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Tag: Access Bank

  • Access Bank unveils scheme for smartphone purchase

    ACCESS Bank has introduced a financing scheme for procurement of phones for more Nigerians to get connected to more businesses online and deepen financial inclusion.

    Victor Etuokwu, Executive Director, Retail Banking, said in a statement on Wednesday in Lagos that the loan would provide more Nigerians with access to credit under its Device Finance scheme.

    The  scheme is designed to provide customers on salary income with the opportunity to purchase smartphones of their choice and pay over a period of 12 months.

    Read Also: Access Bank issues N30b Tier-2 Bond

    “Access Bank has taken the initiative to lead the digitisation of lending in Nigeria and wants every customer to benefit from the modern connected lifestyle.

    “Through our revolutionary and ground-breaking credit schemes such as Device Finance, we will see more Nigerians get connected to do more business online and enjoy social lifestyle of their choice,” he said.

    Etuokwu said the financing scheme currently includes smartphone devices with prices ranging from N12,500 to N325,000, at competitive market prices, spread across a 12-month repayment period.

  • Access Bank opens USSD channel to DiamondXtra

    Access Bank Plc has opened up its USSD channel –*901# to enable the instant opening of DiamondXtra accounts from mobile devices.

    The USSD channel option allows customers, and potential customers, to conveniently open a DiamondXtra account , confirm the number of tickets they have in a particular draw, and also find out the date for the draws from their mobile devices.

    Introducing the USSD channel account opening option, Executive Director, Retail Banking, Access Bank Plc, Victor Etuokwu  said the bank’s business model is all about its customers as its success can be directly attributed to their success.

    “We have helped millions of people save with DiamondXtra and have rewarded thousands over the last 10 years, with this year being the 11th edition. To encourage more people to save, we have digitalised the scheme to accommodate customers who are not able, for one reason or another, to go the branch to open a DiamondXtra account,” Etuokwu said.

    He explained that new customers can simply dial *901#, follow the prompts to open a DiamondXtra account and fund with a minimum of N5,000 to be one of the lucky winners.

    According to him, to join the winning train, all a customer needs to do is to save up if the customer is already a DiamondXtra customer, or open a DiamondXtra account with just N5,000 and save multiples of N5,000 to increase chances of winning.

    He outlined that the rewards for the quarterly draw include salary for life of N100,000 monthly for 20 years, education allowance of N100,000 monthly for five years, a N1 million rent, N1 million cash for six people and N500,000 cash for 15 persons.

    He added that 45 persons stand to win N100,000 each while 300 persons each are expected to win N50,000, N20,000 and N10,000. The bank will also award N20,000 as loyalty prizes to 45 persons.

    DiamondXtra is an interest yielding hybrid account which allows deposit of both cash and third party cheques. Hybrid means a combination of both savings and current account features.

  • Access Bank issues N30b Tier-2 Bond

    Access Bank has issued N30 billion Tier-2 N30 Fixed Rate Subordinated Unsecured Bond. The issuance is to further strengthen its funding base and create more value for investors.

    The bond was oversubscribed, which further buttressed the confidence investors repose in the bank. The bond will mature in seven years and is callable after five years.

    The issuing houses are Chapel Hill Denham Advisory Limited, being the mandated lead issuing house and Coronation Merchant Bank Limited and First-Ally Capital Limited, being the mandated joint issuing house.

    Commenting on the bond, the bank’s Group Managing Director/CEO, Herbert Wigwe, said: “We are a bank with a rigorous and disciplined capital plan and the action taken today is in line with our 5-year strategic plan. This is to ensure a strong capital buffer at all times and support our low risk appetite. Following the merger, we identified some synergies and combined with this issue, we are confident of our capacity to attain the next level of being a more efficient bank.”

    Access Bank is the number one bank in Africa by customer base with integrated global franchise, strategically developing its presence in key African markets and enhancing collaboration in global financial gateways including London, New York, Asia and the Middle East.

    The Bank is also consolidating its trade hubs in India, Dubai and China, positioning to be Africa’s gateway to the world.

  • Access Bank gives N37b loans to SMEs

    ACCESS Bank Plc granted about N37 billion loans to small and medium enterprises (SMEs) in the immediate past business year as the commercial bank concludes arrangements to launch an innovative portal that allows customers to process their loan application online.

    At an interactive media session yesterday in Lagos, Head, Emerging Businesses, Access Bank Plc, Ayodele Olojede said the bank’s business model on SMEs is an ecosystem of all what SMEs need to thrive including credit facility, mentoring, professional advisory services on key functions such as accounting, marketing and management and networking among o0thers.

    She said the bank would launch an online portal in the fourth quarter of this year to further ease the process of loan application and processing as part of continuing innovation to support the growth of SMEs.

    According to her, the bank granted up to N37 billion loans to its SMEs customers in 2018 and it remains committed to increasing financial supports to SMEs.

    She pointed out that the success of the bank’s business model on SMEs is built on deep knowledge of the nature, operations, requirements and challenges of various sectors of SMEs, a system that allows the bank to provide valuable non-finance advisory services while also minimizing the possibility of loan default.

    “We love SMEs and we do not pay lip-service to SMEs. To the extent of how much we want to support SMEs, we have invested significantly in our understanding of the risk factors in that segment. In the last three years, we have supported SMEs. In 2018 alone, we granted up to N37 billion in loans to our SME customers which won us award globally,” Olojede said.

    According to her, Access Bank was able to maintain its leadership position in SME funding because the bank introduced an innovative approach to lending, which simplified the process and made it more customer friendly.

    Read Also: Access Bank excites tourists with XclusivePlus

    She outlined that with the bank’s innovative approach to lending, all that the customers need to be able to access loans is just to be able to keep good credit record and to be able to keep their own sales records.

    She pointed out that the loan portfolio is collateral free for Nigerians noting that Access Bank is the only bank currently using the National Collateral Registry in support of micro, small and medium enterprises (MSMEs).

    Olojede said the bank engaged more than 11,000 MSMEs customers in 2018 and has so far this year done about 12,000 customers with a target of engaging up to 30,000 MSMEs customers by the end of this year, helping the MSMEs with their finances, business practices and to understand how they can sell their products in addition to supporting them with loans.

    She added that the bank also uses its lending to support societal causes including women empowerment noting that 30 per cent of loans granted to SMEs were used to support women through the bank’s W-power initiative.

    According to her, the bank provides concessionary interest rate of 15 per cent per annum to businesses where women own 50 per cent shareholding in addition to other incentives.

    She said the bank is expanding its footprints in critical sectors of health, education and technology pointing out that the bank, through its partnership with Medical Credit Fund, could grant loan of up to N3 million without collateral.

     

     

  • Access Bank gets Karlsruhe Sustainable Finance award

    Access Bank has emerged winner of the Karlsruhe Sustainable Finance Awards for “Outstanding Business Sustainability Achievement”.

    It received the award at a ceremony held at the City Hall, Karlsruhe, Germany.

    This is the fourth time the bank would win the award.

    The award was presented to the Bank’s Group Managing Director/CEO, Herbert Wigwe, with top brand managers, executives, chief executive officers (CEOs) of leading global financial institutions, top German government officials, policy makers, regulators and key sustainability stakeholders in attendance at the event.

    The award is in recognition of the bank’s  commitment to embedding social, environmental and economic sustainability into its core business strategy that helps address issues across its business operations and value chain.

    Read Also: Access Bank wins Healthcare Excellence Award

    The Global Sustainable Finance Awards celebrate financial institutions, related organisations and top executives making significant contributions to the field of sustainable banking and finance, while also aiming to promote the growth of sustainable financial instruments and markets globally, particularly with a focus on green finance and investments; financial inclusion and social finance; green equity and venture capital, including the holistic integration of sustain-ability among financial institutions.

    Wigwe explained: “The global finance sector plays a major role in the economy, as they provide huge amounts of capital and have the ability to influence other companies and customers across sectors through their products and services. Many banks are  placing a great deal of emphasis on driving sustainability as well as digitising core business processes and reassessing organisational structures to be better prepared for the future of banking. This transformation illustrates the increasing desire to become a sustainable and digital bank.

    “Access Bank has a corporate strategy and philosophy which places sustainability at its core. Together with our commitment to the United Nations Sustainable Development Goals, Access Bank recently launched a five-year tenured, fixed rate green bond worth N15 billion, which is the first Climate Bonds Initiative Certified corporate green bond in Africa.”

