The Nation Newspaper

Category: Money

  • Access Bank: Seeking fresh capital to deepen operation

    Access Bank: Seeking fresh capital to deepen operation

    As Access Bank prepares for its Rights Issues expected to yield N68 billion, the lender has continued to highlight key attributes of the offer in favour of existing shareholders, saying it makes the offer irresistible to investors, report SIMEON EBULU and COLLINS NWEZE.

    Savvy investors know where to put their money. As Access Bank Nigeria Plc prepares to give investors fresh opportunity to invest in it. Many investors with eyes on good returns on their investment know that it is an opportunity they cannot afford to miss, said the bank’s Deputy Group Managing Director, Obinna Nwosu.

    He said the lender will be raising N68 billion capital through Rights Issues. He advised shareholders to take up their rights when the issue begins, as the bank has proven its ability to deliver superior returns on investment.

    The bank chief also listed some of the major attributes that makes Access Bank an institution of choice for investors.

    Strengths

    Nwosu said the bank has Capital Adequacy Ratio of 21 per cent, and has seven banking subsidiaries. The lender also employs 3,192 professional staff working in 366 branches. The lender has 1,042 ATMs, with 11,846 Point of Sale channels.

    He said with a vision of becoming one of the most respected banks in Africa, Access Bank has grown to be the top five banks in Nigeria, stating that between 2002 and 2007, the bank ranked among the top 10 lenders in the country. “That feat was triggered by its role as a dominant trade finance bank; top three foreign exchange and money market bank and model of compliance in the banking industry,” he said.

    Nwosu, who spoke in company of other Senior officials of the bank, including the Executive Director, Commercial Banking, Roosevelt Ogbonna at a media briefing in Lagos, said that between 2007 and 2012, the bank emerged among the top five in the financial services group, adding that this was achieved based on its reference point of Service Delivery; leading e-business support bank; employee of choice in Africa; reference point for corporate governance; attainment of high independent credit rating and as a top five trade finance lender.

    Looking ahead, he said the lender has a vision that by 2017, it would become the most respected African Bank. “To attain this, the lender wants to achieve the top three position by all financial metrics; become a reference point for technology; sustain high independent agency; become a leading project and structured finance bank, as well as best treasury and financial market bank in the country,” he said.

    Reasons to Invest in

    Access Bank

    On his part, Ogbonna said that investors should consider the fact that Access Bank is a Tier-1 Bank with Robust financial indicators, Enlarged resource base with strong upside potentials, credible leadership with a clear focus on value creation for shareholders and strong returns for investors.

    He listed Capital appreciation & dividend payout, attractive market price trading at a 0.9 times its discount book value, strong corporate governance, shareholder management practices and window of opportunity in rapidly expanding and consolidating banking sector, as other enticing indicators.

    He also said that the bank has demonstrated capacity in integrating and extracting value from acquisitions, has actively traded stock with a robust shareholder base and a track record of strong performance; kept every promise made since 2002.

    He said Nigeria continues to be a compelling story with significant growth opportunity. Access Bank is fully embedded as a Nigerian Tier-1 Bank and completed our transition to a large diversified financial institution.

    “Also, enhancement of Tier 1 capital is imperative to enable us exploit the market opportunities and achieve our vision, whilst delivering superior shareholder value,” he said, adding that the bank is poised to building and leveraging on resources and benefits of being a large diversified financial institution.

     

    Where to invest the fund

    The bank’s Chief Financial Officer (CFO), Seyi Kumapayi, said the lender will deploy the N68 billion on its working capital to boost lending and support Information Technology (IT) upgrade.

    The CFO said part of the funds will also be deployed on branch expansion, renovation and facility upgrade, as well as replacement of obsolete equipment.

    He said Nigeria with 170 million people, enjoys stable political and economic environment as well as excellent demographics, thus making the business environment exciting. He said the lender has overtime, consistently delivered superior returns to its shareholders.

    “We have shown that we can integrate and add value to institutions based on our successful acquisition of Intercontinental Bank,” he said.

    Kumapayi said the lender has Asset Management Corporation of Nigeria (AMCON) bonds worth N65 billion, which will mature and be retired this month.

    He described Access Bank as a Tier 1 bank with robust financial indicators, enlarged resource base, with strong upside potentials, credible leadership with a clear focus on value creation for shareholders.

