Banking
Access Bank Group/UNICEF Initiative – 10 Years Commitment to Africa
By Modupe Gbadeyanka
Access Bank Group (www.AccessBankPlc.com), along with 5th Chukker, The Access Bank UK and Access Private Bank (www.AccessPrivateBank.com) hosted the 10th annual ‘Access Bank Polo Day’ at the Guards Polo Club, Windsor.
The annual event is part of its continued support of UNICEF and the climax to the high-profile Access Bank/UNICEF Charity Shield Polo tournament, celebrating a decade of commitment to UNICEF projects and aimed at reaching out to and highlighting the plight of vulnerable children and orphans and internationally displaced persons.
From its’ base with 5th Chukker in Kaduna, Nigeria, the Access Bank/UNICEF Charity Shield has grown to be the biggest charity polo tournament in Africa and generates interest and support from organisations and individuals across Africa for the UNICEF/Access initiative.
Since the UNICEF/Access Bank initiative was started in 2007 it has seen the rebuilding of two schools in Kaduna and more than 8,000 students sustained in continuous education, at the same time developing new school blocks and a computer literacy building all in a more secure and friendly school environment. The communities surrounding the schools are being supported with bore-holes for water, and sewing and grinding machines to secure employment and stimulate economic and social development.
Access Bank PLC group managing director and chairman of The Access Bank UK Ltd, Herbert Wigwe explained the reasons behind the Bank’s continued support for the Fifth Chukker UNICEF initiative. “We are conscious of our role as a change agent in Nigeria that can help institute socio-economic development through responsible business practice and environmental considerations,” he said. “In addition, we are continually seeking ways through which more resources can be pooled towards supporting the children. We are part of the community and as such should support its wellbeing.”
The UK event which is the culmination of the tournament was organised by The Access Bank UK Limited which has just published its Annual Report for the year ended December 31, 2016. This shows impressive growth indicators including a growth in assets of 81% to £1.1bn, operating income of 27% to £25million, with profit before tax up 45% to£12.5million. Commenting on this success The Access Bank UK’s Chief Executive Officer and Managing Director Jamie Simmonds said:
“Our objective is to grow a sustainable business through customer service excellence, and innovative solutions in trade finance, commercial banking, private banking and asset management.” The Award as Best Africa Trade Finance Bank, for the second year running, as voted by CFI-Co readers and contributors is testimony to the value of our principles of relationship-based banking, growing our business through the depth and quality of customer relationships, while at the same time maintaining a moderate appetite for risk. “Our achievements owe a great deal to the strong partnership that we have with our parent company, as evidenced by our joint support of the Access Bank Day at the Guards Polo Club in Windsor.”
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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