Banking
Access Bank to Issue American Express Cards in Nigeria
By Adedapo Adesanya
Access Bank has unveiled two new consumer credit cards: the Access Bank American Express Gold Card and the Metal Platinum Card, making these the first American Express cards to be issued in Nigeria and West Africa.
By launching these cards, Access Bank says it will be able to increase its offering to its retail and private bank customers, with benefits including the Membership Rewards loyalty programme and a wide range of travel and lifestyle benefits.
Recall that in 2019, Access Bank signed an agreement with American Express to start acquiring merchants, enabling businesses across the country to accept payments from international American Express Cards.
Now, in a statement seen by Business Post, the bank is ready to issue the first American Express credit cards in West Africa. The Gold and Platinum Cards showcase the international American Express card design, featuring the ‘Centurion’ icon.
Similar products are also issued outside of Nigeria by American Express or third parties licensed by American Express and provide cardmembers with extensive rewards and benefits.
Speaking on this, Mr Herbert Wigwe, Group Managing Director, Access Holdings, said the cards will be available by request and invitation, and customers who have signified interest will begin to enjoy the usage from Tuesday, June 13, 2023.
He said, “We are a bank of many firsts. We do have a wide network, and with this partnership, AMEX will have 60 million customers supporting this partnership. It is a massive endorsement for us to work with AMEX in this partnership.
On his part, Mr Roosevelt Ogbonna, Managing Director and CEO of Access Bank, said: “The launch of American Express Cards in Nigeria is another milestone in the continued development of a vibrant and fast-growing payments industry. Customers want more than transactions – they want real value.
“With American Express, we can provide valuable card benefits, strong loyalty rewards, and a real reason to use electronic payments instead of cash. By diversifying our services to facilitate payments, we can connect more consumers to the SMEs and retail businesses across the country who we know are the engine of economic growth.”
Mrs Chizoma Okoli, Deputy Managing Director, Retail South, Access Bank, said the unveiling of the credit cards is a testament to the bank’s leadership role in the country.
“We are always at the forefront in the banking sector here in Nigeria, and this is our newest innovation as we lead others. You can see these AMEX cards anywhere in Nigeria except here at Access. I know our customers who are going to reap the benefits will be proud of us”.
Adding to this, Mr Victor Etiokwu, Deputy Managing Director, Retail North, said the partnership with American Express is not the first and won’t be the last.
“In the payment world, it is important to have varieties, and as a financial sector supermarket, we have varieties of lovely items for the benefit of our customers. AMEX is a unique brand, and we have always wanted to have them on our portfolio and we are glad this has become a reality. We will continue to collaborate with AMEX.
Mr Mohammed Badi, the President of Global Network Services at American Express, explained, “By granting Access Bank a license to launch the first-ever American Express Cards in Nigeria, American Express’s presence in Africa is becoming even more vibrant. The Access Bank American Express Gold Card and the metal Platinum Card enhance the credit card experience in Nigeria with special benefits, access, and service – for Cardmembers both in Nigeria and when travelling overseas.”
Alongside dual-currency functionality (NGN/USD) and international acceptance, the American Express cards include airport lounge access, car rental perks, membership rewards, loyalty points, as well as insurance and protections.
On top of these features, the Platinum Card also offers expanded airport lounge benefits, with complimentary access to more than 1,400 lounges through the American Express Global Lounge Collection.
There are also hotel perks and upgrades through The Hotel Collection and Fine Hotels + Resorts, special status access in the Hilton Honours, Radisson Rewards, and Marriott Bonvoy rewards programmes.
Other benefits include complimentary access to hotel membership programmes, with Tablet Plus membership and Mr & Mrs Smith Gold status, 24/7 travel and lifestyle concierge services.
By Adedapo Adesanya
Guaranty Trust Holding Company (GTCO) Plc recently completed the raising of N209 billion out of its targeted N400.5 billion public offer in the ongoing recapitalisation efforts directed by the Central Bank of Nigeria (CBN) to create resilient banks amid rising external shocks in the global environment.
Speaking on this development, the chief executive of the firm, Mr Segun Agbaje, said the equity capital raising has set a strong foundation for accelerated development.
“We extend our sincere appreciation to our new and existing shareholders, as well as the regulatory authorities, for their unwavering support during this initial phase of our equity capital raise.
“The strong participation and successful capital verification exercise and allotment process reaffirm the confidence investors have in our fundamentals and execution capabilities.
“This sets a solid foundation for accelerating our strategic roadmap, which aims to pivot the Group for transformational growth and unlock greater value across the Group’s Banking and Non-Banking businesses,” the banker stated.
GTCO had launched a public offer of 9.0 billion ordinary shares of 50 Kobo each at N44.5 per share, with N209.41 billion realized, representing 52.3 per cent of the total offer size.
