Category: Money

FirstBank of Nigeria Limited has provided insights and guidance for customers to unlock business opportunities in 2023 and beyond.

Speaking during the Nigeria Economic Outlook 2023 programme organised by the bank in Lagos, its Executive Director, Treasury and International Banking,  Ini Ebong, saidissues around rising monetary policy rates, increasing debt portfolio, volatile revenue from crude oil and brain drain due to talent emigration, amongst  others, will play major role on Nigeria’s business performance this year.

He said the programme,with the  theme: “Nigeria Economy Outlook webinar 2023 – A look ahead”,  remains a wake-up call for proper dimensioning of issues to drive fiscal and other policies.

He said the programme helps to ensure that the gains of previous years are sustained as the economy wades through seemingly consistent challenges.

“As a bank woven into the fabric of the society, FirstBank has a legacy of supporting the growth of businesses as the engine for economic growth and development in Nigeria, across Sub-Sahara Africa and beyond.

“And in line with our renewed vision “to be Africa’s bank of first choice”, we will take the lead in driving the development of different sectors and industries within the economies where we operate, to support the nation’s overall economic growth and sustainability,”he stated .

Ebong expressed the bank’s commitment  to, and collaboration with its customers and stakeholders as their partner of first choice, playing a dominant role in unlocking the opportunities that enable their businesses grow and thrive in 2023 and beyond.

He said: “2023, being an electioneering year, has increased the chances of macro and micro economic challenges that may exacerbate the attendant hiccups of changes in political administration, especially at the federal level,” he said. 

He saidFirstBank is committed to leading the discourse on pertinent issues of national and global interests.

“Hosting this webinar, therefore, affords our bank the opportunity to provide the platform for interested players to analyse the nation’s economy in retrospect, draw lessons from the gains and pains of past years, and chart a course for adjustments, consolidation, and strategic decisions for the common good,” he said.

He  added that the Russian-Ukraine War, which still persists, created trade tensions across the globe just as the fourth wave of the COVID-19 – Omicron Variant – that surfaced towards the end of 2021, has continued to generate increasing concerns with alarming statistics.

He said these developments made last year a turbulent year for many businesses and nations as the global economy, for example, witnessed all-time high inflation rates and unabated increase in high costs of living and doing businesses. 

The Keynote Speaker, Founder and Chief Consultant, B. Adedipe Associates Limited (BAA Consult), Abiodun Adedipe, said the Nigerian economy is diversified and there are business opportunities in every sector of the Nigerian economy. He said annualised average of 2.97 per cent Gross Domestic Product (GDP) growth in first to third quarter of 2022 of the Nigerian economy presents business opportunities still. 

He noted that oil accounted for 79.1 per cent of foreign trade but only 6.21 per cent of GDP in within the period.

Adedipe said there was need for businesses to explore areas of strength and project same to the global economy to get the highest returns.

Executive Director, Corporate Banking at FirstBank of Nigeria Limited, Tosin Adewuyi, spoke on the bank’s commitment to the African Continental Free Trade Area (AfCFTA) including supporting businesses expand to different countries in the continent.

Other speakers are Ugo “Ugodre” Obi-chukwu, Founder, NairaMetrics as well as Mosope Arubayi, economist and global financial analyst.

A group, Inclusion for all Initiative, says 54.2 per cent Nigeria’s unbanked poor prefer saving money at home to keeping their funds in banks. In its report on the Central Bank of Nigeria’s (CBN’s) redesigned naira notes and deadline for retuning old notes, the group calls for the extension of the January 31 deadline set by the CBN for people to deposit their funds in the bank and that a sensitisation programme be considerd for vulnerable groups to inform them of the process, deadlines and requirements. Assistant Business Editor COLLINS NWEZE reports

Report by Inclusion for all Initiative has said 54.2 per cent of Nigeria’s unbanked poor indicated their preference for saving their money in a safe place at home or carrying it around than depositing the funds in bank.

The Inclusion for all Initiative is a multifaceted advocacy programme that seeks to address the barriers that prevent the financial and economic inclusion of Nigeria’s poorest and most vulnerable communities.

