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  • Access HoldCo lauds NGX Invest over N351b capital raise

    Access HoldCo lauds NGX Invest over N351b capital raise

    Chairman, Access Holding Company Plc, Mr Aigboje Aig-Imuokhuede, CFR, has commended the digital innovation efforts of the Nigerian Exchange Group following the successful N351bn Rights Issue completed to comply with the regulatory directive of the Central Bank of Nigeria.

    According to the statement from Access HoldCo, Mr. Aigboje Aig-Imuokhuede said “By leveraging the NGX’s E-offering platform – NGX Invest, the Company provided its shareholders with a seamless, efficient, and convenient subscriber experience significantly reducing barriers and democratizing participation in the Rights Issue.” In an article published by the World Federation of Exchanges, the Group Managing Director/Chief Executive Officer, Nigerian Exchange Group Plc, Mr Temi Popoola had emphasised that the platform was at the core of NGX Group’s digital strategy, stating that it was designed to streamline the distribution of securities in the Nigerian capital market.

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    “Its user-friendly interface allows investors to onboard seamlessly and verify their identities through the Nigeria Inter-Bank Settlement System (NIBSS), using their Bank Verification Number (BVN). With NGX Invest, the traditionally complex and time-consuming process of investing is reduced to a few clicks, making it easier for investors across Nigeria, including those in underserved areas, to participate in the capital market.”

    The success of Access HoldCo’s capital raise, making it the first bank to officially comply with the CBN’s Banking Recapitalisation directive, is a key social proof and testament to the robustness of NGX Invest and demonstrates the potential of NGX Group’s platform to support the growth and business goals of its Issuers.

  • Hacey, Access lift Kaduna women entrepreneurs 

    Hacey, Access lift Kaduna women entrepreneurs 

    To  foster economic growth and development, HACEY, with support from ACCESS has  empowered women entrepreneurs in Kaduna State.

     Women in the state face significant barriers to economic empowerment, including limited access to financial services, inadequate business knowledge, and a pronounced digital divide.

    These challenges hinder their ability to start, grow, and sustain successful businesses, thereby limiting their contribution to the local economy.

    HACEY with  backing from  ACCESS recognizes the immense potential of women entrepreneurs to drive economic growth and development in the state, therefore, it deemed it fit to equip women with the necessary skills and knowledge, unlocking their entrepreneurial spirit and creating a ripple effect of positive change throughout the community.

     HACEY’s Project team Lead, Bamidele Oyewumi said: “The overall goal of the project is to empower 3,000 disadvantaged women to access sustainable livelihoods by creating economic opportunities, promoting self-development, and improving social outcomes.

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     “The project aims to provide comprehensive financial literacy training, covering budgeting, savings, credit management, and financial planning. Enhance women’s business acumen through training in marketing, sales, customer service, and inventory management. Bridge the digital divide by providing basic digital literacy training, enabling women to leverage technology for business growth and access to online markets. Conduct a targeted radio awareness campaign to promote women’s entrepreneurship, share success stories, and provide information on available resources and support services.

     “The project will benefit at-risk women aged 18 to 40 years living in underserved communities who are more likely to engage in unsustainable and unsafe means of generating income and will be implemented across Kaduna State, Nigeria.”

    A representative of the community,  Mark Jacob, hailed the organisers of the initiative stating that “this initiative is one of the projects that have empowered our women in the last two years giving them the opportunity to learn. Together, we can empower women entrepreneurs in Kaduna State to achieve sustainable economic growth and development.”

  • Access Holdings boosts consumer lending with new subsidiary

    Access Holdings boosts consumer lending with new subsidiary

    • Acquires 80% stake in Ugandan bank

    Access Holdings Plc is establishing a new consumer lending subsidiary that aims at further expanding consumer finance options for individuals and businesses.

    The new subsidiary, Oxygen X Finance Company Limited, is expected to commence operations soon upon obtaining final operating licence from the Central Bank of Nigeria (CBN). CBN had earlier granted approval-in-principle to the new subsidiary.

