Banking
How Brand Strategy Is Working For Access Bank
By Dipo Olowookere
Despite the economic headwinds that have been slowing down most financial institutions in the country, the Access Bank Plc has had a very successful outing in the outgone year.
The Bank which entered the nation’s banking landscape about 26 years ago with the ambition of becoming a solid brand that would command respect in many sectors, has since grown from that humble beginning into banking giant with reputation admirable reputation that transcends the local market.
Thus today, the bank offer a full service commercial banking, operating through a network of about 305 branches and service outlets located in major centres across Nigeria, Sub Saharan Africa and the United Kingdom. The great work that has gone into building the bank into a formidable banking brand, beyond just a cool logo or well-placed advertisement, but in terms of the cutting edge strategy and precision-driven is not lost on industry watchers and has been fetching recognitions in various forms.
For those who have watched the progress recorded by the Bank thus far, strategic branding has made the difference. Little wonder that few weeks ago, the innovation and creative ingenuity of its handlers paid off as it was named ‘Bank of the Year’ at the 17th annual Bank of the Year Awards black-tie dinner in London. To analysts, the feat was not by accident, considering various positioning tools deplored by the bank’s promoters in the last 10 years.
The award, which validates other nine international honours earned by the Bank over the past ten months for operational excellence, responsible business practices and technology-backed innovation, is unarguably one of the most coveted awards in the banking sector globally.
Over the years, Access Bank has established a reputation as one of the most formidable financial institutions in Nigeria. This is unconnected with its impressive growth trajectory and contributions to the development of the Nigerian economy through empowerment initiatives and practical SME schemes. As an acclaimed innovative industry pioneer, the Bank has remained the choice of international financial organisations and multilateral agencies seeking partnership in Nigeria.
The Banker Awards is an annual event of The Banker Magazine, a publication of the highly influential Financial Times of London; arguably the world’s leading monthly journal of records for the global banking industry, with expertise in monitoring and publishing developments in the African banking industry and beyond for more than 90 years. It is a mark of the award’s reputation that it was held in London, arguably the financial capital of the world.
For some of its pioneering initiatives and outstanding performances, the bank has earned a number of recognitions in the past months. The recognitions include the ‘Karlsrushe Outstanding Business Sustainability Award’, ‘BusinessDay Banking Award – CEO of the Year’, ‘BusinessDay Banking Award – Best Bank of the Year’, ‘EMEA Finance Best Bank in Nigeria Award’, ‘EMEA Finance Corporate Responsibility Award (Pan-African)’, ‘EMEA Finance CEO of the Year (Pan-African’ and World Finance Most Sustainable Bank of the Year Award.’
Presenting the award, Michael Buerk, BBC News journalist, commented: “In spite of the challenging operating environment and rapid changes in the industry, Access Bank has remained a formidable institution. Specifically, the Bank has been a purveyor of innovation in the Nigerian banking space and consistently outperformed industry forecast. It is firmly believed that its operational model, risk management and governance framework, which enable sustained superlative financial performance need commendation.”
Although this view is consistent with Analysts’ opinion on the Bank in the past one year, but its Group Managing Director, Herbert Wigwe who received the award for the Bank said, “While innovation, excellent risk and corporate governance framework might be the advantage we have over our competitors, the Bank is propelled by a vision of becoming the world’s most respected African Bank, and this requires us to do things differently to standout. He thanked the bank’s stakeholders for their support and assured them of improved performance in the years ahead.”
Few months ago, Access Bank broke a new ground in innovation by introducing PayWithCapture, a mobile payment solution that permits customers to make payments by scanning a merchant’s pre-generated QR-Code using the camera of their mobile device or via a one-step Beacon-NFC System. This is happening at a time a consortium of six banks and Unified Payments inaugurated PayAttitude, an electronic payment scheme that allows transactions in both online and offline platforms. The two products, though share some features, they are different in many areas. The bottom-line however is that both are introduced to create a hitch free transaction for consumers.
