Connect with us

Banking Sector

Fidelity Partners ImpactHER to Empower 1,052 Female Entrepreneurs with Sales Skills

Fidelity Bank, a leading financial institution in Nigeria, has collaborated with ImpactHER to support 1,052 female entrepreneurs across the 36 states of Nigeria in addressing the challenges they face in their small and medium-sized businesses.

Published

on

fidelity bank - Investors King

Fidelity Bank, a leading financial institution in Nigeria, has collaborated with ImpactHER to support 1,052 female entrepreneurs across the 36 states of Nigeria in addressing the challenges they face in their small and medium-sized businesses.  Through diverse training on digital skills and direct business support, beneficiaries from two cohorts have been able to improve visibility for their businesses and consequently, increase sales.

The training, which commenced in January 2022, has had two cohorts that lasted for four weeks each, covering a myriad of topics such as Digital  marketing, building your brand and selling online, etc. The participants were also assisted in putting their businesses on Google Maps, thus allowing customers and the global market to easily find and transact business with them.

Commenting on the partnership, Osita Ede, Divisional Head, Product Development at Fidelity Bank Plc said, “It has become  imperative that female entrepreneurs in Africa are empowered to  overcome the lack of digital literacy which impedes them from fully  reaping the benefits of the digital transformation underway across  Africa, and the world. We believe providing them this access will help them to thrive in their different businesses.”

According to Efe Ukala, Founder of ImpactHER, “Statistically, women  and girls are 25 per cent less likely to leverage digital technology for  basic purposes, 4 times less likely to know how to programme  computers and 13 times less likely to file for technology patents. This  therefore highlights the importance of equipping African women with  digital skills that could be leveraged to scale their businesses. Let’s not  forget that data shows that Africa can add 180 billion Dollars to its  GDP by 2025 if we close the e-commerce digital gap.”

This intervention is critical as the Global Entrepreneurship Monitor for  2019/2020 highlighted that millions of women worldwide have started businesses over the last five years alone: the highest percentage of  these women live in Africa, with approximately 26% of female adults  engaged in entrepreneurial activity yet the World Bank confirms  through data collected in ten African countries that on average,  male-owned companies have six times more capital than female owned enterprises, resulting in monthly profits of female-owned  enterprises that are, on average, 38% lower than male-owned  businesses.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 6.5 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

The bank boasts of a robust bouquet of products designed to help female-led small businesses run successfully including digital loans and HerFidelity -a proposition comprising exciting features such as capacity development initiatives, access to finance, recognition and networking events, health and wellness programmes, etc, all designed to speak to the yearnings of women.

Clementina Uzogor, the Programs Director at ImpactHER, highlighted  the importance of helping women with skills like this to take their  businesses to the next level. “At ImpactHER, it is our mission to ensure  that we equip these women with tools for their businesses to thrive”,  she explained.

She also appreciated Fidelity Bank for working with them to ensure the  programme was successful and impactful. “It is important to let you  know that this is not the end of this training. We will be deepening our  partnership with Fidelity to train and support 5,000 more women-led  small and medium sized businesses in the country before the year runs  out”, she divulged.

An excited participant from the second cohort, Ms Akinyemi  Oluronke, a fashion designer from Lagos underscored the benefits of  joining the training for her business, “I’ve been able to build an online  presence, people now know my business exists and I get a lot of calls  from people who found my business online. I am very grateful for this  platform and the overall increase in sales I now enjoy.”

According to Carine Nneka Achokwu, another participant from the  January 2022 cohort and CEO of Carine Bakery, a company that  produces pastries and cakes in Lagos, Nigeria, “I have been able to  increase sales by 40% after using the tools that was provided to me  such as “Google My Business” and people have been calling to order  from me and I’ve also been able to reach more customers. I am  thankful that I can get people to patronize my business just by tapping  my phone based on the knowledge I acquired at this training.”

ImpactHER is an impact-driven nonprofit organization that empowers  African female entrepreneurs by bridging the gender business  financing gap so as to assist them in realizing their full economic  potential. ImpactHER has since its inception trained, directly supported with investor-readiness and  business scalability skills & tools to over 44, 275 women across 53 countries in Africa.

This partnership also provides follow-up training and support for the  participants and is one of the ways ImpactHER and Fidelity Bank help  these women scale up their offerings.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Banking Sector

Tinubu Aide Urges CBN Governor to Consider Political Impact of Economic Reforms

Published

on

Central Bank of Nigeria (CBN)

Tunde Rahman, a senior aide to Nigerian President Bola Tinubu, has said Central Bank of Nigeria (CBN) Governor Olayemi Cardoso must start factoring in the political effects of CBN’s decisions.

