Connect with us

Banking Sector

Unity Bank Forges Collaborative Partnership with Women Groups as it Launches Yanga Account in Uyo, Gombe

Published

on

Yanga gombe

Unity Bank has collaborated with identified women groups in the North East and South/South regions as the Bank launches Yanga Account in Gombe and Uyo.

A statement from the Bank said the initiative and platforms being created with the Yanga Account is intended to drive financial inclusion and deepen its retail franchise especially among women in mass retail segment of the market.

“With the launch of Yanga Account, Unity Bank has created a customised banking service for the women MSMEs and the collaborative partnership with various women groups is a channel for the individual members of the groups to leverage the benefits of the Yanga Experience to drive the growth of their businesses”, the Bank stated.

Unity Bank officially launched the Yanga Account in Abuja recently where the veteran Nollywood actress was unveiled to the target market as Brand Ambassador to specifically promote women MSMEs and create a unique proposition for Yanga Account and the Brand in the market.

The Yanga Experience train stopped at the ancient city of Ibadan last week, where the Bank pledged to engage no fewer than 5 million Micro, Small and Medium Enterprises (MSMEs) operated by women in the South West region, even as Sola Sobowale, the Brand Ambassador, said no women will be left behind.

The partnership with women groups in Northeast and South-South and South-East Nigeria officially kicked off on Tuesday at activation events in Uyo, the Akwa Ibom State capital and Gombe for the Northeast region, where veteran actress and the Bank’s brand ambassador, Sola Sobowale undertook market tours to interact with the women and gain first-hand knowledge of how the Yanga Experience is being received in the market.

Targeted at women-owned MSMEs across Nigeria, the Yanga Account is a complete suite of services designed to promote financial inclusion among women through stress-free savings and investment, access to the services of dedicated Sales Agents, Agency Banking services close to the location of their businesses, special business seminar and training on how to grow business, access to microloans, customized debit cards and other bundled e-banking products.

Speaking at the event in Gombe on Tuesday, the Managing Director/Chief Executive Officer of Unity Bank Plc, Mrs. Tomi Somefun stated the “Yanga Account is most suitable for the needs of all the MSMEs operated by women in this region. We are optimistic that the carefully considered features will meet the needs of the target market,” noting that “the Yanga account is open to all market women in farming, fashion design, tailoring, frozen food, pastry and baking, cosmetics, jewellery designs and making, skincare, eateries and restaurants, etc. whether living in the communities or cities”.

She reiterated “the Yanga Account is conceived and designed for the financial literacy and empowerment of Nigerian women. It is about making sure that our women who make up 55% of the financially excluded Nigerians have access to basic and life-changing financial services”.

Also speaking during a market tour in Uyo, the Bank’s new brand ambassador, King of Boys star, Sola Sobowale invited all Nigerian women who operate businesses in the South-South and South-East to embrace the incredible opportunities offered by the Yanga account to grow their businesses.

She said: “This is the first time that a Bank will specifically design a product to cater to women and I am excited about the inherent benefits of this account and the endless possibilities that it brings to my fellow women. I invite all my fellow women in South-South and South-East Nigeria to sign up for the Yanga Account and watch their levels change.”

On his part, Group Head, Retail, SME Banking and E-Business, Unity Bank Plc, Mr. Funwa Akinmade who spoke at the launch in Gombe said: “Female-led MSMEs in Northern Nigeria continue to play pivotal roles in the contribution of the MSMEs to the economy of Nigeria and that has informed this special activation of Yanga account in Gombe today.

“The Yanga account is a well-packaged banking product that combines several services that most small businesses owned by women will need to become profitable. We are optimistic that women in Gombe and all others across Northeast Nigeria will embrace the Yanga Account and leverage its full benefits to grow their businesses.”

With the launch of the Yanga account, Unity Bank said it underscores its retail strategy which continually aligns with the vision of the Central Bank of Nigerian and the financial services ecosystem to provide needed support for Nigerian women by enhancing access to wealth-creating opportunities in the financial services sector.

Industry watchers believe the retail product has the potential to aggressively deepen financial inclusion, which recent research by Enhancing Financial Innovation & Access (EFInA) has shown, “can benefit individuals, families, and businesses, supporting key outcomes such as GDP growth”.

Continue Reading
Comments

Banking Sector

FBN Holdings To Invest N103.1bn In Corporate, Retail Businesses

Published

on

FBN Holdings

As part of means of actualizing its expectation of raising N150 billion from its existing shareholders by way of rights issue, the management of FBN Holdings said it has budgeted an estimated N103.1 billion for its corporate business and retail business lending segments of the market.

