Banking
CBN Grants License to Gabsyn Microfinance Bank
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has granted Gabsyn Microfinance Bank the final approval to operate as a microfinance bank in Ikorodu, Lagos State.
With this approval, Gabsyn MFB joins over 876 licensed microfinance banks to operate in that space, to deliver the much-needed financial services to the unbanked, which according to EFInA (2020 survey) shows that about 38 million citizens (35.9 per cent of the adult population), do not have access to financial services in Nigeria.
As a partner in the actualisation of the objectives of the National Financial Inclusion Strategy (NFIS), Gabsyn MFB affirmed its commitment to creating a better everyday life for all stakeholders in line with the financial inclusion agenda of the CBN and Nigeria and expressed excitement at the opportunity to support its fulfilment.
“The bank is well positioned in a strategic location in Ikorodu where it can use its well-trained, motivated, young and dynamic staff as well as its experienced management team to design and offer flexible, value-adding and sustainable financial services to the communities. There are millions of Nigerians who are yet to tap into the immense benefits available in the financial sector because they are currently excluded.
“Gabsyn MFB will open a viable avenue for all to access a broad range of financial and social services such as loans, savings, alternate payment services, money transfers, improve financial literacy, etc, some directly and others through strategic partnerships,” a statement from the small lender said.
Microfinance Banks (MFBs) are critical to Nigeria’s financial inclusion goals, particularly because of their role in providing financial services to the underserved segments of the Nigerian economy.
In a demonstration of its acknowledgement of the importance of the sector, the Nigerian government launched the National Financial Inclusion Strategy in 2012 (NFIS 2012), to achieve 80 per cent inclusion by 2020. The NFIS was reviewed in 2012, and the CBN and its stakeholders came up with the Revised NFIS document which targets a 95 per cent financial inclusion threshold in Nigeria by 2024. This is ambitious given that the financial inclusion index moved from 57.3 per cent in 2010 to 60.3 per cent in 2012 and 63.2 per cent in 2020, a growth of about 5.9 per cent in 10 years. Achieving a 31.8 per cent increment in 4 years is indeed ambitious, but not impossible.
According to the Managing Director of Gabsyn MFB, Mr Waheed Odekale, “Our mission is to use simple financial solutions, strategic alliances and partnerships to improve the socio-economic status of our stakeholders.
“Our services will empower low-income households, enhance their productive capacity and consolidate their economic base.
“We are very excited by the opportunity to be practically and productively driving the financial inclusion agenda of the Central Bank of Nigeria.”
While leveraging the use of technology to improve customers’ experience, on the one hand, the bank said it will be going the extra mile with the introduction of Saturday banking services.
Banking
Access Bank Opens Branch in Malta to Strengthen Europe-Africa Trade Ties
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.”
Banking
Goldman Sachs, IFC Partner Zenith Bank, Stanbic IBTC, Others to Empower Women Entrepreneurs
By Adedapo Adesanya
The International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with African banks, including Nigeria’s Zenith Bank and Stanbic IBTC Nigeria to support the Goldman Sachs 10,000 Women initiative, a joint programme launched in 2008 to provide access to capital and training for women entrepreneurs globally.
The two Nigerian banks are part of nine financial institutions from across Africa which have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the programme provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.
Others banks include Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d’Ivoire, Equity Bank Group, Banco Millenium Atlantico – Angola, Baobab Group, and Orange Bank.
Speaking on this, Ms Charlotte Keenan, Managing Director at Goldman Sachs said – “10,000 Women has had a powerful impact to date, but we know that there are more women to reach and more potential to be realized.
“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale.”
Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.
“This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals,” said Ms Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion.
Goldman Sachs’ 10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.
Banking
Development Bank of Nigeria Wins Financial Inclusion Leadership Award
By Aduragbemi Omiyale
In recognition of its unwavering commitment to fostering access to financing for Nigerian micro, small and medium enterprises (MSMEs), Development Bank of Nigeria Plc has been rewarded with the Financial Inclusion Leadership Award at the Champions of Inclusion Nigeria Financial Inclusion Awards.
This was at the 2024 International Financial Inclusion Conference (IFIC) organised by the Central Bank of Nigeria (CBN) in collaboration with the World Bank and other stakeholders.
The chief executive of the lender, Mr Tony Okpanachi, said the recognition affirms the company’s efforts in expanding access to financial services for MSMEs in Nigeria.
“We are honoured to receive the Financial Inclusion Leadership Award, which is a testament to our bank’s commitment to expanding access to financial services for all Nigerians. This award recognises our efforts to bridge the financial inclusion gap, particularly for a priority sector like the MSMEs.
“Additionally, this award is a validation of our strategic focus on driving financial inclusion for small businesses, and we are proud to be at the forefront of this initiative that drives that. We will continue to innovate and expand our financial inclusion programmes, ensuring that more Nigerian small and startup businesses have access to services,” he stated.
On his part, the Chief Operating Officer of DBN, Mr Bonaventure Okhaimo, said the accolade demonstrates the firm’s dedication to driving financial inclusion and economic growth in Nigeria.
“This award acknowledges our Bank’s innovative approach to widening opportunities for MSMEs in Nigeria to grow and scale their businesses,” he said.
“This award will motivate us to continue pushing the boundaries of financial inclusion, exploring more innovative solutions and partnerships to expand our reach and impact.
“We are committed to ensuring that more small businesses and startup enterprises in Nigeria have access to financial services, this award will further inspire us to accelerate our efforts in this regard,” he stated.
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