    Access Bank, as it becomes the world’s most respected African bank, remains committed to setting standards for sustainable business practices by adopting innovative solutions to build a desirable future.

    The bank continues to make positive contributions to people and the planet, paving the way for its own longevity and continued profitability, while also making the case for sustainability to businesses worldwide.

  • Access Bank excites tourists with XclusivePlus

    Access Bank Plc is offering holiday makers the opportunity to enjoy bespoke financial services and exclusive privileges across the world through its premium service, XclusivePlus.

    XclusivePlus is a premium service that is available to any customer of the bank that appreciates preferential treatment. It is a subscription-based service that costs only N5,999 per month in exchange for unique services that suit individual’s lifestyle needs.

    Head, Consumer Proposition, Access Bank Plc, Adaeze Ume said that the introduction of XclusivePlus was as a result of a survey conducted among the bank’s customers, which revealed a rise in customers’ expenditure on luxury travel, luxury experiences and luxury products.

    She said XclusivePlus was designed to give all customers of the bank the opportunity to realise their dreams and enjoy the best of treatments with the barest minimum cost possible.

    Read Also: Wema Bank launches online platform ‘ALAT’

    “For many average affluent individuals, a life of luxury remains a dream. However, for as low as N5,999 per month, Access Bank will help you live this dream with the unique XclusivePlus service – a package that gives you a luxurious life on a not-so-luxury budget,” Ume said.

    According to her, XclusivePlus is a premium lifestyle offering specifically designed to provide customers with the exceptional service and exclusive privileges that they deserve. It was launched in October 2018 and today has thousands of subscribers who understand the value of the proposition.

    She noted that it takes less than two minutes to subscribe to XclusivePlus with only N5, 999, adding that subscriber can also choose to make an upfront payment for one year and get a 20 per cent discount.

    She outlined the benefits of XclusivePlus to include free upgrade to a Visa Signature debit card – a debit card with access to local and international spend, travelling in style with free access to over 800 premium airport lounges globally and free medical emergency cover for the subscribers and their loved ones anytime they travel.

  • Access Bank’s DiamondXtra reward hits N5.5b

    Access Bank Plc has given its customers N5.5 billion as rewards under its DiamondXtra reward scheme, a special savings campaign.

    Onyekachi John, a businessman and nine others, emerged winners at the May monthly draw of the DiamondXtra Season 11 reward scheme.

    DiamondXtra is an interest-yielding hybrid account which allows deposit of both cash and third party cheques. Hybrid means a combination of both savings and current account features. The DiamondXtra reward scheme was launched in 2008.

    Head, Consumer Liability Products, Access Bank Plc, Osita Ede explained that the DiamondXtra reward scheme is open to new and existing customers and all a customer needs to do is to visit the nearest Access Bank branch, open a DiamondXtra account and fund it with N5,000.

    According to him, the more multiples of N5,000 a customer saves, the higher the chances of winning.

    He said the monthly draws, which are scheduled to hold across the six geopolitical zones this season, reaffirms Access Bank’s commitment to financially empower more Nigerians.

    Product Manager, DiamondXtra, Access Bank Plc, Chukwuma Agu, noted that the inspiration behind the reward scheme was to encourage customers and Nigerians to save and also get rewarded for saving.

    “This is the 11th year of the DiamondXtra reward scheme and we have rewarded over 4,950 customers with N5.5 billion. DiamondXtra is bigger and better now which is why this edition is tagged “Bigger and Better” so we hope to have bigger wins and better the lives of our customers,” Agu said.

    Read Also: Access Bank wins Healthcare Excellence Award

    Speaking after receiving his prize, John told reporters that he had been a customer of Access Bank for years and had never knew he would emerge winner one day.

    “I feel so happy and so excited; I did not even believe I would become a winner in the first place. All I had to do was to top my DiamondXtra savings account which I started with N5000. I want to say a big thank you to Access Bank. As they are stronger and bigger now, I will also encourage other Nigerians to partake in this initiative because whatever they say they will do, they end up making their customers happy,” John said.

    Meanwhile, Access Bank has launched a training programme to train female entrepreneurs across Nigeria. The bank, in partnership with She Leads Africa, has concluded the first phase of #SheMeansBusiness, a Facebook programme aimed at empowering female small and medium enterprises (SMEs) on how to leverage digital platforms to drive growth in their businesses.

