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Wema Bank Gets Experts to Educate Nigerian SMEs on Export Business

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wema bank Maraba branch

By Aduragbemi Omiyale

Some key industry experts in banking, international trade and finance and business ethics will gather on Thursday, December 2, 2021, will educate Nigerian Small and Medium Enterprises (SMEs) on the rudiments of export business.

Wema Bank Plc is providing the platform for this discussion and it is part of its determination to show SMEs the rich potentials in the export business and how they can tap into the goldmine for growth and profit.

The event, which kicks off by 11 am, is themed Leveraging Exports for Business Growth: Strategy and Resources for Small Businesses and will require registration ahead of the day via https://bit.ly/SMEWebinar4.

Expected at the webinar are the Head of Central Operations and Trade Services at Wema Bank, Mercy Olagundoye; the MD/CEO, Starlink Global and Ideal Limited, Adeyemi Adeniji; the Lead Consultant, 3T Impex Trade Academy, Dr Bamidele Ayemibo, with the Editor of BusinessDay Weekender of Lehle Balde moderating the session.

Speaking on the importance of the webinar, Head, Small and Medium Enterprises (SMEs), Wema Bank, Mr Arthur Nkemeh, reiterated the bank’s belief in the empowerment and growth of SMEs because of their importance in the economy.

He described the SME sector as the backbone of major developed economies, and important contributors to employment and economic growth as critical contributors to the national Gross Domestic Product (GDP).

He added that players in the sector need all the support and upskilling they can get to become more profitable and grow their businesses.

“The webinar is a continuation of our efforts to equip SMEs with the basic management knowledge required to grow their businesses and tap into the huge goldmine in the export sector, particularly agriculture.

“Nigeria is renowned as a leading oil exporter, but there are other agricultural commodities that our facilitators would focus on. They will tell participants about all the required documentation they will need to become dominant players in the export sector and how to comport themselves ethically,” he added.

The webinar is another of the many efforts of Wema Bank to equip SMEs with the essential management knowledge required to run their businesses and respond to challenges in a demanding business environment.

The bank organised an SME Business School in June and October this year, aimed at equipping SMEs with the basic management knowledge required to scale their businesses and respond to challenges in a demanding business environment.

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Banking

Oyo Catholic Diocese Gets Licence to Operate Microfinance Bank

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Microfinance Banks

By Adedapo Adesanya

The Catholic Diocese of Oyo State has obtained a licence in principle from the Central Bank of Nigeria (CBN) to operate Ave Maria Microfinance Bank and provide financial services to about 1.5 million residents in the Iwajowa Local Government and the entire Oke Ogun area of the state.

The diocesan coordinator of the Justice, Development and Peace Movement (JDPM), Rev Fr. Gabriel Adeleke, said the financial institution will allow individuals and businesses to have access to affordable financial products and services that meet their needs in a responsible and sustainable way.

The non-existence of commercial banks in the Iwajowa Local Government had denied the people the right to pursue their dreams to the full because they were excluded from the formal financial sector. This lack of access to financial tools impacts the socioeconomic mobility of the population.

The Oyo Catholic Diocese explained that it came up with an idea to float a microfinance bank that can give people in the Oke Ogun area access to basic financial services such as formal bank accounts, insurance, transaction services, loans, and other permissible services.

Fr. Adeleke expressed delight with the reception of the Approval in Principle license from the central bank.

He disclosed that the proposed bank will bring a series of impactful interventions in the lives of the people in Iwajowa Local Government area and of the Oyo Diocese at large irrespective of religion, race, or gender.

According to him, the services the people will enjoy from the proposed bank include deposits including savings, time, target and demand from individuals, groups, and associations; except public sector deposits; provision of credit to its customers, including formal and informal self-help groups, individuals, and associations; as well as the promotion and monitoring of loan usage among its customers by providing ancillary capacity building in areas such as record keeping and small business management.

Others are the issuance of redeemable debentures to interested parties to raise funds from members of the public with the prior approval of the CBN; collection of money or proceeds of banking instruments on behalf of its customers including clearing of cheques through correspondent banks; agency services for the provision of mobile banking and micro-insurance services to its clients; and provision of payment services such as salary, gratuity, pension for employees of the various tiers of government.

