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KPMG Ranks Wema Bank High in SME Banking

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ademola adebise wema bank

By Modupe Gbadeyanka

A Nigerian mid-level lender, Wema Bank Plc, has been rated as number three in SME Banking because of its quality services to players in the sector of the economy.

In the 2021 KPMG Nigeria Banking Industry Customer Experience Survey, it was discovered that the bank climbed three steps higher to reach its current position.

The survey showed that Wema Bank has provided significant support for Small and Medium Enterprises (SMEs), the reason for the recognition.

Wema Bank has been consistent in its drive to support the growth and development of SMEs in the country.

The bank has initiated several financial and advisory support programs to boost SMEs, some of which include: single-digit loans for women, uncollateralized loans for SMEs, quarterly SME webinars, access-to-market initiatives, and a plethora of other advisory and support services

In the last one year, Wema Bank pioneered the establishment of the first bank-led SME business school in the country, aimed at boosting critical knowledge and capabilities for SMEs at no cost to beneficiaries.

The business school which enjoys the support of the Frankfurt School of Finance and Management, Germany, has reputable consultants and organizations such as Ernst & Young, MTN, Microsoft, Google, Agusto, etc. facilitating at the program.

The KPMG survey ranked banks using the six pillars of customer experience excellence, including integrity (being trustworthy and engendering trust), resolution (turning a poor experience into a great one) and expectations (managing, meeting and exceeding customer’s expectations.

The others were empathy (understanding the customer’s circumstances to drive deep rapport), personalization (using individualized attention to drive emotional connection) and time and effort (minimizing customer effort and creating frictionless processes).

In a statement on the survey report, KPMG said, “This year’s leaders show digital banking excellence and have adapted well to higher transaction volumes and complaints.”

Commenting on the bank’s KPMG ranking, the Managing Director/CEO, Wema Bank, Mr Ademola Adebise, said it was an affirmation of the bank’s commitment to the growth and well-being of SMEs as critical contributors to the economy.

“At Wema Bank, we recognize SMEs as an important part of the economy, and we are always on the lookout for their well-being. We are happy that the SMEs acknowledge our contributions, hence our ranking,” he stated.

Speaking further, he disclosed that recognitions such as this are an invitation to do more. He, therefore, gave the bank’s unwavering commitment to intensifying its support to SMEs in the year 2022.

Recall that in 2020, Wema Bank received the SME Bank of the year award from Business Day and in 2021, the bank has again received this recognition from KPMG as a customer experience leader in the banking industry. This is definitely a bank to look out for in 2022.

The KPMG Nigeria Banking Industry Customer Experience Survey has been held annually for the last 15 years with the 2021 edition themed Changing Customer, Changing Priorities.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Airtel’s Smartcash Payment Service Bank Begins Operations in Nigeria

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Smartcash Payment Service Bank

By Aduragbemi Omiyale

The payment service bank of Airtel Africa Plc, Smartcash, has commenced operations in Nigeria with the launch of the company’s wholly-owned subsidiary at an event held in Lagos on Thursday.

The leading provider of telecommunications and mobile money services, which trades its shares on the Nigerian Exchange (NGX) Limited, launched the PSB arm at the Eko Hotels and Suites with several personalities in attendance.

Some of the bigwigs at the event were the Group CEO of Airtel Africa, Mr Segun Ogunsanya; the Chairman of Smartcash PSB Ltd, Mr Kingsley Umadia; the Lagos State Commissioner for Finance, Mr Rabiu Olowo; Chief Human Resources Officer of Airtel Africa, Ms Rogany Ramiah; the Special Advisor to the President on Social Investments, Mrs Maryam Uwais; the Managing Director/CEO of Airtel Nigeria, Mr Surendran Chemmenkotil and the CEO of Smartcash PSB, Mr Muyiwa Ebitanmi, amongst others.

During the occasion, Airtel said the SmartCash PSB will provide secure and reliable financial services to customers across Nigeria after obtaining a license from the Central Bank of Nigeria (CBN).

The firm, which has its headquartered in Lagos, will accept deposits from individuals and small businesses, carry out payment and remittance services within Nigeria, and issue debit and prepaid cards among other banking services.

SmartCash also enables person-to-person payment and transfers from across the world. The service is currently available at selected retail touchpoints, though it hopes to reach the 36.8 per cent unbanked adult population in Nigeria, as estimated by the Access to Financial Services in Nigeria report.

Plans are underway to expand the innovative, technology-driven services to all parts of the country, including the furthest and most remote, in an effort to accelerate financial inclusion for all Nigerians.

“The launch of SmartCash Payment Service Bank gives us fresh impetus at Airtel Africa to continue growing our footprint in the continent and delivering innovative solutions.

