Banking
Heritage Bank Advocates Early Cashless Lessons for Children
By Modupe Gbadeyanka
One of the lenders in the country, Heritage Bank, has called for early lessons on cashless policy of the Central Bank of Nigeria (CBN) for children to also prepare them towards performing basic banking tasks, to subsequently give them financial freedom.
This advice comes on the heels of the commemoration of the May 27 to mark Children Banking Month, with the theme, ‘Early Positioning for Glocal Relevance,’ which is part of Heritage Bank’s children financial literacy initiative.
In a statement made available to Business Post on Monday, the financial institution stressed the need to educate children on the cashless policy by showing them how prepaid card transactions work and how to use ATM cards to deposit and withdraw.
The Heritage Children Banking Month, which activities will directly impact a minimum of 350 primary and secondary schools nationwide this year, is in recognition of the pivotal role children play as the leaders of tomorrow.
Altogether Heritage bank at the end of the month would have imparted financial education on over 1,000 schools across the country since commencing this programme two year ago, an initiative that the vibrant and dynamic financial institution also considers as a corporate social responsibility.
Managing Director of Heritage Bank, Mr Ifie Sekibo, speaking on the importance of the celebration, stressed that for early positioning of your children for global and local relevance, there was need for parents to teach children on prioritize saving over spending, which is a valuable life lesson, one that takes time to learn.
According to him, opening a savings account for your child is one of the best ways to introduce that concept at an early age.
“Walking into a branch office is a good way to help your child become familiar with routine transactions involving his or her account. Your child’s online habits, even financial, can be important, too, so check for features such as monthly statements and controls on payments and transfers from savings accounts. You can teach money management and internet safety together,” Mr Sekibo said.
He noted the need for parents to develop series of simple games to teach children about money with good saving habits, which becomes part of their normal development, saving for the future is likely to become a habit.
Meanwhile, the high points of the commemoration will be the selection of 10 students between the ages of 5 to16 years from the six geo-political regions who would be invited to assume various banking roles for the day.
Children who are account holders of ‘Bud Account,’ as well as prospective account holders from each of the regions will be allowed to participate in a competition to produce 60seconds video showcasing how “Glocal you are,” which would elicit social media votes.
Best 3 videos to be used on all social media platforms on the week of children’s day would be presented a tablet each as a special prize.
The MD added: “The project is part of Heritage Bank’s contribution towards transforming the nation in paying more attention to the bud stage. This underscores our belief that if we get it right with the children, then the future of the nation is guaranteed. At Heritage Bank we believe in creating, preserving and transferring wealth.”
Whilst advising parents on opening Bud Account, Mr Sekibo noted, “when your child receives birthday money, or cash from chores, have them put some into the bank to save for bigger ticket items.”
Hundreds of exercise books, pencils, water bottles, umbrellas will be won by pupils, parents and wards in the course of the month through various engaging activities.
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
By Aduragbemi Omiyale
A partnership aimed to enable seamless, real-time and secure transactions for cardholders across Africa and the rest of the world has been entered into by Payattitude and PAPSSCARD, the card scheme initiative of the Pan-African Payment & Settlement System (PAPSS).
The collaboration will allow Payattitude cards issued by banks and other deposit-taking institutions to be co-branded with PAPSSCARD, Discover, Diners and Pulse for acceptance across their networks in Nigeria, Africa and worldwide.
As an initiative of the African Export-Import Bank (Afreximbank) and a key financial infrastructure supporting the African Continental Free Trade Area (AfCFTA), the PAPSSCARD scheme will facilitate instant cross-border payments in local currencies.
“This partnership reflects our commitment to cross-enterprise alliances and enabling inclusive, efficient, and borderless payments across Africa and the world
“With Payattitude, Nigerian cardholders and financial institutions can now enjoy the benefits of a Nigerian card that can be used worldwide,” a director at Payattitude, Dr Agada Apochi, said.
The acting chief executive of PAPSSCARD, Mr John Bosco Sebabi, said the aim is “to connect African payment ecosystems, reduce the cost and inefficiencies of cross-border payments, and strengthen African sovereignty over payments infrastructure.
“Collaborating with Payattitude, a key innovator in Nigeria’s payment space, represents a significant step towards a more unified African payment landscape.”
The chief executive of PAPSS, Mr Mike Ogbalu, said, “By bringing together PAPSSCARD’s robust cross-border payment capabilities with Payattitude’s leadership in the Nigerian digital payments, we are taking tangible steps toward building a single African market where individuals and businesses can transact easily and securely, both within and beyond Africa.”
Payattitude is the first-in-kind Nigerian Payment Scheme to pioneer multibank App and USSD Code *569#.
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