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GTBank to Repurchase $400m Notes from Investors

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By Modupe Gbadeyanka

Foremost Nigerian lender, Guaranty Trust Bank (GTBank) Plc, has announced its intention to offer cash to holders of the $400 million notes it offered to investors sometimes ago at 6 percent.

The notes, according to the lender, are due in November 2018.

GTBank, in a notice to the Nigerian Stock Exchange (NSE) yesterday, disclosed that the commencement and settlement dates for the offer are September 25 and October 5, 2017, respectively.

“Kindly be informed that, Guaranty Trust Bank Plc (GTBank) intends to launch an invitation to holders of its $400 million 6 percent notes due 2018 (the Notes) to tender any and all of their Notes for purchase by GTBank in exchange for cash (the Offer),” the financial institution said in the notice to the stock market regulator.

The lender explained that, “Through the offer, GTBank seeks to deploy its available Dollar liquidity to the repurchase of the notes ahead of the scheduled maturity in November 2018.

“This liability management exercise allows GTBank to efficiently manage its liquidity by addressing debt maturing in 2018.

“The extent to which this goal can be achieved through the Offer will depend on the number of Notes that will be tendered in the Offer, given the voluntary nature of the Offer. The Notes purchased by GTBank under the Offer will be cancelled.”

The notice said, “GTBank has retained the services of Lucid Issuer Services Limited as tender agent and Exotix Partners LLP, J.P. Morgan Securities Plc and Morgan Stanley & Co. International Plc as Dealer Managers in connection with the Offer.”

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Banking

NIBSS Upgrades NQR Payment to Reduce Cash Dependency

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NQR payment

By Adedapo Adesanya

The Nigeria Inter-Bank Settlement System (NIBSS) has unveiled significant upgrades to its Nigeria Quick Response (NQR) payment system.

The mechanism is designed to reduce cash dependency and streamline and enhance digital transactions for businesses and individuals across Nigeria.

The NQR payment system, launched in March 2021, is part of Nigeria’s broader push to promote cashless transactions across the country.

The system allows customers to make payments by scanning a QR code, which redirects them to their bank or mobile wallet to complete the payment. It is also timely and avoids delays.

Speaking on the development, Mr Premier Oiwoh, MD/CEO of NIBSS, emphasized the evolving capabilities of NQR and how it is poised to revolutionize payments, transactions are processed instantly, ensuring immediate settlement.

“This account is the only QR in the world that is instant for the beneficiary,” he said.

He noted that the system is also far more robust, offering smoother and more secure transactions. It now supports both Person-to-Person (P2P) and Entity-to-Person (E2P) payments, significantly expanding its use cases.

“Beyond the P2P, there is also E2P on the MQR, and most of the bank apps have it today.

“My dream is to have hawkers on the streets being able to present their QR in the form of an ID card and then make payment. Cash cannot be everywhere, what we are all looking for is payment” he said.

“You can also send your personal QR code to anybody to pay you rather than send an account number,” he said

Mr Oiwoh announced that a new pricing structure for NQR payment will take effect on March 1, 2021.

The use of QR codes is expected to significantly reduce Nigerians heavy reliance on cash, thereby contributing to the digital economy infrastructure and financial inclusion agenda of the Central Bank of Nigeria (CBN).

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UBA Resolves ‘Transfers to Other Banks’ Glitch on Mobile Banking App

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UBA Mobile Banking App

By Aduragbemi Omiyale

The United Bank for Africa (UBA) Plc has restored full service to its mobile banking app after some customers experienced difficulties completing financial transactions from the platform.

Business Post reports that earlier, some UBA customers could not make fund transfers to other financial institutions from the mobile app.

The lender quickly swung into action to resolve the issue and has fully restored its mobile banking app service, with customers now able to send funds to other banks via the platform.

Confirming this development, the bank, in a notice to customers on Thursday afternoon, said, “We are pleased to inform you that the transfers to other banks service has been restored on the UBA Mobile Banking App.

“We sincerely apologise for any inconvenience this may have caused and reassure you of our commitment to continuously improve our services.”

While thanking them for their patience and understanding, UBA advised any customer still experiencing “any further issues [to] please contact our CFC support team.”

“For enquiries, please contact our 24-hour Customer Fulfilment Centre (CFC) on 02012808822 or send us an email at [email protected],” the message said.

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Ecobank Partners China’s XTransfer to Empower African SMEs Foreign Trade

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Ecobank Business Account

By Adedapo Adesanya

African lender, Ecobank, has partnered with China’s business-to-business (B2B) cross-border trade payment platform, XTransfer, to empower African Small and Medium-sized Enterprises (SMEs) foreign trade.

XTransfer will leverage Ecobank’s extensive network across Africa, enabling its Chinese clients to collect funds in local African currencies while assisting African SMEs in making payments in their local currencies to negate foreign exchange (FX) issues.

The two parties have signed a landmark Memorandum of Understanding of Cooperation (MOU) to roll out comprehensive cross-border financial services that will facilitate trade between China and African countries.

In recent years, China and Africa have continued to deepen trade cooperation, with the scale of imports and exports rising rapidly. In 2023, bilateral trade reached a record $282 billion. From January to November 2024, China’s exports to Africa totalled $160 billion, a 1.4 per cent increase from the previous year, while imports from Africa reached US$107 billion, marking a substantial rise of 6.6 per cent.

Despite this growth, African SMEs engaged in foreign trade face numerous challenges related to cross-border payments and fund collections. These challenges include difficulties in opening accounts with traditional banks, a high risk of funds being frozen, difficulties in foreign exchange and related losses, lengthy remittance times and high remittance costs.

The partnership between XTransfer and Ecobank Group will foster collaboration between both parties to provide comprehensive cross-border payment solutions for African SMEs’ foreign trade.

XTransfer will leverage Ecobank’s extensive network across Africa, enabling its Chinese clients to collect funds in local African currencies while assisting African SMEs in making payments in their local currencies to negate foreign exchange issues.

The partnership also seeks to help reduce the costs of global trade and enhance the global competitiveness of African SMEs.

Speaking on this move, Mr Bill Deng, Founder and CEO of XTransfer, stated, “We are excited about the partnership with Ecobank. This collaboration represents a significant milestone for XTransfer and greatly enhances our global payment capabilities. Leveraging Ecobank’s extensive payment network in Africa will accelerate our business expansion in the region.

“We are looking forward to the synergies and opportunities this partnership will create. Together, we will drive innovation and improve the financial landscape, making financial services more efficient and accessible for African SMEs.”

On his part, Mr Jeremy Awori, CEO of Ecobank Group, said by collaborating with XTransfer, Ecobank is strengthening its position as a key player in the global payments industry by reducing trade barriers, enabling African SMEs to thrive in international markets and contributing to the continent’s sustainable development.

“We are proud to partner with XTransfer to advance seamless cross-border payment solutions between Africa and China. This partnership builds on our established strategy, which includes a representative office in China and a dedicated China desk.

“By integrating XTransfer’s cutting-edge solutions with our pan-African payment platform, we simplify payments, reduce transaction costs, and enable African businesses to thrive in global trade.”

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