Banking
Heritage Bank to Begin Account Opening for SPW Participants
By Adedapo Adesanya
Heritage Bank Plc is set to commence the account opening for the 774,000 participants of the Special Public Work (SPW) Programme throughout the 774 Local Government Areas of the federation.
The participants are to be paid a monthly allowance of N20,000 as the programme is to kick off from November 1, 2020, and a total of 129 LGAs have been assigned to Heritage Bank Plc.
The SPW is a post-COVID-19 poverty alleviation initiative approved by President Muhammadu Buhari and the Federal Ministry of State for Labour and Employment to implement 774,000 jobs in all the 774 LGAs in Nigeria for a period of three months.
As part of the modalities of the programme, six participating banks, including Heritage Bank, have been mandated to open accounts for all the beneficiaries and capture BVN. Also, a special feature form has been provided by the federal government to capture participant’s bio-data for this exercise.
In a bid to align with the arrangements, the Divisional Head, Corporate Communications, Mr Fela Ibidapo, disclosed that Heritage Bank has prepared seamless process flow for the commencement of the BVN enrolment/account opening documentation of the assigned shortlisted beneficiaries.
He explained that the bank had made provisions for places that the bank had no physical presence so as to cater for the planned initiative.
He noted, “For locations that the Bank does not have a physical presence, the Agency Banking Team has engaged Super Agents to cover these areas and ensure smooth onboarding in such locations.”
He added that Heritage Bank would definitely adhere strictly to the beneficiary list forwarded to the bank from the federal government for account opening/BVN enrolment to avoid any infractions and work according to the rules set by the government and its agency, National Directorate of Employment (NDE).
Mr Ibidapo reiterated the bank’s success stories and legacies in similar exercises sustained through various entrepreneur schemes in the support for economic growth, which had always focused on dependable job-creating sectors, such as agricultural value chain (fish farming, poultry, snail farming), cottage industry, mining and solid minerals, creative industry (tourism, arts and crafts), and Information and Communications Technology (ICT).
Recall that 1,000 participants each were drawn from the 774 local government areas in Nigeria for the Special Public Works Programme.
In response to the nature of diversity and remoteness of some participants, the Minister of State for Labour and Productivity, Mr Festus Keyamo, allayed the fears of missing out from the registration by the beneficiaries.
He stated that it had gotten assurance from the banks that even in places where they have no physical presence or branch, registration centres would be provided; hence participants don’t need to travel far.
The minister said, ‘‘The banks assured us that even in LGAs where they don’t have branches, temporary registration centres would be opened in such LGAs so that the participants would not have to travel far to open their accounts”.
Explaining the core areas of the SPW programme, Mr Keyamo said, “Special Public Works department is one of the four (4) core focus of the NDE.
“It seeks to identify and optimize employment opportunities that abound in the public works sector by organizing the skilled, unskilled and semi-skilled persons that are unemployed to carry out utility, environmental, infrastructural development and sanitation works.”
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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