Banking
EcobankPay Partners Terra Kulture on African Culture
By Modupe Gbadeyanka
The lifestyle digital payments and collections service of Ecobank Nigeria, EcobankPay, has formally unveiled its partnership with Terra Kulture following the signing of a Memorandum of Understanding (MoU) at the Terra Kulture Theatre in Lagos.
The ceremony also featured the exclusive screening of “Queen Moremi: The Musical” which was supported by Ecobank Nigeria.
Speaking on the collaboration, Managing Director, Ecobank Nigeria, Patrick Akinwuntan stated that Ecobank is a pan African Bank which always seek to promote the African culture and heritage. This he said informed the relationship with Terra Kulture, an initiative that that will support the promotion of Nigeria’s cultural heritage on the global stage.
“For us it’s not just about banking but also about the pride of the African. We know that unless we project ourselves, the world won’t project us. It is normal for us to look for great institutions like Bolanle Austen-Peters Productions promoting our culture with world class standard.
“So when we had the opportunity of looking at what is being done here, it came naturally to us that we should work as partners to improve the quality of lifestyles of Nigerians.
“Our products interact with the lifestyle of Nigerians and we have picked EcobankPay as the flagship product for this collaboration. The platform is safe, secure, and reliable for payment with zero charges.
“So when people want to pay for shows while abroad, you will simply scan using Masterpass or Mvisa or any QR Code by the international brands to make the payment here. That also attracts foreign exchange for Nigeria.
“It means that wherever you are, and your family members, friends wish to come and enjoy at Terra Kulture, you can make payment using your mobile phone without stress. It’s about improving lifestyle and retaining the authenticity of our heritage,” Akinwuntan said.
On her part, Chief Executive Officer, Terra Kulture, Bolanle Austin-Peters explained that the partnership is a delight for the cultural brand which has suffered lack of corporate sponsorship since inception.
“This is exciting for us because what we do here is to promote Nigerian art and culture. We’ve done this as private initiative since 2004 and it has been like a lonely existence. In the past, people didn’t believe in what we do. Foreign culture dominated the scene. But things are beginning to shift. People are now appreciating our arts and culture,” she said.
She added that “everywhere in the world, arts are supported by brands. From our humble initiative, we have hundreds of production houses that have sprung up from here. Most of the under 30s you see in movies and theatres today started from here because we opened our space to them. This facility receives over ten thousand audience during Christmas and Easter holidays. Ecobank coming to support us is a big deal. It’s huge because the art community in Nigeria is more or less begging corporate Nigeria to support us. Now we have an institution that supports us. We hope that the relationship will be symbiotic. We are willing to ensure that the Ecobank brand is projected positively.”
EcobankPay is an innovative payment solution that enhances transactions between merchants and their customers by eliminating the risk of payment rejection and also delivers immediate value and sales transparency for merchants. Ecobank Pay is built as a core part of Ecobank’s digital financial services ecosystem and will deliver unified and instant self-service across a range of interconnected payment solutions.
By Adedapo Adesanya
Access Bank Plc, the banking subsidiary of Access Holdings Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of 100 per cent equity stake in Bidvest Bank Limited.
The deal for the 24-year-old South African lender is due to be completed in the second half of 2025, upon regulatory approval.
This shows Access Bank’s further expansion plans in line with goals set by its late founder, Mr Herbert Wigwe.
The agreement to acquire 100 percent stake in Bidvest Bank reflects Access Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.
Bidvest Bank, founded in 2000 is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.
As of its year ended June 2024, Bidvest Bank reported total assets equivalent of $665million and audited profit before tax of $20million.
Upon conclusion of this acquisition, Bidvest Bank will be merged with the bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
This is coming just as the bank opened a new branch in Malta as part of efforts to focus on international trade finance after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
The Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
By Adedapo Adesanya
The International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with African banks, including Nigeria’s Zenith Bank and Stanbic IBTC Nigeria to support the Goldman Sachs 10,000 Women initiative, a joint programme launched in 2008 to provide access to capital and training for women entrepreneurs globally.
The two Nigerian banks are part of nine financial institutions from across Africa which have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the programme provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.
Others banks include Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d’Ivoire, Equity Bank Group, Banco Millenium Atlantico – Angola, Baobab Group, and Orange Bank.
Speaking on this, Ms Charlotte Keenan, Managing Director at Goldman Sachs said – “10,000 Women has had a powerful impact to date, but we know that there are more women to reach and more potential to be realized.
“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale.”
Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.
“This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals,” said Ms Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion.
Goldman Sachs’ 10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.
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