Banking
800 Customers to Get Cash Prizes in Ecobank Super Rewards Promo
By Modupe Gbadeyanka
Season two of Ecobank Super Rewards promo has commenced and 50 customers of the bank will get cash prizes every week, a statement from the lender has said.
It was disclosed that the campaign was brought back due to popular demand from customers, who said they were impressed with the excitement generated in season one.
According to Ecobank Nigeria, the campaign will run for four months between October 2021 and January 2022 and will produce 800 winners who will get N25,000 weekly.
In addition, four millionaires will emerge in each of the four delineated regions of Lagos, Federal Capital Territory (FCT)/North, Mid-west/South West and South-South/South East regions. The millionaire winners will be announced at the end of the campaign.
Participation is open to both new and existing individual customers of the bank, both current and savings accounts holders.
The Head of Consumer Products at Ecobank Nigeria, Ms Daberechi Effiong, explained that the conditions to qualify for the scheme are simple and easy to ensure both new and existing customers participate and get rewarded.
According to her, new customers are expected to open an account, savings or a current account with a minimum of N5,000 and maintain the deposit for a 30-day period; the same she noted applies to existing customers, who only need to fund their active account with a minimum of N5,000 or reactivate their dormant account with a minimum of N5,000 and maintain the deposit for a 30-day period.
“In addition, eligible customers are expected to carry out at least one transaction via any of the bank’s digital channels like the Ecomobile App, or the *326# USSD service.”
Other conditions she noted are listed on the Ecobank’s website, stressing that customers can withdraw funds from their account during the campaign period but will only be qualified for the reward when they maintain at least a balance of N5,000 in their account.
“The winners will be announced every week on our social media platforms: Facebook – @EcobankNGR, Instagram – @ecobank_nigeria. We will also send congratulatory SMS/Emails to the winners, including how the rewards will be paid.
“You can send an email to our support team [email protected] or reach out to our 24/7 contact centre on 0700 500 0000, 01 270 1323, 0708 065 3700, Email: [email protected], Facebook: @EcobankNGR, Twitter & Instagram: @ecobank_nigeria,” she said.
On her part, the Head of Consumer Banking at Ecobank Nigeria, Mrs Korede Demola-Adeniyi, stated that, “This is the perfect time to open an Ecobank account or reactivate and fund a dormant account to qualify for the reward and enjoy a first-rate banking experience.”
She further said, “50 customers with the highest deposit will be rewarded with N25,000 every week. And four customers with the highest deposit and transaction value within the campaign duration will be rewarded with N1 million each.”
“As a bank, we are impressed with the level of excitement generated and customers’ participation in the first campaign. We want to ensure more of our loyal customers are rewarded. We believe this is cheery news for both existing and prospective customers. Let me use this opportunity to reassure everyone that Ecobank remains committed to maintaining its industry leadership in rewarding its customers.
“I encourage those that are yet to open an account with the bank to do so now in order to experience the ultimate banking convenience made possible by our state-of-the-art digital platforms and our numerous products and services with great benefits,” Mrs Demola-Adeniyi added.
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has reaffirmed that the old and new Naira notes will continue to be used for financial transactions in the country beyond December 31, 2024.
There had been rumours that the old and redesigned N200, N500, and N1,000 banknotes would no longer be legal tender from Wednesday, January 1, 2025, because the central bank would phase out the notes in compliance with a Supreme Court judgement of November 29, 2023.
But the apex bank, in a statement signed by its acting Director of Corporate Communications, Mrs Hakama Ali, on Friday, clarified that the apex court’s judgement being cited did not authorise the bank to phase out the banknotes by the end of this year.
According to her, the court allowed the CBN to leave the old and new notes to be used concurrently until it decides to gradually phase out the former.
The central bank’s spokesperson urged members of the public to disregard claims suggesting the old series of these denominations would cease to be valid at the end of this year.
She urged them to continue to accept all Naira notes for daily transactions, encouraging banks to also adopt alternative payment methods such as electronic channels to reduce the pressure on physical cash usage.
“The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old N1000, N500, and N200 banknotes currently in circulation.
“In line with the bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1000, N500, and N200 denominations of the Naira indefinitely.
“For the avoidance of doubt, all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadlines,” the statement noted.
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.”
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