Banking
How to Redeem the VBank Promise
If you live in Nigeria, you’ve probably heard some stories about how difficult it is to get anything done at a government agency. Those stories are so popular that they have made their way into popular culture through oga is not on seat jokes.
When you’re going to a government agency, you brace yourself for the reality that no matter how small the task you want to accomplish, it could take all day. It’s not unusual for simple processes to be complicated by ridiculous demands.
It’s the sort of thing we’ve come to expect from Nigeria’s public sector. Yet, in the private sector, Nigeria’s legacy banks will give any government institution a run for their money.
A few weeks ago, I read this interesting rant by a Nigerian in the UK Guardian on how it took him 15 trips to the banking hall to withdraw money. We all have these experiences. The Nigerian banking system throws up the kind of processes that can test the patience of the Pope. Sometimes you apply to get a debit card and you wait for weeks to get. Then you begin another process to get the PIN for the same debit card.
Some other issues that rankle are the unending debits for card maintenance, SMS alerts, the list is endless. Yet, these would be such small trade-offs if Nigerian banks actually provide service that works and are reliable.
Bank transfers in Nigeria are like Russian roulette. Sometimes you can transfer money without hassles, the next time, you may get debited thrice for a failed transaction.
Frankly, I’m not sure which I would rather visit: a banking hall or a government parastatal. If banking is this difficult for me, what’s it like for a lot of the people in the informal sector?
I got the clearest answer last week when my friend shared an article about how many of the artisans who work for him often do not have bank accounts.
It’s hard to fault them because banks and banking have come to represent stressors for the average person.
Digital banks are promising freedom This is why the digital alternative to banking is interesting. The counterbalance to the wahala of legacy banking is a bank that exists almost entirely in your phone.
They have no physical branches so you don’t have to spend hours in a banking hall trying to explain to a frazzled customer rep that you can no longer reproduce your signature from when you first opened the account seven years ago.
Beyond the branchless structure of digital banks, one of the things digital banks like VBank say that works for me is their promise of banking without a ton of bank charges. I can be free from those pesky little card maintenance charges from that second-generation bank.
I can make a request for a debit card from an app and get the card delivered to my address in one week.
It’s not often that a bank says all the right things.. Yet, there are lingering questions like, “can I put my money in a bank that doesn’t have a branch that I know?,” “Whose shirt will I hold when they debit my account wrongly?”
There are also big questions like; many of the promises of ease the digital banks make will appeal to the carpenter down your street who still doesn’t have a bank account. How will digital banks reach people like this?
Can the segment of the population who find these promises of freedom attractive- young millennials – form the basis for a sustainable business?
These are questions that remain up in the air, but here’s what I know; V Bank makes really good promises, but the real argument for them is time. Will they still send my debit card in 4 business days in 2027? Will my free transfers still go through and will their customer reps still be as attentive?
I don’t have a crystal ball, but it doesn’t hurt to live in the moment and enjoy all these perks right away.
By Aduragbemi Omiyale
Access Bank Plc has assured customers that their funds are safe with the company, stressing that there’s nothing to worry about.
The lender gave this assurance in reaction to a video making the rounds on social media that about N500 million belonging to a customer was missing.
The financial institution described this allegation as “baseless,” denying any involvement in “any unethical behaviour.”
“Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.
“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.
“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.
“There is no N500 million or any other fund or amount missing from the subject customer’s account or any other customer’s account with us.
“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.
“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.
“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public,” a statement from the firm stated.
By Modupe Gbadeyanka
The Ajose Adeogun Street in the Victoria Island area of Lagos State has been decorated by Zenith Bank Plc in line with its yearly tradition.
The area was lightened up by the financial institution ahead of the yuletide season and at the unveiling on Saturday, November 23, 2024, the lender said it was happy to do it again for the 18th year.
“Over the years, Zenith Bank has hosted this spectacular event, transforming the entire Ajose Adeogun Street into a breathtaking yuletide wonderland.
“Our beautiful and elaborate Christmas decorations have become a centre of attraction and shared on social media platforms globally.
“As we light up the street tonight, we celebrate the essence of Christmas and Zenith Bank’s unparalleled Corporate Social Responsibility (CSR).
“Our customers will always be at the centre of all that we do in Zenith Bank,” the chief executive of Zenith Bank, Ms Adaora Umeoji said.
She urged everyone to imbibe the message and spirit of Christmas which is about love, kindness, generosity and respect for humanity, and thanked the Lagos State Government for creating an enabling environment for the initiative.
She also praised the efforts of Quantum Markets, who have been responsible for the annual decorations, for their expertise and creativity in putting together the lovely decorations.
“I want to thank the management of Quantum Markets for all the beautiful, creative and innovative ideas they keep coming up with. Quantum Markets always make it bigger and better every year, and we are always looking forward to it,” she stated.
The beautiful Christmas decoration, which transforms the entire stretch of Ajose Adeogun Street (home to Zenith Bank’s corporate headquarters) and roundabout into a breathtaking yuletide wonderland, has come to be recognized as an iconic tourist attraction, bringing visitors from far and wide who visit with their families and friends to take pictures and enjoy the ambience of the street.
The company’s sustainability and CSR initiatives are hinged on the belief that today’s business performance is not all about the financial numbers – the bank believes that an institution’s social investments, contributions to inclusive economic growth and development as well as improvements in the condition of the physical environment, all constitute a balanced scorecard.
By Modupe Gbadeyanka
One of the leading financial institutions in Nigeria, Zenith Bank Plc, has launched a digital wallet known as EazyByZenith.
This was unveiled at the 2024 Zenith Tech Fair held on Thursday, November 21, 2024, at the Eko Hotels and Suites, Lagos.
The lender said this wallet will help to support its retail and financial inclusion strategy, as the company further pushes to expand its share of the retail banking space in Nigeria.
The chief executive of Zenith Bank, Ms Adaora Umeoji, said the bank cannot sit back as the world moves into the digital age.
“It is paramount that we adapt and adopt technology to stay ahead of the curve. We have seen various cases of companies that failed because of their lack of innovation.
“It is quite obvious that when companies fail to innovate; they can easily be displaced, so this is not the time to be orthodox, innovation should be a top priority for us,” she stated.
Explaining why Zenith Bank came up with the fair themed Future Forward 4.0: Embedded Finance, Cybersecurity and Growth Imperatives – The Impact of AI, she said it was to “empower and nurture young fertile minds,” with the mindset to “produce the likes of Bill Gates, Mark Zuckerberg, Steve Jobs and Elon Musk” in the nearest future.
“According to the Nigerian Bureau of Statistics (NBS), about 70 per cent of Nigeria’s population are youths which is an economic asset when properly harnessed.
This is part of the reason why Zenith Bank is hosting this event to support the development of technology startups.
“Their success not only fosters innovation and growth in Nigeria, but it also plays a vital role in creating employment opportunities for our youth,” Ms Umeoji also said, stressing the importance of innovation and embedded finance in ensuring strong and enduring institutions.
Business Post reports that the fair also included presentations on the leading technological innovations that cut across different aspects of life, such as Artificial Intelligence, Cybersecurity, Risk Management, Compliance, Financial Intelligence, Cloud Computing and Communication Technologies, with the keynote address, Banking Transformation in a Digital World, delivered by Robin Speculand, a renowned Strategy and Digital Implementation Specialist.
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