Sterling Bank Unveils ‘Quick Cash’ For Women Entrepreneurs

Image

sterling-bank-quick-cash

By Modupe Gbadeyanka

Concerned about the numerous challenges being faced by market women desiring access to credit in Nigeria, Sterling Bank Plc, through its ‘One Woman’ proposition, has launched a new initiative called the ‘Market Women Quick Cash’ to resolve the issue.

The bank has expressed confidence in the new initiative in making those problems in accessing credit facility become a thing of the past.

The new idea, Business Post learnt, is in partnership with Afrigrant, a non-governmental organization (NGO) and it is expected to promote women empowerment and capacity building.

Our correspondent gathered that the scheme was designed to bridge the gap between women entrepreneurs and access to funds, thus aiding the process of bringing them into the formal sector, where they can benefit from financial advisory services, capacity building and mentorship.

Speaking at the launch of the initiative last weekend at the Entrepreneur Research and Development centre Kaduna, Managing Director of Sterling Bank, Mr Yemi Adeola, explained that proposition was specifically designed to provide access to convenient savings, transaction and quick loan services for women using both self-service methods and agent banking.

Mr Adeola explained further that the Bank adopted both methods because “we believe the future of banking resides in the hand of the customer and we must begin to drive that paradigm shift by empowering them from now. Our partnership with Afrigrants allows us bridge this gap by providing a familiar interface for the customers.”

Represented at the occasion by the Bank’s Company Secretary/Legal Adviser, Mrs Justina Lewa, the MD also said that the significant number of women in Nigeria’s population makes it imperative to deliberately focus on their needs to ensure sustainable economic development and growth.

“Adult women constitute over 50 million of Nigeria’s population and only about 31% of this population are banked according to EFInA Access to Financial Services in Nigeria Survey 2014. The business case for targeting women is simple, they are the more excluded gender.

“More so, 21.4 million females (42.7% of the total female population) are financially excluded; 15 million of these women are earning income frequently.

“This provides a huge opportunity for structural changes within the economic and financial system if we pay attention. To enable us to make an impact for inclusion, we must reach as many women as possible,” Mr Adeola said at the event.

In her keynote address, wife of the Kaduna State Governor, Hajia Aisha Ummee El Rufai, commended Sterling Bank for coming up with the initiative which is going to transform the lives of women in the country.

Also in her message, the Kaduna State Commissioner for Women Affairs and Social Development, Hajiya Rabi Abdulsalam, noted the Quick Cash initiative would help government at all levels to cushion the effect of the current recession especially as it relates to access to required funds by women entrepreneurs to grow their business.

“It is on this note that l am happy with the idea of having private sector operators coming together to bring this noble innovation of giving out loans to women at 9 percent interest rate, zero collateral to enable women play active role in the economic development of the country at a time when the economy is in recession,” she said.

Share
Related Stories
Image
23-January-2024

FBNQuest Facilitates N677bn Commercial Paper, Bond Sales

By Aduragbemi Omiyale In 2023, the services of FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc, were required for the issuance of commercial papers and bonds worth over N677 billion in the capital market. FBNQuest Merchant Bank has a strong reputation for helping indigenous and multinational corporates access the capital markets to meet their funding goals. The performance of the bank in the debt capital market reflects its strong expertise, execution capability, and client loyalty, as well as its ability to provide innovative and tailored solutions to meet the diverse financing needs of its

Image
02-February-2024

CBN Bans Banks, Fintechs From International Money Transfer Services

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has banned banks and financial technology companies (fintechs) from international money transfer services. This was contained in the revised guidelines for the operations of IMTOs, which were officially released on January 31, 2024. The CBN directed that, “All banks are prohibited from operating International Money Transfer services but can act as agents. “Also, Financial Technology Companies are not allowed to obtain approval for IMTO. “The provisions of BOFIA 2020 on the prohibition of employment of certain persons in banks shall also apply to IMTOS.” By stopping banks and fintechs from international

Image
30-January-2024

Ecobank Offers SuperSavers Account Holders 9% Interest Rate

By Modupe Gbadeyanka Holders of Ecobank SuperSavers accounts will enjoy an interest rate of 9 per cent, the financial institution has said. The Head of Premier Banking and Wealth Management at Ecobank Nigeria, Ms Ayodele Osolake, explained that this high-yield savings account type is tailored for customers who wish to maximize their returns on savings while benefiting from a customer-focused banking experience. The 9 per cent interest is a six-month reward programme that runs between January and June 2024, and it is part of the lender’s strategic initiatives to continuously encourage a savings culture enabling customers of the bank to

Image
10-February-2024

CBN Removes Exchange Rate Band on Interbank FX Transactions

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has announced a removal of the spread on foreign exchange (FX) transactions among banks, in its most adacious efforts to prop up the country’s forex market. In a notice released on Friday evening signed by Mrs Omolara Omotunde Duke, the Director of Financial Markets Department, the CBN announced it is discontinuing any cap on the spread on interbank foreign exchange transactions and restrictions on the sale of interbank proceeds. “A key objective of the ongoing foreign exchange market reforms by the Central Bank of Nigeria is to promote a market-based price

