Category: Money

Collins Nweze

 

POLARIS Bank has held the  Customer Service Week by celebrating its customers and staff members for their patronage and commitment to service excellence.

The week-long event, with the theme “Dream team,” was across the bank’s branches in Nigeria.

It highlighted the importance of customer service, staff members and the customers whose loyalty and patronage are the basis for its success.

Polaris Bank’s Acting Managing Director/Chief Executive Officer (CEO), Innocent Ike expressed appreciation to customers for their patronage.

He said: “As customer preferences evolve in this digital era, we will continue to explore innovative ways to serve and delight them to the best of our abilities.”

He commended the bank’staff members across the country for their dedication to duty, noting: “The staff’s commitment to service delivery even in the face of difficult times such as COVID-19, is commendable.”

The highpoint of the celebration was the customer reward initiative, which promised gifts and prizes to the bank’s customers. New 1000 customers who joined the bank’s digital and virtual channels, were rewarded with airtime once they activated their profile on its digital platforms.

Also, inactive USSD users who use the bank’s USSD code *833*amount# to buy airtime would get 100 per cent bonus during this time.

Read Also: Innocent Ike is Polaris Bank Acting MD/CEO

Five hundred customers were rewarded while 50  randomly selected on social media received airtime vouchers.

The staff members were  not left out of this experience as they got rewards for quality service.

The week  also included customer appreciation and engagement during which staff members – both junior and senior officers of the bank – were required to appreciate customers for their continuous patronage.

Polaris Bank is a customer-centric bank positioned to delivering industry-defining products, services and platforms across the key market segments.

By Collins Nweze

 

The Association of Bureaux De Change Operators of Nigeria (ABCON) has cautioned against increasing the retirement age, stressing that this works against policies to reduce youth unemployment in the country.

The association stated this in its Quarterly Economic Review report for the third quarter of the year (Q3 2020), adding that the Federal Government should prepare post retirement facilities instead of increasing retirement age.

The association’s position was against the backdrop of the recent decision of the Federal Government to increase the retirement age of teachers from 60 to 65 years.

“Increasing workforce retirement age is counterproductive under conditions of high youth unemployment rate, instead government should prepare solid post retirement facilities,” ABCON stated.

It added that the Federal Government should promote policy to reduce youth unemployment with a view to addressing social unrest.

ABCON noted that recovery from the severe impact of the COVID-19 pandemic on the nation’s economy will be determined by a structured and people-oriented policy aimed at resolving the macroeconomic imbalance arising from the disruptions.

It, however, advised that “Government spending should be directed towards business recovery, poverty alleviation and infrastructure development but structured to give a good mix with monetary policy trust’’.

The association also cautioned the Central Bank of Nigeria (CBN) against pegging the interest rates and other variables, stressing that this could lead to malfunctioning of the system.

The Association instead, recommended that the monetary authority should intervene in selected priority sectors through incentives, adding that this will allow for smooth flow of the whole economy, especially when complemented with fiscal management efforts.

Also, stressing the need for the CBN to address the huge exchange rate mismatch in the forex market, the association, stated: “It is imperative for the monetary authority to actively participate with precision through market level interventions.

“Volumetric interventions and demand push exchange rates must automatically influence the market in the direction the authority desires.

“As example, it is illogical to intervene in the market at N380 when open market is moving at N460. Who takes the margin? This is an exchange rate mismatch.

“The solution to the problem is not throwing millstones or blackmail of any sub-sector of the market, the margin ends in one market and is functional to the volume to satisfy market deficit in supply.”

ABCON also advised the CBN to consider raising the liquidity ratio of banks to discourage foreign currency holding and thereby increase availability of forex, especially for the purpose of increasing liquidity at the official retail segment where BDCs operate.

On the other hand, ABCON called for increased cooperation among BDC operators so as to attract autonomous foreign exchange inflows facilitated by the reopening of the economy.

“Operators are set to make windfalls as foreign currency arrears coming from the long business lockdown are reopening. Traders through cooperation can attract huge autonomous foreign exchange volume through interplay of fine exchange rate margins from the liquidity in the open market,” the association stated.

 

 

By Collins Nweze

 

The Akwa Ibom State Internally Generated Revenue (IGR) from tourism is expected to rise with  the appointment of the Icon Hotels and Resorts Nigeria by the government to manage its Ibom Hotels and Golf Resort.

The hotel will contribute to the state’s revenue with  inflow of tourists and businesses.

The government said the appointment of Icon Hotels and Resorts Nigeria, the Nigerian subsidiary of one of Africa’s leading hospitality management companies – Icon Hotel Group Africa – as managers of its Ibom Hotels and Golf Resort. This is in a bid to further grow Tourism and Hospitality potentials of the state as economic activities resume nationwide.

Performing the handover on for the government, the Chief of staff to the Governor, Akparawa Ephraim Inyang-Eyen, who charged the Icon Hotels & Resorts management team to bring their expertise to bear in managing the hotel.

Congratulating Icon Hotels & Resorts on the appointment, the governor stressed the need to onboard innovative ideas in attracting patronage for the hotel and the tourism development of the state. He also reiterated the government’s commitment to supporting the new managers in the discharge of their duties as both parties collectively ensure that Ibom Hotel becomes one of the leading hotel brands in Africa.

Read Also: WTD 2020: Tourism, resilience and rural development

 

Governor Emmanuel said: “We expect that in the next 12 months the hotel should manifest a new culture and environment to attract patronage” urging the new management to shun victimisation of workers and stressed the need for them to use those already working there, especially those who are good at their jobs. ‘’

The Group CEO of Icon Hotel Group Africa Fred Maina thanked the government for trusting their competence and expertise in turning around the fortunes of the hotel for the better.

According to the respected hospitality management czar, the next 12 months will see the Hotel recording tuned up customer experiences in services, refreshed ambience and world class trained personnel.

CEO of Icon Hotels and Resorts Nigeria, Adetope Kayode thanked the State Government for the privilege given to the Company to take over the management of Ibom Hotel.  He expressed happiness at the confidence reposed in their management team and their ability to attract the best African hospitality talent to ensure the success of the hotel. While pledging his team’s resolve to change the fortunes of the hospitality outfit in the State to become a world-class venture, he said they have all it takes to turn around the hotel to the desired state.