Banking
Ecobank Shines at 2018 Asian Banker Awards, Wins 3 Honours
By Modupe Gbadeyanka
It was a huge day of honour for Ecobank Transnational Incorporated (ETI) and its two affiliate countries; Nigeria and Ghana, when they emerged winners in three strategic categories of The Asian Banker–West Africa Awards 2018.
The annual awards saw ETI winning the Best Financial Inclusion Initiative Application or Programme with its innovative Xpress Account, while Ecobank Nigeria carted home the Best Transaction Bank in Nigeria, West Africa award. Ecobank Ghana also won in the Best Transaction Bank in Ghana, West Africa category.
Speaking at the award ceremony in Lagos, Chairman of The Asian Banker, Mr Emmanuel Daniel, noted that, “These awards are the most rigorous, prestigious and transparent awards programme for financial technology, retail banking and transaction banking in West Africa today. We recognize the deepening and increasing maturity and sophistication of the industry in this region.”
He commended Ecobank for bagging three awards, saying specifically that the Best Transaction Award in Nigeria, West Africa won by Ecobank, is a pointer that the bank has re-emerged as a strong player in the Nigerian market owing to its digital restructuring and improved performance.
“Ecobank’s aggressive digital push produced a first innovative mobile payments solution, the Masterpass QR with MasterCard to push financial inclusion in Nigeria through its new, smart, card-less, contactless and cashless payment solution. This bank also launched an integrated electronic banking platform that has on-boarded four million customers within a short space of time”.
In his comment, Managing Director of Ecobank Nigeria, Mr Charles Kie, thanked the Asian Banker Award Team for painstakingly creating an opportunity to celebrate hard work by members of the banking community.
He described the awards as a worthy recognition of Ecobank’s landmark initiatives targeted at financial inclusion on the African continent. He stated that the awards further affirm Ecobank’s leading contributions to the use of technology innovations and digital platforms for expanding banking frontiers.
Represented by Korede Demola-Adeniyi, Group Head, Personal Banking, the Ecobank Managing Director stated that Ecobank Mobile App is a game changer for African banking as “we are using digital technology to combat many of the financial inclusion barriers faced by those on the continent.
“Our app not only removes the barriers that have financially excluded so many Africans but offers next generation functionality to help them send money, make withdrawals or pay for goods and services”
“I use this opportunity to dedicate this awards to all hard working staff of the Ecobank Group, who have tirelessly worked to see the success of the bank. And also to all Africans who believe in us and have continued to encourage our efforts by adopting our products”.
Other winners at the event included ALAT by Wema Bank which won the Best Digital Bank in Africa; the Best Wealth Management Bank in Nigeria went to Standard Chartered Bank while the Best Mobile Payment Service and The Digital Wallet of the Year went to Guaranty Trust Bank, among others.
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
By Aduragbemi Omiyale
A partnership aimed to enable seamless, real-time and secure transactions for cardholders across Africa and the rest of the world has been entered into by Payattitude and PAPSSCARD, the card scheme initiative of the Pan-African Payment & Settlement System (PAPSS).
The collaboration will allow Payattitude cards issued by banks and other deposit-taking institutions to be co-branded with PAPSSCARD, Discover, Diners and Pulse for acceptance across their networks in Nigeria, Africa and worldwide.
As an initiative of the African Export-Import Bank (Afreximbank) and a key financial infrastructure supporting the African Continental Free Trade Area (AfCFTA), the PAPSSCARD scheme will facilitate instant cross-border payments in local currencies.
“This partnership reflects our commitment to cross-enterprise alliances and enabling inclusive, efficient, and borderless payments across Africa and the world
“With Payattitude, Nigerian cardholders and financial institutions can now enjoy the benefits of a Nigerian card that can be used worldwide,” a director at Payattitude, Dr Agada Apochi, said.
The acting chief executive of PAPSSCARD, Mr John Bosco Sebabi, said the aim is “to connect African payment ecosystems, reduce the cost and inefficiencies of cross-border payments, and strengthen African sovereignty over payments infrastructure.
“Collaborating with Payattitude, a key innovator in Nigeria’s payment space, represents a significant step towards a more unified African payment landscape.”
The chief executive of PAPSS, Mr Mike Ogbalu, said, “By bringing together PAPSSCARD’s robust cross-border payment capabilities with Payattitude’s leadership in the Nigerian digital payments, we are taking tangible steps toward building a single African market where individuals and businesses can transact easily and securely, both within and beyond Africa.”
Payattitude is the first-in-kind Nigerian Payment Scheme to pioneer multibank App and USSD Code *569#.
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