The Nation Newspaper

Category: Money

  • Flutterwave partners Wema Bank, Kadavra BDC on digital forex

    Flutterwave partners Wema Bank, Kadavra BDC on digital forex

    Flutterwave has partnered Wema Bank and Kadavra BDC to inaugurate Swap, a digital forex solutions.

    Swap backed by the Central Bank of Nigeria (CBN) is a digital platform for Nigerians to have access to foreign currency at competitive exchange rates.

    Swap will provide dollars, euros, and British Pounds to customers, using cards.

    Aiming to distribute more than 10 million of these cards to Nigerians from next month, this move would be  beneficial for Nigerians who require swift access to Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) to facilitate their educational pursuits, business endeavors, and diverse travel requirements, Flutterwave said.

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    Founder and CEO, Flutterwave, Olugbenga Agboola, said: “Our dedication to innovation is matched only by our commitment to simplifying financial processes for endless possibilities.

    “Swap represents a significant leap forward in how Nigerians will engage with foreign exchange.”

      CEO, Kadavra BDC, Cynthia Onyinyechi said “Swap is a step in the right direction for solving  major FX problems for Nigerians, and has simplified the process for accessing foreign currency at the click of a button”.

    Managing Director, Wema Bank,  Moruf Oseni  said: “Our support for digital innovation in the Nigerian finance industry has been unrivalled since the launch of our digital bank, ALAT.

    “As a bank that is committed to digital innovation, we are proud to be on this journey with Flutterwave because we believe a product like Swap will have a major impact across all sectors.”

  • Banks drive financial services with digitilisation

    Banks drive financial services with digitilisation

    A survey among 52 Chief Executive Officers (CEOs) of mission-driven banks has highlighted how digitalisation is helping financial institutions to deliver social and environmental impact.

    According to the report by Global Alliance for Banking on Values (GABV), next year digital loans and investment apps will be the main priorities for values-based banks.

    The banks from the Global Alliance for Banking on Values use technology to serve unbanked customers.

    Values-based banks are independent financial organisations that use money to deliver positive social and environmental impact. They are private banks, credit cooperatives, microfinance institutions, credit unions, and community banks, serving more than 60 million customers in 44 countries and holding over $200 billion.

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    According to GABV, among its member banks’ CEOs, values-based banks are moving from basic digital services to more sophisticated digital offerings, due to the pandemic.

    The main drivers for digitalisation are customer convenience, ability to scale up and efficiency.

    The survey was held in the last quarter of 2021 among the CEOs of the 66 member banks, with 52 CEOs responding.

    Digitalisation allows them to be closer to their customers and meet their needs, one of the key principles of these types of banks.

    There is a high penetration of basic digital products and services among values-based banks. Internet banking, credit or debit cards, and mobile wallets are the primary three services and solutions in play among the banks.

    Fifty per cent of the banks has implemented digital customer onboarding, and 33 per cent digital loan processing.

  • FirstBank Group CEO: Digitalisation vital to growth

    FirstBank Group CEO: Digitalisation vital to growth

    Chief Executive Officer (CEO, FirstBank Group, Adesola Adeduntan has described digital technology as a vital component for achieving growth and developing an effective banking and finance system.

    Adeduntan, who was represented by the Group Executive, Technology, Digital Innovation and Services Division of FirstBank Group, Calistus Obetta, at a cocktail  organised by the Council of the Institute of Banking and Finance, in commencement of its Annual Banking and Finance Conference,  in Abuja, stated that the future of  banking, a major key driver to growth, is in digital technology.

    While calling on stakeholders to embrace technology as the cornerstone that will bring transformation in the banking and financial services, he said technology has made transactions more effective and easy for customers and the bankers.

     The FirstBank CEO stated that with technology, the productivity of his bank has improved. He said transactions’time are not only reduced, but it has also made it possible for the bank to perform business of scale.

