Category: Money

By Collins Nweze

Polaris Bank has announced the launch of a new reward: ‘Refer & Win’ exercise in which existing and new users of the bank’s digital banking platform, VULTe, stand a chance to win up to N1,300 instant cash reward each time they refer someone who opens an account and enrolls on the newly-launched innovative digital solution.

To benefit from the reward initiative, all a referrer who could be an existing customer or non-customer of the Bank needs do, is to refer a new user to open a Polaris Bank account by enrolling on the VULTe digital bank platform, while for every referral completed, both the referrer and referred’s account will be credited with N300 and N200 respectively, instantly.

Speaking on the new reward initiative, Polaris Bank’s Managing Director, Mr. Innocent Ike, said the Referral Campaign is aimed at positioning VULTe as a unique digital solution to reward both the existing and new customers of the Bank.

“VULTe stands out as a very unique innovative digital bank platform in many respects. It not only provides users unique offerings as a self-service solution, it also offers convenience, speed and reliability on the go. The Referral Campaign aligns with our Bank’s commitment to provide new experience and easier accessibility to banking services for all customers, and to reward them for their continued loyalty,” he said.

While encouraging existing and new customers to take advantage of the ‘Refer & Win’ exercise to increase their savings and earn extra money, the Polaris CEO added that the campaign is a season of reward for staff, customers and non-customers of the Bank once their referrers successfully enroll on the Polaris Bank’s VULTe platform.

Polaris Bank’s Chief Digital Officer, Mr. Dele Adeyinka, while explaining the mechanics for participating in the reward exercise, disclosed that participants are required to enroll, fetch their referral code from VULTe and share with prospects.

“The referral code is the indicator to the individual that introduced the Application to the new user. This, will also be used, in aggregating the total payout due to the referrer,” he said.

Adeyinka added that the participants will only qualify for rewards, after the referred have successfully set up an account on VULTe.

The campaign, he explained further, is split into two reward categories, and a referrer will be paid for referring users based on the account level/referred customer category. Category one is where the customer opens and completes an account on VULTe using Bank Verification Number (BVN).

According to the CDO, for a new user that is successfully enrolled under category one, the referrer will earn a maximum of N300 per referral; while the referred earns N200.

For category two, a customer is required to open an account with Know-Your-Customer(KYC) information supplied on VULTe, plus obtaining a debit card through the platform. A referrer earns N1,300 per referral and N200 for the referred; that is additional N1,000 from the N300 base amount from category one.

‘The referral figures will automatically display on VULTe as the enrolment process is complete and the participants can log on VULTe app to check performance. So, for each successfully completed referred enrollment, winnings will be credited into the participant’s account immediately”, Adeyinka explained.

He assured participants that the reward programme is transparent, and promised that Polaris Bank would continue to delight its customers and non-customers with innovative services that can make life, lot better.

Polaris Bank is a future-determining Bank committed to the delivery of industry-defining products, and services, across all the sectors of the Nigerian economy.

 

By Collins Nweze

The Group Managing Director/CEO of Access Bank PLC Herbert Wigwe has been recognised as the African Banker of the Year at the 2021 edition of the African Banker Awards.

A winner of one of the most prized categories at the awards ceremony for the second consecutive year, Wigwe was recognised for his stellar leadership in the market expansion of Sub-Saharan Africa’s largest bank despite the negative impact of the COVID-19 pandemic. Over the last 12 months, Access Bank has established a presence in South Africa following its acquisition of Grobank.

Accepting the award, Wigwe said Access Bank is focused on promoting corporate discipline, adding that the bank wants to be in key markets on the continent, building a payment gateway and providing trade finance support.

“We want to be seen as the best bank supporting the African Continental Free Trade Area agreement (AfCFTA). In terms of diaspora remittances, we are present in key areas in the continent,” he said.