The Holdings recently held the signing ceremony to begin the rights issue offering of 5,982,548,799 ordinary shares of 50 kobo each at N25.00 per share to its existing shareholder on the basis of one new ordinary share for every six ordinary shares held as of October 18, 2024.

Extracts from the offer raising prospectus of the financial institution revealed that lending to the corporate business segment gets N77.34 billion, while lending to the retail business segment gets a budget of N25.78 billion.

This covers 68.95 per cent of the N150 billion proposed rights issue the management seeks to raise from existing shareholders.

Out of the N150 billion, a total of N29.46 billion was budgeted to support international business expansion and N14.73 billion for investment in automation and digital banking.

According to the financial institution, seamless and convenient banking experience for its customers would be guaranteed through its significant investment in automation and digital banking.

Through its mobile banking app, FirstMobile, and its internet banking platform, FirstOnline, the management of FBN Holdings said it has effectively acquired a broad cross-section of the target demography, with a clear proposition of owning bank accounts and utilising various financial services from the comfort of their locations.

It added that the bank plans to upgrade the FirstMobile and FirstOnline apps with additional features while driving customer adoption of the platforms, noting that the development is in line with First Bank’s commitment to providing customers with the best-in-class electronic banking experience.

The offer, however, is part of the company’s plan to recapitalise its commercial banking subsidiary, First Bank of Nigeria Limited,  with a view to increasing the bank’s capacity for business development and growth.

Chairman, FBN Holdings, Olufemi Otedola in a statement from the document urged shareholders to support the Rights issue by accepting their rights, stating that the company will be well positioned to achieve its strategic objectives and to deliver improved returns to all stakeholders.

Continue Reading

Banking Sector

Zenith Bank Achieves Triple-Digit Growth, Revenue Surges 118% to N2.9 Trillion

Published

on

Zenith Bank - Investors King

Zenith Bank Plc has announced its unaudited results for the third quarter ended 30 September 2024, recording a remarkable triple-digit growth of 118% from N1.33 trillion reported in Q3 2023 to N2.9 trillion in Q3 2024.

This performance underscores the Group’s resilience and market leadership in spite of the challenging macroeconomic environment.

According to the Bank’s unaudited third quarter financial results presented to the Nigerian Exchange (NGX), the triple-digit growth in the topline also led to an increase in the bottom line, as the Group recorded a 99% Year on Year (YoY) increase in profit before tax, growing from N505 billion in Q3 2023 to N1.0 trillion in Q3 2024.  Profit after tax equally grew by 91% from N434.2 billion to N827 billion in the same period.

The growth in the topline was driven by the expansion of both interest income and non-interest income. Interest income saw a notable 190% rise to N1.95 trillion, attributed to the high-yield environment.

Non-interest income rose by 41% to N856 billion, bolstered by substantial growth in fees and commissions, which highlights the strength of Zenith Bank’s retail growth and the robust performance of its digital channels during the reporting period.

The robust increase in profitability reflects the Bank’s focus on operational efficiency and strong risk management practices. Earnings per share (EPS) nearly doubled, rising to N26.34 from N13.82 in Q3 2023, underscoring Zenith Bank’s strong value creation for shareholders.

The Bank’s balance sheet grew significantly, with total assets growing by 49% to N30.4 trillion, largely supported by customer deposits, which rose by 42% to N21.6 trillion.

This growth in deposits was broad-based across corporate and retail segments, highlighting the Bank’s deepening reach and customer loyalty.

Gross loans increased by 46% to N10.3 trillion, underscoring the commitment to supporting strategic sectors in the economy.

Capital adequacy ratio remained strong, improving to 21.9%, well above regulatory requirements. The return on average equity (ROAE) stood at 37.8%, up from 35.1%, while return on average assets (ROAA) also improved to 4.3% as Zenith Bank maximized its asset base.

Cost of funds increased to 4.3%, reflecting the broader market trend of rising interest rates, while the cost of risk was maintained at 7.3%, underscoring the Bank’s proactive approach in provisioning for credit risk.

The Bank’s cost-to-income ratio rose to 39.5%, reflecting the impact of strategic investments in technology and capacity building aimed at supporting long-term growth, even as it continues to strive for greater operational efficiency.

Zenith Bank’s asset quality remains a cornerstone of its strength, with a non-performing loan (NPL) ratio of 4.5%, within regulatory limits. A high coverage ratio of 198.4% underscores the Bank’s disciplined approach to risk management, positioning it for resilience in the face of market volatility while supporting stable loan growth.

