Category: Money

Future of Trade 2030: Trends and markets to watch new research by Standard Chartered projects that global exports will almost double from $17.4 trillion to $29.7 trillion over the next decade.

The report reveals 13 markets that will drive much of this growth, identifies major corridors, and five trends shaping the future of global trade.

The report, commissioned by Standard Chartered and prepared by PwC Singapore, is based on an analysis of historical trade data and projections until 2030, as well as insights from a survey of more than 500 C-suite and senior leaders in global companies.

Global trade will be reshaped by five key trends: the wider adoption of sustainable and fair-trade practices; a push for more inclusive participation; greater risk diversification; more digitisation and a rebalancing towards high-growth emerging markets. Almost 90 per cent of the corporate leaders surveyed agreed that these trends will shape the future of trade and will form part of their five to 10-year cross-border expansion strategies.

Globalisation will drive the next decade of growth. Despite the recent push towards onshoring, growth corridors of the future will not just be intraregional — they will be global spanning Africa-East Asia; ASEAN-South Asia; East Asia-Europe; East Asia- Middle East; East Asia-Europe; South Asia-US.

Asia, Africa and the Middle East will see a ramp-up in investment flows, with 82 per cent of respondents saying they are considering new production locations in these regions in the next five to 10 years, supporting the trend towards rebalancing to emerging markets and greater risk diversification of supply chains.

The research found a significant trend towards the adoption of sustainable trade practices in response to climate concerns and a rising wave of conscious consumerism.

However, while almost 90 per cent of corporate leaders acknowledged the need to implement these practices across their supply chains, only 34 per cent ranked it as a ‘top three’ priority for execution over the next five to 10 years.

Standard Chartered, in line with its commitment to help make global trade more sustainable and drive the transition to Net Zero, launched a Sustainable Trade Finance proposition to enable companies to build more sustainable and resilient supply chains. In addition, we offer a suite of sustainable finance solutions to channel capital towards helping companies achieve their Net Zero goals.

Executive Director, Corporate Commercial and Institutional Banking, Standard Chartered Nigeria, Korede Adenowo, said: “The predicted doubling of global trade offers strong evidence that globalisation is still working, despite recent dislocation. In addition to the growth of intra-regional trade pathways, the corridors of the future will still cut across continents.

He added: “Against this backdrop, we continue to focus on making globalisation work for more markets and businesses, ranging from micro to multinational, and drive a more sustainable and inclusive model for global trade. This includes growing our range of sustainable finance solutions to help our corporate clients implement sustainable and fair-trade practices across their supply chains.”

 

FairMoney, a fintech operating under the parent company, MyCredit Investments Limited, has earned a vote of confidence from DataPro, the Technology-Driven Credit Rating Agency (CRA), which in its latest report affirmed a long-term rating of “BBB+” with a Stable outlook for the year 2021/2022.

In a statement, DataPro said the “BBB+” indicates slight risk just as it shows fair financial strength, operating performance and business profile when compared to the standard established by DataPro.

“This company, in our opinion, has the ability to meet its ongoing obligations, but its financial strength is vulnerable to adverse changes in economic conditions,” DataPro stated.

The DataPro Rating Committee approved the Rating after assessment of the company’s financial performance, capital adequacy, asset quality, liquidity, profitability, corporate governance & risk management, risk factors and future outlook of its current healthy profile in the medium to long-term period.

The rating agency pointed out that the Rating of MyCredit Investments Limited is supported by the company’s very good liquidity position, good profitability and asset quality.

MyCredit Investments limited had a short-term rating of “A2” which indicates fair credit quality and adequate capacity for timely payment of financial commitments.

DataPro noted that the rating carries a maximum shelf life of 12 calendar months, in line with international best practice. The rating is therefore not an offer to trade in securities nor a substitute for the user’s judgement. It is meant for reference purposes.

The Managing Director, Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan, has said that financial safety nets comprising of four  key components/ functions of prudential Regulation & Supervision, Resolution, Deposit Insurance and Lender of Last Resort were created to promote financial stability at all times and manage eventualities of any financial crisis.

Speaking yesterday during the opening ceremony of NDIC Retreat with members of House of Representatives held in Lagos with the theme:  “Strengthening Nigeria’s Financial Safety-Net: The Role of Deposit Insurance”, he said Central Bank of Nigeria (CBN) handles the Lender of Last Resort function, with the CBN/NDIC collaborating to address prudential Regulation & Supervision, with the last, Deposit Insurance, being undertaken only by the NDIC.

