Banking
Heritage Bank Backs WATIF Conference on Sub-Regional Integration
By Dipo Olowookere
One of the lenders in Nigeria, Heritage Bank Limited, has thrown its weight behind the first edition of West Africa Trade and Investment Forum: Conference and Exhibition on sub-regional integration of economies of West African countries in the areas of agriculture, education and skills, manufacturing and information communication technology (ICT).
According to the Group Head, Agric and Exports of Heritage Bank, Mr Olugbenga Awe, the financial institution supported the conference because “it speaks to its commitment to the development of Nigeria and its commitment to Small and Medium Scale Enterprises (SMEs) as well as its commitment to agriculture.”
He said the bank’s partnership with the organisers of WATIF “is just a continuation of a process it started as part of its commitment to SMEs which are the bedrock of the economy, because they (SMEs) employ labour and in terms of contribution to the Gross Domestic Product (GDP) they are the future of the economy.”
Besides this, Mr Awe was also a keynote speaker in a roundtable discussion on agriculture which recommended soil quality and seed quality for improved agricultural output, mechanised farming and cluster blocks to enhance value in terms of pricing of agricultural commodities.
Other recommendations include the use of technology, creation of market hubs, setting up of website for farmers to upload information about their products and standardisation of products across the sub-region among others.
Earlier in her address of welcome, Mrs Michele Branco-Aiyegbusi, Director of WATIF, stated that, “WATIF 2018, themed “Enhancing Collaboration for Regional and Economic Impact” could not have come at a more auspicious time, as it comes right on the heels of the African Continental Free Trade Agreement signed a few days by 44 African countries in Kigali, Rwanda.
She expressed the hope that they were optimistic that genuine efforts towards integration and economic collaboration would not only bring about a boost in the economic standing of Africa globally, but indeed opportunities for growth and development of the sub-region.
She remarked that with the focus of the maiden edition of WATIF on four sectors, the forum has been able to pool into the discourse industrialists and key drivers from these sectors who they hoped would be open minded in addressing the issues and barriers to trade and development in the sub-region.
The director added that the industrialists would collectively agree on proffering solutions and strategies that would be implementable first within the sectors and hopefully by policy makers.
Also speaking, Mrs Bukunola David, director special projects, noted that “West Africa agro ecological potential is massively lower than its current output and so are its food requirements, adding that while more than one quarter of the world’s arable land lies in the African continent, it generates only 10 percent of global agricultural output.”
In the area of manufacturing, Mrs David noted that while multinational consumer companies were thriving in West Africa while 95 percent of its population and 71 percent of their income remain at the base of the pyramid.
The special project director also observed in education and skills development that despite the abundant work opportunities, competent and skilled workers remain scarce across Nigeria, West Africa and Africa as a whole with companies bringing the gap in industries by using a mix of local and international employees.
Mrs David also noted that information and communication technology is the cybernetic generation and transformation of information through the use of man-made gadgets, remarking that the generation of accurate and useful information and its proper and real dissemination have always been of great importance to humans from time immemorial.
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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