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Stanbic IBTC Gets Laurels for Contribution to Nigerian Economy



stanbic ibtc logo

By Sodeinde Temidayo David

Stanbic IBTC Holdings has continued to receive different acknowledgements and awards for its outstanding contribution to the Nigerian financial industry and economy.

In the recent statistical update of the National Bureau of Statistics (NBS), Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in the second quarter of the year with $310.21 million, which accounts for 35.43 per cent of the total capital inflow in the period.

In addition, Stanbic IBTC Bank emerged again as the Best Sub-Custodian Bank in Nigeria at the 2021 edition of the Global Finance Best Sub-Custodian Bank Awards organised by the global finance magazine.

The organisation achieved a remarkable feat by winning the award for the 10th consecutive year.

The bank received the award, leading other nominated banks in having outstanding service in customer relations, quality of service, competitive pricing, innovative technology platforms, post-settlement operations, business continuity plans, and knowledge of local regulations and practices.

Speaking on this, the Chief Executive of Stanbic IBTC Bank, Mr Wole Adeniyi, expressed his delight at the announcement, saying that the award had once again placed Stanbic IBTC Bank on a pedestal of excellence as a foremost financial services provider in Nigeria.

“We are excited that Stanbic IBTC Bank PLC has been recognised as the best Sub-Custodial Services Provider in Nigeria for the 10th consecutive year.

“We attribute this award and esteemed recognition to our team’s hard work and dedication in carrying out custodial services, our ever-evolving technological innovation in service delivery, and our passion for client satisfaction. We will not relent in giving our absolute best at all times,” he said.

Also, on his part, the Chief Executive, Stanbic IBTC Nominees, Mr Babatunde Majiyagbe, spoke of the award, expressing his delight in the commitment and performance the bank had shown to deserve the award.

“The criteria for this recognition show that we are on the right path as we continually seek ways to provide the best-in-class service to our clients despite current global challenges.

“Client-focus and digitisation remain key drivers for business success, and we will continue to provide value because we are committed to making real progress,” Mr Majiyagbe disclosed.

Similarly, Stanbic IBTC Holdings PLC was declared the Holding Group Category winner at the 2020 edition of the Next 100 Global Awards by the international finance magazine Global Banking and Finance Review.

The Next 100 Global Awards recognised organisations with exceptional strategy, achievements, dedication, and leadership.

Some of the indices that were taken into cognisance in awarding Stanbic IBTC included leadership and team experience, quality, track record, industry footprint, social contribution, economic impact, and the level of expertise.

Other criteria were growth rate, industry awards and recognitions, technological advantages, customer response and engagement, the disruptiveness of solutions in respective markets, and impact on the respective industry.

The CEO, Stanbic IBTC Holdings PLC, Mr Demola Sogunle, also commented, “We are excited to be listed amongst winners of the next 100 global awards 2020, specifically in the holding group category.

“This is a testament to the high operating standard at Stanbic IBTC and proof of the confidence that our numerous customers have in our service delivery.”

Also, the organisation was honoured with the outstanding community service award in corporate social responsibility by the Olambe community in Ogun State. The award was in recognition of the organisation’s meritorious contributions to the development of the Olambe community.

On congratulating the leading financial institution on behalf of Olambe Community, the CEO, Ascend Hotels Limited, Mr Wale Olatunde said, “This is a well-deserved honour given to the organisation for being dependable and supportive over the years. We recognise and appreciate the positive impact and contributions of the organisation to Olambe Community.”

Mr Wole Adeniyi spoke of Stanbic IBTC’s penchant for leaving lasting legacies, especially amongst host communities.

He said, “through our Corporate Social Investment (CSI) initiative, which is hinged on three major pillars, namely: education, health and economic empowerment, we consistently reach out to underserved communities and provide the assistance required to make the society a better place.”

Stanbic IBTC, over the years, has been a recipient of several awards for outstanding financial performance, excellent customer service delivery, and management efficiency.

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CBN Gives DPO Group Payment Services Licence



DOPO Group One Payment Limited

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has granted a license to One Payment Limited, a subsidiary of the leading Pan-African digital payments group, DPO Group, to provide certain types of payments services to businesses across Nigeria.

This payment services licence enables the DPO Group to operate as an independent payment solutions services company in Nigeria as it does across over 20 other countries in Africa.

DPO offers merchant aggregation services to over 60,000 active merchants, including e-commerce companies, airlines and travel agents through its robust and reliable network which allows merchants to accept payments in the currency of their choice.

Working across local and international channels, DPO also offers strong protection against fraud and helps merchants manage refunds, chargebacks and more.