Hassan said the corporation remains poised to effectively implement its public policy objectives to ultimately achieve the vision of becoming “One of the Best Deposit Insurers in the World”.

He said the NDIC Act 22 of 1988 repealed and re-enacted in 2006, created the Nigeria Deposit Insurance Corporation (NDIC) as a government agency, charged with the responsibility of implementing the deposit insurance in the country.

“The Deposit Insurance Scheme provides a financial guarantee to protect depositors in the event of a bank failure and offers a measure of safety for the banking system. The ultimate objective is to protect small and unsophisticated savers who constitute the bulk of the depositors in the Nigerian banking system, as well as to ensure the stability of the system,” he said.

Hassan explained that right from inception, the NDIC was set up as a Risk minimiser with broad Mandates of Deposit Guarantee, Bank Supervision, Distress Resolution and Liquidation. Unlike Deposit Insurers that operate as a ‘pay-box’ as practiced in some other jurisdictions, the NDIC, as a Risk Minimiser, has the responsibilities to ensure the Safety and Soundness of our Financial system.

“It applies prompt corrective actions in order to reduce the incidence of bank failure through effective Supervision of licensed deposit taking financial institutions. It is this critical function of minimising the risk of financial crisis in the banking industry that determines the Corporation’s position as a vital part of the Nation’s financial safety net,” he said.

“In the over three decades of its existence, the Corporation’s effective implementation of its mandate has earned it a prestigious position as a major player in the international community. As a member of the International Association of Deposit Insurers (IADI), the NDIC has established itself as a leading influence in the practice and implementation of DIS on the African Continent.”

“Similarly, IADI’s recognition and the certification of the Corporation’s Academy as a Regional Centre of Academic Excellence for Capacity Building on the Deposit Insurance Scheme (DIS) for countries in Sub-Saharan Africa is also another testament of the NDIC’s international repute. It my pleasure to inform Mr Chairman and the Honourable Members that the NDIC’s achievements overtime in terms adoption and deployment of resolution tools is also amiably admired amongst deposit insurers in other jurisdictions”.

“However, with the ever-changing landscape of the financial environment impacted by new developments and policies, emerging technologies, payment systems and financial services, the Corporation must continue to address the gaps and inherent challenges that threatens the effective implementation of its Mandate.”

“Therefore, we remain resolutely committed to strengthening the deposit insurance framework; providing timely support to insured institutions as and when required; implementing faster and orderly resolutions of problem insured institutions; and assisting the monetary authority in its efforts at promoting stability in the nation’s banking system”.

The Permanent Secretary, Ministry of Foreign Affairs, Ambassador Gabriel Taminu Aduda has said the Federal Government is currently deepening natural gas utilisation to enable it boost investment in power and gas-based industries.

He has also called for cooperation between Nigeria and the State of Qatar in the area of gas development.

Aduda, according to a statement from the Embassy of Nigeria in Doha, made the call when he met with the Secretary General of the Ministry of Foreign Affairs of the State of Qatar, His Excellency, Dr. Ahmed bin Hassan Al Hammadi, in Doha.

The government has committed huge resources to ensure that domestic gas infrastructure reach every corner of the country to deepen natural gas utilisation.

Nigeria has over 203 trillion standard cubic feet of proven gas reserves which the government is monetising with the introduction of numerous policies and industry interventions.

This culminated in the declaration of 2020 as the year of gas and progressing into the decade of gas from 2021.

The Nigerian National Petroleum Company Ltd and its partners have embarked on a number of strategic projects to deepen delivery of gas to the domestic market and elevate the build-up of greater potentials for export.

Some of the projects that have been implemented to boost the gas sector are the Escravos-Lagos Pipeline System Phase 2, commissioning of the Obiafu-Obrikom-Oben Lot 2, the NPDC Oredo Gas Handling Facility, and the SEEPCO Gas Processing Plant.

There is also the ongoing strategic backbone gas infrastructure projects such as the Ajaokuta-Kaduna-Kano pipeline, the OB3 final hook-up, the Nigeria-Morocco pipeline and several other gas-based industries initiatives.

