Banking
Fidelity Bank Sensitises Investors, Exporters on New CBN RT200 FX Policy
By Dipo Olowookere
One of the leading financial institutions in Nigeria, Fidelity Bank Plc, recently organised a workshop to sensitise investors and exporters on the implementation and opportunities in the policy of the Central Bank of Nigeria (CBN) aimed to generate $200 billion in foreign exchange (FX) through repatriation from non-oil exports over the next five years.
The new CBN RT200 FX policy is the latest initiative of the apex bank to ease the pressure on the Naira and make it stronger than it is at the moment.
Fidelity Bank, which is determined to actively support the scheme, felt it was necessary to carry its customers along and this necessitated the workshop organised in Kano on Monday for stakeholders.
At the gathering, the Executive Director in charge of Northern Businesses at Fidelity Bank Plc, Mr Hassan Imam, stated that the financial institution would not relent in its efforts to bridge the knowledge gap in the non-oil sector space by facilitating the necessary processes and documentation for the new policy, with the goal of increasing FX repatriation through exportation.
On his part, the Regional Bank Head of North West 1 at Fidelity Bank Plc, Mr Mannir Ringim re-emphasised the lender’s readiness to support the government’s economic imperatives to boost revenue in the non-oil sector of the economy.
“As you know, Nigeria is currently an import-dependent economy with so much pressure on our currency and the source of revenue as a nation is petrol dollar.
“So, the initiative of the CBN is to leverage on our non-oil products especially in agriculture like the hibiscus flower, cashew nut sesame and many other products for exports.
“Now, Fidelity Bank wants to remain the exporters’ bank of choice not only by providing finance but by helping exporters in bridging the knowledge gap in exporting their commodities.
“We are committed to this initiative to improve our economy, reduce pressure on local currency and provide an enabling environment to grow the non-oil sector to also create massive job opportunities,” he said.
Speaking on the need for strategic planning in the non-oil sector, Head of Export and Agric Businesses at Fidelity Bank, Mr Isaiah Ndukwe said the bank is well-positioned to advance the CBN policy thrust to reduce our over-dependence on oil revenue in the country.
He stated that the bank is committed to improving the banking system’s competitiveness while focusing on developing exporters’ capability in the fundamentals of local commodity exportation. Isaiah emphasized that the new policy will not only reshape exporters’ mindsets but will also infuse value addition on their commodities, allowing them to earn more forex.
According to him, the workshop tagged Harnessing Export Business Opportunities, CBN RT200 FX Programme: current issues, non-oil exports and implications to business; drew inspiration from the policy’s guidelines.
The guidelines involve the provision of a single-digit credit facility to exporters, provision of rebates on foreign currency, funding of commodity production and value-addition processes, building terminals and the convening of a biannual summit for the review of the implementation of the policy.
Exporters at the sensitisation event expressed satisfaction with the capacity-building initiative as it enabled them to get acquainted with the CBN policy and opportunities in the export business.
Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 6 million customers who are serviced across its 250 business offices and digital banking channels.
Business Post recalls that on February 10, 2022, the CBN unveiled the RT200 FX Programme as part of measures to reduce the increasing demand for foreign currency by importers, which frequently puts excessive pressure on the exchange rate.
With the implementation of this policy, the CBN has stated that the supply of foreign currency to commercial banks will cease by the end of 2022, while investors will be able to generate forex through the RT200 FX Program template provided to strengthen commodity exports.
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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