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Banking Sector

Banking that Suits Every Lifestyle: Here’s how Fidelity Bank Supports the Everyday Nigerian

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Ever committed to the well-being of Nigerians, and as an extension of its avowed desire to be the go-to bank for customers’ lifestyle needs, Fidelity Bank Plc continues to set the pace in the Nigerian financial services industry with excellent banking products and services. The bank has also received recognition for its numerous praiseworthy initiatives tailored to support Nigerians in their different pursuits.

Under the adept guidance of its CEO and Managing Director, Nneka Onyeali-Ikpe, the leading Nigerian bank continues to create a world of limitless opportunities, making financial services easy and accessible in various sectors such as SME support, digital banking, online banking, corporate banking and transformative Corporate Social Responsibility (CSR) initiatives.

In the Small and Medium-scale Enterprises (SME) sector, Fidelity Bank is topping the charts as one of the SME-friendly Nigerian banks. This ties to their recognition of the undeniable impact that SMEs have on the Nigerian economy. According to a recent report by the Nigeria Bureau of Statistics, SMEs in Nigeria have contributed about 48% of the national GDP in the last five years. With 17.4 million, they account for 84% of employment and nearly 90% of the manufacturing sector regarding the number of enterprises. To support this growth and a more robust economy, Fidelity Bank has positioned itself as a leading supporter of small businesses with a suite of tailored offerings, equipping Nigerian SMEs with the much-needed capacity for sustained business growth and entrepreneurial success.  This is evident in their low-interest credit facilities with flexible collateral requirements, the Fidelity SME Academy which offers business advisory to business owners, and the critically acclaimed Fidelity SME Radio Forum. All these initiatives and more have resulted in tremendous success for the benefiting SMEs.

Going beyond SME support, the bank has also recorded remarkable strides in digital banking. Fidelity Bank currently leads a growing number of forward-looking financial institutions that are leveraging technology to create innovative products and services. The bank underwent a significant evolution of business culture over the past years to improve operational efficiency.

The impact of this business evolution can be easily seen in the bank’s recently introduced “Pay Yourself” digital service for salary earners and SMEs. This ground-breaking digital product puts customers in charge of their finances by letting them determine when they want to get paid- anytime from midnight on their official payday to the last day of the month. The product which had been piloted successfully for eleven months by their staff is now available to customers whose salaries are domiciled with Fidelity Bank. ‘Pay Yourself’ gives customers the ability to pay themselves their salary via USSD code on their mobile phones.

The Fidelity Virtual Card is another revolutionary product the bank has introduced recently to enhance its customers’ lifestyle by enabling them to carry out transactions without their physical cards. The cards can also be linked to any account and are 100 percent secure. In addition to this, the bank partnered with PayAttitude, a Nigerian fintech company, to create seamless payments and financial transactions. With this partnership, Fidelity Bank customers now have the option of carrying out transactions with just their phone numbers.

This drive by the bank to better the lives of Nigerians can also be seen in the bank’s noteworthy investments in corporate organisations. Taking cognisance of the sector’s contribution to the Nigerian economy, the bank has over time developed tailored products and services to sustain such organisations with their working capital and structured finance needs.

These services and products enable corporate organisations to own efficient Current Accounts with complimentary management of the daily cash flows. The bank also provides specific solutions such as the Working Capital Finance, which provides working capital solutions such as Trade Finance where the bank facilitates the issuance of various types of Letters of Credit, Bills for Collection, and Import Finance Facility for international trade. The bank also offers Overdraft and finances, which guarantees easy access to funding for corporates with short-term funding needs. There are also Bonds and Guarantees, which are Contingent Liabilities to guarantee performance and/or payments on contractual obligations for Large Corporates.

All of these, amongst others, solidifies the bank’s position as a customer-centered bank, with the mission to not only make financial services easy and accessible to Nigerians everywhere but, more importantly, to provide financial services that suit the Nigerian lifestyle.

