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Banking Sector

Ecobank Group Named 2021 African SME Bank of the Year

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The Pan-African banking group, the Ecobank Group, is the African Banker’s 2021 African SME Bank of the Year.

Ecobank beat a host of other banks in the African Banker Awards 2021 to take home the SME Award in a 2020 tumultuous year characterised by the Covid-19 pandemic which continues to ravage many African economies, with Small and Medium Enterprises (SMEs) taking the greatest hit.

Among other criteria, the African SME Bank of the Year award 2021 recognises the bank which has significantly contributed to the development of the SME sector, thus helping them to build the economic backbone of the continent. Part of the entry criteria required that the winning bank has significantly catalysed funding into the private sector in Africa and promoted enterprise development by facilitating credit and access to finance for SMEs.

Since the onset of Covid-19, the Ecobank Group has considerably ramped up investments in programmes targeting SMEs by expanding SME-focused lines of credit, providing technical assistance to SME development institutions and building SMEs’ capacity via linkage programmes in partnership with its strategic partners. The Group has been at the forefront of promoting gender inclusion and closing the gender finance gap through innovative initiatives such as ‘Ellevate by Ecobank’ that targets women-led and women-focused businesses across the continent.

Ecobank Group Executive, Commercial Banking, Josephine Ankomah, said “2020 was a year of unprecedented challenges on account of the Covid-19 pandemic. It required resilience and innovation. We needed to rethink our business and provide innovative ways to assist our SME customers to help them to survive the difficulties brought about by the pandemic. We are truly honoured to receive this recognition. Our immense gratitude goes to our staff, customers and partners who have made this possible.”

Some of the measures taken by the Bank to support SMEs in 2020 include:

  • Proactively instituting mitigating actions, including tenor extensions and moratoriums on interest, to assist SMEs to manage their loan repayments;
  • Increasing the utilisation of digital channels, such as Ecobank Omni Lite, to provide customers with capabilities to make payments remotely and conveniently;
  • Upskilling staff to ensure their capacity to help develop the SME sector;
  • Collaborating with existing risk sharing partners, particularly Development Finance Institutions (DFIs), to share a portion of the risk associated with our lending to the SME sector;
  • Partnering with tech giant Google to provide SME customers with the means to develop free online presence through the Google My Business platform;
  • Collaborating with the African Union’s Development Agency – AUDA-NEPAD – to focus on strengthening Africa’s support for micro, small and medium enterprises (MSMEs) and assist their recovery from the impact of the pandemic by empowering MSMEs with access to capabilities, markets and finance, so that they can play a pivotal role in restarting Africa’s economies;
  • Launch of ‘Ellevate by Ecobank’ which is a women-owned and women-focused product offering women an end-to-end partnership, through which they gain access to both financial and non-financial services such as financial education, product information, networking and recognition; and

Growing the number of merchants using Ecobank’s point-of-sale (POS) terminals from 5,571 to 15,878, in addition to attracting significant onboards onto EcobankPay, our flagship QR collections platform, from 180,060 to 248,664.

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.

Banking Sector

Zenith Bank GMD, Onyeagwu Emerges “CEO of the Year” as Zenith Bank Wins ‘Most Responsible Organisation in Africa’ at SERAS CSR Africa Awards 2021

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Zenith Bank’s Group Managing Director/CEO, Mr. Ebenezer Onyeagwu, has emerged CEO of the Year for a second consecutive year at the Sustainability, Enterprise and Responsibility (SERAS) CSR Africa Awards held at the weekend in Lagos.

According to the judges, he was selected for a number of reasons, including engendering a culture that promotes the continued investment in social initiatives in support of the United Nations Sustainable Development Goals (SDGs). Under his leadership, the Zenith Bank’s social investments totalled NGN3.285 billion in 2020, representing nearly 2% of the Bank’s profit after tax.

