Banking
Keystone Bank Adds More Features to KeyMobile App
By Modupe Gbadeyanka
Customers of Keystone Bank Limited can now enjoy a smoother experience when carrying out their financial transactions online.
This is because the lender has upgraded its digital banking system with the addition of more features to its truly customer-centric mobile application called KeyMobile.
The branchless banking application comes at a time the government is discouraging large gatherings in the country due to the spread of coronavirus disease (COVID-19).
With KeyMobile, customers can complete any financial transaction from the comfort of their homes and offices at the speed of time. Keystone Bank has always been known to leverage technology to redefine and reframe the customer service delivery and safer banking practices.
“With the new KeyMobile App, customers can now reactivate or upgrade their accounts by uploading the required documents online, they can equally open new accounts within 2minutes and get their debit cards delivered within 48hours.
“Transaction limits can also be increased or set to the customers preferred amount instantly using pin, debit card, token or customer indemnity.
“Apart from allowing customers to withdraw cash from ATMs without the use of cards (careless withdrawals), KeyMobile also provides customers the option to schedule cash withdrawal or deposit requests at their nearest Keystone bank agent/branch locations thereby reducing their travel and wait time to withdraw or deposit cash,” a statement from the bank explained.
Commenting further, the lender said, “To help customers manage their investments and expenses, the bank introduced the self-booking and liquidation of fixed deposits, scheduled bills payments, standing orders, cheque deposits and request features in the new app.
“To promote inclusive Banking, customers can now send money to non-account holders through their phone numbers and beneficiary redeems the fund from their nearest Keystone bank branch or agent locations. Money can be sent to multiple beneficiaries with a single click.”
To improve the security of its customers’ fund, Keystone Bank disclosed that the App can disable cards and accounts, change, or reset their transaction PIN if a compromise is suspected.
“KeyMobile also enables customers to interact online with the bank’s service staff for enquiries and complaints, to report dispense errors on ATM, POS, WEB and get real-time resolution.
“The App is not only about seamless and enjoyable customer experience, it also about giving customers instant financial rewards when they refer their friend’s/family members to download the app,” the statement added.
According to the Group Managing Director/CEO of Keystone Bank, Mr Olaniran Olayinka, “With the upgraded KeyMobile app, it is no longer a question of stepping out to the bank but about the convergence of innovative services, digital technology and Omni-channel platforms coming to us at breakneck speed.”
He assured that the bank would continue to invest in technology in its bid to provide cutting-edge, round-the-clock banking services to its teeming customers.
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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