Banking
Stanbic IBTC Drives Financial Inclusion Via Value-Added Services
By Adedapo Adesanya
As part of its efforts to drive financial inclusion in line with the federal government’s goal of 95 percent financial inclusion rate by 2024, top financial institution, Stanbic IBTC Holdings Plc, has affirmed that it is deepening its reach through the informal sector.
This was disclosed by Mr Wole Adeniyi, the Executive Director, Personal and Business Banking, Stanbic IBTC Bank at a masterclass session at the Social Media Week (SMW) in Lagos tagged Tech and Financial Inclusion.
According to Mr Adeniyi, the bank is working effortlessly with new services that will help overcome the challenges of bringing the financially excluded, especially the informal sector, into financial inclusion fold.
“Stanbic IBTC Bank PLC is driving financial inclusion through value-added services and our @ease wallet, one of the platforms we have created to reduce friction and ensure that customers get access at scale.
“When you open it, within two minutes, you are able to access a broad range of financial services,” he said.
He revealed that the partnership of the parent company of Stanbic IBTC Holdings PLC, Standard Bank Group, with Founders Factory Africa (FFA) in a bid to deepen financial inclusion in Africa had invested in five fintech startup businesses selected from Nigeria, Ghana, Kenya, and Uganda.
He established that the partnership is bent on building and scaling 140 tech-based startups for global networking and partnership opportunities.
Also, present at the event was Mrs Nkemdilim Begho, Founder and Managing Director, Future Software Resources Limited, who shared insights on the need for banks, fintech companies, and stakeholders to bridge the gap between the financially excluded, especially the underbanked and unbanked, by providing unique financial products and services.
On his part, Mr Femi Omogbenigun, MD/CEO, 3Line Card Management Limited, advised stakeholders to adopt technology in their operations because data has shown that in order to achieve Nigeria’s financial inclusion target of 2024, technology will play a major role.
Speaking on the role of driving financial inclusion through financial literacy, Mrs Dayo Ademola, Head of Innovation, Enhancing Financial Innovation and Access (EFInA) said communication was an important tool that financial stakeholders can leverage to deepen financial inclusion, specifically for the people in rural areas.:
“Without the citizens getting fully abreast of the need to be financially included, it will be difficult to meet up with the CBN target,” she said.
The SMW Lagos is a week-long conference aimed at creating opportunities for Africa’s most innovative minds. The event also provides ideas, trends, and insights for professionals in business, marketing and technology.
It kicked off on Monday, February 24, 2020 at Landmark Centre, Lagos.
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
By Aduragbemi Omiyale
A partnership aimed to enable seamless, real-time and secure transactions for cardholders across Africa and the rest of the world has been entered into by Payattitude and PAPSSCARD, the card scheme initiative of the Pan-African Payment & Settlement System (PAPSS).
The collaboration will allow Payattitude cards issued by banks and other deposit-taking institutions to be co-branded with PAPSSCARD, Discover, Diners and Pulse for acceptance across their networks in Nigeria, Africa and worldwide.
As an initiative of the African Export-Import Bank (Afreximbank) and a key financial infrastructure supporting the African Continental Free Trade Area (AfCFTA), the PAPSSCARD scheme will facilitate instant cross-border payments in local currencies.
“This partnership reflects our commitment to cross-enterprise alliances and enabling inclusive, efficient, and borderless payments across Africa and the world
“With Payattitude, Nigerian cardholders and financial institutions can now enjoy the benefits of a Nigerian card that can be used worldwide,” a director at Payattitude, Dr Agada Apochi, said.
The acting chief executive of PAPSSCARD, Mr John Bosco Sebabi, said the aim is “to connect African payment ecosystems, reduce the cost and inefficiencies of cross-border payments, and strengthen African sovereignty over payments infrastructure.
“Collaborating with Payattitude, a key innovator in Nigeria’s payment space, represents a significant step towards a more unified African payment landscape.”
The chief executive of PAPSS, Mr Mike Ogbalu, said, “By bringing together PAPSSCARD’s robust cross-border payment capabilities with Payattitude’s leadership in the Nigerian digital payments, we are taking tangible steps toward building a single African market where individuals and businesses can transact easily and securely, both within and beyond Africa.”
Payattitude is the first-in-kind Nigerian Payment Scheme to pioneer multibank App and USSD Code *569#.
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