    According to the company, the new subsidiary will impact the financial landscape by providing innovative and seamless digital lending solutions tailored to meet the needs of individuals and corporate customers.

    The Nigerian expansion came as Access Bank Plc, the flagship subsidiary of Access Holdings, sealed a deal to acquire the majority equity stake of about 80 per cent in Uganda’s Finance Trust Bank (FTB).

    The deal will see Access Bank concurrently acquiring the shares currently held by FTB’s Institutional Shareholders who have sought to exit to a strategic, long-term shareholder.

    The transaction is, however, subject to regulatory approvals by the Central Bank of Nigeria and Bank of Uganda. It is expected to close in the first half of 2024, following the fulfilment of customary conditions precedent.

    Following the anticipated closing of the transaction, Access Bank would own an estimated 80 per cent shareholding in FTB.

    Group Chief Executive, Access Holdings Plc, Mr. Herbert Wigwe, said the transaction marked an important milestone for the bank as it moves closer to the achievement of the group’s five-year strategic plan through continued expansion into key markets.

    “We are building a strong and sustainable franchise to support economic prosperity, encourage Africa trade, advance financial inclusion thereby empowering many to achieve their financial dreams,” Wigwe said.

    According to him, the expansion to Uganda will support the realisation of the group’s aspiration to become Africa’s payment gateway to the world. 

    Managing Director, Access Bank Plc, Mr. Roosevelt Ogbonna said the prospective acquisition of majority equity stake in FTB would enable the bank to strengthen its regional presence in the East African Community trade region.

    “Beyond our expansion goals, this deal will enable the bank to deepen its community and women impact initiatives, as we will be building on FTB’s mission to effectively deliver innovative financial solutions to customers and stakeholders, especially women. Our storied history and experience in gender initiatives and women empowerment will greatly benefit FTB’s current deposit and loan portfolio – which currently comprises about 40 per cent women – and the larger Ugandan community,” Ogbonna said.

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    According to him, the deal comes at a time when commercial banks in Uganda are looking to increase their capital, thus the strategic acquisition presents an opportunity for Access Bank to partner with FTB and its stakeholders to create more significant opportunities for financial inclusion, product diversification, and, ultimately, greater customer-centricity.

    He noted that Access Bank’s presence in over 20 countries globally presents a robust platform that FTB’s customers can leverage to boost trade opportunities with the rest of the world.

    Ogbonna assured that Access Bank remains steadfast in its commitment to driving sustainable growth and creating exceptional value for its stakeholders, noting that the acquisition of FTB stands as a testament to the bank’s unwavering dedication to expanding its footprint and supporting the economic progress across East Africa.

    Managing Director, Finance Trust Bank, Annet Nakawunde Mulindwa,  said the bank was thrilled with the partnership with Access Bank as it marked a pivotal moment in its growth journey and presented an extraordinary opportunity for customers and stakeholders.

    “This strategic alliance will fortify our position in the financial landscape and enable us to offer our customers a broader array of innovative products and services.

    “As we embark on this journey, we extend our heartfelt appreciation to our loyal customers, dedicated employees, and valued shareholders for their unwavering support. Leveraging Access Bank’s global presence and expertise, we look forward to reaching new heights and continuing to serve as a trusted financial partner to our customers and communities across Uganda,” Mulindwa said.

    She noted that the transaction will enable both banks to merge their technological resources, providing FTB customers with access to secure and diversified digital platforms for seamless transactions and banking services provided by Access Bank.

    According to her, FTB would be able to leverage Access Bank’s expertise in building deep sector relevance across several industries and tap into revenue opportunities across new customer segments which cut across business and retail banking.

  • Nigerian, African Diaspora emerge winners in Access Art X Prize

    Nigerian, African Diaspora emerge winners in Access Art X Prize

    ACCESS Holdings will be paying  $20,000 grants to two star prize winners in its just concluded 2023 Art X competition. Julius Agbaje from Nigeria and Asmaa Jama representing the African/Diasporan category were selected as the standout talents from an exceptional pool of finalists. Both awardees will receive $10,000 grants towards solo exhibitions at ART X Lagos 2024, providing them with a platform to showcase their evolving artistic narratives and ideas. 

    Their selection is a testament to their artistic prowess, unique vision, and potential for global impact.

    The winners were announced at a ceremony, held at Access Holdings’ headquarters in Lagos. 

    The Access ART X Prize, a prestigious platform for recognising and nurturing emerging artistic talent from Africa and its diaspora, announced the distinguished winners of its 2023 edition. 

    Having faced a challenging task in selecting the winners, given the exceptional level of talent and creativity on display, the jury further selected Roanna Tella (Nigerian category) and Lawrence Mwangi (African/Diaspora category) for honourable mentions. Both artists will receive prizes of $2,000 and tailored mentorship.

    Additionally, the Nigerian winner will embark on a three-month residency at Gasworks, London, while the AfricaN Diaspora winner will enjoy a residency at Yinka Shonibare’s GAS Foundation in Lagos. Both recipients will benefit from tailored mentorship and an invaluable opportunity for cultural exchange.

     Group Chief Executive Officer of Access Holdings PLC, Herbert Wigwe, said: “At Access Holdings, we view the Access ART X Prize as more than an accolade; rather, as a catalyst for change. It is a testament to our unwavering commitment to foster creativity and propel the African art industry towards unprecedented heights. 

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    “The Prize also embodies a promise that we will continue to support and nurture the burgeoning talents in Africa; foster diversity, inclusivity, and cross-cultural exchange within the African art scene, and deepen collaborations with partners that bring us closer towards our vision of shaping a brighter, more inclusive future for all.”

    Speaking on the Access ART X Prize, Tokini Peterside-Schwebig, the founder of ART X Collective, expressed her excitement, stating: “Our vision to showcase the depth and diversity of contemporary African art to the world revealed a critical necessity, which was the need to nurture and guide emerging talent on the continent to ensure their lasting impact. The birth of the Access ART X Prize was fueled by an ardent commitment to bridging the gap for early-career artists, empowering them to evolve into adept, globally relevant creatives.”

    The distinguished jury for the 2023 Access ART X Prize comprised luminaries such as Babajide Adeniyi-Jones (Documentary Photographer), Barthélémy Toguo (Artist), Daudi Karungi (Founder of Afriart Gallery), Emeka Ogboh (Artist), Gabi Ngcobo (Artist, Educator, and Curatorial Director of the Javett Art Centre), and Yesomi Umolu (Director of Curatorial Affairs and Public Practice for the Serpentine Galleries). Jumoke Sanwo served as the curator of the prize for the second year running.

    Prior to the winner announcement, the finalists participated in a two-day ‘Finalist Forum’, designed to equip them with vital presentation skills and offer valuable artistic insights. This immersive initiative featured interactive workshops, expert and peer review opportunities, all under the guidance of esteemed facilitators and industry experts. The finalists then presented their work to the Prize Jury, after which the eventual winners were selected.

    In 2022, the Access ART X Prize expanded its scope to include artists from beyond Nigeria. This expansion marked a milestone in fostering diverse creativity and amplifying the voices of rising talents across the continent. The 2023 edition of the prize garnered an overwhelming response, with over 3,500 applications received from around the world during the 4-week application period. This surge in applications reflects the growing importance of the Access ART X Prize in the art ecosystem and its ability to attract diverse talent from all corners of the globe.

  • Access Holdings seeks prosperous Africa with creative sector backing

    Access Holdings seeks prosperous Africa with creative sector backing

    Access Holdings is advancing the course of a prosperous Africa. This long-standing commitment is underscored by its mission to empower the next generation of African creatives through the transformative power of art.  

    At the eighth edition of West Africa’s leading international art fair, ART X Lagos,  Group Chief Executive Officer of Access Holdings Plc, Herbert Wigwe emphasised the potential contribution of the creative sector to the economic development and to changing stereotypical views of the continent.

