Author: The Nation

Baobab Microfinance Bank Nigeria Limited, a subsidiary of Baobab Group, France, has received certification for ISO 22301-Business Continuity Management Systems, and ISO/IEC 27001-Information Security Management Systems. 

The bank stated that certifications in the international standards confirmed its commitment to guaranteeing customers’ data protection and transaction security.

According to the bank, ISO certifications are globally recognised standards that provide guidelines for quality management, information security management, business continuity management, and other areas. The certifications in both standards (ISO 22301 and ISO/IEC 27001) have been conferred by the International Standard Organisation (ISO) on the bank after its final audit of policies and standard operating procedures and processes.

“The two ISO certifications by the bank goes to, demonstrate its commitment to high standards and willingness to fulfill all mandatory and voluntary requirements to ensure the quality, safety, and reliability of its products and services. It goes to certify the bank’s investment in implementing effective systems and processes to manage risks and improve its service delivery performance for the benefit of our valued customers,” the bank stated

Jonas Nyaye, Ag. Managing Director, Baobab Nigeria expressed satisfaction with the achievement and emphasised the bank’s commitment to high operational and customer service quality standards by continuously conforming with the ISO certification requirements. “It is important we demonstrate by our actions, as certified by an international body like ISO,  our commitment to providing quality services and adequate protection of data to our customers and stakeholders.

We will continue to improve our systems and get certified in other industry certifications to further deepen our customers’ and stakeholders’ trust in us,” he said.

He noted that the certifications further show that the board and management of the bank are committed to meeting internationally accepted standards regarding its banking operations here in Nigeria.

The bank also, as a measure of deepening customer satisfaction, recently launched three new digital products at its headquarters in Lagos. Unveiling the three products during a virtual session, the bank’s Chief Digital Officer, Chukwuka Obike revealed that the Bank is now offering Taka Loan for Savers, Micro-Health Insurance, and POS terminals to delight our valued customers.

The Chief Digital Officer, supported by other senior management staff of the Bank, disclosed that Baobab as a digitally innovative Bank has considered global trends and therefore has decided to add value to its existing and potential customers by introducing these products. 

He noted that Taka for Savers is a reward scheme for customers who have diligently saved with Baobab for a minimum of six months. The product allows customers who have saved for a minimum of six months to access affordable loans as a reward for their loyalty and commitment. He noted that with the dwindling number of savings accounts in the financial sector falling to 17.7% in 2021 from 23.6% in 2011, it was important for the Bank to also introduce unique ways to ensure the savings culture is improved upon.

Also, the Bank introduced a Micro-Health Insurance product, in collaboration with AXA Mansard Nigeria, aimed at providing better insurance coverage to customers for common illnesses like Malaria and Typhoid. This offering reflects the Bank’s commitment to helping customers live healthier, more secure lives at a minimal cost.

He further revealed that in response to the recent cash crisis in the country, Baobab Nigeria is introducing POS terminals for merchants and SMEs, by enabling business owners to receive payments through alternative channels. This service is designed to enhance the convenience of banking for merchants and SMEs and promote financial inclusion.  

Wema Bank Plc has launched Phygital Branch, a self-service platform that combines the best aspects of traditional and digital banking, in all its branches nationwide.

“Phygital is the result of Wema Bank’s recognition that a segment of our customers still enjoys the physical experience of traditional banking but without potential hassles such as queues that can diminish the experience”, Mabel Adeteye, Wema Bank’s Head of Brand and Marketing Communications said at the launch of the initiative.

“Phygital tablets grants our customers the seamless in-branch experience they desire by reducing the amount of time spent in the branch and eliminating long queues,” she added.

On the Phygital tablet, customers can perform a range of financial services on their individual accounts such as checking account balances, transferring funds, upgrading, or reactivating accounts, updating account information, generating statements of account, letters of reference and non-indebtedness, and much more—all without speaking to a customer representative or filling a form.

Already, customers are becoming acquainted with the Phygital Branch; one such is Madame Olivia Oluwashetemi, who after initial skepticism lauds Phygital as a very smart and welcome idea. “When I visited my Wema branch some days ago to sort out some issues with customer service, I was told I could save some precious time by going on this new platform, Phygital—and to my pleasant surprise, I was through reactivating my account and updating my phone number in a few minutes”, she said of the experience which is unlikely to be her last,“adding: ALAT remains my first choice, but I wouldn’t mind the occasional visits to my branch for Phygital services.”

The launch of Phygital further drives Wema’s digital dominance, which ALAT helped establish; but while ALAT is fully digital, Phygital combines the perks of physical and digital banking, and allows customers a wider range of options for how they choose to bank. Adeteye, Wema’s Head of Brand and Marketing Communications added that: “At Wema, we are constantly evolving and working to improve the lives and experiences of our customers. Phygital is another in a long line of products and services designed to provide them with the seamless customer services for which they trust us.”

