The Nation Newspaper

Tag: Ecobank

  • Ecobank launches MasterPass QR

    Ecobank Nigeria has launched the MasterPass QR, a MasterCard global digital system that allows people to pay for services using mobile phones. The innovative new platform will also enable micro, small and medium enterprises (MSMEs) in Nigeria to receive digital payments from millions of customers.

    The product makes electronic payments safe, simple and smart. It improves customer experience with a clean front-end design and a built-in sophisticated and secure supporting technology. Payments are made by customers scanning a Quick Response code displayed at checkouts on their smartphones, or by entering a merchant identifier into their feature phones.

    Ecobank Nigeria’s Managing Director, Charles Kie said: “The Ecobank Masterpass QR solution leverages smart technology that transforms mobile phones into safe and simple payment tools, and delivers services that will benefit all stakeholders in the payments ecosystem. This new digital platform supports the Central Bank of Nigeria’s Cashless Nigeria and financial inclusion goals. Ecobank Masterpass QR will help our vital MSME sector connect more efficiently to the national and global economy.”

    Tony Okpanachi, Deputy Managing Director, Ecobank Nigeria and Head, Consumer Banking, said, “We are pleased to launch Ecobank Masterpass QR in Nigeria. Ecobank Masterpass QR, will allow small and medium enterprises the freedom to grow their businesses by giving them a convenient and secure way of receiving funds. This technology allows this business segment to seamlessly leapfrog into the digital age.”

  • First Bank, UBA, Fidelity, Ecobank sell forex to 350 BDCs

    First Bank, UBA, Fidelity, Ecobank sell forex to 350 BDCs

    Not less than four commercial banks yesterday disbursed the first batch of Diaspora inflow-related foreign exchange (forex) to over 350 bureaux de change (BDCs), it was learnt.

    First Bank, United Bank for Africa (UBA) Plc, Fidelity Bank Plc and Ecobank Nigeria Limited, sold the regulatory $30,000 weekly to each of the beneficiary BDCs, nearly three weeks after they got the Central Bank of Nigeria (CBN) directive on the matter. About $10.5 million was disbursed to beneficiary BDC operators at the interbank rate.

    In a continued effort to ensure stability of the exchange rate and to encourage participation of all critical stakeholders in the foreign exchange market, the CBN had directed through a circular to authorized dealers that all agents to approved International Money Transfer Operators (IMTOs) sell foreign currency accruing from inward money remittances to licensed BDCs.

    The foreign currency proceeds of IMTOs sold to BDC operators shall be retailed to end users in accordance to CBN regulation. Only BDCs that have been cleared by the compliance department of the banks as fully compliant with the KYC requirement were allowed to buy.

    The CBN issued a follow-up circular to all the banks, asking them to sell dollar to BDCs. In the circular titled:  Re: Sales of Foreign Currency Proceeds of International Money Transfers to Bureaux De Change Operators, CBN Acting Director, Trade and Exchange, W.D. Goting, said the authorised dealers shall sell foreign exchange cash to BDCs subject to a maximum of $30,000 to a BDC per week.

    He explained that a BDC shall nominate its preferred authorized dealer, a commercial bank, and can only procure the said amount from only that bank of its choice in a week. The CBN warned that any breach of this condition will attract appropriate sanction.

    The commercial banks, which are the authorized dealers, have been giving stringent conditions to the BDCs finally bowed to pressure from both the CBN to disburse the first set of cash. Nearly 2,600 BDCs are yet to get their allocations, and are at different stages of documentation.

    The banks had also obtained compliance set guidelines commitment from the BDCs before selling to them. Part of the commitment were that the BDCs would not purchase forex from any other bank, except its bank of choice; foreign currency cash purchased by the BDCs shall be sold to forex end-users at a rate not exceeding two per cent margin above the buying rate.

    The BDCs also pledged to ensure that purchased funds would be disbursed to end users and for eligible transactions only and shall render weekly returns on purchases from the banks to Trade and Exchange Department of the CBN.