The African Banker Awards have become the most respected and recognised industry event celebrating African banking achievements.The organisers this year, put emphasis on recognising and rewarding institutions that contributed to the real economy which has suffered from the impact of Covid-19 as well as contributed to women empowerment on the continent.

Commenting on the award, Group Publisher of African Banker and Chair of the Awards Committee, Omar Ben Yedder said, “Herbert is one of the most respected bankers on the continent, without a shadow of a doubt. The bank has gone from a lower ranked Nigerian bank when he joined the group as Deputy CEO to become one of Africa’s leading financial services groups. He has shown a relentless pursuit for growth, but has done so in a measured and calculated manner. What he and his team have done at Access Bank is nothing short of remarkable.”

The awards ceremony held virtually during the Annual meetings of the African Development Bank.

 

By Collins Nweze

The International Monetary Fund (IMF) is taking steps to ensure that countries and their financial institutions narrow the digital divide for their citizens.

Its First Deputy Managing Director, Geoffrey Okamoto, said  countries should do everything they could to use this technological super cycle for a much-needed growth that raises living standards and addresses long-standing challenges.

In his remarks posted on IMF website, he said many countries  should make substantial improvements to unlock a digital economy that powers growth and is inclusive of people that, to date, are falling further behind.

He called for sufficient investment in basic digital infrastructure. “Governments and private firms both need to play a role, but governments should focus on investments that may be inaccessible or unprofitable for private providers. Some of this is physical infrastructure after all, it’s impossible to participate in the digital economy if you’re not connected — but a lot of it is also digital identity infrastructure and critical data on SMEs that private firms can use to construct a better ecosystem for startups,” he said.

“Also, governments need to reconsider their regulatory frameworks and make sure they are conducive to private sector investment and innovation.

“Regulation that is too tight favors companies that are large enough to afford expensive and complex compliance. Right-sizing regulation with an eye toward facilitating the entry of smaller firms may be opposed by established players, but a more dynamic economy is in everyone’s interest, attracting investment and creating better-paying jobs. We can start today. In the case of FinTech, for example, mechanisms like guidance units set up within regulators and so-called “sandboxes” can be used as a stop-gap measure to encourage innovation while more thorough reviews are undertaken,” he advised.

More so, Okamoto said new firms need access to the right people. Developing human capital is key. Governments need to invest properly in education, particularly in STEM fields, while the private sector needs to assist by investing in training employees for that “last-mile” on technical skills specific to their business. The two go hand in hand, and this is an example where coordination makes all the difference.

He said the financial sector needs to be capitalised and regulated with an eye toward maintaining stability while also channelling capital to new market entrants.

The safest entity to lend to may be a government, a state-owned enterprise, or a conglomerate with outsized market power, but a financial sector that is overly incentivised to allocate capital to these entities is effectively starving more dynamic parts of the private sector of the resources they need to grow. In the long-term the goal is to have a mix of banks, capital markets, and even FinTechs themselves allocating capital to new firms, each able to finance at different scales, on different terms, and assume different risks.

Governments that maintain capital account openness can avail themselves of foreign investment, much of which is engaged in a global search of good investment opportunities at a time when yields are low in many advanced economies.

Fifth, investors and firms need access to a sound and stable legal framework with a judicial system that understands property rights, including the importance of intellectual property rights. Startup investing is almost by definition one of the highest-risk investments you can make, and it’s difficult to attract it at sufficient scale if the private sector isn’t clear on what their rights are or if they will be able to enforce their rights when needed.

“At the International Monetary Fund, we want to do all we can to support countries during this transition. It starts with deploying its expansive analytical expertise to help countries understand the amount of growth that they could be leaving on the table without acting now, as many of the elements that I highlighted can understandably be politically difficult to execute,” he said.

In the FinTech space, the IMF, along with the World Bank, proposed the Bali FinTech Agenda, which reinforces competition and commitment to open, free, and contestable markets.

