By Aduragbemi Omiyale
The management of Ecobank Nigeria led by Mr Patrick Akinwuntan has said transactions carried out on its money transfer app, Rapidtransfer, would be free of charge for four months.
A statement issued by the lender disclosed that this zero transaction fee on Rapidtransfer is to celebrate this year’s National Diaspora Day fixed for July 25. The day is set aside by the federal government to celebrate Nigerians in the diaspora in recognition of their contributions towards the development of their homeland.
Mr Akinwuntan said Nigerians in the diaspora contribute significantly to the socio-economic development of the country, lauding the decision of the government to celebrate them, noting that the recent launch of the National Diaspora Policy (NDP) by the government would further promote and harness the resources and capacity of Nigerians in the diaspora towards national development.
“As a pan-African institution positioned to foster the economic growth and integration of our continent, we are particularly pleased to work closely with NiDCOM, ably led by the Chairman/CEO, Mrs Abike Dabiri-Erewa towards the engagement of Nigerians in the diaspora on policies, projects and other initiatives geared at developing the nation.
“From our constant engagement with Nigerians in the Diaspora, we understand their peculiar needs and have created tailor-made solutions to serve them effectively,” the banker said.
He noted further that Ecobank has partnered NiDCOM on webinars, diaspora quarterly lecture series and will continue to seek other collaboration opportunities to deepen engagement with the diaspora community.
Also speaking, the Head of Consumer Banking at Ecobank Nigeria, Mrs Korede Demola-Adeniyi, said Ecobank will apply zero fees to all Rapidtransfer transactions from July 1 to October 31, 2021, thereby enabling Nigerians living abroad to send money to their loved ones affordably.
According to her, the decision to waive charges underscores the bank’s commitment to helping Nigerians abroad remit money home without placing an additional burden of charges on them, especially at this period of global economic downturn.
Rapidtransfer is Ecobank’s proprietary money transfer service which enables users send funds across borders, affordably and instantly.
The banking app is available for use by Ecobank and non-Ecobank customers. Remittances can be received directly into the recipient’s account or as cash at any Ecobank branch.
Beneficiaries who wish to receive funds into an account but do not have domiciliary accounts have the opportunity to open in Euro, GBP or USD instantly and enjoy all the benefits that come with Ecobank foreign currency accounts.
In addition, N5 is paid on every one dollar received as cash or direct to account in line with the Central Bank of Nigeria’s ongoing Naira for Dollar initiative.
Piggyvest Acquires Wealth Management App, Savi.ng
By Adedapo Adesanya
Top savings startup, Piggyvest, has acquired Savi.ng, a wealth management app that allowed users to save via various features like automated savings, fixed deposits, joint savings and PAYE.
This means that all existing Savi.ng users will be automatically migrated to Piggyvest and will continue the good work savi.ng team has started.
Explaining the build-up to the acquisition, Piggyvest revealed that it had spent the last six months preparing – laying foundations, building partnerships needed for the next phase of our growth.
“We have spent the last 6 months preparing —The first half of 2021 has been an intense building period for the entire Piggyvest team.
“Earlier this year, we began discussions to acquire a savings and investment company, Savi.ng and all its assets and we are more than proud to announce today that the acquisition is now completed,” it disclosed.
The company noted that 2020 was an incredible year as it saw tremendous growth even in a pandemic year as it paid N90 billion to users in the course of the year.
The company noted that so far surpassed this number already in the first half of 2021 and this necessitated the need to expand with the acquirement of the savings and investment company.
It noted, “We will continue to provide you with the best savings and investment options that we can, and you will continue to be part of a community of 3 million people (and counting!) in the Piggyvest family.
“All existing Savi.ng users will be automatically migrated to Piggyvest and we’ll continue the good work the savi.ng team has started. Our vision remains the same: financial freedom for all, and with this acquisition, we are a step closer.
“We believe in a connected ecosystem and our mission to give everyone the power to better manage and grow their finances remains ever strong.
“Our parent company, Piggytech Global Limited, continues to grow with a suite of consumer-focused finance products. We will continue to announce them as the year moves along.
“This announcement is one in a long line of announcements, improvements and updates that we will have for you as we continue in 2021.”
Fitch Affirms AfDB’s AAA Credit Rating
By Adedapo Adesanya
The global credit rating agency, Fitch Ratings, has affirmed the African Development Bank’s (AfDB) credit rating at “AAA”, with a stable outlook.
Fitch said the triple-A rating was driven by the extraordinary support of the bank’s shareholders.
Fitch said it views the bank’s risk-management policies as conservative and assesses them as excellent, in line with AAA-rated peers.
“Concentration risk is low, with the bank’s five largest exposures accounting for 32 per cent of total banking portfolio at end-2020,” Fitch said.
The Vice President for Finance and Chief Finance Officer of the African Development Bank, Mr Bajabulile “Swazi” Tshabalala said, “the affirmation of the bank’s triple-A ratings by Fitch, recognizes the very strong shareholder support our institution benefits from, as well as its strong capitalisation and risk management capabilities.
“The affirmation also speaks to the importance of the Bank’s public policy mandate, particularly during these very challenging times.”
The global rating agency assessed the bank’s overall exposure to risks as ‘Low,’ balancing ‘Moderate’ credit risk with ‘Excellent’ risk management policies, ‘Low’ concentration, and ‘Very Low’ equity and market risks.”
Commenting on the Fitch rating report, the AfDB President, Mr Akinwumi Adesina, said: “The African Development Bank welcomes the affirmation of the bank’s ‘AAA’ rating, with a stable outlook, despite enormous challenges posed by COVID-19.
“The bank will continue to enhance its policy and fiscal relevance in support of regional member countries, as they contend with the global and regional repercussions of the pandemic.
“While helping African economies reposition their economies in a COVID-19 environment, we will also maintain our prudential ratios and adequate buffers.”
15 Fidelity Bank Customers Share N39m in GAIM Promo
By Ashemiriogwa Emmanuel
No fewer than 15 Fidelity Bank customers have gone home with N39 million in the Get Alert in Millions (GAIM 4) Season 4 savings promo of the financial institutions.
Two of the 15 lucky winners received N10 million each at the 6th/final draw of the campaign held last Thursday in Lagos in the presence of representatives of the National Lottery Commission and Federal Competition and Consumer Protection Commission.
The two latest two-digit millionaires; Sunday Okeke of Matori Branch Lagos and Justine Nwaozor of Suleja Branch, Niger State, emerged as star prize winners of the promo.
According to Fidelity Bank, the duo and other winners were picked through a randomised and transparent draw system observed by the lottery and federal competition officials as well as officials of the bank.
Some of them were the Divisional Head of Product Development, Fidelity Bank Plc, Richard Madiebo; the Head of Savings Group, Fidelity Bank Plc, Ukpai Ibe; the Executive Director, Lagos & Southwest, Fidelity Bank Plc, Dr Ken Opara; amongst others.
The cash prizes were in the categories of N10 million, N3 million, N2 million and N1 million. In addition, 18 consolation prizes of television sets, fridges and generators were given out during the draws.
The GAIM savings promo is one of the bank’s many initiatives aimed at rewarding new and existing customers for their consistent loyalty and patronage and promoting the culture of saving among Nigerians.
It would be recalled that the promotion was halted in 2020 due to the Coronavirus (COVID-19) pandemic and the resulting global lockdown.
However, the resumption of the savings promo, according to the organisers, was an opportunity to enrich the lives of its customers even in times of economic uncertainties.
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