Connect with us

Banking

Sterling Bank Upgrades SABEX Agric Commodities Trading Platform

Published

on

sterling bank logo

By Ahmed Rahma

As part of its commitment to innovation, a leading financial institution, Sterling Bank Plc, has upgraded its agriculture commodities trading platform, SABEX.

This was disclosed by the Executive Director, Corporate & Investment Banking of Sterling Bank, Mr Yemi Odubiyi, in a statement issued by the lender.

Mr Odubiyi explained that the upgraded digital commodities trading platform will provide real-time credit financing solution for farmers, sellers and buyers of agro commodities to transact.

ALSO READ  Diamond-Access Bank: A New Dawn for Investors, Shareholders

He said Sterling Bank has shown beyond every reasonable doubt that it was committed to important innovations, adding that the end-to-end blockchain commodities trading and financing platform is the future of agribusiness and trading in the country.

“With all that we have done, we wish to further expand agribusiness’ growth, improve investments in the sector, and drive economic growth using innovative technologies such as SABEX. We are confident of the huge prospects available to all stakeholders who come on the platform,” he said.

ALSO READ  Sterling Bank’s Profit, EPS Shoot to Moon by 63% in HY 2018

The Executive Director noted that, “Aside from the opportunities available for electronic warehouse receipt, commodity trading has just got better on the platform,” remarking that, “It is no understatement that at Sterling Bank, our commitment to innovative banking and wealth creation is one of the reasons for the SABEX solution.”

ALSO READ  Fidelity Bank Credits Customer's Account with N10m

According to the bank, SABEX, first introduced in 2018, is the world’s first fully digitized, end-to-end blockchain commodities trading and financing platform, built by Sterling Bank Plc in collaboration with AFEX Commodities Exchange Limited.

Ahmed Rahma is a journalist with great interest in arts and craft. She is also a foodie who loves new ideas. She loves to travel and would love to visit other African countries someday. She is a sucker for historical movies and afrobeat.

Click to comment

Leave a Reply

Banking

Piggyvest Acquires Wealth Management App, Savi.ng

Published

on

Piggyvest Acquires

By Adedapo Adesanya

Top savings startup, Piggyvest, has acquired Savi.ng, a wealth management app that allowed users to save via various features like automated savings, fixed deposits, joint savings and PAYE.

This means that all existing Savi.ng users will be automatically migrated to Piggyvest and will continue the good work savi.ng team has started.

Explaining the build-up to the acquisition, Piggyvest revealed that it had spent the last six months preparing – laying foundations, building partnerships needed for the next phase of our growth.

“We have spent the last 6 months preparing —The first half of 2021 has been an intense building period for the entire Piggyvest team.

ALSO READ  Carbon Partners Visa to Enable Payments Across Africa

“Earlier this year, we began discussions to acquire a savings and investment company, Savi.ng and all its assets and we are more than proud to announce today that the acquisition is now completed,” it disclosed.

The company noted that 2020 was an incredible year as it saw tremendous growth even in a pandemic year as it paid N90 billion to users in the course of the year.

The company noted that so far surpassed this number already in the first half of 2021 and this necessitated the need to expand with the acquirement of the savings and investment company.

ALSO READ  NPF Microfinance Bank Plans Public Offering

It noted, “We will continue to provide you with the best savings and investment options that we can, and you will continue to be part of a community of 3 million people (and counting!) in the Piggyvest family.

“All existing Savi.ng users will be automatically migrated to Piggyvest and we’ll continue the good work the savi.ng team has started. Our vision remains the same: financial freedom for all, and with this acquisition, we are a step closer.

ALSO READ  First Bank Denies Holding NPA Funds

“We believe in a connected ecosystem and our mission to give everyone the power to better manage and grow their finances remains ever strong.

“Our parent company, Piggytech Global Limited, continues to grow with a suite of consumer-focused finance products. We will continue to announce them as the year moves along.

“This announcement is one in a long line of announcements, improvements and updates that we will have for you as we continue in 2021.”

