The Nation Newspaper

Tag: bank

  • Bank gets security recertification

    Wema Bank Plc has completed Payment Card Industry Data Security Standard (PCIDSS) recertification.  With this recertification and issuance of Certificate of Compliance (COC), the lender has been certified on Version 3.1 level of PCIDSS certification  and currently  seeking an ISO 20000/27001 (Information Security) Certification for its business operations.

    “This success was achieved with the support of our partner, Digital Encode – an Information Security, Governance, Risk and Compliance Firm,” the bank said.

    The bank’s Managing Director/CEO,  Segun Oloketuyi said the lender was fully committed to ensuring and maintaining delivery of quality information technology service to both external and internal customers.

    He added that the adoption of PCIDSS Version 3.1 was necessitated by the constantly evolving and changing sphere of information security, which has added new controls in line with the current landscape of payment systems threats and risks.

    He also said with this development, the Bank was already pushing towards achieving the next ISO certification in Information Security.

    The PCI requirements were developed by the PCI Security Standards Council, which includes the five major payment card issuers, MasterCard, Visa, American Express, Discover and JCB International, to help facilitate broad adoption of data security best practices worldwide.

    PCIDSS is a global security standard that helps in preventing card and data fraud by evaluating payment account data security and assessing an organisation’s network architecture, software design, security policies, procedures and protective practices.

    Recently, the Central Bank of Nigeria made it mandatory for all Banks  to comply with PCIDSS to improve card holder’s security and privacy in line with international standards.

  • NDIC hails faith-based community bank in Jos

    Rural dwellers in Plateau State and such low income earners as petty traders who cannot buy shares in big banks can now do so at a bank they can call their own established by Church of Christ in Nation (COCIN).

    The development has earned the microfinance bank praise from the National Deposit Insurance Corporation (NDIC).

    The microfinance bank set up  in 2012 is growing and so is the profile of its customers in Jos city and the entire state. This much was revealed when the bank held its maiden Annual General Meeting (AGM) at which it briefed its clients.

    COCIN is one of the largest indigenous churches in Northern region with its headquarters in Jos. The microfinance bank is wholly owned by the church. Its shareholders are equally the poor segments of the society who attend the church.

    The bank’s objectives include helping the poor to grow, encouraging petty traders to save and offering advice to small-scale traders. The bank also grants credit facilities to its customers who have genuine business plans.

    At the AGM held at Yelwa Club Jos, the bank gave an impressive account of itself. They declared profits to the admiration of shareholders.

    “Light Microfinance Bank Limited has made an unprecedented profit of N336 million as the year 2015 ended, against the N174million when the bank started its operations in 2012,” declared its chief executive Mr. Tat Danjuma.

    “The state licence Microfinance bank run by the Church of Christ in Nations (COCIN) has a clients capacity of 8,776 pulling as the leading microfinance bank in Plateau State,” said chairman of the board, Mr Bernard Poyi.

    The managing director/Chief Executive Officer, Mr. Tat Danjuma said, “the laudable impact made by the bank in the years under review was not without Challenges” This according to him, “most of their clients are farmers and are been affected with the consistent attacks on villages in the state by unknown gunmen coupled with the activities of Boko Haram within the northern part of the country where their clients transacted businesses within the states.

    He maintained that the bank at the moment has only two branches in the northern zone of the state, and are working on other branches one each in other senatorial zones. “We have already put all modalities in place to open one branch in Kurgwi to cover the southern part of the state, as well one in Gindiri to cater for the abundant clients within the central zone respectively,” he said.

    The maiden AGM has given share holders and other clients a motivational direction and have set a prospect for the future by endorsing the increment of authorized capital from the initial N200million to N500million. While an increased in bank’s paid up capital from N183million to N300million.

    The Zonal Comptroller of National Deposit Insurance Corporation (NDIC) in charge of Plateau, Gombe, Yobe and  Bauchi state zonal office, Mr Emmanuel Vantau said the bank is moving in the right pace as he monitored their operation within the years under review with a risk of 2.0% compared to other micro-finance industries in the zone.