    The BDCs further promised to ensure strict compliance to the provisions of the anti-money laundering laws observance of appropriate KYC principles in the handling of foreign exchange transactions.

    Reacting to the development, President, Association of Bureau De Change Operators of Nigeria (ABCON) Aminu Gwadabe, said: “It is a good development and I am happy that our members are meeting the banks’ and CBN’s documentation requirement on the matter. I want the remaining operators to update their Know Your Customer details to enable them access their own funds”.

    Gwadabe, who confirmed buying dollar from Ecobank Nigeria Limited, said some operators are yet to apply, urging the banks to extend the disbursements to BDCs operating outside Lagos.

    “It is only in Lagos that we have seen disbursements. Kano, Abuja, Port Harcourt and Benin operators are yet to benefit. I want the banks to also extend the disbursements to BDCs across the country,” he said.

     

  • Ecobank launches Move on Up campaign

    Ecobank launches Move on Up campaign

    Ecobank Nigeria has launched “Move on Up”, a new fully-integrated consumer advertising campaign. Move on Up focuses on the lender’s drive to ensure that consumers have world-class accessible and convenient digital banking solutions across the country.

    Ecobank Nigeria is a subsidiary of Ecobank Transnational Incorporated (ETI), which is currently present in 36 African countries. Ecobank Nigeria currently operates a consolidated online, real time branch network in over 450 locations across the country.

    Ecobank Nigeria’s Managing Director, Charles Kie said, “We are delighted to be launching this campaign in Nigeria. Ecobank Nigeria has grown consistently over the years to become a well-recognised corporate brand in the Nigerian banking industry. Our mission is to ensure that our customers have access to world-class, convenient, accessible and reliable banking solutions in Nigeria. This new campaign demonstrates how we are fulfilling that mission.”

    Ecobank Nigeria’s Deputy Managing Director, Tony Okpanachi  said, “The new campaign also showcases our widest ever range of banking solutions and the many ways Ecobank helps consumers every day.”

    Move on Up rests on three pillars. The first is digital convenience. Customers want the convenience of banking, from being able to pay with an Ecobank card to making financial transactions on their mobile phones, over the internet, at automated teller machines and at different points of sale.

    Ecobank Group’s Head of Marketing, Ama Okyere, who led the development and production of Move on Up, said, “This fully-integrated consumer advertising campaign demonstrates Ecobank’s relevance in our consumer’s life. We are pleased to roll it out in Nigeria, a key market for Ecobank.”

  • Ecobank deepens CSR commitment

    Ecobank Nigeria Limited has built and handed over a 100 seater ultra-modern lecture theatre to the Chukwuemeka Odumegwu Ojukwu University (COOU), formerly Anambra State University, as part of its corporate social responsibility (CSR) initiatives.

    The fully furnished theatre at the heart of the Igbariam Campus of the University, boasts of facilities that stand it out in the university community.

    Speaking at the inuaguration, Managing Director, Ecobank Nigeria, Charles Kie, said the multi-purpose CSR project initiated in 2014 has its fundamental objective to providing a convenient centre for general students’ academic activities and relaxation. According to the Bank’s Managing Director, the laudable project symbolises Ecobank’s business partnership reward and appreciation with the university’s long-standing patronage.

    Kie, who was represented by Team Leader, Medium and Local Corporates, Commercial Banking, South East of the Bank, Jovita Okeahialam, said: “this is a promise kept in line with our business mantra. The vision of this particular project revolves around creating a conducive environment for learning.

     

  • Ecobank supports sustainability initiatives

    Ecobank supports sustainability initiatives

    The Managing Director, Ecobank Nigeria, Charles Kie, has restated the bank’s commitment to support initiatives that promote the protection and preservation of natural environment.

    Speaking at the Lagos State 2016 Tree Planting event in Lagos, Kie, who was represented by Company Secretary/Chief Legal Counsel, Adenike Laoye, said it was part of the bank’s corporate social responsibility (CSR) philosophy to promote projects that enhance environmental sustainability.