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    “The future of the banking industry is going into digital technology. Digital technology has rebuilt a lot of the transmission across many industries within the financial services space, by that we can say that technology within the financial sector has come to stay.

    “It is helping in driving development by leveraging Artificial Intelligence (AI) and other components. At present, nine out of 10 transactions done in the bank is done through the use of digital technology,” he added.

    “Technology has made it easy for us to do business at scale, we can perform task within a short period of time. This has made it easy for Customers to make payments, withdrawal and other online services effectively within a limited time frame, giving them enough space to go out and perform their personal or individual businesses,” he said.                            

    The Annual Banking and Finance Conference commenced on the 3rd through 5th of September , 2023 with the theme “Nigeria’s Economic Growth and Empowerment: The role of the Financial Services industry.”

  • Market resistance begins as naira stays at N920/$ for three days

    Market resistance begins as naira stays at N920/$ for three days

    The naira has exchanged at N920/$ at the parallel market for the past three days, an indication that market resistance has set in.

    Analysis of rates movement chart showed that the local currency exchanged at N920/$ on Tuesday, Wednesday and Thursday- maintaining same rate.

    Analysts said the uniform rate for the three days, in a period of high market volatility is an indication that forex end buyers are not ready to buy at higher rates, and the sellers are not ready to sale at lower rates.

    At the Investor and Exporter (I&E) Window, the naira closed at N762/$, creating N158/$ premium between the official and parallel market rates.  

    A Bureaux De Change (BDC) trader based in Marina, central Lagos, Garuba Sarki, said forex speculators have not been able to push rates above the current position.

    “I think the rate is at resistance level in the market. No one want to pay more than N920/$ and no one wants to sale below that rate. The ensuing crisis in the market is due to inadequate or zero dollar supply and uptick of demand from multiple buyers,” he said.

    Sarki said funding for BDCs or getting the banks to sale dollars to retail end buyers will bps dollar liquidity and bring greater mileage to the naira.

    “The banks are not selling dollars and the BDCs have been incapacitated. Where do you expect dollar liquidity to come from? We expect the CBN to take immediate action and reverse the current trend to bring sanity to the market,” he said.

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    Sarki said many companies, sourcing dollars to import goods for Christmas sales and those going on summer holidays have also put more pressure on the forex market.

    Former Registrar, Chartered Institute of Bankers of Nigeria (CIBN), Dr. Uju Ogubunka, called on economy managers to tackle the naira-dollar relationship headlong and entrench exchange rate stability, while boosting foreign reserves. 

    He advised the Acting Central Bank of Nigeria (CBN) Governor, Folashodun Shonubi to tackle the volatility in the forex market. 

    “It is not difficult to find what he should. Naira-dollar relationship is at its worst state, at least let’s get to where we were before and from there, move further forward. He needs to create jobs, and reserves which relates to the exchange rate should be boosted. H also needs to improve export and reduce import,” Ogubunka advised.

    Also speaking, President, Association of Bureaux De Change Operators of Nigeria (ABCON), Dr. Aminu Gwadabe, advised the Federal Government to enhance financial intelligence by tracking people with proceeds of corruption to sanitize the market.

    He said many of the people with proceeds from corruption are the ones putting pressure on the forex market through their manipulative actions.

    “The naira is depreciating not by forces of demand and supply, but by the collective action and impact of the people with illicit funds,” he said.

    The CBN had in June commenced currency reforms that brought about exchange rate unification and abolishment of multiple multiple exchange rates. 

    The exercise led to 40 per cent drop in naira rate at the official market, but dollar supply has continued to be a big challenge making it difficult for official and parallel market rates to converge. 

  • ProvidusBank reaffirms support for non-oil export business

    ProvidusBank reaffirms support for non-oil export business

    ProvidusBank has restated its commitment to supporting its clients in the quest to grow a sustainable export-based domestic economy.

