Banking Sector

Ecobank Super Reward Scheme To Deepen Savings, Celebrate And Assist Customers’ Businesses – MD/CEO

Published

3 years ago

September 6, 2021

Managing Director/Regional Executive, Ecobank Nigeria Ltd, Patrick Akinwuntan has said the bank initiated the Super Reward Scheme to deepen savings amongst Nigerians, reward and assist customers’ businesses.

The Managing Director who was speaking at the presentation of Super Reward grand prize of N1 million cheque to each of the four winners reiterated the bank’s commitment to providing convenient banking services; supporting micro, small and medium enterprises (MSMEs); assisting customers to realize their potentials and contributing meaningfully to the growth of Nigerian and African economy.

While congratulating the winners as well as the customers who participated in the rewards programme, he disclosed that the bank is coming out with several other initiatives such as the Lion’s Den, an SME focused television series to air on DSTV which will afford young entrepreneurs the opportunity to showcase their business potentials that will create new Bill Gates, Dangotes out of Nigeria.

“We celebrate our customers for banking with us. They are the reason why we are in business. We are giving them the opportunity to grow their businesses by providing them with convenient banking services. We are bringing banking services to every neighbourhood through Xpress points, our agency banking platforms where we presently have close to 35, 000 locations across the country. The idea is to support agriculture, real sector activities at the grassroots level. We are also supporting family values to promote cohesion and preserve culture. We are supporting our customers to realize their potentials for instance we are reaching out to women through Ellevate, which provides favourable terms for women businesses, and generally, as a pan African bank, we are connecting Africa businesses to the world.” He stated.

The Ecobank Rewards scheme grand prize presentation event which was held both physical and virtual, saw four winners including Tsoho Alaye, with an Ecobank Microfinance Special Account representing FCT/Northern Region; Badero Modupe Olufunmilayo, with a Personal Flexi Account, representing Lagos Region; Omiwole Damilare Daniel, with an Ecobank Microfinance Special Account, representing Midwest and South West Region; and Hayford Gogo Lawson, with a Personal Savings Account, representing South-East and South-South receiving their prizes simultaneously.

Badero Modupe Olufunmilayo, the winner in Lagos Region, said she was attracted to Ecobank because of its network advantage and excellent service delivery. She promised to be an ambassador of the bank. On his part, Tsoho Alaye, winner in FCT/Northern Region appreciated the bank’s management for a track record of rewarding customers. He affirmed that he would continue to do business with the bank and implored every Nigerian who is yet to open an account with the bank to do so to enjoy its seamless service delivery.

Earlier in her welcome address, Head, Consumer Banking, Mrs Korede Demola-Adeniyi who congratulated the winners, said the bank initiated the Super Reward Scheme to appreciate its customers, explaining that it was designed in such a way that new and existing customers participated and won cash prizes. She said, “50 customers with the highest deposit were rewarded with N25,000 every week while four customers with the highest deposit and transaction value within the campaign duration are today going home with N1 million naira each”.

To qualify according to Mrs Korede Demola-Adeniyi, new customers were expected to open an account with a minimum of N5,000 and maintain the deposit for a 30-day period; the same applied to existing customers, who only needed to fund their active account with a minimum of N5,000 or reactivate their dormant account with a minimum of N5,000 and maintain the deposit for a 30-day period.

She added that at the end of the four months campaign, 800 customers won N25,000 weekly in batches of 50 per week while four millionaires emerged in each of the four delineated regions.

She enjoined those that are yet to open an account with the bank to do so to enjoy its state-of-the-art digital payments and collections platforms, including its products and services.

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Banking Sector

UBA, Access Holdings, and FBN Holdings Lead Nigerian Banks in Electronic Banking Revenue

Published

2 days ago

April 24, 2024

Samed Olukoya

United Bank for Africa (UBA) Plc, Access Holdings Plc, and FBN Holdings Plc have emerged as frontrunners in electronic banking revenue among the country’s top financial institutions.

Data revealed that these banks led the pack in income from electronic banking services throughout the 2023 fiscal year.

UBA reported the highest electronic banking income of N125.5 billion in 2023, up from N78.9 billion recorded in the previous year.

Similarly, Access Holdings grew electronic banking revenue from N59.6 billion in the previous year to N101.6 billion in the year under review.

FBN Holdings also experienced an increase in electronic banking revenue from N55 billion in 2022 to N66 billion.

The rise in electronic banking revenue underscores the pivotal role played by these banks in facilitating digital financial transactions across Nigeria.

As the nation embraces digitalization and transitions towards cashless transactions, these banks have capitalized on the growing demand for electronic banking services.

Tesleemah Lateef, a bank analyst at Cordros Securities Limited, attributed the increase in electronic banking income to the surge in online transactions driven by the cashless policy implemented in the first quarter of 2023.

The policy incentivized individuals and businesses to conduct more transactions through digital channels, resulting in a substantial uptick in electronic banking revenue.

