Banking
Ecobank to Partner CIBN on Financial Inclusion, Capacity Building
Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan, has reiterated the need for collaboration between the bank and Chartered Institute of Bankers of Nigeria (CIBN) on financial inclusion and capacity building with a view to moving the industry forward.
Mr Akinwuntan, who was speaking against the backdrop of Ecobank’s giant strides in the digital banking space during CIBN stakeholder’s engagement with the bank in Lagos, noted that partnership with the institute would further boost the financial strategy of the industry regulators.
According to him, Ecobank will continue to leverage its digital banking in a sustainable manner to bring banking services to every household in Nigeria, adding that the bank was at the forefront of providing mobile payment solutions in n the country.
“Ecobank, through our various innovative digital payments and collections, is attracting many unbanked and under-bank in the country to the financial landscape. Further collaboration with such a notable organisation as the CIBN will further boost the financial inclusiveness the regulators are pushing,” he said.
He took the stakeholders through the various digital payment solutions such as RapidTransfer, EcobankPay, QR Technology, EcobankPay zones, Xpress Account and Mobile Payment, among others, stressing that apart from stress-free transactions, the product and services was boosting business and economic activities across the country and the Africa continent. He disclosed that the Bank has concluded plans to commission 50 EcobankPay zones across the country within the next six months to boost transactions in market clusters.
In his comment, President and Chairman of Council, CIBN, Mr Uche Olowu, commended Ecobank’s strategies at attracting the unbanked and under-banked in the country through its various digital offerings.
He affirmed that Ecobank’s recent activities across various markets clusters are a major boost to the regulators financial inclusion policy.
Mr Olowu alluded to the various digital payment solutions that bank currently parades. He noted that apart from stress-free transactions process enjoyed with these digital products, they are fast boosting business and economic activities across the markets.
“We commend the bank on its promotion of digital banking and payments through its various platforms which have won it many awards. This is certainly the way to go. And, we also appreciate your support to the Institute’s activities and programmes,” the CIBN chief said.
In closing, Mr Olowu said the institute was collaborating with banks, including Ecobank, to promote capacity building, ethics and professionalism in the sector.
According to him “your activities in developing the industry aligns with the Institutes’ new leadership strategic areas which include; skills and competency, ethics and professionalism, research and advocacy.
“We facilitate registration and enrolment of members of staff for professional banking examinations and other certification programmes.
“We enable the registration of senior executives of the banks on the Chartered Banker MBA Programme (An international fast tract/flexible route to becoming a chartered banker). There are many things we can do together to move the banking industry forward.”
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.”
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.
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