    The Managing Director/Chief Executive Officer, ProvidusBank, Walter Akpani, stated this in his welcome address at the financial institution’s hybrid 3rd Non-Oil Export Summit in Lagos.

    Akpani, who was represented by the Deputy Managing Director, ProvidusBank, Mr. Kingsley Aigbokhaevbo, said that Non-Oil Export Summit series was introduced as part of the lender’s desire for continuous collaboration with major stakeholders in the non-oil export space.

    According to him, the summit enables the bank to solidify its support for its stakeholders in agri-business, mining and metals, African fashion and general trading businesses within Nigeria, thereby creating opportunities for growth in export volume and trade earnings.

    The ProvidusBank boss, who disclosed that the latest edition of the summit, focusing on the theme, “The pathway to growing Non-Oil Export in Nigeria,” follows previous successful ones held in the fourth quarter of 2022 and in the 2nd quarter of 2023, said that Fashion Export was included in the third edition of the event, because the bank wanted, “to beam strong ray of light on the earning possibilities embedded in African fashion export,” even as it continues to upscale capacity in the agric business, mining and metals.

    He said: “As a future forward bank, we have advanced in our support for export business through template settings and other ambitious strategies to gain a significant share of market in the Business. This event is therefore in advancement of the Central Bank of Nigeria’s objectives towards a sustainable and self-sufficient growth in non-oil export business in Nigeria.”

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    He pledged ProvidusBank’s commitment to always providing all the support it can muster for importers who were at the summit because they wanted to seek out opportunities in the non-oil export space.

    “Please be reassured that ProvidusBank stands ready to support our clients as we work together in these efforts to grow a sustainable export-based economy,” Akpani said.

    In his speech at the summit, the Executive Director/Chief Executive Officer, Nigeria Export Promotion Council (NEPC), Dr Ezra Yakusak, who was represented by the Regional Coordinator, NEPC’s South-West Regional Office, Mr. Akintunde Folorunsho, commended ProvidusBank for its support non-oil export business.

    According to him, with some of the world’s largest economies, such as China and India, setting targets for reducing oil imports by as much as 50 per cent, coupled with the fact that many countries grappling with oil dependency like Nigeria are striving to diversify their exports, the nation cannot afford to be left behind.

    Stressing the need for the country to boost non-oil exports, he noted that some of the wealthiest countries in the world such as the United States, China and Germany, do not export oil.  

    In his presentation, the Managing Director, Nigeria Export-Import Bank (NEXIM Bank), Mr. Abba Bello, who was represented by the Head of the Bank’s Lagos Regional Office, Daniella Jarikre, focused on the bank’s mandate and how it has funded a lot of exporters to record significant growth in their businesses.

    The NEXIM boss encouraged exporters who require credit to approach the bank to discuss their proposals, stressing that many exporters who met NEXIM Bank’s requirements obtained loans without having to do anything that was unofficial.

    The summit also featured presentations by key resource persons such as the Founder, Africa Fashion Week, Olori Ademiluyi-Ogunwusi, the Chief Operating Officer, Mitsun Group, Mr. Ikenna Egbukole, Managing Director, Sunbeth Global Concepts, Mr. Olasunkanmi Owoyemi, the Managing Director, BPL Nigeria Limited, Mr. Ajibade Ogunbiyi and the MD, Sebore International Farms Limited, Mr Aminu Murtala Nyako, among others.

    The Central Bank of Nigeria (CBN) and the Nigeria Customs Service (NCS), were among major stakeholders that participated in the summit.

  • BII, FMO okay $40m funding for African bank

    BII, FMO okay $40m funding for African bank

    British International Investment (BII), the UK’s Development Finance Institution (DFI) and impact investor, and FMO, the Dutch entrepreneurial development bank, have announced their joint commitments of up to US$20 million each to Dashen Bank (Dashen) – one of Ethiopia’s largest private sector banks. The loan will help to drive agricultural exports and provide access to much-needed foreign exchange (FX) within Ethiopia.