    “Our support to Lagos State government in this initiative is in line with our business mantra and is was one of the ways to exhibit our visible, vibrant and enduring CSR to mitigate the potential adverse effects of climate.”

    The lender’s partnership with the United Nations Development Programme (UNDP) under the UNDP/Ecobank TACC (Territorial Action Against Climate Change) initiative reduced the rate of deforestation and vulnerability in affected communities in Delta State to the impact of climate change.

    Kie praised Lagos State government for recognising Ecobank as environment friendly bank, stressing that the bank will continue to partner government and non-governmental organisations to protect the environment.

  • Ecobank seeks to restrain Honeywell’s access to funds

    Ecobank seeks to restrain Honeywell’s access to funds

    Ecobank Nigeria Limited has appealed a ruling by Justice Jude Dagat of the Federal High Court in Lagos striking out its winding-up petition against Honeywell Group Limited and its sister company, Anchorage Leisures Limited.

    Justice Dagat delivered the ruling on Monday, saying Ecobank’s suit was an abuse of court process.

    But, Ecobank, through its lawyer, Kunle Ogunba (SAN), lodged two appeals at the Court of Appeal in Lagos against the companies on seven grounds each.

    The bank is praying the court to set aside Justice Dagat’s consolidated ruling, which struck out the petition, and an order directing the chief judge of the Federal High Court to re-assign the petition to another judge.

    The appellant urged the appeal court to grant its motion on notice of November 26, 2015 before the lower court, which struck out the respondents’ objection.

    Ecobank filed a motion for an order of injunction restraining Honeywell and Anchorage or their agents from taking advantage of Justice Dagat’s ruling as it relates to their funds in Nigerian banks pending the appeal’s determination.

    The appellant, in a June 28 letter to Justice Dagat, urged the court to “urgently assign a date for hearing of the duly filed injunction in the interest of justice and in pursuance of the abiding tenet to always hold the scale of justice evenly and balanced between contending parties.”

    Ecobank filed the winding-up petition following Honeywell Group’s inability to pay an alleged N5.5 billion debt.

    But the companies filed the motion on notice urging the court to strike out the petition, which Justice Dagat ruled in their companies’ favour.

    In one of the grounds of appeal, Ecobank said the judge occasioned a miscarriage of justice and erred in law when it struck out the petition on the grounds that the indebtedness was in dispute.

    “The learned judge occasioned a gross miscarriage of justice by striking out the appellant’s petition on the grounds of an alleged repayment made outside contract and on terms vehemently opposed by the appellant.

    “The respondents’ disputations on the debt, relied upon by the learned judge, were made mala fide (in bad faith; with intent to deceive),” the bank said.

    Ecobank said the judge also erred by holding that its petition amounted to an abuse of court process because of a suit by the companies pending before Justice Mohammed Idris of the same court.

    “The exercise of a right to commence a fresh action rather than counter-claim in a previously commenced action by an adversary is not an abuse of court process,” the bank said.

    The appellant said Justice Dagat erred by holding that it did not observe all preconditions in commencing the suit.

    “There is no precondition to be fulfilled before a party can exercise his constitutional right of recourse to court. Rights guaranteed by the Constitution are inalienable, fundamental and ranks higher to all statutory provisions including provisions of the Companies and Allied Matters Act,” the bank said.

    Ecobank further argued that the judge got it wrong by striking out the petition inspite of the fact that the respondents did not join issues with the petitioner by filing an affidavit in opposition.

    ‘’Besides, the appellant said Justice Dagat erred by dismissing the petition on the grounds that the debt is disputed.

    “The fact that a petition is disputed is a substantive matter which can only be resolved at the hearing of the petition. The respondents were yet to formally react to the petition for winding-up as presented. The ruling of the lower court dealt with substantive matters at interlocutory stage,” the appellant said.

  • Ecobank seeks to restrain Honeywell’s access to funds

    Ecobank Nigeria Limited has appealed a ruling by Justice Jude Dagat of the Federal High Court in Lagos, striking out its winding-up petition against Honeywell Group Limited and its sister company Anchorage Leisures Limited.