    The bank, he added, also enjoys strong returns for investors –capital appreciation and dividend payout. The bank is listed on the Nigerian Stock Exchange and London Stock Exchange.

    On timing for the Rights Issue, the CFO said the timing is right. He said shareholders have been contacted and they approved the time frame for the Rights Issue. “Our shareholders have approved the Rights Issue. We have been on it for a long time during which we engaged both local and international investors,” he said.

     

    Shareholders

    The bank’s shareholders are expected to vote on October 13 on the proposal to sell shares to existing investors. Banks are preparing to sell equity and debt after the Central Bank of Nigeria (CBN) changed the way lenders calculate capital buffers.

    The CBN is seeking to increase banks’ ability to withstand losses five years after the AMCON bought bad debts from banks to save the industry from collapse.

    The regulator removed some assets lenders can count as capital in preparation for the implementation of Basel II and III, while limiting Tier 2 capital to 33 per cent of higher-quality Tier 1 capital, according to an August 5 circular.

    The lender announced in April that it has received shareholders’ approval to raise $1 billion, including through debt and equity to fund lending targeted to rise to 20 per cent this year.

     

    Sustainable banking

    Access Bank is also a strong converser for the implementation of sustainable banking principles by lenders.

    Its Chief Risk Officer, Dr. Gregory Ovie Jobome recently called on stakeholders in the Nigeria Sustainable Banking Principles (NSBP) to follow uniform reporting standards for them to achieve the desired objective.

    Speaking at the NSBP Pre-Reporting Workshop held in Lagos, he said stakeholders needed to ensure that they formulate policies that will enable them achieve their sustainable banking objectives. The workshop was organised by Access Bank.

    He said operators needed to ensure that issues around human rights, environmental sectors to  the bank and other critical issues are reported uniformly.

    The Managing Director of Sustainable Finance Limited, Carey Bohjanen, said banks should think through the NSBP and implement them. She said the NSBP is a regulatory requirement that lenders have to adhere to because it is also cost-saving.

    She said in line with global trends on sustainability, the CBN, on March 6, issued the NSBPs reporting template to banks, discount houses and development finance institutions for compliance.

    The purpose of the reporting template, she added, is to provide reporting institutions with a uniform format for reporting their implementation efforts.

    To successfully implement the guidelines, she said, it is necessary for reporting institutions to have an implementation plan with realistic timelines, stressing that all hands must be on deck to ensure successful implementation of the NSBPs.

    She said the reporting template developed by the CBN will encourage consistency in reporting by banks, discount houses and development finance institutions, as well as provide the CBN with a standard for assessing the commitment of reporting institutions to implementing the principles and sector guidelines.

    The CBN expects that these policies and procedures would have been ratified by the bank’s Board of Directors and exposed to management staff and subsequently, to all staff of respective institutions.

     

    Innovation

    Access Bank Plc and Visa recently announced a partnership with an online shipping company, shoptomydoor.com to give the lender’s Visa cardholders to shop online at retailers in the United States, United Kingdom and China. The cardholders also by this partnership, enjoy exclusive shipping discounts.

    Also, cardholders will have the opportunity to shop from the world’s major international retailers with more flexibility and convenience. They can make purchases online in these countries as if they are local residents and also have them shipped in a few business days.

    The bank said the deal shows its commitment to the Central Bank of Nigeria’s (CBN) cash-less banking and enhancing electronic payments, e-commerce and ease of transactions.

    The bank’s Executive Director, Personal Banking, Victor Etuokwu, said the introduction of Shoptomydoor.com platform is a deliberate attempt by the lender to make financial services easy and accessible to its customers.

    Its Head, Card Products, Justin Ijeh, expressed the lender’s commitment to providing innovative products, and not just aimed at aligning with the CBN’s cash-less policy, but also designed to make life easier for its customers.

    “While the surge in e-commerce has given rise to concerns about online security, the bank has allayed the fears of its customers by confirming that its cards are protected with top-notch security tools. In addition to the in-built security mechanism, Access Bank’s Visa Cards are protected and verified by VISA features,” he said.

  • Banks, switches get November deadline for data security

    The Central Bank of Nigeria (CBN) has extended banks, switches and processors’ compliance with the Payment Card Industry Data Security Standard (PCI DSS) till November 30.

    The PCI DSS is a proprietary information security standard for organisations that handle cardholder information for the major debit, credit, prepaid, e-purse, Automated Teller Machines, and Point of Sale (PoS) cards. The standard was created to increase controls around cardholder data to reduce credit card fraud via its exposure.

    In a circular to banks, switches and processors, signed by CBN Director, Banking Payment System, ‘Dipo Fatokun, said the need to extend the deadline followed requests by many banks seeking more time to enable them complete the certification process.

    He said to determine the readiness of various operators; the CBN engaged the services of three Qualified Security Assessors to conduct pre-certification assessment of the banks.

    The result, he said, showed that while many banks have complied with the certification, many are still at different stages of compliance, adding that with this extension, banks, processors and switches are expected to comply before the end of the deadline.

    The validation of PCI DSS compliance, is performed yearly, either by an external Qualified Security Assessor (QSA) that creates a Report on Compliance (RoC) for organisations handling large volumes of transactions, or by Self-Assessment Questionnaire (SAQ) for companies handling smaller volumes.

    The CBN had earlier released card issuance and use guidelines for the financial services sector. Fatokun said the power to issue the guideline was derived from Section 47 (3) of the CBN Act 2007. He said industry stakeholders who process, transmit, and or store cardholder information should ensure that their terminals, applications and processing infrastructure comply with the minimum requirements for the sector.

    He said that all terminals, applications and processing infrastructure, should also comply with the standards specified by the various card schemes, adding that only banks licenced by the CBN with clearing capacity shall issue payment cards to consumers and corporations in the country.

    Fatokun explained that banks without clearing capacity can issue in conjunction with those with clearing capacity, stating that all banks should seek approval from the CBN for each card brand they wish to issue.

  • Banks may raise $2.5b in bonds

    Banks may raise about $2.5 billion this year, compared with the $2 billion they raised in 2013, according to FBN Capital, the investment-banking unit of FBN Holdings Plc.

    Analysts said international debt sales are becoming common as yields on Nigerian Eurobonds due in July, 2023, declined 96 basis points this year. That compares with an average of 35 basis-point drop in emerging-market yields, according to Bloomberg indexes.

    The Central Bank of Nigeria (CBN) in August changed the way lenders calculate capital buffers. The regulator ordered banks it considered too big to fail to boost minimum capital ratios to 16 per cent last year, compared with 10.5 per cent for South African lenders, which control most of the continent’s banking assets.

    “Capital adequacy for many of the banks will be close to the minimum” once the changes are taken into account, Mike Nwanolue, an analyst at Lagos-based Greenwich Trust Group Ltd. told Bloomberg.

    The CBN removed some assets lenders can count as capital in preparation for the implementation of Basel II and III, while limiting Tier 2 capital to 33 percent of Tier 1 capital, according to an August 5 circular from the regulator.

    Minimum capital requirements for lenders with operations outside the country was kept at 15 percent and at 10 percent for those with interests only in Nigeria.

    The changes will shave 100 to 400 basis points off the capital adequacy ratios of most banks, Adesoji Solanke, an analyst at Renaissance Capital in Lagos, said.

  • AfDB inaugurates $35m capacity building project

    The African Development Bank (AfDB) has launched a public financial and macroeconomic management capacity-building project worth $35 million. It was approved by the bank’s board last December.

    The inauguration came at a workshop in Khartoum, Sudan, presided over by the State Minister of Finance and National Economy, Magdi Yasin, and attended by government officials from the Ministry of Finance and National Economy, Central Bank of Sudan, Taxation Chamber, Khartoum Stock Exchange, and Customs Authorities.

    The AfDB was represented by Suwareh Darbo, Officer-in-Charge (OIC) of the Sudan Field Office.

    In a statement, the bank said the workshop was also attended by staff, including Camille Karamaga, the Project Task Manager; Tadesse Melaku, Financial Analyst; and Asaye Adal Fasil, Procurement.

    The project’s overarching objective is to build and enhance transparency, accountability and efficiency in the use of public resources, macroeconomic policy and debt management through strengthening of institutions and capacity building.

    The minister hailed the bank’s continuous support to Sudan, promising to provide the utmost support to the project team to effectively implement this important project.

    The minister said the project was essential for better management of public resources in the context of the government’s Poverty Reduction Strategy Paper. For his side, the OIC of the Sudan Field Office, underscored the fact that the realisation of the project bears is a concrete testimony to both the bank’s and the government’s commitment to financial governance, which is critical for the country to realise its development aspirations.