    Applauding the efforts of the management of the bank, Mr. Vantau said, “The difference between a good bank and a bad one is just a prudent management. This bank has been well managed at this level, and I will urge the management to keep it up for the benefit of the low income earner and petty traders who have no access to the conventional banks in the state”

    Vontau encouraged customers to “buy more shares in the bank, seek relevance financial advice from the bank and allow the bank to help them grow their small businesses as the company is set to be one of the leading national microfinance bank in no distant time in the country”

    One of the bank customer, Mrs Habila Yohanna said, “I’m so happy today because the bank is giving us hope as our bank, most of us have no access to the big banks but we feel at home with this one. The discuss with us and advice us in our small trade”

    A farmer in Bukuru said, “The bank help some of us to procure fertilizer last year, the bank is so supportive, it will remain the bank of poor people like us, I wish them long life and speedy growth for the benefit of the poor.”

     

  • South African bank raises N50b for property development in Nigeria, others

    FirstRand Bank Ltd said the property unit of its investment banking arm has raised $203 million (about N50billion) for its Real Estate Development Fund (REDF) aimed at developing real estate assets in Nigeria and other West African countries.

    Rand Merchant Bank (RMB), a division of FirstRand Bank Limited, is a leading South African corporate and investment bank and part of one of the largest financial services groups in Africa.

    Aside Nigeria, RMB Westport is also looking at Ghana and Angola as key jurisdictions in which to develop retail and commercial property going forward.

    Commenting on the development, Director of RMB Westport, Michael O’Malley, said: “We believe in the African growth story. Over the past decade‚ African economic output has more than tripled‚ which is one of the many reasons we think that Africa today holds the greatest overall investment potential for all frontier markets globally.”

    RMB Westport opened its doors in 2008 when Rand Merchant Bank (RMB)‚ through its Real Estate Investment Banking division entered into a joint venture with the Westport Property Group to combine west African property development skills‚ capital and investing expertise to enable the construction and development of high-grade retail‚ commercial and industrial property assets in key growth nodes of sub-Saharan Africa.

    According to Africa Property News, an increasing proportion of Africa’s population is moving into urban areas as economic growth quickens, with houses and malls being built in major cities including Accra, Abuja and Luanda, the capitals of Ghana, Nigeria and Angola respectively.

    O’Malley who has spent the past 20 years working on retail and mixed-use projects in 12 African countries, says the discovery of oil in Ghana will likely lead to a further increase in investor interest and subsequent demand for office and industrial space.

    RMB Westport is no newcomer to Africa. Some of RMB Westport’s biggest projects (at various levels of completion) include: Icon House and Accra Financial Centre (A-grade buildings in Ghana); Ikeja City Mall (the largest shopping mall in Nigeria); Osapa Retail (Phase I) and Project Wings (Office and retail property in Nigeria) and recently the Junction Shopping Centre (retail property in Accra‚ Ghana).

  • Fidelity Bank reaffirms commitment to stakeholders’values

    Fidelity Bank Plc would continue to leverage on emerging opportunities and its strong financial position to create and sustain values for all stakeholders.

    Managing Director, Fidelity Bank Plc, Mr. Nnamdi Okonkwo, gave the assurance at the weekend during a visit to the Nigerian Stock Exchange (NSE).

    He said the bank has structured and upgraded its processes in order to continue to deliver value to all stakeholders.

    He noted that the conclusion of the bank’s N30 billion local bonds issued this year was another evidence of the bank’s commitment to continue to enhance profitability.

    He added that the bank put various measures in place before unveiling its new identity, among which is strategic focus on balance sheet optimisation.

    He pointed out that the bank has consistently paid dividend to shareholders over the years, adding that the dividend paid in the last financial year, amid harsh economic environment attested to the bank’s readiness to continually improve in its operations.

    “In May, we came to the floor and celebrated 10 years of listing and it has helped our funding strategies. We have successfully issued 300 million Eurobond and five year instrument and we have consistently paid dividend to shareholders,” Okonkwo said.

    He urged investors to invest in the bank for better returns in form of capital appreciation and dividend going forward.