The judges found him worthy for his commitment to promoting sustainability and responsible business practices in Nigeria, by his frontal leadership of sustainability in Zenith Bank, thereby enabling best industry practices in the banking sector, and for his passion for reducing carbon emissions in the Bank’s operations.

Zenith Bank Plc also emerged winner in four other categories at the SERAS CSR Africa Awards, carting home the awards for “Best Company in Reporting and Transparency”, “Best Company in Infrastructure Development”, “Best Company in Gender Equality and Women Empowerment”, and the coveted “Most Responsible Organisation in Africa”.

Zenith Bank was adjudged the Most Responsible Organisation in Africa, winning the overall best sustainability award, for its continued commitment to the tenets of Sustainability and Corporate Social Responsibility, within its immediate community and in the society at large.

The Bank also emerged as the winner in the category for Reporting and Transparency for its consistency in disclosing and communicating its sustainability journey and progress annually vis-a-vis environmental, social, and governance (ESG) goals, in line with the guidelines and protocols set by the Global Reporting Initiative (GRI), Nigeria Sustainable Banking Principles (NSBP), NigerianExchange (NGX), United Nations Global Compact (UNGC), and United Nations Environment Programme Finance Initiative (UNEP FI). The Bank also ensures the assurance of its sustainability report by reputable independent third parties. In 2021, the Bank’s 2020 sustainability report was assured by PricewaterhouseCoopers (PwC) and disseminated through the Bank’s website for the public and sent to all relevant stakeholders, including the United Nations Global Compact (UNGC).

In the infrastructure development category, the Bank was voted winner for its nation-building initiatives and investments, including supporting efforts towards establishing basic services and functional security, governance, and economic and infrastructure systems, especially in Nigeria. As a testament to this and in demonstration of its commitment to the development (often referred to as reform, restructuring and rebuilding) of the Nigeria Police Force for the preservation of law and order, protection of life and property, and law enforcement in Nigeria, the Bank supported the Lagos State Security Trust Fund with N500,000,000.00 for the provision of security-enhancing facilities and infrastructure. This is in addition to contributions to other state security trust funds.

Zenith Bank was adjudged winner in the category for the Best Company in Promotion of Gender Equality and Women Empowerment for its Z-Woman initiative, which offers credit facilities to women-owned businesses at a single-digit interest rate and for a gender-balanced workforce (Women make up about 50% of employees). During the reporting period, the number of women and women enterprises supported by the Bank, through the Z-Woman initiative, grew by 88.7%, from 391 in 2019 to 738 in 2020.

The Sustainability, Enterprise and Responsibility Awards (SERAS) is an initiative of TruCSR which celebrates and promotes investments by corporate organisations in the society through CSR and sustainability initiatives. It made its debut in 2007, and participation was opened to other countries of Africa in 2016.

The 2021 awards featured 387 projects by 97 organisations across Africa. The SERAS Jury Board consists of global thought and best-practices leaders from around the world such as Maria Sillanpaa (Finland); Nyasha Gwatidzo (Zimbabwe); Adesuwa Onyenokwe (Nigeria); Amjed Achour (Morocco); Charles Ojei (Nigeria); Ellen Gunning (Ireland); Gina Din-Kariuki (Kenya); Indira Kartallozi (England); Lampe Omoyele (Nigeria); Paul Kapelus (South Africa); and Scott Walker (England).

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Banking Sector

Having a FirstBank Salary Account Can Ease Your Money Problems, Find Out How…

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“There is always a lot to spend money on, and sometimes the bills can’t wait for the salary to be paid” Tope complained when his wife informed him that they had run out of cooking gas and had to refill.

He had just moved to a new location with his family and the bills seemed to be coming at such speed that he could hardly keep up. Barely three weeks in the new apartment, the electricity bill had arrived.  The new apartment was bigger than the last and their two double-seater cushions left too much space vacant in the seating room. They needed to get a couple more pieces of furniture to fill the space. His wife had not stopped reminding him of the car he promised to get, in order to ease mobility for the family.