The report indicated that  more than 50 per cent of this segment of the population could lose their savings if they are unable to exchange old notes for new notes in line with the Central Bank of Nigeria (CBN) naira redesign timeline.

On October 25, the CBN announced plans to redesign the 200, 500 and 1000 naira notes which took effect from December 15, 2022. While circulation of the newly designed notes continues, the old notes will remain in circulation until January 31, 2023. 

The Inclusion for all Initiative said conditions for exchange of old naira notes could disproportionately impact vulnerable populations.

The group’s data  suggests that Nigeria’s most vulnerable groups could be adversely affected by the decision to require the exchange of old Naira notes for new notes through an existing bank account.

Head, Inclusion for all Initiative, Chinasa Collins-Ogbuo, said: “While we commend the Central Bank for its commitment to the digitisation of Nigeria’s financial services sector, we have to design policy to ensure that it is suitable for the most vulnerable parts of society.”

According to the 2020 EFInA Access to Finance (A2F) Survey, there are more than 38 million Nigerians without a bank account, and our research indicates that more than 50 per cent of these people prefer to save in cash.

“Unbanked Nigerians face a range of barriers to enter the financial system, from access to identity, a lack of proximity to financial access points and a lack of trust in the system. These barriers must be considered and addressed in the Naira redesign process if we are to ensure that this process supports financial inclusion, and does not further marginalise already vulnerable communities,” Collins-Ogbuo said.

According to him, the CBN has acknowledged concerns around vulnerable populations, and prioritised banking agents to help those in rural/underserved areas to deposit cash.

“However, agents are concentrated in urban areas – far away from vulnerable populations. With a 20 per cent agent coverage target for the northern regions, the Northeast is only at 6.3 per cent, with Northcentral at 15.5 per cent and Northwest at 12 per cent. Challenges cited include insecurity, distance, lack of electricity, and low profits,” he added. 

Speaking on the Inclusion for all podcast on the Naira Redesign Professor Yinka David-West, Associate Dean, Lagos Business School, said: “From the supply side, we need to ask, ‘Is this a push or pull initiative?.’ I’ll compare the naira redesign to the National Identification Number (NIN) registration, which was a push directive. All that is required is linking the NIN to a SIM and BVN to facilitate bank transactions.

“Many Nigerians treasure their phones more than their bank accounts. How can we incorporate seamless banking to fit the lifestyle of Nigerians? Through the naira redesign, the CBN is promoting a cashless system with secure and seamless transactions as a means to facilitate financial inclusion,” she said. 

The group also provided recommendations for action to ensure that vulnerable populations are able to participate and secure the associated benefits of access to digital financial services.

It said the extension of the time period to exchange Naira notes should be seriously considered in order to enable a rapid and intensified rollout of a sensitisation programme among vulnerable groups, informing them of the process, deadlines and requirements.

It will also adequately equip, incentivise and capacitate mobile agents to reach and cover people in hard-to-reach areas effectively.

“The extension of existing enrolment locations for NIN and Bank Verification Number to ensure that vulnerable populations without the documentation for basic Know Your Customer are able to secure it prior to the deadline.

“The requirement by the CBN for individuals to have full KYC and deposit their old notes in a bank account could adversely impact the un(der)banked segment of Nigeria’s population who are unlikely to own a bank account or have the requisite documentation for KYC. The ability of financially excluded Nigerians to meet the KYC requirements in the timeframe provided and given the barriers to identity ownership will be constrained, and so even if they seek to use the opportunity to enter the formal system, they are likely to face challenges,” it added.

The Central Bank of Nigeria (CBN) is daily monitoring the compliance of commercial banks in loading the new naira notes in Automated Teller Machines (ATMs).

CBN Director, Legal Services Department Kofo Salam-Alada, made  this known during a sensitisation event on the new naira notes in Computer Village Market, Ikeja, Lagos.

He said the apex bank will sanction banks that continue to fill their ATMs with old naira notes as the deadline to phase out the notes nears.

