Banking
Keystone Bank Picks Funke Akindele as Brand Ambassador
By Modupe Gbadeyanka
Africa’s best customer service provider, Keystone Bank Limited, recently signed up popular Nollywood actress, writer and producer, Funke Akindele Bello popularly known as Jenifa as its official brand ambassador.
By virtue of this partnership, the multiple award-winning screen diva will prominently represent the Keystone Bank brand and feature heavily in the lender’s marketing campaigns and consumer-focused strategies, while leveraging her large followership and popularity that cuts across socio-economic classes and age groups to further deepen the brand’s growing impression in the market.
Speaking during the contract signing ceremony at the bank’s head office in Lagos, on Friday, August 17, 2018, Group Managing Director/CEO of Keystone Bank Limited, Dr Obeahon Ohiwerei, said “The bank will explore every good platform to deepen it’s strength in the retail and youth segment.”
He reiterated that, “The Nigerian entertainment industry is driven largely by SMEs and is growing exponentially, positioning the nation globally and positively impacting our GDP.”
“We are extremely pleased to partner with a hardworking entrepreneur like Jenifa who is also a role model to a wide spectrum of youths and people from all walks of life.
“This partnership aligns with our corporate objective of supporting SMEs and empowering enterprising women, through our PINK account and network,” he added.
Commenting on the development, Funke Akindele revealed her excitement at being the bank’s choice which according to her, is a great institution that Is fast making it’s marks in the sector.
“I am delighted to be signed on as a brand ambassador for Keystone Bank. It is a privilege to be associated with one of the fastest growing financial institutions in the country today, We will certainly put the bank on the world map together,” the star actress said.
Funke Akindele plays the lead character in the ongoing hit TV show Jenifa’s Diary, a spin-off from the movie titled Jenifa.
The actress has over 100 movies to her credit.
Since its recent acquisition by Sigma Golf–Riverbank consortium, Keystone Bank Limited, a technology and service-driven commercial bank, offering tailor-made convenient and reliable solutions to customer’s needs has been on upward swing.
Banking
Shettima Promises to be “Chief Promoter” of Moniepoint
By Modupe Gbadeyanka
Nigeria’s Vice President, Mr Kashim Shettima, has expressed his delight over the unicorn status attained by Moniepoint Incorporated in October 2024 after it secured a $110 million funding package from Google.
Speaking when the company paid a courtesy visit to him at the Presidential Villa recently, the VP said he was happy with the growth trajectory of the financial technology (fintech) company, charging the team not to rest on its oars.
He promised to be the “chief promoter” of Moniepoint because the firm has become the pride of the country and must be supported by all.
Mr Shettima urged the company to continue expanding its global footprint, referencing his ongoing support for similar initiatives such as Amal Hassan’s Outsource to Nigeria project.
The Vice President described Moniepoint as a “kaleidoscope of colours” because of the diversity of its team, saying it reflects the beauty of Nigeria’s multicultural and multi-regional identity.
He was particularly pleased with the inclusion of individuals from various regions and backgrounds, including a notable representation of women in leadership and operational roles.
However, he charged the organisation and others to ensure stronger auditing measures to prevent misuse of the platform, especially by fraudsters and criminal elements, tasking them to remain vigilant and proactive in addressing these challenges.
Earlier, the chief executive of Moniepoint, Mr Tosin Eniolorunda, thanked the federal government for its dedication to digital innovation and financial inclusion.
He emphasized Moniepoint’s commitment to Nigeria’s financial ecosystem, stating that the fintech giant has grown into Africa’s latest unicorn this year, a testament to its resilience and innovation.
“At Moniepoint, we are big believers in driving collaborations across the entire eco-system and this is premised on collaboration being the cornerstone of progress.
“Our engagement here underscores our intentionality to enhance government business relationships in a way that powers the dreams of millions of many more Nigerians.
“Together, we can unlock opportunities, transform lives, and build a more inclusive economy for all,” Mr Eniolorunda, who led the team comprising the Managing Director of Moniepoint Microfinance Bank, Mr Babatunde Olofin; the Vice President for Corporate Affairs at Moniepoint, Didi Uwemakpan; the SVP for Investor Relations and M&A, Ross Strike; the Head of Partnerships, Efemena Ogie; the Regional Manager for North West, Abdulmumin Tijjani; and the Partner at Lightrock Global, Ravi Sharma, said.
Banking
FX Trading: CBN Sets $100,000 Minimum Trade for Banks on EFEMS
By Adedapo Adesanya
The Central Bank of Nigeria has set a minimum trade value of $100,000 for interbank foreign exchange trading via the Electronic Foreign Exchange Matching System (EFEMS), which is set to go live on December 2.
This was contained in a new directive dated November 25, 2024, and signed by CBN’s Director of the Financial Markets Department, Mrs Omolara Duke.
The circular also noted that the development is part of efforts to ensure transparency, efficiency, and compliance within Nigeria’s FX market.
The EFEMS is designed to streamline interbank FX trading, reduce counterparty risks, and ensure adherence to CBN regulations.
The statement also said CBN has designated Bloomberg’s BMatch as the official order-matching platform for interbank transactions, with trading hours set between 9:00 am and 4:00 pm West Africa Time on business days.
The apex bank also said the $100,000 minimum tradable amount comes with incremental clip sizes of $50,000.
The EFEMS is also limited to spot FX transactions involving the Nigerian Naira and the United States Dollar. This means transactions occur “on the spot” or close to the trade date.
The CBN, however, retained the discretion to introduce other currency pairs when deemed necessary.
The guidelines document read, “All trades consummated on EFEMS are binding unless cancelled by mutual agreement of both parties with written approval from the CBN.
“The minimum tradable amount is US$100,000.00, with incremental clip sizes of US$50,000.00.
“Participants must set credit and settlement limits for other counterparties in the system. Transactions exceeding these limits will not be executed.
“Participants must have adequate credit and settlement limits set for the CBN as its counterparty bank.
“Participants are required to comply with the Nigerian Foreign Exchange Code and other CBN regulations.”
The apex bank noted that participation in the EFEMS is limited to authorised dealer banks while other institutions wishing to join the platform must first obtain prior approval.
These entities are also required to execute agreements with the CBN-approved platform provider, maintain accurate profiles, and operate within prescribed credit and settlement limits.
Withdrawal from the platform must be preceded by a 30-day notice, along with the resolution of any outstanding obligations.
Also, trades conducted via the platform will remain anonymous until matched. Counterparty details will only be revealed once transactions are concluded and are in line with settlement protocols.
Transactions exceeding set limits or conducted outside EFEMS parameters must be reported promptly and logged onto the FX blotter within 10 minutes.
The CBN emphasised that it will closely monitor all transactions on EFEMS to ensure market integrity and transparency.
Participants are also required to submit daily reports detailing trade volumes, settlement statuses, and counterparties.
The CBN discloses that it also reserves the right to publish aggregated or disaggregated trade data for market analysis, subject to confidentiality agreements.
Any violations of the EFEMS guidelines or related regulations will attract strict penalties, including the suspension or revocation of access rights.
The CBN further stated that it will periodically review the platform’s operations to ensure efficiency and compliance with its directives.
Banking
No Need to Worry, Your Funds Safe With us—Access Bank Assures Customers
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.
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