Union Bank of Nigeria has rewarded the first set of winners in the second Save & Win Palli promo.

At the first live draw, which took place at the bank’s Head office in Lagos, 50 customers win N105,000 each. They were selected  electronic draw supervised by the relevant regulators.

The promo is aimed at rewarding customers with cash prices and other exciting gifts worth over N55 million. The goal is to encourage and promote a healthy savings culture. The promo is open to new and existing customers who save a minimum amount of N10,000 monthly.

Savers who qualify to participate in the monthly, draws stand a chance to win N105,000 each, while five winners will go home with N500,000 each in two of the quarterly draws.

One lucky customer will get the star price of N5million during the grand finale billed for December.

The bank’s Head of Retail Deposits, John Obichie, said: “Union Bank is pleased to reward our customers’ through initiatives like this that encourages them to save. This promo was introduced to support our customers during these trying times, and to reward them for being consistent with their saving habits.

The promo, which kicked off last month.

All is set for a ‘Photo Walk’ with Ecobank as part of activities to commemorate the World Photography Day slated for Friday.

The World Photography Day is a yearly celebration of the art, craft, science, and history of photography and Ecobank is hosting the Photography, Arts and Design Exhibition (PADE) to mark the event.

Head, Marketing and Corporate Communications, Ecobank Nigeria, Jide Sipe said major players in the business of photography, arts, and design such as Kelechi Amadi – Obi, Emmanuel Oyeleke, Taiwo Aina and others have indicated interest to join in the walk.

The Walk is expected to start from Tafawa Balewa Square (TBS) Bus Terminal by 8.00am and end at the bank’s head office complex, Ecobank Pan African Centre (EPAC) on Ozumba Mbadiwe Avenue, Victoria Island.

Sipe said the exhibition was conceived by the bank to help showcase Nigerians’ creativity to the world.

He explained that the exhibition is part of the bank’s strategy as a Pan African Bank to sustain its legacy as a foremost supporter of the creative industry in the country, noting that it provides a platform for harnessing and powering the creativity of the African continent.

He said the event will witness an assemblage of creative influencers in photography, visual arts, vocal and dramatic arts, and designs, adding that there will also be digital engagement ideas for creatives, a  photography contest where customers have the chance to showcase their tribe in colorful style to win a family weekend getaway, amongst others.

“We are fully prepared for the successful hosting of PADE by Ecobank. We have plans in place for a fun-filled and memorable event for everyone. The 3-day event themed “A Canvas for Africa’s Creatives” will hold at the Ecobank Pan African Centre from Friday August 19 to Sunday August 21, 2022, and is set to showcase the brilliance of Nigerian creatives to the world. There will be a special photography masterclass which will be facilitated by Ngozi Nwabueze, image copyright and legal structure expert and Augustine Udoh, arts photographer; it would be moderated by Yemi Disu, a creative director and photographer”.

“At the event which is free for all to attend, we expect portrait photographers, event photographers, landscape photo artists and basically everyone with lenses to capture moments and frame memories in time. We also expect creative influencers in visual arts such as painters, calligraphers, cartoonists, make-up artist and basically everyone good with a brush or pen. In attendance too willbe influencers, videographers and basically everyone who can compose a distinct visual reality. We are in contact with architects, interior designers, graphic designers and basically everyone who enjoys bringing abstractions to life. What we are putting together is a total package, as such, there will also be side attractions, including games, photobooths, performances, VR station for kids, and 3D virtual art displays,” he said.

United Bank for Africa Plc is supporting economic recovery by providing structured loans to small and medium enterprises and individuals to meet their needs, writes Assistant Business Editor COLLINS NWEZE.

Taking loans is one of the most interesting transactions among businesses, individuals and their financial institutions.

Access to structured loans has become more important in the business world where small and medium enterprises (SMEs) and individuals come under pressure to meet their obligations to customers and families.

The need for loans continues to reverberate across economies and markets. In the Emerging Markets and Developing Economies (EMDEs), where inflation is on the rise, compounded by legacy structural challenges, heightened exchange rate pressures, capital flow reversals and shocks from the global economy, loans are needed by businesses to grow and thrive.

These developments meant that businesses and individuals need lifelines to sustain their operations and meet their obligations to families.

Banks with foresights are, therefore, taking the bull by the horn, by supporting SMEs and improving people’s  purchasing power  through well-structured loan extension and quality services.

Already, SMEs account for over 80 per cent of enterprises in the world and are responsible for  60 per cent of employment.

United Bank for Africa Plc has, therefore, shown huge commitment to providing loans to SMEs and individuals. Accordingly, the bank believes that almost everyone needs to take out a loan at some point, to buy a new home, pay college tuition, make investments,  or  start a new business.

Whatever the reason one needs to borrow money, professional financing options are many and varied nowadays. They range from traditional financial institutions, like banks, credit unions, and financing companies, to Internet Age creations, like peer-to-peer lending (P2P).

