Banking
Heritage Bank Teaches Children Savings Culture
By Dipo Olowookere
In its continuous bid to expose the citizenry to financial literacy at very early age in life, Heritage Bank Plc, Nigeria’s Most Innovative Banking Services Provider, joined the world in celebrating the World Savings’ Day with the theme: Our Future Starts with Savings.
The World Savings Day stresses the ingenuity of savings to economic development, which is in line with the bank’s financial literacy programme aimed at introducing its financial literacy edutainment resources to children and young persons under its BUD proposition, was held at the Nigerian Navy Secondary School, Ojo in Lagos.
The MD/CEO of the bank, Mr Ifie Sekibo, emphasized the importance of savings both modern economies and for individuals- young and old alike to attain a higher standard of life and secure the economy.
He stated that Heritage Bank’s involvement in the World Savings celebration was a demonstration of the bank’s commitment to innovation.
According to him, children are very special to us at Heritage Bank, hence we decided to celebrate today with them in a unique way that offers the opportunity to have fun and learn about bank savings.
Mr Sekibo noted that for early positioning of children for global and local relevance, there was need to teach them on how to prioritize savings over spending, which is a valuable life lesson and one that takes time to learn.
According to him, opening a savings account for a child is one of the best ways to introduce him/her to that concept of saving at an early age.
He explained that one of the ways the bank has continued to promote savings amongst children is the introduction of “My day as a banker” which is also the Heritage Bank’s unique way of promoting financial literacy among children, which is the core of the HB Bud Savings Account, specially designed to promote savings habit among children and youths.
In line with its mission to create, preserve and transfer wealth across generations, he said Heritage Bank developed the HB Bud Savings Account to help its customers to create wealth for the children and provide them a future of financial independence.
Team Lead, Financial Literacy, Customer Experience & Analytics, Heritage Bank, Ajiri Efeturi led the 174 secondary school students in attendance on how to save effectively and how to cultivate good saving habits talked on the need to be financially literate in a bid to ensure that one could manage his money effectively as well as make one more responsible and being able to plan for a secured future.
She differentiated between needs and wants, remarking that needs are what one needs to survive while wants are those things which one would like to have but could really do without.
She also gave some tips on smart spending: make a list of everything you want but always be smart about how one spends his money and the need to be a price detective by comparing prices from different stores.
Efeturi, who enjoined not to give more than they had, but keep some money as savings for the future, also introduced them to the Heritage BUD account for children.
According to her, some of the good habits of the account are the need to cultivate the habit of saving, having a financial plan and budget and the need to set aside about 10 percent of their pocket money or cash gifts as savings as well as avoidance of impulsive spending.
On the bad habits of money, Team member, Financial Literacy, Customer Experience & Analytics, Heritage Bank, Chinenyenwa Ozoemena, advised the children to avoid borrowing money, buying stuffs on credit, taking money that is not your own and spending money at once disposal without saving.
Every year, Heritage Bank directly impacts about 350 primary and secondary schools across the country in recognition of the pivotal role children play as the leaders of tomorrow.
Heritage Bank has imparted financial education on more than over 1,500 schools across the country since commencing its financial literacy programme two years ago, as part of its social corporate responsibility.
By Aduragbemi Omiyale
Top financial technology (fintech) companies in Nigeria, PalmPay and Carbon, have commenced the issuance of Verve cards to their customers.
This allows millions of Carbon and PalmPay customers access to Verve’s extensive payment network, bringing digital payment solutions to previously underserved populations.
They began issuance of the cards following the approval of the Central Bank of Nigeria (CBN), underscoring the apex bank’s commitment to empowering fintech companies and advancing financial inclusion across the country.
The issuance of Verve cards by these firms will bring digital payment solutions to previously underserved populations.
Industry observers note that the decision by both fintech companies to align with Verve stems from the payment card’s network-wide reach and a robust infrastructure across Nigeria and beyond.
Last year, Verve marked its 15th anniversary characterized by its outstanding quality, innovativeness and vast array of options; it also announced that it has issued over 70 million cards, establishing itself as a dominant player in Nigeria’s payment ecosystem.
The domestic card scheme’s impressive penetration makes it a natural choice for fintech platforms seeking to rapidly expand their payment offerings while supporting the CBN’s financial inclusion goals.
Other fintech companies that have previously followed this line in issuing Verve cards include Opay and Moniepoint.
As a homegrown card scheme, Verve has continued to innovate its service offerings to compete effectively with international payment networks.