    Justice Dagat delivered the ruling on Monday on the basis that Ecobank’s suit was an abuse of court process.

    But, Ecobank, through its lawyer, Kunle Ogunba (SAN), lodged two appeals at the Court of Appeal in Lagos against the companies on seven grounds each.

    The bank is praying the court to set aside Justice Dagat’s consolidated ruling striking out the petition, as well as an order directing the Chief Judge of the Federal High Court to re-assign the petition to another judge for hearing.

    The appellant also urged the appeal court to grant its motion on notice dated November 26, 2015 before the lower court, seeking to strike out the respondents’ objection, for being an abuse of court process.

    Ecobank also filed a motion for an order of injunction restraining Honeywell and Anchorage or their agents from taking advantage of Justice Dagat’s ruling as it relates to their funds in all the banks in Nigeria pending the appeal’s determination.

    The appellant, in a June 28 letter to Justice Dagat, urged the court to “urgently assign a date for hearing of the duly filed injunction in the interest of justice and in pursuance of the abiding tenet to always hold the scale of justice evenly and balanced between contending parties.”

    Ecobank filed the winding-up petition over Honeywell Group’s inability to pay an alleged N5.5billion debt.

     

  • NLC to shut banks for sacking workers

    NLC to shut banks for sacking workers

    The Nigeria Labour Congress (NLC) on Wednesday threatened to shut down the six banks that recently sacked their workers, giving the affected banks two weeks ultimatum to recall the sacked workers and allow unionization.

    The workers’ sack has already pitched labour against employers of labour in the country with the umbrella body of the employers, the Nigeria Employers Consultative Assembly, saying the government has no right to ask the banks not to sack workers.

    Labour on its part threatened to picket the banks if they fail to halt the mass sack of workers, accusing them of not allowing unionization and reneging on the principles of collective bargaining.

    In a letter to the management of the six banks and signed by its Deputy  General Secretary, Chris Uyot, the NLC said  labour will be forced to close the banks and their branches nationwide if they fail to recall the affected workers.

    The affected banks are – Fidelity Bank, Diamond Bank, First City Monument Bank, First Bank, Ecobank and Skye Bank.

    The letter to one of the affected banks management reads: “I have been directed to inform you that, it has been brought to our notice by our affiliate union, the National Union of Banks, Insurance, and Financial Institutions Employees (NUBIFIE) that your bank is one of those that have arbitrarily sacked a large number of workers in recent times contrary to laid down procedures and the country’s extant labour laws.

    “Also, of concern has been that these blatant retrenchments were carried out without recourse to several correspondence, including letters and circulars sent to you by the union to retrace your steps in line with best practices in labour relations and laws of the land.

    “By this letter, we are giving your bank 14 days  ultimatum commencing  from Thursday, 16th June, 2016 to recall all the sacked workers or face industrial action, which  may include ensuring that your bank and all its outlets are closed for business nationwide. While looking forward to your honouring our request, please, accept our goodwill and best regards.”

  • Ecobank deepens agency banking

    Ecobank deepens agency banking

    Ecobank has said the introduction of agency banking services was to increase the bank’s retail distribution network, which allows it to provide basic banking services to its customers as well as offer payment services such as bank transfers, bill payments and airtime top-up to the public.

    The agency banking model designed by the Central Bank of Nigeria (CBN) is a financial inclusion strategy to make banking services available to the public.

    According to Head, Cards and e-Banking, Ecobank, Ayotunde Kuponiyi, agency banking is a part of the bank’s distribution strategy to take banking service to the door-step of the customer, adding that, it offers greater convenience and accessible financial services in a cost effective and secure manner. It would be recalled that Ecobank introduced Agency banking service early in the year.

    The agent partners already offering this service in Lagos are Buymore Supermarket chain (in Agungi-Lekki, Kilo Surulere, Ikeja GRA), Kenzo retail supermarket chain (in Lekki, Festac and Apapa) and Save-a-Lot Supermarket in Egbeda.

