Category: Money

Ardova Plc at the weekend said it would conclude the construction of its 20,000 metric tonnes Liquefied Petroleum Gas (LPG) storage facility by this December.

The groundbreaking for the LPG storage facility at the company’s Ijora-Lagos office was held recently. The facility sits on 8.8 hectares and has a combined storage capacity of 20,000 metric tonnes, regarded as the largest in West Africa.

Chief Executive Officer, Ardova Plc, Olumide Adeosun said the LPG facility underscored Ardova’s commitment to grow revenues from cleaner fuels.

According to him, the project marks an important step in the company’s evolution to an integrated energy company, as it draws closer to its projection of a future where renewables and cleaner fuels represent a considerable segment of its product offering and balance sheet.

“This facility, when completed, will be West Africa’s largest LPG storage complex, placing Ardova at the top of the industry in receiving, blending, storing, and distributing the product to both commercial and retail customers.

“It also indicates the direction of travel for our company, as it spotlights our confidence in LPG as the fuel of the future in Nigeria, in congruence with both the Nigerian government’s gas expansion plan which seeks to make LPG mainstream at the end of the decade and the present growing rate of in-country consumer adoption of the product,” Adeosun said.

He noted that Ardova’s investment in the facility supersedes the expected commercial returns, as the company is equally focused on the positive environmental and human impact that increased

According to him, Ardova is also particularly interested in the improved socio-economic prospects the project portends for citizens of Nigeria, especially rural consumers whose reliance on biomass such as firewood makes them vulnerable to attendant health risks and reduces much needed ground cover provided by trees at alarming speed.

“By December 2022, when construction is completed, we will have a facility that will be both best in class and future ready. The firms involved in the construction, fabrication, and sourcing of every single component to be used in this project have been benchmarked against the highest standards of Engineering, Procurement, and Construction (EPC) management, as well as Health, Safety and Environment (HSE) specifications. I am confident that we will deliver a world class facility that will continue to yield results for the company in decades to come,” Adeosun said.

Ardova, a leading integrated energy company involved in the marketing of petroleum products in Nigeria, operates a network of over 450 retail outlets spread across Nigeria with major petroleum storage installations in Lagos and Rivers state. The company’s business segments include fuels, lubricants and greases; liquified petroleum gas; cylinder sales; and renewable energy solutions.

BluePeak Private Capital, an alternative asset management firm with a focus on Africa, has announced its investment in Grit Real Estate Income Group Limited (Grit).

The investment operationalises Grit’s development plan to boost industrial and health facilities in East Africa – improving access to essential goods and quality healthcare.

The London Stock Exchange-listed Grit invests in and manages a diversified portfolio of high-quality assets across the continent.

Founded in 2014 by Bronwyn Knight, Grit’s portfolio comprises 54 investments across more than eight countries and five asset classes.

BluePeak partnered Ethos Mezzanine Partners to invest $31.5 million in Grit in a transaction led by Ethos Mezzanine Partners. The  deal marks the inaugural investment from the BluePeak Private Capital Fund SCSp (the Fund), an impact-linked private credit and mezzanine finance facility raised during the COVID-19 pandemic.

BluePeak designs innovative financing solutions to scale mid-sized African businesses.

The Fund reached first close at $115 million in September 2021 and is targeting a final close of $200 million later this year, with a hard cap of $250 million. It provides vital growth capital to non-cyclical, growing firms, enabling them to accelerate innovation and transformation strategies and emerge from the pandemic stronger and more resilient.

BluePeak’s expertise in structuring allows the team to offer bespoke debt instruments, including mezzanine finance, preferred equity, convertibles, and senior debt. Investments are designed to maximise participation and impact for women and marginalised groups and targeted to sectors, which uplift quality of life for millions of people.

Managing Director, BluePeak Private Capital, Adam Hadidi, said: “Grit has built one of the largest and most diversified real estate platforms across Africa and proven the resilience of its portfolio. We are pleased to support Orbit’s acquisition and redevelopment of a one-of-a-kind industrial asset in Kenya, and the development of St. Helene, to boost access to quality healthcare facilities in Mauritius.”