He said the CBN was already monitoring banks that were still dispensing old naira notes from their ATMs.

The director, who represented the CBN Governor, Godwin Emefiele, said: “I can tell you that the CBN on daily basis issue out the new notes. As we speak, banks are with the CBN taking money. We are actually begging banks to come and take money from Central Bank. We have these new naira notes in our vaults and we are begging banks to come and take it.

“We found out that a lot of things are happening that we need to checkmate, so we stopped withdrawal of new notes over the counter to ensure  that everyone can have access to it and not one chief who is known to the manager, walks in, and  carts away all the new notes in a particular branch. That is why we said it should be in the ATMs which cannot distinguish people.”S!)

 President of the Coalition of Associations in Computer Village, Timi Davies, noted that the new naira notes are a good initiative.

He said, “But unfortunately, the new notes are not well circulated within our market. The ATM machines are not dispensing the new notes and only a few privileged ones seem to be having access to the new notes.

“We want to encourage the CBN and the government to enforce the deadline on the banks. There should be no bank that should not be giving the new naira from their ATMs. All ATMs should load the new notes. As we are giving the old notes, we should be able to get the new notes. If the ATMs are not dispensing, the new notes will not flow around.”

The Olukosi of Ikeja Land, Chief Lateef Oluseyi, assured the CBN of the support of the traditional ruling house in educating the community.

He expressed confidence on the durability and quality of the new naira notes.

The Managing Director,Wema Bank,  Moruf Oseni, has expressed his unwavering faith in bringing financial services to the people and rewarding loyal customers.

The bank chief spoke during the final live draw of the  Season 2 of Wema Bank’s ‘5for5’ final promo draw held in Lagos.

He said  the promo has made enormous impact on the banking community. He recognised the efforts of the organising committee, the knights, and every other participant in the event’s success.

During the programme, the bank gave cash prizes of N10,000 to 55 customers;  N100,000 to 20 customers and the star prize of N1 million each to  two lucky winners.

Abubakar Bisoye Bisi of Broad Street Branch, Lagos and Toyeeb Hussain of Ondo Branch emerged the two lucky winners of N1 million each. 

Chief Finance and Strategy Officer, Tunde Mabawonku, in his closing remarks, emphasised the uniqueness of the 5for5 promo grand finale, stating that it was designed to give a personalised feel to the event.

“One of the highlights of the event is to remind our customers that the bank and all of the activities we host are designed to help them navigate the various financial services we offer and make their experiences the best in the history of the Nigerian banking industry.

“This is our way of thanking and rewarding customers for their loyalty,’’ he said.

Speaking further, he said, “This season’s grand finale has been a success, and it is already generating considerable interest in the banking industry and among shareholders.”

Anheuser-Busch InBev, the parent company of Nigeria’s International Breweries Plc., has announced the appointment of marketing professional, Bamise Oyegbami as the Marketing Director, Nigeria, which took effect from December 2022.

Oyegbami  is an executive with vast experience leading strategic marketing and communications teams and cross-functional work streams in the Nigerian FMCG industry.

Before joining Anheuser-Busch InBev in 2020, he previously held senior marketing roles at PZ Cussons for over three years, including his positions as Regional Brand Manager (Africa) for the Olympic brand and RTD Category Manager, among others.

Prior to the appointment, Oyegbami was the Marketing Manager, Trophy, growing the premium lager beer brand into one of Nigeria’s most popular brands through front-end innovation process, compelling brand positioning, and award-winning brand strategies and execution, drawing mass appeal across the country, especially among consumers in the South-West.

Oyegbami has a PGD in Marketing from The Wharton School and a Bachelor’s degree in Mechanical Engineering from the Peoples’ Friendship University of Russia.

International Breweries Plc (IBPLC) is a part of the world’s largest brewer, Anheuser-Busch InBev, (AB InBev), the multinational drink and brewing company with approximately 630 beer brands in 150 countries. In Nigeria, IBPLC is the proud producer of Trophy, Hero, and Budweiser beer brands, including Beta Malt.

