Banking
Stanbic IBTC Bank Highlights Merits of Financial Literacy Among Youth
By Dipo Olowookere
Nigeria’s banking industry will continue to grow in sophistication, innovation and strength as the youth demography becomes significant in driving the future of banking, Stanbic IBTC Bank Plc, a member of Stanbic IBTC Holdings PLC, has said.
Such significance will ride on the back of more enlightenment powered by such initiatives as the financial literacy project of the Central Bank of Nigeria (CBN), the bank said.
Mentoring students of Government College, Umuahia, Abia State, in commemoration of the 2017 Financial Literacy Day, Chief Executive of Stanbic IBTC Bank, Dr Demola Sogunle, emphasized that having a solid foundation in financial knowledge keeps the youth ahead of the curve well into adulthood and old age. This will subsequently impact positively on the financial services industry.
The event, part of the 2017 Global Money Week, held on Thursday, March 30, 2017. It had the theme, “Learn. Save. Earn”.
Over 80,000 students drawn from about 800 schools in the 36 states of the Federation benefitted from the exercise, now in its 4th year.
CBN launched the Financial Literacy Day as a platform to encourage children and young adults in junior and senior secondary schools to understand quite early in life the rudiments of money and its uses.
Dr Sogunle told the students that what makes the financial literacy programme particularly significant is the opportunity it provides them to be exposed to financial literacy very early in life unlike past generations who never had similar exposure, a situation that narrowed their skills on financial capabilities.
In the same manner that education and training equip an individual for success in life, so does financial literacy enhance sound financial decisions and lifetime financial security, he stated.
“Something as simple as saving money may seem easy, but without a grasp of financial management, an individual may never develop the habit of making sound financial choices and with that comes mistakes and difficulties,” said the Stanbic IBTC chief, adding that saving is an essential part of being financially secure.
Dr Sogunle said students need to understand what money is and acquire basic money management skills such as living within a budget and handling credit and debt, all of which will put them in good stead for better management of finances and future success.
Also, the growing sophistication of society and the attendant need for customized products, services, and solutions means that customers must be sufficiently informed to enable them make appropriate choices and manage their personal finances successfully, he said.
In addition, as technological improvements have prompted significant changes in the way the financial services market operates, consumers generally must become familiar with the changing roles in the conduct of financial transactions.
He said Stanbic IBTC Group recognizes the pivotal role of qualitative education in socio-economic development; a reason education is one of three focus areas for the group’s corporate social investment (CSI) efforts. Others are health and economic empowerment.
“We see ourselves as a catalyst for progressive change. Everything we do as an organization is tailored towards helping individuals and businesses move from where they are to the next level.
“We know that a remedy for financial illiteracy is to start practising financial discipline from a young age and that with the right financial knowledge, the future generation will be able to make informed decisions and move themselves forward,” he stated.
The session touched on topics like how to start saving, benefits of saving, knowledge and planning skills.
Apart from the students, teachers, management and staff of the school, the event attracted representatives of the Abia State government, several community leaders, clergies, and other dignitaries from within Umuahia and its environs.
Stanbic IBTC Bank PLC is a subsidiary of Stanbic IBTC Holdings PLC, a member of Standard Bank Group, a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group is the largest African bank by assets and earnings. It is rooted in Africa with strategic representation in 20 countries on the African continent.
Standard Bank has been in operation for over 153 years and is focused on building first-class, on-the-ground financial services organisations in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other, applying sector expertise, particularly in natural resources, power and infrastructure.
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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