Founder and Chief Executive Officer (CEO) of Grit, Bronwyn Knight said: “We are excited to start this long-term partnership with the IFC, BluePeak and Ethos Mezzanine Partners on the strength of a robust and well-established East African tenant covenant and an accretive investment and redevelopment project in a prime location. The funding will allow Grit to further increase its exposure to Kenya and the broader light industrial sector and additionally to the healthcare sector in Mauritius..

Proceeds from the Fund’s inaugural investment into Grit will be deployed to partially fund the acquisition (on a sale and leaseback basis), restoration and expansion of a prominent warehousing and manufacturing facility in Nairobi by Orbit Africa (“Orbit”). Orbit is a pioneering manufacturer of personal and home care hygiene products in the East African region.

The total purchase, refurbishment, and expansion cost of US$ 53.6 million is actualised by a US$ 25 million senior debt structure backed by the International Finance Corporation (“IFC”), a member of the World Bank Group, and US$ 28.6 million through the investment provided by BluePeak and Ethos. As one of the largest sale and leaseback transactions across sub-Saharan Africa, the deal bolsters Orbit’s balance sheet and unlocks additional cash flow to enable the company’s expansion, increasing production to meet rising consumer demand.

A Nigerian fintech firma, O3 Capital, has been awarded the Payment Card Industry Data Security Standard version 3.2.1 certification 2022.

The PCI version 3.2.1 compliance certificate was awarded to the firm by a Quality Security Assessor, Sync InfoSec LLC, Roanoke Texas, United States (U.S.), on behalf of the PCI Standards Security Council and in partnership with Digital Encode Limited, its Nigerian partner.

Chief Visionary Officer, Digital Encode Limited, Dr. Obadare  Adewale, who presented the 2022 PCI DSS to the firm in Lagos at the weekend, said the award was a testament to O3 Capital’s commitment.

Adewale explained that the certification is an important endorsement for any organisation whose business operation involves the storage, processing and transmission of card data.

“PCI compliance is an important asset that assures customers that doing business with you is safe or secured. The financial and reputational costs of non-compliance, on the other hand, should be enough to compel any company to put data security first.

“The Payment Card Industry Data Security Standard is a set of compliance requirements put together to ensure that all companies that process, store, or transmit card holder information and data maintain a secure environment. These set of requirements are globally set for compliance purpose,” Adewale said.

Chief Operating Officer, O3 Capital, Mr. Taye Falana, who accepted the certification, affirmed the company’s commitment to providing a secure  environment, which ensures cardholder data is protected all through data storage and transaction processing.

He noted that while customer experience is the cornerstone of the firm’s philosophy, security and data protection cannot be compromised.

“This certification aligns with O3 Capitals growth vision, which involves pan-African expansion and partnerships with international institutions that would enhance the value of the O3 Cards and the user experience.

“This is a painstaking journey as 12 strict compliance standards have to be attained in other to acquire the PCI DSS certification.

“After seven years of operations, we have a great understanding of consumer behaviour and provide cash just at the time of need for all cardholders.

“O3 Capital is one of the fastest growing non-banks in the Fintech space in Nigeria fully licensed by the Central Bank of Nigeria and is the first non-bank card issuer in Nigeria,” Falana said.

The firm provides physical and virtual credit cards to individuals, business owners and the un-banked population with limits up to N5 million.

The cards are compatible with all POS, ATM terminals and E-Commerce sites in Nigeria while the mobile app O3Card (on Android or IOS) provides free and seamless transaction functionalities conveniently for all users. O3 is creating a credit card culture that offers total freedom and bank less financial services.

Banks lend and facilitate transactions for their customers. But in Africa, collateral is one of the major requirements for banks to lend. Co-founder, Bento, Chidozie Okonkwo speaks with COLLINS NWEZE on challenges faced by bank customers in accessing credit and how an efficient payroll system can make payments seamless.

