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Heritage Bank Trains Children in Financial Literacy

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Heritage Bank Trains Children in Financial Literacy

Heritage Bank Trains Children in Financial Literacy

By Modupe Gbadeyanka

Pupils from Hilltop Grade International School, Lekki, Lagos were recently trained in financial literacy by Heritage Bank as part of activities to mark the bank’s Children Banking Month tagged ‘My Day as a Banker.’

The lecture took place at the corporate headquarters of the bank in Lagos. It was also organised in a bid to expose the citizenry to financial literacy at a very early age in life and participants were from the age bracket of five and seven years.

The kids were put through the different services in the banking sector, from the Reception to the Customer Service, Foreign exchange, Corporate Banking and Human Resources.

The pupils were visible attending to customers who were amazed at the skills the kids exhibited in addressing their banking needs after the initial short induction given to them.

Speaking with journalists on the occasion, Mrs Tomi Oyesola, Group Head, Retail Banking and SME, Heritage Bank, Lagos Island, said the training programme was part of the financial literacy programmes of the Central Bank of Nigeria (CBN).

She said it was very important for children to know what financial literacy was and what banking was all about at a very early age of their lives, adding that the children will be exposed to how prepaid card transactions work and how to use ATM cards to deposit and withdraw money among others.

She said the programme had been on since the inception of the bank, adding that the bank usually trains children in primary and secondary schools in financial literacy every year.

Mrs Oyesola said for children in secondary school, the bank exposed them to treasury operations, financial control, sales and credit control among others, adding that about 90 percent of the children that had been exposed to the programme had opened accounts with the bank.

She said for children in primary schools, the bank accommodates between eight to 10 children from different schools at different times to expose them to financial literacy for about an hour.

The financial literacy programme for children is part of the Central Bank of Nigeria’s cashless policy which is aimed at equipping them with basic tools in order to enhance their financial freedom and it is part of activities of commemoration of May 27 to mark Children Banking Month, with the theme, “Early Positioning for Glocal Relevance.”

The Heritage Children Banking Month directly impacts about 350 primary and secondary schools across the country in recognition of the pivotal role children play as the leaders of tomorrow.

On the whole at the end of this year’s programme, Heritage Bank would have imparted financial education on over 1,000 schools across the country since commencing this programme two years ago, as part of its social corporate responsibility.

Speaking on the importance of the celebration, the Managing Director of the bank, Mr Ifie Sekibo stressed that it was important to teach children wealth creation early in life for the positioning of children for global and local relevance. He further stressed that there was need for parents 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 them to that concept at an early age.

Heritage Bank Trains Children in Financial Literacy

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Banking

ICPC Arrests Bank Manager for Failure to Properly Load Cash into ATMs

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FCMB manager ATMs

By Aduragbemi Omiyale

The Operation Manager of a branch of a commercial bank in Osogbo, Osun State, has been arrested by operatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

A statement issued by ICPC on Friday disclosed that the bank manager was apprehended by its compliance team and taken in for questioning.

It was alleged that the banker loaded the bank’s Automated Teller Machines (ATMs) with cash with their wrappers un-removed, thus preventing the cash from being dispensed to customers, who have formed long queues amid a scarcity of the Naira in the country.

According to the statement, when it discovered this anomaly, the team directed that the wrappers are removed, and the cash be loaded properly.

“However, when a follow-up visit was undertaken the following day to ascertain the level of compliance, the team discovered that one of the ATMs was still loaded with the wrappers un-removed,” the statement said, prompting his arrest.

In a related development, an official of another commercial bank in Abuja has been apprehended by the commission. The bank official was accused of deliberately refusing to load cash into the branch’s ATMs even when the cash was available and people were queuing at the ATM terminals.

According to the ICPC, when its monitoring team arrived at the bank at about 1:30 pm to ensure compliance and demanded an explanation as to why all the ATMs were not dispensing cash, it was informed by the branch’s Head of Operations that the bank just got delivery of the cash.

But the agency claimed that available facts indicated that the branch took delivery of the cash around 11:58 am and either wilfully or maliciously refused to feed the ATMs with the cash.

Against this backdrop, the ICPC team compelled the bank to load the ATMs with the redesigned Naira notes and ensured that they were all dispensing before arresting the culprit.

“Investigations are still ongoing, and the commission will take appropriate actions as soon they are concluded,” a statement from the ICPC said.

