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CIBN to Revamp Banking Practice in Nigeria With A-TEAM Initiative

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CIBN A-TEAM Initiative

By Aduragbemi Omiyale

A strategic initiative aimed to revamp banking practice in Nigeria has been introduced by the Chartered Institute of Bankers of Nigeria (CIBN).

The new plan with the acronym A-TEAM means Accelerated Development; Technology and Digital Enhancement; Engagement for Growth; Accountability and Transparent Leadership and Membership Drive for Value.

As part of efforts for its successful implementation, the CIBN is seeking collaborations with financial institutions in the country.

Recently, the President/Chairman of Council, CIBN, Mr Bayo Olugbemi, visited Ecobank Nigeria and he said the A-TEAM initiative will benefit stakeholders in the banking sector.

He applauded Ecobank’s consistent support for the institute over the years to ensure the realisation of its mandate of determining the standards of knowledge and skills development for those seeking to become members of the banking profession.

“We applaud Ecobank Academy as the first corporate member to become a member of the Global Business School Network and for the consistent support for the realisation of the institute’s mandate of determining the standards of knowledge and skills to be attained by persons seeking to become members of the banking profession.

“We, therefore, seek Ecobank’s collaboration and enlistment in our Endowment/Prize Awards in any subject of interest; support towards the renovation of Abuja Bankers’ House; support for the establishment of banking museum by donating artefacts and other relevant materials; and to participate actively in training programmes of the institute,” Mr Olugbemi said.

Further, he congratulated Ecobank Nigeria and the Ecobank Group on winning several International awards, which includes the Best Retail Bank in Nigeria by Asian Banker; Africa’s Best Bank for Corporate Responsibility by Euromoney (Ecobank Group); African Bank of the Year (African Banker); Innovation in Financial Services Award from African Banker (Ecobank Group); EMEA Finance African Banking Awards 2020.

Responding, the Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan, pledged more support and collaboration with the institute, restating that Ecobank will continue to contribute to the efforts of the organisation to become top class and remain relevant globally.

“For us at Ecobank, we are extremely proud CIBNs efforts at ensuring public discourse on the future of the Nigeria economy and the banking and finance industry.

“This is not in isolation of the ethics, professionalism, accountability, transparency, good corporate governance without losing focus of harnessing the opportunities technology has provided in the new world order. Be assured of our maximum support and collaboration at all times,” he said.

Mr Akinwuntan also identified with the efforts of the institute to raise the bar of competency and capacity building in the industry, stressing that with sound professional conduct, every banker will be held in high esteem.

He said Ecobank was working assiduously to ensure a majority of its staff become members of the institute, adding that the bank will also provide more mentees and mentors in its mentorship programme.

“We have a medium to long term programme to ensure all Ecobank Nigeria staff become chartered members of the institute.

“At Ecobank, we take human capacity development very seriously. Some of our staff that wrote the last examinations are now chartered members of the Institute.

“We will also ensure bulk subscription of our staff. We will be nominating 30 mentors and 100 mentees to participate in the second mentorship programme,” he assured.

Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.

Banking

PalmPay, Carbon Issue Verve Cards to Customers for Seamless Transactions

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Verve Card for PalmPay Carbon

By Aduragbemi Omiyale

Top financial technology (fintech) companies in Nigeria, PalmPay and Carbon, have commenced the issuance of Verve cards to their customers.

This allows millions of Carbon and PalmPay customers access to Verve’s extensive payment network, bringing digital payment solutions to previously underserved populations.

They began issuance of the cards following the approval of the Central Bank of Nigeria (CBN), underscoring the apex bank’s commitment to empowering fintech companies and advancing financial inclusion across the country.

The issuance of Verve cards by these firms will bring digital payment solutions to previously underserved populations.

Industry observers note that the decision by both fintech companies to align with Verve stems from the payment card’s network-wide reach and a robust infrastructure across Nigeria and beyond.

Last year, Verve marked its 15th anniversary characterized by its outstanding quality, innovativeness and vast array of options; it also announced that it has issued over 70 million cards, establishing itself as a dominant player in Nigeria’s payment ecosystem.

The domestic card scheme’s impressive penetration makes it a natural choice for fintech platforms seeking to rapidly expand their payment offerings while supporting the CBN’s financial inclusion goals.

Other fintech companies that have previously followed this line in issuing Verve cards include Opay and Moniepoint.

As a homegrown card scheme, Verve has continued to innovate its service offerings to compete effectively with international payment networks.

The company has integrated advanced features, including contactless payment technology and enhanced security measures, such as biometric authentication through other sophisticated recognition systems such as fingerprints.

