Banking
Heritage Bank, NEFF Join Forces to Prevent e-Fraud
By Dipo Olowookere
Heritage Bank Plc has partnered with the Nigeria Electronic Fraud Forum (NEFF) on the prevention of fraud in the Nigerian banking system.
MD/CEO of Heritage Bank, Mr Ifie Sekibo, said at unveiling of the 2017 NEFF annual report in Lagos recently that the bank was very proud of successes recorded by the forum, remarking that the advent of the forum has undoubtedly created revolutionary effect in the conception of banking services in the industry.
Mr Sekibo who was represented by Heritage Bank’s Executive Director in charge of Services and CIO, Mr Ike Williams, said financial institutions in the country had exploited these successes to introduce innovative banking products, especially e-products.
He said Heritage Bank would continue to support the forum and advised NEFF not to rest on its oars.
The Heritage Bank helmsman also commended Mr Adebayo Adelabu, the out-going deputy governor of the Central Bank of Nigeria (CBN), operations as an exceptional leader who made invaluable contributions to the success of the forum, remarking that it will be difficult for any to surpass the achievements he recorded for the forum.
While unveiling the NEFF 2017 annual report, titled ‘Tightening the Belt of e-fraud Prevention: A 4 sided approach,’ Mr Adelabu noted that in an environment that has witnessed fast-paced growth in both volume and value of electronic transactions, it would not be out of the ordinary if fraud attempts are also on the increase.
Mr Adelabu, who was represented by Mrs Tokunbo Martins, Director of other Financial Institutions Department of the CBN, added that a true test of resilience security and strength of a payments system is where losses were minimized, and measures taken to learn from those losses to forestall a recurrence.
According to him, in the last six years of the forum existence, NEFF has consistently acted as a catalyst in the formulation of cohesive and effective fraud and risk management strategies.
He said the forum has contributed to a year on year reduction in actual losses from e-fraud as reported by the Nigeria Inter-Bank Settlement System Plc (NIBBS), which accounted for the 25.71 percent in actual loss value in 2017 when compared to actual loss figures for 2016.
Mr Adelabu also commended NEFF for its decision to focus on fraud mitigation by engaging all stakeholders from banking, other eco system players, law enforcement agencies and telecommunication operators which has been put together to form the acronym BELT, from which collaboration should be tightened always.
In her contribution, Mrs Christabel Onyejekwe, Executive Director, Technology & Operations, NIBBS, said the organization has been adding value to the eco-system through the deployment of electronic banking and formulation of measures to monitor fraud.
She said NIBBS would continue to collaborate with other stakeholders in the continued effort to reduce e-fraud in the system.
Banking
Access Bank to Acquire 100% Equity in South Africa’s Bidvest
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.
Banking
Access Bank Opens Branch in Malta to Strengthen Europe-Africa Trade Ties
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.”
Banking
Goldman Sachs, IFC Partner Zenith Bank, Stanbic IBTC, Others to Empower Women Entrepreneurs
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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