Continue Reading

Banking

Fitch Affirms AfDB’s AAA Credit Rating

Published

on

AfDB Board

By Adedapo Adesanya

The global credit rating agency, Fitch Ratings, has affirmed the African Development Bank’s (AfDB) credit rating at “AAA”, with a stable outlook.

Fitch said the triple-A rating was driven by the extraordinary support of the bank’s shareholders.

Fitch said it views the bank’s risk-management policies as conservative and assesses them as excellent, in line with AAA-rated peers.

“Concentration risk is low, with the bank’s five largest exposures accounting for 32 per cent of total banking portfolio at end-2020,” Fitch said.

ALSO READ  How Sterling Bank Survived Nigeria's Economy Crisis—CEO

The Vice President for Finance and Chief Finance Officer of the African Development Bank, Mr Bajabulile “Swazi” Tshabalala said, “the affirmation of the bank’s triple-A ratings by Fitch, recognizes the very strong shareholder support our institution benefits from, as well as its strong capitalisation and risk management capabilities.

“The affirmation also speaks to the importance of the Bank’s public policy mandate, particularly during these very challenging times.”

ALSO READ  Diamond Bank to Complete Sale of UK Subsidiary in Q4, Return to Profitability—CEO

The global rating agency assessed the bank’s overall exposure to risks as ‘Low,’ balancing ‘Moderate’ credit risk with ‘Excellent’ risk management policies, ‘Low’ concentration, and ‘Very Low’ equity and market risks.”

Commenting on the Fitch rating report, the AfDB President, Mr Akinwumi Adesina, said: “The African Development Bank welcomes the affirmation of the bank’s ‘AAA’ rating, with a stable outlook, despite enormous challenges posed by COVID-19.

ALSO READ  NPF Microfinance Bank Plans Public Offering

“The bank will continue to enhance its policy and fiscal relevance in support of regional member countries, as they contend with the global and regional repercussions of the pandemic.

“While helping African economies reposition their economies in a COVID-19 environment, we will also maintain our prudential ratios and adequate buffers.”

Continue Reading

Banking

15 Fidelity Bank Customers Share N39m in GAIM Promo

Published

on

15 Fidelity Bank Customers

By Ashemiriogwa Emmanuel

No fewer than 15 Fidelity Bank customers have gone home with N39 million in the Get Alert in Millions (GAIM 4) Season 4 savings promo of the financial institutions.

Two of the 15 lucky winners received N10 million each at the 6th/final draw of the campaign held last Thursday in Lagos in the presence of representatives of the National Lottery Commission and Federal Competition and Consumer Protection Commission.

The two latest two-digit millionaires; Sunday Okeke of Matori Branch Lagos and Justine Nwaozor of Suleja Branch, Niger State, emerged as star prize winners of the promo.

ALSO READ  Sterling Bank Achieves 65% Rise in Profit, Pays 2 Kobo Dividend

According to Fidelity Bank, the duo and other winners were picked through a randomised and transparent draw system observed by the lottery and federal competition officials as well as officials of the bank.

Some of them were the Divisional Head of Product Development, Fidelity Bank Plc, Richard Madiebo; the Head of Savings Group, Fidelity Bank Plc, Ukpai Ibe; the Executive Director, Lagos & Southwest, Fidelity Bank Plc, Dr Ken Opara; amongst others.

ALSO READ  NPF Microfinance Bank Plans Public Offering

The cash prizes were in the categories of N10 million, N3 million, N2 million and N1 million. In addition, 18 consolation prizes of television sets, fridges and generators were given out during the draws.

The GAIM savings promo is one of the bank’s many initiatives aimed at rewarding new and existing customers for their consistent loyalty and patronage and promoting the culture of saving among Nigerians.

ALSO READ  Reps Urge CBN to Suspend Charges on Deposits, Withdrawals

It would be recalled that the promotion was halted in 2020 due to the Coronavirus (COVID-19) pandemic and the resulting global lockdown.

However, the resumption of the savings promo, according to the organisers, was an opportunity to enrich the lives of its customers even in times of economic uncertainties.

Continue Reading

Like Our Facebook Page

Latest News on Business Post

Trending

%d bloggers like this: