Banking
Sterling Bank Unveils ‘Quick Cash’ For Women Entrepreneurs
By Modupe Gbadeyanka
Concerned about the numerous challenges being faced by market women desiring access to credit in Nigeria, Sterling Bank Plc, through its ‘One Woman’ proposition, has launched a new initiative called the ‘Market Women Quick Cash’ to resolve the issue.
The bank has expressed confidence in the new initiative in making those problems in accessing credit facility become a thing of the past.
The new idea, Business Post learnt, is in partnership with Afrigrant, a non-governmental organization (NGO) and it is expected to promote women empowerment and capacity building.
Our correspondent gathered that the scheme was designed to bridge the gap between women entrepreneurs and access to funds, thus aiding the process of bringing them into the formal sector, where they can benefit from financial advisory services, capacity building and mentorship.
Speaking at the launch of the initiative last weekend at the Entrepreneur Research and Development centre Kaduna, Managing Director of Sterling Bank, Mr Yemi Adeola, explained that proposition was specifically designed to provide access to convenient savings, transaction and quick loan services for women using both self-service methods and agent banking.
Mr Adeola explained further that the Bank adopted both methods because “we believe the future of banking resides in the hand of the customer and we must begin to drive that paradigm shift by empowering them from now. Our partnership with Afrigrants allows us bridge this gap by providing a familiar interface for the customers.”
Represented at the occasion by the Bank’s Company Secretary/Legal Adviser, Mrs Justina Lewa, the MD also said that the significant number of women in Nigeria’s population makes it imperative to deliberately focus on their needs to ensure sustainable economic development and growth.
“Adult women constitute over 50 million of Nigeria’s population and only about 31% of this population are banked according to EFInA Access to Financial Services in Nigeria Survey 2014. The business case for targeting women is simple, they are the more excluded gender.
“More so, 21.4 million females (42.7% of the total female population) are financially excluded; 15 million of these women are earning income frequently.
“This provides a huge opportunity for structural changes within the economic and financial system if we pay attention. To enable us to make an impact for inclusion, we must reach as many women as possible,” Mr Adeola said at the event.
In her keynote address, wife of the Kaduna State Governor, Hajia Aisha Ummee El Rufai, commended Sterling Bank for coming up with the initiative which is going to transform the lives of women in the country.
Also in her message, the Kaduna State Commissioner for Women Affairs and Social Development, Hajiya Rabi Abdulsalam, noted the Quick Cash initiative would help government at all levels to cushion the effect of the current recession especially as it relates to access to required funds by women entrepreneurs to grow their business.
“It is on this note that l am happy with the idea of having private sector operators coming together to bring this noble innovation of giving out loans to women at 9 percent interest rate, zero collateral to enable women play active role in the economic development of the country at a time when the economy is in recession,” she said.
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By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
By Aduragbemi Omiyale
A partnership aimed to enable seamless, real-time and secure transactions for cardholders across Africa and the rest of the world has been entered into by Payattitude and PAPSSCARD, the card scheme initiative of the Pan-African Payment & Settlement System (PAPSS).
The collaboration will allow Payattitude cards issued by banks and other deposit-taking institutions to be co-branded with PAPSSCARD, Discover, Diners and Pulse for acceptance across their networks in Nigeria, Africa and worldwide.
As an initiative of the African Export-Import Bank (Afreximbank) and a key financial infrastructure supporting the African Continental Free Trade Area (AfCFTA), the PAPSSCARD scheme will facilitate instant cross-border payments in local currencies.
“This partnership reflects our commitment to cross-enterprise alliances and enabling inclusive, efficient, and borderless payments across Africa and the world
“With Payattitude, Nigerian cardholders and financial institutions can now enjoy the benefits of a Nigerian card that can be used worldwide,” a director at Payattitude, Dr Agada Apochi, said.
The acting chief executive of PAPSSCARD, Mr John Bosco Sebabi, said the aim is “to connect African payment ecosystems, reduce the cost and inefficiencies of cross-border payments, and strengthen African sovereignty over payments infrastructure.
“Collaborating with Payattitude, a key innovator in Nigeria’s payment space, represents a significant step towards a more unified African payment landscape.”
The chief executive of PAPSS, Mr Mike Ogbalu, said, “By bringing together PAPSSCARD’s robust cross-border payment capabilities with Payattitude’s leadership in the Nigerian digital payments, we are taking tangible steps toward building a single African market where individuals and businesses can transact easily and securely, both within and beyond Africa.”
Payattitude is the first-in-kind Nigerian Payment Scheme to pioneer multibank App and USSD Code *569#.
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