    “At Access Holdings, our focus on changing the African narrative runs through the very core of our mission, as we firmly believe that by supporting and promoting African art, we contribute to a more accurate and balanced view of our continent. We recognise the potential of art to reflect the present and shape the future. Furthermore, we are cognisant of the potential contributions of the creative sector, particularly visual and contemporary art, to our continent’s GDP if our budding talents can be given the right support and structure to be seen and appreciated.

    “Through our support of ART X Lagos, we aim to highlight the multifaceted brilliance of our people and the richness of our culture. In doing so, we will unabashedly celebrate the diversity and strength of the African continent, nurture relationships that transcend borders, build bridges, invest in talent, and foster collaboration on a global scale,” Wigwe added.

    This belief is the driving force behind Access Holdings’ continued sponsorship of the Access ART X Prize, an award in partnership with ART X Lagos, which provides early-career artists from Africa and its diaspora with opportunities to develop their craft.

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    Speaking on this year’s edition, Founder of ART X Lagos, Tokini Peterside-Schwebig, said: “ART X Lagos remains a cornerstone of the African art industry, and demonstrated with its eighth edition that it is more than a traditional art fair. Our uniqueness and strength lies in our ability to gather a wide spectrum of artistic voices on one stage, ranging from a revered 91-year-old artist and prominent collectors, to the hottest new musical talents and DJs in Africa.  

    “We are delighted at the response from our galleries and artists, who judged the fair a resounding success. This year’s fair further entrenched our uniqueness on the world stage as an innovative multidisciplinary platform that exemplifies unity and excellence across Africa.”

    ART X Lagos has become a symbol of empowerment for emerging artists across the continent and Access Holdings’ enduring partnership as the fair’s Lead Sponsor has significantly expanded its reach and impact, providing even more artists with the opportunity to chase their creative dreams.

  • Improving maternal health through increased access to contraceptive choices

    Improving maternal health through increased access to contraceptive choices

    In the realm of reproductive health, the choices individuals make regarding contraception are paramount. These choices empower women and couples to take control of their reproductive well-being, safeguarding against unplanned pregnancies and unsafe abortions while promoting the overall health and prosperity of families. Despite widespread awareness of family planning, there remains a significant unmet need, with 48 per cent of sexually active unmarried women and 19 per cent of married women lacking access to contraception. Additionally, the modern contraceptive prevalence rate among married women (15 – 49 years) stands at a mere 12 per cent, far below the national target of 27 per cent by 2024.

     The importance of options in improving women’s lives cannot be overstated. It revolves around the concept of offering a diverse range of contraceptive choices, empowering women and girls to make informed decisions about when, how many, and at what intervals they have children. This empowerment is a testament to gender equality. Increasing access to contraception not only grants women and girls autonomy but also plays a pivotal role in reducing maternal mortality. Studies from seven countries—Ethiopia, Niger, India, Bangladesh, Nepal, Senegal, and Morocco—presented at the International Maternal New-born Health Conference 2023 demonstrated remarkable success in improving maternal and new-born outcomes. These countries, in contrast to others, saw significant progress in maternal health outcomes, thanks to increased contraceptive use. Thus, ensuring widespread access to a broad spectrum of contraceptive options for reproductive-age women and girls becomes imperative.

     Nigeria, with a population exceeding 200 million, is the most populous African nation. However, over 50 per cent of Nigerians live below the poverty line, and many access healthcare through local Community Pharmacies (CPs) and Patent and Proprietary Medicine Vendors (PPMVs), commonly known as “chemist shops.” While informal, these PPMVs and CPs serve as the primary point of care for various health conditions, playing a crucial role in providing essential medicines and improving healthcare access, including family planning services. These healthcare providers are community members who reside in the areas they serve.