African heads of state and global Chief Executive Officers (CEOs) at the World Economic Forum Annual Meeting backed the launch of the first of its kind report on how public-private partnerships can support the implementation of the African Continental Free Trade Area (AfCFTA).

AfCFTA: A New Era for Global Business and Investment in Africa outlines high-potential sectors, initiatives to support business and investment, operational tools to facilitate the AfCFTA, and illustrative examples from successful businesses in Africa to guide businesses in entering and expanding in this area.

The report aims to provide a pathway for global businesses and investors to understand the biggest trends, opportunities and strategies to successfully invest and achieve high returns in Africa, developing local, subregional and continental value chains and accelerating industrialization, all of which go hand in hand with the success of the AfCFTA.

The AfCFTA is the largest free trade area in the world, by area and number of participating countries. Once fully implemented, it will be the fifth-largest economy in the world, with the potential to have a combined GDP of more than $3.4 trillion. Conceived in 2018, it now has 54 national economies in Africa, could attract billions in foreign investment, boost overseas exports by a third, double intra-continental trade, raise incomes by eight per cent and lift 50 million people out of poverty.

To ease the pain of transition to its new single market, Africa has learned from trade liberalization in North America and Europe. “Our wide range of partners and experience can help anticipate and mitigate potential disruptions in business and production dynamics,” said Børge Brende, President, World Economic Forum. “The Forum’s initiatives will help to ease physical, capital and digital flows in Africa through stakeholder collaboration, private-public collaboration and information-sharing.”

Given the continent’s historically low foreign direct investment relative to other regions, the report highlights the sense of excitement as the AfCFTA lowers or removes barriers to trade and competitiveness. “The promising gains from an integrated African market should be a signal to investors around the world that the continent is ripe for business creation, integration and expansion,” said Chido Munyati, Head of Regional Agenda, Africa, World Economic Forum.

The report focuses on four key sectors that have a combined worth of $130 billion and represent high-potential opportunities for companies looking to invest in Africa: automotive; agriculture and agroprocessing; pharmaceuticals; and transport and logistics.

“Macro trends in the four key sectors and across Africa’s growth potential reveal tremendous opportunities for business expansion as population, income and connectivity are on the rise,” said Wamkele Mene, Secretary-General, AfCFTA Secretariat.

“These projections reveal an unprecedented opportunity for local and global businesses to invest in African countries and play a vital role in the development of crucial local and regional value chains on the continent,” said Landry Signé, Executive Director and Professor, Thunderbird School of Global Management and Co-Chair, World Economic Forum Regional Action Group for Africa.

The Forum is actively working towards implementing trade and investment tools through initiatives, such as Friends of the Africa Continental Free Trade Area, to align with the negotiation process of the AfCFTA. It identifies areas where public-private collaboration can help reduce barriers and facilitate investment from international firms.

Earlier, a majority of the World Economic Forum’s Community of Chief Economists expect a global recession in 2023, see geopolitical tensions continuing to shape the global economy, and anticipate further raising of benchmark interest rates in many countries.

The forecast shows that almost two-thirds of chief economists believe a global recession is likely this year.

They also prettied that the cost-of-living crisis may also be nearing its peak, with a majority (68 per cent) expecting it to have become less severe by the end of 2023.

The second edition of the ALAT 5for5 promo, a six-month-long mega reward programme, is set to witness an all-action finale this month that will see both new and existing customers in attendance in Lagos.

The Promo, which commenced on June 1st, 2022 is set to come to a fitting conclusion on Friday, January 20th, 2023-the day of the live draws, after an exciting season marked by monthly rewards, account activation events, incentives for app downloads, and other unmatched deals for new and existing account holders across all Wema Bank branches.

This remarkable event will excite customers, stakeholders, and interested parties in Lagos, as it ushers in the last group of millionaires during the final month of the promo. Abuja customers were the first to receive the 5for5 goodies in July 2022, when the first two millionaires, in the second season, were created.

