Banking
Skye Bank Rewards Customers in Reach for the Skye Millionaire Promo
By Dipo Olowookere
One of the leading retail banks in Nigeria, Skye Bank, has again showed why it is gradually winning the hearts of Nigerians.
The lender, which boasts of wide-ranging electronic solutions promoting consumer lifestyle and e-commerce experience for its customers, has again produced another millionaire in this period some Nigerians describe as “tough”.
The financial institution, led by prolific banker, Mr Tokunbo Abiru, a couple of days ago, produced another millionaire in Port Harcourt, Rivers State, through its ‘Reach for the Skye Millionaire’ reward promo.
The ‘Reach for the Skye Millionaire’ reward promo was put in place by the management of the bank to increase the flow of funds to support SMEs, accelerate employment generation and development of indigenous entrepreneurship as well as encourage saving culture among Nigerians.
It was a sort of an empowerment scheme put in place by management of the bank to solve the difficulties customers go through in accessing funds for their business,
The reward promo, which has seen several customers of Skye Bank winning N1 million and other consolation prizes, recently moved to Mile 3 Market Park, Port Harcourt, Rivers State with another millionaire emerging through a transparent electronic draw under the watchful eyes of the officials of Consumer Protection Council (CPC) and National Lottery Regulatory Commission (NLRC).
Apart from the grand prize of winning N1 million, several other customers also won various cash prizes including N100,000 for 10 customers, N50,000 for another 10 customers and N20,000 for 20 loyal customers and these mouth watery prizes exists every month throughout the period of the scheme.
Gift items such as table top fridge, generator, table top gas cookers, mobile phones, blenders and recharge cards are also available to be won.
Since its introduction, the Skye Bank ‘Reach for the Skye Millionaire’ reward promo has been changing the lives of many for the better.
The initiative, which is open to all individual savings account holders in the bank, has produced previous millionaires including Olusola Olusegun Ezekiel of Ikorodu branch in Lagos; Elizabeth Ohaeme of Mgbidi branch in Owerri and Buhari Aminu of Ibrahim Taiwo branch in Kano and other consolation prizes, meant to encourage savings culture amongst the retail market segment.
Speaking on the bank’s commitment, Group Head, Product & Innovation, Skye Bank Plc, Ndubuisi Osakwe, said, “The reward initiative provides a unique opportunity for the bank to stay in touch and reward its savings customers, who have unique roles to play in the country’s economic expansion”.
Part of activities lined up for the event is the instant reward for people who open any savings account during the draw as well as the electronic draw for cash prize winners. The instant reward items at the draw venue include: generator sets, refrigerators, blenders, phones, table gas cookers and even recharge cards.
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has reaffirmed that the old and new Naira notes will continue to be used for financial transactions in the country beyond December 31, 2024.
There had been rumours that the old and redesigned N200, N500, and N1,000 banknotes would no longer be legal tender from Wednesday, January 1, 2025, because the central bank would phase out the notes in compliance with a Supreme Court judgement of November 29, 2023.
But the apex bank, in a statement signed by its acting Director of Corporate Communications, Mrs Hakama Ali, on Friday, clarified that the apex court’s judgement being cited did not authorise the bank to phase out the banknotes by the end of this year.
According to her, the court allowed the CBN to leave the old and new notes to be used concurrently until it decides to gradually phase out the former.
The central bank’s spokesperson urged members of the public to disregard claims suggesting the old series of these denominations would cease to be valid at the end of this year.
She urged them to continue to accept all Naira notes for daily transactions, encouraging banks to also adopt alternative payment methods such as electronic channels to reduce the pressure on physical cash usage.
“The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old N1000, N500, and N200 banknotes currently in circulation.
“In line with the bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1000, N500, and N200 denominations of the Naira indefinitely.
“For the avoidance of doubt, all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadlines,” the statement noted.
By Adedapo Adesanya
Access Bank Plc, the banking subsidiary of Access Holdings Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of 100 per cent equity stake in Bidvest Bank Limited.
The deal for the 24-year-old South African lender is due to be completed in the second half of 2025, upon regulatory approval.
This shows Access Bank’s further expansion plans in line with goals set by its late founder, Mr Herbert Wigwe.
The agreement to acquire 100 percent stake in Bidvest Bank reflects Access Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.
Bidvest Bank, founded in 2000 is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.
As of its year ended June 2024, Bidvest Bank reported total assets equivalent of $665million and audited profit before tax of $20million.
Upon conclusion of this acquisition, Bidvest Bank will be merged with the bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
This is coming just as the bank opened a new branch in Malta as part of efforts to focus on international trade finance after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
The Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
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