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Stanbic IBTC Supports Businesses with Bouquet of Solutions

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Stanbic IBTC Holdings has highlighted its array of solutions to support businesses in the country to make the most of 2021.

The solutions on offer are geared towards providing access to flexible funding for small, medium and large-scale enterprises thereby addressing inadequate access to capital, exposure to international markets and inherent challenges plaguing local and international trade.

The solutions also allow organisations to take advantage of joint partnerships without the risk of losing capital and benefit from medium to long term investment solutions that help businesses in maximising their resources.

Over the years, Stanbic IBTC Holdings PLC has remained at the forefront of providing financial solutions to business enterprises in the country, while offering Nigerian importers access to its global presence through its Africa China Agent Proposition (ACAP).

Targeted at business owners who import goods from China or have trade dealings with China, ACAP, through Stanbic IBTC Bank PLC, links Nigerian importers to Chinese exporters, facilitates payments and ensures the successful completion of their trade dealings.

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Leveraging Stanbic IBTC’s network of Chinese agents, with client satisfaction being the cornerstone, ACAP offers a broad ecosystem of services, solutions and support, which equips African and Chinese businesses to leverage trade and growth opportunities to drive Africa’s growth. The ACAP solution, which has been termed ‘game-changer’, eases the cashflow worries of African importers by providing access to finance while also empowering the importers to have end-to-end visibility of the entire importation and logistic process.

Likewise, the Stanbic IBTC Trade Club offers business owners exposure to meet and trade with suppliers anywhere in the world, thus giving them the needed exposure for their businesses to thrive.

With the increasing clamour for diversification of the nation’s economy from crude oil, the Bank also highlighted its Agribusiness solution, which is geared at providing financing options to stakeholders in the agriculture value chain. Simultaneously, Vehicle Asset Financing (VAF) is targeted at financing heavy machines needed for business or personal purposes.

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Investors are encouraged to take advantage of the opportunities in the stock market via vehicles such as the Stanbic IBTC Exchange-Traded Funds (ETFs) and equity-focused Mutual Funds which provide a diverse range of investment portfolios well-suited for medium to long-term investing.

They are specially designed for investors with higher risk appetite suitable for investing in the Nigerian stock market, which returned circa 50 per cent in 2020. Sotubo emphasised that these funds provide a unique opportunity for individuals and organisations to invest in a portfolio of professionally-managed listed securities, thereby stretching their financial resources to earn even more over an extended period.

However, the organisation notes the importance of minimising risk and transacting with trust, without the fear of losing in the event of an eventuality. This is why the Stanbic IBTC Escrow Services are a necessity at this time. Tailored at ensuring the security assets including funds, an Escrow account offers buyer-seller protection such that buyers can deposit their money and the Trustee or Escrow Agent initiates payment only when the seller delivers the required goods in line with the Escrow Agreement terms. This way, both parties in a trade deal are protected and businesses can thrive.

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Furthermore, in line with minimising risk, Stanbic IBTC emphasises the need for businesses to obtain the fire and special perils insurance coverage in order to protect against unexpected loss that may arise from natural disasters or malicious intent.

Stanbic IBTC also offers its corporate client’s digital offerings such as Mobile App, Enterprise Online, *909#, Contactless POS, C’gate, PrimePay, Paywithlink and so on, to make business transactions easy and seamless.

While wishing everyone a prosperous new year, the Stanbic IBTC Bank Chief Executive, Wole Adeniyi, urged existing and prospective customers to take advantage of the array of solutions aimed at supporting business efforts in 2021.

To sign up on any Stanbic IBTC offering, kindly visit here

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Banking

London Stock Exchange Lists Ecobank $350m Sustainability Bond

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ecobank retail bank

By Aduragbemi Omiyale

The $350 million sustainability bond issued by Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, has been listed on the main market of the London Stock Exchange (LSE).

The green bond was admitted on the LSE on Wednesday at a virtual ceremony to open the market for the trading day and celebrate the successful listing of the tier-2 environment-friendly notes, the first by a financial institution in Sub-Saharan Africa.

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The bond, which matures in June 2031, has a call option in June 2026 and was issued with a coupon of 8.75 per cent with interest payable semi-annually in arrears.

An equivalent amount of the net proceeds from the notes will be used by Ecobank to finance or refinance new or existing eligible assets as described in the bank’s Sustainable Finance Framework.

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The tier-2 issuance is the first to have a Basel III-compliant 10NC5 structure outside of South Africa in 144A/RegS format.

It was gathered that investor interest for this sophomore Eurobond issue was global, including the United Kingdom, the United States, Europe, the Middle East, Asia and Africa, achieving a 3.6x oversubscribed order book of over $1.3 billion at its peak.

The joint lead managers and book runners in the transaction were Citi, Mashreq, Renaissance Capital and Standard Chartered Bank.

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“The strong global interest in our issuance reflects investors’ confidence in Ecobank’s strategy and our commitment to sustainable financing.

“We thank the LSE for hosting ETI today and look forward to value creation for all our stakeholders,” the Group CEO of Ecobank, Mr Ade Ayeyemi, said.

