Category: Money

Collins Nweze

JMG has recognized its workers that have stayed over 20 years and 10 years in the company.  The company gave awards to staff who have stayed with the company  for 20 years. The employees who have been with the company for 10 years were also recognized and appreciated at the ‘JMG Celebration Dinner 2020’ held in Victoria Island, Lagos.

JMG is a power solutions provider that started in Lagos State and for more than 20 years delivered solutions to multitude of clients from the private and public sector.

The  complete solutions bundle caters for construction companies, consulting firms, engineers, property managers, industrial buildings and many more , that  rely on them for integrated solution.

The solutions also help them in focusing on their needs and providing excellent customer care throughout the duration of the project.

The backbone of JMG is built on over 30,000 square meter of assembling and manufacturing plants, offices and warehouses, with over 1,500 people in employment. They have offices across Nigeria and in Ghana, Ivory Coast, Lebanon & Iraq.

The event themed “Culture” had in attendance 150 persons including board members, company executives, staff, their partners and well-wishers all gathered together to celebrate the achievements of JMG and its staff who has been with the company for 2 decades and a decade respectively.

To top off the evening, there was a raffle draw and amazing prizes such as 55’ Smart 4K UHD Televisions, Standing Fans and Microwaves were won.

The Managing Director of the company, Mazen Jubaili said the company’s diversification and growth over the last two decades as a result of the collective efforts of their work force” and he subsequently spoke about plans to take JMG to greater heights as Nigeria’s leading company in power solutions.

JMG Director,  Otunba Francis Meshioye, highlighted the “importance of a strong work ethics” and also encouraged the members of staff to take a cue from Jubaili who has successfully nurtured JMG to where it is today as a result of his “Work Ethic” .

The evening came to an end with everyone chatting and dancing to the rhythm of the sounds from the Djs deck, while they all look forward to the next event when they get to do this all over again as one big happy family…

Collons Nweze

LAPO Microfinance Bank Limited has unveiled ‘My Pikin and I’,  a savings account designed to provide support for women and children boost the bank’s deposit base.

Speaking during the product launch in Lagos,  the outgoing Managing Director of the bank, Godwin Ehigiamusoe, said the bank loaned N153 billion to customers in 2019, and plans to  increase it to N170 billion this year.

“As a financial intermediation institution, we want to lend more. We see overtime, we need cheaper deposit to enable us lend at lower interest rate. We have  We did N153 billion last year, we should be able to do N170 billion in 2020,” he said.

Ehigiamusoe said the product was put together in realisation of the cooperate objective of the organisation and the need to assist the savers to build up capital.

He explained that the service product is an opportunity for women to save towards the welfare of their children/dependents and provide all range of financial services to both women and children.

According to him, the account allows you secure the child’s future till he/she attains adulthood.

He said the fact that women and children were neglected in the society gave the organisation the push to go  into the business of helping to relieve them of the financial burden.

“A lot of things have made it difficult for people to inculcate savings culture and it has to be improved , I believe people have to plan their budget and determine what they really need over what they want, once they are able to do that, they are able to set some money aside. I think there should be availability of instrument like this that presents the opportunity for people to save.

“In remote communities people don’t have the opportunity to save, they prefer to hide their money under their mattresses, but with  more products like this,  the level of our savings culture will improve. We want to go beyond supporting the women to providing for children also. It is a service product which was initially for the child, My Pikin, but now, it has been extended to the women, hence, My Pikin and I. The account can be opened in the name of the child.”

Collins Nweze

ACCESS Bank Plc has reiterated its continued support for special needs children by donating a 44 KVA Solar Power System to the Down Syndrome Foundation Nigeria.

Speaking on Thursday at the presentation of the facility at the foundation’s office at Iju, Fagba Lagos, the bank’s Chief Financial Officer (CFO), Seyi Kumapayi, said the lender is investing heavily in Corporate Social Responsibility (CSR) initiatives.

“What you have seen today is further actualisation of Access Bank’s CSR initiatives. It is not just for my group, but it is done across the bank, in terms of giving back to the society. We have been partnering with the Down Syndrome Foundation Nigeria for more than five years in various forms,” he said.

According to the CFO, the bank has supported the group through arts, education, health, among others and will continue to meet their needs from time to time.

Kumapayi said the second phase of the CSR initiative for this year will be supporting people with secondary scholarship funds. The fund, he said will enable beneficiaries pay for some of their examinations fees. He said the support is not coming just for the Financial Control Unit of the bank, but from the bank as a group because of its believe in giving back to the society in a sustainable manner.

Read Also: Access Bank, Wigwe get awards

“For us at Internal Control Unit, in the last five years, we have impacted over 8,000 lives positively and will be raising that to 10,000 lives in the next five years in line with the bank’s commitment to touch people’s lives positively,” he said.

Also speaking, National President, Down Syndrome Foundation Nigeria, Mrs. Rose Mordi, said the foundation needs all the supports it can get to take care of the special, needs kids. “Every day, kids are born with this condition and they need help. Kids with this condition need support. About 50 per cent of children born with down syndrome are prone to congenital heart defects. That is what is called hole in the heart. And some of them die daily where the issue is not properly addressed. We believe that if they are not alive or healthy, we cannot do anything for them. We want to ensure that their health is well taken care of,” she said.

