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Fidelity Bank lights up Akwa Ibom Christmas Carols Festival

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Mrs. Nneka Onyeali-Ikpe, MDCEO of Fidelity Bank Plc

The Akwa-Ibom Christmas Carols Festival has once again lived up to its billing as one of the most delightful Christmas experiences in Nigeria as it treated thousands of attendees to a breath-taking experience on Friday, December 17, 2021. This year’s edition which was underlined by leading financial institution -Fidelity Bank Plc – saw an estimated 55,000 on-site guests and over 50 million viewers from the internet and satellite television bask in the euphoria of the season through soul stirring performances.

Speaking on the partnership, Fidelity Bank MD/CEO, Mrs. Nneka Onyeali-Ikpe said, “We are very excited to partner with the Akwa-Ibom State government to host this year’s Christmas Carol Festival as part of our commitment to support the development of the country’s blossoming tourism Industry. We believe that the festive season is all about sharing love, joy and optimism and we are delighted to help host thousands of people to a beautiful Christmas carolling experience that demonstrates this.”

Tagged ‘The Return’ the festival featured a predominantly Nigerian line up of ministers including the gospel music legend, Panam Percy Paul, and other top Nigerian Gospel Musicians such as Tim Godfrey, Aity Dennis, Dunsin Oyekan, Progress Effiong, Ema Onyxl, David G, Ada Ehi, Bobby Friga, and Minster GUC – all of who gave electrifying performances at the 55,000 capacity Ibom Hall Arena in Uyo, Akwa-Ibom State.

Also performing at the event was the globally renowned, Akwa-Ibom Carol Festival choir that featured 5,000 choristers out of it 25,000-member strong choir. Other choirs who gave wonderful renditions at the event include Intenxity, the Akwa-Ibom state Choir, The Promised Land Chorale Int’l, and the Ibom Brass Orchestra. The event also featured multiple-award winning South African DJ and Musician, Master KG who was the only foreign performer at the event.

A major side attraction for attendees at the event was the ‘Fidelity Santa Grotto’ experience centre where attendees took photos and received gifts from Santa courtesy of Fidelity Bank.

For the first time in the history of the event, two Guest Ministers – Senior Pastor of the Potter’s House Church from USA, Bishop Thomas D. Jakes and General Overseer of the Redeemed Christain Church of God, Pastor E. A. Adeboye – graced the occasion. Special Guest of Honor was His Excellency, the Governor of Akwa-Ibom State, Governor Udom Gabriel Emmanuel.

The festival drew a lot of attention and was attended by an estimated over 55,000 on-site guests and over 50 million viewers from the internet and satellite television.

Considered by many as one of the best Nigerian religious cum cultural festivals, the positive experience from the Akwa-Ibom Christmas Carol Festival 2021 edition powered by Fidelity Bank is one that would linger well beyond the yuletide season.

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Banking Sector

Parallex Bank Limited Promises Limitless Possibilities

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Parallex Bank

The latest entrant into the commercial banking industry in Nigeria, Parallex Bank has officially launched on Friday, January 14, 2022, with the promise to redefine the banking landscape in Nigeria and Africa at large. The bank launch was graced by several dignitaries from both the private and public sector. Also in attendance were several celebrities who witnessed the unveiling of the bank’s logo.

Introducing the bank to the gathering at the bank’s headquarters in Victoria Island Lagos, the chairman of the bank, Dr. Adeola Phillips said Parallex Bank is here to make a unique statement about what innovation can do in an industry that is constantly reinventing.  She further stated that the bank will operate broadly with a competitive mindset, to disrupt the market and delight customers with very attractive offers. The goal is to empower the banking public and to drive convenient and efficient commerce through the bank digital platforms. She added that the Parallex mobile app offers customers the freedom to do much more. The app will eliminate inconveniencies and hardships often faced by customers while carrying out transactions.

Corroborating the Chairman’s claims, the Managing Director of Parallex Bank, Mr. Olufemi Bakre, popularly known as Mayor, said the bank’s promise to its customers is to be an enabler of limitless banking. He established that Parallex Bank is the first bank in Nigeria to migrate from a microfinance bank to a commercial bank. He is convinced that Parallex Bank limited will achieve more as the bank partners with customers to explore more business opportunities.

Mr Olufemi said the vision of Parallex Bank is to be the preferred financial solution provider redefining customer experience through innovation. He assured customers of excellent banking products and services stating that the bank offerings are designed to address the yearnings of Nigerians. With a strong ecosystem anchored around the customer, Mr Femi informed the guests that the bank has a robust product portfolio that is customer focused, innovative and simple.

