Banking
Wallets Africa to Issue Visa Debit Cards to Customers
By Adedapo Adesanya
Nigerian fintech startup, Wallets Africa, is planning to commence issuing physical Visa debit cards to its customers to enable them to do online and offline financial transactions.
The firm, founded by Mr John Oke in 2018, ensures that financial transactions carried out through digital wallets are seamless and meet the needs of its users.
Since its establishment, the fintech startup has made strides in simplifying how users carry out transactions across the continent with just an app and a card.
The company has gone on to establish relationships and integrations with other cards, banks and switch providers in Nigeria. Now, it is joining forces with Visa, a leading global payments giant, to extend the reach to a wider audience.
According to the global payments giant, the programme creates an avenue for fintechs around the world to leverage its network “to introduce new and innovative payment experiences.”
In addition, it provides turnkey access to Visa’s ecosystem partners, online licensing, and automated programming interfaces (APIs).
In September, Wallets Africa began issuing virtual dollar cards to its users, enabling them to buy items and courses, and make payments for subscriptions and tools online.
Through the Fast Track Program, Visa has given the startup a further boost which will allow it to issue physical naira and dollar Visa cards.
Mr Franklin Ugobude, Wallets Africa Digital Marketing Manager, noted that the company was already issuing virtual Visa cards with its card technology and added that physical Visa cards needed to come into play because of the customers’ Wallets Africa couldn’t reach.
He said, “This is more direct as opposed to integrating with this, integrating with that. What we’ve done is a direct thing to the big switch, to Visa in this case. So we’re very psyched about it.”
He explained that the company aims to add more than 2,000 businesses in six months and with both cards — virtual and physical, it is set out to drive business users who hope to initiate local transactions as well as international transactions.
Mr Ugobude added that the partnership will make it able to complete offline payments as well.
In June 2020, the startup had 1,400 businesses; now, the number has increased to over 4,000 in addition to its over 60,000 individual users.
This development means Wallets Africa users can now access physical and virtual Verve and Visa cards from the company.
Mr Ugobude added that when users request for cards, Wallets Africa delivers them in less than two weeks, adding that users can make withdrawals with the dollar cards from any bank ATM in the country.
Mr Otto Williams, Vice President, Fintech Partnerships of Visa, said the company is very enthusiastic about working with fintechs, and especially Wallets Africa on this new project.
“The Wallets Africa team has made tremendous progress in a short time. I am impressed with the fact that they’ve successfully enabled Visa prepaid cards that work everywhere to thousands of digital natives and entrepreneurs in Nigeria. I look forward to seeing what they’ll do in other African countries soon,” he said.
The founder, Mr Oke, on the other hand, is keen to see how the partnership will evolve in the coming years.
“We’ve been working with technology suppliers across the world since inception to help offer world-class financial services to Africans. We are very excited to have Visa on board as we continue on our journey,” he added.
By Modupe Gbadeyanka
A member of Standard Bank Group, Stanbic IBTC Holdings, has strongly backed the promotion of financial literacy among children, emphasising its unwavering commitment to the upliftment and empowerment of the Nigerian child.
The Head of Client Experience at Stanbic IBTC Pensions, Ms Layo Ilori-Olaogun, while speaking recently at the company’s Blue Kids event to commemorate the 2023 Children’s Day, said that was why the financial institution designed various innovative initiatives for the nation’s future leaders.
She said one of these initiatives is the Children Educational Savings Scheme (CHESS) account, a special savings account developed to support parents in meeting the cash flow and timing needs of their children’s education.
Available for kids between ages zero (0) and 17 years, CHESS offers a low opening balance, a one per cent interest rate above the average savings account, a MasterCard debit card for easy access to funds, round-the-clock access to the customer care centre via phone, email and social media and full digital banking access – Internet, App and USSD, amongst other benefits.
In 2020, Stanbic IBTC kicked off the Stanbic IBTC Education Trust (SET) scheme, a convenient and flexible investment plan with long-term benefits designed to support parents and guardians striving to provide quality education for their children and wards.
One unique benefit of Stanbic IBTC Education Trust is that payments are effected directly to the institution of learning, ensuring no diversion of funds. Whether it is primary, secondary, tertiary, or post-graduate education, parents and guardians can now contribute to funding their children’s and wards’ education.
Ms Ilori-Olaogun described Stanbic IBTC’s Education Endowment Assurance as another remarkable initiative and a vehicle for saving that secures a child’s future education to a targeted amount. It is a policy that guarantees peace of mind on a child’s/ward’s education and benefits one’s dependents in case of death.
