The Nation Newspaper

Tag: Wigwe

  • Wigwe: AI, analytics imperative for banks, fintechs’ competitiveness

    Leveraging technology, such as artificial intelligence (AI) and utilising data analytics, is imperative if banks and financial technology (fintechs) are to remain competitive, the Group Managing Director/Chief Executive Officer, Access Bank, Mr Herbert O. Wigwe, said at the weekend.

    Speaking on The future of Intelligent Bank at AFF Disrupt 2019 held at Landmark Event Centre, Victoria Island, Lagos, he said, the world is witnessing the Fourth Industrial Revolution which uses the Internet of Things (IoT) and Cloud Technology to automate processes.

    This, he said, has enabled financial service providers to increase their digital offerings for customers so they can conduct banking transactions on mobile phones, the internet, and at the automated teller machine (ATM).

    The only waiting time today is how fast the internet connection is, Wigwe said, adding that 5G is already around the corner.

    He said: “With the prolific opportunities digital banking brings, banks are now competing on the nature of innovation that can provide solutions, handle and predict customer behaviour in an incredible fast manner. Even though banking has come this far, the future holds a lot more than what the past has ever held. Today, becoming an Intelligent bank is not an option, it’s a necessity; technology is redefining the way banks operate.

    “AI, Big Data, Cloud Computing, Virtual Reality, Cryptocurrency all bring enormous opportunities for banks to significantly improve the way customers access and manage finances.

    “Thanks to automation technology, banks and fintech’s are able to grant credit in seconds! AI reviews legal documents. A manual review of 12,000 documents use to take 360,000 hours, but today, this can be done in seconds using AI.

    “Blockchain can be used to execute smart contracts, eliminating manual costs of transactions;  Robotics technology is used to serve customers in banks. Only one decade ago, we could not have imagined such advances. And there is so much that can be done with data.

    “Big Data Analytics helps an intelligent bank understand its customers. This data categorises customers and analyses their behaviour and needs. Such understanding improves product development and enables effective cross and up-selling. Cloud Technology has also been a game-changer for banks. It reduces server and infrastructure costs, which is most appreciated in a country like Nigeria, where power generation is expensive, and its availability is not usually guaranteed. Cloud technology enables the delivery of work from any location … where programmers can be based in multiple countries yet be working on the same project.”

    According to him, intelligent banks are able to consider the impact of having an active online presence and social media for their business.

    Banks can target social media for specific advertising ensuring they provide the right product and content to the right customer instead of marketing all products to all customers.

    “In this sense, banking has become much more tailored and personal. Intelligent Banks partner with critical stakeholders to expand the frontiers of their business. For example, the opportunities that exist from partnering with Fintech’s are enormous.  Imagine instant cross-country payments between businesses that do not necessarily have a presence in those countries. Imagine third parties connecting to APIs to open accounts and making instant international payments. And partnering with Fintechs offers banks an opportunity to earn revenue from transaction sharing.

    “At Access Bank, we are acutely aware that AI is the new cool in banking offering ongoing opportunities to enhance convenience for our customers. We are in constant pursuit of being the best possible Intelligent Bank. Our applications of intelligent banking range from the review of legal documents, to conversing digitally with our customers. Our TAMADA system presents a single chatbot experience for all our customers.”

  • Peterside, Etomi, Okocha, Wigwe, others worried over Rivers

    A group of concerned citizens and stakeholders of Rivers State have expressed shock  over the violent incidents that characterised elections in the Southsouth state.

    They flayed the loss of lives, especially youths in some communities.

    Welcoming the setting up of probe panel by the Army to investigate the conduct of its personnel, the concerned citizens in statement, said:  “We do not believe that elections which are designed to enable the people choose their leaders should lead to their death instead. Therefore, every single death must be investigated and the culprits brought to justice.

    “Whilst we cannot and should not stop the Nigerian Army or indeed any professional body from reviewing the conduct of its own personnel, we hereby call for a judicial commission of inquiry to be speedily set up by the Federal Government to secure a broader thorough, professional and unbiased inquiry into the massive loss of lives which occurred before, during and after the elections in Rivers State.”