Both institutions are preparing to deepen our work on digital money and the implications this has for the international monetary system that we have been responsible for since our creation.

By Daniel Essiet

After nearly three decades of instability and near liquidation, Okitipupa Oil Palm Plc has returned to profitability as the company continues to implement its recovery plan.

At its Annual General Meeting (AGM), which was  held via virtual in line with COVID-19 protocols, the Board of the company said more than N700 million had been spent on balance sheet restructuring to clear outstanding debts, while pursuing an ambitious plan to put the company on the path of profitability.

Managing Director, Okitipupa Oil Palm Plc, Mr Tunde Adewole said the company has been working  assiduously to substantially liquidate most of its indebtedness.

He said the company was on the way to being a key player in the agribusiness sector.

After 27 years of struggling, he announced that the company was going to pay dividends to stakeholders.

He said the company  has embarked on some measures aimed at re-strategising and putting the company on a solid footing to enable it respond effectively to emerging challenges and return to its past leading role in the industry.

He said the company was working with partners to run its plantations, as well as meet other critical business needs, adding that the investment demonstrated confidence in the local economy and the future of the sector.

He noted that there is great potential for Nigeria in the palm oil sector, adding that the company was ready to demonstrate to the rest of the world that palm oil can be grown competitively.

Chairman, Okitipupa Oil Palm Plc, Chief Alice Osomo said in 2019, the company recorded a turnover of N281 million compared to N272 million in 2081, a marginal seven per cent increase in revenue.

In the same period, she said the company made a profit-after tax of N3.5 million in 2019 against a loss of N68 million in 2018.

According to her, the company has been through several experiences that had created so much instability in the company.

She noted that the company is looking at full resuscitation plan in five redevelopment phases. These include full plantation repossession and rehabilitation phase, development of its existing 5,800 hectares of a new green field, replanting of 9,000 of brownfield, upgrading of its 40 metric tonnes per hour mill at the company’s headquarters and the 4.5 metric tonnes per hour mill at Ipoke as well as development of refining capacities.

She commended Ondo State Governor, Oluwarotimi Akeredolu for the assistance that has helped to take the company out of the wood.

She  said the state government has established a security task force to secure the plantations.

Okitipupa Oil Palm was established in 1968 and was served by oil palm estates scattered across the three local governments of Okitipupa, Irele and Ese-Odo in Ondo.

 

 

By Collins Nweze

Stanbic IBTC Holdings, a member of Standard Bank Group, has concluded its yearly NewSchoolMoney event.

The programme, targeted at preteens and teenagers, hinges on Stanbic IBTC’s Corporate Social Investment pillar of Education.

Through NewSchoolMoney, Stanbic IBTC aims to provide improved and deepened financial knowledge among the youth.

This year’s edition themed “Making money moves” was by virtual and was facilitated by experts who educated the young ones on various financial strategies and tools to achieve financial freedom.

Chief Executive, Stanbic IBTC Holdings, Demola Sogunle, noted that the acquisition of money management skills by young people was a precursor to their financial independence. He added that the organisation recognised the importance of grooming young ones to make responsible decisions related to wealth building.

On the relevance of the initiative, Demola said: “We put together this initiative to provide young Nigerians with the tools to manage money judiciously, develop good financial foresight and be socially responsible. The goal of the programme is to adequately equip preteens and teenagers with the knowledge to enable them set financial goals, earn money, save, invest, and protect their assets”.

Chief Executive, Stanbic IBTC Pension Managers, Olumide Oyetan, also said the initiative’s goal was to provide a solid financial literacy foundation for preteens and teenagers, which they can build on to foster better decision making later in life.

Regional Manager, Stanbic IBTC Pension Managers, Davida Echetabu, one of the event facilitators, urged the young attendees to cultivate a savings and investment culture. She emphasised that this was a prerequisite to long-term value creation which would help preserve one’s desired lifestyle even at old age.

