Banking
Leader With Uncommon Strategy: Herbert Wigwe’s Panacea for Better Banking in Post-COVID-19 Era
By Bolatito Adebola
In many industries like banking, it’s often difficult for many to discern any measure being put in place by industry leaders, and this could well be the reason why quintessential banker, Herbert Wigwe, is being misunderstood on certain steps he proposed to be taken by his bank, given the stark reality of the novel COVID-19 pandemic, and this is the meat of this endeavour.
He sure needs no introduction about his formidable exploits in the Nigerian banking sector, virtues of which have earned him a name that is firmly entrenched in the public consciousness. Herbert Wigwe, the Group Managing Director of Access Bank, is one of the pioneers of modern banking in Nigeria, and a veritable business leader reputed for his commitment to solving teething banking problems.
For Herbert, leadership is a platform that must be leveraged to meet societal needs and instigate change. Under Herbert Wigwe, Access Bank’s character has changed and its sphere of influence expanded and ranked among the top five banks in Nigeria and also ranked in 2015 as one of the top 500 banks in the world by The Banker’s magazine which was accredited to the transformational leadership of Herbert Wigwe as the reason for the turnaround. The bank has attained a status that enables it to offer more than banking services, to change developmental agenda, and to instigate social change.
Apparently misconstruing the bank MD/CEO’s core message, the media recently alleged that Access Bank Plc, one of Africa’s largest retail banks by retail customer base was embarking on pay cuts, a mass sack of workers and shutdown of branches. This ‘misinformation’ has since been appropriately repudiated.
But with traditional business models and banking metrics being upended by the post-COVID-19 global operating environment, only audacious innovators in the sector can remain relevant. Clearly, banking remains a relationship business. Herbert Wigwe was only showing transparency in his handling of issues the bank is bound to address at some point. Transparency is his second nature; Wigwe did the right thing in addressing the issues and being transparent about it for that matter. He led by personal example and took a 40 percent pay cut. He is not the kind of professional who stays tamely at the receiving end of policy prescriptions. He covets knowledge-driven innovations, proactive engagement with stakeholders, policymakers, fluid operating environments and sure-footed action. These dimensions are boldly mirrored in his nimble leadership of one of the continent’s banking behemoths.
Wigwe, a chartered accountant, financial economist, and banking and finance whiz deployed his unassailable skills in the management of strategic uncertainties into action. Not only has he improved the bank’s balance sheet, but he has also restored investors’ confidence in the bank, shoring its brand equity, and giving shareholders more reasons to believe.
In less than two decades, Wigwe and his crew have pushed Access Bank far beyond the frontiers of Nigeria with a network of over 600 branches and geographical spread spanning three continents (Africa, Europe, and Asia), over 12 countries and boasting employee pool of over 30,000. Access Bank is deliberate and intentional in its choice of employees. And this has much to do with the leadership. He has positioned the bank to consistently maintain acquired advantage over the competition through its unrelenting churning out of a potpourri of banking products that meet customers’ needs and expectations.
One thing many don’t know about Herbert, is that he likes to drive young people and pushes them to challenge themselves. He believes that innovation is the engine of growth, the ladder to reach the top and exactly what he is doing with H.O.W (Herbert Onyewumbu Wigwe) foundation, where he took his leisure to mentor and tutor the young children and how to become better in life and to society. Herbert got to the top at a very tender age and he’s not afraid to mentor many young people as he could find and help them hit the summit of their callings.
With his brilliant and outstanding performing record over the years at the driver seat of the bank, this has made the stakeholders to pass a vote of confidence on him severally even during the merger of the defunct Diamond Bank. Wigwe and his team deserve not only applause but a deep study of the whys and wherefores that kept them riding gloriously the cusp of acquisition.
When the CEO is a young and target-driven smart man, it follows that other employees must, as a matter of routine, be smart (both street-smart and book-smart). Wigwe has engineered a culture of strategic recruitment, a recruitment culture that focuses on today and tomorrow. One of his innate strength is his capacity to forecast the market. This helps immensely in deploying the right people using the right technology to achieve and sustain a competitive position in the marketplace.
By Aduragbemi Omiyale
Top financial technology (fintech) companies in Nigeria, PalmPay and Carbon, have commenced the issuance of Verve cards to their customers.
This allows millions of Carbon and PalmPay customers access to Verve’s extensive payment network, bringing digital payment solutions to previously underserved populations.
They began issuance of the cards following the approval of the Central Bank of Nigeria (CBN), underscoring the apex bank’s commitment to empowering fintech companies and advancing financial inclusion across the country.
The issuance of Verve cards by these firms will bring digital payment solutions to previously underserved populations.
Industry observers note that the decision by both fintech companies to align with Verve stems from the payment card’s network-wide reach and a robust infrastructure across Nigeria and beyond.
Last year, Verve marked its 15th anniversary characterized by its outstanding quality, innovativeness and vast array of options; it also announced that it has issued over 70 million cards, establishing itself as a dominant player in Nigeria’s payment ecosystem.