The offer garnered substantial interest from domestic retail investors, raised a total of N209.41 billion from 130,617 valid applications for 4.706 billion ordinary shares, fully allotted.
“This milestone concludes the first phase of GTCO’s phased equity capital raise programme, which is structured on a balanced allocation strategy based on an equal split between institutional and retail investors. This balanced approach aligns with GTCO Plc’s commitment to fostering a well-diversified and robust investor base,” GTCO stated.
The announcement followed completion of the capital verification exercise conducted by the CBN and the approval of the basis of allotment of the offer by the Securities and Exchange Commission (SEC).
By Modupe Gbadeyanka
No fewer than 30 pregnant women at the Mushin Primary Health Centre in Lagos have received maternity kits from Fidelity Bank Plc.
The gesture from the financial institution is part of its efforts to support improved maternal health in the metropolis.
It was gathered that the items were given to the beneficiaries through the Fidelity Helping Hands Programme (FHHP), a Corporate Social Responsibility (CSR) initiative of the lender aimed at promoting staff involvement in community development under the Great Minds Inductees Class.
“The project was borne out of the need to support pregnant women by providing them with essential materials for a safe delivery,” the Divisional Head for Brand and Communications Division at Fidelity Bank, Mr Meksley Nwagboh, explained.
“Maternal mortality remains a significant public health challenge in Nigeria, with the country accounting for a substantial proportion of global maternal deaths.
“In fact, a 2023 United Nations report indicate that nearly 28.5% of global maternal deaths occur in Nigeria.
“This is an alarming statistic and as a bank given to improving the welfare of our host communities, we deemed it fit to support initiatives to address this challenge in the Mushin community with this donation,” he stated.
One of the beneficiaries, Mrs Mary Olusanya, expressed her heartfelt appreciation for the bank’s support.
“I appreciate Fidelity Bank for helping us. Many pregnant women cannot afford these kits, but this donation ensures that we can have safe deliveries and better healthcare,” she said.
The Medical and Health Officer for Mushin Local Government Area, Dr Kayode Odufuwa, said, “This intervention by Fidelity Bank will help reduce maternal mortality and encourage more women from less-privileged backgrounds to register for antenatal care.”
“On behalf of the Chairman of Mushin LGA, Mr Emmanuel Bamgboye, we want to express our heartfelt gratitude to Fidelity Bank for extending its donation of maternity kits to pregnant women at this centre.
“We appeal for continued collaboration with the Bank to further strengthen healthcare services within the area,” he stated.
On her part, the Apex Nurse and Deputy Director of Nursing Services in Mushin LGA, Mrs Bolanle Odunlami, said, “The donation is a much-needed relief for many mothers who are unable to afford essential delivery kits. Fidelity Bank has truly shown empathy by coming to the aid of our patients, and for that, we are extremely grateful.”
Business Post reports that through the FHHP, employees of the bank identify projects that benefit their immediate community and gather funds to implement them.
The bank’s management then matches this contribution with an equivalent amount and allocates it for the chosen projects.
By Aduragbemi Omiyale
The management of First Bank of Nigeria (FBN) Holdings Plc has assured that the boardroom crisis rocking the company would not affect its operations.
Recall that a group of shareholders with 10 per cent equity stake in the financial institution asked for an Extra-ordinary General Meeting (EGM) under section 215 (1) of CAMA for the removal of the chairman of the board, Mr Femi Otedola, and a non-executive/deputy chief executive of Geregu Power Plc, Mr Julius Omodayo-Owotuga.
They argued that Mr Otedola, who owns Geregu Power, was plotting full control of FBN Holdings by planting his loyalists on the board.
The aggrieved shareholders pointed out that the businessman was planning to take charge of the proposed private placement of N360 billion shares of the firm, accusing him of removing those he felt were blocking his way.
To calm nerves, FBN Holdings issued a statement on Thursday, informing its stakeholders that the crisis does not pose a threat to its services.
“This matter does not in any way impact the operations of the company, and all the businesses within the Group continue to provide uninterrupted services to its customers.
“We assure our valued customers, shareholders, investors, other stakeholders and the general public that we are taking all necessary steps to protect the interests of the company and its subsidiaries.
“The Group’s performance continues to improve, resulting in a higher market capitalisation even as we work towards surpassing the regulatory minimum capital well ahead of the deadline.
“In the meantime, the Registrar and Lead Issuing House are collating the returns from all receiving agents in respect of the company’s rights issue which closed on December 30, 2024.
“FBN Holdings and its subsidiaries remain committed to the highest level of corporate governance,” the notice signed by its scribe, Mr Adewale Arogundade, said.
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