    The OIC also emphasised the project’s alignment with the pillars of the Interim Poverty Reduction Strategy Paper (I-PRSP) and the National Development Plan (2012 to 2016), both of which strengthen governance and institutional capacity in the public sector.

  • How Oteh’s reelection as AMERC chair’ll aid Nigeria

    How Oteh’s reelection as AMERC chair’ll aid Nigeria

    THE  reelection of the Director General, Securities and Exchange Commission (SEC), Ms. Arunma Oteh as chairperson of the African/Middle East Regional Committee (AMERC) is a further boost to Nigeria’s credentials in the international community, analysts have said.

    They said this appointment is not just a good commendation, but speaks volume of how Nigeria is being perceived out there by discerning publics, and is a testament to the fact that the country’s leadership potential is overwhelming.

    Ms. Oteh was reelected unopposed at the 39th annual conference of the International Organisation of Securities Commissions (IOSCO) held in Rio de Janeiro, Brazil, based on the experience that she has garnnered, as well as the quality leadership Nigeria has provided over the years.She is to head AMERC for the next two years.

    By this election, Oteh is to serve on the Executive Committee, the highest decision making organ of the global body for the next two years. Saudi Arabia was re elected and Egypt was elected for two years.

    In her acceptance speech,  said her election as AMERC chair is a demonstration of the confidence on her, her team at SEC and Nigeria as a whole. She pledged to be a loud voice representing the Region’s interest and commitment, assuring that the Region will do its best to uphold the goals and ideals of the global body.

    She said: “We believe that our work is very important to IOSCO and that it is very important to the market. One of the things we have achieved in the last two years, has been greater inclusion and cohesion. This has not come from the work of the executive alone, but by the work of all of us.

    “I am excited about the opportunity given us to lead this Committee again for the next two years, and we will continue to ensure that our committee is the best in IOSCO.”

    Oteh disclosed that there is an increasing focus on the capital market away from banking and finance, as banks are still dealing with the challenges of the global financial crisis, adding that the challenge for the regulators is to raise an enabling environment that would not increase risk for the investors and operators.

    She said capital markets are very critical to the economy of every nation. The capital market is really the answer, as it does not only provide financing but creates the environment where the right products are available. We come together to support each other in enforcement, share information because we believe the world is global

    Ms. Oteh, said IOSCO has succeeded so far because of co-operation between countries, adding that in AMERC, “we can focus on the things that are most important to us and it is heartwarming that we are making progress in our respective countries,” Oteh added.

    She stated that her priority would be to build capacity among AMERC- member countries and promote the integrity of the securities’ markets to engender investor confidence which are critical to the development of the AMERC capital markets and economies.

    Her words: “I will do my best and will continue to rely on your support to ensure that AMERC continues to grow stronger and stronger. We will embrace global best practices to ensure that our markets are world class markets.”

    Ms. Oteh described the regional meetings as very critical because it is a forum for all members to share lessons and address some of the issues that are most pertinent for the Region.

    She described the theme of this year’s meeting: ‘Market based financing for global growth, A forward looking approach,’ as apt at a time when there is greater recognition in the countries and globally about the value of capital markets, notably for job creation through funding, SMEs or large companies through fostering economic inclusion and also to meet the huge infrastructure financing requirement.

    In his remarks, Chairman of IOSCO Board, Greg Medcraft, said  the organisation is determined to build on the changes and the good work it has done in the past to ensure that markets can fund the real economy and drive economic growth globally which in turn he said, would improve standard of living.

    Medcraft also emphasised the ongoing innovation driven complexities in production, markets and technology adding “we are living in a digital world and we have to stay above the game by recognising the risks early and putting measures in place to nip it early.

    “Digital disruptions to business models is a serious challenge and it is important that we as regulators understand how to mitigate risks.”

    Medcraft disclosed that there are great opportunities in the global capital markets, but added that regulators need to set their priorities right in order to access such opportunities.

    As a first step, he said IOSCO is committed to supporting members by designing a funding a sustainable capacity building programmes which actually meets their needs and also continue to focus on system information of principles and standards.

