Banking
Idanre Market Women Jubilate Over Ecobank’s Low-Interest Loans
By Dipo Olowookere
Market women in Idanre, Ondo State could not hide their joy over the disbursement of low-interest loans to them by Ecobank Nigeria Limited as the credit facility will boost their businesses.
Business Post gathered that the beneficiaries will receive N50,000 to improve their petty trades. The Ecobank’s low-interest loans are expected to be repaid in six months at a monthly instalment of N8,500, representing an interest rate of one per cent.
It was learned that the easy and low-interest loans were disbursed to the market women through Ecobank Female Entrepreneurship Initiative (EFEI).
Unveiling the scheme at Owa’s Palace, Idanre, Head of Classic Banking at Ecobank Nigeria, Mr Femi Ogundairo, said the initiative was specially designed by the bank to financially empower female business owners and entrepreneurs in the country.
According to him, it was a further demonstration of the importance the bank attaches to the role of women in sustainable development and contribution to the society and nation’s economy.
“The beneficiaries, who are expected to be women, will be given the sum of N50,000, which will be repaid in six months at a monthly instalment of N8,500, which represents a 1% interest rate.
“There are no hidden charges for the loans and beneficiaries who pay back regularly and on time may be rewarded and given higher loan facilities,” Mr Ogundairo stated.
He added that under EFEI, “the bank will also organize regular free training programmes for the women on how to do their businesses better and manage their money and loans well.”
Mr Ogundairo also used the opportunity to introduce the bank’s agency banking also known as Xpress Point to the people, saying they offer on behalf of the bank some services such as account opening, cash deposit and withdrawal, loan disbursement, fund transfer, bills payment, airtime recharge among others.
According to him, the agency banking would give the teeming unemployed Idanre youths employment opportunities which could subsequently make them not only gainfully employed but ultimately employers of labour.
Speaking at the event, Owa of Idanre Kingdom and Paramount ruler of Idanre Land, Dr Frederick Adegunle Aroloye, Arubiefin IV, lauded the decision of the lender to assist market women in the town, stressing that “since the bank’s mission’s borders on development and progress of the people, the palace will be ready to give it available and necessary supports to ensure it succeeds in Idanre Land.”
In her remarks, the Iyaloja General of Idanre Land and Vice President of Iyalojas and Babalojas of Nigeria, Princess Nike Aroloye Akingboye, thanked the financial institution for offering assistance to the market women in Idanre town to develop their trading business, assuring that “Idanre market women are credible people who would utilize the loans well and perform all necessary roles expected from the bank promptly.”
Many potential beneficiaries have started applying for the loan facility, commending Ecobank for the assistance, stating that it will help them improve their businesses.
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.”
By Adedapo Adesanya
The International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with African banks, including Nigeria’s Zenith Bank and Stanbic IBTC Nigeria to support the Goldman Sachs 10,000 Women initiative, a joint programme launched in 2008 to provide access to capital and training for women entrepreneurs globally.
The two Nigerian banks are part of nine financial institutions from across Africa which have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the programme provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.
Others banks include Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d’Ivoire, Equity Bank Group, Banco Millenium Atlantico – Angola, Baobab Group, and Orange Bank.
Speaking on this, Ms Charlotte Keenan, Managing Director at Goldman Sachs said – “10,000 Women has had a powerful impact to date, but we know that there are more women to reach and more potential to be realized.
“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale.”
Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.
“This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals,” said Ms Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion.
Goldman Sachs’ 10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.
By Aduragbemi Omiyale
In recognition of its unwavering commitment to fostering access to financing for Nigerian micro, small and medium enterprises (MSMEs), Development Bank of Nigeria Plc has been rewarded with the Financial Inclusion Leadership Award at the Champions of Inclusion Nigeria Financial Inclusion Awards.
This was at the 2024 International Financial Inclusion Conference (IFIC) organised by the Central Bank of Nigeria (CBN) in collaboration with the World Bank and other stakeholders.
The chief executive of the lender, Mr Tony Okpanachi, said the recognition affirms the company’s efforts in expanding access to financial services for MSMEs in Nigeria.
“We are honoured to receive the Financial Inclusion Leadership Award, which is a testament to our bank’s commitment to expanding access to financial services for all Nigerians. This award recognises our efforts to bridge the financial inclusion gap, particularly for a priority sector like the MSMEs.
“Additionally, this award is a validation of our strategic focus on driving financial inclusion for small businesses, and we are proud to be at the forefront of this initiative that drives that. We will continue to innovate and expand our financial inclusion programmes, ensuring that more Nigerian small and startup businesses have access to services,” he stated.
On his part, the Chief Operating Officer of DBN, Mr Bonaventure Okhaimo, said the accolade demonstrates the firm’s dedication to driving financial inclusion and economic growth in Nigeria.
“This award acknowledges our Bank’s innovative approach to widening opportunities for MSMEs in Nigeria to grow and scale their businesses,” he said.
“This award will motivate us to continue pushing the boundaries of financial inclusion, exploring more innovative solutions and partnerships to expand our reach and impact.
“We are committed to ensuring that more small businesses and startup enterprises in Nigeria have access to financial services, this award will further inspire us to accelerate our efforts in this regard,” he stated.
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