The company will be banking on e-commerce which has seen significant growth in Nigeria in recent years, due to high levels of internet penetration combined with being one of the largest digital economies on the continent.

Digital payments make up the large majority of payment volumes in the country, and volumes are expected to reach 7.7 billion by 2025, representing a growth of 45 per cent from 2019.

Speaking on this, Mr Eran Feinstein, CEO of DPO Group, stated that, “Nigeria represents a key market for any business with a digital focus, as one of the most innovative African countries when it comes to fintech and e-commerce.

“This new licence is an exciting development which will allow us to offer an even smoother payment process for Nigerian businesses looking to grow and reach more customers through secure digital payments.”

DPO’s country manager in Nigeria, Mrs Chidinma Aroyewun said, “This licence provides an exciting opportunity for us at DPO. It allows us to work with tens of thousands of Nigerian businesses and help them achieve their growth goals through secure payment technology.”

DPO Group was acquired by Network International in 2021 in a landmark deal for the African payments space. It continues to operate under the same brand in existing territories and will be launching a new comprehensive payment solution, DPO Pay for businesses across Africa and other territories.

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BVN: Reps to Investigate Unclaimed Trillions of Naira in Banks



Nigerian Banks

By Aduragbemi Omiyale

The House of Representatives has taken a step to investigate the alleged trillions of Naira trapped in commercial banks because owners of the funds have failed to link their bank accounts with the Bank Verification Number (BVN).

In February 2014, the Central Bank of Nigeria (CBN) introduced the BVN and gave bank customers till June 2015 to link their accounts with the BVN.

The scheme was introduced to check and combat money laundering, illicit financing and duplications in the ownership of bank accounts used for fraud.

But almost eight years after the policy was introduced by the apex bank, several bank account owners are to link their accounts with the BVN, meaning they have not been able to access funds in their accounts.

On Thursday, this issue was raised at the lower arm of the National Assembly in a motion moved by a lawmaker, Mr Dachung Bogos.

According to the green chamber of the parliament, about 45.85 million bank accounts are yet to be linked to BVNs as reports by the Nigerian Inter-Bank Settlement Systems (NIBSS) of June 23, 2021, stated that the total number of bank accounts in Nigeria as at May 2019 was 122.07 million, while active accounts as at May 2020 stood at 72.94 million.

It was claimed that suspicious monies running into trillions of Naira were left unclaimed in various banks across the country because their owners had failed to register for the BVN or link to existing ones where appropriate and that commercial banks have flagrantly continued to hold on to the unclaimed monies longer than necessary against the directives of the CBN.

The lawmakers argued that despite the introduction of BVN to curb the misappropriation of funds in the financial sector, about 71 million customers still use their accounts without the compulsory requirement from NIBSS.

When the market was debated during plenary, it was agreed that there is a need to constitute an ad-hoc to look into the suspicious and unclaimed funds in commercial banks as well as unremitted funds collected by commercial banks on behalf of agencies and departments of the federal government.

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Zenith Bank to Give Akwa Ibom N4.7bn Loan for Auto Plant



Zenith Bank customer

By Aduragbemi Omiyale

The government of Akwa Ibom State is planning to obtain a loan of N4.7 billion from Zenith Bank Plc for the establishment of Mimshac Automobile Assembly Plant.

The auto plant is to be located in Ikot Ukap, Itu Local Government Area of the state.

Governor Udom Emmanuel, a former director at Zenith Bank, approached the Akwa Ibom State House of Assembly for approval of the credit facility.

Mr Emmanuel, in a message forwarded to the Speaker of the House, Mr Aniekan Bassey, and read by the Clerk, Mrs Mandu Umoren, at plenary on Tuesday, explained that the loan will aid the implementation of the Memorandum of Understanding (MoU) between the Akwa Ibom State Government and Mimshac Digital Ltd Automobile Plant for the sum of $10 million (about N4.7 billion at the exchange rate of N470/$1.

Udom Emmanuel

According to the Governor, the said amount from Zenith Bank will help “finance the procurement of Semi Knocked Down and Complete Knocked Down (CKD) parts for the assembling of 85 stainless steel, 20-seater luxury buses.”

He further explained that the money will also facilitate the training of 20 persons recommended by the state government on the assemblage and manufacturing of vehicles in Israel.

In a statement posted on its Facebook page on Thursday, the Akwa Ibom House of Assembly said the loan request was supported by lawmakers, who said it would boost the economy of the state and create more jobs for the teeming unemployed youths.

The lawmakers assured that the House will continue to support Governor Emmanuel in his quest to leave the state better than he met it.

The Speaker, while speaking after the loan request approval, directed the Clerk to communicate the resolution of the parliament to Mr Emmanuel.

Akwa Ibom Speaker

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