Wealth Manager, Stanbic IBTC Asset Management, Oyeyinka Oyekan, urged participants to create a wealth flow by leveraging their skillsets and talents to increase their value in the marketplace.

Product Manager, Stanbic IBTC Bank, Uzoaru Onuoha, also shared practical and insightful experiences on managing one’s emotions in financial planning. She stressed the importance of developing emotional intelligence to aid sound decision-making.

Through the Stanbic IBTC NewSchoolMoney initiative, the organisation encouraged young people to grow wealth by spending judiciously and investing in financial instruments such as mutual funds, stocks, treasury bills, bonds, and other financial assets that would yield long term returns for them.

Stanbic IBTC further reiterated its commitment to  engaging the younger generation in  ventures to help them acquire relevant skills that will benefit them and society in the long run.

By Sanni Onogu, Abuja

The office of the Auditor-General of the Federation (AuGF) has queried the National Identity Management Commission (NIMC) over alleged non-compliance with the Public Procurement Act in the award of N229 million contract for the supply of internet servers.

The query is contained in the 2017 report of Auditor-General of the Federation which is being considered by the Senate Committee on Public Accounts, chaired by Senator Matthew Urhoghide.

The AuGF recommended that the Director-General of the agency should be made to refund the amount involved into the Federal Government’s treasury.

The query reads: “Audit observed that capital payment vouchers reference number: NIMC/LS/IGL/1/11/105, dated 25th October, 2017 for N229.7 million showed that NIMC procured 22 units of HP blade servers for Morpho BSS upgrade.

“The items were supplied. There was no evidence of Ministerial Tender’s Board approval, thus, negating the mandatory ‘Open Competitive’ bidding. Public advertisement in at least two national dailies, as required by Financial Regulation 2907 (1) and section 251(ii) of the Public Procurement Act, was absent.

“There was an initial payment of N103.4 million vide payment voucher number NIMC/01/016 CA/18 dated 19/01/18, representing 45 per cent of the contract sum as against the mobilisation fee of 15 per cent.

“The other subsequent payments were not also backed by an interim performance certificate as required by Section 35(2) of the Public Procurement Act, 2007.

“This is an indication of weakness in the internal control system at National Identity Management Commission (NIMC).

“This could lead to poor value for money and possibility of misapplication and misappropriation of funds. Management’s response: No response was received from management at the time of our report.

“Recommendation: The Director-General is required to refund the sum of N229 million.”

But, the Director-General of NIMC, Aliyu Abubakar Aziz, who appeared before the Committee yesterday, claimed that the contract falls within the threshold of the Commission’s Tenders Board because it is classified under ‘works’.

He said the servers were already supplied before the initial payment of 45 per cent, which represent part-payment and not mobilisation due to paucity of funds.

He further told the committee that the cash was meant to buy 22 blade servers to accommodate 20 million enrollment records.

He also said the contract was a continuation of procurement of Enterprise Servers and Storage Solution and Equipment which was awarded in 2012.

He said the agency has so far registered 57 million Nigerians adding that 90 servers would be required register 100 million Nigerians for the National Identification Number (NIN).

He said the agency would submit a N25 billion proposal to the Federal Executive Council to buy more servers  to capture the entire population.

However, the Committee  said it was wrong for the agency to continue 2012 procurement in 2017.

Urhoghide said: “We are supposed to do status enquiry on your Commission because it looks like all your documents are muddled up.”

He directed the Director-General to reappear before the Committee next week Thursday with more documents to back up his claim.

 

 

By Collins Nweze

Electronic Payplus Limited, a payment solution provider, has announced its membership of the International Card Manufacturers Association (ICMA).

With more than 200 members in 43 countries, ICMA has become the voice of the card manufacturing industry for nearly 30 years.

The non-profit association of card manufacturers, personalisers, suppliers and other industry-related companies is a premier resource for the card industry – from training to issues surrounding card production, technology, application, security and environmental issues.

