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SunTrust Bank Empowers Female Fashion Entrepreneurs To Access N5M Facility

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SunTrust Bank Nigeria Limited has launched a new initiative tagged “women in fashion (WIF)”, aimed at empowering female entrepreneurs in the fashion industry to access up to N5 million loans.

The launch which was done at its head office in Victoria Island, Lagos state, on Wednesday is coming on the heels of its recent launch of the Women on Wheels product, which has so far been a huge success. Noteworthy, the Woman on Wheels is an initiative that empowered several female drivers with cars to boost their involvement in the ride-hailing industry

According to the bank, it is launching the first phase of WIF with 100 women and the sum of N500m.

“SunTrust Bank Nigeria is launching this phase with 100 women and the sum of N500m.WIF is for those in ready to wear fashion business only, it is also to encourage export of our local fabrics and give our fashion designers opportunity to play in the global space while earning in forex.”

Suntrust Bank Fashion Empowerment - Investorsking

Raliat Oyetunde, the bank’s head of SME and regional head in Lagos and Western Nigeria, emphasized that one of the criteria for selecting successful beneficiaries is the scalable nature of the business.

“The focus is for beneficiaries to export their products and bring in foreign exchange,” she said.

The bank stated further that “To create a memorable way to spread the brand’s messages and stand out from the other competitors, SunTrust Bank introduced SME Flash Loans (Women on Fashion) to support women in business who make ready to wear clothes and interested in expanding their existing fashion businesses.

“For you to be eligible to access this loan facility, you must be a woman, you must have been in business for 12months, you must have opened an account with SunTrust Bank and operated for 3months and provide guarantor of level 12 officer in government or Assistant Manager in Financial Institution.

“Women can access between N500, 000 to N5, 000, 00 (five hundred thousand to five million naira).”

The bank added that the initiative is one of the ways it is contributing to the Micro, Small and Medium Enterprise (MSME) sector which is the mainstay of most developing economies and in Nigeria it contributes 48 percent of the nation’s GDP, accounting for 96 percent of businesses and 84 percent of employment in the last 5 years.

“In the today’s competitive market, catching the attention of your target audience is getting more challenging every day, and therefore engaging small businesses like the Fashion industry is paramount, especially, as the Government is trying to grow the SME sector with the ease of access to loans and financial advisory,” the bank revealed.

Sun Trust Bank launched to the General Public on August 15, 2016. Inspired by the future, it is a privately held Commercial Bank licensed by the Central Bank of Nigeria under the BOFIA.

The Bank focuses its lending activities on SME Finance, Retail/Consumer Banking, and Medium to large Corporate Finance and explores other specialized Development/Infrastructure financing activities.

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Banking Sector

CBN Grants Lotus Bank Non-Interest Banking Licence

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The Central Bank of Nigeria (CBN) on Thursday, June 17, granted a non-interest banking licence to Lotus Bank Limited.

This was contained in a statement titled ‘CBN grants Lotus Bank licence to commence non-interest banking operations’.

The statement read in part: “Lotus Bank seeks to pursue the mission of creating value and growth for all through digital innovation and best-in-class customer experience for Nigerians.”

Commenting on the grants, the founder and managing director of Lotus Capital (the pioneers of non-interest finance in Nigeria), Hajara Adeola, said the bank was starting its operations on a solid foundation of experienced leadership and a strong advisory council of experts.

Adeola explained that the bank is managed by a team of seasoned professionals and financial experts led by the Managing Director/Chief Executive Officer, Kafilat Araoye, who has over 25 years of commercial banking experience.

She added that the institution’s focus and guiding principle is ‘to deliver an alternative option to interest-based banking and to cater to the needs of not just the banked but also the underbanked and unbanked population.

According to her, non-interest banking was geared towards supporting the real sector and Lotus Bank aimed to improve financial inclusion in the country.

The founder of the bank, however, disclosed that it would operate transparent pricing models as it was the norm in non-interest banking.

The statement added: “Our values are deeply rooted in partnership. A critical component of our mission is the provision of innovative solutions that drive ethical prosperity for all stakeholders.

“We pride ourselves on digital solutions that provide our customers with the convenience of unlimited access to our services and products.”

“Our products and service offerings will include non-interest business financing, deposit products (current, savings and investment accounts) and personal financing.”