However, despite the acknowledged role of banks’ lending to individuals and SMEs, which in return, help foster growth and development, they have continued to face a various constraints – chiefly among them is lack of access to appropriate funds from both the banks.

This is due to the perception of high risks resulting in poorly prepared project proposals, inadequate collateral, absence of verifiable history of past credits and lack of adequate historical records of the company’s transaction.

For emphasis, non-banking financial corporations, traditional banks, government institutions and crowdfunding are options where business operators can apply for loans.

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has advised banks to lend to businesses to support the economy. This, he said, will support growth and reflate the economy for sustainable growth.

One of the traditional banks with well-tailored, multiple loan options for individuals and businesses is the United Bank for Africa (UBA).

The bank has proven to be innovative to help individuals and businesses in Nigeria and across Africa weather the storm with loan facilities that helped change the narrative and, eventually, catalyse growth.

The best performers in terms of lending to individuals and businesses in first quarter of the year include UBA Plc, Access Bank Plc, FBN Holdings Plc, FCMB Holdings Plc, Fidelity Bank Plc, Stanbic IBTC Holdings Plc, and Wema Bank Plc.

It is worthy of note that UBA did well to pull its weight behind customers and business in 20 African countries, which helped in a great way to keep them afloat at a turbulent time occasioned by COVID-19 and, most recently, inflation from the Ukraine/Russia war.

For example, the uniqueness of the Senior Citizens Loan for pensioners within 55- 70. They can get up to N10 million to start a retirement project, travel the world and do much more with a convenient repayment period up to 36 months.

There is also the UBA Personal Loans, Auto Loans, Asset Finance and Mortgage Loan.

Anant said: “It is a product designed to aid the finance of the needs of our customers. Available to employees whose salaries and other emoluments are being paid through UBA or who are willing to transfer their accounts to UBA.’’

The UBA Personal Loan – Direct is a variant of UBA Personal Loan product targeted at civil servants whose salaries are not domiciled with UBA. The product is designed to offer personal loans to civil servants who have difficulties in changing their salary accounts from other banks to UBA.

Also, Asset Finance, one of its products, was designed to facilitate the purchase of physical assets ranging from household appliances to alternative power solutions and devices by our retail customers through approved partnering vendors, giving them the convenience to pay over a period.

UBA Mortgage Loan part-finances the acquisition of residential real estate by salary earners whose employers are listed on the bank’s approved counter-party list.

“The product is targeted at High-Net-Worth Individuals (HNIs) with predictable and sustainable income. The product is to enable customers buy fully developed properties or draw equity from their home as loans for specific purposes,” the bank said.

UBA FX Cash Backed Loan is a term loan designed for Nigerians with funded domiciliary accounts with the bank. Customers can get up to 10 million naira for investment purposes or to meet the financial needs of relatives in Nigeria.

Also, the UBA Working Capital loan offers up to N50million to help business owners meet their cash flow needs and expand their business. A flexible collateral cover will be required depending on the loan amount and the nature of customer’s business.

Other variety of loan offerings tailored to meet the needs of different individuals also include Auto Loans where customers can get up to N15 million for part-financing of brand new vehicles for customers whose salaries are domiciled with the Bank. Vehicles purchased will be in the name of UBA/Customer’s name and they are available for car models at selected dealer shops nationwide.

The Required Documents are as follows; Letter of introduction and awareness from employer, copy of customer’s staff ID, Copy of customer’s valid ID, Proforma invoice in UBA/customer’s name, Duly filled loan application form and accepted offer letter.

With a UBA Credit Card, customers are free to spend up to N3 million and have the option to pay as low as zero per cent interest when you repay within 45 days.

The babk’s customers can withdraw cash locally and internationally, make online bill payments, shopping, hotel reservations and enjoy amazing discounts at partner-restaurants and hotels, lounge access, etc across the world.

A financial expert and securities dealer, David AdonrI of Highcap Securities Limited, said short-term credit was required by businesses to finance their working capital.

“Banks are the source of this type of finance. As a result of risk management considerations, bankability of requests is a major factor in credit creation. Of course, banks will usually observe the canons of lending when granting credits. If the economic environment is conducive and prospect is bright, the confidence to grant credit to borrowers will be high because repayment is guaranteed,” he said.

According to him, the volume of credit granted in first quarter, 2021 by banks rose because of increase in economic activities.

“Fund users demanded more credit during the period to ramp up their products and services to cover increased consumer pull. The demand on banks for credit also resulted in increased borrowing by banks from Central Bank of Nigeria (CBN) during the period.

“The supply gap in the economy is still huge and this will increase demand for bank credit. As a result, banks like UBA is poised to create more credit this year to meet the rising Gross Domestic Product (GDP) growth rate revised from 1.5 per cent to 2.7 per cent,” he added.

Group Managing Director, Oliver Alawuba said: “Our passion for individuals, small businesses and great ideas has never been in doubt and is evident in the firm support given the business community as our loan products are tailored specifically to meeting the varying needs of all our customers.