According to her, the children live at the facility. “A lot of them are born without being trained. We need support to help us get them all the things that are required to help them live fulfilled lives. What Access Bank has done is that they have taken a chunk of the challenge we used to face by providing us with the solar  power system. That is one of the best things that has ever happened to us,” she said.

Continuing, she said that by the Access Bank’s gesture, the children will be comfortable while the foundation will save money to do other things.

By Colins Nweze

United Bank for Africa (UBA) Plc has unveiled the ‘UBA Bumper Account’, a hybrid account, targeted at transforming customers.
The account is aimed at improving the lives of the UBA customers and offer account holders opportunity to win cash prizes of up to N2 million.

Speaking at the event, which was held at the UBA Head Office, in Lagos, the Group Head, Retail Banking, Jude Anele said, the New ‘UBA Bumper Account’ was created with the customer in mind.
He explained customers of the bank should ensure that they have a minimum deposit of N5,000 in their UBA Bumper Account to qualify.

READ ALSO: UBA, Zenith Bank’s boards approve final dividend

According to him, current UBA customers are to dial  *919*20*1# to migrate to the UBA Bumper Account while potential customers  should dial *919*20# if interested in opening a UBA Bumper Account.
In the first draw, which was held live  during  the official launch in Lagos today,  a total of 100 customers emerged winners as the  Bumper to Bumper Crooner, Wande Coal  serenaded guests with his famous hit songs to the delight of all.
“A total of 100 customers emerged winners at the live draws which took place here today, and as you have seen, some of our customers here present were part of the lucky ones who won N100,000 each. From here on, lucky customers will win from N10,000 to N2 million each in the monthly, quarterly and targeted draws,” Anele stated.
He added that a monthly shopping allowance of N100,000 for a year is also up for grabs. “No fewer than 50 account holders will get N2 million each across all participating regions. This account is open to both existing and new customers of the bank who save a minimum of N5,000,” Anele noted.

Amos Wisdom, one of the winners, could not hide his joy when he was announced as one of the winners. “I am still very amazed. Before I came here, I had the conviction that I would win. All my life, I have never won anything like this, and I am very happy that I won this time. Thank you so much UBA,” he said.

The Deputy Director and Co-ordinator, National Lottery Regulatory Commission was present during the event to ensure that winners were properly selected in a fair manner without prejudice. She noted that the commission had worked with UBA in many promos in the past without any issues.

The Head Consumer Banking, Chiedu Ibeku, said: “We had two major objectives for this account which is to say a big thank you to our customers for being there and most importantly, to encourage a savings culture. Our intention is not only to reward loyalty but also to transform the lives of our customers for good.’’

By Colins Nweze

The board of the African Development Bank on Wednesday approved a $22 million senior loan to help Egypt’s Corporate Leasing Company (Corplease) expand its operations in the North African country.

The decision signaled confidence in a burgeoning local market and in the Egyptian economy as a whole.

The bank will mobilize $7 million of the $22 million from the Africa Growing Together Fund (AGTF), a co-financing fund, established with the People’s Bank of China.

Corplease is a leading non-bank financial institution that provides diverse leasing products and services to a wide range of SMEs and larger corporates, through direct leasing, sale and lease back, as well as structured finance products. Corplease seeks to provide alternative financing through leases to address funding constraints in the private sector in Egypt.

“The need for leasing products in Egypt is growing consistently on an annual basis to meet the acute demand by small, medium and large sized corporates for alternative source of funding from traditional banking sources, for business expansion and job creation. With the annual demand growth expected from the local corporates, the market for leasing in Egypt shows immense potential for investors,” said Stefan Nalletamby, Acting Vice-President for the Private Sector, Infrastructure and Industrialization Complex at the African Development Bank.

With the newly-approved Corplease loan, the African Development Bank adds to its existing initiatives to support financial institutions and deepen financial systems on the continent. The loan will contribute to supporting SMEs operating in Egypt, especially in priority sectors such as agribusiness and food industries, tourism, ICT, clean energy, health, transport and manufacturing.

READ ALSO: UBA, Zenith Bank’s boards approve final dividend

“The loan will contribute to supporting SMEs operating in Egypt, especially in priority sectors such as agribusiness and food industries, tourism, ICT, clean energy, health, transport and manufacturing – all essential contributors to inclusive and sustainable growth,” said Malinne Blomberg, African Development Bank Country Manager in Egypt.

The intervention is in line with the bank’s High 5 strategic priorities, specifically “Feed Africa”, “Industrialize Africa” and “Improve the Quality of Life for the people of Africa”. The Bank’s support will have multiplier effects on industries related to the real sector and support job creation in these value chains.

It also aligns with Egypt’s vision 2030 and will complement the government’s efforts to support the productive capacity of local corporates, creating an enabling private sector environment and sustainable development.

The Registrar and Chief Executive Officer, Chartered Institute of Bankers of Nigeria (CIBN), ‘Seye Awojobi has commended Ecobank Nigeria’s various initiatives targeted at building the capacity of its workforce.