According to him, the Parallex mobile app has unique features and benefits that are quite rare in this market. On the app, customers can choose to create their unique account numbers, increase their transfer limits, make five free transfers per day to any bank in Nigeria. They can request for free debit cards, which will be delivered to them for free. They will receive prompt responses to enquiries.

Beyond the app, Mayor added that customers will enjoy zero maintenance fees while current account holders will further enjoy up to 5% interest rate provided, they maintain a minimum average balance of N100,000.

 

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Banking Sector

Stanbic IBTC Seeks Approval to Establish a Fintech Subsidiary

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Stanbic IBTC - investorsking.com

In a bid to cut costs and turn around its declining profitability, Stanbic IBTC Holdings Plc has announced plans to seek regulatory approval for the establishment of a Fintech subsidiary.

The new financial services unit will be called Stanbic IBTC Financial Services Limited, the bank disclosed in a statement signed by Chidi Okezie, Company Secretary and seen by Investors King.

This is coming a few days after Standard Chartered Bank announced it was shutting down 50 percent of its Nigerian branches in a move to digitalise operations and reduce operating costs.

According to Stanbic IBTC, the new fintech company will operate as a Payment Solution Service Provider (PSSP) upon regulatory approvals, including licensing by the Central Bank of Nigeria.

Stanbic IBTC Holdings Plc reported a 40 percent decline in profit in the first nine months of 2021, its lowest in four years. Profit after tax dropped from N66.2 Billion reported in 2020 to N39.9 billion in 2021. Profit before tax also dipped by 41 percent from N76.9 billion in 2020 to N45.3 billion in 2021.

Dr. Demola Sogunle, Chief Executive Officer of Stanbic IBTC, who commented on the bank’s performance and plans for the future in October 2021, hinted at the bank’s plans to go digital and restructure some of its key units.

He said “in line with our core value of delivering value to our shareholders, the restructuring will advance the execution of our digital business transformation and enable us to achieve accelerated future readiness for the business and growth through effective mining of the client ecosystems propelled by a future-ready workforce. We continue to make progress in supporting the financial needs of our communities in the third quarter of 2021. Investing to advance tree planting exercise, youth, and women empowerment through donations, sponsorships and partnerships, library upgrade and renovation, hospital unit refurbishment, amongst others.”

As expected, using financial technology to deliver banking services would help Stanbic access the unbanked population, improve quality of service, enhance delivery and most importantly cut costs across the board.

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Banking Sector

FirstBank Holds 2022 Economic Outlook Webinar

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First Bank of Nigeria Limited is set to hold its ‘Nigerian Economic Outlook Webinar’ which is aimed at reflecting on national and global economic trends that shaped 2021, and predicting the economic outlook of 2022.

According to a statement from the bank, the virtual event themed ‘A rearview look at 2021, lessons learnt – Outlook 2022’ would set the tone for the year by providing an opportunity for participants to learn directly from economic experts.

With Nigeria’s economy projected to grow by 2.7 per cent in 2022 as predicted by the International Monetary Fund, based on an expected recovery in crude oil prices and production, Nigeria will see economic activities normalising.

“Key economic activities to watch out for in 2022 include the global market trends, removal of subsidies, and floatation of the naira. However, recoveries in the oil sector and maximisation of the e-Naira could help keep the parallel market in check”, the statement reads.

Managing Director/Chief Executive Officer of Financial Derivatives Company Limited, Bismarck Rewane is the keynote speaker of the event while other speakers include the Executive Director, Treasury and International Banking, First Bank of Nigeria, Ini Ebong.

According to the Group Head, Marketing and Corporate Communications of FirstBank, Ms Folake Ani-Mumuney, the bank’s commitment to nation-building is anchored partly on its thought leadership role designed to relentlessly drive growth and scale for all through engagements that showcase versatile subject matter experts endowed with expertise, knowledge and valuable insights.

She noted that the webinar provides a platform for cross fertilisation of ideas and opportunities to learn and grow.

This webinar essential as it is coming at a time the World Bank projected the global growth to decelerate markedly from 5.5 percent in 2021 to 4.1 percent in 2022 and 3.2 percent in 2023, no thanks to the rapid spread of the Omicron variant which is one of the major indices.

Recall that Investors King, in its report on Wednesday, revealed that growth is expected to drop from 6.3 percent in 2021 to 4.6 percent in 2022 and 4.4 percent in emerging and developing economies in 2023. Also, for Sub-Saharan Africa, growth is forecast to accelerate slightly to 3.6% in 2022 and rise further to 3.8% in 2023 while growth in advanced economies is expected to decline from 5 percent in 2021 to 3.8 percent in 2022 and 2.3 percent in 2023.

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