Banking
Uncertainty Grips Keystone Bank Workers, Embark on Job Hunt
By Modupe Gbadeyanka
The fear and uncertainty surrounding the sale of Keystone Bank Limited has created anxiety among its employees as many of them now look out for new jobs in order not to be caught unawares, investigation by Daily Times has revealed.
Earlier in the week, the biggest of the three nationalized lenders after 2009 financial crisis, Keystone Bank Limited, was announced to have been sold by the Asset Management Company of Nigeria (AMCON) to some unknown local investors at undisclosed amount.
In a statement made available to newsmen, AMCON referred to the new owners of the bank as a consortium of local investors called Sigma Golf Nigeria Limited and Riverbank Investment Resources.
But the manager of bad assets failed to inform the general public on the total amount payable for the sales of the bank and the initial amount paid.
Also, the statement did not disclose the sale price or any financial details, as well as the faces behind the investment firms buying the bank.
However, our investigations showed that the some employees of the bank have been on the lookout for better job opportunities with other lenders as their fate remain uncertain, as the new owners are set to take over.
One of the staff of the bank, who spoke to our correspondent on condition of anonymity, disclosed that some of them who do not want to be without job suddenly have started to look for jobs since the announcement was made.
“I have submitted my CV to a couple of banks and I hope to secure a job with any of them”, the source disclosed.
The three lenders that were nationalized in 2011, Afribank, Spring Bank and Bank PHB, were recapitalised by AMCON and changed their names to Mainstreet Bank, Enterprise Bank and Keystone Bank.
Two of the banks have since been sold.
AMCON was set up in 2010 to absorb non-performing loans in exchange for government bonds, after the central bank injected $4 billion to rescue nine lenders from collapse seven years ago.
It is worthy of note that before the end of 2015, the Corporation had completed the sale of Mainstreet Bank purchased by Skye Bank Plc, while Heritage Bank bought Enterprise Bank.
In view of this, there had been anxiety over the sale of Keystone Bank, but AMCON at the beginning of 2015 said the sale of the bank would commence during the second quarter of the year but failed to carry out the sale till the recent announcement.
Recall that AMCON had during the last quarter of 2014 completed the sale of Enterprise Bank and Mainstreet Bank to Heritage Bank and Skye Bank Plc, respectively for a combined sum of N181.1 billion, after bidding processes that lasted for several months.
Heritage Bank won the bid to acquire Enterprise bank for N56.1 billion, while Skye Bank was announced as the winner for Mainstreet bank with a bid of N125 billion.
While Heritage Bank won the bid for Enterprise Bank, Fidelity Bank emerged the reserved bidder after a bidding process that involved over 20 buyers.
Cedar One Investment Partners Limited and Fidelity Bank emerged as the first and second reserve bidders respectively for Mainstreet bank.
However, all the aforementioned processes and measures were put in place when the two other bridged banks were sold, unlike now that Keystone bank is being sold.
https://dailytimes.ng/news/keystone-bank-staff-job-hunt-amid-sale-uncertainty/
By Modupe Gbadeyanka
The chief executive of TeamApt Limited, Mr Dennis Ajalie, has called for a robust collaboration in the digital payments ecosystem, saying banks and fintech companies should not see themselves as rivals.
Mr Ajalie said the industry’s regulator, the Central Bank of Nigeria (CBN), has delineated what each entity should do and how they should function in creating a successful payment ecosystem that protects consumers and enables businesses, which he admitted to be complementary and not competitive.
Touching on the imperative of borderless transactions and the solutions for implementation concerning the framework, he said, “Borderless transactions have to happen because we’re becoming more interconnected by the day and by the minute.”
“We still have a lot of siloed implementations among key stakeholders and unless we recalibrate our systems, borderless remains beyond our reach and a mirage,” Mr Ajalie stated at the Committee of e-Business Industry Heads (CeBIH) conference in Lagos themed Payment System Vision 2030: Navigating Contemporary Issues in Driving Future Growth.
“There’s the fierce urgency of now that demands that we find solid ways to interconnect, and once we’re able to interconnect within ourselves, reconcile properly, especially on the local front, then we can present a single, unified front that will enable us to push transactions and receive transactions from outside.
