Banking
Access Bank Denies Closing Over 300 Branches, Sacking Staff
By Modupe Gbadeyanka
Tier-one lender, Access Bank Plc, has said reports making the rounds that it has closed over 300 branches across the country as untrue.
In a statement signed by the Company Secretary, Mr Sunday Ekwochi, the bank also said media reports that it was downsizing its workforce by 75 percent are totally false.
The financial institution said the closure of a bank branch in the country requires the approval of the Central Bank of Nigeria (CBN), stressing that it has not approached the CBN for such.
“The bank has not applied for nor obtained the approval of the Central Bank of Nigeria for the closure of any of its branches as widely speculated. The bank has only suspended operations in some branches following the directive by the CBN,” the statement explained.
Explaining further, Access Bank said at the onset of the COVID-19 pandemic lockdown, it suspended in-branch operations at different locations as directed by the CBN and in line with business continuity plans at vulnerable spots, it provided financial services through its alternative digital platforms.
“Beyond complying with the regulatory directive, this action was taken to ensure the health and safety of our customers and employees,” it said.
It further stated that, “In line with the phased re-opening of the economy effective May 4, 2020, following the presidential directive, we will be resuming in-branch services in some of our affected branches in a programmed manner to ensure the health and safety of our employees and customers. This is also necessary to provide relevant contingency should there be any incident arising from the pandemic.”
“We recognise that the threat of the COVID-19 pandemic is still out there and whilst we will do all that is required to ensure the safety of all our branches in line with the protocol advised by the health authorities, we urge our customers to leverage more of our digital channels for their transactions. We have made significant investment to ensure their availability throughout this period and beyond,” the statement said.
While commenting on the rumoured downsizing of its workforce, Access Bank stressed that, “We deny in its entirety the baseless and twisted speculation that the bank is sacking 75 percent of its workforce.
“This is malicious and a distraction from a genuine and compassionate plan to protect our staff and help keep jobs in the unfolding macroeconomic environment.”
“We state that based on the impact of the COVID-19 pandemic, we do not expect that all our branches will be fully opened for in-branch services until later in the year. This has made it impossible for many of our outsourced workers to perform their duties as usual,” it added.
Access Bank stated that, “Based on the above-mentioned circumstances, we have commenced engagement with various stakeholders with a view to ensuring that they provide the relevant services and optimum manpower as may be required by the Bank on an on-going basis.”
“As we navigate the new normal occasioned by the COVID-19 pandemic, we wish to assure all our esteemed stakeholders that in our traditional manner the Bank will continue to ensure that its actions and decisions are guided by fairness, justice, equity and good conscience,” the statement concluded.
By Modupe Gbadeyanka
Nine commercial banks operating in the country have been fined N150 million each by the Central Bank of Nigeria (CBN) over their failure to dispense cash to customers through their Automated Teller Machines (ATMs).
Recall that last year, the banking sector watchdog warned deposit money banks (DMBs) to load their ATMs with cash to ease the hardships Nigerians go through in getting cash.
It was alleged that members of staff of banks were selling cash to Point of Sale (POS) operators as it was getting difficult for customers to withdraw cash from banks.
To address this issue, the central bank directed lenders to ensure customers are able to withdraw their funds via their ATMs or risk being sanctioned.
In a statement on Tuesday, the Acting Director of the Corporate Communications Department of the CBN, Mrs Hakama Sidi Ali, said spot checks showed that the affected banks did not comply with the cash distribution guidelines, noting that the fines will be directly debited from the affected banks’ accounts.
She listed the defaulting lenders as Fidelity Bank, First Bank, Globus Bank, Keystone Bank, Providus Bank, Sterling Bank, Union Bank, UBA, and Zenith Bank.
“In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria has sanctioned Deposit Money Banks for failing to make Naira notes available through automated teller machines, during the yuletide season.
“Each bank was fined N150 million for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches. The enforcement action follows repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand.
“The affected banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank, Union Bank Plc, Globus Bank, Providus Bank, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc,” the statement said, stressing that the apex bank will not hesitate to impose further sanctions on any institution violating its cash circulation guidelines.