The domestic card scheme’s impressive penetration makes it a natural choice for fintech platforms seeking to rapidly expand their payment offerings while supporting the CBN’s financial inclusion goals.
Other fintech companies that have previously followed this line in issuing Verve cards include Opay and Moniepoint.
As a homegrown card scheme, Verve has continued to innovate its service offerings to compete effectively with international payment networks.
The company has integrated advanced features, including contactless payment technology and enhanced security measures, such as biometric authentication through other sophisticated recognition systems such as fingerprints.
Through collaborations like this, Nigeria’s journey toward a more inclusive financial ecosystem will be shortened, providing more Nigerians with access to modern banking and payment services through the combined technological capabilities of these financial service providers.
By Modupe Gbadeyanka
A leading player in the digital financial services sector, Moniepoint Incorporated, has been described by the federal government as a testament to the strength of Nigeria’s financial technology (fintech) landscape.
The Minister of Foreign Affairs, Mr Yusuf Tuggar, during a visit to the United Kingdom headquarters of the company, also said the firm reflects a true Nigerian success story.
He acknowledged the significant backing Moniepoint has received from global investors, including Google’s Africa Investment Fund, Visa, and BII, further validating its position as a leader in the fintech space.
Mr Tuggar stressed that a thriving fintech sector directly translates to more jobs, increased financial inclusion, and a stronger economy for Nigeria.
The Minister highlighted the organisation’s impressive growth, citing its 2000+ employees, thousands of sales personnel, and its empowerment of millions of businesses through enhanced financial inclusion.
“Nigeria is at a vantage position in the fintech and financial services sector. With banks and fintechs operating across Africa, we must continue to instill confidence in Nigerian businesses as they expand globally. Moniepoint is a testament to the strength of Nigeria’s fintech ecosystem,” he said during the visit aimed at strengthening diplomatic ties and fostering strategic cooperation between Nigeria and the UK.
In his remarks, the chief executive of Moniepoint, Mr Tosin Eniolorunda, reiterated the company’s commitment to powering the dreams of millions of business owners while engineering financial happiness for all Africans.
He noted that the dynamic digital landscape in Nigeria presents unique opportunities to harness technology to drive real change, and Moniepoint is excited to be at the forefront of this transformation.
“By empowering individuals and businesses with financial tools that are innovative and efficient, we believe that technology can be a powerful catalyst for economic growth and social development.
“This visit by the Minister signposts the importance of cross-border collaboration and the strengthening of Nigeria’s global partnerships. We recognize the critical role that international cooperation plays in advancing innovation, especially within the fintech sector.
“As a country, Nigeria has immense potential, and through strategic alliances with global stakeholders, we can unlock new opportunities that benefit both local and international communities.
“At Moniepoint, we are deeply aligned with the Nigerian government’s vision to enhance strategic cooperation in areas like trade, investment, and technology.
“We are eager to continue contributing to the development of our country’s digital economy while fostering meaningful collaborations that will leave a lasting legacy for generations to come,” he stated.
Formerly known as TeamApt Incorporated, Moniepoint, founded in Lagos in 2015 by Mr Eniolorunda and Felix Ike, has rapidly grown into a comprehensive digital financial services provider.
Offering payments, banking, credit, business management tools, and cross-border payment solutions, Moniepoint serves over 10 million businesses and individuals across Nigeria and Africa.
By Modupe Gbadeyanka
To help Nigerians secure their financial futures and build lasting legacies, Stanbic IBTC Bank has reintroduced its private banking offerings.
With a focus on personalised financial solutions, portfolio management, investment strategies, and estate management, Stanbic IBTC Bank empowers individuals and families to achieve their long-term goals of building lasting legacies for future generations.
By equipping families and individuals with the knowledge and tools to manage their wealth effectively, the subsidiary of Stanbic IBTC Holdings is fostering a legacy of financial resilience and prosperity.
Stanbic IBTC Bank’s private banking offerings include personalised financial planning to help clients achieve their short and long-term financial goals, investment management to enable clients access a wide range of investment opportunities, (including equities, fixed income, and alternative assets), estate and trust services through expert guidance on estate planning, wills, and trusts to ensure smooth wealth transfer, retirement planning through solutions that help clients build a secure and comfortable retirement, insurance and risk management through comprehensive protection against unforeseen events that could impact financial stability.
In a world where financial security and intergenerational wealth transfer is becoming increasingly critical, Stanbic IBTC Bank’s comprehensive suite of private banking solutions provides clients with the tools and expertise needed to navigate the complex financial landscapes.
Stanbic IBTC Bank leverages its deep market knowledge and global expertise to deliver solutions that align with clients’ unique aspirations.
“At Stanbic IBTC Bank, we understand that building a legacy goes beyond accumulating wealth; it is about creating a sustainable financial foundation that benefits future generations.
“Our innovative solutions are designed to help families protect, grow, and transfer their wealth seamlessly, ensuring their values and aspirations endure over time,” the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, stated.
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