Furthermore, the combined revenue from electronic banking among the top 10 Nigerian banks surged to N427 billion from N309 billion, reflecting the industry’s robust growth trajectory in digital financial services.

The impressive performance of UBA, Access Holdings, and FBN Holdings underscores their strategic focus on leveraging technology to enhance customer experience and drive financial inclusion.

By investing in digital payment infrastructure and promoting digital payments among their customers, these banks have cemented their position as industry leaders in the rapidly evolving landscape of electronic banking in Nigeria.

As the Central Bank of Nigeria continues to promote digital payments and reduce the country’s dependence on cash, banks are poised to further capitalize on the opportunities presented by the digital economy.

Banking Sector

FMBN Set for Commercialization to Improve Affordable Mortgage Financing

Published

4 days ago

April 22, 2024

Samed Olukoya

In a bid to bolster housing delivery efficiency and enhance affordable mortgage financing for Nigerians, the Federal Mortgage Bank of Nigeria (FMBN) is gearing up for commercialization.

This move comes as part of the Nigerian government’s efforts to address the housing deficit and ensure adequate shelter for its citizens.

The Managing Director of FMBN, Shehu Osidi, made this announcement during a courtesy visit by the Federal Housing Delivery Reforms Task Team at the bank’s headquarters in Abuja.

Led by Mr. Adedeji Adesemoye and Brig. Gen. Tunde Reis, the task team discussed strategies to revitalize the housing sector, with a focus on FMBN’s pivotal role in providing affordable mortgage financing.

Osidi explained the bank’s commitment to supporting the government’s agenda of reforming and improving the housing sector, which is vital for sustainable development and enhancing citizens’ quality of life.

He underscored FMBN’s significant journey in the history of mortgage and housing finance in Nigeria and expressed optimism about the forthcoming commercialization process.

The commercialization plan involves repositioning and recapitalization efforts, following extensive engagements with the Bureau of Public Enterprise (BPE).

Osidi stressed the importance of aligning the bank’s operations with its mandate of affordable mortgage financing, ensuring that it remains a reliable partner in the quest for accessible housing solutions.

As part of its strategic blueprint, FMBN has prioritized various initiatives to enhance service delivery and operational efficiency.

Of note is the ICT project aimed at upgrading core banking applications that is almost complete and promised to revolutionize customers’ experience.

Also, amendments to the FMBN and NFH Acts are underway in the National Assembly, addressing key areas to facilitate the bank’s transformation.

Despite challenges, including performance issues with estate development loans, FMBN is determined to overcome obstacles and achieve its objectives.

The commercialization plan aligns with broader efforts to deepen reforms and foster a remarkable turnaround in the housing sector.

By focusing on process automation, cost efficiency, credit quality enhancement, and strategic partnerships, FMBN aims to catalyze sustainable growth and address the nation’s housing needs effectively.

Chairman of the Federal Housing Reforms Task Team, Adedeji Adesomoye, reiterated the committee’s mandate to review the operations and governance structures of key housing institutions.

With ambitious targets set by the government, including the construction of 20,000 housing units in 2024 and 50,000 units in subsequent years, the commercialization of FMBN marks a pivotal step towards realizing Nigeria’s housing aspirations.

As the commercialization process unfolds, FMBN stands poised to play a central role in facilitating access to affordable mortgage financing, thereby contributing to the realization of homeownership dreams for millions of Nigerians.

Banking Sector

Adesola Adeduntan’s Early Departure Prompts First Bank Holdings to Scrap Capital Raise Plans

Published

6 days ago

April 20, 2024

Samed Olukoya

First Bank Holdings Plc has decided to scrap its plans for capital raise following the early departure of its Managing Director, Adesola Adeduntan.

The decision to cancel the extraordinary general meeting (EGM), which was planned to discuss the proposed N300 billion capital raise, comes amidst Adeduntan’s resignation from his role, eight months before the scheduled expiration of his tenure.

The bank formally announced the cancellation of the EGM in a filing seen by Investors King on Friday.

The meeting, which was initially scheduled to be held virtually on April 30, 2024, aimed to seek authorization from the company’s members for the capital raise and address other related matters.

Adeduntan’s resignation, announced on the same day as the cancellation of the EGM, comes as a result of the Central Bank of Nigeria’s tenure requirements affecting bank executives.

In his retirement letter addressed to the Chairman of First Bank, Adeduntan expressed gratitude for the support received during his stewardship and highlighted the strides made by the bank during his tenure.

He stated, “During this period, the bank and its subsidiaries have undergone significant changes and broken new grounds. We have repositioned the institution as an enviable financial giant in Africa.”

Adeduntan further mentioned his decision to pursue other interests, prompting his early retirement effective April 20, 2024.

The cancellation of the capital raise plans shows the impact of Adeduntan’s departure on the bank’s strategic initiatives.

It reflects a shift in priorities for First Bank Holdings as it navigates leadership changes and seeks to chart a new course for its future direction.