The Nation Newspaper

Tag: doing well

  • Banks doing well, says report

    • Agusto assigns ‘5 star’ ratings to four banks

    More Nigerian retail banks and their customers are adopting a “digital-centric” approach to banking, the 2018 Consumer Digital Banking Satisfaction Index Report, has shown.

    According to the report produced by Nigeria’s first credit rating and research Agency, Agusto & Co. Limited, the study demonstrated that digital tools create a positive experience for customers. The Index report, highlights customer’s preferences and attitude towards digital banking platforms provided by banks in Nigeria.

    The output of the Index is based on information provided by respondents on the top ten banks in Nigeria by total assets as at 31 December 2017. Four banks were assigned a ‘5 Star’ rating for Consumer Digital Banking Satisfaction of which Stanbic IBTC Bank Plc scored the highest, emerging the ‘Best Digital Bank in Nigeria’.

    The ‘5 Star’ rating assigned to StanbicIBTC Bank reflects ease of use, perceived security and very good troubleshooting & IT resolution on its different digital platforms. The Index revealed that StanbicIBTC Bank has the most ease in navigating through primary platforms used such as mobile app, USSD (Unstructured Supplementary Service Data) or web; customers felt the most secure using their preferred primary platforms, and the bank was quick to resolve conflicts encountered by customers on the various digital banking channels. Customers of the bank further disclosed that there were only very few instances of unsuccessful transactions, and the overall functionality of StanbicIBTC’s digital platforms is seamless.

    However, findings from this Index indicated ample room for improvement on digital banking services in Nigeria as majority of respondents desire better user interface, enhanced security features, increased services particularly on mobile banking platform, speedy notifications on account activities, less cumbersome enrollment procedures, reduction in charges for frequently used services such as airtime top-up as well as general improvement in speed on services.

    According to Agusto & Co, the objective of this Index is to create an independent appraisal of the ease of using digital banking platforms by the Nigerian populace considering that banks have invested significantly in digitalization. The Index will give banks in Nigeria insights and suggestions on ways to enhance customer experiences on digital banking platforms.

    Commenting on the Digital Banking Satisfaction Index report, Yinka Adelekan, Executive Director, Agusto & Co. Limited said: “One of the major reasons we launched this Index was to get first hand insights on awareness, ease, issue resolution and perceived security from users of digital banking platforms in Nigeria.

    “It is essential that banks increase awareness of the different products and services available on their digital platforms. In addition, customers who use these platforms must be supported by minimal system downtimes, user friendly navigation processes and improved turnaround time for IT resolution.

    “We understand the need for convenience, speed and for customers to feel secure when they perform transactions. As a research and credit rating agency, we seek to provide banks with credible information on how best services can be improved for customers, which we believe can be achieved with findings from this Index.

     

  • Osun is doing well in security, says Idris

    The Inspector General of Police, Ibrahim Idris, has lauded Osun State Governor Rauf Aregbesola for living up to expectation as the Chief Security Officer.

    He hailed Aregbesola’s government for being alive to its statutory obligations of providing security the resident since inception.

    Idris commended Osun State Government for creating an enabling environment for the officers and men of the Nigeria Police Force to operate effectively, proficiently and professionally.

    The Police boss gave the commendation while paying a courtesy visit to the governor at the Government House, Osogbo, the state capital.

    Idris was accompanied by the Commissioners of Police in Osun and Oyo States, Olafimihan Adeoye and Abiodun Odude, and other top officers and men of the Police.

    Others in attendance include; Special Adviser to the Governor on Security Matters, Mr Tope Adejumo, Oluwo of Iwoland, Oba Abdul-Rasheed Adewale Akanbi, and members of the State Executive Council among others.

    Idris, who was on one-day security summit to the state ahead of the September 22 governorship election, said Osun government has done excellently well in the maintenance of law and order.

