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UBA Unveils Self-Printing Debit Card Machine

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  • UBA Unveils Self-Printing Debit Card Machine

There is no gainsaying that technology has opened up opportunities and serves as a source of competitive advantages across all business functions.

To leverage on the advantages of technology, the Pan African Deposit financial institution, United Bank for Africa (UBA) has launched a self-printing debit card machine to improve service delivery to its customers and the business community.

The Chief Executive Officer, UBA Africa, Victor Osadolor, unveiled the initiative at the opening ceremony of the 2019 Lagos International Trade Fair.

Osadolor who acknowledged that any business that would survive in the 21st century must invest in technology to remain competitive said the bank would continue to invest in cutting edge technology.

The self-printing debit card machine is targeted at encouraging increased use of debit cards which also offers more options to pay.

The CEO said the new self-printing debit card machine would pave way for seamless business transactions with more value to customers and businesses.

He commended the Federal Government’s efforts at improving the nation’s investment climate, which, according to him, was the reason Nigeria was currently ranked 15th place upwards in the global ease of doing business index.

Osadolor pledges the bank’s support towards initiatives aimed at boosting trade in the country.

On delivery of its brand promise, he said, “We are creating superior value for all our customers because we believe they are key to our everyday operations.”

Speaking further, he said the bank’s small and medium scale enterprise banking unit had been actively supporting small businesses with industry-specific loans that ensure maximum impact.

“We are consistently supporting our SMEs. We have a huge amount of funds allocated to SMEs. UBA is committed to supporting entrepreneurship. We are the major promoter of the Fair.”

He noted that the bank also keyed into government intervention funds to expand access to credit facilities at competitive interest rates while providing services such as advisory and technological infrastructure that helped to reduce the cost of doing business.

“Most of our customers have enjoyed free advisory services that have helped them navigate the very difficult business terrain. We also have businesses, latching on to our technological assets to improve their services as well as foster growth,” he said.

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Finance

Access Bank in Talks to Acquire Cavmont Bank

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Access Bank to Acquire Cavmont Bank in Zambia

Access Bank Plc on Wednesday announced that its wholly-owned subsidiary in Zambia, Access Bank Zambia Limited (Access Bank Zambia) is in talks to acquire Cavmont Bank Limited, a subsidiary of Cavmont Capital.

According to the statement signed by Mr. Sunday Ekwochi, Company Secretary, Access Bank and released on the Nigerian Stock Exchange website on Wednesday, the ongoing discussions is to acquire 100 percent of Cavmont Capital’s interest in Cavmont Bank.

However, the lender said “there can be no certainty that a transaction will be agreed, nor as to the terms of any such agreement.

“The completion of a transaction would be subject to formal regulatory approvals. Access Bank will be updating the market as appropriate and in accordance with its disclosure obligations.”

The lender, therefore, advised shareholders to exercise caution when dealing in Access Bank’s securities.

Investors King Ltd note: This announcement further threw more lights on the recent purchases of Access Bank’s shares by Herbert Wigwe, the Chief Executive Officer and Managing Director, Access Bank.

The CEO/MD purchased 7.532 million of Access Bank‘s shares in the last one month.

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Mohammed Umar is the New Acting Chairman of EFCC

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Buhari Appoints Mohammed Umar as EFCC Acting Chairman

President Muhammadu Buhari has appointed, Mohammed Umar, the director of operations at the Economic and Financial Crimes Commission (EFCC), as the new Acting Chairman of the agency, according to the NAN.

A top official of the commission confirmed to NAN that Umar has taken charge of the agency following the suspension of Ibrahim Magu, the former acting Chairman.

Ibrahim Magu was suspended by the President on Tuesday following series of allegations bordering on frauds, financial misappropriations and abuse of power.

 

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CBN Spends $11.5bn in Q1 2020 to Support the Economy and Dwindling Naira

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CBN Injects $11.5bn Into the Economy in the First Quarter

The Central Bank of Nigeria (CBN) injected a combined $11.5 billion into the nation’s foreign exchange market to stabilise the economy and support the Naira value in the first quarter of the year.

According to the latest report from the apex bank, the central bank injected $2.96 billion into the nation’s forex market in the month of January. Another $3.39 billion was used to support the economy in February while $4.7 billion was supplied in the month of March, the very month the economy was locked and all operations grounded to curb the spread of COVID-19.

A further breakdown of the report revealed that the Investors and Exporters’ foreign exchange window, Small and Medium enterprises and Invisible segments received a total of $7.23 billion of the $11.5 billion, the Bureau De Change segment received $3.6 billion while the Interbank and WDAS/RDAS got the rest in the first quarter.

The report noted that the apex bank injected a total sum of $14.72 billion and $28.55 billion into the economy in 2018 and 2019, respectively.

Meanwhile, the central bank is yet to commence the sales of forex to the bureau de change following the March suspension.

But has commenced partial sales to all commercial banks for onward sales to parents and small businesses across the country.

Mr Isaac Okorafor, the Director, Corporate Communications, CBN, had said, “The CBN has also made complete arrangements to resume foreign exchange sales to the BDC segment of the market for business travels, personal travels and other designated retail uses, as soon as international flights resume.”

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