Unity Bank Plc has hosted a capacity-building workshop to support the Association of Nigerian Women in Business Network (ANWBN) in a move aimed at empowering women entrepreneurs with the necessary skills required to thrive in today’s digital economy. 

The initiative for the workshop stems from the growing advancement in technology and its impact on business hence the theme: “Empowering Women Entrepreneurs: AI and Digital Marketing Strategies,” which sought to equip women with practical knowledge on how to harness the power and take advantage of emerging technology.

As a platform that drew the participation of businesses from diverse sectors, attendees were provided with tools for leveraging digital platforms for expanding market reach, building efficiency in business operations, engaging customers, and increasing brand visibility.

Renowned industry experts and speakers such as Dr. Opeyemi Ojesina, the Chief Executive Officer of Jesshill Consulting, Nkechinyere Ojiego, General Manager, of Simba Group, and Mrs. Adenike Abimbola, Divisional Head, of Retail and SME Banking, Unity Bank Plc, led impactful sessions at the workshop designed to help participants grow their businesses by leveraging cutting-edge technologies and customer-centric marketing strategies

Addressing the media after the event, Mrs. Adenike Abimbola said the capacity-building initiative was inspired by the need to empower women entrepreneurs to take advantage of the growing opportunities presented by the evolving digital marketing landscape.

She said, “The growing digital landscape presents a unique opportunity for women to scale their businesses. There are over 70% of women entrepreneurs in Nigeria who desire this kind of capacity-building programme to improve their businesses, helping them learn how to transition from traditional business methods to one powered by technology, as this will become a differentiator”

While commending the partnership with ANWBN and emphasizing the importance of digital technologies, Mrs. Ambimbola pledged Unity Bank’s commitment to supporting SMEs, adding that the Bank will often pay priority attention to female-led ventures to improve relationships and collaboration with women businesses in Nigeria.

She added: “We are proud of our partnership with ANWBN and the success of this workshop. Empowering women entrepreneurs is key to driving economic growth and ensuring sustainable development. We look forward to more initiatives that support and uplift women in business.”

One of the participants, Mrs. Yetunde Adeniran, a fashion designer, shared her learning experience explaining that with the insights gained here, she has now found more ways of integrating digital technology into many facets of her business. She also highlighted the advantages of Unity Bank’s Yanga Account, which she noted as a crucial tool for small business owners, providing financial support tailored to their specific needs.

In 2022, Unity Bank launched Yanga Account to facilitate financial inclusion for Women. The success of the workshop underscores Unity Bank’s ongoing commitment to supporting female entrepreneurs in Nigeria as the Bank seeks to empower women in business by providing access to valuable resources, financial tools, and educational opportunities that will help them thrive in an increasingly competitive market.

The Central Bank of Nigeria (CBN) has extended the deadline for processing charges on cash deposits from September 30, 2024 to March 31, 2025.

The apex bank announced in a letter dated September 27, 2024, and addressed it to all commercial banks and financial institutions in Nigeria.

The letter, signed by the CBN’s Director of Banking Supervision, Adetona Adedeji, in Abuja, detailed that via this extension, the CBN hopes that depositors would dodge any additional charges when making substantial cash deposits.

According to the CBN, commercial banks and financial institutions were directed to continue accepting cash deposits from customers without charges.

The letter reads, “Further to our letter dated May 6, 2024, referenced BSD/DIR/PUB/LAB/016/023, the Central Bank of Nigeria hereby extends the suspension of processing charges on cash deposits above N500,000 for individuals and N3,000,000 for corporates. The previous suspension, set to expire on September 30, 2024, has now been extended until March 31, 2025.”

“This suspension pertains to the two percent and three percent fees outlined in the ‘Guide to Charges by banks, other financial institutions and non-bank financial institutions,’ issued on December 20, 2019.”

Investors King reported that on May 9, 2024, the CBN suspended processing fees on cash deposits until September 30.

A letter by the apex bank directed that the 2 percent and 3 percent fees charged on cash deposits above N500,000 for individuals and N3 million for corporates should be further suspended.

The United Bank for Africa (UBA), a leading financial institution in Nigeria and Africa, grew its interest income by 134% from N428.292 billion in the first half (H1) of 2023 to cross the N1 trillion mark in June 2024, according to the bank’s latest financial statement.

In the financial statement obtained by Investors King, Interest income on amortised cost and FVOCI securities also increased to N967.830 billion, a whopping 126.29% from N427.689 billion recorded in the corresponding period.

Similarly, net interest income appreciated 142.6% from N278.113 billion in H1 2023 to N674.618 billion in H1 2024.

Net interest income after impairment on financial instruments stood at N614.406 billion, a 394.8% increase from N124.169 billion filed in H1 2023.

Net fee and commission income rose by 85.3% from 78.296 billion in the same period in 2023 to N145.097 billion in H1 2024.

The leading financial institution’s profit before income tax rose to N401.577 billion while the bank paid N85.217 billion in tax during the period under review.

Profit after tax stood at N316.360 billion.

The bank proposed an interim dividend of N2.00 per share from the retained earnings account as at 30 June 2024.

This proposed interim dividend amounting to a pay-out ratio of 7.3% (30 June 2023:2.9%), and a yield of 8.9%.