Two weeks ago, the bank launched the country’s first corporate-focused internet banking solution – “Primus” – to ease the complexities of daily supply chain and financial management of blue chip companies.
The multi-transaction management software dubbed “a 21st century-game changer,” is one of the 200 initiatives announced by the Bank in July after the presentation of its 5-year strategy for 2013 to 2017.
According to Group Managing Director/Chief Executive Officer, Access Bank, Aigboje Aig-Imoukhuede, the product “does not exist in the Nigerian banking industry” and “will make every bank in Nigeria to rise to the occasion.”
The role of Corporate Social Responsibility (CSR) to the overall success of any business has been well documented just as the importance of good corporate citizenship to bottomline has been well articulated in different business models. Little wonder that many businesses across different sectors now take CSR very serious.
According to the bank’s Corporate Social Responsibility Report, its CSR philosophy was developed in accordance to relevant international standards and guidelines such as the AA1000 Assurance standards and the Global Reporting Initiative (GRI) G3 sustainability reporting guidelines.
The Access Bank Innovation Challenge is a competition that invites teams of contestants to develop innovative solutions challenges noticeable challenges in the country, and provides them with educational guidance along the path to prototyping and possibly implementing their projects.
The 2016 Access Bank Innovation Challenge focused on the Internet of Things (IoT), which connects billions of smart devices to the Internet.
A total of 15 teams formed by the 76 attendees worked on solutions to problems in Agriculture, Transportation, Security, and Power. The N1 prize money was shared amongst the top 3 winners. The 1st, 2nd and 3rd prize winners received the sum of N500,000, N300,000 and N200,000 respectively.
Victor Etuokwu, executive director, Personal Banking, Access Bank Plc, who addressed participants during the training workshops said one of the Bank’s core values is ‘Innovation’ and this is visibly rooted in the culture and attitude of the employees of the Bank.
By Dipo Olowookere
Ecobank Nigeria Limited has taken a significant step to ensure its customers get cheap personal loans by partnering with the Nigerian Consumer Credit Corporation (CrediCorp).
The service is available to civil servants and private-sector employees whose salaries are paid through Ecobank.
New customers can also benefit upon presentation of employer undertaking to pay subsequent salaries through Ecobank.
Starting this January, the initiative provides flexible repayment options and a streamlined loan application process.
These loans can be used to finance a variety of personal needs, including paying school fees, rent, maintenance costs, medical bills, car purchase and repairs, asset purchase, and more.
The loans come with affordable interest rates, a two-year term, and a repayment plan that ensures equal monthly instalments, including principal and interest, do not change throughout the life of the facility, regardless of the economic situation of the country.
According to the Head of Consumer Banking at Ecobank Nigeria, Ms Adeola Ogunyemi, the loans will provide salary earners, both in the public and private sectors, with better access to financial products.
“This collaboration is an excellent opportunity to serve our customers, and we believe it will improve the quality of life for many Nigerians.
“Eligible customers can use the loans to purchase electronics, solar systems, or CNG vehicle conversions, as well as for other essential expenses like school fees, rent, upkeep, medical bills, and car maintenance.
“We encourage working-class Nigerians to open an account with Ecobank to benefit from this initiative,” Ms Ogunyemi stated.
CrediCorp, a Development Finance Institution (DFI) established by the federal government, is focused on enhancing access to consumer credit for Nigeria’s workforce.
Under the partnership, CrediCorp will provide funds to Ecobank, for on-lending to qualified customers.
The arrangement covers personal loans, as well as asset financing for items like solar systems, home appliances, phones, laptops etc. and vehicle conversions to compressed natural gas (CNG).
Ecobank Nigeria is part of the Ecobank Group, a leading pan-African banking organization. The bank provides a full range of financial services to individuals, businesses, and institutions through its network of over 240 branches and 35,000 Xpress Point agencies across Nigeria.