WHAT are the credit solutions support being offered by Bento?

Banks are not in-centivised to lend and if an individual were to apply for a loan, they would be faced with many hurdles – the majority of Africans do not have the collateral to take a loan and when they do, the process could take months and the rates are not attractive either. As a result, many fall victim to unregulated payday loans.

To put it into context, 95 per cent of Africans have never taken a formal loan and even if their employers were to give them pay bumps every three months, it would never keep up with the pace of local inflation. Through our partnership with Tarya, Israel’s largest P2P lending firm, we are using payroll to unleash the power of consumer credit in a way never seen before on the continent. Through Bento’s employee app, they can pay monthly for rent, school fees, vehicles and much more, in an environment where everything typically has to be paid upfront or a year in advance. It is not an overstatement to say that we are changing lives.

Bento has stood at the forefront of payroll and HRM, serving over 900 active businesses across sectors, including some of the largest healthcare and financial services companies. How have you been able to achieve this level of success in the face of challenges?

We are solving the real problems that millions of employers and employees face on  daily on the continent – the businesses we serve see the value we bring to their operations in terms of streamlining their payroll and HR processes and increasing the morale of their biggest asset – their employees.

How much mileage can Bento give businesses in this digital age and how affordable are its services?

Bento is bringing African businesses into the digital age by using technology to revolutionise payroll and HRM operations. Shifting from a tedious, manual process to an automated one saves money and time. We are opening up African employees to products and services without the need for middlemen or red tape and creating trillions of dollars of value for all market participants, including lenders, merchants, service providers and everyone in between.

What do you think is the main reason financial institutions find it difficult to lend to businesses?

Financial institutions in Africa lack the tools  to make the best credit decisions – from a lack of data and models to accurately score creditworthiness, to inadequate KYC tools, to inefficient mechanisms for collection – the system is broken.

The level of NPLs in Nigeria is moderating. Could it be as a result of stringent measures faced by borrowers in the country?

Although NPL rates in Nigeria are slowly coming down, they are still far higher than the rates seen in developed markets. There is a long way to go and better data and tools for the collection of repayments is the first step. Other things that will help is understanding the life happens and at times people fall on hard times and may need a moratorium while they find a new job etc – we have features like this in the loans we offer at Bento

What do you think is the most important factor that should be addressed to ensure that more Nigerians have access to affordable credit?

The biggest challenge for lenders on the continent is the inability to predict who is likely to default and having the tools to easily collect repayments when due. This is where Bento comes in – we are using payroll to finally solve this problem, giving people the opportunity to access affordable credit.The challenge we are solving will change the landscape of Africa for generations to come.

Could you tell us about Bento, and why its operations are being launched in Ghana, Kenya and Rwanda?

Bento provides payroll and human resource management solutions for African businesses. The company was built to address the challenges businesses on the continent face by automating salary payments, tax, pensions and other statutory remittances – peace of mind with a single click.

We chose to launch our operations in Lagos, Nigeria because, as you know, Lagos is the most populous city in Africa, and one of the most vibrant commercial centres in the world. We are using that as a launchpad and expanding across Africa as we see the same challenges across the entire continent.

Where are the countries you operate at present and how has the company been able to tap from the over 400 million people in the African labour force to consolidate growth?

Bento is actively present in four African countries as previously mentioned, and will be present in 10 additional African countries by the end of the year.

We have close to 1,000 active companies using our services, and given our rapid expansion plans and the 400 million lives in the labour market, we intend to touch millions of lives and be the number one player in the space on the continent.

Do you think now is the right time to expand, given the unfavourable impact of COVID-19 on businesses, groups and individuals income stream?

While COVID-19 adversely affected businesses globally, we also saw the birth of new innovative ideas as well as growth for companies who were able to adapt their operations to the new normal. The pandemic highlighted the importance of technology – for example, social distancing forced many of us to think about automating our processes where possible.

The reality is that 99 per cent of African businesses use bank transfers or spreadsheets and bulk uploads to pay salaries and statutory remittances. This fragmented approach is a huge part of the reason African economies have remained analogue, with no communication between different market participants, and an inability to leverage payroll data to help build credit profiles.

