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Tag: Access Bank

  • Why we partnered Slot, by Access Bank chief

    Why we partnered Slot, by Access Bank chief

    Access Bank has said it chose to partner with Slot Systems Limited because it has seen that the company’s management is driven by zeal, vision and passion to achieve the Nigerian dream.

    Its Executive Director, Roosevelt Ogbonna who spoke in Lagos during the unveiling of slot.ng and Slot Mobile App, said the bank supported the app with it financial service and payment solution.

    “We are proud to partner with Slot Systems Limited because it is driven by passion and the genuineness behind the goal they set for themselves. Everybody is willing to partner with them because theirs is about passion to achieve the Nigerian dream. Access Bank worked with Slot Systems Limited to launch the online as well as the mobile app,” he said.

    With the launch of the slot,ng, the company which specialises in retailing the products of all the major original equipment manufacturers (OEMs) has now joined the league of online retail marketplace.

    “With this new online retailing services from Slot, there is now guaranteed value and excellence on customers satisfaction and convenience either as a business partner with slot or a retailer.In fact there is an all-round new shopping experience that will bring about value for money, after sales services and secured payment solutions,” the Access Bank chief said.

    Speaking on the occasion, Managing Director, Slot Systems Limited, Nnamdi Ezeigbo, said the two initiatives were basically designed to bring the firm closer to Nigerian mobile customers?.

    He said: “We are leveraging mobile-broadband internet from telecommunication operators which has now become an individual possession among phone users in the country and the growing usage of smartphone among Nigerians to bring our services closer to people.

    “As we are all aware, we now live in an era where business transactions are carried out electronically. In essence, you don’t need to be physically present before you can engage in the business of buying and selling. As a company we are fully aware of this new reality, hence the creation ofSlot.ng and the Slot App.

    “With the slot.ng, you can buy all your quality mobile phones and accessories online using the Slot App; it’s like having the 50 Slot shops nationwide at your fingertips.”

    According to the firm, the app can now be downloaded free of charge from Google Play Store..?

    “Click the app and it takes you to the online store where you can buy your phones, accessories, laptops and i-Pads, from the comfort of your home or office and have it delivered to you within 24hrs of payment,” the CEO said.

    Industry watchers are however see the initiative facing initial challenge of logisticsthat often comes with online retailing service with respect to delivery of order and time management.

     

  • Access Bank emerges best flow house in Africa

    Access Bank emerges best flow house in Africa

    Access Bank Plc has emerged winner of the Best Flow House in Africa accolade in the Euromoney Awards for Excellence 2015, which held at the Natural History Museum in London.

    It is the first time an African Bank will be recognised as winner of this highly sought award.  Access Bank’s win comes in recognition of the Bank’s increasing transaction flows across Africa, particularly its dominance in the Nigerian financial markets, the bank said in a statement.

    According to Euromoney, the Best Flow House award is given to honour firms that have demonstrated an ability to excel across the region in the key areas of foreign exchange, equities, rates and credit. The winning firm must also have shown commitment to providing liquidity and pricing in all market conditions.  Also, such firm will have shown leadership in developing and integrating technology into its sales and trading businesses, as well as the importance of research.

    “We are delighted to be presented with this highly coveted award. This is in recognition of our regional expertise; and our continuing ability to provide customised currency and fixed income solutions to our customers across Africa,” the Group Managing Director,  Herbert Wigwe said, adding, “this award is an attestation of the bank’s determination to be the world’s most respected African bank by 2018″

    He assured that the bank will sustain this growth momentum, pointing out that the award is an honour, not only for Access Bank, but for Nigeria. “This is just the beginning of more things to come for our bank,” he concluded.

    The Euromoney Awards for Excellence, now in their 25th consecutive year, continue to be the most respected awards in the financial services industry.

  • Access Bank inaugurates PayWithCapture

    Access Bank inaugurates PayWithCapture

    Access Bank yesterday boosted its digital banking solutions with the launch of a new multi-banking payment solution, PayWithCapture.

    The platform, a mobile payment solution allows customers to make payments by scanning a merchant’s pre-generated code using the camera of their mobile device.

    The product, the lender explained, can be linked with different payment cards, giving users options on payment instrument of their choice.

