Category: Money

Collins Nweze

The Nigeria Deposit Insurance Corporation (NDIC) has said it will provide deposit insurance coverage of N500,000 maximum limit to subscribers of Mobile Money Operators (MMOs).

Speaking during NDIC’s Special Day at the 33rd Lagos International Trade Fair in Lagos, NDIC Managing Director/CEO Umaru Ibrahim, said one of the most significant achievements of the corporation is the provision of the deposit insurance coverage to subscribers of mobile money operators to the maximum limit of N500,000 through the pass-through deposit insurance framework.”

Umaru, who was represented by Joshua Utopidok, the Director for Special Insured Institutions, said: “As it stands, the number of licensed MMOs by the Central Bank of Nigeria is 23, with eight being bank-led and the remaining non-bank-led. As of 30th June 2019, the number of subscribers to the MMOs stood at 9,249,265.

Ibrahim said following the issuance of the “framework for the Licensing and Regulation of Payment Service banks (PSBs) by the CBN, which stipulated the extension of Deposit Insurance Coverage to the depositors, the Corporation has designed an appropriate Differential Premium Assessment System (DPAS) Matrix for Premium computation/payment as well as set an Insurable Limit to the Depositors in the event of failure’’.

Read Also; NDIC to tackle economic, banking sector challenges

He said the “corporation is taking these measures so as to engender confidence in the system and to discourage bank customers from keeping cash at homes, shops and other places outside the banks. “Money kept outside the banks are not insured by the corporation and are susceptible to loss through robbery, theft or fire outbreak.”

“As provided for in the NDIC Act 2006, when insured financial institutions fail, depositors of deposit money banks (DMBs), non-interest banks (NIB) and primary mortgage banks (PMBs) are reimbursed up to a maximum limit of N500,000, while the maximum insured coverage for depositors of Microfinance bank (MFBs) is N200,000.

“However, the insured limits are periodically reviewed by the board of the corporation to ensure that the majority of depositors are covered.”

According to Ibrahim, the corporation received 35 petitions and complaints from bank customers on issues, such as the ATM frauds, un-authorised fund transfers, and cheque related issues.

Collins Nweze

PocketMoni, the mobile money flagship brand of eTranzact, has trained 1000 youths under its FinTech Emerging Enterpreneur Program (FEEP).

The training, which held at Owerri, comprised over 1000 participants from the Owerri, Okigwe and Orlu axis of the state.

The training is being held under the auspices of a partnership with Iwuanyanwu Foundation and Imo State Ministry of Technology Development, with support from the state Ministry of Youth and Social Development.

The programme is planned to cover 5,000 youths across the state, as part of the government’s job creation and social inclusion drive.

Imo State Governor, Emeka Ihedioha, who was  represented by his deputy, Gerald Irona, said this free training is part of the governor’s agenda on human capital and technological development to equip the people of the state to acquire the required skill set and permit to start their own mobile money business.

Read Also: PocketMoni partners Imo government

Irona commended the initiative. He added: “We have set up the ministry that is ICT compliant to create jobs, and to fight criminality in the state”

Managing Director, eTranzact International Plc, Niyi Toluwalope said this deal is in line with the Shared Agent Network Expansion Facility (SANEF) initiative to deepen financial inclusion nationwide.

“eTranzact is committed to empowering the youths through our flagship mobile money brand PocketMoni. We believe in the vision of the Governor of Imo state and Iwuanyanwu Foundation, that is why we have embarked on this partnership,” Toluwalope added.

Collins Nweze

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, International Monetary Fund (IMF), Country Chief, Amine Mati,  Small & Medium Enterprises Development Agency of Nigeria (SMEDAN) Director-General, Radda Dikko, among other dignitaries have confirmed their attendance at the second Financial Markets Conference of the Financial Markets Dealers Association (FMDA).

In a statement, FMDA said the  event scheduled for Friday, December 6, at the Federal Palace Hotel, Victoria Island, Lagos, would focus on the theme: “The Nigerian Financial Market – An Agent for Growth and Development” with Emefiele as keynote speaker.