    BII and FMO are supporting Dashen Bank to help bolster the country’s agricultural sector, which employs 80 per cent of the population, contributes 39 per cent to GDP and generates 90 per cent of its foreign currency from exports.

    By providing much needed capital for the expansion of growing businesses, the development finance-backed facility enables Dashen to provide USD-denominated loans to cover the costs of importing machinery – supporting farmers towards increased productivity in areas such as harvesting, logistics, and processing and boosting exports earnings. 

    Broader financial support for agricultural enterprises – from producers of cut flowers and coffee to livestock – will enable innovation, business growth, improved quality and safety standards, and value addition. It will also create significant economic potential, contributing to more financially inclusive growth, in a country where only 45 per cent of the population has access to bank accounts.

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    DFI collaboration is key to private sector development. Through this commitment, BII and FMO become the first foreign financial institutions to provide long-term funding to Ethiopia’s financial services sector under the new intermediation directive for banks issued by the National Bank of Ethiopia in 2021. This is part of their collaborative efforts to help catalyse the market, build confidence amongst international and domestic investors so as to mobilise more private capital.   

    This partnership will also help Dashen to enhance their governance, risk management, Environmental and Social, as well as gender practices and bring these to the highest standard in the country.

     CEO of Dashen Bank, Asfaw Alemu said: “We are pleased for achieving this historic milestone. With the exemplary co-lending of BII and FMO, Dashen Bank is breaking the ice in the materialization of the directive for foreign loans intermediation. The forex denominated financing will enable Dashen Bank, one of the top four private sector banks in Ethiopia serving over 5 million customers with a footprint of 800 plus branches, to support export-oriented agribusinesses. On top of the badly needed foreign currency, the lessons learnt through the rigorous due diligence process will help us set the bar high when it comes to sustainable financing in Ethiopia. We are extremely grateful to our partners BII and FMO for putting their trust on Ethiopia’s agricultural sector, and Dashen Bank’s capacity to deliver results.”  

    Managing Director and Head of Financial Services at BII, Stephen Priestley, commented on the transaction: “We are proud to be amongst the first movers in a financial market opening up to international investment with this transformative commitment. BII has been a pioneer investor in Ethiopia for the past 50 years. Our partnership with FMO and Dashen Bank forms part of a mobilisation plan that creates untapped opportunities for DFI and commercial investment into Ethiopia’s financial services sector for years to come.”

    Director of the Financial Institutions Department at FMO, Marnix Monsfort, said: “We are very excited by this pioneering opportunity to support Dashen and Ethiopia in attracting Foreign Direct Investments and USD funding. By providing much needed foreign currency for on-lending to the bank’s agriculture/exporting clients, FMO aims to contribute to job creation and financial inclusion of rural communities. We thank both Dashen and BII for this great collaboration.’

  • Firm invests in agric value chain to support farmers 

    Firm invests in agric value chain to support farmers 

    Fish farmers in Nigeria have lauded Olam Agri for the recent improvement in productivity levels in the aquaculture segment, attributing this to the company’s investments in the value chain. Speaking during a recent value chain review exercise, the farmers attested to the business’ efforts at raising operating capacity in the aquaculture sector.

    Olam Agri in Nigeria, an agribusiness in food, feed and fibre started investing in the aquaculture value chain in 2017 through its feed milling unit. Before then, the sector was bedevilled with different challenges among which were poor knowledge of modern fish farming practices, inaccessibility of high-quality feed, high mortalities in hatcheries, slow growth in nursery phase and irregular sizes during harvest. This led the agribusiness to immediately set machinery in motion to address the challenges.

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    The agribusiness flew in one of its global aqua experts, Mr Matthew Tan, who trained and introduced local farmers to trendy fish farming practices. He also trained over 40 Olam Agri technical experts who continued to work with the farmers.