    For instance, with PayWithCapture, a user can add as many cards or payment instruments like bank accounts and mobile money wallets as desired. “This journey of inclusiveness is based on the belief that inclusiveness is the first step in the journey of innovation and the biggest players in the mobile space have been those who opened up their platforms to other players,” the bank said.

    The mobile payment solution has in-built loyalty points and coupon rewards. “PayWithCapture Beacon-NFC Pay allows Merchants to push Ads & content to consumers which helps to look beyond traditional value chains for new opportunities,” it said.

    The bank’s Group Managing Director, Mr Herbert Wigwe said: “Forging growth in mobile payment solutions requires inclusiveness. For the potential of mobile payment technologies to truly explode, it is important that we begin to see it as more than a bank initiative but more of a consumer initiative. That is where inclusiveness comes in”.

    He added that, Access Bank introduced PayWithCapture because it is a solution that allows for a combination of payment solutions and support financial inclusion.

    The bank’s Head of Product Management and Innovation, Gbenga Agboola said PayWithCapture supports financial inclusion. “We realized that the average Nigerian is multi-banked and this brings unique case scenarios; like cash being spread around different accounts/cards and the inconvenience of lugging around so many cards. PayWithCapture solves that problem.

    According to him, Access Bank has entered into a partnership with merchants in all market categories to offer unique discounts for users of the PayWithCapture application.

  • Access Bank’s ‘W Initiative partners Audrey Pack

    The Access Bank ‘W Initiative’  is partnering Business Direct and Services on the Audrey Pack project in Nigeria to support women.

    The project is focused on the reduction of maternal and child mortality.

    The group said Nigeria loses about 2,300 under-five year-olds and 145 women of child-bearing age daily. This makes the country the second largest contributor to the under–five and maternal mortality rate in the world.

    The Audrey Pack is a free co-branded bag distributed to expectant and new moms in government and private hospitals. It contains free products’ samples from multi-nationals, antenatal and healthcare information and information on managing family finances.

    With this collaboration, Access Bank W Initiative will be liaising with both private and government-owned hospitals to deliver free the packs to expectant and new moms. Specifically, there will be educative sessions where women will be trained to help them make informed choices before, during and after pregnancy.

    In addition, the project is also poised to provide access to better health care services with the Maternal Health Service Support (MHSS), which is specially designed to support women and families with easy and convenient options to pay for medical expenses.

    According to Ope Wemi-Jones, the Group Head of Inclusive Banking at Access Bank, the W Initiative covers women and transcends a banking relationship.

    “It is our approach to banking women based on our understanding of their financial and lifestyle needs. In the quest to support access to quality health care, the Bank introduced the first of its kind Maternal Health Service Support (MHSS) which provides affordable financing options for medical procedures peculiar to women. This includes IVF procedures, natal care, myomectomies, hysterectomies, and specialised surgeries, among others,” she said.

    She also said the recipients of the Audrey Pack could benefit from the unique offerings of the W Initiative which includes access to women around the world through the W community, the No 1 online interactive platform designed to Inspire, Connect and Empower women.

    The Audrey pack project is a further attestation of Access Bank’s commitment to the empowerment of the Nigerian women and families.

     

  • Access Bank’s ‘W Initiative partners Audrey Pack

    The Access Bank ‘W Initiative’ is partnering Business Direct and Services on the Audrey Pack project in Nigeria to support women.

    The project is focused on the reduction of maternal and child mortality.

    The group said Nigeria loses about 2,300 under-five year-olds and 145 women of child-bearing age daily. This makes the country the second largest contributor to the under–five and maternal mortality rate in the world.

    The Audrey Pack is a free co-branded bag distributed to expectant and new moms in government and private hospitals. It contains free products’ samples from multi-nationals, antenatal and healthcare information and information on managing family finances.

    With this collaboration, Access Bank W Initiative will be liaising with both private and government-owned hospitals to deliver free the packs to expectant and new moms. Specifically, there will be educative sessions where women will be trained to help them make informed choices before, during and after pregnancy.

    In addition, the project is also poised to provide access to better health care services with the Maternal Health Service Support (MHSS), which is specially designed to support women and families with easy and convenient options to pay for medical expenses.

    According to Ope Wemi-Jones, the Group Head of Inclusive Banking at Access Bank, the W Initiative covers women and transcends a banking relationship.