The Speaker, Federal House of Representative, Hon. Femi Gbajabiamila, will be special guest of honour, among other guest speakers.

It said the programme, which begins at 2pm, is an opportunity for the nation’s financial market operators, regulators, investors, corporates and other stakeholders to discuss ways of using financial market to facilitate economic development.

The conference sub-themes include:  ”Unlocking Real Sector Development: Small and Medium Enterprises (SMEs) as an Agent of Growth and Development IMF Perspective” to be presented by the guest speaker, Mati; the Role of SMEDAN in Enhancing Sustainable Business Growth for SMEs to be presented by Radda; and Intermediary Role of Banks – SMEs As Springboard of National Economic Growth and Development to be presented by Managing Director/CEO Sterling Bank Plc, Abubakar Suleiman.

Others are  Executive Secretary/CEO, Nigerian Investment Promotion Commission,  Ms. Yewande Sadiku, who will be speaking on “Growing SMEs through Government Policies & Incentives”  and Principal at Africa Capital Alliance,  Ladell Robbins, who will speak on the theme: “SMEs as an Agent of Growth and Development Private and Public Partnership in Bridging Infrastructural Gap”.

Collins Nweze

FBNQuest Merchant Bank, the investment banking and asset management business of FBN Holdings Plc, has hosted its clients to a Wealth Management Customer Forum, facilitated to share in-depth analysis of the impact of long-term wealth preservation and inter-generational wealth transfer.

The Forum, themed ‘Our Customers, Our Strength’ focused on three key topics- ‘Health is Wealth’ was presented by a Consultant Nephrologist, St. Nicholas Hospital Ebun Bamgboye; ‘Benefits of Generational Wealth Transfer’ was delivered by Head Private Trust FBNQuest Trustees Mofoluke Keshinro; and ‘Trends & Opportunities in the Global & Local Economy’ by Head Macroeconomic and Fixed Income Research FBNQuest Capital, Gregory Kronsten.

The forum highlighted some of the challenges individuals and businesses encounter due to lack of a proper estate plan.

According to FBNQuest Trustees, insights have revealed that globally, only 30 per cent of family-owned businesses survive into the second generation and only 12 per cent make it to the third generation. It further explained that 72 per cent of family businesses have no formal business continuity plans and only seven per cent have hired professionals to help deal with family relationship issues involved in planning for the continuation of the business. The forum also advised on the importance of securing your wealth through the services of professional financial institutions to guarantee successive generational wealth transfer and stable investment growth.

Read Also: Report: Banks’ loan cut slows revenue growth

Managing Director/CEO, FBNQuest Merchant Bank, Kayode Akinkugbe,  reaffirmed the position of the bank to help customers build more long-term and strong investment portfolios through structured wealth management services.

He said: “We work with our clients to provide tailored investments solutions to help build, sustain and transfer wealth across generations.

Over the years, we have actively partnered with both individual and institutional clients to grow financial assets and investment portfolios in line with varying wealth management objectives. We ensure that we seek investments that are safe, liquid and profitable for long term sustainability”.

Collins Nweze

A report by globally renowned credit rating agency, Fitch Ratings, has affirmed that Stanbic IBTC Holdings PLC, Nigeria’s leading end-to-end financial solutions provider, and Stanbic IBTC Bank PLC, its banking subsidiary, have retained their National Long-Term Ratings of AAA(nga).

According to the report, both organisations also maintained their National Short-Term Ratings of F1+(nga).

The ‘AAA (nga)’ rating represents the highest score assigned by Fitch Ratings in its National Rating Scale for Nigeria; and it is assigned to issuers with the lowest expectation of default risk in comparison with other issuers in Nigeria.

The National Short-Term Rating of F1, on the other hand, is bestowed on issuers or obligations that have the strongest capacity for timely payment of financial commitments relative to other issuers in the same country. Stanbic IBTC Bank PLC and Stanbic IBTC Holdings PLC were, however, rated as F1+(nga) due to their very strong liquidity profiles.