    Approximately 7,500 Nigerian fish farmers, among whom were women fish farmers, were equipped with the best aquaculture practices by the business’s team of experts. In addition, the agribusiness located a state-of-the-art feed mill in Ilorin to ensure a steady supply of quality and affordable fish feed to fish farmers. 

    Attesting to the business’ value chain impact, Vice President of the Lagos State Catfish and Allied Farmers Association, Olatoye Fajimi  said, “Olam agri employs technical experts who go around to visit farms to work with the farmers to improve farm clusters’ productivity.”

    Owner of Odafi Fish Farm located within the Asejere Fish Farms cluster in Odogbolu, Ijebu-Ode, Ogun State,  Lazarus Odafi,  affirmed, “Olam Agri came to our farm cluster and trained us on pond water management techniques, how to test PH level in the pond, and ways to curb feed waste. They helped us understand the science of catfish farming, especially how to create the right environment for the fish to thrive. These efforts have really impacted our businesses.”

    He explained, “Since feed is one of the most important inputs in fish farming, Olam Agri increased the availability of feed to farmers. They help farmers gain access to feed in an instant by localizing their production in key hubs here in Nigeria. They also employ technical experts as salespeople who go around to visit farms to interact with the farmers to improve farm clusters’ productivity.”

    Mrs Ogundeyi Dorcas of Tripple T Farms located in Ipaja said, “ The conversion rates of Olam Agri feed brands have been superb. An Olam Agri’s technical expert taught me how to manage disease in my pond and how to measure water quality. These inputs have made some impacts on my farm productivity level.”

    Mrs Okpapi Lucy whose farm is in Alagbado, Lagos, said she struggled until she met an Olam Agri technical expert who introduced her to new methods of farming. She emphasised the business’ attention to customer improvement, ‘’Anytime I have issues on the farm and call them, they would show up almost instantly. They are hands-on. In fact, they would go into my pond to address any challenge I complained about. Olam Agri is one of the reasons I am still in business.’

    Speaking about the business’ approach to raising productivity in the aquaculture value chain, Mr Ankit Puri, Vice President of the Animal Feed and Protein Unit, Olam Agri in Nigeria, said, “A crucial aspect of our success story is that we keep the fish farmers at the heart of our strategy. Apart from deploying experts to work with the fish farmers, we introduced best-in-class feed formulation processes, strong procurement systems, wide-reaching logistics and operational excellence into the industry.”

    “We are the largest procurer of soy and corn locally. We move over 1 million metric tons of raw materials and animal feed across Nigeria to ensure the availability of feed to fish farmers. Our state-of-the-art feed mill is equipped with world-class tech such as vacuum cutting technology. Our fish feed brands are formulated and processed in line with international standards.”

     the Country Head of Olam Agri in Nigeria, Ashish Pande explained, “Our rising investment in the fish farming value chain is part of our pursuit of a food & nutrition-secure and sustainable Nigeria under the Seeds for The Future (SFTF) initiative.  The Seeds for the Future initiative is our social sustainability investment vehicle with five levers, namely, supporting farms and farmers, enabling wider education and skill development for young people, empowering indigent women, promoting health and nutrition across the country and reducing carbon emissions in our business operations.”

  • Union Bank, others implement digital supplier credit plan 

    Union Bank, others implement digital supplier credit plan 

    In line with its commitment to enabling success for its customers, Union Bank has partnered with its parent company, TGI Group and Women’s World Banking, to introduce the ‘Digital Supplier Credit’ solution under its women’s banking proposition, álpher.

    The ‘Digital Supplier Credit’ solution was designed to address the financial needs of women-led small businesses in urban centres in Nigeria centres.

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    It was also meant to provide access to credit for stock sustenance, replenishment, and progressive growth, along established supply lines from Fast-Moving Consumer Goods (FMCG) companies. 

    Leveraging behavioural science and the Women’s Centred Design methodology and backed by the London Stock Exchange Group (LSEG) Foundation, this initiative aims to co-create a sustainable and scalable solution that will significantly enhance access to financial services for women entrepreneurs.