We are literally redefining the earning and spending landscape in Africa. With this in mind, I would say the timing could not be better.

What gaps is Bento filling in the HR industry?

Building a business is an extremely challenging journey anywhere, but even more so on the continent, given the poor infrastructure, lack of access to finance, and difficulty in finding the right talent. On top of all of this, businesses have to pay salaries, taxes, pensions and other statutory remittances manually, creating a huge source of headache and frustration as well as wasting a huge amount of time and money. By using Bento, the businesses we serve get a simple and streamlined cloud-based platform that addresses their pain points.

Since the launch of its Firstmonie Agent Credit, First Bank of Nigeria Limited has sustained economic empowerment of its Firstmonie Agents. The bank has loaned over N100 billion to the agents. The guideline for accessing the loan requires that an agent can access up to N1 million facility from the bank, provided such customer achieves 25 per cent of daily average credit turnover. The bank has consistently reinforced its determination to increase lending to the economy, provide bridge finance to its agents for sustainable business growth and support the Central Bank of Nigeria’s financial inclusion policy implementation. COLLINS NWEZE writes

One factor that extensively promotes business growth and supports advancement of economies is giving businesses easy access to credit.

Banks and other financial institutions with foresight and commitment to customers’s business growth always take major steps to ensure that their customers have easy access to loans.

One of such banks ensuring such business growth is First Bank of Nigeria Limited. Through a specialised window initiative known as Firstmonie Agent Credit, the bank has loaned over N100 billion to its Agents as a way of supporting their businesses and reinforcing its commitment to Central Bank of Nigeria (CBN) financial inclusion policy.

Financial inclusion is a state where financial services are delivered by a range of providers, mostly the private sector, to reach everyone who could use them. Specifically, it means a financial system that serves as many people as possible in a country.

It is a strong lever for bridging income inequality, combating poverty and preserving social harmony. It is also an individual’s ability to access and transact businesses through the financial system using technology or other methods provided by the financial institution.

The CBN has promoted efforts to drive financial inclusion in Nigeria by championing the development and implementation of Nigeria’s National Financial Inclusion Strategy led by the CBN Governor, Godwin Emefiele.

Firstmonie Agent Credit is a digital lending solution designed to provide bridge finance to help the bank’s agents to solve liquidity challenges resulting from depleted account balances, even when the agents have physical cash at hand.

Through this scheme,  an agent can access the fund, pending cash lodgment at the bank’s nearest branch.

Also, over 86,300 Firstmonie agents, spread across 772 local government areas in Nigeria can access up to N1 million loan facilities, as First Bank of Nigeria sustains the initiative created to promote the business activities of its foremost agent banking platform – Firstmonie agents.

A report on the Firstmonie Agent Credit with its location in every neighbourhood, Firstmonie Agents have been integral to filling the financial exclusion gap, providing convenient banking services that are easily accessible, thereby saving time and travel costs for individuals in the suburbs and remote environments that have no access to financial services, said First Bank in a statement.

The bank’s financial inclusion activities, the statement noted, is in line with the mandate of the CBN plan to ensure the availability of affordable financial products and services to all individuals and groups of people in the country; irrespective of location, literacy levels, familiarity with technology and accessibility to modern infrastructural facilities.

The Firstmonie Agent channel is among the bank’s many initiatives to expand financial access in the country.

“The roles played by our Firstmonie Agents in promoting businesses across the nooks and crannies of the country cannot be over-emphasised as they have continued to set the pace in extending financial inclusion to communities with little or no access to financial services,” Group Executive, e-Business & Retail Products, First Bank of Nigeria Limited, Chuma Ezirim said.

“With our Firstmonie Agents in every neighbourhood, several communities have witnessed a surge in business and financial activities, which is contributory to national growth and development. We commend our Agents and are delighted to support them with credit facilities, which they can access 24 hours a day in less than two minutes,” he said while appreciating the work done by the agents.