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Banking

CBN’s Digital Currency Will Deepen Financial Inclusion—FDC

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Summon CBN Governor

By Adedapo Adesanya

Financial Derivatives Company (FDC) Limited has lauded the proposed plan by the Central Bank of Nigeria (CBN) to introduce a digital currency, saying it will deepen financial inclusion in the country.

In a new report, FDC explained that most central banks had indicated keen interests in developing their digital currencies in response to the threats and limitations of cryptocurrency, including poor regulation, price volatility and facilitating illicit financial transactions.

The report said, “Nigeria is set to follow the global trend as it plans to launch its digital currency by year-end. Unlike crypto, digital currencies are regulated by central banks, thus giving them some level of control over the financial system.

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“On a positive note, virtual currencies would facilitate smooth financial transactions and eliminate bottlenecks associated with the use of cash (mutilated notes, forgery, cash handling charges, shortages). It will also deepen financial inclusion and increase the velocity of circulation.”

The analysis highlighted the rising concerns of distrust in the government and its policies, cybersecurity and inadequate digital infrastructure.

“All these could limit the launch and widespread use of the digital currency in the country,” it said.

According to the report, the drop in inflation rate in May for the second straight month contradicts market reality following the report by the National Bureau of Statistics (NBS) which disclosed that the country’s inflation rate fell to 17.93 per cent in May from 18.12 per cent in April.

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FDC said contrary to analyst expectations, the decline in consumer price inflation seemed to be more of a trend than a blip.

It said the headline inflation fell again in May primarily due to a fall in the food sub-index to 22.28 per cent from 22.72 per cent in April.

This is coming as the CBN last year issued a circular asking commercial banks and other financial institutions to close accounts transacting in, or operating on, cryptocurrency exchanges.

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All deals involving cryptocurrency are now prohibited with severe regulatory sanctions awaiting erring outfits.

The apex bank also asked commercial banks to identify persons and or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.

But since the apex bank announced its intention to introduce a digital currency for the country, it has been applauded.

Apart from the FDC, other analysts have submitted that the proposed CBN’s digital currency would benefit the nation, especially as the digital asset is becoming widely accepted across the globe.

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Banking

CIBN to Revamp Banking Practice in Nigeria With A-TEAM Initiative

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CIBN A-TEAM Initiative

By Aduragbemi Omiyale

A strategic initiative aimed to revamp banking practice in Nigeria has been introduced by the Chartered Institute of Bankers of Nigeria (CIBN).

The new plan with the acronym A-TEAM means Accelerated Development; Technology and Digital Enhancement; Engagement for Growth; Accountability and Transparent Leadership and Membership Drive for Value.

As part of efforts for its successful implementation, the CIBN is seeking collaborations with financial institutions in the country.

Recently, the President/Chairman of Council, CIBN, Mr Bayo Olugbemi, visited Ecobank Nigeria and he said the A-TEAM initiative will benefit stakeholders in the banking sector.

He applauded Ecobank’s consistent support for the institute over the years to ensure the realisation of its mandate of determining the standards of knowledge and skills development for those seeking to become members of the banking profession.

“We applaud Ecobank Academy as the first corporate member to become a member of the Global Business School Network and for the consistent support for the realisation of the institute’s mandate of determining the standards of knowledge and skills to be attained by persons seeking to become members of the banking profession.

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“We, therefore, seek Ecobank’s collaboration and enlistment in our Endowment/Prize Awards in any subject of interest; support towards the renovation of Abuja Bankers’ House; support for the establishment of banking museum by donating artefacts and other relevant materials; and to participate actively in training programmes of the institute,” Mr Olugbemi said.

Further, he congratulated Ecobank Nigeria and the Ecobank Group on winning several International awards, which includes the Best Retail Bank in Nigeria by Asian Banker; Africa’s Best Bank for Corporate Responsibility by Euromoney (Ecobank Group); African Bank of the Year (African Banker); Innovation in Financial Services Award from African Banker (Ecobank Group); EMEA Finance African Banking Awards 2020.

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Responding, the Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan, pledged more support and collaboration with the institute, restating that Ecobank will continue to contribute to the efforts of the organisation to become top class and remain relevant globally.

“For us at Ecobank, we are extremely proud CIBNs efforts at ensuring public discourse on the future of the Nigeria economy and the banking and finance industry.

“This is not in isolation of the ethics, professionalism, accountability, transparency, good corporate governance without losing focus of harnessing the opportunities technology has provided in the new world order. Be assured of our maximum support and collaboration at all times,” he said.

Mr Akinwuntan also identified with the efforts of the institute to raise the bar of competency and capacity building in the industry, stressing that with sound professional conduct, every banker will be held in high esteem.

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He said Ecobank was working assiduously to ensure a majority of its staff become members of the institute, adding that the bank will also provide more mentees and mentors in its mentorship programme.

“We have a medium to long term programme to ensure all Ecobank Nigeria staff become chartered members of the institute.

“At Ecobank, we take human capacity development very seriously. Some of our staff that wrote the last examinations are now chartered members of the Institute.

“We will also ensure bulk subscription of our staff. We will be nominating 30 mentors and 100 mentees to participate in the second mentorship programme,” he assured.

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