Through collaborations like this, Nigeria’s journey toward a more inclusive financial ecosystem will be shortened, providing more Nigerians with access to modern banking and payment services through the combined technological capabilities of these financial service providers.

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FG Sees Moniepoint as Testament to Strength of Nigeria’s Fintech Ecosystem

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Moniepoint UK Office

By Modupe Gbadeyanka

A leading player in the digital financial services sector, Moniepoint Incorporated, has been described by the federal government as a testament to the strength of Nigeria’s financial technology (fintech) landscape.

The Minister of Foreign Affairs, Mr Yusuf Tuggar, during a visit to the United Kingdom headquarters of the company, also said the firm reflects a true Nigerian success story.

He acknowledged the significant backing Moniepoint has received from global investors, including Google’s Africa Investment Fund, Visa, and BII, further validating its position as a leader in the fintech space.

Mr Tuggar stressed that a thriving fintech sector directly translates to more jobs, increased financial inclusion, and a stronger economy for Nigeria.

The Minister highlighted the organisation’s impressive growth, citing its 2000+ employees, thousands of sales personnel, and its empowerment of millions of businesses through enhanced financial inclusion.

“Nigeria is at a vantage position in the fintech and financial services sector. With banks and fintechs operating across Africa, we must continue to instill confidence in Nigerian businesses as they expand globally. Moniepoint is a testament to the strength of Nigeria’s fintech ecosystem,” he said during the visit aimed at strengthening diplomatic ties and fostering strategic cooperation between Nigeria and the UK.

In his remarks, the chief executive of Moniepoint, Mr Tosin Eniolorunda, reiterated the company’s commitment to powering the dreams of millions of business owners while engineering financial happiness for all Africans.

He noted that the dynamic digital landscape in Nigeria presents unique opportunities to harness technology to drive real change, and Moniepoint is excited to be at the forefront of this transformation.

“By empowering individuals and businesses with financial tools that are innovative and efficient, we believe that technology can be a powerful catalyst for economic growth and social development.

“This visit by the Minister signposts the importance of cross-border collaboration and the strengthening of Nigeria’s global partnerships. We recognize the critical role that international cooperation plays in advancing innovation, especially within the fintech sector.

“As a country, Nigeria has immense potential, and through strategic alliances with global stakeholders, we can unlock new opportunities that benefit both local and international communities.

“At Moniepoint, we are deeply aligned with the Nigerian government’s vision to enhance strategic cooperation in areas like trade, investment, and technology.

“We are eager to continue contributing to the development of our country’s digital economy while fostering meaningful collaborations that will leave a lasting legacy for generations to come,” he stated.

Formerly known as TeamApt Incorporated, Moniepoint, founded in Lagos in 2015 by Mr Eniolorunda and Felix Ike, has rapidly grown into a comprehensive digital financial services provider.

Offering payments, banking, credit, business management tools, and cross-border payment solutions, Moniepoint serves over 10 million businesses and individuals across Nigeria and Africa.

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Banking

Stanbic IBTC Bank Reintroduces Private Banking Offerings

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Stanbic IBTC opens new branch

By Modupe Gbadeyanka

To help Nigerians secure their financial futures and build lasting legacies, Stanbic IBTC Bank has reintroduced its private banking offerings.

With a focus on personalised financial solutions, portfolio management, investment strategies, and estate management, Stanbic IBTC Bank empowers individuals and families to achieve their long-term goals of building lasting legacies for future generations.

By equipping families and individuals with the knowledge and tools to manage their wealth effectively, the subsidiary of Stanbic IBTC Holdings is fostering a legacy of financial resilience and prosperity.

Stanbic IBTC Bank’s private banking offerings include personalised financial planning to help clients achieve their short and long-term financial goals, investment management to enable clients access a wide range of investment opportunities, (including equities, fixed income, and alternative assets), estate and trust services through expert guidance on estate planning, wills, and trusts to ensure smooth wealth transfer, retirement planning through solutions that help clients build a secure and comfortable retirement, insurance and risk management through comprehensive protection against unforeseen events that could impact financial stability.

In a world where financial security and intergenerational wealth transfer is becoming increasingly critical, Stanbic IBTC Bank’s comprehensive suite of private banking solutions provides clients with the tools and expertise needed to navigate the complex financial landscapes.

Stanbic IBTC Bank leverages its deep market knowledge and global expertise to deliver solutions that align with clients’ unique aspirations.

“At Stanbic IBTC Bank, we understand that building a legacy goes beyond accumulating wealth; it is about creating a sustainable financial foundation that benefits future generations.

“Our innovative solutions are designed to help families protect, grow, and transfer their wealth seamlessly, ensuring their values and aspirations endure over time,” the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, stated.

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