    “It is our approach to banking women based on our understanding of their financial and lifestyle needs. In the quest to support access to quality health care, the Bank introduced the first of its kind Maternal Health Service Support (MHSS) which provides affordable financing options for medical procedures peculiar to women. This includes IVF procedures, natal care, myomectomies, hysterectomies, and specialised surgeries, among others,” she said.

    She also said the recipients of the Audrey Pack could benefit from the unique offerings of the W Initiative which includes access to women around the world through the W community, the No 1 online interactive platform designed to Inspire, Connect and Empower women.

    The Audrey pack project is a further attestation of Access Bank’s commitment to the empowerment of the Nigerian women and families.

     

  • Access Bank’s ‘W Initiative’ partners Audrey Pack

    Access Bank’s ‘W Initiative’ partners Audrey Pack

    The Access Bank ‘W Initiative’ is partnering with Business Direct and Services on the Audrey Pack project in Nigeria to support its value proposition to women at the different stages of their lives.

    The project is focused on the reduction of Maternal and Child Mortality.

    The group said that Nigeria loses about 2,300 under-five year olds and 145 women of childbearing age, daily. This makes the country the second largest contributor to the under–five and maternal mortality rate in the world.

    The Audrey Pack is a free co-branded bag distributed to expectant and new moms in government and private hospitals nationwide. It contains free products samples from multi-nationals, antenatal and healthcare information and of course, information on managing family finances.

    With this collaboration, Access Bank ‘W Initiative’ will be liaising with both private and government owned hospitals to deliver free Audrey packs to expectant and new mothers.

    Specifically, there will be educative sessions where women will be equipped with resources to help them make informed choices before, during and after pregnancy.

    In addition, the project is also poised to provide access to better health care services with the Maternal Health Service Support (MHSS) which is specially designed to support women and families with easy and convenient options to pay for medical expenses.

    According to Ope Wemi-Jones, the Group Head of Inclusive Banking at Access Bank, the ‘W Initiative’ is the home for everything Access Bank offers to women and transcends just a banking relationship.

  • Access Bank assures shareholders as Q1 earnings rise by 34%

    Access Bank assures shareholders as Q1 earnings rise by 34%

    The management of Access Bank Plc has assured shareholders of the bank that the bank is focused on delivering better returns on their investments. The assurance came as the bank released its first quarter unaudited report and accounts, showing 34 per cent growth in gross earnings and 21 per cent growth in pre-tax profit.

    The three-month report for the period ended March 31, 2015 showed that gross earnings rose by 34 per cent to N76.7 billion in first quarter 2015 compared with N57.3 billion recorded in comparable period of 2014. Non-interest income rose by 17 per cent while non-interest income grew by 47 per cent. Interest Income rose from N39.6 billion to N46.4 billion, benefiting from a loan portfolio growth and improved yields on fixed income securities. Non-interest income rose from N17.6 billion to N30.4billion, driven by growth in net trading income.

    Operating income rose by 28 per cent from N42.2 billion to N54.0 billion. Profit before tax rose to N16.5 billion as against N13.6 billion in comparable period of 2014. Profit after tax grew by 11 per cent to N13.7 billion in first quarter of 2015 compared with N12.3 billion recorded in first quarter 2014. Return on average equity improved from 19.7 per cent in first quarter 2014 to 19.2 per cent in first quarter 2015.

    Total assets closed March 2015 at N2.14 trillion as against N2.10 trillion in December 2014. Loans and advances recorded a modest growth of two per cent to N1.15 trillion in first quarter 2015 as against N1.12 trillion in December 2014. Customer deposits however dropped marginally from N1.45 trillion in December 2014 to N1.39 trillion in March 2015. The bank attributed the decline to run-off of expensive funds and replacement with stable and lower cost deposits as it strived to sustain its margins.

    Underlying ratios underscored improved performance. Capital adequacy ratio improved to 19.6 per cent in March 2015 as against 18.4 per cent in December 2014.Credit quality was sustained during the period as the percentage of non-performing loans to total gross loans improved to 2.1 per cent in March 2015 as against 2.2 per cent in December 2014. Coverage Ratio with regulatory risk reserve increased to 165 per cent in first quarter 2015 as against 154 per cent in December 2014. However, net interest margin declined to 5.9 per cent in first quarter 2015 as against 7.1 per cent in comparable period of 2014.Cost to income ratio stood at 62.2 per cent in first quarter 2015 as against 64.6 per cent in first quarter 2014.

