Banking
CBN Engages Gombe Women, Youths to Deepen Financial Inclusion
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has enrolled about 25,000 unbanked women and youths in Gombe State as part of efforts to implement the framework for advancing women’s financial inclusion in Nigeria.
The apex bank also said it was building on its account opening drive to ensure digital financial inclusion in the state.
The Director of Development Finance Department at CBN, Mr Yusuf Yika, while speaking in Deba Local Government Area of the state, stated that the drive would feature awareness creation on financial literacy as well as provide an opportunity for women and the youth in the community to take advantage of the financial products and services.
In December 2019, a pilot account opening drive was held with over 82,000 new accounts opened across six states: Bayelsa (South-South), Ebonyi (South-East), Gombe (North-East), Kano (North-West), Nasarawa (North-Central) and Ondo (South-West).
Represented by the branch manager, Gombe CBN, Mr Shehu Goringo, Mr Yika noted that the programme would be held across five local government areas including, Biliri, Kaltungo, Yemaltu- Deba, Akko, and Dukku.
Mr Yika said, “The financial inclusion drive is an initiative of the Central Bank of Nigeria, and other stakeholders to improve access of unbanked Nigerians to financial services and this year, we are kicking it off this November as part of the international Financial Inclusion Week celebrated globally.
“This means that throughout this week, financial services providers will be available to help unbanked women and youth make informed decisions about product uptake including savings accounts, micro pensions, micro insurance, BVN registration and NIN registration amongst others. There will also be opportunities to learn about investment opportunities and how to sustainably grow your finances.
“The tag line for the drive; ‘Open account, Get beta Life’ and the proposed target for the number of impressions (women and youth engaged, products deployed to) is 25,000 in Gombe State.”
On her part, Mrs Sophia Abu, of the Financial Inclusion Delivery Unit of the CBN, stressed that the week was geared towards bringing financial operations closer to the people.
“We have brought them to their doorsteps, we brought them here to help these women open accounts, to register BVN for those who don’t have and to register for their National Identity Number because we know that it is one of the barriers to access finance especially for women and youth in access points,” she said
She noted that the week would highlight the importance of getting relevant details like the BVN, NIN, adding that with the inclusion of women and youth, they would be discouraged from dealing with illicit financial operators.
“Essentially, we are trying to build the savings culture because we want to ensure these people save in formal financial services that are regulated so that they don’t go through negative practices from money lenders and others.
“So, they are able to save in formally regulated institutions then it will be easy for them if there are opportunities by the federal government to access those opportunities because like we all know federal government sometimes hands out conditional cash transfers and even interventions. So, if you don’t have a BVN or bank account it will be difficult to access those opportunities,” Mrs Abu added.
Also speaking, Emir of Deba, Ahmed Usman, commended the CBN for assisting his people to be financially inclusive.
He, however, called on the women and youth to take the opportunity provided seriously, adding that “Opening bank accounts will help you conduct business transactions with your partners across the world.”
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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