    Women’s World Banking is a renowned global organisation specialising in designing and investing in financial solutions, institutions, and policy environments within emerging markets. Their focus on creating economic stability and prosperity for women, their families, and communities aligns perfectly with the objectives of the ‘Digital Supplier Credit’ solution. With an extensive network spanning 34 countries, serving more than 160 million women clients through 69 financial services providers, Women’s World Banking has consistently driven impact through scalable, market-driven solutions, gender lens private equity funds, and leadership and diversity programs.

    Speaking about the partnership, Vivian Imoh-Ita, Head of Retail Banking and Digital at Union Bank, said: ”We are delighted to partner with Women’s World Banking and our parent company TGI Group to launch the ‘Digital Supplier Credit’ solution. Our commitment to empowering women-led businesses remains unwavering, and we believe this initiative will have a transformative impact on the entrepreneurial landscape in urban centres. Through this collaboration, we aim to foster financial inclusion and catalyse sustainable growth for women entrepreneurs.”

  • Money Deserves Better movement seeks bank charges slash

    Money Deserves Better movement seeks bank charges slash

    The Money Deserves Better (MDBM) movement has called on Nigerian banks to reduce transaction charges and raise the Return on Investment (RoI) value they provide to customers.

    The MDBM team kicked off the campaign following reports that banks’ fees and commissions income surged by 17.5 per cent to N365 billion in the first quarter of 2023.

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    Despite the significant increase in banks’ revenue, the interest earned on high-interest savings accounts averages four to five per cent per annum.

    The MDBM said such returns on investment are meagre compared to the current inflation rate in Nigeria is (22.79 per cent), thereby providing negative returns between what the banks pay as interest and the inflation rate.

    “It is about time we speak up for our money. Our money deserves more. When we save, we want to know that we will get a higher interest rate, for choosing to save rather than spend. We want easy access to better investment opportunities. Therefore, we have taken to the streets to campaign for our money,” the group said.

    One of the members of the MDBM, Bamise Lucas, said “We advocate for improved rates and reduced charges on our transactions. Our ultimate goal is to encourage more individuals to join this financial revolution meant to improve the offerings and benefits of financial services to customers,” he continued. 

    “As part of our objectives, there is a call on the Central Bank of Nigeria (CBN) to consider reducing the Monetary Policy Rate (MPR). Such move would have a positive impact on the interest rates offered by banks, making savings more attractive to account holders.”

    In addition to pushing for a drop in the MPR, the movement is also urging banks to increase the annual interest rates on savings accounts.

    Public Relations Officer, MDBM, Sarah Ola, said, “This step would incentivize more people to save their money in banks and see better returns on their investments.”

    The group is also advocating for a reduction in the costs associated with using electronic channels for transactions.

    Ola, emphasising the increasing digitisation of financial activities, said “lower transaction charges would encourage more Nigerians to adopt digital methods of payment, thereby enhancing financial inclusion and efficiency.”

    The movement also seeks to challenge a common misconception among Nigerians that major banks with well-known names automatically guarantee better returns and security for their money.

    Ola advised investors to explore alternative investment opportunities in other companies licensed by the Securities and Exchange Commission (SEC) which could even provide higher returns than banks.

     ”The SEC serves as the regulatory body overseeing financial market activities in Nigeria, ensuring transparency, fairness, and proper regulation,” the MDBM PRO said.

  • Stanbic IBTC Bank supports SME growth, development

    Stanbic IBTC Bank supports SME growth, development

    Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC and a renowned financial institution in Nigeria, has recently concluded a series of highly successful market storm events. 

    The remarkable events drew an impressive turnout of more than 5,000 individuals, including entrepreneurs and local businesses. The participants who gathered with enthusiasm engaged with Stanbic IBTC Bank and its wide array of banking products and services.