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Banking Sector

Fidelity GAIM Season 4 Final Draw To Hold On July 22

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Fidelity Bank- Investors King

One of the leading financial institution in Nigeria, Fidelity Bank Plc, has announced plans to enrich the lives of fifteen Nigerians with a total of 39 million Naira at the final draw of the “Get Alert in Millions Campaign (GAIM)” Season 4 savings promo, slated for July 22, 2021.

The savings promotion, which is specifically aimed at promoting the culture of saving among Nigerians, is one of the bank’s many initiatives aimed at rewarding new and existing customers for their unwavering loyalty and patronage.

Despite the fact that the promotion was halted in 2020 due to the Coronavirus (Covid-19) Pandemic and the resulting global lockdown, hundreds of Nigerians have benefited from this unique reward scheme in which lucky customers are credited with millions of naira and consolation prizes via a draw system.

The Chairman, Promo Committee, Fidelity Bank Plc, Mr. Richard Madiebo expressed his delight at the resumption of the savings promotion, stating that the campaign seeks to reward customers for their loyalty and patronage. According to Mr. Madiebo, for the past twelve years, the bank has empowered new and existing customers, providing an avenue for many to change their fortunes through its savings Promo.

He stated that the bank takes pride in keeping its promises, adding that the lender would continue to look out for innovative ways to satisfy and enrich its customers across the nation.

“And as we wind down on the 4th season of the GAIM promo, we are elated at the prospect of not only driving financial inclusion across Nigeria but also at the unique opportunity to enrich the lives of our customers especially in times of economic uncertainties”, noted Madiebo

Over the years, the leading tier two Bank has continued to intensify its efforts and innovate ways towards ensuring customer and stakeholder satisfaction. Through this promo, Fidelity Bank has promoted financial inclusion through digital channels and enriched the lives of its customers even in times of economic uncertainties.

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Banking Sector

Zenith Bank Gets Recognition for Best Corporate Governance

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Zenith Bank Plc’s strong business ethos, ethical values, and impeccable corporate governance have been rewarded with ‘Best Corporate Governance’ Financial Services’ Africa 2021 award by the Ethical Boardroom.

The bank, in a statement yesterday, said the award, published in the June 2021 edition of The Ethical Boardroom magazine, recognised the bank’s adherence to global best practices and institutionalisation of corporate governance as well as setting an industry-wide example of best practices in that field.

Commenting on the award, Group Managing Director/Chief Executive of Zenith Bank Plc, Mr. Ebenezer Onyeagwu, said: “This recognition is a testament to our commitment to quality, accountability, fairness and transparency in our engagement with all stakeholders.

“It is also an affirmation of the bank’s professionalism, ethical conduct and sustenance of global best practices and standards which is attributable to the joint collaboration of the management and staff.”
The award comes on the heels of others and recognitions that the bank has garnered in recent times for its track record of excellent performance and commitment to global best practices.

For instance, Zenith Bank was voted as Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020; Best Bank in Nigeria in the Global Finance World’s Best Banks Awards 2020 and 2021, and Best Corporate Governance’ Financial Services’ Africa 2020 by the Ethical Boardroom.

Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, and Number One Bank in Nigeria by Tier-1 Capital in the “2020 Top 1000 World Banks” Ranking by The Banker Magazine.

Similarly, the bank was recognised as Bank of the Decade (People’s Choice) at the THISDAY Awards 2020, Retail Bank of the year at the 2020 BusinessDay Banks and Other Financial Institutions (BOFI) Awards, and Best Company in Promotion of Good Health and Well-Being as well as Best Company in Promotion of Gender Equality and Women Empowerment at the Sustainability, Enterprise and Responsibility (SERAS) Awards 2020.

Zenith Bank has been generally adjudged a corporate governance compliant bank by the Nigerian Exchange Limited (NGX) hence its listing on the Premium Board of the Exchange.

The bank continues to sustain this reputation and reappraise its processes to ensure that its business conforms to the highest global standards at all times.

The bank places a premium on its core business strategy anchored on people, technology and service, to create value for its numerous clientele.

“With a team of dedicated professionals, the bank leverages its robust Information and Communication Technology (ICT) infrastructure to provide cutting-edge solutions and products through its network of branches and electronic/digital channels,” the statement added.

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