Speaking at the Firstmonie Agent Banking National Awards in Lagos, FirstBank’s Chief Executive Officer, Adesola Adeduntan explained that through Firstmonie, the bank has remained at the forefront of driving nation-wide inclusion, given our belief that access to financial services is part of lifting people out of poverty and fostering collective national economic development.

Adeduntan said: “The key strength of the bank’s services is to look at the gaps in the society and develop products and services that address the gap. As an integral part of our strategy, we believe in working with the CBN to improve financial inclusion index of the country. We would, at FirstBank, assist Nigeria to address poverty and hunger, thereby promoting security of life and property. Because when people are gainfully employed, the implication is that they will think less of crime.”

As at December 9, 2021 , the number of Firstmonie Agents stood at 150,023, the number of on-boarded Firstmonie Agents, stood at 63,684. The spread of Firstmonie Agents across the country shows they are present in 772 out of the 774 local government areas in Nigeria.

The transaction volume and value by the agents since inception stood at 817.7 million worth N17.51 trillion while transaction volume and value by the agents, stood at  345 million and N8 trillion.

 

Enhancing financial inclusion

FirstBank has been at the forefront of promoting financial inclusion in the country, impacting Nigerians, regardless of their locations nationwide. The bank currently has over 120,000 Firstmonie Agents spread across 772 Local Government Areas in Nigeria.

The Agent Credit scheme was created by the banking giant to promote and expand the business activities of its foremost agent banking platform – Firstmonie Agents – whilst putting them at an advantage to positively impact their immediate environment.

Firstmonie Agents have been integral to bridging the financial exclusion gap, providing convenient banking services that are easily accessible, thereby saving time and travel costs for individuals in the suburbs and remote environments that have no access to financial services.

The bank’s financial inclusion activities are in line with the mandate of the CBN to ensure the availability of affordable financial products and services to all individuals and groups of people in the country, irrespective of location, literacy levels, familiarity with technology and accessibility to modern infrastructural facilities.

The Firstmonie Agent channel is amongst the bank’s many initiatives to expand financial access in the country.

Group Head, Marketing & Corporate Communications, Folake Ani-Mumuney, said the bank’s  key goal is to continue to deliver financial services to the underserved and unbanked populations, employing modern technology for processing real-time transactions and in doing so, contribute to building capacities and learning new skills in information technology, cash management and relationship management for our FirstMonie agents.

“We encourage our Firstmonie Agents to keep being exemplary in setting the pace to promote financial inclusion as we collectively work towards the continuous growth and development of the national economy,” she said.

Ani-Mumuney, said the bank has, through the First-monie initiative, empowered communities by connecting them to the financial system. She said the bank will continue to support Firstmonie agents.

According toher, customers’ expectations are changing and that it’s the bank’s duty as a customer-focused bank to ensure that customers are provided with the means to carry out banking through channels of their choice. FirstBank has also recognised the opportunities for inclusive growth and influence of financial technology not just in banking but also business operations across industries.

One of the Firstmonie agents, Akintola Nurudeen said he has been with Firstmonie since inception of the scheme. He described the experience as life-changing.

“I have been able to build trust of the communities around me as many workers in my area have forgotten the last time they visited any bank branch for basic banking services. I am a proud employer and as a result, my members of staff are well paid and comfortable.

“Firstmonie has created an enabling opportunity for dwellers of my immediate community and neighbouring towns to carry out banking transactions with less time, money, resources and risks as people don’t have to waste time embarking on long journeys to the city, added to the dangers of being robbed on the highway,’’ he said.

FirstBank has also partnered National Union of Road Transport Workers (NURTW). The deal seeks to leverage the human traffic and commercial activities at various motor parks across the country to ease access to financial services.

Also, FirstBank also  partnership with Azuri Technologies Limited, an off-grid power distribution firm to make access to off-grid power easy, especially in rural communities, as well as other institutions, that seek to provide resources to cushion the effects of economic and social shocks on low income individuals.