More Stories
Image
29-July-2017

Nigerian Interbank Lending Rate Drops to 5%

By Dipo Olowookere The interbank lending rate in Nigeria slumped sharply to 5 percent on Friday from 15 percent last week, Reuters is reporting. This followed the distribution of budget allocations to the different government agencies. It was gathered that the overnight placement had closed around 11.6 percent at the interbank on Thursday. Nigeria, Africa’s biggest economy, distributes revenue from its crude oil exports among its three tiers of government – federal, state and local. A total of 652.2 billion naira ($2.14 billion) in budget allocations was handed out by the state to its three tiers of government — federal,

Image
06-August-2021

DPR May Revoke Licences of 27,000 Petrol Stations

By Aduragbemi Omiyale The Department of Petroleum Resources (DPR) has warned 27,000 petrol stations that they risk losing their operating licences if they do not desist from diverting the product. There are allegations that some marketers smuggle the product out of the country to neighbouring nations, where the prices are higher than in Nigeria. In Nigeria, the government claims it still subsidises the product for residents to buy at cheaper rates compared with nations in West Africa and parts of Northern Africa. To curb the diversion of fuel, which will likely cause the scarcity of the product in Nigeria, the

Image
30-June-2020

NSE Market Indices Extend Rally by 0.12% Monday

By Dipo Olowookere The first trading session of the week at the Nigerian Stock Exchange (NSE) ended on a positive note on Monday, with a 0.12 percent growth. The All-Share Index (ASI) further increased by 29.93 points to 24,858.89 points from 24,828.96 points, while the market capitalisation expanded by N16 billion to N12.968 trillion from N12.952 trillion. Yesterday, there was a 24.77 percent spike in the volume of shares traded by investors, while the value of the transactions went down by 24.06 percent. According to data from the exchange, investors traded 158.7 million shares worth N1.6 billion in 3,940 deals

Image
05-May-2022

Zuchu Makes Spotify EQUAL Africa Artist List

By Aduragbemi Omiyale The ambassador for Spotify’s EQUAL Africa music programme for the month of May is Tanzanian Afropop and Bongo Flava artist, Zuchu, a statement from the streaming platform has announced. Zuchu, whose real name is Zuhura Othman Soud, is the daughter of legendary Taarab musician, Khadija Kopa, with whom she sang Mauzauza. She joins East African stars Muthoni Drummer Queen and Sylvia Ssaru in amplifying the voices of talented African women through EQUAL. She is currently signed to Diamond Platnumz’ WCB Wasafi record label. In 2021, she released a record-breaking track, Sukari, which has raked in more than

Image
23-March-2020

NAICOM Stops Insurance Companies from Foreign Operations

By Adedapo Adesanya In its bid to support the local economy, the National Insurance Commission (NAICOM) has warned insurance companies not to consider foreign investment extensions post-recapitalisation, noting that funds raised will be invested locally. According to the insurance regulator, the ongoing recapitalisation in the sector will see emphasis on supporting big businesses, pay claims, and support the Nigerian economy considering current happenings. This was disclosed by the Acting Commissioner for Insurance, NAICOM, Mr Sunday Thomas, at a forum in Lagos, adding that the recapitalisation will not lead to more branches in foreign countries that likened to, “big as a

Image
04-October-2018

Nigeria’s N133.5b Fresh T-Bills Sale Records N305b Oversubscription

By Dipo Olowookere On Wednesday, the federal government offered treasury bills worth N133.49 billion to investors at the market. The exercise, which was conducted via primary market auction, recorded a huge success because of the response it received from market players. Apart from the 3-month tenor bill, the two other papers were well oversubscribed by investors, whose appetite for high yields with less risk showed. However, this huge demand for the debt instrument issued by the Central Bank of Nigeria (CBN) and the Debt Management Office (DMO) on behalf of the federal government dropped the average stop rates down by

Image
01-August-2017

HY Earnings: Sterling Bank Profit Drops by 5.5%

By Modupe Gbadeyanka Sterling Bank Plc, one of the financial institutions in Nigeria, has released its financial statements for the period ended June 30, 2017. In the unaudited results, the firm recorded a decline in its profit when compared with what it declared a year ago. Specifically, its profit after tax slumped to N3.8 billion in the period under review from N4 billion in the corresponding period of 2016. Furthermore, its profit before taxation depreciated to N4.3 billion in the first half of this year from N4.4 billion last year. However, the lender said its revenue for the period grew