With this membership ICMA, Electronic Payplus Limited will have access to expanded education and training opportunities to stay ahead of trends and benefit from networking with the leading firms in the card industry around the world.

The Managing Director/Chief Executive Officer of Electronic Payplus Limited,  Bayo Adeokun, said his company is excited over the development.

“We are happy to be accepted into the prestigious International Card Manufacturers Association. What this means is that Electronic Payplus Limited has been recognised worldwide. It’s a guarantee that any product from our production line is as good and secured as any of the other products from other international card manufacturers who are members of ICMA,” Adeokun said.

Electronic Payplus started operations in May 2005 and has grown to  become Nigeria’s biggest smart and digital card producer.

“We do bank cards. We can also do the SIM cards, biometric identity cards, electronic ticketing for public transportation (rail, Bus Rapid Transport, ferry, etc.), voter’s card and even residency cards for diplomatic and expatriate workers. That is the advantage of the digital printer that we have. That is the story of Electronic Payplus Limited,” Adeokun added.

By Collins Nweze

Ecobank Nigeria says its vision to use its agency banking scheme to drive entrepreneurship, provide employment and supporting Micro, Small and Medium Enterprises (MSMEs) is yielding fruits, as over 32,000 Nigerians, including former employees and retirees, have adopted the scheme for a living.

According to the bank, apart from helping to drive its financial inclusion strategy in Nigeria, the agents were empowered to create wealth and enjoy financial freedom.

 Head of Agency Banking, Ecobank Nigeria, Olanike Kolawole stated this while responding to reporters’ questions in Lagos.

According to Kolawole, the customer experience is very good as customers can do the simple deposit, payment and transfers in their own neighbourhoods rather than travel for hours to a bank branch.

“These are all parts of our efforts as a bank to help more Nigerians embrace entrepreneurship as best strategy to tackle poverty and address growing unemployment. We are happy with our agency banking services providers also known as our Xpress point agents, knowing they are playing a critical role in helping us reach out to the unbanked and underbanked in the society.

“They are bringing more people to the banking space through their services. They carry out financial transactions on our behalf and earn commission on every transaction processed. Also, the Xpress Point is also a channel that is also being used for the deployment of national social intervention programmes of the government,” she stated.

Nike Kolawole cataloged the services offered by the Xpress point agents as cash in, cash out, fund transfer, bills payment, airtime recharge, remittance and account opening, among others.

She said the services were available for “sole proprietors, partnerships, co-operative societies, microfinance banks, companies with large distribution network – like petrol stations, FMCGs, telecommunication companies, super agents, aggregators and unregistered businesses such as petty traders, hair saloon and others.

By Collins Nweze

The Federal Inland Revenue Service (FIRS) has partnered Interswitch Group to enable taxpayers to file  naira-denominated tax returns through its government-approved payment gateway.

The Interswitch payment gateway has been deployed on FIRS’s new Tax Administration Solution (TaxPro-Max) e-filling platform. For a seamless tax remittance process, taxpayers and tax consultants are expected to file their tax return on FIRS TaxProMax, click on Interswitch logo to generate the Document Identification Number (DIN) and make payment using Interswitch Paydirect at any bank branch nationwide or pay online via Quickteller Mobile App/Web.

Also,  the registration on TaxProMax is mandatory as taxpayers that are yet to get their user credentials are to register onlineor visit the nearest FIRS tax office to be onboarded.

Interswitch Group’s Divisional Chief Executive Officer for Industry Ecosystem Platforms, Chinyere Don-Okhuofu,  said the company is committed to supporting the FIRS to deepen effective tax collection, which is critical to national economic prosperity through its robust digital payment platform.

