Banking
Access Bank Drives Women Entrepreneurship with Pitch-a-ton
By Adedapo Adesanya
A leading financial institution, Access Bank, has unveiled the second edition of its Womenpreneur Pitch-a-ton programme, an innovation aimed at providing and creating an enabling environment for female entrepreneurs to grow their businesses.
Tagged the Womenpreneur Pitch-a-ton Africa 2020 Campaign, this year’s event is designed to provide female-owned businesses across Africa an opportunity to access finance and world-class business training as well as mentoring opportunities.
Speaking at the launch of the second edition of the initiative, Mrs Ayona Trimnell, Group Head, W Initiative, said, “Access Bank has been a leading advocate for women’s economic empowerment in Nigeria and this is the key motivation for the W Initiative which caters to the women economy particularly in the areas of capacity building and creating networking opportunities for women.”
She explained that the Pitch-a-ton is an expansion of the Womenpreneur Business Workshop, under the bank’s women proposition, the W Initiative.
“We launched the Pitch-a-ton initiative last year in line with our value proposition as the Number 1 Bank of Choice for women in Nigeria, and we got a tremendous amount of applications with innovative business ideas.
“This year, we want to do more and we want to reach out to more female entrepreneurs not just in Nigeria but across Africa. As a responsible financial institution with huge presence in other African countries, we want to give the same opportunity to other female entrepreneurs in Ghana, Rwanda and Zambia as well as Sierra Leone, Mozambique, Gambia and Congo to apply and participate in this year’s edition of the programme,”she added.
The Womenpreneur Pitch-a-ton Africa 2020 will provide up to N9 million financial grant and a unique capacity building program aimed at empowering women entrepreneurs.
The programme is designed as a 3-month period incorporating pitching sessions and eight weeks of mini-MBA training in collaboration with the International Finance Corporation (IFC).
Interested persons from Nigeria, Ghana, Zambia and Rwanda as well as with extension to Sierra Leone, Mozambique, Gambia and Congo who meet the criteria are required to fill an online application.
The 500 candidates selected from this pool will then send in a 60 seconds video pitch which will be screened by a credible panel of business experts to select 50 finalists.
As part of the graduation requirements, the 50 finalists will pitch their businesses, infusing learnings from the mini-MBA and will stand an opportunity to win financial grants up to N5 million.
As a leading commercial bank in Nigeria, Access Bank has made significant investments aimed at enhancing growth in the Small and Medium-size Enterprise sector.
The bank is also a major advocate for women in business through innovative offerings like the W Power Loan, a discounted financing at 15 percent interest per annum, for women to grow their business as well as other Business Support Services.
The Womenpreneur Pitch-a-ton is the first women-in-business support initiative of its kind in the industry.
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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