All these are expected to herald the sunrise of gas revolution in Nigeria country within the decade.

Speaking at the meeting, Aduda also called for investment in gas exploration and infrastructure; technology exchange, skills acquisition and knowledge sharing; manpower development in safety and environment; gas shipping and marine transportation, as well as advocacy and collaboration in campaigning for gas as fuel of choice in the midst of climate change and global energy transition.

Other areas he touched was the relaxation of visa restrictions on Nigerians who intend to visit Qatar and relaxation of work place visa restrictions on Nigerian professionals.

The Permanent Secretary stated further during the meeting that one vital area the Ministry of Foreign Affairs in Nigeria had resolved to focus and improve upon was the training and re-training of Staff.

He said the training program of Diplomatic Institute of the Ministry of Foreign Affairs of the State of Qatar ranks among the best in the world and cuts across all categories of staff.

Aduda discussed support and cooperation in capacity building for knowledge, skills and competencies for foreign service officers in line with the Qatari Competency Framework.

He also called for training of foreign service officers; collaboration between Nigerian Foreign Service Institute, the National Institute for International Affairs and Qatari Diplomatic Institute; provision of scholarship opportunities to Nigerians in the Qatari Diplomatic Institute; possibility of collaborative online studies between the two countries.

The Secretary General of the Ministry of Foreign Affairs of the State of Qatar. Ambassador Dr. Ahmed bin Hassan Al Hammadi in his response recalled the excellent relations between Nigeria and Qatar and welcomed the proposal for cooperation between the Diplomatic Institute of the Ministry of Foreign Affairs of Qatar and the Foreign Service Academy of Ministry of Foreign Affairs of Nigeria.

He assured the Permanent Secretary that Qatar is ready to provide training for Nigerian diplomats.

To achieve this, he said the Head of the Diplomatic Institute will meet with the Nigerian side and agree on the terms and develop a framework to actualize set objectives.

According to him, the programme will involve the training of Nigerian Diplomats in the Qatari Diplomatic Institute in Doha and the provision of manpower and other needed assistance to the Nigerian Foreign Service Academy.

He also welcomed the call for investment and collaboration in gas exploration and development between the two countries.

The Permanent Secretary was accompanied to the Meeting by the Nigerian Ambassador to the State of Qatar, His Excellency, Yakubu Abdullahi Ahmed and the Head of Chancery, Mr. Kimiebi Imomotimi Ebienfa.

Ahead of the 2023 date of transitioning to International Financial Reporting Standard (IFRS) 17, stakeholders  have called on the government to address prevailing bottlenecks to ensure smooth implementation.

They made  at the call at a Thought Leadership Breakfast Session organised by Pedabo Audit Services and chaired by the National Insurance Commission (NAICOM) in Lagos.

At the event, tagged “An insight into the new IFRS 17 and its impact on the insurance business,” the stakeholders raised concerns over the loopholes in Nigeria’s approach, stressing that it has many implications for the country, especially the insurance sector.

While the event was declared opened by Albert Folorunsho, Managing Consultant, Pedabo and monitored virtually by reporters, experts said while the efforts being made by the National Insurance Commission (NAICOM) were laudable, there were concerns and implications that the country must pay attention to.

They said the state of data in the sector, the investment required to acquire data, the security of the data, integrity, storage, and the reliability of the data as well as  the complex computation required remain critical if the the initiative will succeed in Nigeria.

While January 1, 2023 is the transition date, the early adoption is permitted by the International Accounting Standard Board (IASB). NAICOM has designed a national road map towards the implementation of the standard in Nigeria and this is broken down in phases into pillars 1 to 5 with pillar 1 having started January 2020.

NAICOM’s Director of Supervision, Barineka Thompson, who represented the Commissioner for Insurance, Sunday Thomas, noted that there was no going back on the implementation of the standard.

Thompson, who insisted that the transition remained on track as stakeholders were being engaged, advised related companies to use the transition phase wisely as the Commission would not tolerate failure and weak implementation by companies.

Managing Partner, Pedabo, Ajibade Fashina noted that there was the need for auditors to understand the task ahead. He said: “They have a lot of work ahead; talking about financial statements, which would double current figure. That is indeed a huge task ahead of them.

He called for a risk-based approach to ensure control over data, while engaging the modalities for estimates, capacities and competencies of the consultants. “I will advise that auditors should be involved during the transition. This will avoid waste of time during the final audit,” Fashina added.