Under this deal, FirstBank and Azuri will co-brand and co-market Azuri’s solar home television product.

The pay-as-you-go customers will also pay for their solar photovoltaic (PV) system via FirstBank’s Firstmonie agents and mobile payment solution, thereby deepening financial inclusion.

 

Understanding Firstmonie Agent Credit

According to FirstBank,  the maximum tenor for weekday loan is 24 hours, while weekend/public holiday is maximum of 72 hours or the next working day.

The interest rate on the loan is 0.3 per cent flat on the principal amount while there is insurance fee of N1,000 per annum which covers death and permanent disability. Once the conditions are met, the loan will be disbursed to the borrower’s account under one minute.

The prospective borrower  can apply using his/her Firstmonie App but must have been an Active Agent for a minimum of three months to qualify for the loan.

However, a prospective borrower cannot access loan if his/her account balance is in debit, or such customer has existing facilities or access loan on any other stores if the first loan was not completely paid.

First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for over 127 years.

With over 750 business locations and over 120,000 Banking Agents spread across 99 per cent of the 774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of retail and corporate financial services to serve its over 30 million customers.

The bank has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.

The bank has been handy at promoting digital payment in the country and has issued over 10 million cards, the first bank to achieve such a milestone in the country. FirstBank’s cashless transaction drive extends to having more than 12 million people on its USSD Quick Banking service through the nationally renowned *894# Banking code and over 4.5 million people on FirstMobile platform.

Overall, the Firstmonie service provides financial/banking solutions to rural and semi-urban locations across the country. Such solutions include account opening, cash deposit, cash withdrawals, airtime purchase, and bill payments. Through this channel, the bank is committed to providing convenient services that engender and provides ease of access to banking products, thereby saving time and travel costs for users of the network.

First City Monument Bank (FCMB) has financed an energy park, consisting of a modular refinery, gas processing facility, compressed natural gas plant, a refined product terminal, a 20 megawatts power plant and data centre constructed for Duport Midstream Company Limited.

The facilities are set for completion and commissioning in March this year.

Managing Director/CEO of FCMB, Mrs. Yemisi Edun announced this during an inspection tour of the management of the bank to the facility located at Egbokor, Orhionmwon Local Government Area in Edo State on January 13.

Speaking after assessing the project, Mrs. Edun restated the commitment of the bank to championing and supporting initiatives that would fast-track national development across all sectors of the economy.

“Our partnership with Duport Midstream Company Limited is progressive and will positively impact many sectors of the economy. So, we are excited to fund this project and pleased with the progress achieved. It will help meet part of our local petroleum consumption needs, reducing fuel importation and forex loss when fully operational. Replicating this model will strengthen the value of the naira in the long run and create job opportunities in the petroleum value chain,” she said.

Chief Executive Officer of Duport Midstream Company Limited, Akintoye Akindele, restated that the project would be commissioned in March as soon as the government approves it.

He informed that, “the regulator will come for inspection and ensure that all we designed are ready. Then, we will start testing in the next 30 to 45 days for the government to confirm that it meets all standards. However, this will be delivered in modules.

“Phase one will be going live in the next 30 days. After we get approval from the Department of Petroleum Resource (DPR) to go live, we will start with a 2,500 barrels per day refinery, 40-million-scf gas processing, five megawatts power, a data centre and almost 20,000 metric tonnes of storage. Our plan after the initial take-off is to add the other modules to it quarterly and biannually. In that way, we will be able to utilise assets optimally, avoid wastage, look after the environment and create jobs”.

Akindele added that when the energy park finally comes on stream, it would leverage infrastructure to deliver energy to the country, reduce dependence on importation of petroleum products, create jobs and ensure optimal utilisation of the nation’s assets.

He further disclosed that the company also has expansion plans for a 10,000 barrels per day refinery, 60-million-scf gas processing plant, 10-million-scf compressed natural gas plant, 50 megawatts power plant, which are part of the facilities to be delivered in the park.

Africa Finance Corporation (AFC) has raised $400 million in a new syndicated loan to support the post-pandemic recovery through critical development of infrastructure.