Image
08-September-2018

2019 Imo Guber: Okorie Picks YPP Nomination Form

By Destiny Ugorji Frontline governorship aspirant of the Young Progressive Party (YPP) in Imo state, Dr Linus Okorie, has reportedly picked the party’s nomination form. In a statement signed by the acting Communication Coordinator of the Imo Nke Anyi Movement, a political mass movement promoting Mr Okorie’s gubernatorial project, Ikechukwu Anyanwu and made available to newsmen in Owerri, the group said the governorship hopeful was at the party’s National Secretariat at 10am Friday, to pick his declaration of interest and Nomination Forms to contest for the state’s number one citizen position. The statement reads in part: “join us as we

Ad
Ad
Recent Stories
Image
03-March-2024

Dangote Cement’s African Subsidiaries Contribute 41.2% to FY 2023 Sales

By Dipo Olowookere Dangote Cement Plc has revealed that sales from its factories outside Nigeria, its base, improved in the 2023 fiscal year by 12.7 per cent, contributing about 41.2 per cent to its total volume for the period under review, with its Nigerian operations accounting for the rest. In its audited financial statements for the year ended December 31, 2023, filed to the Nigerian Exchange (NGX) Limited, the cement maker said revenue generated from its pan-African operations increased by a record 123.2 percent to N925.9 billion, while EBITDA surged by over four-fold to N263.7 billion. Business Post reports that

Image
03-March-2024

Nigeria Pays N1trn Monthly Subsidy to Keep Petrol at N650/Litre

By Aduragbemi Omiyale Despite the federal government claiming it has stopped the payment of subsidies on premium motor spirit (PMS), well-known as petrol, more people are countering this. Recall that a few weeks ago, the International Monetary Fund (IMF) said the government had returned fuel subsidies through the backdoor and kept Nigerians in the dark about this. It then advised the government of President Bola Tinubu, which announced an end to it on May 29, 2023, to completely stop the payment as it was increasing his administration’s fiscal deficit. The global lender, in a report released last month, said the

Image
02-March-2024

JUST IN: Nollywood Star Mr Ibu Dies

By Modupe Gbadeyanka Information just reaching Business Post indicates that popular Nigerian actor, Mr John Okafor, otherwise known as Mr Ibu, is dead. It was gathered that the Nollywood star breathed his last on Saturday in a hospital in Lagos. His demise comes a day after the Nigeria film industry lost an actor, Mr Tolani Quadri Oyebamiji, well-known as Sisi Quadri. Mr Ibu underwent a surgery, which led to the amputation of one of his legs. He was later discharged from the hospital, but was reportedly taken back. Until his death, he acted in several movies. He was well known

Image
02-March-2024

African Bishops Seek Overhaul of Financial System as Debt Burden Worsens

African Catholic Bishops called for an overhaul of the financial system to address health, climate, food and other challenges the region faces. Ahead of a gathering of African Finance Ministers in Victoria Falls, Zimbabwe, the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) outlined reforms for debt relief, development resources and governance. “In Sub-Saharan Africa the number of people facing food insecurity stress or crisis has more than doubled since 2019, reaching 420 million people last year,” noted the bishops in a statement. A delegation representing the African Bishops and religious

Image
02-March-2024

MTF Class of 2023 to Premiere Her Dark Past, Grown

By Modupe Gbadeyanka Two feature films will be premiered this weekend exclusively on the Africa Magic Showcase channel 151 and Africa Magic Urban channel 153 by the students of the MultiChoice Talent Factory (MTF). The two pieces of art titled Grown and Her Dark Past are the final projects of the MTF Class of 2023 students, a statement from the organisation said. The MTF is a leading film school in West Africa for young, talented and passionate filmmakers. It was established by the media platform to grow the region’s creative industry. Grown premieres on Africa Magic Showcase at 8.30 pm

Image
02-March-2024

Mandela’s Heirs Lose Power in South Africa

By Alexander Braterskiy South African authorities warn that if the opposition wins the parliamentary elections, the country may change course and leave the informal BRICS economic bloc, which includes Russia. The position of the African National Congress party, which has been in power since the collapse of apartheid, is indeed not the best, as shown by the municipal elections held earlier in the country. The opposition accuses the president of corruption and abuse of power, as well as an inability to cope with the country’s energy crisis. The ANC crisis occurred on the 30th anniversary of the first free elections

Image
02-March-2024

CAA Reaffirms Commitment to Climate Innovation for Sustainable Future

By Modupe Gbadeyanka A leading social enterprise focused on environmental sustainability, Climate Action Africa (CAA), has reaffirmed its commitment to being at the forefront of driving climate innovation for a sustainable future. The organization, which is a key participant at the four-day Omniverse Summit 2024 in Lagos, emphasised the need to integrate environmental sustainability models, technology, and community-driven innovation to address climate change challenges. It promised to foster an inclusive climate action ecosystem through innovation, which it said can be used to identify and scale solutions to address the imminent climate crisis in Nigeria and Africa as a whole, The

Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of