing entities in the digital banking ecosystem.

As part of its enterprise transformation initiatives, the Bank has overhauled its IT infrastructure within the last two years and upgraded its digital capability. According to the Bank’s Managing Director/CEO, Innocent Ike, “this has seen the institution grow to earn the confidence of the banking publics, as it has been able to offer quality banking services at the cutting edge of technology.” The plaudits which greeted the Bank’s recently published 2020 financial performance, has further earned the Bank’s digital transformation efforts, a shot in the arm.

Polaris’ digital Bank, offers a suite of services not readily provided by competitors. Some of such bundled benefits include; access to instant loans, accessing the platform service without being a prior customer of the Bank, and end-to-end account opening without entering a physical bank.

One of the competitive benefits of the Bank is its creation of a collaborative ecosystem that enables Application Programming Interface (API) Banking. API banking refers to a system that makes a bank’s services available to other third-party companies via APIs. API Banking helps both banks and third-party companies augment their complementary specialties and offerings more than they can provide to their customers by themselves.

Through its API, Polaris Bank is reported to have so far onboarded new business start-ups, improved their market access, and ensured profit sharing with partners within the financial technology space. The Agro-businesses, educational institutions, e-commerce, are all set to benefit from the Bank’s platform.

According to recent data released by the Nigeria Interbank Settlement System (NIBSS), the volume of electronic payment transactions increased by 80 percent year-on-year to 54.07 billion in the first quarter of 2021 from 30.04 billion in the same period of last year.

As a result of the rise in e-payment transactions, income generated by banks via electronic channel transactions also increased by around 52 percent to N53.4 billion in the period under review compared with N35.2 billion in the same period of last year.

With the grand entry of Polaris Bank into the digital Banking space, it is expected that at the close of 2021, the 2020 NIBSS figures will grow exponentially and bolster the overall performance of the country’s e-payment ecosystem. Indeed, many youngsters and digital native enterprises constitute most of the population and the early adopters of digital innovation and lifestyle.

Polaris Bank is a future-determining bank committed to delivering industry-defining products, services, and digital platforms across all the sectors of the Nigerian economy. The Bank is a member of the United Nations Environment Programme Finance Initiative (UNEP FI), which seeks to engage the private sector and the global financial sector to help create a financial sector that serves people and the planet while delivering positive impact.

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Banking Sector

Ecobank Partners NiDCOM to Mobilise Nigerians Abroad for National Development

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In a bid to fulfill it’s objectives and mandate, the Pan African Bank has promised to support Nigerians living and working abroad through it’s partnership with NiDCOM.

The Managing Director, Ecobank Nigeria, Patrick Akinwuntan has stated that the bank is privileged to work closely with the Nigerians in Diaspora Commission, (NiDCOM) and will continue to pursue one of its key mandates of helping to enhance the economic development and integration of Africa through its support to Nigerians living and working abroad.

Speaking at the maiden edition of the Diaspora Quarterly Lecture Series with Ecobank as the sole banking partner which took place on Saturday, 8th May 2021, he noted that Ecobank remains a critical bridge for Nigerians abroad, as it has made huge investments in the necessary platforms to enable them connect with home seamlessly. The event held online and had over 2000 participants from across all the continents in attendance.

“Nigerians in the diaspora play a major role in nation building, their contribution goes a long way to catalyse economic development. For us at Ecobank, we are a pan-African institution positioned to foster the economic growth and integration of our continent, so we are particularly pleased to work closely with the Nigerians in Diaspora Commission (NiDCOM), ably led by the Chairman/CEO, Hon Abike Dabiri-Erewa”.

“We are committed to ensuring that every Nigerian living abroad is able to remit home seamlessly and affordably, access viable investment opportunities and as the financial institution of choice for Nigerians abroad, we have deployed the necessary resources to actualise this.” He stated.

The Minister of Interior, Ogbeni Rauf Aregbesola, who was also present, reiterated the readiness of the government to collaborate with Nigerians in the diaspora, highlighting the new processes put in place to facilitate passport issuance, noting that all backlog of passport applications would be cleared by the end of May 2021.

Also speaking, the Hon. Minister of State, Foreign Affairs Amb. Zubairu Dada said harnessing the human capital and material resources of Nigerians in the diaspora towards the socio-economic, cultural, and political development of Nigeria can no longer be ignored. He pointed out that the Nigerian diaspora community is well educated, resourceful, skilled, and exposed to global best practices.