The National Institute of Marketing of Nigeria (NIMN) will be holding its conference in Abuja  on June 22 on  nation building.

The conference aims to shed light on the indispensable role of marketing and ethics in driving sustainable nation-building efforts.

Under the theme of “The Role of Marketing and Ethics in Nation Building”, the highly anticipated event will gather marketing professionals, experts, scholars, and thought leaders from across Nigeria. Attendees will engage in insightful discussions, share best practices, and explore innovative strategies that can contribute to the overall growth and development of our great nation.

In today’s rapidly evolving landscape, marketing plays a crucial role in shaping perceptions, influencing behaviour, and driving economic progress. As we navigate the challenges and opportunities of the digital era, it is imperative that marketing practices align with ethical principles, promoting honesty, fairness, and accountability. By upholding ethical standards, we can ensure the long-term success of businesses, enhance consumer trust, and contribute to the socio-economic advancement of our nation.

According to the President of the National Institute of Marketing of Nigeria (NIMN), Idorenye Enang, for Nigeria to attain sustainable development, there is a need to imbibe strong ethical leadership while harnessing the nation’s greatest asset, the people.

He also stated that the conference was inspired by the need to review the Nigerian ecosystem while creating a platform for discourse with relevant stakeholders including the government and private sector to share ideas on delivering better leadership quality and harnessing its human resources for sustainable development of businesses and the economy.

“I believe that our greatest asset as a country is our people. As an institute, we are developing ways to foster conversations around the role of marketing and ethics in building the nation. What makes a great nation and what makes a great person is ethics.”

The conference program will feature keynote speeches, panel discussions, case studies, and interactive workshops, covering a wide range of topics with key note speakers such as Mr. Lolu Akinwunmi, the Group CEO of Prima Garnet Africa; Mike Iteumagbor- Chairman Padmozi Sports Marketing; Prof Uchenna Uzo, Professor of marketing at Lagos Busines School; Dr Ibrahim Yusuf Ohida, Senior Lecturer at Nasarawa State University; Dr. Nechi Nceako, Chief Executive Officer at EL-Values Advisory; Prof. Agbo JC Onu, a professor at Ahmadu Bello University amongst several others.

These distinguished speakers and industry experts will share their invaluable insights, highlighting successful ethical marketing campaigns, innovative approaches, and emerging trends. Participants will also have the opportunity to network, exchange ideas, and forge collaborations that can further drive the ethical marketing agenda in Nigeria.

The NIMN conference serves as a platform to inspire and empower marketing professionals to adopt ethical practices that align with the core values of integrity, professionalism, and social responsibility.

The institute thereby cordially invite all marketing professionals, academics, government officials, and stakeholders in the marketing industry to join the conference in Abuja. This is to pave the way for a brighter future built on ethical marketing practices.

Managing Director of Remita Payment Services Limited (RPSL), an indigenous financial technology firm in Nigeria and a subsidiary of SystemSpecs Holdings Limited (SHL),  ‘Deremi Atanda, has emphasised the importance of fostering a collaborative culture as the key to business success.

He made this call during the presentation of the Group Managing Director, SHL, John Obaro, as the Keynote Speaker at the sixth Lagos Business School (LBS) MBA Entrepreneurship Expo and Contest.

The event celebrated innovative business ideas and featured five exceptional MBA students from various LBS programmes.

During his presentation entitled “Shaping the Future of Business”, Atanda encouraged entrepreneurs to break barriers and embrace change so as to play their part in shaping business for the future.

He added: “Business owners and managers are to pay attention to customers’ changing needs, technological advancements, deliberate value creation, and the influx of a new generation of workers, as these are critical levers that will shape businesses in the future.”

Identifying the hurdles that dot the business landscape, he shone a spotlight on the prospects for the growth and triumph that the country holds, thereby urging entrepreneurs to embrace resilience, adaptability, and innovation as indispensable traits in the face of adversity.

“Engaging in business endeavours within Nigeria may initially appear daunting; however, it simultaneously unveils substantial avenues for growth and prosperity.

“Nigeria, being a country with emerging potential for business expansion, holds a promising future. As ambitious young professionals, you possess the extraordinary capacity to influence and shape the ever-evolving landscape of the business world,” Atanda said.

Using the trajectory of Remita, he described the company’s emergence despite the difficulties posed by the adversities against the Treasury Single Account (TSA). The TSA has since been recognised as one of the finest governmental choices in the past decade.

“In the midst of turbulent times, the profound understanding of our core values acts as a guiding compass that propels us forward in any crisis. By effectively communicating with experienced professionals and fostering a culture of collaboration, we strengthen our path to success,” ‘Deremi stated.

Atanda’s leadership  has propelled RPSL to the forefront of Nigeria’s fintech revolution.