    Banking services provided by the agents banking locations include  opening Ecobank Quick Account, cash withdrawal and deposit into Ecobank accounts,  funds transfers into any bank account in Nigeria, bills payment (utilities, cable subscription, etc), mobile phone airtime top up amongst other services.

    Ecobank Agency Banking service, which is the first of its kind in Nigeria, is aimed at offering affordable access to financial services to promote and deepen financial inclusion in the Nigeria economy.

  • Ecobank Nigeria sacks 1,040 workers

    Ecobank Nigeria sacks 1,040 workers

    Ecobank Nigeria Limited yesterday sacked  1,040 of its workforce, The Nation has learnt.

    The 1,040, fell short of initial 1,400 slated for sack by management, following a review of the maiden list, a source said.

    Investigation revealed that the affected staff were those that achieved less than 40 per cent of their performance target, which have affected the lender’s overall profitability in recent years.

    The downsising, which cuts across all cadres of its workforce including junior, middle and top management positions, is happening at a time majority of banks are battling with poor profitability over harsh economic conditions and heightened business risks from the  plunge in crude oil prices. Ecobank Nigeria is taking this measure to shore-up its dwindling profitability due to its exposure to oil sector loans.

    Ecobank Nigeria is a member of the Ecobank Group which as at March 31, this year, employs nearly 19,142 people from 40 different countries. Ecobank Nigeria alone has over 9,000 staff, which over 46 per cent of the entire workforce for the group.

    The lender however, converted over 200 outsourced personnel to permanent employees, to enable them enhance their contributions to its bottom-line. The bank also reassigned many other employees to new roles for improved efficiency.

    In a statement released yesterday, Ecobank Nigeria’s Managing Director, Charles Kie, said converting qualified outsourced staff to permanent positions is in line with the lender’s commitment to develop and grow talent by nurturing its people along their career paths. For him, it was also an opportunity to give the employees access to higher responsibilities.

    According to Kie, the bank in its renewed drive for optimal performance has, in addition realigned certain roles bank wide to ensure improved efficiency.

    “This necessitated the exits of some staff who were adequately compensated and is in furtherance of a market repositioning exercise designed to strengthen the bank’s business across all markets where it operates.

    The bank chief assured on the readiness of the lender to recognize and reward excellence will drive the bank’s goal of achieving exceptional performance in the industry.

    “We understand that people are our key asset, so we have emphasized the need to reward our best performers, continue to re-invigorate our people while also opening up new opportunities for talented, committed people to join us as permanent employees,” he said.

    “At the same time, based on our repositioning plan, we had to disengage some staff while ensuring that, in line with industry standards, they are treated fairly”. He maintained that Ecobank is an institution where high professional culture, exceptional performance, innovativeness and professionalism are recognized, nurtured and rewarded”.

    Ecobank Group’s gross earnings were down five per cent to $660.1 million in the first quarter of this year ended March 31. Its operating profit before impairment losses also went down by 14 per cent to $170.3 million while profit before tax equally plunged by 33 per cent to $103.7 million.

    Profit after tax was down 35 per cent to $81.4 million while total assets rose by two per cent to $23.2 billion.

    The group’s loans and advances to customers down were down to $11.1 billion while deposits from customers were up by two per cent to $15.9 billion. Its total equity was up by one per cent to $2.5 billion.

    Group CEO Ade Ayeyemi said: “Our results for the first quarter were a reasonable performance in light of the very difficult and tough operating market conditions.”

    “Despite the challenges our clients continue to face, our diversified business model, which is a source of competitive strength and stability, allows us to continue to serve them in and across regions in Middle Africa. With our revised strategy and a simplified operating model we aim to be more efficient in running our businesses and serving our customers. “

    “Cost discipline remains a priority, especially in this revenue challenged environment. Despite a slight deterioration in our cost-income ratio to 66.1 per cent, we remain focused on reducing cost, while simultaneously investing in people, processes and systems, for the future. “

    Ayeyemi concluded: “We remain vigilant as we continue to navigate the company through this challenging period. We are confident in our strategic plan aimed at ensuring we generate sustainable long-term performance.”