Everyone has been a Tope at some point in time, and that is why everyone needs a financial partner like FirstBank, Nigeria’s premier and leading financial services brand. FirstBank offers a variety of loan products that can help you ease off the pressure as you work towards meeting pressing and urgent needs, as well as medium-term goals.

FirstAdvance is a digital product tailored for Salary Account holders, who have an urgent cash need and would want to access salary advances from the bank.  If you have held a salary account with FirstBank for up to two months, you can access 50% of your monthly net salary and as much as half a million naira (N500,000).

A physical visit to the bank branch is not required as you can access it via the FirstMobile (FirstBank’s Mobile banking app) and USSD channels. To access the service via USSD, dial *894*11# from the phone number linked with your FirstBank account. This has proved to be the solution for many people while emergencies arise before payday. There is no point in waiting for month-end before you can take on those pressing financial obligations.

FirstCredit is another digital product designed to cater for non-salaried individuals. All that is required is for your account to have been active and transacting in FirstBank for six months or more to access FirstCredit. It provides customers with quick and easy access to loans to fund urgent transactions. You do not need a smartphone or a physical visit to the bank to get this done as well. This credit facility can be accessed using a mobile phone and the USSD banking code, *894*11#. You can access as much as N300,000 to be repaid within 30 days.

No physical documentation or collateral is required, neither do you need a physical visit to the bank to access both loans.  Imagine the confidence that comes with sorting out your bills within minutes and without having to wait till month-end.

Salary accounts should do more than receive your monthly payments from your employer. It should be instrumental in making your day-to-day living easier, and this is what having your salary account with FirstBank can achieve for you. You can get a Personal Loan Against Salary (PLAS) if you have a longer-term project at hand or investments to make. It may be paying school fees for your kids, acquiring assets or renovating your properties, paying rent, taking professional examinations. Customers who qualify can access Up to N50 million based on their net monthly income and rates are competitive while offering long-term and flexible repayments up to 48 months tenor.

Despite all these benefits and ease in access to loans, it literarily costs nothing to open a FirstBank Salary Account.  Zero opening balance, Zero minimum daily operating balance, Zero account maintenance charge, plus you even get your first debit card issued for free.

Truly, it is always “YOU FIRST” from FirstBank.

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Banking Sector

Nigerian Banks Disburse N7 Trillion Loans in 3 Years

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Global Banking - Investors King

In the last three years, commercial banks in Nigeria have disbursed over N7 trillion in loans and advances to their customers, a feat which the Central Bank of Nigeria said was achieved through the apex bank’s loans to deposit ratio (LDR) policy.

This was stated by the Deputy Governor, Financial Systems Stability of the CBN, Mrs Aishah Ahmad at the 40th anniversary summit of the Financial Institutions Training Centre (FITC) in Lagos on Friday. Ahmad noted that the LDR policy, which specified that a specific percentage of bank deposits must go out as loans and kicked off in 2019, had seen the rate at which banks lend to the economy improve largely.

In July 2019, the CBN had increased the minimum required LDR to 60% and then went on to review it upward to 65% later in the year which has since then helped the country’s economy, as well as increased retail lending to households.

The increase of the loans to deposit ratio being increased means that for the amounts of money being deposited in the banks, the banks are to increase the rate at which loans will be given against the deposited amount. For example, if $1 is deposited, the LDR increase to 65% would mean that the bank would give out the equivalent of 60.5 cents per one dollar.

According to Ahmad, the CBN has tried for years to endure that it drives lending to the real sector as she went on state that the policy established by CBN Governor Emefiele over the past years has placed emphasis on this, in terms of intervention funds and also in terms of some of the policies put in place like the loan to deposit radio (LDR) which has added about N7 trillion in loans.

Speaking on the stability of the banking sector, Ahmad stated that all the indicators point to its strength and stability, as well as its role as a catalyst towards the country’s recovery.

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