The NiDCOM Chairman/CEO, Hon. Abike Dabiri- Erewa explained that the Diaspora Quarterly Lecture Series is projected to be a major aspect of national discourse, where Nigerians abroad can be kept abreast of the government’s policies, programmes and projects.

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Banking Sector

Wema Bank Unveils Hackaholics 2.0 Bootcamp Winners, Gives Out Over N8M Seed Fund

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Wema Bank’s Hackaholics 2.0, an acceleration aimed at helping startups scale and gain entrance into the market, came to an exciting end as the finalists were unveiled on Wednesday, May 5, 2021, at the Bank’s corporate head office in Marina, Lagos.

Themed, “Connecting Worlds” the Acceleration Program was a two-day virtual pitch which ran from October 30 – 31, 2020, for 20 participants across five industry pillars – Fintech, Agritech, Edutech, Gaming, and Healthtech, who qualified from a pool of over 100 entries received.

The Bank presented four startups comprising two people each with N2,187,500.00 startup fund. The winners emerged across each industry after a four-week Bootcamp under the supervision of a best-in-class acceleration curriculum delivered by seasoned faculty and tech specialists from GreenHouse Capital, official partners of the event.

The Managing Director/CEO, Wema Bank, Ademola Adebise congratulated the winners and expressed satisfaction with the quality of competition and the entire process.

“We are happy to see the winners emerge and are positive that you guys will be the unicorns of tech solutions in the next couple of years,” he said.

“For us at Wema Bank, we will continue to support innovations and innovative ideas, support our youths, and support our women to thrive. We believe that is the way to go and significantly grow and support the economy,” Adebise said.

The winning start-ups are:

Fintech Category: Oladayo Awotukunbo of Plumpter, a Fintech brand that created a marketplace for secure payments to foreign parties and quick banking.

Gaming/Betting Category: Ernest Akinlola and Obayemi Okubajo of My Lotto Hub, a digital startup pioneering the aggregation of lottery operators and enabling lottery punters to manage all their operations in a single platform

Agritech Category: Aderinola Amole and Olamide Oyinlola of FarmSquare, a brand that focuses on using the e-commerce model to simplify the demand and supply of Agricultural inputs in Nigeria.

Healthtech Category: Uche Udekwe and Joy Chioma of Natal Cares, a startup with a product that optimizes the healthcare value chain to reduce the high mortality rate for pregnant women and children.

Speaking at the event, Chief Financial Officer, Wema Bank, Tunde Mabawonku, reinforced the internal and external growth integration stance of the bank saying: “We realized very early that financial service delivery has moved beyond bricks and mortar physical interactions, hence, at Wema Bank we repositioned internally, invested strategically and heavily in technology to drive Digital Optimization of our services”.

“Second, we realized we can’t innovate all from within, we need to drive innovation from outside. We then created “Hackaholics” the Wema Bank Hackathon. The idea is to bring fresh minds, fresh ideas, fresh insights, into solving day-to-day societal problems leveraging technology. We are also working with third-party resource providers we can invest in to grow the solutions for societal impact”. Mabawonku added.

Chief Digital Officer, Wema Bank, Segun Adeniyi emphasized the importance of the Bank’s sustainability footprints. “We aim this initiative at deepening the impact of innovation in the ecosystem and create an opportunity to drive that ecosystem. There is a plethora of start-ups and innovators out there who don’t have the right environment to upscale those ideas into commercial value”.

“What we have done is giving some seed to them in funding, and more importantly, we have given them advisory. We have helped them to look at the ideas they have, flesh them into commercial value, help them articulate the problem, identify unique areas where and how they can solve those problems, and identify their target market.”

The winning startups all expressed gratitude to Wema Bank for the seed fund and commended the bank for the initiative. They said the Hackathon Bootcamp has broadened their horizon. They expressed that the seed funding from Wema Bank will help to upscale their businesses to the desired place.

“For us at Wema Bank, this is not just CSR. It is creative self-disruption. We are attuned to what is going on in the ecosystem, we are keen to be part of it, we are enthusiastic about sharing our own experiences with the start-ups. It is part of why we stay vibrant and relevant as an organization,” Adeniyi concludes.

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