    The training, aimed at scaling up the skills of small business owners to take advantage of the captive market on social media platforms in Nigeria and beyond, kicked off in June and has held in Abuja, Lagos, Enugu and Ibadan with over 500 women business owners in attendance.

    Addressing reporters in Abuja during the start of the training series, Executive Director, Retail Banking, Access Bank Plc, Victor Etuokwu, noted that as one of the fastest growing retail banks in Nigeria, Access Bank is always at the forefront of leveraging technology to drive emerging businesses.

    According to him, the idea behind the partnership and empowerment programme is to give SME customers an opportunity to expand their access to market and increase their visibility to potential customers.

    “There are over two billion people on Facebook globally and over 65 billion WhatsApp messages exchanged globally on a daily basis. With the right knowledge, our customers can showcase their products to large audiences as well as get leads that will take their businesses forward,” Etuokwu said.

    He added that the bank intends to actualise its promise as the largest retail bank in Africa to provide not just financial services but also non-financial services knowing that when its customers succeed it will trickle down to it.

    Regional and Sales Director, Lagos Mainland, Access Bank Plc, Chigozie Onyeocha, pointed out that the bank has strong interest in SMEs as it believes that if SMEs are well supported, the country’s economy will benefit in return.

    “We have millions of SME businesses in Nigeria in this category, employing over 60 million Nigerians; for us, we believe if we support the SME sector right, we will have a better economy.  We actually have a division in the bank that caters to women, and we have opportunities that we expose our female customers to. We have loan facilities for women at a low-interest rate, encouraging them to do their businesses right. Our goal is to have more empowered women which we believe will deliver a better economy, “ Onyeocha said.

    Digital Marketing Trainer, She Leads Africa, Adeyemi Adedayo said the programme was specifically designed for women to upscale and boost their businesses with focus on how to use Facebook’s family apps, including Messenger, WhatsApp and Instagram.

    “We have since recorded remarkable growth in engaging these women and the results derived from these engagements have been very remarkable. The women have responded well so far, and it is encouraging for the trainers. Access Bank has been great in this collective responsibility with She Leads Africa and Facebook to empower in order to have a robust economy,” Adedayo said.

    One of the participants and Chief Oxecutive Officer, Easy Flight Travels, Bolanle Alabi, said she learnt how to market products online by locating her audience and giving them direct information.

    “Sometimes when you go on Facebook, you do not give the specific details to be able to attract the required audience, I have learnt how to restructure and how to create the right profile,” Alabi said.

    The second phase of the Access Bank, Facebook and She Leads Africa training will continue in Abeokuta on July 17; Jos, July 23, and Benin, July 26.

  • Access Bank wins Healthcare Excellence Award

    Access Bank has again emerged winner at the Nigerian Healthcare Excellence Award (NHEA) 2019 as the ‘Outstanding Healthcare SME-Friendly Bank of the Year’.

    At the award ceremony held recently at Eko Hotels & Suites, Access Bank was recognized for the fourth time by the NHEA consecutively after winning the most healthcare friendly bank award in 2016 and 2017 and as the Outstanding CSR health project of the year in 2018.

    The NHEA is an initiative of Global Health Project and Resources in Partnership with Anadach group. The annual Nigerian HealthCare Excellence Award is organised to recognise and commend institutions that have made laudable contributions towards the growth and development of the healthcare sector in Nigeria.

    The policy framework for achieving global standards of healthcare across Nigeria while encouraging market leadership and inspirational performance is also a major focus of the award.

    Commenting on the award, Omobolanle Victor- Laniyan, Head, Sustainability at Access Bank said, “Access Bank has an unwavering commitment to significantly improve the healthsector in Nigeria. Therefore, as a Bank, we have studied the health sector and identified inadequate financing as a causal factor for the poor healthcare system in Nigeria.”

    This discovery, she maintained, has led the Bank to create products to solve that problem. “An example is our MHSS product, which provides our customers with the finance and support that they need for their special medical procedures. We have also formed strategic partnerships with institutions like Medical Credit Fund (MCF), Hygeia and other medical organizations which have enabled us to provide financing to a larger base of health practitioners that our customers can benefit from as well.

