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Group Honours Heritage Bank for Supporting ‘Young Business Owners in Nigeria’

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Group Honours Heritage Bank for Supporting ‘Young Business Owners in Nigeria’

By Dipo Olowookere

The decision of Heritage Bank Plc to support young entrepreneurs in the country is beginning to pay off as the nation’s most innovative banking service provider was recently awarded for its outstanding contributions toward improving the lives of Young Business Owners in Nigeria.

At the 5th anniversary ceremony of the highly-rated Nigerian Young Professionals Forum (NYPF) Awards for 2018, the lender honoured for its efforts.

Recall that recently, the financial institution was bestowed with the Best Bank of the Year Business Support/Entrepreneur Development at the Africa Value Award 2018. It was also adjudged as the Best SME Bank Nigeria 2018 by Capital Finance International (CFI.co) and as the Agriculture Bank of the Year 2018 by the Nigeria Agriculture Awards (MAA).

Heritage Bank was further honoured for being the Best CIBN Chapter of the Year 2018 in terms of members’ mobilization and participation as well as sponsorship of the Institute programmes; Most Supportive Bank of the Year at the fourth edition of Green October Event 2018, organised by Alamode Magazine amongst others.

Speaking at the highly-rated NYPF Awards for 2018, a non-governmental organisation, in Abuja, MD/CEO of Heritage Bank Plc, Mr Ifie Sekibo, who was immensely honoured by the award, said it speaks volume of the bank’s efforts to demonstrate its commitment towards developing and positioning youths to become world-class citizens equipped and ready to be absorbed into an increasingly competitive workforce.

“One of the reasons why we chose, as an organization, to support the entrepreneurial growth and welfare of youth is to see young men and women play vital roles in the socio-economic development of the country and help curb the high level of unemployment,” Mr Sekibo said.

The MD, who was represented by Mr Jubril Adeojo, Team Lead, Power Corporate Banking, said Heritage Bank is positioned to lead the recovery of the Nigerian economy through enhancing youth entrepreneurship development and engendering self-employment via its various initiatives and products.

According Mr Sekibo, the drive to continue in the support of youths was to create, preserve and transfer wealth across generations.

He explained that the entrepreneur schemes of the bank in the support for business had always focused on dependable job-creating sectors, such as agricultural value chain (fish farming, poultry, snail farming), cottage industry, mining and solid minerals, creative industry (tourism, arts and crafts), and Information and Communications Technology (ICT).

Mr Sekibo restated that the aim of Heritage Bank being in the forefront of youth empowerment is to emancipate the latent entrepreneurial spirit in the teeming youths, by providing adequate and affordable loans to execute their business ideas and, hopefully, migrate them to successful Small and Medium Enterprises (SMEs), thereby, providing the mechanism of stimulating growth, reducing unemployment as well as addressing youth restiveness in the economy.

Chairman of the NYPF, Mr Moses Siloko Siasia, disclosed that the NGO’s success stories and feats attained were made possible by the supports from Heritage Bank. He also commended Mr Sekibo for taking it upon himself to support NYPF.

He hinted that the forum, in the last five years, was able to make a lot of milestone achievements like providing employment for 780 unemployed youths nationwide.

However, NYPF, as part of events to celebrate its fifth anniversary, gave out honorary awards and scholarships to several dignitaries, and students, yesterday.

All the award recipients, according to the organizers, were thoroughly considered and shortlisted in recognition of their meritorious service in support for nation building and advancement of democracy, development and good governance in Nigeria.

Some of the beneficiaries of the awards are the Imam of Nghar Village, Gashish district in Barkin Ladi, Plateau State, Abdullahi Abubakar alongside Dr. Akinwunmi Adesina, President of AfDB, Dr. Nasir Yusuf Gawuna, Deputy Governor of Kano State, Senator Godswill Akpabio, governors Ifeanyi Okowa, Okezie Ipkeazu.

Others were Senator Daisy Danjuma, Chief Osasumwen Igbinedion CEO, TOS TV Networks and Dr. Elisha Attai, Founder of AWLO and Hamzat Lawal, Chief Executive of Connected Development CODE, whilst Diplomatic award was presented to the Embassy of Spain, Nigeria.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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Banking

Stanbic IBTC Bank Offers Clinics, Labs N1.5bn Interest-free Loans

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Cheap Loans

By Dipo Olowookere

Stanbic IBTC Bank Plc has partnered with ISN Medical, a healthcare-focused company, to make procurement of medical diagnostic and healthcare products in Nigeria easier for practitioners.

ISN Medical is a leading supplier of medical diagnostic products and services in Nigeria, with over 40 years of operations.

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings Plc, as part of its efforts to further strengthen the system and give Nigerians access to quality and affordable healthcare, has created N1.5 billion interest-free loans to clinics, medical laboratories, diagnostic centres, and other healthcare providers for the procurement of medical diagnostic and healthcare products.

“We are happy to be part of this partnership. We believe that there are several benefits that both parties can derive from this collaboration.

“The loan facilities will go a long way in enabling healthcare providers to have access to up to N1.5 billion in medical equipment finance.

“We believe that our goal of enabling healthcare providers easy access to finance is achievable, especially through ISN Medical, a foremost supplier of medical diagnostic products and services in the country,” the CEO of Stanbic IBTC Bank, Mr Wole Adeniyi, said.