 

Continuing, Alawuba said:“Despite the tumultuous impact of COVID-19 pandemic globally and across our 24 countries of operation, we created N519 billion additional loans as we continued to support our customers and their businesses. Customer deposits grew 48.1 per cent to N5.7 trillion, driven primarily by additional N1.8 trillion in retail deposits. As a global bank, we remain well capitalized and determined to successfully drive financial inclusion on the continent through our innovative products and vast network. Our capital adequacy and liquidity ratios came in at 22.4 per cent and 44.3 per cent, well above the respective regulatory minimum of 15 per cent and 30 per cent.

Speaking on the bank’s strategy, he said, “Our primary strategy will continue to focus on providing excellent services from our customers’ standpoint, putting the customer first always. Looking ahead, I am inspired by the achievements we have made since the launch of our transformation programme. We have expanded market share considerably across the geographies where we operate and are consolidating our digital banking leadership in Africa. We will continue to leverage our diversified business model and dedicated workforce to further strengthen our position as ‘Africa’s Global Bank’.”

Also on the performance, Executive Director, Finance and Risk Management, Ugo Nwaghodoh said, “The persistent low interest rate environment in 2020 exerted significant downward pressure on margins. Notwithstanding, our interest income for the year grew by 5.7 per cent (to N427.9 billion), driven by 8.2 per cent and 7.5 per cent year-on-year growth on interest income on loans and investment securities respectively. Our interest expense declined by eight per cent (to N168.4billion) driven largely by a 34.2 per cent decline in interest expense on customer deposits in our Nigerian operations, bringing down the Group’s cost of funds to 2.9 per cent, from four per cent in 2019.

While giving an insight to the bank’s array of loan products, supporting individuals, helping them actualise their dream projects and most importantly changing the dynamics in the industry, Group Head Consumer Lending, Anant Rao recently spoke about some of the products and intrinsic benefits to customers as he said UBA has a handful of Loan offerings that continue to impact individuals greatly by fuelling their dreams, ambitions and most importantly transforming their lives. “No bank comes close in terms of our offerings that I can categorically say. UBA continues to take the lead in supporting the lives of individuals who have had their lives effectively transformed for good.

 

 

President, African Development Bank (AfDB) Dr Akinwumi Adesina says the bank is set to deliver climate-adapted, certified wheat and other staple crops seeds to 20 million farmers.

  Adesina said this in a document entitled: “Averting an African Food Crisis: The African Food Production Facility” and obtained yesterday in Abuja.

 He said the initiative, which was part of activities by the bank would tackle food crisis in African countries including Nigeria.

 The president said the delivery of seeds and increased access to agricultural fertilisers would be done through the bank’s African Emergency Food Production Facility.

  Adesina said within the next two years, the facility would allow farmers to produce 38 million more tonnes of food.

He said part of the plan was a 30 per cent increment in local production worth an estimated $12 billion. He also said it would facilitate better global investment in Africa’s agricultural sector.

Adesina said the facility would also support enhanced governance and policy reforms.

“From the onset, the African Development Bank realised the strategic need to tackle the devastating impact of the war on Africa’s food security. It is important to prevent unrest and even more human suffering.

“In May, the bank established a 1.5 billion dollar African Emergency Food Production Facility. In less than 60 days, it put into action 1.13 billion dollar-worth of programmes under the facility across 24 African countries. Half a dozen more programmes are expected to get underway by September as more governments apply to the facility,’’ he said.

According to him, food aid cannot feed Africa because Africa does not need bowls in hand. “Africa needs seeds in the ground and mechanical harvesters to harvest bountiful food produced locally.

“Africa will feed itself with pride because there is no dignity in begging for food.’’ The president said that the African Emergency Food Production Facility had benefited from stakeholder consultations.

He said the price of wheat had soared in Africa by more than 45 per cent since the war in Ukraine began.

Adesina also said fertiliser prices had gone up by 300 per cent while the continent faced a fertiliser shortage of two million metric tonnes. Many African countries have already seen price hikes in bread and other food items.

If this deficit is not made up, food production in Africa will decline by at least 20 per cent and the continent could lose more than $11 billion in food production value. The bank’s $1.5 billion strategy will lead to the production of 11 million tons of wheat, 18 million tons of maize, sic million tons of rice and 2.5 million tons of soybeans. The bank will provide fertiliser to smallholder farmers across Africa over the next four farming seasons.

“This will be done using its convening influence with major fertiliser manufacturers, loan guarantees and other financial instruments,’’ he said. Adesina further said it would create a platform to advocate critical policy reforms to solve the structural issues that impede farmers from receiving modern inputs. He said it included strengthening national institutions overseeing input markets. According to him, the facility had a structure for working with multilateral development partners. This he said would ensure rapid alignment and implementation, enhanced reach, and effective impact. The president also said it would increase technical preparedness and responsiveness. He said it included short, medium, and long-term measures to address both the urgent food crisis and long-term sustainability and resilience of Africa’s food systems.