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     In 2018, the task-shifting and task-sharing policy was updated, presenting an opportunity to expand access to contraception and service provision through Community Health Extension Workers (CHEWs). However, this policy did not provide a well-defined role for PPMVs or community pharmacists, despite their evident contribution to healthcare within communities. From 2017 to 2021, the IntegrateE project, led by a consortium with the Society for Family Health, collaborated with federal and state governments, as well as the Pharmacy Council of Nigeria (PCN), to empower nearly 300,000 women in Lagos and Kaduna states. The IntegratE 1.0 project, funded by MSD for Mothers and the Bill & Melinda Gates Foundation, aimed to enhance access to and adoption of family planning services. It served as a proof-of-concept illustrating that community pharmacists (CPs) and PPMVs could offer a broader range of family planning services beyond oral pill resupply, including family planning counselling, injectable administration, implant insertion/removal, and other basic Primary Health Care (PHC) services. This expansion was made possible through a three-tiered accreditation system for PPMVs and CPs, permitting the provision of varying levels of family planning services based on qualification and training.

      Grace, a registered nurse and a Tier 2 accredited PPMV in Alimosho, Lagos State, emphasised the impact of the project: “My clients now have more contraceptive options to choose from, and I can confidently provide their preferred services, including longer-acting contraceptives because I have received training for it.”

     The project design also prioritised the perspectives and preferences of women seeking services. At the Celebrating Womanhood Art Gala in March 2023, Pharm Emeka Okafor, Chief of Party for the IntegratE Project, shared how the project expanded access and choices for family planning services. “We have a forum called the community dialogue, where we engage with women to understand their opinions about the services they receive.”

    At the project’s conclusion, a total of 293,608 women accessed family planning services from approximately 550 trained CPs and PPMVs, resulting in the prevention of 17,871 pregnancies. Pilot studies in Lagos and Kaduna states revealed that PPMVs can be trained to safely provide extended family planning services like injectables and implants with appropriate supervision and support. The knowledge gained and the evidence generated during this pilot phase led to the expansion of the IntegratE 1.0 project to IntegratE 2.0, which is now being implemented in 11 Nigerian states until 2026, thereby increasing access to contraceptives for more underserved communities. According to Pharm. Okafor, the project’s scale-up is being executed methodically. After the first pilot phase in 2021, the second phase targeted Enugu, Kano, Nasarawa, and Gombe, focusing on family planning services but excluding PHC services in Enugu State.

     Access to contraception empowers women and girls to make choices about their bodies, enabling them to lead healthy and productive lives. Although some PPMVs cited financial barriers for clients seeking services, family planning remains a cost-effective intervention with immediate and long-term benefits for individuals, families, and the nation. The power of options ensures that a diverse range of contraceptive methods is easily accessible, allowing women and girls to make informed choices.

  • Access Holdings records N940.3 billion gross earnings in first half

    Access Holdings records N940.3 billion gross earnings in first half

    Access Holdings Plc recorded substantial growths in incomes and profitability in the first half with gross earnings rising by 59 per cent to N940.3 billion within the six-month period.

    Key extracts of the audited report and accounts of Access Holdings for the first half ended June 30, 2023, released yesterday at the Nigerian Exchange (NGX), showed that profit before tax jumped by 71.4 per cent to N167.6 billion in first half 2023 as against N97.79 billion recorded in first half 2022.

    Profit after tax increased by 52.6 per cent from N88.94 billion in first half 2022 to N135.4 billion in first half 2023.

    Top-line analysis showed that gross earnings increased from N591.80 billion to N940.31 billion. Earnings per share thus improved from N2.52 in first half 2022 to N3.74 in first half 2023. The headline growth was driven by driven by a combination of 63 per cent growth in interest income and 51.9 per cent increase in non-interest income.

    The balance sheet size rose by 39 per cent to N20.9 trillion by June 2023 while shareholders’ funds grew by 40.6 per cent from N1.23 trillion by December 2022 to N1.73 trillion in June 2023. Customers’ deposits rose by 35 per cent to N12.5 trillion.

    The management of the company said the growth in deposits underlined the trust and confidence reposed in the institution by its customers, noting that the deposit growth was inclusive of all business segments. The expansion in assets base strengthens the group’s stature as the largest financial institution in Nigeria by total assets.