    Commenting on the results, group managing director, Access Bank Plc, Herbert Wigwe, said the first quarter performance underlined the bank’s steady progress towards key strategic objectives.

    “Our focus remains on the delivery of sustainable value to our shareholders. We continue to deepen and broaden our top-tier corporate relationships whilst optimizing and growing our diverse retail customer base to support low-cost liability growth,” Wigwe said.

    Access Bank recently floated a rights issue of 7.63 billion ordinary shares of 50 kobo each at N6.90. The net proceeds of the N53 billion offer would be used to upgrade the information and communication technology (ICT) systems of the bank to provide better services and build a more robust ICT platform as well as upgrade the branch network and facilities to serve the growing number of clients and further improve the working environment of staff.

    The bank would also use part of the proceeds to further develop its distribution channel infrastructure to provide better and more efficient services to clients while it would also augment its working capital to expand its loan book in its identified sectors of growth in line with its medium term strategic objectives. Access Bank would also use part of the proceeds to pursue opportunities for international expansion.

     

     

  • FirstBank, Access Bank back financial literacy

    First Bank of Nigeria Limited (FirstBank) and Access Bank Nigeria Plc have reiterated their commitment to promoting financial literacy in the country.

    Speaking at the Central Bank of Nigeria Financial Literacy Day held in Ado-Ekiti, FirstBank Executive Director, Lagos and West, Gbenga Shobo, said the lender is firmly committed to the achievement of financial inclusion in Nigeria and would continue to work towards this aspiration by extending banking services to under-banked.

    As part of the CBN ‘Adopt A School programme’, Shobo took over 200 students of Tinuola International School, Ado Ekiti through the basic concepts of making money, savings and investments while letting them know that their capacity to make informed decisions will make them better adults in the future.

    Also, Access Bank’s Executive Director, Personal Banking Division, Mr. Victor Etuokwu, said that the lender has pioneered several financial literacy initiatives aimed at promoting awareness for financial Inclusion and literacy amongst women, small and medium scale entrepreneurs (SMEs) and more especially children and schools in Nigeria.

    Etuokwu who spoke on the theme: ‘Save Today, Safe Tomorrow’ at the Greensprings School, Anthony Campus, Lagos, in commemoration of the 2015 Global Money week said: “Several years ago we launched Nigeria’s first fun-filled interactive financial literacy campaign for kids, parents and educators with the Access Early Savers campaign”.

    The Global Money Week is an annual international money awareness celebration which holds on the second week of March every year.  This year, both lenders engaged children in learning how money works, including savings, creating livelihoods, gaining employment, and entrepreneurship.

     

  • Access Bank grows profit by N52b

    Access Bank Plc sustained double-digit growths across key performance indicators as the top-tier bank at the weekend released its audited report and accounts for the year ended December 31, 2014.

    Key extracts of the report showed double-digit growths in the top-line, bottom-line, balance sheet size and shareholders’ funds, implying a considerable resilience for the bank against the industry-wide headwinds occasioned by policy changes and fiscal and monetary challenges.

    Gross earnings rode on the back of stronger growth in the bank’s core banking operations and improved cost management to close the year with a total growth of 18.5 per cent. Net interest income had grown by 21 per cent while net interest income closed higher with 29 per cent growth. Net interest margin, which underlines the cost efficiency of the banking operations, had improved from 53.2 per cent in 2013 to 56.5 per cent in 2014.

    Gross earnings stood at N245.22 billion in 2014 as against N206.89 billion in 2013. Interest income rose from N145.96 billion to N176.92 billion while net interest income closed 2014 at N100.02 billion as against N77.72 billion in previous year.

    The bottom-line also showed similar resilience with pre-tax profit rising by 20 per cent while profit after tax grew by 18 per cent. Profit before tax rose from N43.53 billion in 2013 to N52.02 billion in 2014. After taxes, net profit for the year stood at N42.98 billion as against N36.30 billion in previous year. Earnings per share thus rose from N1.57 in 2013 to N1.88 in 2014, representing an increase of 20 per cent.

