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
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.”
By Adedapo Adesanya
The International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with African banks, including Nigeria’s Zenith Bank and Stanbic IBTC Nigeria to support the Goldman Sachs 10,000 Women initiative, a joint programme launched in 2008 to provide access to capital and training for women entrepreneurs globally.
The two Nigerian banks are part of nine financial institutions from across Africa which have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the programme provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.
Others banks include Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d’Ivoire, Equity Bank Group, Banco Millenium Atlantico – Angola, Baobab Group, and Orange Bank.
Speaking on this, Ms Charlotte Keenan, Managing Director at Goldman Sachs said – “10,000 Women has had a powerful impact to date, but we know that there are more women to reach and more potential to be realized.
“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale.”
Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.
“This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals,” said Ms Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion.
Goldman Sachs’ 10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.
By Aduragbemi Omiyale
In recognition of its unwavering commitment to fostering access to financing for Nigerian micro, small and medium enterprises (MSMEs), Development Bank of Nigeria Plc has been rewarded with the Financial Inclusion Leadership Award at the Champions of Inclusion Nigeria Financial Inclusion Awards.
This was at the 2024 International Financial Inclusion Conference (IFIC) organised by the Central Bank of Nigeria (CBN) in collaboration with the World Bank and other stakeholders.
The chief executive of the lender, Mr Tony Okpanachi, said the recognition affirms the company’s efforts in expanding access to financial services for MSMEs in Nigeria.
“We are honoured to receive the Financial Inclusion Leadership Award, which is a testament to our bank’s commitment to expanding access to financial services for all Nigerians. This award recognises our efforts to bridge the financial inclusion gap, particularly for a priority sector like the MSMEs.
“Additionally, this award is a validation of our strategic focus on driving financial inclusion for small businesses, and we are proud to be at the forefront of this initiative that drives that. We will continue to innovate and expand our financial inclusion programmes, ensuring that more Nigerian small and startup businesses have access to services,” he stated.
On his part, the Chief Operating Officer of DBN, Mr Bonaventure Okhaimo, said the accolade demonstrates the firm’s dedication to driving financial inclusion and economic growth in Nigeria.
“This award acknowledges our Bank’s innovative approach to widening opportunities for MSMEs in Nigeria to grow and scale their businesses,” he said.
“This award will motivate us to continue pushing the boundaries of financial inclusion, exploring more innovative solutions and partnerships to expand our reach and impact.
“We are committed to ensuring that more small businesses and startup enterprises in Nigeria have access to financial services, this award will further inspire us to accelerate our efforts in this regard,” he stated.
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