By Dipo Olowookere
Some holders of Access Bank Plc shares sold off their stake in the financial institution on the floor of the Nigerian Stock Exchange (NSE) on Monday amid rumour that Group Managing Director (GMD) of the bank, Mr Herbert Wigwe, was recently arrested by the Economic and Financial Crimes Commission (EFCC).
The lender, through its scribe, Mr Sunday Ekwochi, had in a statement last Friday refuted the rumour, emphasising that Mr Wigwe was only invited by the agency to clarify some issues surrounding the assets of one of its customers, Slok Nigeria Limited.
“The commission had invited for interrogation officials of Access Bank who were handling the bank’s recovery efforts on Slok credit including its Group Managing Director,” a part of the statement read.
Mr Ekwochi said Access Bank and EFCC had a “fruitful engagement,” noting that the lender was of the view that “the issues relating to Slok investigation have been resolved.”
Concluding the statement, the company secretary said, “As an institution built on best practice, we wish to assure our esteemed stakeholders that the Bank will continue to conduct its business in line with extant laws and relations.”
But despite this assurance, some shareholders of the bank sold off their shares at the stock market yesterday, causing the equities to lose 25 kobo per unit at the close of transactions to sell at N10.55 each against N10.80 it traded the previous session.
Business Post reports that Access Bank was the most traded stock at the local bouse during the session, trading 63.7 million units worth N682.5 million executed in 450 deals.
Recall that last week, the financial institution announced a reversal in its closed period earlier fixed to be begin from January 1, 2020. This was after the firm said it would no longer hold its board meeting on January 29, to consider and approve its full year 2019 earnings.
The development caused panic in some sections of the market, making the share price of the company to drop from N10.95 per unit on Thursday to N10.80 per unit on Friday.
Access Bank is one of the most liquid stocks on the NSE and information like the news surrounding its GMD causes panic among some investors, who quickly offload to watch how events will turn out.
However, some observers are of the opinion that the bank will get past the disruption caused by the rumour and the closed period reversal, which few analysts frown at, saying the lender should start to experience positive momentum.
“In fact, I must say that the present decline in the share price of Access Bank gives room for smart investors to quickly acquire them at cheaper prices because it has the tendency of hitting N14 to N15 this year,” an investors in the Nigerian capital market, who asked not to have his name mentioned in the media, told Business Post.
Stanbic IBTC Bank Offers Clinics, Labs N1.5bn Interest-free Loans
By Dipo Olowookere
Stanbic IBTC Bank Plc has partnered with ISN Medical, a healthcare-focused company, to make procurement of medical diagnostic and healthcare products in Nigeria easier for practitioners.
ISN Medical is a leading supplier of medical diagnostic products and services in Nigeria, with over 40 years of operations.
Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings Plc, as part of its efforts to further strengthen the system and give Nigerians access to quality and affordable healthcare, has created N1.5 billion interest-free loans to clinics, medical laboratories, diagnostic centres, and other healthcare providers for the procurement of medical diagnostic and healthcare products.
“We are happy to be part of this partnership. We believe that there are several benefits that both parties can derive from this collaboration.
“The loan facilities will go a long way in enabling healthcare providers to have access to up to N1.5 billion in medical equipment finance.
“We believe that our goal of enabling healthcare providers easy access to finance is achievable, especially through ISN Medical, a foremost supplier of medical diagnostic products and services in the country,” the CEO of Stanbic IBTC Bank, Mr Wole Adeniyi, said.
Business Post gathered that the N1.5 billion credit facility is part of the N10.2 billion provided by the lender to boost the country’s healthcare system in fulfilment of its corporate social investment initiative pillars in education, economic empowerment and health.
Recall that in 2021, the bank provided a N6.7 billion loan facility for the building of BAZE University Private Teaching Hospital in Abuja and then created a N2 billion special fund for healthcare providers to buy equipment and improve health care delivery.
Mr Adeniyi promised that Stanbic IBTC Bank would continue to engage in strategic partnerships that would be of great benefit to Nigerians seeking to access affordable and quality healthcare in addition to growing the health sector of the country.
Elendu Seeks Adoption of Blockchain for Dispute Resolution in Banks
By Modupe Gbadeyanka
The co-founder and Chief Operating Officer (COO) of Appzone, Mr Uche Elendu, has called for the adoption of blockchain technology for dispute resolution in banks.