    Fidelity Bank Plc recently unveiled its new identity, saying the move was aimed at strengthening is operations in order to deliver superior customer satisfaction. It also explained that the rebranding exercise was to bring about convergence in its services, to suit both the old and new generation customers.

    Okonkwo had during the launch of the new identity reiterated the financial institution’s commitment towards customer service, saying that the bank was also targeting the youth population.

    While commenting on the new logo of the bank, he explained that the deep blue colour reminds the financial institution of its “rich, solid background as a bank.”

    “It holds there an accommodative path which inspires us to go into the future,” he stated, adding that the green colour,  stands for fertility, growth and progress to the future, while the white line at the middle stands for safety, purity and a guiding light.

    According to the bank chief, the new identity took the bank months of strategising, planning and execution, saying that it needed the rebranding exercise to be in touch with the changing realities of the modern time.

    “In business, there must be a time you need to change. For Fidelity Bank, there are many reasons why we need to change. Historically, we are perceived to be a conservative bank. There is nothing wrong with being conservative; after all, that is how we gained our credibility, but you need to know that the world is changing With advance in technology, with globalisation and change in demographics, we must wake up to the realities of today,” Okonkwo said.

     

  • Falana writes bank over retirees’ entitlements

    Falana writes bank over retirees’ entitlements

    Lagos lawyer, Femi Falana (SAN), has threatened to sue Unity Bank Plc if it fails to pay the entitlements of over 300 workers disengaged about five months ago.

    In a petition, which was sent  through their lawyer, Falana, the discharged staff contended  that the moment their appointments were terminated, “your management deliberately for unjustifiable reasons refused to pay their exit benefits and entitlements, including all previously accrued entitlements prior to the termination of their employment without offering any explanation for the delay till date, in flagrant disobedience to the extant labour laws.”

    The threat of legal action is contained in a petition dated September 11, , signed  by Dare Falana (of the Falana and Falana Chambers) on behalf of the retirees and sent to the Managing Director  of the bank.

    While claiming that the bank paid some monies early September to a few of the affected  workers, it pointed out that the payment fell short “of the total benefit and entitlements due to those who were paid, while the rest were not paid.”

    It was also alleged that the bank failed in the “payment of staff leave backlog, full value for number of years in service, interest earned on funds set aside/invested and a host of other entitlements which currently constitute over 60 per cent of expected gratuity payment from the bank in contravention of collective agreement and antecedents thus undermining the welfare of its retirees.”

    The petition added: “An employee whose appointment is terminated and has leave days outstanding or accrued as at the date of termination, shall have the days commuted to cash.” It wondered why the bank was not disposed to paying them their leave bonus.

    The petitioners alleged that the benefits and entitlements of affected top management staff were paid, while those of the lower cadre staff were left unattended.

    They added that since the management claimed that it invested the funds set aside for the payment of their outstanding benefit to yield interest, the retirees “are at a loss as to why the investment has not been recalled for their use.”

    They urged the bank to urgently  address the demand of the entire staff affected in the disengagement exercise, failure, warning that otherwise litigation would be instituted against the bank.

    However, in its response to the petition, the bank through its legal officers, Alaba Williams and Hamisu Sani, Head, Legal Services Department and Legal Services respectively, denied any wrongdoing, maintaining that it places premium on meeting its due obligations to deserving ex-staff of the bank in accordance with its policies.

    In its five paragraphs letter, the bank requested the lawyer to verify the petitioners’ claims so it can do the needful, if need be, emphasising that as a socially responsible organisation, it is ready to settle the entitlements of every individual with genuine claims.

    “To assist our investigation, please make available the schedule of amounts of entitlements each of your clients have been paid, what each of them claims to be outstanding and the parameters for their calculation and expectations,”, the letter  added.

     

  • Agency, bank educates customers

    Amoye Microfinance Bank Limited, in collaboration with Partnership for Economic Policy, Canada (PEP) and Initiative for Evidence Based Development and Empowerment, Nigeria (IEBDEM) has educated staff and customers on the importance of microcredit for women empowerment. It also advised them on the inherent risk in loans disbursement.

    This topped the agenda at a workshop on poverty alleviation and women empowerment held at at Ikere Ekiti, Ekiti State at the weekend.