The Registrar made this disclosure while speaking at the graduation ceremony of Ecobank pioneer management trainees in Lagos. Awojobi, who was represented by Group Head, Membership Services, CIBN, Akin Morakinyo observed that over the years, the bank has accorded priority to various learning and development initiatives which exposes staff to new career development within the banking industry.

He emphasised that such competency improvement was important for the banking sector, stressing that it aligns with the current dynamics of the industry and global best practice.

Read Also: Ecobank, NIRSAL promote agric lending

Also speaking, Managing Director, Ecobank Nigeria, Patrick Akinwuntan, charged the graduates to discharge their duties and assignments with high level of professionalism. He stressed that Ecobank is a veritable platform for them to excel and attain their career aspirations.

According to the Managing Director, “Ecobank is a great place for you to exhibit what you have been taught in the last 18 months in this Academy. It is a place where you can achieve your career goals. Be ready to discharge your task effectively and efficiently and note that your future in the bank starts now.” Mr Akinwuntan reiterated that Ecobank is highly committed to delivering on its promise of investing in creating leaders for the banking industry.

By Colins Nweze

Wema Bank is deepening pan-African trade services for its customers through its bilateral partnership agreement with Bank of Africa Group (BOA).

The agreement, which was announced last year by Managing Director/CEO of Wema Bank Plc, Mr Ademola Adebise and  CEO of BOA Mr Amine Bouabid, is aimed at enhancing the relationship between banks and delivering sustainable and value-adding support for growth and profitability across the continent.

Through the deal, both banks will gain an opportunity to promote bilateral trade services, which will include Import and Export services, Bonds and Guarantees, and Structured Finance collaborations.

In keeping with the tenets of the agreement, activities around corresponding banking, trade facilitation and remittances will kickstart between Wema Bank and BOA Ghana.

Read Also: Wema Bank commits N2b to agric sector funding

This opportunity will also envisage the full implementation of Africa Continental Free Trade Agreement (AfCFTA), with a focus on the manufacturing, power and agriculture sectors, as well as Nigerian business community in Ghana, Wema Bank customers in Nigeria can trade and make remittances with BOA customers in Ghana.

According to Head Global Trade and Correspondent Banking, Wema Plc, Adeola Ajai, the partnership with BOA will help facilitate business activities across the African continent, offer better and more competitive pricing to support customers and execute transactions faster” to customers looking to take their businesses beyond borders.

Ajai also added that the subsequent phase of the partnership will be to sign a sub-agreement with 16 other BOA affiliated locations across Anglophone and Francophone African countries, six of which are in West Africa (Benin, Burkina Faso, Ivory Coast, Mali, Togo and Senegal), seven in East Africa and the Indian Ocean region (Burundi, Djibouti, Ethiopia, Madagascar, Rwanda, Tanzania and Uganda) as well as in the Democratic Republic of Congo.

Collins Nweze

CORALPAY Technology Limited has deployed the C’Gate, (CoralPay Payment Gateway and Processing) platform for seamless and secure payment..

The technology has been described as the first Unstructured Supplementary Service Data (USSD) and mobile payment processing platform.

The C’Gate platform is a composite payment-processing engine that allows customers using the USSD short codes of their banks, alongside their mobile Apps to pay for goods and services  from their bank accounts and wallets.

The transactions are accepted on point-of-sale (POS) terminals, Automated Teller Machine (ATMs), Smart and Feature Phones on e-Commerce websites (CO3)  as well as ChatBots.

The C’Gate also has capabilities for card processing, telephony processing, account to account transfers and other payments.

In an interview, the Chief Executive Officer, CoralPay Technology (CO5) Limited, Chioma Nkechika, explained that the platform can best be described as super payment processing engine based on varied experiences from across the globe.

Embedding several global payment designs and standards into one processing base, as used in developing the solution.

At present, commercial banks, insurance companies, health sector operators, mobile money operators, Other Financial Institutions (OFI, PSB, MFBs) and Insurance have adopted the payment solution.

They include Deposit Money Banks (DMBs) are GTBank, Zenith Bank, UBA Plc, First Bank, Access Bank, FCMB, Fidelity Bank, Wema Bank, Keystone Bank, Sterling Bank, and Providus Bank.

Nkechika explained: “For the insurance companies, the ease of collection of premiums from their customers across urban and rural locations has been a huge concern, it comes with a lot of difficulties due to logistics challenges and non-availability of sufficient secure payment points, which has now been solved with the C’Gate solution.

“Also with the C’Gate, you are able to remotely and securely pay your premiums to the designated Insurance Company account for onward remittance to your specific purpose account. For our several partnerships in the health sector (Private and Public Sector alike), payment and remittance of health insurance premiums, has been made more secure and simplified”.

Read Also: CoralPay, Alipay boost e-payment

Nkechika described “the one key feature of the C’Gate platform, that has been most interesting and novel, to be considered as the flagship product, is the ability to use your USSD payment code from any bank or OFI (Other Financial Institutions) to pay remotely on any point of sale (PoS) terminal that has been deployed in the market today and a receipt printed.”