It will also provide loan disbursement services for the delivery of the credit programme of government, agencies, groups, and individuals for poverty alleviation on a non-recourse basis.

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Banking

Afreximbank, APPO to Establish African Energy Bank

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Special Energy Bank

By Adedapo Adesanya

A Memorandum of Understanding (MoU) for the establishment of a multi-billion dollar African energy bank has been signed between the African Export-Import Bank (Afreximbank) and the African Petroleum Producers Organization (APPO).

The institution will scale up private sector investment in African oil and gas projects and will not be a substitute for private investment but serve as a catalyst for Africa-directed investment.

As per terms of the MoU, the bank will provide critical financing for new and existing oil and gas projects, as well as energy developments across the entire value chain.

This will help strengthen the continent’s energy sector which has been further weakened by international oil company divestment and the shift in global investment trends.

The MoU was signed by Mr Rene Awambeng, Director & Global Head, Client Relations, Afreximbank, and Mr Omar Farouk, Secretary General of APPO, in the presence of Mr João Lourenço, President of the Republic of Angola, APPO Ministers and Mr NJ Ayuk, African Energy Chamber (AEC) Executive Chairman.

The proposed African Energy Bank will operate in the same way as the APPO-created Africa Energy Investment Corporation – a developmental financial institution created to channel resources towards the development of Africa’s energy sector.

“The African Energy Chamber has been pushing for the creation of an African Energy Bank, one that is African-based and Africa-focused, and I am proud to announce that the Afreximbank and APPO have taken the first steps towards its creation.

“The bank will be critical for Africa’s energy sector, serving as a catalyst – not a substitute – for private investment in African energy. This is a practical strategy for prosperity and a pragmatic vision that must be embraced by all who want to make energy poverty history and fight climate change.

“Why should our pension funds go to European banks who say they will not finance Africans and call us risky? We need to use that money to finance oil and gas,” Mr Ayuk said.

Based in Africa, the bank will operate as an independent entity, regulated and led by experienced professionals that know and understand Africa’s energy needs.

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Banking

NowNow Unveils New Features to Boost Contactless Payments

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NowNow

By Adedapo Adesanya

A leading African fintech startup, NowNow Digital Systems Limited, has launched a first of its kind fully integrated near field communication (NFC) enabled wallet which allows complete contactless payments on the platform.

This new function provides fast, easy, and safe cashless payments for NowNow customers using android smartphones, automated teller machine (ATM) cards, and point of sale (POS) devices.

The most innovative feature of this technology turns smartphones into digital point of sale terminals for micro to small-sized businesses including individuals, agents, and merchants.

With the NFC integration on NowNow wallets, the company’s new Tap & Pay and SoftPOS features enable the acceptance and performance of seamless contactless transactions without the need for any additional hardware.

The Tap & Pay feature allows wallet to wallet transactions on NowNow, while the SoftPOS feature allows ATM card to wallet and wallet to POS transactions.

Speaking on the new NFC wallet integration, Mr Mahesh Nair, Co-Founder and Chief Operating Officer, NowNow Digital Services, expressed excitement at the feat and affirmed that the new feature highlights NowNow’s commitment to enabling seamless financial services in Nigeria.

“We are excited to be the first fintech wallet in Nigeria to launch a fully integrated NFC wallet for our users that enables them to perform contactless payments. The Tap & Pay and SoftPOS solutions represent our dedication to providing seamless digital payments in Nigeria.

“As a leading fintech, it is important for us to provide services that promote financial inclusion. Today, our customers, agents, and merchants can make smooth contactless payments on our platform. Using the feature is easy with no hardware or maintenance required coupled with a simple onboarding process,” he said.

The new NowNow NFC enabled Tap & Pay and SoftPOS solutions provide customer-to-customer (C2C) and customer-to-business (C2B) services, including agent-to-customer offerings.

These options enable NowNow merchants and individuals to use payment solutions that are secure and easy to set up.

NowNow’s mission is to deliver best-in-class financial services having built an ecosystem for seamless digitized payments for customers.

The NFC integration on NowNow wallets will further enhance NowNow’s existing services for consumer banking, agency banking, and merchant payment, driving financial empowerment and inclusion for micro to small businesses and individuals alike.

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