The three-year facility – the first from AFC since 2018 – was increased from an initial target of $300 million as strong interest from investors led to the offering being 2.5 times oversubscribed. The proceeds will facilitate upcoming infrastructure projects that address the continent’s developmental challenges.

“The transaction demonstrates the confidence of banking partners, both old and new, in AFC’s strong credit risk profile and broadening global appeal in the capital markets,” said Banji Fehintola, Senior Director & Treasurer at AFC.

“This loan will be instrumental in working towards plugging the infrastructure gap we are facing on this continent, especially following the damaging effects of the COVID-19 pandemic. We remain committed to partnering with experienced, like-minded organisations to provide sustainable finance for infrastructure development in Africa, while achieving the lowest borrowing costs of any institution on the continent.”

Moody’s recently improved its outlook for AFC’s investment grade credit ratings to ‘stable.’ Its senior unsecured ratings at A3 and short-term issuer ratings at P-2 are the second highest of any institution in Africa.

New relationships forged with the diverse pool of international investors behind the syndicated loan will enable flexible financial instruments and further diversification of AFC’s investment portfolio.

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings PLC, has introduced a Smart Loan digital solution to enable customers who have an account with their Asset Management arm access loan to enable them meet their medium-term financial obligations.

According to the bank, the devaluation of the naira due to the global economic downturn has reduced disposable income as more naira is required to maintain the current level of expenditure and consumption. This is more so given that the economy is largely import driven and there is a need for people to access funds seamlessly from their financial partners.

It stated that the Smart Loan, a digital, paperless loan facility will come in handy for many Nigerians, especially those in dire need. The solution will support Nigerians by giving them access to funds while also contributing to economic growth.

The Smart Loan digital facility is available to customers with a mutual fund investment with Stanbic IBTC Asset Management. This enables them to access the instant and quick paperless loan facility of up to N10 million. The lending solution empowers them to meet their financial needs while also maintaining a healthy cash flow.

Oladele Sotubo, Chief Executive, Stanbic IBTC Asset Management, said, “The Smart Loan product is designed to help provide our customers with the necessary financial support of up to N10 million to meet their medium-term financial responsibility, while also positioning them on a path to long-term financial stability. We understand the need for constant cash flow and its relevance to our livelihoods and households.”

Bunmi Dayo-Olagunju, Head, Client Solutions, also said Stanbic IBTC Holdings will continue developing innovative financial solutions to enable customers to achieve stable financial freedom through simple and quick banking solutions accessible to them at their convenience. We are delighted that we can further serve our customers in positive ways that improve their finances through our arrays of financial products.”

Dayo-Olagunju also stated that the firm is committed to leveraging technology to help accelerate economic development and improve the standard of living amongst its customers.

KPMG, Nigeria’s audit and professional services company, has ranked Ecobank Nigeria among the top five leading banks in Wholesale (Corporate) Banking in the KPMG Customers’ Experience and Satisfaction Survey.

Ecobank moved eight places higher than its 2020 classification, and ranked number five in the 2021 survey of Nigerian banks. The top banks in order of rating include Citibank, Standard Chartered Bank, FCMB, Zenith and Ecobank Nigeria.

According to KPMG, Ecobank and other leaders in the segment demonstrated digital banking excellence with higher transaction volumes; adding that they were seen as partners to corporates and also move quickly to address and exceed customer needs.

“Our annual banking survey continues to provide an independent platform for banks and other organisations to acquire this outside-in perspective and understand the voice and priorities of Nigerian customers. This year, our results reveal a very competitive landscape in the race for the customer and at the same time, customer feedback that recognises the effort and innovation of Nigerian banks.” Specifically, it stated that “In the report, we explore, in more detail, key priorities for corporates such as transaction banking support as well as the payments experience for retail customers.”

The KPMG Nigeria Banking Industry Customer Experience Survey has been held annually for the last 15 years with the 2021 edition themed “Changing Customer, Changing Priorities”.