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    Group Chief Executive Officer, Access Holdings Plc, Mr. Herbert Wigwe said the first half performance underscores the efficacy of the group’s strategic approach and its ability to generate value from a diversified business portfolio, spanning banking, asset management, and payment services, operational in 20 countries across four continents.

    He said Access Holdings’ synergies across its business verticals yielded remarkable results as shown by growths in incomes and balance sheet of the group.

    “Our growth plans for the African continent remains firm and clear, driven by the strong long term growth prospects and trade opportunities seen across many of the countries.

    “Continuing with our five-year cyclical strategy, our primary objective remains to transform Access Holdings Plc into a leading financial and ecosystem player, fostering opportunities for shared prosperity` among all stakeholders,” Wigwe said.

    He outlined that the group’s pensions business surpassed the N1.0 trillion in assets under management (AUM) milestone, thereby ranking as the fourth largest pension fund administrator (PFA) by AUM and the second largest by the number of registered retirement savings accounts (RSAs).

    According to him, the group’s payments vertical, Hydrogen, processed over N3.0 trillion in transactions, achieving a 407 per cent month-on-month growth in point of sale (POS) transactions and 99 per cent system uptime on account switching within the period.

    He pointed out that despite operating in a high inflationary environment, Access Holdings improved its cost-to-income ratio (CIR) by 4.9 per cent, through prudent adjustments in personnel costs, effective management of regulatory fees, and continued investments in technology to enhance cost efficiency and improve the overall user experience.

    Wigwe noted that the group’s regulatory ratios displayed a robust liquidity position and capital adequacy, surpassing regulatory thresholds with a liquidity ratio (LR) of 50 per cent and a capital adequacy ratio (CAR) of 19.1 per cent.

    He said the results generally showed the group’s steadfast commitment and prominent industry standing in delivering sustainable returns to stakeholders.

    Access transitioned into a holding company to drive rapid growth and become a full-scale ecosystem player offering interconnected services across customer needs. Established in 2022, Access Holdings Plc consists of the Access Bank Group; Access Pensions; a payment and switching services company; a digital lending company, and an insurance brokerage company.

    The banking vertical serves its various markets through four business segments: retail, business, commercial and corporate, and has enjoyed what is it arguably Africa’s most successful banking growth trajectory in the last 18 years, becoming one of Africa’s largest retail banks by customer base and Sub-Saharan Africa’s largest bank by total assets.

  • Doctorcare247 brings convenience, access to healthcare delivery

    Doctorcare247, an integrated telehealth platform that enables doctors and other healthcare specialists to diagnose and treat patients online, has been launched in Lagos. At  the heart of the telehealth package are features to provide access, aid service delivery, and bring convenience to users, thus promising to bring about a revolution in the way healthcare is accessed and delivered in the country.

    At the formal unveiling of the service, Chucks Chibundu, chief executive officer of Doctorcare247, said the platform is designed to change the landscape of healthcare delivery in Nigeria. According to him, the primary reason for creating the online platform is to bring convenience to the people, especially now that patients clamour for convenience and quick access instead of spending their precious time on endless queues in hospitals waiting to access treatment.

    It provides round-the-clock e-health consultations through doctors and specialists certified by the Nigerian Medical and Dental Council, the professional health regulatory body for the professions of medicine and dentistry in the country. What this means is that the platform provided by Doctorcare247 can help users to break the barriers of distance, travel time, logistics and long waiting hours in hospitals because its features allow patients to access quality healthcare services from medical providers online, anytime and anywhere.

    “What we have done is to make sure that patients can get healthcare services whenever and wherever they need them. People are searching for convenience; they want everything delivered to their doorsteps. So, imagine you don’t have to go to the hospital and wait for hours just to see a doctor. That is what Doctorecare247 will do for you. You can easily consult your doctor via audio, video calls and text, instead of going to the hospital,” Chibundu said.