    Chairman of the bank, Mr. Feyi Ogoji, represented by the Managing Director, Mr. Akanle Lateef Oluwole, said the workshop was to sensitise the customers on the various products available in the bank to drive SME through funding with microcredit and microfinance.

  • Ilorin: Drama as suspected robber falls from bank’s roof

    Ilorin: Drama as suspected robber falls from bank’s roof

    There was drama on Friday at the Unity Road Branch of Guaranty Trust Bank in Ilorin as a suspected robber fell from the bank’s roof, throwing the banking hall into pandemonium.

    The News Agency of Nigeria (NAN) gathered that the suspect was hiding in the roof of the bank while waiting for his accomplices to commence a robbery operation when he fell.

    A security man attached to the bank told NAN on condition of anonymity said that the suspected robber must have been hiding in the roof overnight.

    He also said nobody knew how the suspect got into the roof of the bank as there was no sign of damage to any of the security doors in the bank.

    The security man said the suspect was promptly apprehended by some customers inside the banking hall and later handed over to the police.

    The Police Public Relations officer, ASP Okasanmi Ajayi, confirmed the incident to NAN.

    He said immediately the report reached the police command, the Commissioner of Police, Mr Esosa Amadasun, visited the bank.

    The police spokesman said nobody was injured in the incident while interrogation of the suspect had commenced.

    When NAN visited the bank, it was under lock while a security man was busy directing customers to the Taiwo Road branch of the bank.

     

     

  • New interest-free bank to promote wealth creation, customer service

    The newest addition to the Nigerian banking industry- Welfare Microfinance Bank, has promised to build its operations on commitment to wealth creation and excellent customer service with a view to ensuring that Nigerians have access to a banking service that partners with them to realize their goals without compromising their values.

    At the opening of the bank in Ilorin, Kwara State, chairman, Welfare Microfinance Bank, Mr. Aliu Badmus, said the bank would usher in a new era in customer-focused financial services noting that the bank represents the beginning of an epoch because this is the first time a financial institution designed to meet the finance needs of the ordinary folks just the way they want and yet within extant laws and regulations is opening shop.

    According to him, Welfare Microfinance Bank will not be just a bank but an institution that partners with customers to create wealth while upholding the highest ethical standards.

    “Today, we live in a world where overwhelming majority of people believe that it is impossible to be wealthy and yet be ethical. We are here to challenge that view because our vision as a bank is to facilitate an enabling environment for prosperity, integrity and faith to co-exist and be mutually reinforcing. Our mission is to partner with customers to fully utilize their economic opportunities by offering them ethical financial products and services while satisfying the interests of all stakeholders. This implies that as a bank, we shall be interested in making profits but shall not make any profit at the expense of integrity no matter how huge, cheap or attractive the profit may be,” Badmus said.

    He said the bank would work assiduously to earn the trust of customers and other stakeholders adding that the bank’s strategy would be to work to succeed together with the customers.

    “We shall be honest and transparent in each and every transaction because we know that this is the only basis for enduring success. Besides, we know we are successful only when our customers succeed. In our bank, customers are our partners. Our strategy is to work to succeed together with our customers,” Badmus assured.

    He pointed out that the bank’s operational framework is built on interest-free banking with a view to providing alternative financing means for all Nigerians that desire such banking service and to demonstrate that non-interest financing is as viable as any other mode of finance or even more.

    According to him, the interest-free banking framework would help the Nigerian government to deepen financial inclusion in the banking system by attracting the large segment of the citizenry who will not deal with interest-charging financial institutions, thus helping to achieve the main purpose of micro-financing policies and programmes of the government.

    He outlined that the bank has designed various financial products to meet the needs of customers including savings and credit scheme that will enable apprentices to acquire equipment to start their own practice immediately they complete their training to reverse the current trend where trainees are unable to complete apprenticeship completion passage or remain as journeymen several years after their training.

    Other banking products included monthly saving and credit scheme for traders which makes available to them working capital on credit and at the same time helps them to build their own capital base so that they will be able to operate without credit sooner than later, a working capital booster scheme for small and medium scale businesses to grow their operations, funding assets and equipment acquisition for customers in various ways as may be convenient for customers and Hajj and Umrah savings scheme that simply requires customers to choose the year they wish to go on pilgrimage and leave the bank to work out the rest.