    IOSCO was established in 1983 as the standard setter for the securities industry worldwide and currently has over one hundred ordinary members. IOSCO is recognised as the leading international policy forum for securities regulators. The organisation’s membership regulates more than 95% of the world’s securities markets in over 100 jurisdictions and its membership is steadily growing.

  • Caverton Helicopters wins ‘safety conscious contractor of the year’ award

    Caverton Helicopters wins ‘safety conscious contractor of the year’ award

    IN recognition of its 75 million Lost Time Injury (LTI) free man-hour, The Production Directorate of Shell Petroleum Development Company of Nigeria has awarded Caverton Helicopters the Safety Conscious Contractor of the Year Award.

    Caverton was nominated and won the award in the Medium and High Risk category. The justification for the award according to Shell: “Caverton Helicopters developed safety programs to improve staff safety culture. Raising the bar engagement sessions, Safety Survey and ‘Aim for Zero’ Campaign and actively ready to learn from previous incidents”.

    The award ceremony which took place at Shell Port Harcourt was received by the Base Managing Pilot on behalf of Caverton Helicopters. Caverton Helicopters is a subsidiary of Caverton Offshore Support Group PLC (COSG).

     

  • Stakeholders laud Wema Bank’s forum

    Stakeholders laud Wema Bank’s forum

    FOR stakeholders who graced the Wema Bank’s trade forum, the bank deserves commendation.

    According to a cross-section of participants at the forum, the interface and discussion session were not only enriching but opened new vista of opportunities in the major commanding heights of the economy.

    Justifying the need for the event, Mr. Segun Oloketuyi, Managing Director of Wema Bank plc, said the trade forum was part of efforts aimed at sensitising stakeholders on developments within the sector as well as bring various parties – stakeholders and regulators together to discuss issues, challenges and chart a way forward for future development and policy formulation.

    Oloketuyi also said that as part of the ongoing positive transformation at Wema Bank, the bank was well poised to support businesses in the areas of trade and structured finance. He further disclosed that in recent times, Wema Bank has attracted over USD100million in lines of credit for foreign trade and another USD50million in structured finance lines from various institutions.

    The Deputy Comptroller of the Nigeria Customs Services, Aber T Benjamin spoke on the Pre-Arrival Assessment Report (PAAR) scheme, which was introduced by the Nigerian Customs Service in 2013 to fast-track the clearance of cargo and reduce costs at the nation’s ports. He also went ahead to introduce the new web-based trade portal of the Nigeria Customs Services to handle a customer’s end-to-end trade needs.

    Echoing similar sentiments, Onyinye Ahuchogu, Deputy Director, Trade & Exchange Dept, Central Bank of Nigeria commended Wema Bank for the strides it has made in the past four years.

    She also implored all stakeholders. She also spoke of the CBN’s partnership with other relevant institutions in making the international trade process simple and effective in Nigeria.

    One of the initiatives that came into being as a result of this partnership is the electronic form M.

    In recent times, Wema Bank has invested significantly in IT infrastructure to boost service delivery to its customers and provide excellent, value-adding services.  It was also disclosed at the forum that the bank has recently completed a web-based poertal to enable its customers conduct their international trade transactions from the comfort of their offices with minimal interactions with the branches.

    Established in 1945, Wema Bank is Nigeria’s longest surviving indigenous financial institution. The Bank offers a range of corporate, retail, SME, electronic banking and financial advisory services to its numerous customers.

     

  • Africa Prudential Registrars Plc hosts maiden investors’ forum

    Africa Prudential Registrars Plc hosts maiden investors’ forum

    Africa Prudential Registrars Plc (APR), one of the foremost registrars in Nigeria, last week hosted its maiden Investors’ Forum themed “Building a stronger and more vibrant capital market; the Role of Registrar” highlighting the importance of delivering a customer-focused, technologically driven service for corporations.

    The Investors’ Forum is taking place following the launch of her e-Registrar Solutions (eRS), the first of its kind in the share registration business in Nigeria, and a marked departure from conventional share registration practices.

    The solutions which now form the benchmark for e-Share registration services across West Africa are designed to allow access to personalized information anytime, anywhere, via a secure portal. The eRS is a selection of innovative share registration portals, including SharePortal designed for shareholders; ClientHall for Client Companies; BrokerOnline for Stockbroking firms; and RightOnline for processing of Right Issues. Each of the portals boasts of unique time and cost-saving features.

