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Wema Bank Spreads Tentacles to Maraba

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wema bank Maraba branch

By Modupe Gbadeyanka

Pioneer of Nigeria’s first fully digital bank ALAT, Wema Bank Plc, is reinforcing its presence in northern Nigeria as it opened a new branch in Maraba, Nasarawa State.

Maraba is growing rapidly as an economic hub, feeding off the Federal Capital Territory (FCT) as a result of the continuous growth and expansion of administrative and economic activities of Abuja into neighbouring towns. The new branch is positioned to serve this burgeoning market.

The new branch offers a comprehensive range of banking services including deposits and loans, trade services, and payment, as well as cash management solutions.

The branch also promises to offer customers the latest in banking technology through alternative channels offered by Wema Bank.

Wema Bank has provided alternative channels to ensure those who are too busy to walk into the new branch can still bank with Wema using their electronic devices.

“The digitally savvy can use our fully digital bank ALAT, while others can use our USSD banking code *945# for several transactions from bills payment to money transfer,” says Funmilayo Falola, who heads Brand and Marketing Communications at Wema Bank.

“ALAT is available for download on Google Play Store and Apple Store, while *945# works on all kinds of mobile phones,” Falola adds.

The new branch located at Kabai junction, along Abuja-Nasarawa Expressway, Maraba is now open to customers.

Wema Bank is a financial institution that offers a range of retail, SME banking, corporate banking, treasury, trade services and financial advisory to its customers. Wema Bank operates with a National Banking Licence, with a network of over 136 branches and service centres across Nigeria, backed by a robust ICT.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Banking

BREAKING: Supreme Court Stops Banning of Old Naira Notes

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stop dispensing old Naira notes

By Modupe Gbadeyanka

The Supreme Court on Wednesday restrained the Central Bank of Nigeria (CBN) from banning the use of old Naira notes in the country from Friday, February 10, 2023.

In a ruling today by a seven-member panel led by Justice John Okoro, the apex court said Nigerians with old N200, N500, and N1,000 notes should be allowed to transact businesses without a restriction after the deadline fixed by the apex bank.

The CBN had earlier said the old notes would cease to be legal tender from January 31, 2023, but after pressure from various quarters, the deadline was moved forward to February 10.

But the Governors of Kaduna, Kogi, and Zamfara States sought an ex parte order from the Supreme Court to stop the federal government through the CBN or the commercial banks from going ahead with the deadline.

While delivering a ruling in the motion, Justice Okoro approved the “order of interim injunction restraining the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction.”

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Banking

ICPC Arrests Sterling Bank Managers for Hoarding N258m New Notes

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Sterling Bank managers N258m

By Aduragbemi Omiyale

Two Sterling Bank managers in Abuja have been apprehended by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

A statement from the ICPC disclosed that its operatives arrested the Regional and Service Managers of the financial institution last Friday for hoarding N258 million in the bank’s vault.

The new Naira notes were given to Sterling Bank by the Central Bank of Nigeria (CBN) to disbursement to customers to ease the tension caused by Naira scarcity.

“As part of ongoing efforts at ensuring that commercial banks comply with the CBN’s directive on the distribution of the redesigned Naira notes, operatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) last Friday discovered the sum of N258 million stashed in the vault of Sterling Bank in Abuja.

“This discovery followed one of the commission’s operations at ensuring that commercial banks and other interest groups do not flout the apex bank’s directive.

“When the ICPC monitoring team visited the bank and discovered the stashed new Naira notes in the bank’s vault, it was informed that the cash was the remnant of what the CBN had given the bank for onward distribution to its branches.

“The team, however, found out that only the sum of N5 million each was distributed to their various branches.

“Both the Regional and Service Managers were arrested and later granted administrative bail while the investigation continues,” the statement issued by the spokesperson of the ICPC, Mrs Azuka Ogugua, stated.

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Banking

Wema Bank Gives Nigerians Option to Buy New Samsung Diamond Series on Credit

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ALAT new Samsung Diamond Series

By Aduragbemi Omiyale

Nigerians intending to purchase the new Samsung Diamond Series phones but are short of funds can now fulfil their fantasy through Wema Bank Plc.

The financial institution, through its digital banking arm, Wema by ALAT, has partnered with the South Korean manufacturing giant, Samsung Electric Industries, to sell smartphones to customers in Nigeria.

According to the Chief Digital Officer of Wema Bank, Mr Olusegun Adeniyi, prospective buyers can make a partial payment or buy on credit for any of the models in the series.

“This partnership between ALAT and Samsung will simplify the acquisition of high-end gadgets, provide customers with multiple payment options, and simplify logistics,” he stated.

“Our current and prospective customers who desire to own any of the models of the new Samsung Diamond Series phones can pre-order their choice on ALAT.

“They can also choose their preferred pick-up locations, and their orders will be delivered to their preferred destination,” he explained.

Additionally, Mr Adeniyi encouraged prospective buyers to take advantage of the partnership’s partial payment and credit options.

“Customers can either make full payment or pay a 30 per cent equity contribution from their selected account, after which the devices can be picked up at the preferred locations selected on their Pre-Order Forms.

“Individuals who wish to buy on credit can do so through the device loan feature on ALAT.” The banker added.

The bank noted that while customers will be notified by email or phone call through one of their contact agents when their order is delivered to their preferred locations, those who want to track the status of their orders can do so via telephone at 07000PURPLE or 08039003700, or via WhatsApp chat at 09044411010.

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