Senior Manager, Pedabo, Nosa Ogbebor, said there are a lot of estimates, assumptions and issues related to feasible practicalities of the IFRS 17, with participants seeking automation of systems and processes were needed for the success of the implementation.

He noted that data may remain a critical bottleneck, adding that the  system architecture in the industry, accounting policies that aid and guide the implementation, capacity development and training remained sacrosanct for a successful implementation.

Ogbebor also raised concerns over the level of investment that could truncate smooth transition, saying that while there were gaps in previous standards, fine-tuning proposed standards remained critical.

While the previous standards had variety of treatments, leading to inconsistencies as well as difficulty of having a consistent approach or  framework on treatment for some insurance contracts, he noted that there are more concerns on estimation of cashflows for long  contracts.

Cititrust Holdings Plc has won the African Financial Brand of the Year award at the BusinessDay’s Bank and Other Financial Institutions Awards (BAFI).

The firm beat other strong contenders to clinch this award in a well-attended ceremony comprising of bank CEOs, captains of industries and senior financial executives.

Cititrust Holdings was recognised as the Investment Holding Company of the Year Award at the 2019 and 2020 edition of the BusinessDay’s Banks and Other Financial Institutions Awards (BAFI).

The company had won the ‘African Financial Brand of the Year’ award in recognition of its consistent effort as a resolute African brand expanding on the continent with business offices  at least 12 African countries.

The company uses a composite of financial metrics, strategic foresight, execution discipline, world-class governance and global vision to attain its aspiration of being the gateway and catalyst for mobilising capital for growth and development across Africa.

The Group Chief Executive, Yemi Adefisan, who received the award on behalf of the company, said: “This award marks another milestone for Cititrust Holdings Plc and is a testament of the resilience and diligent execution of the firm’s strategic initiatives on customer service. Being recognised as African Financial Brand of the Year complements our commitment to improving efficiencies, service quality and innovation. I, therefore, dedicate it to our growing loyal corporate and retail customers, who are our essence. We will continue to impact lives through our service as well as funding to individuals, businesses and governments.”

Adefisan added: “Even though Africa’s economic landscape has been unpredictable in recent times, which resulted in a recession in Nigeria and some of Africa’s best-performing economies, the firm still found its rhythm and excelled.”

 

SME.NG, in partnership with Access Bank Plc and other leading institutions, including the Bank of Industry (BoI), LAPO Microfinance Bank, Chapel Hill Denham, and Impact Investment Foundation Nigeria are launching the Ebi Marketplace – a Nigerian innovation for female entrepreneurs.

The Ebi Marketplace consists of an access to capital market, an e-commerce mall and a knowledge market for female entrepreneurs in Nigeria seeking to digitise their businesses.

Developed by SME.NG as a tangible solution to the impact of COVID-19 on female entrepreneurs, the Ebi Marketplace aims to close the gender digital divide in Nigeria by supporting women’s digital literacy and financial inclusion, while providing access to capital and markets.( ( Thelma Ekiyor, the brain behind the Ebi Marketplace stated that SME.NG is committed to investing in facilitating female entrepreneurs’ profitability, so that they are positioned for infusion of capital.( ( According to her, this innovation is supported by Nigerian investors for the Nigerian market.

“We, at SME.NG, see ourselves as an indigenous solutions provider in Nigeria’s SME ecosystem. Women in Nigeria establish businesses more than men but struggle to grow beyond a certain point. We believe we have a strategic role to play in breaking that financial and growth ceiling,” she noted.

The Group General Manager, National Petroleum Investment Management Services (NAPIMS),  Bala Wunti, has said the operationalisation of the Petroleum Industry Act (PIA) will attract foreign capital to the economy.

The PIA, signed into law by President Muhammadu Buhari on August 16, after it was passed by the National Assembly is targeted at reforming the oil and gas industry.

It is also aimed at promoting transparency and attracting capital flows  and revolutionise the oil and gas industry.

Speaking as a Lead Presenter at the Society for Petroleum Engineers Lagos Section Annual Technical Symposium, Wunti said the PIA will bring about certainty, competitiveness and cost optimisation in the industry.

He spoke on the theme, “Operationalising the Petroleum Industry Act – An opportunity for revolutionising Nigeria’s oil and gas industry.”

