Banking
Winners Grab N4.5m in Union Bank Centenary Innovation Challenge
By Dipo Olowookere
A total of N4.5 million has been won by three young entrepreneurs in the Union Bank Centenary Innovation Challenge created in partnership with Co-Creation Hub.
The challenge was put in place to socially impact Nigeria by unearthing and supporting innovative ideas that address the Sustainable Development Goals (SDGs).
At the pitch event, which took place on Thursday, July 27, 2017 at the Heritage Place, Lugard Avenue, Ikoyi, Lagos, Ized Uanikheli of Locitrax group, who produces Biodegradable Plastic Bags, emerged the overall winner, going home with the sum of N2 million.
Uanikheli expressed her joy saying it will serve as encouragement for her to do more.
“I am glad that my dreams are coming to reality and I wish to express my sincere gratitude to Union Bank for giving us this platform to showcase our innovative idea.
“For me, everyone here is a winner for participating; it is a privilege to be identified with a brand like Union Bank. I believe this will encourage other SMEs and innovators to believe in their ability to create great things and make life better for everyone,” Uanikheli said.
The first runners-up, Abuyaziz Musaddiq and Mohammed Mustapha Ilyas, who built Agartech, a device for the preservation of fruits and leaf vegetables using solar empowered drier, received N1.5 million.
The second runner-up, “Mbele” by Peter Ayeni got N1 million for producing learning gamification, an educational approach to learning by using video game design and game elements.
During the event last Thursday, nine ideas were pitched at the event to a panel of judges made up of Union Bank’s Senior Executives and Executives from Fate Foundation and Co-Creation Hub.
The Centenary Innovation Challenge provided a platform for entrepreneurs and tech innovators to pitch their ideas and attract financial and mentorship support from Union Bank and Nigeria’s leading social innovation hub, Co-Creation Hub.
Speaking at the event, Union Bank CEO, Mr Emeka Emuwa stated that, “Earlier in the year, as part of our Centenary Anniversary celebrations, we launched the Innovation Challenge; placing a call for young Nigerians with innovative ideas which address the Sustainable Development Goals to send in their entries.
“Today, we have delivered on the promise we made to support these innovators as they seek to address the goals through entrepreneurial ideas. As a bank, we remain committed to contributing our quota towards the achievement of these ambitious Sustainable Development Goals.”
Aligned with three strategic pillars identified by Union Bank, the Centenary Innovation Challenge focuses on addressing the SDGs particularly related to Agriculture, Education and Financial Inclusion.
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
By Aduragbemi Omiyale
A partnership aimed to enable seamless, real-time and secure transactions for cardholders across Africa and the rest of the world has been entered into by Payattitude and PAPSSCARD, the card scheme initiative of the Pan-African Payment & Settlement System (PAPSS).
The collaboration will allow Payattitude cards issued by banks and other deposit-taking institutions to be co-branded with PAPSSCARD, Discover, Diners and Pulse for acceptance across their networks in Nigeria, Africa and worldwide.
As an initiative of the African Export-Import Bank (Afreximbank) and a key financial infrastructure supporting the African Continental Free Trade Area (AfCFTA), the PAPSSCARD scheme will facilitate instant cross-border payments in local currencies.
“This partnership reflects our commitment to cross-enterprise alliances and enabling inclusive, efficient, and borderless payments across Africa and the world
“With Payattitude, Nigerian cardholders and financial institutions can now enjoy the benefits of a Nigerian card that can be used worldwide,” a director at Payattitude, Dr Agada Apochi, said.
The acting chief executive of PAPSSCARD, Mr John Bosco Sebabi, said the aim is “to connect African payment ecosystems, reduce the cost and inefficiencies of cross-border payments, and strengthen African sovereignty over payments infrastructure.
“Collaborating with Payattitude, a key innovator in Nigeria’s payment space, represents a significant step towards a more unified African payment landscape.”
The chief executive of PAPSS, Mr Mike Ogbalu, said, “By bringing together PAPSSCARD’s robust cross-border payment capabilities with Payattitude’s leadership in the Nigerian digital payments, we are taking tangible steps toward building a single African market where individuals and businesses can transact easily and securely, both within and beyond Africa.”
Payattitude is the first-in-kind Nigerian Payment Scheme to pioneer multibank App and USSD Code *569#.
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