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Banking Sector

Fidelity to Give out N125million in Savings Promo 



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Top Nigerian lender, Fidelity Bank Plc, on Friday announced the introduction of a new savings campaign, as part of its efforts to drive financial inclusion in the country. Tagged “Get Alert in Millions (GAIM) Season 5”, the savings promo is expected to run till July 2022 and will see customers cart away a total of N125 million in cash prizes. 

 Speaking at a press conference heralding the commencement of the promo, the Bank’s MD/CEO, Mrs. Nneka Onyeali-Ikpe pointed out that the campaign is the tenth in the series of savings promos organised by the Bank in last 15 years with the aim of incentivising its customers.  

 Mrs. Onyeali-Ikpe, who was represented by the bank’s Executive Director, Lagos & South-West, Dr. Ken Opara said the promo is one of the many initiatives of the bank specifically aimed at rewarding customers for their loyalty and patronage. 

 “We remain resolute to our commitment to enriching the lives of Nigerians, propagating a healthy saving culture and supporting the Central Bank’s mandate of deepening financial inclusion”, emphasised Mrs. Onyeali-Ikpe.  

 While encouraging Nigerians to take advantage of the promotion, Mrs. Onyeali-Ikpe stated that the bank’s cash reward offerings for GAIM Season 5 are worth over N125 million, all of which will be distributed to lucky customers of the bank through weekly, monthly, and grand draws.  

 According to Mrs. Onyeali-Ikpe, “We are elated at yet another opportunity to enrich and empower Nigerians with up to N125 million Naira cash prizes especially at a time like this. We are also thrilled at the savings culture this initiative will drive. Over the years, we have seen that many customers and hitherto non-customers have increased their savings by simply keying into the GAIM promo and we believe that this season will not be an exception.”   

Elaborating on how to participate in this promo, Osita Ede, Divisional Head, Product Development, Fidelity Bank, stated that the scheme is open to both existing and new customers of the bank with a minimum of N2,000 in any of their Fidelity Bank savings accounts. He explained that the bank  

is introducing the “ticket approach” in this season of the promo where every N2,000 in a customer’s account would be considered one ticket and urged customers to fund their accounts adequately to increase their probability of winning any of the mouthwatering prizes.  

Also speaking at the event, Nkriru Onozo, Deputy Director, National Lottery Regulatory Commission (NLRC), Lagos Zone, expressed her delight at how the Bank has kept its word over the years. She said, “We have given our approval for this promo to run as we are confident that Fidelity Bank will continue to stay true to their promises. Having been a part of the last 4 editions of the campaign and seeing the successes recorded, we are enthused at the immense impact this edition will have on Nigerians and our economy at large. We will be here all step of the way to ensure all winners are duly rewarded.”   

Suzi Onka representatives of the Consumer Protection Commission and Adeleke Adeniyi, representative, Monitoring, Compliance & Enforcement were also present and expressed their delight at the launch of the promo.  

Initiatives such as GAIM serve as a testament to the Bank’s dedication to rewarding loyal customers and contributing to the Central Bank of Nigeria’s goal of financial inclusion by. It is on record that the bank has doled out over N4.1bn to 10,280 customers since inception.  

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Banking Sector

Zenith Bank Signs MOU With CFA Institute to Develop Finance and Investment Professionals



Zenith Bank Plc has signed a Memorandum of Understanding (MoU) with the Chartered Financial Analyst (CFA) Institute to promote efforts and activities that support the formation, training, and updating of human capital in finance and investment for the overall development of the Nigerian financial services sector. 

The MoU, was signed by the Group Managing Director/CEO of Zenith Bank Plc, Dr. Ebenezer Onyeagwu; the President/CEO of the CFA Institute, Margaret Franklin; and the President of CFA Society Nigeria, Ibukun Oyedeji on Tuesday, November 28, 2023.

Speaking at the MoU signing ceremony, the Group Managing Director/CEO of Zenith Bank Plc, Dr. Ebenezer Onyeagwu commended the CFA Institute and the CFA Society, Nigeria for their laudable programmes in developing finance and investment professionals in Nigeria.

According to him, your Women in Investment Management Initiative, CFA Institute Research Challenge, CFA Society Nigeria Ethics Challenge and University Affiliation Program are very laudable, and Zenith Bank will continue to partner with the CFA Institute and the CFA Society Nigeria to ensure that young finance and investment professionals get the needed support for their career development.

In his words, “As a good corporate citizen, Zenith Bank remains committed to furthering the economic, cultural and social development of the society. As such, we continue to support projects and initiatives that have long-term social and economic benefits for our various publics and stakeholders. Partnering with the CFA Institute and the CFA Society Nigeria is therefore a demonstration of our commitment to building professional excellence in the finance services industry in Nigeria”.

At the CFA Institute Africa Investment Conference, during the ‘Journey to the Top: A Discourse with CEOs’ segment, Dr. Onyeagwu inspired future finance and investment professionals to uphold the highest standards of integrity.

He stressed the importance of making difficult yet high-quality decisions, building robust networks, and dedicating themselves to hard work for career success.