    He said Osun has been so supportive to the officers and men of the Police Force through the provision of state-of-the-art security architectures.

    Idris said that the Police Headquarters in Abuja is fully aware of the state’s collaboration with officers and men of the Nigeria Police Force, a partnership he said has made Osun to be among the most peaceful states in the country.

    Speaking on the purpose of his visit to the state, Idris said he came to Osun as part of his efforts to ensure adequate security before, during and after the forthcoming governorship election in the state.

    He added that the mission of his visit was to attend a security summit with major stakeholder where security-related issues would be discussed to ensure free, fair, credible, transparent and crisis-free election.

    Idris said: “I am pleased and happy to be in Osun, I feel at home as I appreciate the state government on its support and cooperation for the officers and men of the Nigeria Police.

    “I thank the state government most especially for the cooperation that has always been giving to our officers to work effectively and proficiently.

    “We are happy that there is peace in Osun and we commend the effort of the state in ensuring that we have a very secured state.

    “As a matter of fact, our visit to Osun is to converge major stakeholders on security summit to deliberate on the need to organise a free, fair, credible, transparent and crisis-free governorship election in the state and in Nigeria, as our country is moving towards another general elections.

    “We will take the advantage of this summit to brainstorm on issues that will help us to organize an effective and rancour-free election at all levels.”

    Aregbesola applauded Idris for being effective, resilient and forthright in the discharge of his duties.

    He said his administration has been blessed with committed, effective and proficient officers and men of the Nigeria Police Force since inception, saying all the police that have served and still serving have done well in the discharge of their constitutional responsibilities.

     

  • Nigeria’s economy is doing well, says IMF

    Nigeria’s economy is doing well, says IMF

    The nation’s has performed well in the course of 2013, the International Monetary Fund (IMF), has said.

    The verdict was based on IMF’s findings when its mission visited Nigeria last month to consult with the Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okono-Iweala.

    In a statement, IMF said the mission visited Nigeria during November 13-26 to conduct discussions for the 2013 Article IV consultation, adding that it met with the Finance Minister and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala, the Central Bank of Nigeria’s (CBN) Governor, Sanusi Lamido Sanusi, senior government officials, members of the Legislature and representatives of the private sector.

    It explained that at the conclusion of the visit, the Fund’s Mission Chief and Senior Resident Representative in Nigeria, Gene Leon, said:  “Nigeria’s economy has continued to perform strongly in 2013. Real Gross Domestic Product (GDP), grew by 6.8 per cent in the third quarter of 2013 (compared to third quarter 2012), supported by robust performances in agriculture, services, and trade.”

    He said oil theft/production losses, have adversely impacted export receipts and government’s revenues, leading to a significant drawdown from the Excess Crude Account.

    He said inflation declined to 7.8 per cent (end-September 2013) from 12 per cent at end 2012, in part owing to lower food prices and monetary policy implemented by the CBN. The exchange rate has been stable, and the banking sector is well capitalised with low levels of non-performing loans.

    Leon observed that although the outlook is positive, “risks need to be managed.  Growth is projected to increase to about 7 per cent in 2014, while inflation should remain subdued in the single digits.”

    He warned that Nigeria could be affected by a decline in oil prices, the pace of recovery in global economic and financial conditions, capital outflows, continued losses in oil production, or increased security concerns, assuring however that the economy can manage such shocks given a relatively flexible exchange rate regime, improved financial crisis management capacity, and a stable banking system.

    He said fiscal buffers are low and a sustained high rate of growth is needed to reduce unemployment, and poverty.  “Fiscal consolidation is progressing well, and the momentum needs to be preserved through the on-going election cycle.

    He said key public financial management reforms are underway, including the implementation of a Treasury Single Account (TSA) and integrated information management systems, but lower-than-budgeted oil revenues are impacting budgetary plans at the federal, state, and local levels;

    He highlighted the need for rebuilding fiscal buffers to manage oil revenue volatility, adding that moving towards a sustainable non-oil primary deficit path will require a resolve in continuing fiscal consolidation, including through resisting procyclical election spending, mobilizsing non-oil revenue, improving efficiency in the public sector, and strengthening transparency in oil sector governance.