The organisation explained that it embarked on the monitoring “in continuation of its clampdown at elements frustrating efforts in making the redesigned Naira notes available to members of the public.”

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Banking

Union Bank Secures IFC’s $30m Loan to Finance Trade, SMEs

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Union Bank $30m loan

By Aduragbemi Omiyale

A loan worth $30 million has been secured by Union Bank of Nigeria Plc from the International Finance Corporation (IFC) to support small businesses in the country.

It was gathered that the credit facility would boost access to finance for small and medium enterprises (SMEs) in Nigeria and support increased trade, as it would enable the bank to expand lending to hundreds of businesses operating in critical sectors in the country, including food, healthcare, manufacturing, and services.

The $30 million loan will allow Union Bank to increase trade financing and working capital lending to Nigerian businesses, including those whose cashflows have been strained by recent disruptions in global and local markets.

“As a bank, we are deeply committed to enabling success for SMEs. We understand the critical role of small businesses in leading Nigeria’s economy towards growth.

“This funding from IFC will enable us to extend financial relief to our customers during this difficult time. I am confident that the funds will help these businesses harness opportunities and preserve jobs,” the chief executive of Union Bank, Mr Mudassir Amray, said.

Also commenting on the development, IFC’s Senior Country Manager for Nigeria, Liberia and Sierra Leone, Mr Kalim Shah, said, “Strengthening supply chains and trade flows through working capital financing sets the stage for faster growth and economic diversification in Nigeria.

“IFC’s partnership with Union Bank is part of a wider strategy to ensure the flow of goods and services are sustained despite global trade disruptions.”

The credit facility to Union Bank is being made through IFC’s COVID-19 Emergency Response Working Capital Solutions Envelope, which was launched in 2020 to provide funding to existing IFC clients in emerging markets that will then extend new loans to companies affected by the economic impacts of COVID-19.

Recent disruptions to the global economy following COVID-19, including from rising inflation and limited access to finance, have left many businesses in Nigeria, particularly SMEs, struggling with supply chain shortages, increased cost of doing business and limited trade growth.

The partnership with Union Bank underscores IFC’s commitment to supporting smaller businesses in Nigeria, helping them preserve and create jobs and access critical inputs.

The loan is supported by the blended finance facility of the International Development Association’s Private Sector Window, which mitigates the financial risks associated with investments in sectors like SMEs and agribusiness.

IFC has an active investment portfolio of $2.3 billion in Nigeria – the second largest in Africa after South Africa – across sectors including agribusiness, healthcare, manufacturing, infrastructure, technology, and financial services.

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Banking

New Notes: CBN Directs Banks to Payout Maximum N20,000 Daily Via Tellers

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New Naira Notes

By Aduragbemi Omiyale

Deposit Money Banks (DMBs) have been directed by the Central Bank of Nigeria (CBN) to pay their customers the new Naira notes a maximum of N20,000 daily.

This was contained in a statement issued on Thursday, February 2, 2023, by the apex bank, signed by its spokesman, Mr Osita Nwanisobi.

According to the CBN, this development is to ease the sufferings Nigerians are going through to access the new banknotes from their banks and other channels.

Earlier, Business Post reported that commercial banks were not paying their customers because of a cash crunch. Most banks were unable to honour the cash withdrawals of their customers because they had no new notes to pay and were not allowed to pay with the old currency notes.

In the statement released today, the central bank said it “noticed the queues at Automated Teller Machines (ATMs) across the country and an upward trend in the cases of people stocking and aggregating the newly introduced banknotes they serially obtain from ATMs for reasons best known to them. Also worrisome are the reported cases of unregistered persons and non-bank officials swapping banknotes for members of the public, purportedly on behalf of the CBN.”

The bank said to ease the pressure, the Governor of the CBN, Mr Godwin Emefiele, “has directed deposit money banks (DMBs) to commence the payment of the redesigned Naira notes over-the-counter (OTC), subject to a maximum daily payout limit of N20,000.”

However, the CBN warned “Nigerians, particularly those at social functions such as birthdays, weddings and funerals, to desist from disrespecting the Naira or risk being arrested by law enforcement agencies,” stressing that, “The Naira is our legal tender and symbol of national pride. Therefore, let us respect it and handle it with care.”

The apex bank urged “members of the public to embrace and adopt other payment channels for their transactions.”

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