“In the bank, we have the best of both worlds – a hybrid of commercial bank and mobile financial services – offering last mile connection to the financially excluded. Through it, we want to contribute towards driving financial inclusion in Nigeria, to empower Nigerians while transforming the payment landscape in Nigeria and the rest of Africa,” Mr Adesanya stated.

On his part, Mr Ebitanmi said: “Through SmartCash Payment Services Bank, we aim to bridge the financial divide by providing rural and urban Nigerians access to innovative, highly secured and reliable banking services that are powered by technology and are relevant to their needs.”

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Banking

New, Existing Customers of Stanbic IBTC to Enjoy Non-Collateralised Digital Loans

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Stanbic IBTC Holdings

By Modupe Gbadeyanka

New and existing customers of Stanbic IBTC Bank Plc have been assured of non-collateralised digital loans at any time of the day for their personal and business use

The chief executive of the lender, Mr Wole Adeniyi, explained that customers can access the affordable funding from N20,000 to N20 million from any location 24/7 without having to visit the branch and without paperwork as they are all digitised end-to-end.

He stated that the Stanbic IBTC Digital Loans come in various packages like Stanbic IBTC Unsecured Personal Loan, Top-Ups, Smart Loan, EZ Cash, and Device Financing.

It was explained that through the Stanbic IBTC Smart Loan solution, customers of the bank who also have mutual fund investments with Stanbic IBTC Asset Management can access up to N20 million instant loan to finance personal and business projects while their investments continue to earn them returns.

With the upgraded Stanbic IBTC Unsecured Personal Loan, salary earners can apply for a top-up of existing loans through their mobile devices from the comfort of their homes.

Similarly, with Stanbic IBTC EZ Cash, customers can access loans of up to N7.5 million via the bank’s USSD code *909*44#, the My Bank Module of the Stanbic IBTC Mobile App and the bank’s online banking portal. Customers can access loans quickly and conveniently with up to 48 months of repayment, depending on the loan type.

“The Stanbic IBTC Digital Loans, which are available via our Super App, our website, our *909# USSD service and Internet Banking, help alleviate some of the challenges individuals experience in meeting urgent financial needs.

“The loans are available to both new and existing customers of Stanbic IBTC and are geared towards helping customers meet their financial obligations at any time, no matter the urgency,” he stated.

“Customers, through the Stanbic IBTC Device Financing solution, can acquire new mobile devices from MTN partner stores and enjoy additional benefits such as 4GB data, 100 minutes talk time monthly and insurance against loss and screen damage,” Mr Adeniyi added.

He assured that the company would continue to design financial solutions that will meet the needs and enhance the financial growth of its esteemed customers.

“With economic empowerment as a core pillar of our corporate social investment initiatives, we remain committed to ensuring not only the growth of our customers but also their business activities,” Mr Adeniyi concluded.

It was gathered that the funding packages were designed by Stanbic IBTC as part of efforts to assist Nigerians with financing and also to address the challenges facing individuals in accessing finance.

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Banking

Ecobank Named Best Trade Finance Bank in West Africa

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Ecobank Nigeria

By Adedapo Adesanya

Ecobank has been named the Best Trade Finance Bank in West Africa at the prestigious Global Trade Review’s Leaders in Trade awards held in London last month.

In a statement released on Tuesday, the lender announced that the award comes as recognition of its solutions for domestic and regional supply chain financing across key trade corridors as well as the bank’s arranger roles and participation in key soft commodities campaign financing across West Africa, notably covering cotton, cacao, soya beans and cashew nuts.

Ecobank’s offerings are supplemented by its state-of-the-art E-trade module under the Omni Plus platform and its products are positioned to support both Corporate and Investment Banking and SME customers in leveraging on the African Continental Free Trade Area’s opportunities and growing intra-African trade.

The judges also recognized Ecobank’s Trade Services solutions, which led the bank to command significant market share on Letters of Credit across the continent, leveraging on its Paris-based affiliate, Ecobank International, for confirmations, payments, and discounts.

Commenting on the recognition, Mr Souleymane Diagne, Group Head, Trade Finance, Ecobank, said: “As a Pan-African bank with the largest footprint across the continent, a major ambition of Ecobank is to be the preferred trade bank for SMEs and corporates across Africa. We are committed to enabling them to take advantage of the immense growth opportunities fostered by the game-changing African Continental Free Trade Area.

“This accolade from Global Trade Review provides welcome recognition of the impact we are making through our suite of trade products and solutions, which include Structured Trade and Commodity Finance, Trade Services and Supply Chain Finance.

“For our customers and partners in West Africa and throughout sub-Saharan Africa, we are resolved to continue delivering value through our trade and multi-currency payments solutions, leveraging on our African expertise and our network’s advantage.”

Ecobank works closely with clients and leverages partners within and outside Africa in reviewing key aspects of transaction dynamics, including settlement, financing, risk mitigation, credit enhancement, syndications and applicable regulations.

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