    He said: “The current monetary stance is appropriate and should remain geared towards sustaining low inflation and a stable financial system. Managing liquidity in the banking system remains a priority, and will be aided by the implementation of the TSA and prudent fiscal management.

    “Likewise, the CBN has maintained stability of the naira, containing inflation and facilitating business confidence. However, the continued importance of oil receipts and the magnitude of portfolio flows, present potential vulnerabilities, and exchange rate flexibility may be a useful tool in the event of persistent pressures. Ongoing initiatives to strengthen the supervisory framework, including supervision of banking groups, should continue, and Asset Management Corporation of Nigeria’s activities phased out gradually.

    “To promote inclusive growth and mitigate the impact of vulnerabilities, on-going structural and institutional reforms should be pursued resolutely. The 20/20 Vision and the Transformation Agenda should provide a framework for on-going reforms, including the privatisation of the generation and distribution of energy, initiatives to increase food security and viability of agriculture, and programs funded through the Universal Basic Education Commission to improve human capital development.

    He said access to financial services for small-and medium-sized enterprises, which have been key in many countries to enabling all to benefit from growth, could be improved.

    He said other initiatives to improve the business environment and investment promotion could support diversification across sectors, but should be underpinned mainly by improvements in productivity and competitiveness. Growth in the next decade will need to rely on the continued implementation of reforms to strengthen institutions, improve efficiency, and prioritize quality infrastructure investments.

    “The mission would like to thank the authorities and technical staff for their excellent cooperation.”

  • We’re doing well, say Presidency, PDP

    We’re doing well, say Presidency, PDP

    The Peoples Democratic Party (PDP) and the Presidency have reacted to the criticism of poor performance of the Jonathan administration by the Action Congress of Nigeria (ACN).

    The ACN accused the administration of ruling Nigerians through deceit and false claims of achievements.

    The PDP, through its National Publicity Secretary, Chief Olisa Metuh, said rather than criticism, the administration should be praised for addressing the power crisis and managing the economy well, despite reports of economic downturn and financial meltdown all over the world.

    The statement reads: “President Jonathan should be commended for the manner in which he has successfully handled the economy of Nigeria and, in particular, addressing the power generation crisis in the country. We all know what the situation was when he assumed office. Nigerians are in a better position to assess the position of things.

    “On security, the President has managed the situation very well. Terrorism is alien to Nigerians, but that notwithstanding, the security agencies have done a great work in managing the challenges of insecurity in the country.”

    Also, Senior Special Assistant to the President on Public Affairs, Dr. Doyin Okupe, disagreed with the opposition on the administration’s performance.

    Okupe said: “The Goodluck Jonathan administration is a God fearing administration and will not engage in falsehood to advance its level of performance and achievement. This administration will not engage in deceit as claimed by the ACN.

    “No amount of insult, blackmail or falsehood by any mischievous group will succeed in deterring the administration from succeeding in its obligation with the Nigerian people,” Okupe said.

    The President’s aide described the criticism as “baseless, unnecessary and a failed attempt to gain cheap publicity where it does not exist; and an attempt to hoodwink Nigerians to tarnish the undisputable strides made by the Jonathan administration.

    “Our achievement in power generation and distribution cannot be faulted. The revelation in the agricultural sector is an open secret for all to see and this has been recognised internationally.

    “The position by the ACN that the achievements of the Jonathan administration are full of deceit is laughable and can only come from a derided mind”, he emphasised.

    Okupe urged the ACN to continue to administer the southwest that “it won by mistake”, as the electorate have seen the lights and will not vote for the party again.

    He insisted that there is a great level of containment in the bombings and insecurity in the North.