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Stanbic IBTC Adds 32.91% to Nigeria’s Forex Inflow in Q2

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Stanbic IBTC Adds 32.91% to Nigeria’s Forex Inflow in Q2

By Modupe Gbadeyanka

The National Bureau of Statistics (NBS) has revealed that in the second quarter of 2017, foreign capital inflow into Nigeria through Stanbic IBTC was at $589.84 million.

The stats agency said this figure accounts for 32.91 percent of the $1.8 billion total value of capital brought into the economy in the period under review.

This, it further disclosed, represented an increased from the 9.12 percent share it recorded in the first quarter of the year.

NBS said in its report released earlier this week that the second financial institution with highest value of inflows was Citi Bank Nigeria, which accounted for 19.12 percent share or ($342.7 million) of capital importation, also up from a share of 5.12 percent recorded in the first quarter of the year. The financial institution to account the third largest capital import share was Standard Chartered Bank, which recorded a share of 18.7 percent, down from the 25.4 percent share it reported in the first quarter, however in absolute terms, it was $103.7 million more than the amount it reported in the first quarter of the year.

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The NBS said altogether, these three banks (Stanbic IBTC, Citi Bank Nigeria and Standard Chartered Bank) accounted for 70.7 percent or $1,267.8 million of total capital importation during the quarter, while the other 22 banks accounted for the balance.

Stanbic IBTC Bank Plc is a leading provider of integrated financial services, pensions and wealth management products and services in Nigeria.

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With We offer all our clients a wide range of personal and commercial banking products through over 180 branches spread across every state in Nigeria and our online banking platforms.

We offer current, savings, and domiciliary accounts; personal loans, vehicle and asset finance; MasterCard debit cards, Visa credit cards; home loans; internet banking; small and medium scale enterprise (SME) loans and the award-winning *909# MobileMoney.

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We cater for both individuals and businesses through carefully designed retail and business banking products. We also offer self-service channels powered by sophisticated technology to bring convenient banking to customers.

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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Banking

Unity Bank Launches Anti-fraud USSD Code for Customers

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Unity Bank UnityCares

By Ashemiriogwa Emmanuel

Unity Bank Plc has unveiled a new code on its USSD platform to help customers stem the risk of fraud in electronic banking.

The new anti-fraud USSD code, which is *7799*9*Phone Number#, will completely put customers in control of their bank accounts against any e-banking fraud, as it can be dialled to successfully block and protect an account from a third-party mobile device if fraud is suspected.

During the unveiling of the new USSD dial, the Directorate Head, E-Business, Retail & SME Banking, Mr Funwa Akinmade, said executing measures to safeguard its e-banking platforms with enhanced safety and security features was a top priority amidst the rising rate of cyber-crime victimization.

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He said: “With fraud concerns on major payment channels across Nigeria, every player in the financial services industry in Nigeria must think of a way to stay ahead of its game.”

“With the added USSD feature that allows customers to block their accounts using *7799*9*Phone Number# code, even from a third party device, we have given greater empowerment to customers to transact freely on our USSD platform.

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“With the USSD feature, being available to both smartphone and feature phone users, it means even the least digital-savvy customers of Unity Bank can effectively use the new anti-fraud code.”

He also revealed that since the code has been made available in Hausa, Igbo, and Yoruba languages, it will cover the majority of customers across the country who are looking for safe banking.

In view of the latest banking industry fraud report by Nigeria Inter-Bank Settlement System (NIBSS) which showed a 534 per cent increase in cyber fraud rate, and a total of N3.5 billion loss in the previous year, the lender said the new USSD dial was a strategic move to facilitate seamless and secure banking transaction within its e-banking channels.

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Customers can now block and protect access to their bank accounts in the case that fraud is suspected, then they can walk into any branch of Unity Bank to request reactivation.

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Banking

CBN Tracks Forex Sales at Commercial Banks

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forex nigeria

By Ashemiriogwa Emmanuel

The Central bank of Nigeria (CBN) is already tracking how commercial banks in the country are complying with the sale of foreign exchange to their customers.

Recall that last Tuesday, the CBN Governor, Mr Godwin Emefiele, announced that the apex bank will no longer sell FX to Bureaux De Change (BDC) operators and will also halt the issuance of licenses to them.

He disclosed this after the two-day Monetary Policy Committee (MPC) meeting held in Abuja, maintaining that the BDCs had become a useful channel for illicit forex flows, especially at the unregulated segment of the FX market.

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In his words, “We are concerned that BDCs have allowed themselves to be used for graft.”

He said instead, the CBN will now begin to sell FX to commercial banks, which are required to set up teller points specifically for customers with genuine forex requests.

But several analysts expressed pessimism over the ability of deposit money banks (DMBs) to be faithful with the sale of FX to retail users.

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They claimed banks have already been involved in roundtripping, which the central bank accused the BDCs of doing.

However, to avoid this, the apex bank said it has put in place a monitoring mechanism that tracks forex sales at commercial banks, assuring the general public of seamless sale of the foreign currencies.

The CBN acting director in charge of the Corporate Communications Department, Mr Osita Nwanisobi, while briefing newsmen in Abuja, said commercial banks will always respond to the legitimate forex demands of customers.

He explained that lenders have demonstrated their commitment through their chief executive officers not to turn back on customers with legitimate forex requests.

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In effect, a circulated notice tracked by this newspaper showed that various commercial banks have swung into action and have set up dedicated teller points across their branches nationwide, encouraging customers who want to buy Personal Travel Allowance (PTA), Business Travel Allowance (BTA), and make every other qualifying FX transaction, to approach their branches nationwide to get them.

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Banking

Nigerian Lending Start-Up PayHippo Gets $125k Seed Fund

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Payhippo

By Ashemiriogwa Emmanuel

A Nigerian lending and business financing platform, Payhippo, has been accepted into Y Combinator’s Summer 2021 cohort, gaining access to a $125,000 seed fund and other networking and mentorship opportunities.

The one-year-old Small and Medium Enterprise (SME) co-founded by Mr Zach Bijesse (Cheif executive officer – CEO), Ms Chioma Okotcha (Cheif Operating Officer – COO), and Mr Uche Nnadi (Cheif Technology Officer – CTO) will be joining 167 startups across the globe to participate at the Y Combinator’s Summer 2021 batch.

The American seed funding accelerator, Y Combinator, offers seed funding for startups twice every year (winter and summer batch) and hosted their demo recently where they will invest $125,000 in selected startups, in exchange for 7 per cent equity.

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Speaking on the development, Payhippo’s COO, Ms Okotcha disclosed that when the news of their acceptance into the outfit came in, the startup felt a little sceptical about the precondition that the accelerator gets a 7 per cent stake in startups they invest in.

In her words, “We had mixed feelings at first because 7 per cent of your company is a lot to give up. We called up a few YC alumni from our market and got their input.”

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She, however, expressed optimism, revealing that joining the YC cohort will reinforce the startup’s credibility in the public eye and boost future collaboration.

“Ultimately, we went with Y Combinator because we saw how much we could learn from the YC partners and the overall network.

“We believe it’s already paying dividends both for operations as the brand name and global recognition of Y Combinator has brought interest from lending capital partners.

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“The YC brand name signals to the job market that working at Payhippo means people can contribute and do meaningful work.,” Ms Okotcha further said.

Payhippo is a lending and business financing platform with a drive to serve 40 million small and medium-sized business that are unable to gain access to the funds necessary to grow their business, by leveraging on automated underwriting and credit assessment tools to create more financially equities across Africa.

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