Banking
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.
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has reaffirmed that the old and new Naira notes will continue to be used for financial transactions in the country beyond December 31, 2024.
There had been rumours that the old and redesigned N200, N500, and N1,000 banknotes would no longer be legal tender from Wednesday, January 1, 2025, because the central bank would phase out the notes in compliance with a Supreme Court judgement of November 29, 2023.
But the apex bank, in a statement signed by its acting Director of Corporate Communications, Mrs Hakama Ali, on Friday, clarified that the apex court’s judgement being cited did not authorise the bank to phase out the banknotes by the end of this year.
According to her, the court allowed the CBN to leave the old and new notes to be used concurrently until it decides to gradually phase out the former.
The central bank’s spokesperson urged members of the public to disregard claims suggesting the old series of these denominations would cease to be valid at the end of this year.
She urged them to continue to accept all Naira notes for daily transactions, encouraging banks to also adopt alternative payment methods such as electronic channels to reduce the pressure on physical cash usage.
“The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old N1000, N500, and N200 banknotes currently in circulation.
“In line with the bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1000, N500, and N200 denominations of the Naira indefinitely.
“For the avoidance of doubt, all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadlines,” the statement noted.
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.”
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