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Letshego Deepens Financial Inclusion With New Digital Platform




By Modupe Gbadeyanka

In order to deepen financial inclusion across Africa, a leading retail finance organisation on the continent, Letshego Group, has introduced its financial technology platform called LetsGo digital.

This initiative would be deployed in Nigeria and Botswana at first before other markets on the continent, according to the company.

Customers would be able to access simple financial services on the go to enhance their lifestyles via the LetsGo App on Android, with the iOS version to follow.

Letshego has its footprint in 11 African markets with a 22-year history of improving lives through inclusive financial solutions in Africa.

The LetsGo solutions enable Letshego customers to achieve their aspirations, empowering a progressive generation of cultural change in this new normal.

With simple digital financial and beyond banking solutions that are tailored to support life goals and help improve the lives of our customers, bringing tangible spin-off benefits for our local communities, Letshego remains resolute in changing the landscape of inclusive financial services in Africa.

LetsGo gives customers digital power through an omnichannel digital experience with Letshego continuing its journey in evolving its LetsGo platform and products to further catalyse its strategic transformation.

Initially, the LetsGo platform – accessible via mobile phone and web – will unlock digital access to account information, loans and top-ups for existing and new deductions at source customers in Botswana and Nigeria.

The group’s remaining 9 markets will enjoy the same digital platform benefits by the end of this year.

With the brand’s phased rollout of increasing depth in capability, access and products, ‘LetsGo’ is set to catapult Letshego towards its vision to become a world-class retail financial institution, improving the lives of customers across sub-Saharan Africa.

“Having just celebrated Africa Day and as we navigate through a global pandemic, there is no better time for us to encourage our fellow citizens of Africa to work together in overcoming our challenges and Rise Up!

“Letshego remains committed to improving lives by extending access to appropriate financial solutions, progressing towards our ambition to be a world-class retail financial organisation. Digital is no longer a revolution; digital is life!” the Chief Executive Officer of Letshego Group, Mr Andrew Fening Okai, said.

“We continue to expand our reach by diversifying our product offering, enhancing access via our digital platforms and leveraging strategic partnerships.

“These value-adding efforts will help us to improve customers’ access to our services, provide the much-needed financial support for our customers and support our financial inclusion imperative,” the CEO of Letshego Nigeria, Mr Tolu Opayinka, said.

“As we build on this further, soon all Nigerians, and Letshego customers across the breadth of Africa footprint, will also have this digital power, indeed with growing and expanding capabilities to enjoy in the palms of their hands.

“Our success will be measured by our ability to improve lives through our customer experience and our investments in our people, digital technologies, processes and access channels, ultimately underpinning our purpose to Improve Lives for our customers and communities,” he added.

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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Standard Chartered Introduces Smart Business Loan



Standard Chartered Bank Nigeria

By Modupe Gbadeyanka

A credit facility package targeted at small business owners in Nigeria called Smart Business Loan (SBL) has been introduced by Standard Chartered Bank.

The product was designed to help players in the Small and Medium Enterprises (SMEs) sector meet their short to medium-term needs. It is an unsecured instalment/term loan to business banking clients within key target sectors.

A statement from the lender explained that qualified business banking clients will be able to access up to N20 million loan without providing tangible security/collateral to purchase assets, finance business expansion and other capital expenditure needs.

The maximum tenor for the credit facility is two years, Business Post gathered.

Before now, customers were required to provide full collateral cover to access loans from the bank’s business banking segment but SBL provides the necessary flexibility to its clients.

“As a bank, our purpose is to drive commerce and prosperity in the locations we operate in. This is done through offering cash, lending, trade and wealth management solutions that specifically drive economic growth,” the Head of Consumer, Private and Business Banking (CPBB), at Standard Chartered Bank Nigeria, Mr David Idoru, stated.

“Within our CPBB, the promotion of commerce is largely done through our business banking segment by banking SMEs.

“We are constantly looking for ways to ensure our clients get access to the needed support to enable their businesses to thrive and SBL provides the necessary flexibility for business growth,” Mr Idoru added.

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DLM Capital Praises Employees for Global Finance Award



DLM Capital

By Modupe Gbadeyanka

Employees of DLM Capital Group, a leading developmental investment bank in Nigeria, have been applauded for the award received by the company recently.

DLM Capital was named the Best Development Finance Company Nigeria 2021 by the Global Banking and Finance Review magazine.

The honour was in recognition of the institution’s dedication to providing leadership and excellence in Nigeria’s development finance space.

While commenting on the award, the Head of Investment Banking at DLM Capital, Mr Emeka Ngene, said the honour was made possible as a result of the continuous collaboration of the DLM community.

“It is indeed an honour to receive this recognition from such a prestigious body as Global Banking and Finance Awards.

“We are pleased to be associated with this award which speaks to our dedication and hard work in addition to the expertise and innovative solutions we have implemented over the years.

“This further demonstrates our commitment to designing and implementing developmental funding solutions for the development of the country.

“We are therefore dedicating this award to our team for their continuous support in ensuring that DLM Capital thrives in its pursuit to push the frontiers of developmental capital market solutions in the Nigerian financial ecosystem.

“We are delighted once again to have been identified for our accomplishments among other players across the continent,” he stated.

Since 2011, the Global Banking & Finance Awards has honoured companies that stand out in their various areas of expertise in the banking and finance industry, thereby recognizing the accomplishments and significant revolutions that emerge every year within the global finance community.

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Ecobank Offers Back-to-School Loan Packages to Parents



Ecobank Nigeria

By Aduragbemi Omiyale

The desire to ease the financial burdens of parents and guardians as regards the payment of school fees of their children and wards for the 2021/2022 school year has made Ecobank Nigeria come up with affordable loan packages.

The Head of Consumer Banking at Ecobank Nigeria, Mrs Korede Demola-Adeniyi, explained that the introduction of the credit facility is in line with the lender’s overall strategy to support the development of the nation’s education sector.

A statement from the financial institution disclosed that the loan packages were designed under its back-to-school initiatives and are also available to school owners through special infrastructure loans.

“As a bank that has the interest of its customers at heart especially at this period when schools resume, we understand the importance of education. Children deserve to go to school and we are making it easy for parents to provide them with this basic right,” she said.

Speaking specifically on the loans available for the educational institutions, she noted that they could be accessed without bottlenecks as the bank has taken into cognisance the harsh effects of the COVID-19 pandemic.

Mrs Demola-Adeniyi urged schools to appoint the bank as their preferred financial institution for payments and collections, noting that Ecobank has demonstrated pedigree and expertise in fees collection, locally and internationally.

She further encouraged schools and individuals that are yet to open Ecobank accounts to do so in order to access the offers available.

The banker also said Ecobank’s digital offerings are targeted at reducing the financial burden on parents, students and schools, and also facilitating the ease of payment of fees without hassles.

She listed the digital offerings to include Ecobank Mobile App, EcobankPay and Ecobank Online for contactless fees payment; personal loans and salary advance packages at competitive interest rates, international transfers for offshore school fees payment and affordable remittance offerings.

Mrs Demola-Adeniyi also noted that families abroad who wish to send money home to help with fees can do so at zero charges on the Rapidtransfer app.

The bank has also provided the banking-for-school pack for educational institutions to access working capital and loans. The features of this pack include easy fee collections, zero charges on collection accounts with EcobankPay, secure online banking with Omni Lite and cards for easy payments.

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