    The recently concluded SME Collab Market Storm events which took place between 13 July and 14 August spanned across major cities in the country, including Ibadan, Abuja, Port Harcourt, and Onitsha. The initiative was a part of Stanbic IBTC Bank’s comprehensive strategy to support entrepreneurs.

    During the events, participants benefited from numerous activities that will facilitate SME growth in the respective locations. These included free FIRS tax registration, account opening, digital onboarding, and loan access education. Such support services will directly address the specific needs of businesses in these markets, and help them access financial resources and opportunities.

    Market leaders could not hold back their admiration for Stanbic IBTC Bank’s commitment to empowering SMEs. Their testimonies and endorsements confirmed the Bank’s significant impact and ability to connect with the local business community.

    Comrade Sarumi Fatai, Chairman of Zone 1 Gbagi Market, said, “We are pleased and grateful to Stanbic IBTC Bank for bringing this market storm initiative to our market. They have shown us that they care about our welfare and our businesses. They have given us access to loans, savings, insurance, and other financial services to help us grow and prosper. We thank them for their generosity and support.”

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    Casimir Obilor, Chairman of Kubwa Village Market in Abuja, stated that Stanbic IBTC Bank stormed the Kubwa market with amazing offers and benefits they could not afford to miss. “They educated us on how to manage our finances, how to protect our assets, how to access credit and how to plan for the future. They have also rewarded us with gifts and prizes for opening accounts with them. We appreciate their kindness and partnership.”

    Likewise, Collins Owhonda Junior, Chairman of Mile 3 Market in Port Harcourt, was delighted and impressed by Stanbic IBTC Bank’s market storm initiative. He said the Bank brought a lot of value and opportunities that will make a difference in the lives and businesses of every market woman. “They have provided us with solutions enabling us to save, borrow, invest, and insure our businesses.” He added.

    Furthermore, it was noteworthy that other subsidiaries under the Stanbic IBTC umbrella, including Stanbic IBTC Insurance, Pension, and Asset Management, actively participated in the market storm events. This collaboration demonstrates the Bank’s holistic approach to providing various financial solutions to cater to every aspect of SME growth.

    While speaking about the success of the market storms, Wole Adeniyi, Chief Executive of Stanbic IBTC Bank, stated that the Bank recognised the immense potential of the enterprise market and has remained committed to supporting its customers, ensuring that its financial needs are met at every stage of their entrepreneurial journey.

    Wole stated, “Our range of financial solutions, combined with our unparalleled expertise and tailored support, will enable these enterprises to overcome obstacles and maximise their growth potential. We expanded our digital solutions to ensure seamless banking experiences for entrepreneurs. Our enhanced Stanbic IBTC Enterprise Online platform provides entrepreneurs access to various banking services, empowering them to manage their finances efficiently from the comfort of their shops, offices or homes.

    Wole added that the Stanbic IBTC Enterprise Academy Workshop Series offered training and mentoring programmes, equipping entrepreneurs with the knowledge and tools necessary to navigate and excel in today’s market landscape.

    Stanbic IBTC Bank has, once again, demonstrated its commitment to empowering emerging businesses in the Nigerian market. The success of the SME Collab Market Storm further reinforced the Bank’s dedication to driving economic growth by equipping entrepreneurs with the necessary tools and resources for success. The Stanbic IBTC Bank team has promised to continue to reach more business owners nationwide.

    As the Bank progresses, entrepreneurs and local businesses are encouraged to anticipate more upcoming opportunities for growth and development. The forthcoming Stanbic IBTC Enterprise Academy SME trainings will equip participants with the knowledge and skills crucial for building sustainable businesses. Additionally, the Bank will continue unveiling customer value propositions that offer continuous support and financial resources to bolster businesses.

    Stanbic IBTC Bank remains committed to driving economic growth and facilitating the success of SMEs across Nigeria. The SME Collab market storms are a clear testament to the Bank’s dedication to creating an enabling environment for entrepreneurs.