She said: “In furtherance of our commitment to support the Federal Government in driving efficient and accountable revenue collection across all touch points, we are delighted to consolidate our existing partnership with the Federal Inland Revenue Service in delivering seamless payment collections and reporting to complement the improved TaxProMax platform. The continued partnership between Interswitch and the FIRS, which dates back as far as 2005 when Interswitch pioneered electronic tax collections for the Federal Government is an attestation of our commitment to delivering robust and efficient payment solutions and a confirmation of the agency’s trust in our solutions.

“FIRS has modernised its tax administration and collection processes. We believe that the ease accompanied by the new platform will enhance tax compliance. In addition, leveraging proven payment solutions such as Interswitch’s makes the platform consistent with global standards. We, therefore, encouraged taxpayers to pay all their Naira-dominated tax returns through the Interswitch portal.”

Don-Okhuofu stressed the need to strengthen the digital payment landscape through innovative payment solutions such as TaxPro-Max to drive the much-needed transformation in the economy.

By Collins Nweze

Standard Bank Group has brought together international investors, policymakers and top African corporates to look ahead to the opportunities in a growing Africa. The 11th Africa Investors’ Conference (AIC), held in collaboration with ICBC Standard Bank, is being held over five days from 21-25 June.

Standard Bank Group has partnered with Microsoft to power the conference’s virtual format, using the Teams platform to host over 3,000 meetings between African corporates and institutional investors over the five-day period. Attendees will hear a keynote address from Samer Abu-Ltaif, Corporate Vice President and President, Microsoft MEA, on why Africa’s speedy adoption of tech will help to drive growth on the continent.

Continuing on from the successful approach pioneered at last year’s conference, the virtual format is enables record numbers of individuals to participate. In 2020, a total of over 2,800 meetings which attracted over 40 corporates were facilitated. This year is set to be the biggest yet, with at least 25 per cent more African corporates confirmed to attend.

Further enhanced by the attendance of some of Africa’s leading policymakers and speakers from prominent organisations in Africa and globally, the agenda-setting conference provides a virtual platform for equity investors such as AIG, Jefferies and JP Morgan to meet in select groups and identify investment opportunities with some of the continent’s most successful corporates, including Nampak, MTN, Anglo American Platform, Liberty Holdings and many more.

Key insights will be delivered during the conference’s flagship plenary sessions which will feature His Excellency, the Vice President of Ghana, Mahamudu Bawumia, Dr Vera Songwe, UN Under-Secretary General and Executive Secretary of the Economic Commission for Africa, Lesetja Kganyago, Governor, South African Reserve Bank and Standard Bank Group CEO Sim Tshabalala.

With the impact of the COVID-19 crisis in mind, this year’s conference is distinctly forward looking, and will track the opportunities on offer to investors and corporates under the themes of Africa’s People, Progress and Potential. Topics to be covered will range from digital infrastructure, sustainable technology advances, the African Continental Free-Trade Area (AfCFTA), specific opportunities within Mozambique, Ghana and South Africa, as well as economic overviews for many African countries.

The policymaker country sessions will cover the latest monetary and fiscal policy reforms while the thought-leadership sessions will cover countries, sectors, current issues and trends to showcase the opportunity for investment and growth across Africa.

“Despite the trying and unique circumstances last year, we were able to bring together a wealth of policymakers, corporates and investors committed to the long-term prosperity of Africa. We are confident of similarly strong engagement this year and looking forward to facilitating productive conversations regarding the investment opportunities across the continent.” says Kenny Fihla, CEO Wholesale Clients, Standard Bank Group.

The conference will highlight the rapid acceleration of Africa’s fintech capabilities. Managing Director of Zeepay, Andrew Takyi-Appiah, and Tony van den Berge, Managing Director EMEA Emerging Markets, Amazon Web Services, will deliver insights on the technological growth of Ghana and South Africa.

This year’s event is the first since the ratification of the AfCFTA. Representatives from Standard Bank Group, the United Nations and leading African corporates will join a session analysing the transformative effect the AfCFTA will have on intra-Africa trade and the long-term prosperity of the continent.