A key rating driver for both companies is their affiliation to South Africa’s Standard Bank Group, their parent company.

Read Also: Stanbic IBTC launches @ease wallet

The ratings are an indication of the Standard Bank Group’s capacity and readiness to support both organisations. Another factor taken into cognisance during the rating process were the role of companies as Standard Bank’s main operations in West Africa as well as the ownership size and high operational integration.

Despite Nigeria’s Country Ceiling Rating of B+, Fitch affirms that a downgrade of Nigeria’s rating will not result in the lowering of the National Long-Term and National Short-Term ratings of both Stanbic IBTC Holdings PLC and Stanbic IBTC Bank.

Stanbic IBTC Holdings PLC has its roots in the Investment Banking & Trust Company Plc (IBTC) which was formed in 1989 by a 33-year old Atedo Peterside. In 2005, IBTC merged with Chartered Bank PLC and Regent Bank PLC to form IBTC Chartered Bank PLC. In 2007, Stanbic IBTC Holdings PLC was formed from the merger of IBTC Chartered Bank PLC and Stanbic Bank Nigeria Ltd.

Collins Nweze

The Nigerian-British Chamber of Commerce (NBCC) has reiterated its commitment to the economy and the deepening of Anglo-Nigerian trade and investment.

The group has unveiled plans to host its members and guests at its Presidential inauguration dinner  on November 15 in Lagos.

The yearly dinner is the premier event of the NBCC to celebrate excellence in the business sector and promote Anglo-Nigerian business relationships.

Read Also: NBCC seeks members’ economic interests

This year’s event will see the inauguration of the chamber’s 16th President, Kayode Falowo, and the decoration of the Lagos State Governor, Babajide Sanwo-Olu as a Patron of the Chamber.

Speaking at the NBCC’S last month’s Breakfast Meeting, Falowo noted that the Presidential Dinner “is not only to celebrate and honour the President but also to hold a grand and befitting event to showcase the chamber and its activities”.

The dinner will be attended by the Minister of Industry, Trade and Investment, Niyi Adebayo as the special guest of honour and Executive Chairman of S4 Capital, Sir Martin Sorrell as the guest speaker.

Chairman of the Presidential Inauguration Dinner Committee, Olufemi Olubanwo confirmed that the committee intends to showcase the NBCC as the foremost bilateral chamber in Nigeria, that is striving to deepen Anglo-Nigerian trade and investment.

Collins Nweze

GROUP Managing Director, Access Bank Plc, Herbert Wigwe has reiterated the gains of cultivating savings culture among the youths.

He spoke when he visited the Ebonyi University Staff School, called the ‘CEO School’ in Abakaliki to mark the 2019 World Saving Day.

Addressing the students, Wigwe, represented by the Zonal Head, Commercial Banking East, Access Bank Plc., Fidel Ibeabuchi, said, “Imbibing a savings culture is an important aspect of child development, and as parents, guardians and teachers, it is our responsibility to instill in them this mentality. In addition, it encourages a sense of discipline and planning, which can also be applied in other parts of your lives. As you grow up, pay attention to your finances, because whatever habits you learn and adopt now will lay a foundation for your future.”

Following the allocation of schools by Central Bank of Nigeria (CBN) to licensed banks, Access Bank visited schools in Lagos, Taraba, Nassarawa, Jigawa, Akwa Ibom, and Enugu States.

Read Also: Why bank lending rates are high, by Wigwe

The World Savings Day celebration follows other commendable projects of Access Bank to promote a savings culture among Nigerians, which also include its partnership with MTN at the mPulse planet to educate pre-teens and teenagers on the importance of practicing good savings culture through new and interesting ideas.

The bank celebrated World Savings Day with customers across the country by engaging school children in six geo-political zones on the importance of building an early savings culture and improving their future through financial independence.

The essence of the World Savings Day, which was celebrated by financial institutions and other related organisations in October 31,  was to increase public awareness on the importance of savings both for households and for the national economy. This also encompasses the CBN’s initiative to bridge financial literacy and inclusion particularly for children in Nigeria.