Banking
Ecobank Targets 40 million Small Businesses Via Ellevate
By Modupe Gbadeyanka
At least 40 million women-owned or women-managed businesses in the country will benefit from the Ellevate initiative of Ecobank Nigeria launched on Wednesday.
Ellevate is a gender-based proposition for women-owned businesses to reduce gender inequality in entrepreneurship and aid equal representation for women in the formal business sector.
Speaking at the unveiling of the scheme, the Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan, explained that the Ellevate product is part of Ecobank’s Group objective as the leading pan-African financial institution to drive financial integration and contribute to the economic development of the continent by deepening engagement with women-owned businesses.
Ellevate was designed by Ecobank to empower women-owned and women-managed businesses in Nigeria and indeed across all our Africa footprints, leveraging various unique financial and non-financial benefits.
It promises an end-to-end partnership in which they could gain access to financial services specially tailored for them, these include loans at special terms and other mouthwatering discounts.
“They will also get fixed deposit investments at special premium rates, zero account maintenance fee, continuous financial education and capacity building under our AUDA-NEPAD academy and other special arrangements. They will have access to networking and recognition under our business clubs as well as access to markets, leveraging our various e-commerce solutions,” the bank chief said.
He further reiterated that the businesses under Ellevate will also have “access to Ecobank’s unique digital payments and collections solutions like Omnilite for payments, EcobankpayNQR for contactless local and cross-border collections, modern POS channels, and various lifestyle benefits including campaigns and promotions to drive their business growth and personal well-being.”
He said “the Ellevate proposition is a total package addressing the broad needs of women-owned businesses in Nigeria including businesses that produce for women.
In his comment, the special guest of honour, Managing Director, Development Bank of Nigeria (DBN), Mr Tony Okpanachi, represented by Mr Bonaventure Okhaimo, Chief Operating Officer, lauded the Ecobank for introducing the product, stating that it would go a long way to assisting the target group.
He disclosed that DBN was doing a lot to uplift small businesses in the country, stressing that it was ready to partner with reputable financial institutions such as Ecobank in that regard.
Founder of Ruff n Tumble, Nike Ogunlesi, who was a panellist at the event, advised women business owners to avail themselves of the opportunity provided by Ecobank through Ellevate to develop their businesses.
She called on women entrepreneurs to be resilient and know the role customers, people, finance, community, and technology play in business growth.
On her part, Innovations and Partnerships Advisor at Nigeria for Women Project, Tolulope Babajide, said “with Ellevate, Ecobank truly understands the needs of women-owned businesses. She spoke on scalability, sustainability, and expansion of MSMEs.”
Other speakers at the event, including the founder, Health Africa, Fola Laoye; the founder, Braveline Growth Partners, Taba Peterside, all lauded Ecobank for initiating such a product, stating that it would benefit women businesses and lift many families out of poverty.
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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