During the symposium, Wunti gave an overview of the major issues impacting the industry, stating that tremendous progress had been made in tackling the issue of security and cost.

He added that the implementation of the Nigeria Upstream Cost Optimisation Programme (NUCOP) and an industry wide tripartite security framework would address cost and security issues respectively thereby brightening the oil and gas outlook for the country.

In highlighting the themes of the PIA, he stated that the Act delineates clearly, the roles and responsibilities of stakeholders.

This, he stated, would catalyse the growth of the industry in line with the aspirations of the government for the sector as encapsulated in the PIA.

On the PIA implementation plan, Wunti stated that the incorporation of NNPC Limited and the inauguration of the NNPC Board had been completed and all hands were on deck to implement other requirements of the PIA within the set timelines.

He further stated that the 3E’s – Energy Transition, Energy Investment and Energy Crisis – are key game changers in revolutionising the oil and gas industry.

Specifically, Wunti explained that the recent energy crisis evidenced by the highest ever gas price was as a result of the global drive to achieve a net zero emission future buoyed by stringent Environmental, Social & Governance (ESG) requirements and activist investors.

In concluding, he urged stakeholders in the industry to adopt the 3C’s – Critical Thinking, Collaboration and Compliance as they are key to maximizing the benefits of the PIA for all stakeholders – Regulators, Investors, Operators, Contractors, Host Communities and Nigeria.

Stanbic IBTC Bank has marked this year’s Together4ALimb Virtual Walk in line with its Corporate Social Investment intiative.

During he virtual event, the bank’s Chief Executive Officer (CEO),  Demola Sogunle, said, Together4ALimb remains the bank’s flagship Corporate Social Investment initiative.

He said the scheme championed by the bank focuses on providing children living without limbs with prosthetic limbs, as well as empowering them through the provision of educational funds thereby enabling them to have an equal opportunity to live normal and productive lives.

“Again, we walk virtually this year as a result of the pandemic as this should have been a physical event. We are walking together4ALimb as we raise awareness for this worthy cause, we hope that you all take part in the walk right after the session with Kate to encourage children living with Limb Loss in Nigeria,” he said.

Sogunle thanked the stakeholders, including Adenike Oyetunde and the host, Kate Henshaw for supporting the event.

The African Continental Free Trade Agreement (AfCFTA) opens $504.17 billion African goods and $162 billion services oportunities to Nigerian companies. Access Bank’ acquisition of the majority stake in BancABC Botswana activates a foundation to explore opportunity presented by the AfCFTA and become Africa’s payment gateway to the world, writes COLLINS NWEZE.

Trade is the lifeline of great economies. For Nigeria and many Africa countries, trade not only cement inter-country relationship, but helps to bring prosperity to the people.

Still, businesses that will tap from the opportunities presented by trade, including the $93 billion transactions that happen informally across the African continent, are those that have the identified network and technological backbone to harness such benefits.

The need to formalise Africa’s trade opportunities led to the implementation of the African Continental Free Trade Area (AfCFTA), which also come with wider opportunities.

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, said the AfCFTA, when fully implemented, could afford Nigerian companies preferential access to African markets worth $504.17 billion in goods.

Over the last few years, Access Bank Plc has been on an aggressive expansion journey. From expanding its footprints nationally, the Nigerian bank has been strategically planting branches across Africa and establishing presence in countries thousands of miles from its headquarters, to take advantage of the widening opportunities in the continent.

The latest among such venture by Access Bank was its announcement on the Nigerian Exchange Limited (NGX) that it had acquired 78.15 per cent shareholding in African Banking Corporation of Botswana Limited (BancABC Botswana).

The Company Secretary, Access Bank, Sunday Ekwochi, who made this  known, explained that BancABC Botswana is the fifth largest bank in Botswana as well as a well-capitalised franchise poised for growth in its local market.

“The new acquisition will form part of the bank’s nexus for trade and payments in Southern Africa and the boarder COMESA trade region. BancABC Botswana’s achievements in the retail banking space will provide an opportunity for the bank to deploy its best-in-class digital platforms and product suites to the benefit of BancABC Botswana’s customers and enable it to complete strongly across its core business segments,” he explained.