In his piece, titled “Navigating the Dilemma: Political Considerations in Economic Reforms,” sheds light on the complexities facing Cardoso as he seeks to stabilize Nigeria’s economy.

Rahman’s commentary shared through the Presidency’s official channels, acknowledged the challenges Cardoso confronts, particularly regarding the country’s currency devaluation and the contentious plan to relocate CBN staff from Abuja.

While Rahman refrained from direct criticism of Cardoso’s policies since his appointment by Tinubu, he underscored the necessity for the CBN governor to strike a delicate balance between economic imperatives and political sensitivities.

The upcoming meeting of the monetary policy committee presents a pivotal juncture for Cardoso, where discussions are expected to revolve around potential interest rate hikes to counter inflation and bolster the national currency.

Rahman’s insights underscore the high stakes involved in these decisions, especially given the public outcry over soaring living costs and inflation rates nearing three-decade highs.

Cardoso’s commitment to orthodox central banking, following a period marked by blurred monetary and fiscal policy lines, reflects his determination to navigate Nigeria’s economic landscape with prudence.

Nonetheless, Rahman’s op-ed serves as a reminder of the intricate interplay between economic reforms and political realities, urging Cardoso to exercise flexibility in policymaking, especially in matters with broader political implications.

As Nigeria grapples with economic challenges, the spotlight remains firmly fixed on Cardoso and the CBN’s response to the nation’s evolving financial landscape.

Continue Reading

Banking Sector

CBN’s New Foreign Currency Gateway Bank Raises Concerns Over Nigerian Banks’ Liquidity: Fitch Ratings

Published

on

Central Bank of Nigeria (CBN)

The Central Bank of Nigeria (CBN)’s announcement of a new Foreign Currency Gateway Bank has stirred concerns over the liquidity of Nigerian banks, according to recent commentary from credit rating agency Fitch Ratings.

The proposed bank, designed to centralize correspondent banking activities, has prompted Fitch to issue cautionary remarks regarding its potential impact on the banking sector’s foreign currency (FC) liquidity.

Governor of the CBN, Dr. Olayemi Cardoso, unveiled plans for the Foreign Currency Gateway Bank to streamline and centralize correspondent banking functions, currently dominated by two major banks.

The initiative is part of the CBN’s efforts to address Nigeria’s persistent forex crisis.

Fitch Ratings expressed apprehension, highlighting the potential negative effects on the banking sector’s FC liquidity.

The agency noted that the centralization of correspondent banking activities, coupled with recent measures by the CBN, might exacerbate liquidity challenges for Nigerian banks.

Furthermore, Fitch cautioned that the recent devaluation of the naira, coupled with the CBN’s circular prohibiting banks from holding net long foreign currency positions, could further strain FC liquidity.

The prohibition on net long FC positions may leave banks more vulnerable to naira depreciation, potentially affecting their capital positions.

The CBN’s move to harmonize different segments of the foreign currency market last June led to significant naira devaluation, with the local currency closing at 899/$ at the official market by the end of last year.

As of February 13, the naira experienced a second devaluation, reaching 1,516/$, marking a 40% devaluation.

While the shift away from a managed exchange rate regime aims to attract capital inflows and mitigate forex shortages, it poses short-term risks such as heightened inflation and potential strains on loan quality and capital adequacy within the banking sector, as highlighted by Fitch Ratings.

As discussions continue, stakeholders closely monitor the implications of the proposed Foreign Currency Gateway Bank on Nigeria’s financial landscape.

Continue Reading

Banking Sector

CBN Mandates Automated Transaction Monitoring to Combat Fraud in Nigeria

Published

on

Central Bank of Nigeria (CBN)

The Central Bank of Nigeria (CBN) has introduced new regulations mandating banks to implement automated transaction monitoring systems to combat the growing threat of fraud in the country’s financial sector.

Under the CBN’s latest ‘Consumer Protection Regulations’ draft, banks are required to adopt advanced measures to protect customers’ assets and prevent fraudulent activities.

These measures include multi-variant customer identification, multifactor authentication mechanisms for transactions, automated transaction monitoring, alert functions, and behavioral monitoring.

The move comes amid a significant rise in fraud cases across Nigeria, with the first half of 2023 witnessing 24,232 reported fraud cases totaling N12.33 billion.

The banking industry has seen 110 executives and junior staff members dismissed due to fraud-related offenses amounting to N82 billion over the past two years.

According to the CBN, sensitizing customers on fraud threats or scams and providing secure and simple user interfaces for digital financial services are crucial steps to minimize the risk of fraudulent activities.

The regulations emphasize the importance of continuous efforts to enhance cybersecurity and protect consumers in an increasingly digital financial landscape.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending