NEWS AGENCY OF NIGERIA
Banking

Access Bank partners AfriGOpay to boost Nigeria’s payment ecosystem

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By Lydia Ngwakwe

Access Bank in partnership with AfriGOpay, has launched the first national domestic card designed to meet the needs of the Nigerian payment industry.

Mr Victor Etuokwu, Deputy Managing Director, Retail Banking, Access Bank, said this in a statement on Thursday in Lagos.

Etuokwu said that the scheme, championed by the Central Bank of Nigeria and the Nigerian Interbank Settlement System (NIBSS), would provide innovative solutions to users of financial services in Nigeria, Africa, and across the global markets.

“It is with excitement that we announce that Access Bank, Nigeria’s largest retail bank with over 60 million customers, is the first financial institution in Nigeria to successfully issue the first live card of the Nigeria’s National card scheme- AfriGO.

“The launch of AfriGO is another milestone in the development of a vibrant and rapidly expanding payments industry.

“Consumers demand value in real time, not just transactions. With AfriGO, we can provide valuable card benefits, robust loyalty rewards, and a compelling incentive to utilize electronic payments rather than cash,” he said.

Etuokwu also said the AfriGO Card had additional benefits designed to facilitate the growth of Nigeria’s payment ecosystem, thereby supporting more tailored payment services.

He said it would strengthen payment security, expand financial participation, guarantee data sovereignty, eliminate FX dependency, and provide Nigerians with several other benefits.

This, he said, would allow cardholders to enjoy increased affordability and more flexible payment options.

The statement quoted Mr Robert Giles, Senior Retail Advisor, Access Bank as saying, “the national card scheme will operate locally as it is tailored to the specific needs of the country.

“We have also recorded successful purchases on POS and ATMs which began on March 14, 2023.

“Domestic ownership of a local card scheme eliminates demand on foreign exchange and reduces cost of transacting.

” It will also help us partner with local fintechs and payment companies to build solutions on the AfriGO scheme that solve customers’ pain points,” he said.

He also noted that the national card scheme came a crucial time for the national payments’ infrastructure where demand for convenient alternatives to cash was at a peak.

He said the bank believed that the AfriGO scheme was a new building block that would support continued progress in the payments system, building on Nigeria’s position as the sixth most developed real-time payments market in the world.

It also quoted the Chief Executive Officer of NIBSS, Premier Oiwoh, as saying that the payments landscape in Nigeria has continued to evolve via seamless and convenient real-time electronic payment solutions driven by innovation and advancement in technology.

“The launch of our national domestic card scheme AfriGO is very timely; AfriGO will drive our financial inclusion goals amongst many benefits, and we are thrilled that Access Bank is the first bank in Nigeria to issue AfriGO cards to its customers.

“Access Bank has demonstrated the much-needed commitment to enhancing financial inclusion, and we urge other financial institutions to commence issuing AfriGO for more accessible and convenient payments for all Nigerians, regardless of their location or financial status,” Oiwoh said.

The statement also quoted Aminu Maida, the Executive Director, NIBSS, as saying, ” with technological advancements, there are more options for payments and the recently launched national domestic card scheme, AfriGO gives us assured comfort on all financial transactions.

“We are excited that Access Bank is the first to key into our belief of AfriGO’s immense value to the Nigerian financial ecosystem.”

AfriGOpay is a financial services business affiliated with the Nigeria Inter-Bank Settlement System. (NAN)(www.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma

Banking

Parallex Bank gets $10m trade finance facility from Afreximbank

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By Lydia Ngwakwe

 

Nigeria’s Parallex Bank Ltd. has received $10 million trade finance facility from the African Export-Import Bank (Afreximbank) for Small and Medium-sized Enterprises (SMEs).

Dr Femi Bakre, the Managing Director/Chief Executive Officer of Parallex Bank, said this in a statement on Wednesday in Lagos.

Bakre said the financing, deployed under the Afreximbank’s Trade Facilitation Programme (AfTRAF), was part of the bank’s strategies to assist African banks to enhance and complement existing trade finance lines.

He added that the funds would be used to create lines of credit for businesses operating in the agriculture, export industry, health, education and renewable energy sectors.

Bakre said the funds would support other Pan-African business opportunities for Parallex Bank’s growing SME segment as well as for emerging commercial and corporate banking businesses.

He said the facility underscored the confidence that Afreximbank had in Parallex Bank.

“It helps us to materialise our strategy of building ecosystem partnerships to support critical sectors of Nigeria’s economy for growth and development.

“We will engage in product-based collaborations to increase transaction mileage in specific and strategic segments, such as the creative industry, women-owned and managed businesses among others.

“In addition to the $10 million trade finance facility, Afreximbank will provide Parallex Bank with technical assistance in capacity development and other training programmes geared towards solidifying the relationship between the two institutions,” Bakre said.

Bakre quoted Prof. Benedict Oramah, the President/Chairman of the Board of Directors of Afreximbank, as saying that the bank was pleased to continue to expand the AfTRAF programme across Africa.

“This financing facility provided to Parallex Bank comes in addition to other trade facilities already in use by our other partner banks in Nigeria and throughout the continent to help bridge the financing gap created by the withdrawal of international correspondent banks,” Oramah said.

Parallex Bank is committed to promoting business growth in Africa and contributing to the development of the continent. (NAN)(www.nannews.ng)

Edited by Dianabasi Effiong/Chinyere Joel-Nwokeoma

Banking

IWD: Access Bank, stakeholders decry gender discrimination in workplace

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By Lydia Ngwakwe

Speakers at the Access Bank women conference have called for equitable representation of women in the workplace.

The News Agency of Nigeria (NAN) reports that the conference was organised by the bank to mark the 2023 International Women’s Day (IWD) on Thursday in Lagos.

The 2023 IWD had the theme: “Embrace Equity.”

In his keynote speech , Dr Akinwunmi Adesina, President of the African Development Bank (AfDB), said that the bank had the highest percentage of women enterpreneurs in the world.

Adesina said that in many African countries women were responsible for most of the agricultural production.

“Women in businesses are on the rise across the country and have contributed significantly to job creation and economic growth.

“Women are bankable. It is, however, believed that women in Africa continue to face a fallen two billion dollars finance gap. How do we explain that? There is inbuilt gender based biases against women in terms of access to finance,” he said.

Adesina said that as Africa’s premier financial institution, the bank remains committed to empowering women and closing the gender gap in African countries.

He said that the AfDB was making efforts to achieve gender parity across its workforce in the near-term.

“Currently, the overall distribution is 39.5 per cent women and 60.5 per cent of men are going to split to achieve full gender parity at the African Development Bank by 2028.

“We are making significant progress, already 50 per cent of my executive leadership team is made up of women,” Adesina added.

According to him, now is the time for women to take action, raise equity and build a better and more inclusive future.

“By investing in women, we create a ripple effect that positively impacts the entire community,” Adesina said.

In her goodwill message, the wife of the Vice-President, Mrs Dolapo Osinbajo, frowned against the stigmatisation of women in the society.

Osinbajo said that the conference was a forum for women to talk about issues affecting them.

She noted that many women had achieved great heights in the society in spite of the challenges.

“Surely their successes will give validation to the dreams of others; those who are here and those who are online.

“And so for a moment I’ll speak about dreams. What are your dreams? Where are your dreams? Are they very good? Are they burning in your heart to inspire today by all you see around you?

“Step down the doubt. The doubt of faith can I do it? Step down the fear,” Osinbajo said.

She enjoined women to dream big without thinking of limitations as obstacles.

The Minister for women Affairs and Social Development, Pauline Tallen, said that women should be celebrated because of their uniqueness.

Tallen expressed gratitude to the chairman, management and staff of Access Bank for putting up the event to celebrate the uniqueness of women.

She also appreciated the Wife of the Ondo State Governor, Mrs Betty Anyanwu-Akeredolu, for her support in women emancipation through her non-governmental organisation.

Also speaking, the First Lady of Ondo, Anyanwu-Akeredolu, decried the number of women elected into the National Assembly.

Anyanwu-Akeredolu said that voter intimidation, suppression and electoral violence would deter women from taking part in the electoral process.

According to her, women should learn to speak out against societal ills and be ready to support one another to become the best in life.

She said that if women find themselves at the corridor of power, they should be able to provide WASH facilities for girls in school, especially to take care of themselves during their monthly flow.

She said that no child should be left behind at home without going to school due to lack of sanitary pads.

She added that with the advancement of technology, pregnant woman should not die while giving birth if the right infrastructure and medical care were provided.

In his address of welcome, the Group Managing Director/ Chief Executive Officer, Access Corporation, Dr Herbert Wigwe, said that the bank was at the forefront of stamping out the discrimination of women in the workplace.

Wigwe said that all hands should be on deck to share the bank’s vision of gender equality and equity.

He expressed gratitude to the chairpersons who had led the bank both in recent past and the current one, adding that the bank experienced tremendous growth under their watch.

Wigwe noted that the theme of equity gives room for all women to thrive above their limitations.

“Equality is society’s destination. Equity will be the root for all of us to get there.

And in such a world, no one is left behind,” Wigwe said

The Group Head of ‘W’ Initiative’s at Access Bank, Mrs Abiodun Olubitan, said that the bank dispensed N40.5 billion worth of loans to women SMEs in 2022.

Olubitan disclosed that the bank had earmarked N100 billion for loans for women SMEs in the current year to enable them boost their businesses.

She said that the theme of the 2023 IWD celebration was apt.

“What we are saying is equality is different from equity .

“So yes, you can give everybody a shoe, both man or woman, but do you give them the shoe that fits them is what equity is talking about.

So, we want to give everybody fairness and equal opportunity to thrive to take advantage of everything available around them, both man and woman,” Olubitan said.

NAN reports that the event was attended by women from all walks of life. (NAN)(www.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma

Banking

IWD: Expert tasks corporate executives on bringing women, girls into STEM

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By Lydia Ngwakwe

Mr Andrew Alli, a banker and an investor, has stressed the need for corporate executives to encourage girls and women to embrace opportunities in the Science, Technology, Engineering and Mathematics (STEM) education.

Alli gave the advice at the FirstBank Women Network International Women’s Day event with the theme, “Embrace Equity’’, on Wednesday in Lagos.

He said that the opportunities in the STEM education were enormous and if properly tapped would enhance the country’s Gross Domestic Product (GDP).

Alli said that the Information and Communication Technology (ICT) sector had recorded tremendous growth and presently contribute about 18 per cent to the GDP from two or three per cent recorded in the years past.

He, however, noted that female participation in the technology space was not encouraging.

“So, I think that this is the time to try and change that narrative around what happens in technology companies; though, a number of those companies are already starting to do this,’’ he said.

Alli noted that women were underrepresented because men were the ones doing the funding.

He said there was the need for female executives to change the narrative and encourage more girls and women to participate actively in the sector.

Alli enjoined them to use technology as a tool for female inclusion, recruitment and screening to remove some of the bias and bring more women on board the workforce.

Dr Adesola Adeduntan, Chief Executive Officer of First Bank of Nigeria Ltd., said that the bank had made good progress in addressing gender imbalance in the institution.

“We are not yet where we would like to be but we are very clear in terms of the direction of travel, we are very clear in terms of what we are doing to ensure that we have more women go through the pipeline and get to the top.

“Today, we have two executives that are female, we have a number of ladies that are general managers, at the deputy general manager level, and we have several females.

“But, our objective remains that in the very near future, we would have the first female chief executive officer of FirstBank, and I could see that in the making.

“I have had the privilege of working with virtually everyone here, I see the brain, I see the resilience, I see the tenacity, I see the urge to succeed, the hunger to succeed which for me is even probably much more important,’’ Adeduntan said.

Earlier, Mrs Olaitan Martins, Chairman, FirstBank Women Network, called on women not to be afraid of pursuing their interest in innovation and technology.

Martins urged them to take advantage of the numerous resources available for learning and growth.

“ There are about 27 per cent of tech related jobs and women are underrepresented in STEM, this gap can truly be bridged and it starts with us.

“We have the power to break this barrier and pave the way for the future generation of women in innovation and technology, we need to participate actively more and contribute new perspectives with our unique creativity and problem solving skills.

“We don’t need to be afraid, sometimes we think technology is too difficult. We should not be afraid to pursue our interest in innovation and technology and there are numerous resources available for our learning and growing.

“So, together we can bring down the gender barrier in technology and innovation and create a more diverse and inclusive world for us all, so I encourage you all to subscribe, take that bold step, develop interest and we will assist you,’’ she said.

Prof. Olayinka David-West, Academic Director and Senior Fellow in the Operations, Information Systems and Marketing Division of Lagos Business School, urged women to be change makers and social problem solvers.

“So when we talk about change makers, there are different types and I think we all fit into different categories of change makers.

“First of all, we have social architects, influencers, skill catalyzers; we could be inventors, putting financial resources into development, we could be inventors creating new things and also connectors,’’ she said.

FirstBank Women Network was established to address the gender gap at the senior levels and tap the opportunities presented by enabling our women to contribute even more if given the necessary strategic support and an intentional enabling environment. (NAN)(www.nannews.ng)

 

Edited by Chinyere Joel-Nwokeoma

Banking

2023 IWD: Banker charges female accountants on digitalisation 

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By Rukayat Adeyemi
Mrs Folashade Femi-Lawal, Head, Card and Messaging business, First Bank of Nigeria Plc, has called on female accountants to focus on being relevant in the digital world.
Femi-Lawal said this on Tuesday in a presentation at a webinar organised by the Society of Women Accountants of Nigeria (SWAN) in commemoration of the 2023 International Women’s Day in Lagos.
The United Nation’s theme for this year’s IWD is: ‘DigitALL: Innovation and technology for gender equality.’
Femi-Lawal said female accountants and other women must embrace the role of technology and how to use it as an unstoppable force for positive change.
“Innovation and technology have greatly impacted various aspects of our lives, but their advancements have also led to a widening gender gap in access to resources and participation in the workforce environment,” she said.
According to her, despite efforts to promote gender equity and inclusion, women remain under-represented in the tech industry and leadership positions.
Femi-Lawal noted that it was important to utilise technology to promote gender equality, due to its increasing role and the need for a fair and just world.
She explained that throughout history, gender inequality had been a persistent problem, but over time, the society must collectively and consciously take steps toward achieving gender parity.
“The theme of the 2023 IWD aims to initiate a global conversation on why equal opportunities are no longer sufficient and can steadily result in exclusion instead of inclusion.
“It is not enough to provide equal opportunity, opportunity should be adapted to various circumstances and that is equity,” she said.
According to her, the goal of equity is to change systematic and structural barriers that get in the way of people’s ability to thrive.
Femi-Lawal charged SWAN members and their counterparts in other fields to be determined, visionary, hardworking, have mentors and invest wisely to make significant strides in their career.
In her welcome address, SWAN’s chairperson, Mrs Nwamara Nnaji, stated that the association was keen on contributing positively to women affairs both nationally and internationally.

SWAN Officials
She explained that women were special because they were highly sensitive, sympathetic and caring.
Nnaji lauded Femi-Lawal for her vast, professional and insightful presentation, noting that the female accountants had gained a lot from the webinar.
She urged members to make this year’s IWD a memorable one for someone by mentoring a girl child, reaching out to a less-privileged girl or child.
She said the female accountants could also show love to ladies in need of either physical, financial or psychological attention.
 “A strong woman knows she has strength enough for the journey, but a woman of strength knows it is in the journey that she will become strong.
“A smile, word of advice, hug, gentle pat of encouragement at the back.  All these will go a long way to lift up the spirit of the girl child or woman next to you, so let’s make it happen,” Nnaji said.
Similarly, Mrs Ajibola Bakare, event committee chairperson, commended SWAN members for the impressive attendance at the event.
She lauded the presenter for the delivering a top-notch lecture.(NAN) (www.nannews.ng)
Edited by Kamal Tayo Oropo/Oluwole Sogunle
Banking

FirstBank appoints Seyi Oyefeso as Executive Director

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By Lydia Ngwakwe

FirstBank of Nigeria Ltd., has appointed Mr Oluseyi Oyefeso as Executive Director, Retail Banking  in charged of the South.

In a statement on Monday in Lagos, the bank said his appointment, which took effect on March 2, 2023, was subject to the Central Bank of Nigeria (CBN) approval.

Prior to Oyefeso’s appointment, he was the Group Executive Director, Retail Banking South(Lagos and West), having also served as the Country Managing Director, FBNBank Ghana Ltd.

He joined the First Bank in 2006 as a Branch Manager, who served in one of the bank’s top three branches.

He also held several positions, including Business Development Manager as well as Group Heads within the Retail Banking and Institutional Banking Directorates.

Dr Adesola Adeduntan, Chief Executive Officer, FirstBank Group said, “Seyi is a multi-skilled professional with very robust banking experience, proven problem-solving and leadership skills.

“He is a competent leader, a team player and has over the years demonstrated the ability to develop positive business relationships, evidenced by remarkable track-record of business growth.

“We are excited to have Seyi as one of our executive directors and we wish him the best as we collectively reinforced  our commitment to strengthening the bank’s contributions  to empowering our stakeholders,” Adeduntan said.

He described Oyefeso as a result-oriented executive with over twenty-five years cognate management experience in the banking and financial service industry.

He is also a seasoned banker and chartered accountant, who started his banking career in January 1993.

According to him, he has acquired extensive knowledge in retail, corporate and commercial banking, credit risk management (analysis and administration) as well as  financial control.

Oyefeso is a graduate of Accounting and a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an Associate of the Chartered Institute of Taxation in Nigeria(CITN).

He is happily married with three children.(NAN)(www.nannews.ng)

 

Edited  by Auwalu BirninKudu/Olawunmi Ashafa

Banking

First Bank reinforces commitment to celebrating, empowering women

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By Lydia Ngwakwe

First Bank of Nigeria Ltd. says it plans to dedicate the month of March to celebrating women across the world.

Mrs Folake Ani-Mumuney, Group Head, Marketing and Corporate Communications of the bank, said this in a statement on Thursday in Lagos.

According to her, the celebration is in commemoration of the International Women’s Day, scheduled for March 8.

She said that the bank’s plan to celebrate women, was in furtherance of its role in promoting their socio- economic inclusion in the society.

The theme for this year’s International Women’s Day is “Embrace Equity”.

According to her, the celebration will kick off with series of internal activities, designed to celebrate women.

She said the First Women Network (FWN), Mentoring, Coaching and Sponsorship Pillar Webinar would hold on March 3.

She said the event would be organised by the bank’s First Women Network, an initiative that seeks to address the gender gap and increase the participation of women at all levels within the organisation.

“As a member of UN Women, First Bank employs the relevant women empowerment tools, including the Women Empowerment Principles (WEPs) Gender Gap Analysis Tool in the process of assessing its performance and provides progress reports that feed into the WEPs performance indicators.

“First Bank has a ratio of about 39 per cent : 61 per cent female to men employees, while 32 per cent of women in management, driving a deliberate policy consistent with the WEPs – Equal Opportunity, Inclusion, and Nondiscrimination.

“In line with this commitment, FirstBank is partnering with UN Women on  March 15, 2023 and is set to play a key role in a scheduled event driven by UN Women.

“This will showcase young women and men between the ages of 18-35 in Nigeria, who are using technological innovations and tools, to promote gender equality, women’s empowerment and inclusion.

“This is in line with the UN International Women’s Day theme for 2023,  “DigitALL: Innovation and Technology for Gender Equality”, Ani-Mumuney said.

According to her, the conversation on ‘’Embrace Equity’’ as well as ‘’DigitALL: Innovation and Technology for Gender Equality’’, will be reinforced on Twitter Spaces with notable speakers, including Foluso Gbadamosi, the Executive Director of Junior Achievement Nigeria.

She said amongst the activities, scheduled to round off the women’s month commemoration, is the bank’s support of the Heroism of Erelu Ota.

Ani-Mumuney also said that the play aligns with the bank’s First@arts goal of supporting the arts and women.

She said, “Heroism of Erelu Ota is an untold story of a legendary goddess in Ikorodu Kingdom, who travels on the sea with a mat, and her ability to see what the enemies of Ikorodu are planning in their town, played a huge role in assisting the people of Ikorodu during the Agbala war.”

Ani-Mumuney said the bank remained committed to diversity and inclusion as well as women empowerment through digital education and the provision of opportunities for women to access digital tools.

“It is also to  bridge the gender digital divide and achieve gender equality.

“Therefore, as in previous years, FirstBank has dedicated March 2023 as a month set aside to celebrate women and all their remarkable achievements over the years.

“This include their leadership roles and pace-setting standards in Science, Technology, Entrepreneurship, Arts and Mathematics (STEAM).

“We are deliberat0ing about partnering to ensure more impact – ensuring that we touch as many women as possible in women’s month and beyond,” she said. (NAN)(www.nannews.ng)

 

Edited by Modupe Adeloye/Olawunmi Ashafa

Banking

Scarcity of cash: CBN unveils eNaira enhanced services for unbanked, underserved

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By Lydia Ngwakwe

 

The Central Bank of Nigeria (CBN) in collaboration with ChamsMobile Ltd. and Super Agents have developed the eNaira enhanced services to address challenges faced by the unbanked and the underserved.

 

Mr Bayo Akintoye, Founder/ Chief Executive Officer of Bullnet platform, unveiled the new innovation at a media parley on Thursday in Lagos.

 

He said that the service, fully run and powered by the Bullnet platform, was employed to suit the pains felt by Nigerians, given the current scarcity of cash in the country.

 

The News Agency of Nigeria (NAN) reports that the Central Bank Digital Currency (CBDC) the eNaira, established under the project Giant Initiative, was launched by President Muhammadu Buhari in Oct. 2021.

 

Akintoye said, “The CBN has collaborated with ChamsMobile Ltd., CBN licensed mobile money operator and Super Agents to address challenges faced primarily by the unbanked, the underserved and those on the other side of the digital divide by developing the service known as eNaira enhanced services, where the enaira USSD channel *997*50# can be used to carry out all banking transactions.

 

“This wallet can be funded directly using this platform with cash purchased vouchers like GSM recharge cards or from a funded bank account using bank cards via the web portal that has been provided or using electronic payments with any authorised agents.

 

“Users can also transfer eNaira from one wallet to another simply by putting in the recipient’s phone number.

 

“This service also makes it possible for users to cash out by sending the eNaira directly from their wallets to an ATM and withdrawing the cash equivalent without need of a bank account or bank card

“The users can also send eNaira to a designated account for savings or further transactions.’’

He said the network of banking agents across the country such as the Chamsmobile, Super Agents and other mobile money agents, POS agents among others, would become eNaira extension workers and would be selling vouchers to customers at a profit as well as onboarding new users.

 

He said they would also be involved in educating the masses about the concept of the CBDC and its benefits and guide users on how to efficiently use the eNaira to suit their purposes and circumstances.

 

He said they would be instrumental in achieving mass acceptance and quick adoption in the local and remote areas and solving user’s problems.

 

“For instance, the eNaira extension workers can buy and register SIMs and help customers that don’t have phones already to operate the wallet, even on their phones in case the customers are not able to buy their own phones.

 

“They can help them to keep physical ledgers for eNaira transactions in places, where there are no mobile services or network,

 

Akintoye added that the new innovation would allow Nigerians abroad purchase vouchers to fund their wallets and send funds directly to their loved ones who in turn could spend eNaira directly and conveniently no matter their location within Nigeria.

 

The Bullnet CEO said, “It is expected that Nigerians will proudly associate with this innovation and register to have the eNaira wallet as much as possible. For now, the eNaira is operational only on the 9mobile and MTN network.’’

 

Mrs Rakiya Mohammed, Director of Information Technology Department, CBN, who commended Bullnet for coming out with a homegrown innovation stressed that the eNaira was introduced to support the traditional banking ecosystem.

 

“The eNaira which was launched last two years, Oct. 25, 2021, was introduced not to come and replace your traditional banking or financial ecosystem, it was introduced to support what we already have there.

 

“So, for your electronic payments and cash transactions, the eNaira just came in to create an environment that is more efficient and resilient when you are making transactions.

 

“I would like to commend the Bullnet for coming out with this innovation, that is talking about the USSD code *997#,’’ she said.

 

Mohammed, represented by Mr Otaru Abdulkadir, eNaira Project Giant Team, said eNaira was introduced with the mandate of reaching out to the financially excluded, hence, the need to introduce the USSD code.

 

She said that with Bullnet, CBN was able to find ways where people with limited internet services could fund their eNaira wallet and have a safe wallet.

 

According to her, it will help to transact without having to go through the difficulties of maybe having cash at hand or having to look for one of those banks out there to transact.

 

She appealed to the Bullnet team to use all the resources available to them to help in driving fully the adoption of the eNaira.

 

She also appealed to government agencies and parastatals, business owners and merchants and the like to get onboard the eNaira and make it a platform for all their transactions.

 

Mohammed stressed that embracing the eNaira would increase the financial literacy for everyone as well as reduce the operational cost for the financial institutions.

 

Mr Oscar Odogwu, President, Balogun Business Association, who described the innovation as a welcome development, promised his members would key into the laudable innovation.

 

“It’s a welcome development from the Bullnet; I believe the eNaira will be of help to traders as it will enhance our trade/business and shorten the hassles we are currently going through.

 

“I believe it will go a long way to improve our business and at the same time, curtail theft because we move around with sums of cash.

“So, we will key into the programme of the government, and we will do our best to sensitize our members on how to use the eNaira.

“I also appeal that the Bullnet should come to our aide because as we all know not all of the traders are literate, but we will do our best to key into the system and help the government and CBN to ensure the cashless policy is sustained,’’ Odogwu said. (NAN)(www.nannews.ng)

 

Edited by Olawunmi Ashafa

Banking

AfDB sustainable energy fund provides $1bn assistance

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By Temitope Ponle

The Sustainable Energy Fund for Africa (SEFA), of the African Development Bank (AfDB) Group, would provide a one-million-dollar technical assistance grant to the Green Mobility Facility for Africa (GMFA).

 

In a statement issued on the website of the AfDB on Tuesday, GMFA would provide technical assistance and investment capital.

 

This is to accelerate and expand private sector investments in sustainable transport solutions in seven countries.

 

The countries are: Kenya, Morocco, Nigeria, Rwanda, Senegal, Sierra Leone, and South Africa.

 

Nnenna Nwabufo, Director-General, East Africa Regional Development and Business Delivery Office, AfDB, said mobility was a fundamental lifeline that connected people to critical services, jobs, education, and opportunities.

 

“The African Development Bank is committed to building a sustainable and more climate-resilient future by catalysing private investment in low-carbon solutions.

 

“We believe GMFA will have a tremendous impact on the African market by accelerating the shift to green mobility, reducing over 2,175,000 carbon dioxide equivalent tons of greenhouse gas emissions and facilitating the creation of 19,000 full-time jobs.”

 

Also, Clare Akamanzi, Chief Executive Officer of the Rwanda Development Board, said the future demand for mobility solutions and vehicle ownership was expected to increase.

 

“Future demand for mobility solutions and vehicle ownership is expected to increase with rapid urbanisation, population growth, and economic development.

 

“We are delighted to receive this support from AfDB. We see this as a vote of confidence in our efforts to shift to e-mobility solutions and advance Rwanda’s transition to a low-carbon economy.”

 

Rwanda is one of seven pilot countries for GMFA.

 

The SEFA grant is expected to support the creation of an enabling environment for Electric Vehicles (EVs), the design of EV business models and guidelines for the public and private sector.

 

It would also support the development of a bankable pipeline of e-mobility projects, regional coordination, and knowledge sharing amongst other upstream activities.

 

This is to help catalyse follow-on private sector financing during the subsequent investment phase of the GMFA. (NAN) (www.nannews.ng)

Edited by Vincent Obi

Banking , Economy/Business

Fidelity Bank issues largest ticket Tier II local bonds

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By Itohan Abara-Laserian

Fidelity Bank Plc says it has successfully issued 10 years N41.21 billion in fixed rate unsecured subordinated bond at 8.5 per cent coupon rate due 2031.

Mr Mustapha Chike-Obi, Fidelity Bank Chairman, disclosed this in a statement made available to the News Agency of Nigeria (NAN) on Sunday in Lagos

Chike-Obi said that the bond issuance which was fully subscribed given that total investor interest and commitments in the bonds were N56.6 billion.

According to him, the transaction underscores the bank’s capacity to successfully execute debt capital market transactions.

Recall that in December, the bank announced plans to issue fixed income securities with 10-year tenor to support the growth and development of Small Medium Enterprises (SMEs), retail business as well as its technology infrastructure.

The bank conducted the debt issuance under its registered N100 billion bond issuance programme.

The bonds are unsecured and subordinated, which will qualify as Tier II Capital in line with the Central Bank of Nigeria Guidance Notes on Regulatory Capital for commercial banks in Nigeria.

Chike-Obi said: “The bond issuance further demonstrates our confidence in Nigeria’s debt market.

“It also validates the continued investor confidence in our corporate strategy and aspirations, strong corporate governance structure and solid and stable executive management team with robust history of superior financial performance and returns,” Obi explained.

Mrs Nneka Onyeali-Ikpe, the bank’s Chief Executive Officer, said proceeds from the transaction would be utilised to support growth in the issuer’s risk assets in SME and retail business and investments in technology & retail infrastructure.

Onyeali-Ikpe added that this was in line with the bank’s Tier I aspirations.

According to her, the bank’s business fundamentals have remained strong in spite of the challenging economic environment occasioned by the coronavirus pandemic and the attendant recession.

“The successful bond issuance highlights the confidence in the Fidelity brand, as well as our capability to expand our funding sources, and deliver innovative financial services to our esteemed customers,” she said.

She said that the issue was assigned a rating of A- by Agusto, and A by Datapro and will be listed on both the Nigerian Stock Exchange and FMDQ Securities Exchange Ltd. (NAN)

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