In his words, “as upcoming professionals, the opportunities are immense for you. Africa doesn’t get bigger than Nigeria. There is scarcity of the right kind of people that have the talent, that have the character and the leadership to provide leadership in organizations. Make a decision to be one of those, make a decision to be different. You must be driven by your passion; you must delay gratification. In Zenith what is driving us is the strive for excellence. It is not about who you are and where you come from. We have the best class of talents you can think of anywhere in the world.”

He assured the young finance and investment professionals that Zenith Bank will offer immediate employment opportunity to CFA Charter Holders and those who qualify as Chartered Accountants.

Also speaking on the MoU, the President/CEO, CFA Institute, Margaret Franklin reiterated the Institute’s commitment to the professional development of students and upcoming professionals.

In her words, “there are many things that we do for students, we invest heavily in students and why is that? Because they are our future. The mission of the CFA Institute is to lead the investment industry with the highest standards of ethics, education and professional excellence for the ultimate benefit of society and that starts with our CFA programme”.

She commended Zenith Bank for its continued support to the CFA Society Nigeria and sponsorship of the CFA Institute Research Challenge over the years.

She also commended the bank for being one of the top employers of CFA members in the country. She expressed her admiration of the culture of excellence in Zenith Bank.

Also speaking at the MoU signing ceremony, the President of CFA Society Nigeria, Ibukun Oyedeji commended Zenith Bank for its partnership with CFA Society Nigeria and its commitment to the development of young finance professionals in the country.

The the CFA Institute Africa Investment Conference is being hosted by the CFA Institute and CFA Societies from Ghana, East Africa, South Africa and Mauritius. The conference has representatives from over 20 universities in Nigeria (members of their investment clubs being supported by CFA Society).


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Banking Sector

FirstBank UK Enhances Fixed-Income Workflow Through Bloomberg Integration



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FirstBank UK, the UK subsidiary of First Bank Nigeria Limited, has announced its onboarding on Bloomberg’s Trade Order Management System (TOMS) to enhance its fixed-income workflow.

The integration with TOMS is expected to provide FirstBank UK with access to a comprehensive suite of data and analytics, communications, order, and execution management solutions, streamlining its fixed-income bonds business.

As a niche market-maker for its customers in Africa, FirstBank UK plays a vital role in providing market liquidity in cash bonds, particularly in Nigerian, Angolan, Egyptian, and Ghanaian Eurobonds, to manage risk and optimize its inventory.

Olukorede Adenowo, CEO-designate at FirstBank UK, expressed enthusiasm about the integration, stating, “Bloomberg TOMS provides FirstBank UK with a complete end-to-end trading workflow covering African bonds in most of our home markets. The solution enables us to focus on expanding our footprint in the African Fixed Income landscape and deliver a first-in-kind service to our customers in Africa.”

Bloomberg’s TOMS is renowned for enhancing operational efficiency across enterprises. Lisa Bravo, Global Head of Sell-Side OMS at Bloomberg, commented, “We are pleased to help FirstBank UK enhance operational efficiency across its enterprise with our award-winning sell-side order management solution TOMS.”

FirstBank UK had previously digitized its order management workflow by offering clients access to liquidity on its Eurobond Single-Dealer Platform.

The recent integration with Bloomberg TOMS aims to centralize order handling, aggregated custom analytics, and liquidity tools within a single interface, facilitating real-time access to liquidity for customers.

Robert Hagenaars, Head of Markets at FirstBank UK, highlighted the unique feature of real-time access to liquidity in their markets, providing a distinct advantage for their customers.

This move signifies FirstBank UK’s commitment to leveraging advanced technological solutions to fortify its position in the African Fixed Income market and deliver enhanced services to its clientele.

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Banking Sector

BFREE and Union Bank Explore Distressed Loan Portfolio Acquisition in Innovative Partnership

German-Nigerian Fintech BFREE and Union Bank of Nigeria to Explore Distressed Loan Portfolio Acquisition



In a strategic move to address economic challenges and adapt to the current financial landscape, German-Nigerian fintech firm BFREE and Union Bank of Nigeria have announced a Memorandum of Understanding (MoU) that explores the potential acquisition of distressed loan portfolios.

The MoU was formalized during the German-Nigerian Business Forum in Berlin, signifying a collaboration that could reshape Union Bank’s loan portfolio strategy.

BFREE, in conjunction with its international financing partners, is eyeing a potential investment cap of $40 million.

The focus of the collaboration is on refinancing non-performing loan portfolios, particularly those facing delays in repayment or already written off.

As Union Bank adjusts to economic pressures, the partnership leverages artificial intelligence to provide innovative solutions, offering increased flexibility for loan repayment plans.

Union Bank, acknowledging the challenging economic environment, has taken proactive steps to navigate uncertainties.

Executive Director of Union Bank, Joe Mbulu, expressed excitement about the strategic partnership, emphasizing its alignment with Union Bank’s commitment to innovation and adaptability.

This collaboration underscores the dedication to finding inventive solutions to address economic challenges faced by customers.

The potential acquisition of distressed loan portfolios reflects a forward-looking approach to financial management and resilience in a dynamic economic landscape.

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