According to him, financial institutions and their customers cannot do without having issues, especially with the increased rate of fraud in the financial system, but technology can be deployed to make the resolution process seamless.
Mr Elendu, while sharing his thoughts during his presentation at the Digital Pay Expo summit, submitted that blockchain technology will not only decentralise the process of moving money from one bank to the other but will help increase the level of visibility and transparency of the procedure.
At the two-day event sponsored by Appzone and put in place to discuss the possibility of accessing finance without a third party across the African continent through Decentralized Finance (DeFi), he said, “Financial institutions across the continent have continued to evolve, leveraging technology.”
“They have metamorphosed from the days of a heavy analogue process to a more digitized era, and with the continuous increase in the volume of banking transactions, it remains pertinent to continuously adopt newer and more sophisticated technology infrastructure to remain dependable, especially with payment settlements.
“For us at Appzone, we are firm believers in blockchain technology. Its decentralized nature not only makes it faster, cheaper, and transparent but also makes it sophisticated enough to enable real-time settlement,” he added.
Speaking further, Mr Ulendu said, “Having rolled out Zone, Africa’s first blockchain platform for payment processing in 2021, partner banks who have onboarded with us have seen a drastic change in their payment settlement process.
“Zone’s innovative architecture will reduce complaints from customers and provide banks with an opportunity to deliver delightful experiences on payment channels while also driving down costs.”
Developed in line with Appzone’s recent evolution into a payment infrastructure company, Zone is Africa’s first decentralized payment network that allows inter-bank transactions to be processed directly between banks on the Blockchain without the involvement of any intermediary.
With Zone, players in the industry should expect a reliable and scalable payment network that enables frictionless and instant payments, within and between every African country.
As more Nigerians get financially included, customers have continued to move away from cash and checks toward electronic payments.
This trend is a positive development for banks and the Central Bank of Nigeria (CBN); however, as card and online transactions grow, so does the number of disputable transactions and the incidence of fraud, putting pressure on dispute processes.
Ecobank Offers Mouth-watering Cash Gifts in Super Rewards Season 3
By Modupe Gbadeyanka
The third season of a loyalty reward programme for customers designed by Ecobank Nigeria Limited has commenced and for two months, 100 customers will win N50,000 monthly.
The customer-focused initiative called Super Rewards Campaign, according to a statement from the company, will run from June 20, 2022, to August 21, 2022.
It was disclosed that two customers will also go home with N1 million each at the end of the season, with participation open to both new and existing individual customers of the bank.
The Head of Consumer Banking at Ecobank Nigeria, Mrs Korede Demola-Adeniyi, advised residents of Nigeria to “open an account with us or reactivate and fund your dormant account.”
“The Super Reward campaign, which was initiated by Ecobank in March 2021, is designed to promote a healthy savings culture amongst Nigerians and reward customers’ loyalty to the Ecobank brand.
“The success of season 1 and 2 campaigns followed by customers’ demand led to the introduction of Season 3. Both Seasons 1 and 2 have produced a total of 8 Millionaires and 1600 customers being rewarded N25,000 weekly in batches of fifty per week,”. she stated.
Speaking on the dynamics of the campaign, the Head of Consumer Products at Ecobank Nigeria, Ms Daberechi Effiong, said the conditions to qualify for the campaign are simple and easy to ensure both new and existing customers participate and get rewarded.
According to her, “New customers only need to open an account with a minimum of N5,000 while existing customers should make minimum deposits of N5,000. Customers with dormant accounts will also qualify when they reactivate and fund their accounts with a minimum of N5,000.”
“Rewards will be done monthly for the 2 months starting from July, 100 customers will be rewarded with N50,000 monthly. There will be two grand prize rewards of N1 million each at the end of the campaign,” Ms Effiong stated, enjoining those that are yet to open an account with the bank to do so to enjoy the benefits of the lender’s bouquet of products and services.
Ecobank Nigeria is a subsidiary of the Ecobank Group, the leading pan-African banking group with operations in 33 African countries and an international presence in four locations (London, Paris, Beijing, and Dubai).
The financial institution is a major player in the distribution of financial services in Nigeria, leveraging digital platforms including Ecobank Mobile App and USSD *326#, Ecobank Online, Ecobank OmniPlus, Ecobank Omnilite, EcobankPay, Ecobank RapidTransfer, ATMs, POSs and an extensive distribution network of over 250 branches and over 50,000 agency banking locations.
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