Banking
FCMB Partners WSBI to Boost Financial Inclusion, Savings in Nigeria
First City Monument Bank (FCMB) is set to substantially increase its support to agribusiness, its value chain and growth of the Nigerian economy after signing a Memorandum of Understanding with the World Savings and Retail Banking Institute (WSBI).
The memorandum outlines a framework to deepen agency banking, financial inclusion and savings culture in the informal and agribusiness sectors.
As part of the terms of the partnership, in addition to the stated areas of support, WSBI will provide technical oversight supervision on a regular basis to ensure the achievement of mutually agreed goals set by both institutions.
According to the memorandum, the project involves FCMB rolling out an integrated savings account – named ‘Kampe Account’ – to offer financial services under phase one of its plan to 150,000 unbanked and under-banked farmers across five states through agricultural agents operating under the bank’s agency banking proposition.
The first set of states to benefit in this first phase are Kaduna, Kano, Nasarawa, Ogun and Oyo. The plan is to reach 2 million farmers across the entire nation by year 2023.
In addition to the financial support to farmers, FCMB plans to deploy its state-of-the art technology and mobile banking solutions to drive the project mainly in the rural and sub-urban farm settlements where most farmers are based. The bank will also organize capacity-building programmes for farmers aimed at facilitating their understanding of the sector and promote innovative ideas that would make the sector attractive, ultimately facilitating job creation that would in turn, impact on productivity and income.
Commenting on the grant from WSBI and the initiative, FCMB’s Managing Director and Chief Executive, Mr Adam Nuru, noted the development will revolutionize agribusiness – one of the various empowerment strategies adopted by the bank that is appreciated by stakeholders within and outside Nigeria.
Adam Nuru said, “Partnering with WSBI and harnessing the business model we have developed to drive it, under our Kampe Account, is built on a sustainable approach which ensures farmers can gain better access to finance and other resources needed to help them build successful businesses.”
Nigerian smallholder farmers have been at a disadvantage due to several factors including land fragmentation, inadequate farming equipment, broken value chains, poor access to finance and inadequate cash flow.
Over the years, they have suffered from lack of essential services such as access to good markets to create low economies of scale, challenges in the promotion of agricultural productivity, hurdles in their bid to achieve increase in food security to improve rural livelihoods for engendering systematic growth out of poverty. FCMB and WSBI are optimistic that these challenges will be addressed.
Mr Nuru added that, “Farmers who benefit from this effort can and should make the best use of the opportunity. FCMB will continue to partner with WSBI to create opportunities that would ensure the realization of the personal and business needs of customers.”
WSBI Managing Director Chris De Noose concluded that, “The Kampe Savings Project is yet another example of the innovative ways rural communities can flourish through mobile savings and beyond. Expanding banking access and agricultural services through the provision of mobile services to the farming community, which increasingly includes more women, can help knock out any doubt about the payoff that farming can bring.”
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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