    The forum, which drew participants from businesses across Nigeria, along with the launch of the e-Registrar portals are driving a change within the industry to become best-in-class across Africa.

  • Access Bank’s N68b Rights Issue targets lending, IT upgrade

    Access Bank’s N68b Rights Issue targets lending, IT upgrade

    The Access Bank Nigeria Plc Chief Financial Officer (CFO), Seyi Kumapayi, has said the lender will deploy the N68 billion it plans to raise through Rights Issue on its working capital to boost lending and support Information Technology (IT) upgrade.

    The CFO who disclosed this yesterday at a media briefing held in Lagos, said part of the funds will also be deployed on branch expansion, renovation and facility upgrade, as well as replacement of obsolete equipment.

    Kumapayi, said Nigeria with 170 million people, enjoys stable political and economic environment as well as excellent demographics, making the business environment exciting. He said the lender has overtime, consistently delivered superior returns to its shareholders.

    “We have shown that we can integrate and add value to institutions based on our successful acquisition of Intercontinental Bank,” he said.

    Kumapayi said the lender has Asset Management Corporation of Nigeria (AMCON) bonds worth N65 billion, which will mature and be retired this month.

    He described Access Bank as a Tier 1 bank with robust financial indicators, enlarged resource base with strong upside potentials, credible leadership with a clear focus on value creation for shareholders.

    The bank, he added, also enjoys strong returns for investors –capital appreciation and dividend payout. The bank is listed on the Nigerian Stock Exchange and London Stock Exchange.

    On timing for the Rights Issue, the CFO said the timing is right. He said shareholders have been contacted and they approved the time frame for the Rights Issue. “Our shareholders have approved the Rights Issue. We have been on it for a long time during which we engaged both local and international investors,” he said.

    The bank’s shareholders are expected to vote on October 13 on the proposal to sell shares to existing investors.

    Banks are preparing to sell equity and debt after the Central Bank of Nigeria (CBN) changed the way lenders calculate capital buffers.

    The CBN is seeking to increase banks’ ability to withstand losses five years after the AMCON bought bad debt from banks to save the industry from collapse.

    The regulator removed some assets lenders can count as capital in preparation for the implementation of Basel II and III, while limiting Tier 2 capital to 33 per cent of higher-quality Tier 1 capital, according to an August 5 circular.

    The lender announced in April that it had received shareholders’ approval to raise $1 billion, including through debt and equity to fund lending targeted to rise to 20 per cent this year.

  • FirstBank empowers women-led SMEs

    FirstBank empowers women-led SMEs

    FirstBank of Nigeria Limited has reiterated its commitment to supporting Small and Medium Enterprises (SMEs) run by women, its Head, Corporate Responsibility Marketing, Ismail Omamegbe has said.

    Speaking during a workshop organised by the lender for women entrepreneurs at the Pan African University, Lagos, he said the bank has a corporate responsibility strategy built around four strategic pillars namely: sustainable finance, people empowerment, community support and environmental sustainability.

    He explained that Sustainable finance, covers financial inclusion, women empowerment, developing special products, like FirstMonie, among others.

    Omamegbe said the lender also engages on responsible lending, ensuring that in granting credit to customers, environmental, social and governance management system are put in place.

    He said the workshop was designed to discuss challenges faced by women-led SMEs with the aim of finding solutions. “We have what we call SMEs financing. We focus on women empowerment, including supporting women-led SMEs. The SMEs is an engine of any economy, some of the women are in disadvantage position and needed to be supported. We need to build capacity for SMEs led by women,” he told The Nation.

    Continuing, he said: “We have special considerations for women-led business. We are putting processes in place that will allow women have easy access to loans or lending to them without collateral. We are also collaborating with the Central Bank of Nigeria on SMEs funding”.

    He said women-led SMEs face several challenges, which was why the lender organized the programme to address some of those challenges like finding a successor, staff training, writing business plan, staff recruitment, sourcing for capital among others.

    One of the facilitators, Delia Nzekwu said the workshop with theme: ‘Sustainability-The New Growth Strategy for Women-owned SMEs’ was meant to train the participants on how to address the above challenges.

    Mrs Adebiyi Olubunmi, Strategy Co-ordination Office, CBN, said there is need for women to be actively involved in the financial system, adding that the apex bank is committed to supporting women-led businesses.