Business Post gathered that the N1.5 billion credit facility is part of the N10.2 billion provided by the lender to boost the country’s healthcare system in fulfilment of its corporate social investment initiative pillars in education, economic empowerment and health.

Recall that in 2021, the bank provided a N6.7 billion loan facility for the building of BAZE University Private Teaching Hospital in Abuja and then created a N2 billion special fund for healthcare providers to buy equipment and improve health care delivery.

Mr Adeniyi promised that Stanbic IBTC Bank would continue to engage in strategic partnerships that would be of great benefit to Nigerians seeking to access affordable and quality healthcare in addition to growing the health sector of the country.

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Elendu Seeks Adoption of Blockchain for Dispute Resolution in Banks

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Nigerian Banks

By Modupe Gbadeyanka

The co-founder and Chief Operating Officer (COO) of Appzone, Mr Uche Elendu, has called for the adoption of blockchain technology for dispute resolution in banks.

According to him, financial institutions and their customers cannot do without having issues, especially with the increased rate of fraud in the financial system, but technology can be deployed to make the resolution process seamless.

Mr Elendu, while sharing his thoughts during his presentation at the Digital Pay Expo summit, submitted that blockchain technology will not only decentralise the process of moving money from one bank to the other but will help increase the level of visibility and transparency of the procedure.

At the two-day event sponsored by Appzone and put in place to discuss the possibility of accessing finance without a third party across the African continent through Decentralized Finance (DeFi), he said, “Financial institutions across the continent have continued to evolve, leveraging technology.”

“They have metamorphosed from the days of a heavy analogue process to a more digitized era, and with the continuous increase in the volume of banking transactions, it remains pertinent to continuously adopt newer and more sophisticated technology infrastructure to remain dependable, especially with payment settlements.

“For us at Appzone, we are firm believers in blockchain technology. Its decentralized nature not only makes it faster, cheaper, and transparent but also makes it sophisticated enough to enable real-time settlement,” he added.

Speaking further, Mr Ulendu said, “Having rolled out Zone, Africa’s first blockchain platform for payment processing in 2021, partner banks who have onboarded with us have seen a drastic change in their payment settlement process.

“Zone’s innovative architecture will reduce complaints from customers and provide banks with an opportunity to deliver delightful experiences on payment channels while also driving down costs.”

Developed in line with Appzone’s recent evolution into a payment infrastructure company, Zone is Africa’s first decentralized payment network that allows inter-bank transactions to be processed directly between banks on the Blockchain without the involvement of any intermediary.

With Zone, players in the industry should expect a reliable and scalable payment network that enables frictionless and instant payments, within and between every African country.

As more Nigerians get financially included, customers have continued to move away from cash and checks toward electronic payments.

This trend is a positive development for banks and the Central Bank of Nigeria (CBN); however, as card and online transactions grow, so does the number of disputable transactions and the incidence of fraud, putting pressure on dispute processes.

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Banking

Ecobank Offers Mouth-watering Cash Gifts in Super Rewards Season 3

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Ecobank Super Rewards Promo

By Modupe Gbadeyanka

The third season of a loyalty reward programme for customers designed by Ecobank Nigeria Limited has commenced and for two months, 100 customers will win N50,000 monthly.

The customer-focused initiative called Super Rewards Campaign, according to a statement from the company, will run from June 20, 2022, to August 21, 2022.

It was disclosed that two customers will also go home with N1 million each at the end of the season, with participation open to both new and existing individual customers of the bank.

The Head of Consumer Banking at Ecobank Nigeria, Mrs Korede Demola-Adeniyi, advised residents of Nigeria to “open an account with us or reactivate and fund your dormant account.”

“The Super Reward campaign, which was initiated by Ecobank in March 2021, is designed to promote a healthy savings culture amongst Nigerians and reward customers’ loyalty to the Ecobank brand.

“The success of season 1 and 2 campaigns followed by customers’ demand led to the introduction of Season 3. Both Seasons 1 and 2 have produced a total of 8 Millionaires and 1600 customers being rewarded N25,000 weekly in batches of fifty per week,”. she stated.

Speaking on the dynamics of the campaign, the Head of Consumer Products at Ecobank Nigeria, Ms Daberechi Effiong, said the conditions to qualify for the campaign are simple and easy to ensure both new and existing customers participate and get rewarded.

According to her, “New customers only need to open an account with a minimum of N5,000 while existing customers should make minimum deposits of N5,000. Customers with dormant accounts will also qualify when they reactivate and fund their accounts with a minimum of N5,000.”

“Rewards will be done monthly for the 2 months starting from July, 100 customers will be rewarded with N50,000 monthly. There will be two grand prize rewards of N1 million each at the end of the campaign,” Ms Effiong stated, enjoining those that are yet to open an account with the bank to do so to enjoy the benefits of the lender’s bouquet of products and services.

Ecobank Nigeria is a subsidiary of the Ecobank Group, the leading pan-African banking group with operations in 33 African countries and an international presence in four locations (London, Paris, Beijing, and Dubai).

The financial institution is a major player in the distribution of financial services in Nigeria, leveraging digital platforms including Ecobank Mobile App and USSD *326#, Ecobank Online, Ecobank OmniPlus, Ecobank Omnilite, EcobankPay, Ecobank RapidTransfer, ATMs, POSs and an extensive distribution network of over 250 branches and over 50,000 agency banking locations.

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