Group Managing Director/CEO, Access Bank, Herbert Wigwe said: “We are pleased with the successful conclusion of this transaction which will provide significant synergies by combining BancABC Botswana’s strong retail banking operation with Access Bank’s wholesale banking capabilities.

“It will also strengthen the quality of earnings through revenue diversification and growth in the corporate and SME banking segments for BancABC Botswana. The combination is another step towards out broader vision of becoming the World’s Most Respected African Bank.”

Access Bank has subsidiaries across Sub-Saharan Africa and Europe, providing financial and banking services. They include Access Bank (Gambia) Limited, Access Bank (Sierra Leone) Limited, Access Bank (Zambia) Limited, Access Bank (UK) Limited, Access Bank (Ghana) Limited, Access Bank (D.R. Congo), Access Bank (Rwanda) Limited, Access Bank (Guinea) Limited, Access Bank (Kenya) Limited and Access Bank (Mozambique) Limited.

According to Wigwe, the target is for the bank to establish its presence in 22 African countries as well as some strategic locations outside the continent so as to diversify its earnings and take advantage of growth opportunities in Africa.

Probably the first and most important benefit of Access Bank’s expansion is the rate at which the bank has been able to scale – growing its customer base with unprecedented ease. This has made it easier for it to secure a broader geographic footprint across Africa and the rest of the world.

Also, former Deputy Governor of the Central Bank of Nigeria, Sarah Alade, had noted that a growing number of studies had reviewed the effects of cross-border banking on financial intermediation and efficiency, and found the existence of a positive relationship.

According to her, improvement in the ability of households and firms in a country to access finance and the actual usage of banking services, one way in which the intermediation functions of banks are measured, is enhanced by bank entry. Additionally, she pointed out that banks are in a better position to lend if they are able to mobilise deposits and increase their asset base.

There is an agreement in the literature that the entry of foreign-owned banks increases competition and efficiency in the banking sector of the host country, she said.

This is mainly because the entry may reduce risk exposures for the banks through greater geographical and sectoral diversification, and enlarge the aggregate quantity of capital invested in the banking sector. “Researchers and analysts encourage entry of banks as a means of strengthening weak and inefficient banking structures, particularly in emerging economies. Banks that expand internationally are typically more efficient, better capitalised and come from countries with a more developed banking system,” she added.

The latest acquisition by Access Bank came less than two weeks after it announced that it had successful issued $1 billion ($500 million apiece) tier-1 Eurobond, under its medium term note programme.

The bank had explained that the move was in line with its commitment to execute its vision to become the ‘World’s Most Respected African Bank’.

According to Wigwe, the success of the transaction, which he said was the first in the Nigerian banking industry and the first of its kind in Africa outside of South Africa, would significantly enhance the bank’s tier 1 and total capital ratios ahead of Basel III implementation in Nigeria.

The fresh capital would provide room for significant growth through ongoing execution of the bank’s strategic objectives.

In particular, it followed its recently announced Group reorganisation which was aimed at capturing the strategic opportunities in payments, agency banking, and insurance across the continent which we expect will further enhance the growth profile and diversification of our business.

“Our growth and diversification strategy is also underlined by the recent expansion of our regional footprint where we continue to monitor opportunities,” Wigwe explained.

Wigwe had said across Africa, there are opportunities for the bank to expand to high-potential markets, leveraging the benefits of the African Continental Free Trade Area agreement (AfCFTA).

He had said AfCFTA, among other benefits, would expand intra-Africa trade and provide real opportunities for Africa.

Read Also: Don: AfCFTA raises need to embrace data security

According to Wigwe, across Africa, there is an opportunity for the bank to expand to high-potential markets, leveraging the benefits of AfCFTA. He said AfCFTA, among other benefits, would expand intra-Africa trade and provide real opportunities for Africa.

According to him, Africa has enormous potential and there are opportunities for an African bank that is well run, that understands compliance and has the capacity to support trade and the right technology infrastructure to support payments and remittances, without taking incremental risks.

“We believe that we are best positioned to basically do all of that. Our focus is to become an aggregator in Africa and we are building a global payment gateway and providing trade finance support and correspondent banking across the continent. We are focusing on the key markets.

“The approach would always be that in the country we wish to go to, that we have the right skills. We would not just be a drop in the country in which we are present, we would make sure that we have an impactful presence in each of the major countries in which we are present.