The company has integrated advanced features, including contactless payment technology and enhanced security measures, such as biometric authentication through other sophisticated recognition systems such as fingerprints.
Through collaborations like this, Nigeria’s journey toward a more inclusive financial ecosystem will be shortened, providing more Nigerians with access to modern banking and payment services through the combined technological capabilities of these financial service providers.
By Modupe Gbadeyanka
A leading player in the digital financial services sector, Moniepoint Incorporated, has been described by the federal government as a testament to the strength of Nigeria’s financial technology (fintech) landscape.
The Minister of Foreign Affairs, Mr Yusuf Tuggar, during a visit to the United Kingdom headquarters of the company, also said the firm reflects a true Nigerian success story.
He acknowledged the significant backing Moniepoint has received from global investors, including Google’s Africa Investment Fund, Visa, and BII, further validating its position as a leader in the fintech space.
Mr Tuggar stressed that a thriving fintech sector directly translates to more jobs, increased financial inclusion, and a stronger economy for Nigeria.
The Minister highlighted the organisation’s impressive growth, citing its 2000+ employees, thousands of sales personnel, and its empowerment of millions of businesses through enhanced financial inclusion.
“Nigeria is at a vantage position in the fintech and financial services sector. With banks and fintechs operating across Africa, we must continue to instill confidence in Nigerian businesses as they expand globally. Moniepoint is a testament to the strength of Nigeria’s fintech ecosystem,” he said during the visit aimed at strengthening diplomatic ties and fostering strategic cooperation between Nigeria and the UK.
In his remarks, the chief executive of Moniepoint, Mr Tosin Eniolorunda, reiterated the company’s commitment to powering the dreams of millions of business owners while engineering financial happiness for all Africans.
He noted that the dynamic digital landscape in Nigeria presents unique opportunities to harness technology to drive real change, and Moniepoint is excited to be at the forefront of this transformation.
“By empowering individuals and businesses with financial tools that are innovative and efficient, we believe that technology can be a powerful catalyst for economic growth and social development.
“This visit by the Minister signposts the importance of cross-border collaboration and the strengthening of Nigeria’s global partnerships. We recognize the critical role that international cooperation plays in advancing innovation, especially within the fintech sector.
“As a country, Nigeria has immense potential, and through strategic alliances with global stakeholders, we can unlock new opportunities that benefit both local and international communities.
“At Moniepoint, we are deeply aligned with the Nigerian government’s vision to enhance strategic cooperation in areas like trade, investment, and technology.
“We are eager to continue contributing to the development of our country’s digital economy while fostering meaningful collaborations that will leave a lasting legacy for generations to come,” he stated.
Formerly known as TeamApt Incorporated, Moniepoint, founded in Lagos in 2015 by Mr Eniolorunda and Felix Ike, has rapidly grown into a comprehensive digital financial services provider.
Offering payments, banking, credit, business management tools, and cross-border payment solutions, Moniepoint serves over 10 million businesses and individuals across Nigeria and Africa.
By Modupe Gbadeyanka
To help Nigerians secure their financial futures and build lasting legacies, Stanbic IBTC Bank has reintroduced its private banking offerings.
With a focus on personalised financial solutions, portfolio management, investment strategies, and estate management, Stanbic IBTC Bank empowers individuals and families to achieve their long-term goals of building lasting legacies for future generations.
By equipping families and individuals with the knowledge and tools to manage their wealth effectively, the subsidiary of Stanbic IBTC Holdings is fostering a legacy of financial resilience and prosperity.
Stanbic IBTC Bank’s private banking offerings include personalised financial planning to help clients achieve their short and long-term financial goals, investment management to enable clients access a wide range of investment opportunities, (including equities, fixed income, and alternative assets), estate and trust services through expert guidance on estate planning, wills, and trusts to ensure smooth wealth transfer, retirement planning through solutions that help clients build a secure and comfortable retirement, insurance and risk management through comprehensive protection against unforeseen events that could impact financial stability.
In a world where financial security and intergenerational wealth transfer is becoming increasingly critical, Stanbic IBTC Bank’s comprehensive suite of private banking solutions provides clients with the tools and expertise needed to navigate the complex financial landscapes.
Stanbic IBTC Bank leverages its deep market knowledge and global expertise to deliver solutions that align with clients’ unique aspirations.
“At Stanbic IBTC Bank, we understand that building a legacy goes beyond accumulating wealth; it is about creating a sustainable financial foundation that benefits future generations.
“Our innovative solutions are designed to help families protect, grow, and transfer their wealth seamlessly, ensuring their values and aspirations endure over time,” the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, stated.
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