Zenith Bank remains steadfast in its commitment to sustainable growth and value creation. The Bank launched a capital raise program on August 1, 2024, consisting of a combined Rights Issue and Public Offer.

This capital raise was driven by the Central Bank of Nigeria (CBN)’s recapitalization directive for commercial banks issued in March 2024. While the Bank awaits final capital verification approvals from authorities, the fundraising exercise was successful, reflecting strong confidence in Zenith Bank’s brand.

The additional capital will enhance the Bank’s ability to expand its product offerings, deepen its penetration in strategic sectors, boost lending to the real sector and pursue its African and global expansion plan.

In furtherance of this, the Bank in September 2024 received regulatory approval for the establishment of a Zenith Bank branch in Paris, France, which is fully operational and will enhance the Bank’s product offerings in international markets.

With a strengthened capital base, Zenith Bank is well-positioned to navigate the evolving economic landscape, while putting best-practice sustainability standards at the heart of its business.

The Bank will also continue to prioritize opportunities that enhance stakeholder value and a strong compliance and corporate governance culture, which will reinforce the its leadership position within Nigeria’s financial sector and drive long-term growth.

Continue Reading

Banking Sector

UBA Expands Footprint in the Middle East with New Subsidiary in Saudi Arabia

Published

on

UBA House Marina

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has set the wheels in motion to expand its operations in the Middle East with plan ongoing to open a subsidiary in Saudi Arabia, its largest economy.

This move which is expected to happen within the next year will mark the bank’s second subsidiary in the Gulf Region, following the expansion of its business to the United Arab Emirates in 2022.

UBA’s Group Deputy Managing Director, Muyiwa Akinyemi, who disclosed this during a panel session during the 8th Edition of the Future Investment Initiative(FII) in Riyadh, Saudi Arabia and in an interview with Arise TV, underscored the bank’s strategic commitment towards fostering Africa’s growth through infrastructure development, youth empowerment, and sustainable partnerships across key global markets.

He said, “Opening a presence in Saudi Arabia represents the next step for us in connecting the Africa-Gulf region. We are excited to bring UBA’s expertise in financial services to Saudi Arabia, where we aim to facilitate knowledge transfer and create strong economic linkages. This venture will further enable us to access Saudi expertise in food security, energy transition, and sustainable practices, which are all critical for Africa’s continued development.”

While emphasising the importance of Africa as a strategic investment destination for long-term capital, he said, “Africa’s infrastructure deficit is an opportunity for investors worldwide. Our pitch to the Gulf and Southeast Asia emphasizes that Africa must be part of their investment horizon. Today, food security is paramount as our population expands.

Akinyemi also highlighted the bank’s dedication to nurturing Africa’s youth talent through entrepreneurship. “Guided by our Group Chairman’s efforts with the Tony Elumelu Foundation, UBA is committed to supporting young entrepreneurs in tech, agriculture, and entertainment, which are all burgeoning sectors in Africa. With such a young and dynamic population, we see enormous potential for innovation and growth.”

He also reiterated the bank’s continuous support for Small and Medium Enterprises (SMEs) in Africa and beyond as he outlined the bank’s commitment to these businesses, which he referred to as key players in the African economy and vehicles for employment and economic growth.

“SMEs are the backbone of economic development in Africa. They contribute significantly to job creation and value chains, particularly within Nigeria. Over the last year, UBA has committed billions to support SMEs across Africa, and our network of over 20 countries enables us to make a substantial impact.”

During the panel discussions, Akinyemi took time to emphasize UBA’s longstanding experience on the continent as it navigates an ever-evolving investment landscape, adding that “As investors, we focus on infrastructure and sustainable projects that encourage economic prosperity while addressing pressing issues such as talent migration. Our goal is to ensure that people can thrive in Africa without needing to relocate. By investing in local talent and fostering growth sectors, we contribute to building the next generation of global innovators right here in Africa.”

The DMD further articulated UBA’s approach to risk management on the continent, emphasizing that the bank’s 75-year history has uniquely equipped it with insights and strategies to navigate diverse markets.

“With over seven decades of experience, Africa is what we know, and that knowledge allows us to manage risks effectively. We see tremendous opportunities in various sectors across the continent, and our continued investments are driven by a commitment to bring economic empowerment to communities, increase GDP, and improve socioeconomic quality. Our anniversary is a celebration of UBA’s legacy of contributing to Africa’s progress. We look forward to leveraging this milestone to drive even greater impact across sectors and empower future generations,” he said.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than forty-five million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.

Continue Reading

Trending