“In doing this, we are also mindful of the country we are going to so as to make sure that it is of benefit to the bank. As we do this, we are working with our friends and partners.

Noticeably, with all these, Access Bank is positioning itself to become Africa’s gateway to the world and with the improved capital, the bank is now better positioned to support trade and payments across the continent.

By 2023, Access Bank aims to have consolidated its position as Africa’s gateway to the world with about 100 million customers in Nigeria and an additional 20 million customers across our African subsidiaries, Wigwe had projected.

He attributed his growth projection to the bank’s innovative payments solution, saying: “Access Bank is set to revolutionise the payment and banking landscape in Africa.”

“The growth of e-banking start-ups and solutions has proven to be incredibly beneficial for the Nigerian economy. Given that these digital innovations provide much-needed solutions to a number of issues customers of the traditional banking systems have hitherto experienced, there has been an unmistakably positive effect across various sectors.

“As an established leader in the Nigerian and indeed African banking industries, Access Bank has embraced digital technology to propel both its sustainability targets and its African gateway strategic drive,” the bank stated.

This was evident in its partnership with the Africa Fintech Foundry (AFF), aimed at nurturing the next generation of cutting-edge financial-technology firms. The AFF is a pan-African accelerator designed to find and invest in start-ups that implement a global viewpoint while still focusing product offerings on Africa.

Access Bank plans to harness the  best Nigeria has to offer, working   with them to make Nigeria a retail banking powerhouse.

“Over the last couple of years, Access Bank has focused its expansion efforts on powering digital payments across Africa.The bank launched its AccessAfrica product, a payment system that serves to facilitate cross-border trade and non-trade payments,” it added.

Vice President Yemi Osinbajo recently estimated the value of informal trade on the African continent to be about $93 billion yearly.

Osinbajo, who stated this in a message at a roundtable on industrialisation in Africa with the theme: Positioning African Industries for economic transformation and continental free trade, organised by the Manufacturers Association of Nigeria (MAN) to celebrate its Golden Jubilee, said while the AfCFTA offers opportunities for the industrialisation of Africa, authorities across the continent must take the right policy actions to actualise them, pointing out that such actions include the protection of local industries and improving value chains.

He said part of the guiding principle in preparing industries for AfCFTA, is “ease of payments across borders and implementation of the protocols on free movement of persons”.

Osinbajo underscored the importance of the AfCFTA as the fulcrum for Africa’s development. As he put it: AfCFTA  is indispensable if industrial development is to take off in Africa because it offers wider markets and economies of scale which are essential for manufacturing to be competitive. “We must take policy actions to create an environment in which businesses can thrive, he said.

Access Bank Plc was recently been named the Best Commercial Bank in Nigeria at the International Banker Awards.

The bank received the prestigious award for its significant strides in becoming Africa’s gateway to the world.

The awards celebrates top-ranking individuals and organisations setting new benchmarks for performance and pushing the boundaries within the financial industry.

Wigwe said: “We are grateful for this recognition of our relentless efforts in becoming a world-class financial institution. The significant position we occupy today in the African financial sector has been achieved through a robust long-term approach to client solutions – providing sustainable and innovative services.

“As part of our growth strategy, we remain focused on mainstreaming sustainable business practices into our operations.

This recognition serves as an encouragement for us to continue to build on our successes and invest even more in sustainable economic growth that is profitable, environmentally responsible, and socially relevant,” he added.

Wigwe was also recognised as Africa’s Best Banking CEO of the year. He was awarded for his visionary, innovative and transformational leadership in spearheading the market expansion of Sub-Saharan Africa’s largest bank despite the negative impact of the COVID-19 pandemic.

Under Wigwe’s stewardship, Access Bank also launched the Nigerian Green Bond Market Development Programme. The initiative, organised in partnership with FMDQ OTC Securities Exchange, Financial Sector Deepening (FSD) Africa, Climate Bonds Initiative (CBI) and the Securities and Exchange Commission (SEC), was set up to develop a non-sovereign green bond market that will entrench the principles of sustainability into the capital markets.

Last year, Access Bank invested over N10.25 billion in various corporate social responsibility efforts, impacting over 194 communities and 43 NGOs. These projects focused on its CSR priority areas which are Health, Education, Sport, Arts, Environment, Women Empowerment and Social Welfare.