“We cannot go forward without fixing these internal challenges,” he added at the event, where he was one of the panellists.
TeamApt, a subsidiary of Moniepoint Incorporated, facilitates payment processing across many industries while enabling reliable payments for banks and their customers while reducing operating costs.
Wrapping up his thoughts, the TeamApt boss reiterated the need for industry-wide collaborations in fighting the menace of fraud.
“If we are able to all share information and collaborate seamlessly, we’ll find out that it becomes disinteresting for these bad faith individuals to use the collective technology commonwealth that we have all built to commit nefarious activities.
“So, it goes back to collaboration among fintechs, the banks, NFIU, infrastructure providers, the telcos, and switches. We’ve all got to come together to say, enough is enough and that this present situation threatens all of us rather than just one of us,” he added.
By Modupe Gbadeyanka
An innovative web banking platform to provide customers with an additional digital channel to manage and carry out uninterrupted daily transactions on their phones, laptops and other devices has been introduced by Bankit Microfinance Bank (MFB).
The emerging small financial institution said it came up with this platform to break barriers and empower individuals and businesses to manage their finances with confidence.
With this, Bankit MFB is redefining convenience and security in banking, ensuring uninterrupted access to financial services, time-saving functionalities, efficiency, real-time account updates, 24/7 availability, and faster transactions.
“In today’s fast-paced digital age, connectivity is everything in banking, and for us, it’s all about improving customer experience with simple banking options and empowering our teeming customers to live their best lives.
“We are revolutionizing the Fintech landscape in Nigeria, and we have developed this solution to empower our customers to bank securely, anytime, anywhere, conveniently.
“We are committed to leveraging technology to enhance the banking experience for all our customers,” the chief executive of Bankit Africa, Mr Yen Choi, stated.
“Bankit’s web banking platform reaffirms one of the bank’s core values – Innovation and sets a new standard for accessibility and security in the banking industry.
“As part of our ongoing commitment to excellence, Bankit Africa will continue to evolve its offerings to meet and exceed the needs of its rising customer base.
“Some key features of this web banking platform include: a simple way to send money, buy airtime, and pay bills with no extra fees or hidden charges,” he added.
Bankit MFB is a licensed financial institution dedicated to providing innovative, customer-centric financial solutions to individuals, businesses, and communities in Nigeria, with a focus on simplicity, convenience, and security.
By Dipo Olowookere
Banking operations at the branches of most financial institutions in Nigeria will end earlier than expected today, Tuesday, December 31, 2024.
The majority of them have sent messages to their customers to inform them of this development.
Business Post sighted some of these notices sent by the banks to their customers via electronic mails (e-mails).
One of them from Guaranty Trust Bank (GTBank) Limited said transactions at its Lagos branches will close for the day and year by 3 pm while in other branches at 2 pm, encouraging customers to use its digital channels for their financial transactions.
“We would like to inform you that all our branches nationwide will close to customers early on Tuesday, December 31, 2024.
“During this period, we encourage you to take advantage of our digital channels for banking needs,” the notice read in parts.
On its part, United Bank for Africa (UBA) Plc said its branches would close for the day at 2 pm across the nation.
“As we prepare for the New Year celebration, our branches will close by 2 pm on Tuesday, December 31, 2024.
“While our branches take a break, our digital channels, the UBA Mobile Banking, Leo, *919# or internet banking are available 24/7 for all your banking needs.
“Your security is our priority. We will never ask for your BVN, card number, PIN or personal details. Suspect anything fraudulent? Call our Fraud Help Desk,” the message from the lender read.
As for Fidelity Bank Plc, it plans to stop banking services at its branches nationwide today by 2 pm to resume on Thursday, January 2, 2025.
“Please be informed that our branches will close at 2 pm on Tuesday, December 31, 2024, ahead of the New Year holiday.
“As always, our digital channels; Mobile Banking, USSD Bank (*770#), PoS, ATMs, Cards, and Ivy Chat, will be available 24/7 for all banking transactions.
“Please note that normal operations will resume at 8 am on Thursday, January 2, 2025,” the bank said in its message to customers.
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