  • Bank chief lists hurdles before ECOWAS’ single currency

    A bank chief has listed the hurdles before the Economic Community of West African States (ECOWAS) 2025 single currency target date.

    The Managing Director/CEO, Ecobank Nigeria Limited Jubril Aku, said the monetary harmonisation programmes in Africa have not met the African Monetary Cooperation Programme (AMCP), which is essential to the single currency project.

    Speaking at the Hallmark Newspapers Roundtable in Lagos, Aku said countries embracing the single currency plan must have a budget deficit as a percentage of their Gross Domestic Product (GDP) of not more than three per cent, with minimised budget financing from the central bank and sustainable public debt levels.

    Such country, he said, should also have a rate of inflation not exceeding three per cent; external reserves of at least six months of import cover, maintenance of a stable exchange rate and positive real interest rates.

    The Ecobank boss,  who spoke on “Regional Integration and Sustainable Development,” said despite the existence of African blocs that have secretariats and regular technical and ministerial level meetings and summits of heads of state and government, integration efforts have had limited impact so far.

    He said since the reality does not match ideals in treaties, protocols and Memoranda of Understanding (MoU), the degree of integration remains highly superficial.

    Aku said economic integration would require the resolution of several structural issues such as the creation of a body to control regional money supply and monetary policy which would coordinate regional budgets and another institution that would harmonise commercial and industrial laws.

    He said most African countries do not have the industrial or commercial base to serve as export destinations for other countries in the region.

    “The input-output matrix across the continent is riddled with huge gaps and draws attention to the need of many African countries, especially key economic powerhouses to rise to higher levels of industrial production and technical service quality,” he said.

    “Indeed, 80 per cent of African exports go outside the continent with 50 per cent of this going to Western Europe and America. On the flipside, Africa imports over 90 per cent of her goods from outside the continent.”

    He said theAfrican continent has been blessed with abundant natural resources but its development and growth has been hobbled by poor leadership characterised by weak or non-existent vision. Rather shallow sense of purpose and a socio-cultural context that allows leaders to exclude a broad section of the populace from governance and access to economic resources; cronyism, nepotism and unrestrained avarice have been the predominant sentiments amongst Africa’s public and private sector elites.

    “Nigeria should coordinate activities in the Western hemisphere of the continent through the Economic Community of West African States (ECOWAS), while South Africa should engage in a similar assignment in Southern Africa communities through the Southern Africa Development Commission (SADC). Egypt, in turn, should do the same in the Northern axis of the continent – the Arab Maghreb,” he added.

     

     

     

    Chairman, Public Policy Forum, Prof. George Obiozor, described Ecobank as a clear leader in Africa financial services sector. He said that for Africa economy to grow, regional businesses must be effectively and properly integrated.

     

  • Bank gets ISO certifications

    Keystone Bank has obtained two certifications from the International Organisation for Standardisation (ISO). The certifications are the ISO 20000 for IT Service Management Systems (ITMS) and ISO 27001 for Information Security System (ISMS).

    The certifications attest that the bank aligned with world-class standards in protecting customer information and providing stellar services to its stakeholders via efficient and effective use of Information Technology.

    It was issued after a rigorous audit exercise conducted by the British Standard Institute (BSI), in keeping with the lender’s vision to be the preferred partner to its customers via the use of Information Technology.

    According to the Executive Director, Operations & Technology, Mrs. Yvonne Isichei, “Keystone Bank is committed to following global best practices and standards in all its operations because we believe our customers should be assured of consistent service delivery, convenience and reliability.

    “These certifications also give our stakeholders increased confidence and confirms the security of information and information technology service at all levels.”

    Mrs. Isichei added: “With this, customers can be assured that we have put processes in place to protect the information that they give us.”

    The British Standard Institute (BSI) recognises companies that have implemented systems and structures that ensure their operations are in line with international best practices.

    The BSI Group is one of the largest and most experienced certification bodies focused primarily on training, auditing and certification of qualified organisations.