    The board of the bank has recommended distribution of additional N8.01 billion as cash dividends for the 2014 business year, bringing total dividend for the year to N13.73 billion. Shareholders would receive a final dividend per share of 35 kobo in addition to interim dividend of 25 kobo paid earlier, totaling a dividend per share of 60 kobo. The company had paid the same rate for the 2013 business year.

    The cash dividend will become payable on May 7, the same day it is expected to be approved by the shareholders at the yearly general meeting. The final dividends will be paid to shareholders in the register of the bank by the close of business on April 24, 2015.

    The balance sheet of the bank also showed improved performance. Total assets rose by 15 per cent from N1.84 billion in 2013 to N2.10 billion in 2014. Net assets, otherwise known as shareholders’ funds, also increased by 13 per cent from N244.48 billion to N277.41 billion.

    Access Bank is currently raising new equity funds from existing shareholders. It is offering 7.63 billion ordinary shares of 50 kobo each to existing shareholders at N6.90 per share. The rights issue is closing this Wednesday

    Group Managing Director, Access Bank Plc, Mr. Herbert Wigwe, urged shareholders to take advantage of this extension to fully exercise their rights, assuring them of quality return on their investments.

    “We are going to give good returns on investment as our target is to be among top three banks in 2017,” Wigwe said.

    He added that the bank was already talking to institutional investors, high net-worth investors and individuals, particularly investors who understand the value of long term investments.

    The net proceeds of the N53 billion offer would be used to upgrade the information and communication technology (ICT) systems of the bank to provide better services and build a more robust ICT platform as well as upgrade the branch network and facilities to serve the growing number of clients and further improve the working environment of staff.

    The bank would also use part of the proceeds to further develop its distribution channel infrastructure to provide better and more efficient services to clients while it would also augment its working capital to expand its loan book in its identified sectors of growth in line with its medium term strategic objectives.

    Access Bank would also use part of the proceeds to pursue opportunities for international expansion.

     

    Analysts at Afrinvest Securities Limited have said Access Bank has strong potential to generate high capital gains and above-average dividend yields to investors.

     

     

    In a stock recommendation, analysts indicated that the bank’s share price could rise to N11.80 per share over the next 12 months. The 12-month target price represents a capital gain of 71 per cent on the bank’s rights issue price of N6.90 per share.

     

     

    According to analysts, Access Bank could also deliver above-average returns to long-term investors with its dividend yield at 9.5 per cent. Analysts then placed the “buy” ticker on Access Bank, implying that investors are encouraged to take position in the bank as its 12-month return will definitely not be less than 25 per cent.

     

     

  • CIBN accredits Access Bank Academy

    CIBN accredits Access Bank Academy

    The Charted Institute of Bankers of Nigeria (CIBN) yesterday accredited the Access Bank Academy to carry out training on banking matters.

    CIBN President, Mrs. ‘Debola Osibogun, who presented a certification certificate to the Access Bank Plc, explained that with the accreditation, Access Bank Academy has the stamp of authority to train its workforce and by extension, build capacity for the banking and finance industry in the country as required under the competency framework.

    The CIBN boss said the academy has met the requirements as stipulated by the Institute’s Linkage Committee and the Central Bank of Nigeria (CBN) in compliance with the competency framework instituted by the apex bank.

    She added that the exercise remains the first set of accreditation certificate to be presented to a training service provider in the country.

    Osibogun said the accreditation will open more routes for intending CIBN members to come on board and write the institute’s professional examinations.

    It is also a platform for producing banking professionals that are highly knowledgeable and competent while benchmarking with international standards.

    She added that the new graduates of the academy will also be expected to register as student members of CIBN and subsequently, commence the Associate of the Chartered Institute of Bankers (ACIB) examinations.

    The Executive Director, Commercial Banking, Access Bank Plc, Mr. Roosevelt Ogbonna, said the lender has excellent and longstanding relationship with CIBN and that the accreditation will deepen the relationship between both parties.

    He said the CBN competency framework has already spelt out what is needed to be taught at the academy adding that the bank is determined to invest in its people because as a service provider, its manpower remains its strength.

    Ogbonna said participants in the programme will get exemptions from CIBN and must therefore, take advantage of the opportunity provided by the academy to enhance their capacity and skills in the profession. He said the bank is excited at the opportunity provided by the academy and that the quality and integrity of exams conducted by the academy remain high.