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.
Kuda Bank Says Customer Deposits Are Safe Despite Mobile App Issues
The fintech company assured that the application glitches will soon be fixed and customers will gain access to their money again.
Kuda Bank, a leading digital microfinance bank, has said there is no cause for alarm as their customers’ money is safe despite the mobile application issues.
The fintech company operating in Nigeria further assured that the application glitches will soon be fixed and customers will gain access to their money again.
Investors King gathered that currently, users of Kuda are having difficulties in accessing the bank app. Some have bitterly complained that their account balance reads zero despite having money in the account.
The Kuda bank management has, however, responded to the complaints by its customers through its official Twitter handle.
The digital bank admitted that the application was having issues and apologised to its customers for their inability to access their money or use the application adequately.
It stated that the company is aware of the mobile app malfunctioning, as well as the zero account balance error.
According to its statement, work is ongoing to rectify the issue and when properly completed, customers will be alerted. It stressed that their money has not been tampered with and the glitch will soon be resolved.
The company’s response on its Twitter handle, @joinkuda reads, “We are sorry that you still haven’t been able to use your Kuda app.
“We are working with our cloud services provider to sort out the downtime, and we will let you know when it’s been fixed. Your money remains safe and you will be able to access it as soon as services are restored.
“We know that the ₦0.00 balance error reported by several people is worrying but we assure you that it’s just what the app is displaying because of the downtime, not the amount of money you actually have. We will keep sharing updates as we make progress.”
Nigerians Lament Long Queues at ATMs, Cash Withdrawal Limits
Since last week, the long queues at banks’ Automated Teller Machines (ATMs) have increased as Nigerians lament scarcity of the redesigned naira notes.
Despite the announcement of the Central Bank of Nigeria, CBN, on the extension of the deadline for the acceptance of old notes from January 31, 2023 to February 10, 2023, the crowd has persisted at Banks and their ATM galleries.
Investors King gathered that there is a gross scarcity of the new naira notes in the Southwest states as seen in the data obtained in Lagos, Ogun and Osun by its sources.
Lagosians expressed displeasure over the non-availability of funds at the ATMs and Point of Sale, POS agents which have caused them to be stranded even though they have loaded bank accounts.
They stated that both the new and old notes are no longer dispensed at the ATMs. The people of Ogun have similar experiences as they could not make withdrawals due to the lack of funds in the machines.
Meanwhile, some banks were said to be giving their customers N50 and N100 notes at the counter with a daily limit of N20,000 cash.
Investors King observed that this did not go down well with the people who had spent several hours on the queue but went home with not more than N20,000.
According to a Zenith Bank user in Akute, Ogun state, N5000 was the pegged daily withdrawal limit over the counter without an assurance of receiving it after the frustrating queue.
“We went to Zenith bank at Akute but could not get any money. We went inside the bank and we were told they could only pay us a maximum of N5,000 in N50 notes but the notes were torn and dirty.
“Even to collect the N5000, we queued for hours and eventually we were not paid. We went to the bank’s ATM and were given numbers, after staying in the queue, they later said there was no money. We can’t get new notes and we still can’t get old notes. We are tired and frustrated,” he lamented.
In Osogbo, Osun State capital, ATMs were filled with large numbers of people from the early hours of the day, as early as 3am to 4am. Number tags were issued as users arrived before the machines started dispensing money by 8:30am.
Though the machines dispensed new naira notes, there are withdrawal limits for various banks while some didn’t dispense for other bank users.
At Zenith Bank, Aregbe area in Osogbo, the withdrawal limit is N20,000 for their customers while other bank users can only withdraw N1000 at once for five times which makes it N5000. This angered several residents as they grudgingly withdrew their money with N35 bank charge on each N1000 withdrawal.
Meanwhile, at GT Bank Ogo oluwa area in Osogbo, their ATMs did not accept nor dispense for other bank users. Only their customers returned home with smiles, though not without long hours under the scorching sun.
Nigerians have questioned why the scarcity of new naira notes persist in the midst of fuel scarcity worsening the hardship in the country.
Jaiz Bank Reports N5.946 Billion Profit in 2022 Financial Year
Nigeria’s leading digital bank, Jaiz Bank Plc has announced a 45.58% increase in profit after tax to N5.946 billion for the financial year ended December 31, 2022.
In the unaudited financial statement obtained by Investors King, the lender’s income from financing contracts grew to N21.589 billion in 2022, a 41.98% increase when compared to N15.205 billion recorded in 2021 financial year.
Income from investment activities inched higer from N8.972 billion filed in the corresponding period to N9.862 billion, representing a 9.92% growth. Therefore, gross income stood at N31.450 billion in the period under review.
Bank’s share as equity investor improved by 34.73% to N27.562 billion from N20.457 billion. Net spread after provision also expanded to N20.656 billion.
The bank’s total income appreciated by 31.73% to a combined N22.635 billion in the period under review. As expected, total expenses rose by 24.63% to N15.965 billion from N12.809 billion in 2021.
Profit before tax increased to N6.669 billion while the bank paid income tax of N583.595 million. The bank declared N5.946 billion profit after tax.
In September 2022, the Managing Director/CEO, Dr. Sirajo Salisu, who commented on the bank’s performance, said the “bank remained committed to providing value-creating ethical banking services to its growing customer base. He assured that the Bank is positioned to continue its remarkable earnings streak for the remainder of the year, by leveraging on technology and extending its touch points across the country.”
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