Also at the event, the Head of Personal Clients at Stanbic IBTC Bank, Mr Emmanuel Aihevba, expressed his heartfelt wishes to all Nigerian children, emphasising their importance to the nation’s progress.
“Children’s Day serves as a poignant reminder of the importance of nurturing and safeguarding the younger generation, who represent the future leaders and change-makers of the country.
“Stanbic IBTC recognises its critical role in promoting children’s wellbeing and educational development and remains steadfast in its efforts to provide support and resources that contribute to their growth,” he said.
At the Blue Kids programme, the participants were engaged in innovative and exciting activities such as a creative class, gaming activities, a financial fitness session and more.
By Modupe Gbadeyanka
The International Banker has announced the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dr Ebenezer Onyeagwu, as the Best Banking CEO of the Year in Africa.
Published by Finance Publishing Limited, the International Banker is a leading global source of authoritative analysis and opinion on banking, finance and world affairs. Its influence, integrity, accuracy and objective opinion have earned it global recognition.
In its International Banker 2023 Banking Awards, published in the Spring 2023 issue of the International Banker Magazine, Mr Onyeagwu was honoured alongside other individuals and banks from the Middle East and Africa.
The Nigerian banker, while commenting on the honour bestowed on him, said the award “reflects the bank’s position as a leading financial institution in Nigeria and the African continent.”
“It also attests to our commitment to principles of sustainability and high ethical standards, which have become integral to our overall strategy as an institution,” he added.
Mr Onyeagwu dedicated it to the founder and Chairman of Zenith Bank, Mr Jim Ovia, for his guidance and mentorship.
He also dedicated the award to the bank’s management team and staff for being the shoulder upon which his achievements and success as CEO rests, and the bank’s customers for making Zenith Bank their bank of choice.
This latest award is coming barely three months after he was conferred with a Doctorate Degree in Business Administration by the University of Nigeria, Nsukka.
The degree was in recognition of his immense achievements as the head of Zenith Bank as well as his contributions to the growth of the financial services sector in Nigeria and across the African continent.
Mr Onyeagwu’s outstanding career has led to him receiving multiple awards, including Bank CEO of the Year (2019) by Champion Newspaper, Bank CEO of the Year (2020, 2021 & 2022) by BusinessDay Newspaper, CEO of the Year (2020 and 2021) – SERAS Awards, and CEO of the Year (2022) – Leadership Newspaper.
As the GMD of Zenith Bank, he has led the tier-one lender to achieve tremendous feats and milestones in financial performance, including 47 per cent growth in the bank’s market capitalisation in four years, financial inclusion, corporate governance and sustainability.
By Modupe Gbadeyanka
For adhering to global best practices and institutionalising corporate governance, Zenith Bank Plc against been announced as the Best Corporate Governance Financial Services in Africa.
This is the fourth consecutive year the financial institution is running away with the award, setting an industry-wide example of best practices in corporate governance on the continent.
The lender was bestowed with this recognition by the Ethical Boardroom in the Spring 2023 edition of its magazine.
Ethical Boardroom is a trailblazing and leading international magazine that delivers in-depth coverage and critically-astute analysis of global corporate governance issues to help boards stay ahead of the governance curve.
The chief executive of Zenith Bank, Mr Ebenezer Onyeagwu, dedicated the award to the company’s founder and Chairman, Mr Jim Ovia, for providing the template for an enduring and very successful institution.
He also dedicated it to the board for their vision and outstanding leadership, the staff for their dedication and commitment, and the bank’s customers for their unwavering loyalty to the brand.
“I am extremely pleased that Zenith Bank has been awarded the Ethical Boardroom Corporate Governance Award as a regional governance champion for the fourth year.
“No doubt, the bank’s board has pioneered the exemplary governance culture for which we are now renowned. Indeed, this recognition reflects our steadfast commitment, discipline and high ethos in the conduct of our business and dedication to the principles of good corporate governance.
“This award will motivate us to strengthen this culture internally and advocate for good governance at every forum,” Mr Onyeagwu said.
Zenith Bank has been generally adjudged a Corporate Governance compliant bank by the Nigerian Exchange (NGX) hence its listing on the Premium Board of the Exchange.
The firm continues to sustain this reputation and reappraise its processes to ensure that its business always conforms to the highest global standards.
Its track record of excellent performances has continued to earn it numerous awards, including being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards. Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, and Retail Bank of the year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. Similarly, Zenith Bank was named as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.