By Modupe Gbadeyanka
No fewer than 131 customers of Wema Bank Plc will win N11 million in cash prize in the company’s 5 for 5 promo season 4 monthly draw fixed for Friday, January 24, 2025, in Warri, Delta State.
According to a statement from the lender, from the 131 customers, 80 of them will win N25,000 each, 40 will win N100,000 each, eight domiciliary account holders will win N250,000 each and three will get N1 million each, with one to be from Warri, venue of the event.
The 5 for 5 promo selects winners from the bank’s pool of active and transacting customers, via thoroughly regulated electronic live draws.
The first 3 seasons saw the Wema Bank 5 for 5 Promo disburse over N150 million to 2,378 Nigerians across the six geopolitical zones in Nigeria, and with the launch of Season 4 on October 1, 2024, Wema Bank raised the bar, setting aside a whopping N135 million for disbursement this season alone.
So far, over 1,000 Nigerians have won cash prizes in daily, weekly and monthly draws, with 540 customers winning in 55 daily draws, 550 customers winning in 11 weekly draws and 262 customers winning in 2 monthly draws; totalling over N27 million disbursed so far.
The third monthly draw of the season, which also happens to be the first monthly draw of 2025, is set to hold this January in Warri, and another 131 winners will emerge from the draw.
“The goal for us with the Wema Bank 5 for 5 promo is giving back, providing support and rewarding our loyal customers, it’s been one of the key means through which we say ‘thank you’ as a Bank, and four years strong so far, it’s only gotten better with each season.
“We made millionaires in December ahead of Christmas and it was heartwarming to hear from our amazing customers how instrumental these rewards were in sorting out some bills. Now, we are even more ready to kickstart 2025 on a millionaire note,” the chief executive of Wema Bank, Mr Moruf Oseni, said.
“As a tradition, the 5 for 5 Promo continues to tour different locations across the six geopolitical zones, however, our winners are always selected from across the country. So even though one of the millionaires will be from Warri where this draw will hold, there’s still room for two more millionaires and over 120 more winners of cash ranging from N25,000 to N250,000.
“The joy for us is in the smiles that are made, the stories that are positively impacted and the hope that these cash rewards bring to the winners; from students to small business owners, working professionals, and so on.
“We are all too familiar with the running ‘100 days of January’ reality that plagues a lot of us after the heavy spending that comes with December, so this draw is the perfect opportunity to support our customers beyond the daily and weekly draws that we hold every other weekday.
“I congratulate the winners in advance, and I encourage every new and existing Wema Bank customer to seize this opportunity and start transacting today. The 5 for 5 promo is as transparent as can be, so anyone can win, provided they meet the minimum requirements,” he added.
By Dipo Olowookere
The United Bank for Africa (UBA) Plc has completed its scheduled routine system maintenance on its card service.
The financial institution over the weekend informed its customers of a scheduled maintenance on its card service from 12 am to 5 am of Sunday, January 19, 2025.
Customers were told that the action could make them experience service disruption while using the UBA cards for financial transactions.
The lender said it was carrying out the maintenance for better service delivery, apologising for any issue they may encounter during the period.
“In line with our commitment to provide you with exceptional experience and to enable us to serve you better, we will be carrying out a scheduled routine maintenance on our card services.
“During this period, you may not be able to use your Debit & Credit Card. Please use our alternative channels, LEO, *919#, Mobile App or Internet Banking for transactions
“An update will be provided as soon as the maintenance is completed.
“We appreciate your understanding and apologize for any inconvenience this may cause. Please be assured that we are committed to providing you with excellent banking services,” the notice earlier sent to customers said.
After the completion of the process, UBA mailed another statement to customers, informing them they could use their cards without any issue.
“We are pleased to inform you that our scheduled routine system maintenance has been completed.
“You can now enjoy safer and quicker transactions on our card service.
“We regret any inconvenience you may have experienced, and assure you of our commitment to continuously provide you with excellent service,” the statement sighted by Business Post read.
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