    While acknowledging that telehealth is an entirely new thing in Nigeria, Chibundu said he is optimistic that Doctorcare247 is an idea whose time has come because experience has shown that Nigerians, like their counterparts abroad, want convenience in everything they do, including shopping. When the idea started two years ago, the health technology expert and former banker said he decided to travel around the world to learn more about the features and drivers of their telehealth industry and how these can be localised in the country to the benefit of everyone. “I remember two years ago, when the idea came, people questioned why I wanted to go into something that had not been done. Why not?  That was my response, because I was convinced of the efficacy of the solution and the need and gap it was going to fill,” he said.

    Through the use of information and communication technology, Doctorcare247 seeks to bring virtual access to its users for treatments such as general wellness, child wellness, mental wellness, lifestyle management and remote patient management. Its features show that the doctor-patient consultations are done via a secure high definition video chat, texts or calls with all records held in a secure cloud storage. With a mobile device such as computer, laptop or phone, a patient can schedule consultation sessions at his or her convenience through a branded application on IOS, Android or via the web. Its promoters said consultations will be done via a secure communication channel in high definition video, audio and text chat between patients and remote healthcare providers such as doctors and consultants. The platform is built to transmit images, data and sound in real-time, while patients can also post questions about simple health conditions under text consultations.

    At the unveiling ceremony, Foluke Akinniranye, chief retail officer of HealthPlus Ltd, a fast-growing pharmacy chain, said her company has investigated Doctorcare247 and can confirm that it is credible, adding that it is what Nigeria needs at this time to address issues of lack of access to healthcare, self-medication and self-prescription. Akinniranye, who said she has worked in the United States’s health sector for 20 years before returning home last year, attested to the efficacy of telehealth and stressed that Doctorcare247 can help the government in fulfilling its mandate of providing quality healthcare services to citizens. She enjoined hospitals, laboratories, pharmacy stores and health management organisations in the country to exploit the opportunities provided by the platform to further bring succour to their clients.

    Her position aligned with the views and experiences of people – both doctors and patients – who have used the service and provided testimonials and endorsements for the telehealth platform. An elated Charles Odibo, a public relations expert who compered at the ceremony, also applauded the innovation as a platform that is set to take Nigeria’s healthcare delivery to its next level where citizens will be empowered with access to healthcare delivery at the best convenience possible, instead of spending time agonising in hospitals. “Doctorcare247 is about accessing healthcare anytime and anywhere. It is about giving convenience and access to medical practitioners 24 hours in a day and seven days a week. It is exciting because you can easily reach a pharmacy, a doctor, even a laboratory from your phone. This will help the overall healthcare of the country,” he enthused.

    Thanks to the rising popularity of telehealth, which has contributed to the widespread use of apps by clinicians and their patients, a transformation in the delivery of health information and services is fast taking place around the world – a development Doctorcare247 seeks to bring to the fingertips of all Nigerians. In the United States, for example, the platform has triggered a swift shift in the country’s healthcare landscape. Studies suggest that two-thirds of health IT executives in the US believe that the use of mobile technology will substantially or dramatically impact the delivery of healthcare in the future and that the use of mobile devices by physicians to view patient information or access non-protected health information is widespread, and the percentage of clinicians using apps to actively engage in direct patient care has grown in the past years.

    With about 169 million mobile phone subscribers and penetration rate of more than 84 per cent, Chibundu believes Nigeria is Africa’s undisputed largest mobile phone market and a goldmine waiting to be tapped. “The Nigerian digital health space is largely virgin. Government is currently pushing technology and healthcare policies that are aimed at ensuring Nigeria takes advantage of global trends to align and enhance local efforts for desired benefits to Nigerians. Our initiative through Doctorcare247 is to complement efforts of government at building capacity that supports universal healthcare for all, albeit driven by technology.

    “We hereby enjoin all stakeholders in the healthcare space: medical practitioners, corporate organisations, government and individuals to embrace this new and convenient cost-effective solution that would provide opportunity for prompt access to deserving healthcare services. Hospitals and healthcare providers can conveniently extend their services to patients beyond the walls of their locations, using our virtual platform,” Chibundu said.