    Corroborating this statement, Head, Emerging Businesses at Access Bank, Ayodele Oloyede said, “Our Bank is notable for being at the forefront of sustainable partnerships for reforms and development of Nigeria. SMEs are one of the key drivers of economic growth by virtue of their contribution to employment and wealth creation.

    We also know that good healthcare is important to productivity and that is why Access Bank supports Micro, Small and Medium Enterprises as part of its measures to help boost the Nigerian Economy.”

    Access Bank, through its healthcare financing product, Maternal Health Service Support has made it possible for over 107 families to obtain a range of medical procedures including In-Vitro Fertilization (IVF) and other specialized procedures as Myomectomy, Bariatric, Dental and Orthopedic procedures.  This has led to the birth of more than 58 babies, successful infant bone surgeries, fibroid treatments and other maternal-related procedures being recorded.

  • Access Bank gets award

    Access Bank Plc. has emerged winner of the GBA Women’s Market Champion Impact Award for providing opportunities for women.

    It was organised by the Global Banking Alliance for Women (now Financial Alliance for Women) in Paris.

    Speaking after the announcement, the Group Managing Director, Access Bank,  Herbert Wigwe, called for more efforts in women empowerment, adding that the bank will not relent in creating more success stories for women.

    “For sustainable development, women empowerment, including support to improve their socio-economic status, remains a practical, highly-important endeavour,” Wigwe said.

    “Over the years, Access Bank has enshrined women empowerment into its corporate ethos, the recognition by a prestigious body such as the Financial Alliance for Women and the testimonials of our beneficiaries highlight the success of the bank in this area. Furthermore, we promise to intensify our efforts to build capacity and support women globally with the resources and expertise needed to improve their lives,” he added.

    With over 35 per cent women in its growing customer base, Access Bank has  offered innovative solutions and unique products, which include the W Power Loan a discount offering that gives  loans to female-owned businesses, and the W Academy, where networking and capacity-building programmes are held for women.

    Read Also: Access Bank plans more funding for creative industry

    Earlier, the bank had won the National Women in Finance Magazine’s Outstanding Banking Initiative Awards; the Global Banking Alliance (GBA) Women’s Market Champion Award; CBN Excellence in Women Economic Empowerment Award; National Council for Women Society Nigeria’s Dedication to Women Entrepreneurship Award; and the CBN Excellence in Women Economic Empowerment Award.

  • Ex-oil minister, Access Bank’s N2.2bn suit resumes June 30

    The Court of Appeal in Lagos will on June 30, receive a report of settlement in a N2.2 billion dispute between Obodex Nigeria Ltd and Access Bank Plc.

    A three-man panel of the court led by Justice Abubakar Tijani fixed the date following commencement of out-of-court settlement between the parties. Obodex is owned by former Petroleum Minister, Chief Don Etiebet.

    The bank and Etiebet have been parties to multiple suits, arising from counter claims between them, following a transaction between the bank and Top Oil and Gas Nigeria Ltd, also owned by Etiebet.

    Following Top Oil and Gas’ alleged N2.2bn debt to Access Bank, the bank sued Etiebet’s Obodex, which had guaranteed the credit facility to the oil firm with a property called Etiebet’s Place.

    The Federal High Court in Lagos, last December 17, granted an interlocutory order in favour of Mr Kunle Ogunba SAN, who was appointed as receiver/manager by Access Bank to recover the alleged N2.2bn.

    On April 15, 2019, the Federal High Court refused an application for a stay of execution of the interlocutory order, following which Obodex, on April 16, approached the appellate court.

    When the motion on notice came up last Wednesday, Obodex’s counsel, Mr Dele Adesina, told the panel that parties in the matter had agreed to resolve the issues out-of-court.

    “There have been very positive developments, so, the fireworks may not be necessary anymore. I pray your lordships to adjourn so that parties can concretise settlement options,” Adesina said.

    The Silk’s disclosure was confirmed by counsel to the respondent, Mr. Etimen Oriaifo, following which the justices granted the prayer.

    Similarly, Justice Muhammad Liman of the Federal High Court, Lagos, last Tuesday, adjourned the substantive matter till June 4, 2019 for hearing of terms of settlement between the parties.

    The judged arrived at the decision following the position of counsel to the plantiff (Access Bank), Divine Obinna, that parties had reached an advanced stage of out-of-court settlement, a position confirmed by Evaristus Asuzu, who held legal brief for Obodex.