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Banking Sector

FirstBank Expands Its International Money Transfer Network, Reinforces its Commitment to Customer Service

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In furtherance of the need to expand diaspora remittance inflow into the country, First Bank of Nigeria Limited has increased its network of International Money Transfer Operators (IMTOs), targeted at easing the accessibility of its customers to receive money from close to 100 countries across the world in a safe and secured manner. With over 750 branches across the country, customers can receive money from the nearest FirstBank branch closest to them.

Over the years, FirstBank has been in partnership with Western UnionMoneyGram, Ria, Transfast, and WorldRemit. The bank is also in partnership with other IMTOs which include Wari, Smallworld, Sendwave, Flutherwave, Funtech, Thunes and Venture Garden Group to promote remittance inflow into the country, thereby putting Nigerians and residents at an advantage in receiving money from their families, friends and loved ones across the world.

Beneficiaries can receive remittance in US dollars in any of our over 750 branches spread across the country. Customers without an existing domiciliary account can have dollar account automatically created for their remittances. You can also receive inflow directly into your account through Western Union.

In addition, FirstBank has launched its wholly owned remittance platform named First Global Transfer product to promote the international transfer of funds across its subsidiaries in sub-Saharan Africa. These subsidiaries include FBNBank DRC, FBNBank Ghana, FBNBank Gambia, FBNBank Guinea, FBNBank Sierra-Leone, FBNBank Senegal.

Reiterating the Bank’s resolve in promoting diaspora remittances, regardless of where one is across the globe, the Deputy Managing Director, Mr Gbenga Shobo said “at FirstBank, expanding our network of International Money Transfer Operators is in recognition of the significant roles diaspora remittances play in driving economic growth such as helping recipients meet basic needs, fund cash and non-cash investments, finance education, foster new businesses and debt servicing.

We are excited about these partnerships, as it is essential to ensure our customers are at an advantage to receive money from their loved ones and business associates, anywhere they are, across the world.”

FirstBank pioneered international funds transfer and remittances over 25 years ago and has been at the forefront of promoting cross border payments in the country, having started the journey with Western Union Money Transfer. The Bank’s wealth of experience and operation in over 750 locations nationwide gives it the edge in the market.

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Banking Sector

Global Banking Sector Grows 40% Reviving Pandemic Losses in Just 12 Months

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In 2020, the global banking sector took a hit following the economic impact of the coronavirus pandemic, which was reflected in the overall market capitalization. However, with the ongoing global recovery, the banking industry has regained most of the losses incurred during the health crisis. 

According to data acquired by Finbold, in just 12 months between Q2 2020 and Q2 2021, the global banking sector’s market cap has surged 39.62%, adding €2.1 trillion from €5.3 trillion to €7.4 trillion. On the path to recovery, the market cap slightly plunged in 2020 Q3 to €5.2 trillion before gaining 17.3% the next quarter.

Among the Western European banks, Spain’s BBVA bank recorded the highest total shareholder return rate at 19.7% between April 2021 – July 2021, followed by Société Générale from France at 13.8%, while Banco Santander, also from Spain, ranks third at 12.1%. United Kingdom’s Barclays is the worst performer with a TSR of -8%. Data on the global banking sector’s market cap is provided by Banking Hub.

How banking sector sustained growth

The registered market capitalization is supported by the large-scale reopening of economies due to the vaccine rollout. Additionally, the banks, especially from major economies like the United States and Europe, have reaped from policies meant to cushion the economy from the adverse effects of the pandemic. Notably, the decisions by most banks to retain a low-interest-rate environment has been beneficial to banks.

Worth noting is that during the pandemic, banks found themselves in a tight spot. Historically, the banking sector has been considered the custodian of the economy but the pandemic also plunged the banks into a crisis. The banking sector’s profits were adversely affected considering they are bound to the business cycle and interest rates.

At the same time, banks also put in place measures like approaching loans with caution due to uncertainty in repaying which directly impacted profits. However, banks were tapped to facilitate the distribution of stimulus packages boosting their capital reserves in return.

Worth pointing out is that institutions like the European Central Banks allowed banks to continue using their capital buffers flexibly with a planned extension until 2022. With such moves helping banks sustain growth, it eliminates the worry of straining capital buffers while the health crisis is still impacting the banks’ balance sheets.

