MTN’s Newest Products Flop

By Modupe Gbadeyanka A partnership for the deployment of a patronage reward product has been entered into between Unity Bank Plc and Cashtoken, a cash reward-as-a-service company that operates a loyalty programme designed to power customer engagement and improve customer satisfaction. This collaboration will see the bank’s customers winning millions of Naira in cash rewards and guaranteed instant cashback. A statement issued by Unity Bank said this scheme provides an opportunity to migrate old and new customers to a platform that will continually create exciting rewards and appreciation for loyalty. It said this initiative would not only reward existing customers

By Adedapo Adesanya One of Africa’s biggest financial institutions, Access Bank, is close to finalizing a regulatory process to launch its first full banking service in Asia in the first quarter of 2024. This was disclosed by the chief executive of its holding company, Mr Herbert Wigwe, on the sidelines of the Africa Financial Industry Summit in Lomé, Togo, as per Semafor. The Nigerian lender’s plan to enter the Asian market is part of a wider global expansion target which includes a strategy to expand more deeply into Francophone Africa, build closer ties with North Africa, and across Europe where

Sterling Bank Limited’s cutting-edge investment platform, Doubble, has been upgraded with new features aimed at improving investment returns for existing and new customers. With various flexible naira and dollar investment options, including money market offerings with returns higher than your bank’s returns on savings. The digital savings and investment platform provides a seamless avenue for individuals to build wealth. Users are provided with a guaranteed income stream and fixed growth over a set period, as well as a hedge against market volatility, the ability to secure loans against account balances, and the convenience of transferring the annuity to a spouse

By Modupe Gbadeyanka A Nigerian lender, Fidelity Bank Plc, has agreed to adopt the single framework for a sustainable banking industry developed through collaboration between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI). Called the UN Principles for Responsible Banking (PRB), the initiative is a structure for ensuring that banks’ strategy and practices align with the vision society has set out for its future in the UN Sustainable Development Goals and the Paris Climate Agreement. Banks which have signed the principles commit to being ambitious in their sustainability strategies, working to mainstream and embed sustainability into

By Dipo Olowookere In the last week, the Naira grew by 12.36 percent at the parallel market, opening at N440 on Monday and closing at N390 per Dollar. In the week under review, experts commended the Central Bank of Nigeria (CBN) for its intervention at the foreign exchange market, but appealed to the apex bank to eliminate the multiple rates in the market. Since it started its intervention in February 2017, the CBN has injected over $1.5 billion into the interbank market. President of Association of Bureau de Change Operators of Nigeria (ABCON), Mr Aminu Gwadabe, told the News Agency

By Dipo Olowookere The House of Representatives on Thursday raised an alarm over the huge amount of money lost annually by Nigeria to financial leakages. A member of the lower chamber of the National Assembly, Mr James Faleke, in a motion moved today and seconded by Mr Rurum Nasir, said about $30 billion is lost through fictitious and misappropriated means. According to him, some highly influential persons and companies engage in foreign exchange racketeering by obtaining forex at cheap rates from the government through the Central Bank of Nigeria (CBN) for businesses in the country at less than N310/$1, but

By Investors Hub European stocks have fallen on Tuesday, extending losses from the previous session as trade worries, escalating tensions in Hong Kong after months of political unrest and Argentine President Mauricio Macri’s loss in primary elections dented investors’ appetite for risk. Market participants also kept a close eye on Italy, where the Senate meets today to set a crucial date for a no-confidence vote that could spell the end of Prime Minister Giuseppe Conte’s populist government. While the German DAX Index has tumbled by 1.1 percent, the U.K.?s FTSE 100 Index and the French CAC 40 Index are both

As business conditions steadily improve and business confidence remains positive, Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has urged Nigerians to maximise savings and investment opportunities available to them. The foremost financial institution has advised customers to be deliberate in achieving their savings and investment goals in order to access rewarding returns. While quoting the recent Purchasing Managers’ Index (PMI) report released by the Bank, Wole Adeniyi, Chief Executive, Stanbic IBTC Bank PLC, said that the moderate improvement of business activities after easing of restrictions related to the coronavirus will enable income earners to confidently achieve

By Modupe Gbadeyanka A popular talk show host, Mrs Morayo Afolabi-Brown, has been appointed as the Managing Director of TVC Entertainment (TVCe). The channel is the entertainment subsidiary of the Lagos-based broadcast media platform, TVC Communications. Mrs Afolabi-Brown is the co-anchor of the famous morning show on TVC, Your View, which has won several awards. Confirming her appointment on Thursday, she said, “I am excitingly pleased to announce my recent appointment as the Managing Director of TVCe, the Entertainment Channel of TVC Communications. “This is a new chapter in my career. I am exceedingly grateful to the board for entrusting

By Investors Hub The major U.S. index futures are pointing to a higher opening on Wednesday, with stocks likely to regain some ground following the weakness seen in the previous session. The markets may benefit from bargain hunting following the pullback on Tuesday, which saw the Dow slump by nearly 300 points. Notable strength seen in the overseas markets on the day may also generate some early buying interest on Wall Street. Trade concerns may continue to weigh on the markets, however, as traders worry about an escalating trade dispute between the U.S. and China. After showing a significant move

By Adedapo Adesanya BUA Group has donated N200 million to the Sokoto State University for the construction of an Information and Communication Technology (ICT) faculty building in the state-owned conventional degree awarding institution. The donation was announced by the founder and chairman of the group, Mr Abdul Rabiu, during the university’s 2021 convocation ceremony held on Saturday, March 13. The gesture is to support the institution’s quest towards becoming one of Nigeria’s leading universities, especially in the advancement of talents in the ICT speciality. Stressing the relevance of the donation, the foremost industrialist and philanthropist explained that Sokoto State is

Officials of Lagos State government have sealed sites where unapproved building constructions were going on in some parts of the state, particularly Lekki, Abule-Ado and Festac extension. This is in furtherance of the recently declared zero-tolerance on illegal building construction and building collapse. Speaking during the monitoring exercise in Lekki, Abule-Ado and Festac at the weekend to assess the level of compliance to building regulations in these areas, Commissioner for Physical Planning and Urban Development, Mr Idris Salako, said that government was determined to control physical development across the city, particularly in the FESTAC extension, Abule-Ado and other parts of