    To further drive the platform’s acceptability among the populace, a popular Nollywood actress, Roselyn Meurer, was unveiled as Doctorcare247’s brand ambassador. The Doctorcare247 founder said she possesses the right profile and personality that fit “what we are doing here and what we look to achieve.” As the brand ambassador, Meurer promised to use her huge followership on her social media handles and her presence in the film industry to propagate the gospel of Doctorcare247 to all Nigerians “because I am also passionate about any platform that brings access and convenience to healthcare delivery in my country.”

     

  • Access, Diamond host female entrepreneurs

    Access and Diamond Bank commemorated the International Women’s Day by hosting female entrepreneurs to a conference held in Lagos.

    The event themed ‘Think W… Build Smart and Innovate’ featured insightful sessions, as the speakers highlighted issues and solutions on how women can effectively leverage on technology and finance to build profitable and innovative businesses.

    While delivering the keynote speech, the CEO/ Group Managing Director of Access Bank, Herbert Wigwe said “Women, over the years, have continued to break boundaries, reinvent the status-quo and take advantage of the opportunities provided by technology and quality financial systems to make things better in the society.

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    This year, the International Women’s Day Conference, has been designed to educate women on how best to leverage innovations because we have come to the realization that female-owned businesses also hold the key to the growth and stability of our economy”.

     

  • CBN, SEC green light for Access, Diamond merger

    The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have approved the merger of Access Bank Plc and Diamond Bank Plc, the last major regulatory hurdle for the consummation of the business combination.

    Both banks at the weekend confirmed receipt of the final approval from the financial services authorities.

    The final go-ahead came on the heels of the recent approval of the merger by shareholders of both banks at a meeting specially convened by the order of the Federal High Court (FHC). The CBN and the SEC had earlier granted “approval–in-principle”, a no-objection approval, to the merger.

    With the final approval of the scheme, the banks will now submit the scheme of merger to the FHC for its judicial sanction, which seals the merger.

    Under the merger terms, Diamond Bank will transfer all its assets, liabilities and undertakings to Access Bank and the entire issued share capital of Diamond Bank shall be cancelled and Diamond Bank shall be dissolved without being wound up.

    In exchange, Diamond Bank’s shareholders shall receive a cash consideration of N1 per share and two ordinary shares of the enlarged Access Bank for every seven ordinary shares of Diamond Bank held as at the effective date.

    Access Bank will be the post-merger entity with its Group Managing Director Herbert Wigwe continuing to lead the post-merger management as chief executive. The business combination is expected to leapfrog post-merger Access Bank as Nigeria’s largest bank by total assets and one of Africa’s largest retail banks.

    At the separate court-ordered meeting in Lagos, shareholders had overwhelmingly approved the scheme of merger for the business combination and authorised the directors of the banks to take such actions as may be necessary to give effect to the scheme including listing of the scheme shares on the Nigerian Stock Exchange (NSE).

    Directors and management of the banks believed the merger will create significant values for all stakeholders, underlining the inherent synergies and value accretion in the business combination.

    The combination is expected to form a leading Tier 1 Nigerian bank and the largest bank in Africa by number of customers, spanning three continents, 12 countries, 3,100 Automated Teller Machine (ATM), more than 33,000 Point of Sales (PoS) terminals, 27 million clients and more than 10 million mobile customers.

    Diamond and Access bank share many of the same areas of focus, including women, youth, entrepreneurs and the financially excluded and will be able to further develop their positioning and market leadership in these growth sectors. Diamond Bank’s corporate customers will also be able to benefit directly from Access Bank’s corporate expertise in trade finance, cash management, treasury and corporate finance.

    Wigwe said the two banks share several common values and technologies that make the business combination a seamless one.

    According to him, the merger of the banks will create significant opportunities and benefits to customers, shareholders, staff and other stakeholders.

    He noted that the combination of Diamond Bank’s strong retail customer franchise and Access Bank’s proven risk and capital management expertise will create a post-merger bank with strong value creation potential.

    Wigwe pointed out that while the merger will lead to 19 per cent shareholding dilution, the business combina