Collins Nweze

GLOBAL Finance has named Access Bank the ‘Safest Bank’ in Nigeria in 2020.

This is part of the platform’s 29th yearly World’s Safest Banks rankings. The recognition followed the bank’s efforts towards ensuring the protection of customer funds and data.

Global Finance’s rankings of the World’s safest banks has been the recognised and trusted standard of financial counter-party safety for more than a quarter-century.

The safest banks by country were selected through an evaluation of long-term foreign currency ratings – from Moody’s, Standard & Poor’s and Fitch – and the total assets of the 1000 largest banks worldwide.

Chief Executive Officer of Access Bank Plc, Herbert Wigwe, said: “Throughout 2020, financial institutions all over the world have been faced with peculiarities in safeguarding the finances and data of customers.

“Through this Access Bank has remained steadfast in its commitment to ensuring that the finances of customers are protected and the data confidentiality of all stakeholders are maintained. This recognition serves as an encouragement for us to build on our successes and invest even more in digitally-led measures that will position us as the World’s Most Respected African bank.”

Also, the Publisher and Editorial Director of Global Finance, Joseph Giarraputo, said: “For most of 2020, the world has been lashed by the COVID-19 pandemic, a steep drop in economic activity and, in some cases, serious social unrest. Any of these developments could have significantly impacted banks’ credit worthiness. Surprisingly, however, the relative position of the world’s largest banks on Global Finance’s World’s Safest Banks 2020 lists has been mostly stable.

Collins Nweze

FITCH Ratings has revised the outlook on Coronation Merchant Bank’s Long-Term Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDR at ‘B-’.

The global rating agency has also affirmed the bank’s Viability Rating (VR) at ‘b-’ and National Long-Term Rating at ‘BBB (nga)’.

Fitch Ratings said: “Coronation Merchant Bank has good asset-quality, reporting zero impaired loans (IFRS 9 Stage3)/gross ratio as at end 9M20, which has also been the case since inception. CMB’s lending has continued to grow rapidly (up 45 per cent year-on-year in third quarter 2020, in line with high demand for imports and the diversification of the bank’s funding profile. The bank has not afforded any debt relief to its clients and has not applied regulatory forbearance on its loan classifications.

“The bank’s business model and risk management has held firm during the past few difficult quarters and has prevented asset-quality deterioration or pressure on its funding and liquidity. The bank’s Long and Short-term IDRs are driven by its standalone credit profile as determined by its VR, which reflects Nigeria’s (B/Stable) challenging and volatile operating environment.”

Managing Director/CEO of Coronation Merchant Bank, Banjo Adegbohungbe, stated: “Earlier this year, we became the first merchant bank in Nigeria to be internationally rated. Our bold decision to proceed with an internationally accepted rating despite the challenging and uncertain operating environment was a reflection of our confidence in our franchise, our risk management culture and our commitment to delivering sustained value to our clients. The revised outlook from Fitch attests to the efficacy of our business strategy,  and we will continue to build on this to deliver long term value for our clients.”

By Collins Nweze

When cash is needed to meet urgent needs, especially during the Yuletide, Polaris Salary Advance from the stable of Polaris Bank is one product both existing account holders and non-account holders can fall back on.

Salary Advance is a small, short-term unsecured loan that relies on the borrower having previous payroll and employment records.

A beneficiary is required to repay out of their next pay cheque or over an agreed period

Polaris Salary Advance, an instantly available, no-collateral facility, can be accessed anytime, anywhere.

It is available to all salary earners and can be accessed via *833*12# USSD Smartcode platform.

Working class persons who are looking to soft credit to enable them meet up with their shopping this season, can take advantage and get their account credited in a space of 2 minutes.

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.

Agency Reporter

Mastercard has partnered with Junior Achievement Nigeria (JAN) to help bridge the digital and financial literacy gap amongst school students and young adults in Nigeria.

Through a series of programs, the students will be equipped with essential skills to prepare them for future success as digital entrepreneurs. JAN is part of Junior Achievement Worldwide, the world’s oldest and largest non-profit economic education organization operating in 120 countries.

The partnership forms part of Mastercard’s global commitments to connect 25 million women entrepreneurs to the digital economy, reach 50 million small businesses and financially include 1 billion people in the next five years.

Leveraging the expertise of Mastercard employee volunteers, the partnership with JAN will inspire young adults across Nigeria through three unique activations:

• Mastercard Girls4Tech Program: An inquiry-based STEM (Science, Technology, Engineering and Math) program, Girls4Tech inspires young girls to build the skills they need in STEM to become problem solvers and the leaders of tomorrow, thereby expanding the employment pool for women STEM professionals in the future. The program incorporates Mastercard’s deep expertise in payments technology and innovation, and includes topics such as algorithms, digital convergence and cryptology.

Read Also: Mastercard: SMEs terribly hit by pandemic

• Mentoring participants of the JA Company Program: JA Company Program teaches senior secondary level students how to start and run their own business, develop a product or service, and market their brand. Mastercard employees will volunteer as mentors to the six finalist teams (companies) who emerged from JAN’s Virtual Company of the Year competition, by helping them refine their business proposals as they compete for the National Company of the Year Award.
• Digital Payments Literacy Webinar: Together, Mastercard and JAN will educate over 200 young adults on the future of payments in Nigeria. Participants will range from senior secondary students to National Youth Service Corps (NYSC) members. This session will enlighten the next generation on their role in building and driving the digital economy through technology.

The partnership will also see the first Junior Achievement – Mastercard prize awarded to the most outstanding student company during the virtual edition of the National Company of the Year (NCOY) competition.

“Creating inclusive, equal opportunities is a key priority for Mastercard,” said Ifeoma Dozie, Director, Marketing and Communications, Sub-Saharan Africa at Mastercard.

“Through this partnership with Junior Achievement Nigeria, we are able to broaden our commitment to Nigeria’s next generation of women leaders and young entrepreneurs. By encouraging students to embrace subjects and mentoring them through challenges that will prepare them to be part of tomorrow’s workforce, we are collaborating to develop a talented supply of skilled professionals to aid the country’s future economy.”

While commenting on the partnership, the Director of Marketing and Innovation, Junior Achievement Nigeria, Oduolayinka Osunloye, expressed her gratitude to Mastercard adding that the partnership is a huge step in achieving JAN’s vision of developing 1 million digital entrepreneurs over the next five years.

“We are very pleased to be partnering with Mastercard to develop young digital entrepreneurs. It took us 20 years to reach our first million students but with technology and the support of organizations like Mastercard, we are determined to equip and empower another million digital entrepreneurs over the next five years. We are certain our efforts will help our beneficiaries own their economic future, as JAN is committed, more than ever to build conscientious business leaders leading a vibrant economy.”

JAN has built a record of accomplishment over the past 20 years by delivering high quality entrepreneurial, financial literacy and work readiness programs to secondary school students and out-of-school youths across Nigeria and recently hit a major milestone of one million students reach.