By Adedapo Adesanya
Top remittances service firm, LemFi, has raised $53 million in Series B funding to further boost its efforts to acquire more customers and expand its footprint into more countries.
The funding round was led by Highland Europe, a London-based growth-stage investment firm that backs startups with more than €10 million in annualized revenues. Other participants in the deal included existing investors like Endeavor Catalyst, Left Lane Capital, Palm Drive Capital, and Y Combinator.
Lemfi, founded by Mr Ridwan Olalere, its chief executive officer (CEO), and Mr Rian Cochran, its Chief Financial Officer (CFO), closed the Series B round in four months, bringing LemFi’s total funding to $85 million, as per TechCrunch.
LemFi will use the funding to extend its offerings, scale its payment network licenses and partnerships to provide hyper-localized service and recruit talent for its next growth phase.
The firm, which generates revenue from transaction fees and foreign exchange spreads, currently has more than 300 employees across Europe, North America, Africa, and Asia.
Founded in 2020, the four-year-old company has seen massive increases in parameters and claims to have over one million active users who rely on its multi-currency accounts to transfer money to friends and family in countries like Nigeria, Kenya, India, China, Pakistan, and 15 others.
LemFi has undergone rapid growth by helping diaspora communities in North America and, more recently, Europe, send money to emerging markets across Africa, Asia, and Latin America. It currently has 27 send-from markets and 20 send-to countries on its roster.
As part of its expansion plans, the firm has also expanded into Europe by partnering with embedded finance provider Modulr and will help LemFi kickstart operations until it secures its license next month after acquiring a firm based in the Republic of Ireland.
“We intend to go to as many markets as we have a significant number of immigrants, starting now with Europe this year, which is going to be a big focus for us,” CEO, Mr Olalere told TechCrunch in an interview.
By Modupe Gbadeyanka
A new art installation, Kong in a Cage, made from recycled materials has been displayed by Ecobank Nigeria Limited at its headquarters in Lagos.
The piece, made by Mr Toyeeb Ajayi, is showcased at the Ecobank Pan African Centre (EPAC) in Lagos as part of the lender’s efforts to foster sustainability in the country.
This thought-provoking piece, which reflects on humanity’s confinement of nature, will be open to the public on Saturdays and Sundays, the financial institution said.
The Managing Director/Regional Executive of Ecobank Nigeria, Mr Bolaji Lawal, said the bank remains dedicated to offering a global platform for emerging Nigerian artists, especially in the fields of sustainability and the arts.
He disclosed that Kong in a Cage aligns with Ecobank’s broader mission to promote the creative sector across Africa.
“Our aim is to highlight the incredible talent of Nigerian artists, providing them with opportunities to showcase their work both locally and internationally.
“The creative sector is an essential driver of economic growth, well-being, and global interconnectedness. At Ecobank, we are committed to investing in the future of our youth, helping to shape a brighter future for Nigeria,” Mr Lawal stated.
On his part, Mr Ajayi said Kong in a Cage is a commentary on environmental sustainability, with the installation’s use of recycled materials reflecting this theme.
Situated in the midst of an urban business environment, the piece serves as both a warning and a call to action, offering a visual critique of humanity’s impact on the planet through the lens of art.
“By employing sustainable materials and practices, this installation does more than just entertain—it prompts a conversation about the intersection of art and environmental stewardship.
“Kong in a Cage is not just an artwork; it’s a dialogue—a visual plea for accountability, responsibility, and a renewed respect for the fragile balance between humanity and nature.
“I encourage everyone to reflect on humanity’s impact on the environment, consider the potential of reclaimed materials, and rethink our relationship with the planet,” he enthused.
Ecobank’s commitment to environmental sustainability is well-documented, with initiatives such as the Get Cash for Plastic Bottles campaign, which removed over four million plastic bottles from the streets and drains of Lagos. The bank is also actively involved in tree-planting efforts aimed at preserving and protecting the environment.
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