Furthermore, the crisis highlighted the need for banks to keep huge reserves of capital that can be activated in the wake of economic turmoil. Although most banks have historically relied on assets for future cushion, a crisis like the coronavirus calls for more capital because selling assets in such an environment is challenging.

Besides the policies, the banking sector recovery was partly aided by existing operational risk management arrangements. The pandemic tested all financial market participants and most leading banks successfully invoked business continuity plans. The plans ensured that the financial markets continued to run smoothly and orderly.

The sector’s recovery has also been accelerated by other factors like the increased adoption of pre-pandemic trends like digitalization and sustainability. Digitization of operations has been backed by consumers who are willing to conduct transactions online. At the same time, the digital shift has presented a competitive factor in the sector, with institutions that had established online presence benefiting the most.

Notably, the recovery was at some point under threat during the third quarter of 2020 amid concerns of the pandemic’s second wave. However, the sector sustained the gains with the rollout of the vaccine. Furthermore, moving into 2021, the industry appears not to be bothered by the Delta variant.

The future of the banking sector

By sustaining the market capitalization for two consecutive quarters, it can be assumed that the banking sector response to the health crisis is bearing fruits. However, it is still early to determine if the recovery is sustainable.

The rally will be tested, especially when central banks eliminate all the policies meant to cushion the economy. However, in the long run, banks will have to tailor their operations towards changing consumer behaviour.

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Banking Sector

How Stanbic IBTC is Transforming Nigeria’s Trade Landscape

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Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has reiterated its commitment to fostering international trade and help the nation actualise its economic growth and development goals.

The Bank said it will continue to fine-tune its three-pronged approach to facilitating trade activities for clients. These are the development of bespoke financial solutions to help boost trade for clients; sponsorship of relevant trade shows that bring together stakeholders in global trade, including exporters and importers; and organisation of seminars and workshops to provide clients and other stakeholders with industry insights and enlighten them on global trade opportunities.

“Our goal is to become the ‘go-to’ Bank as far as global trade is concerned, with emphasis on Africa-China trade. This approach is of immense value to our clients and will help us achieve our fundamental purpose, which is to drive Nigeria’s growth,” Chief Executive Stanbic IBTC Bank PLC, Wole Adeniyi, said.

In line with this resolve, Stanbic IBTC organised a webinar on the African Continental Free Trade Area (AfCFTA). The webinar themed: ‘AfCFTA State of Play: Understanding Potential and Maximising Opportunities for the Customer’, emphasised Stanbic IBTC’s readiness to leverage the trade opportunities of the AfCFTA agreement to unlock business opportunities for its clients in the small and medium-sized enterprises (SMEs) sector as well as its corporate clients.

In 2019, Stanbic IBTC launched its Africa China Agent Proposition (now called Africa China Trade Solutions – ACTS) to boost trade transactions between Africa (Nigeria) and Asia, especially China, and help customers consummate the best business deals without having to travel to China.

According to Stanbic IBTC, ACTS will give customers exclusive access to an array of exporters in China through an accredited agent, Zhejiang International Trading Supply Chain Co Ltd, also known as Guamao.

Stanbic IBTC has held various fora as part of its sensitisation drive on ACTS and the currency swap agreement between Nigeria and China. These fora provided insight on how best to help clients and businesses leverage the opportunity and assess the impact of the Chinese economy on trade in Nigeria and Africa as a whole.

According to Wole, these workshops were geared towards deepening trade connections with the Chinese business community, thereby stimulating strong trade and business ties between Africa, with a special focus on Nigeria and China.

Stanbic IBTC Bank was a platinum sponsor of the 2021 Global Trade Review (GTR) West Africa Conference themed ‘Connecting the Region’s Trade Experts. The GTR West Africa Conference is an annual regional event for trade discussions and networking among leading practitioners in trade, export, and commodity finance to strategically explore the latest developments, strategies, and solutions needed to drive growth.

Experts have continued to commend Stanbic IBTC on this bold approach to educate its clients and investors about the benefits of AfCFTA, the Nigeria China currency swap deal, and the ACTS proposition, all geared towards helping clients unlock business opportunities.

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