Speaking about the grand finale that is set to take place in Lagos, the Divisional Head, Retail Business, at Wema Bank, Dotun Ifebogun, said, “We introduced the first season of this promo in 2021, to reward our loyal customers, foster healthy customer relationships, and help them develop a better savings culture. And we have been able to achieve these and much more. The feedback from customers and businesses has been impactful, and we’re pleased to know that we are positively impacting lives”.

“We promised to reward over 500 customers during the beginning of this second season to help make a difference in the lives of our customers financially. So far, we have made this dream a reality, and we hope to continue making a difference in the lives of Nigerians”

Wema Bank, a leading and innovative financial institution, is keeping its promise to make this final promotional month as exciting as possible for its clients.

Speaking about the activities lined up for the grand finale, Ms. Temitope Ogundeji, Head, Liability Products, Wema Bank, stated, “We have various exciting events and offers for customers during the grand finale of the 5for5 promo, so we urge them to come to witness the promo draw live or follow the event on Instagram live.”

The grand finale of the second Wema Bank’s ALAT 5for5 promo ends this month in Lagos.

The promo, which started last June 1, ends on January 20, 2023, after an exciting season marked by rewards, account activation events, incentives for app downloads, and other unmatched deals for account holders across the bank’s branches.

The event is expected to usher in the last group of millionaires.  It would be recalled that Abuja customers were the first to receive the 5for5 goodies last July, when the first two millionaires emerged.

The Divisional Head, Retail Business, Wema Bank, Dotun Ifebogun, said: “We introduced the first season of this promo in 2021, to reward our loyal customers, foster healthy customer relationships, and help them develop a better savings culture.

“And we have been able to achieve these and much more. The feedback from customers and businesses has been impactful, and we’re pleased to know that we are positively impacting lives. “We promised to reward over 500 customers during the beginning of this second season to help make a difference in the lives of our customers financially. So far, we have made this dream a reality, and we hope to continue making a difference in the lives of Nigerians.” 

Liability Products, Wema Bank, Ms. Temitope Ogundeji, Head, stated: “We have various exciting events and offers for customers during the grand finale of the 5for5 promo, so we urge them to come to witness the promo draw live or follow the event on Instagram live.”

Polaris Bank, in partnership with the National Youth Service Corps (NYSC) and NerdzFactory, has commenced a capacity building workshop on digital skills for 5,000 National Youth Service Corps (NYSC) members across 12 states.

The bank explained that her action is intended to equip young Nigerians with relevant work-ready digital skills which is focused on building the youth’s self-sustenance in innovation, creativity, digital skills, business acumen, and relevance in the 21st-century economy and workplace.

 According to Polaris Bank’s Group Head, Product & Market Development, Mrs. Adebimpe Ihekuna, “This partnership is part of Polaris Bank’s commitment to youth development and empowerment in Nigeria which aligns with the bank’s strategic CSR pillars.

“We see the need for a work-ready and digitally equipped youth which has informed Polaris Bank’s partnership with NerdzFactory to make a difference and provide 5,000 NYSC members with digital skills needed to start a successful career in paid employment or create their own businesses as entrepreneurs.

 “As an enterprise poised to meet the financial needs of the youths in the digital age, especially in post-COVID-19 era with its attendant challenges, we want to equip as many young Nigerians as possible, with requisite digital skills to give them a good headstart and help them achieve economic stability.”

The training, which will run across two quarters comprises, courses such as basic digital literacy, cyber security, data science, product design, software development (back end), product management, blockchain technology, mobile app development, 3D and virtual reality, and software development.

Participating Corps members from Lagos, Ogun, Osun, Oyo, Kaduna, Kano, Plateau, Delta, Rivers, Enugu Imo as well as Abuja will benefit from this initiative.

It would be recalled that Polaris Bank, in conjunction with Digivate 360, held similar digital training in eight locations – Lagos, Enugu, Abuja, Kano, Ilorin, Port Harcourt, Abeokuta, and Benin in 2019 and 2020.

Polaris Bank was adjudged Digital Bank of the Year (2021) and (2022).