    Those who signed the statement are: Atedo Peterside, George Etomi, Tein George, Emmanuel Georgewill, John Azuta Mbata, O.C.J. Okocha and Herbert Wigwe.

    They said they were deeply troubled by the inability of the political leaders in the state to manage their rivalries and differences within acceptable norms of a civilised society as has been done in several other states in the country.

    It said Rivers State comprises many ethnic groups which have largely lived in harmony since its creation.

    The statement  added: “Random killings are bad enough, but where patterns are discernible and some communities become angry because they hold others responsible for the needless loss of lives in their own immediate vicinity the potential exists for a general and more troubling breakdown of law and order.

    “Our fear now is that, if not checked immediately, the escalating cycle of violence will drive away investors and investments thereby leaving our people impoverished.

    “Rivers State hosts some of Nigeria’s critical oil and gas facilities and it is crucial that we do not inadvertently encourage a return to pre-amnesty acts of vandalism and destruction that could send the national economy into a tailspin.

    “We therefore urge all indigenes of Rivers State who are engaged in politics and their Political Parties to act with restraint at all times and avoid utterances that may further inflame passions.

    “We are willing to work with sincere and responsible stakeholders and all genuine friends of Rivers State (who understand and agree that Rivers lives also matter) to find a lasting solution to the problems that have bedevilled the State of recent.”

  • Why bank lending rates are high, by Wigwe

    • High interest rate worsens NPLs

    Over 40 per cent of banks’ operating cost comes from expenditure on generating their own electricity to power thousands of their branches, Group Managing Director/CEO Access Bank Plc, Herbert Wigwe has said.

    Speaking at the 2018 Nigeria-German Business Forum in Lagos, the bank chief said the high cost of banking operations are responsible for the high cost of lending to customers.

    He said interest rates are determined by inflation rate, available capital and other factors, adding that it is not in the interest of banks to lend at high interest rates because that raises the chances of the loans going bad.

    “Companies that generate foreign exchange and do export tend to get cheaper loan rates. Besides, resolving the power sector problems alone can bring down banks’ cost of operation by 40 per cent. Besides, high lending rates also lead to increased non-performing loans (NPLs) as it increases the chances of the loans going bad,” he said.

    Wigwe said government is making efforts to see that interest on loans reduce, but added that such efforts will take time to bring positive results. The partnership, he added, will enable Access Bank provide tailor-made financial solutions for German exporters and Nigerian importers. The lender is expected to translate and balance commercial and financial supply and demand. It will also provide specialized financial packages to facilitate trade.

    He said Access Bank Plc established the German Business Desk Nigeria to put Nigerian businessmen in touch with their German counterparts as well as facilitate access to finance for businesses.

    He said the bank collaborated with DEG – Deutsche Investitions – und Entwicklungsgesellschaft and the Delegation of German Industry and Commerce in Nigeria (AHK Nigeria) to deepen trade relations between Nigeria and Germany.

    He said the partnership was also meant to support Small and Medium Enterprises (SMEs) and provide finance at affordable rate for them to carry out their businesses.

    The desk was created to facilitate financial advisory and support services and make $2 billion correspondent trade line support available to German and Nigeria Small and Medium Enterprises (SMEs).

    Wigwe said Access Bank has through hard-work, intelligent business decisions and sound corporate governance become one of the top lenders in the country. “It is all about the right people, creating the right environment and putting the customers in the right place,” he said.

    He said that trade financing is just one part of the project, adding that the bank will in partnership with the stakeholders support Nigerian businesses. “The relationship between countries starts with relationship between individuals. It will translate to greater relationship between Nigeria and Germany. Nigeria will benefit especially since we are just coming out of recession. Growth and economic opportunities do not happen by chance, but by strategic partnership,” he said. He said the partnership will help support German firms that want to do business in Nigeria.

    Wigwe added, “At Access Bank, we are constantly searching for innovative ways to provide solutions to meet our customers’ needs. This collaboration with a first rate partner like DEG – Deutsche Investitions – und Entwicklungsgesellschaft leveraging on their global investment footprint and our local industry expertise in setting up a German Desk is the first of such initiatives in the country.”

     

  • Cybercriminals will continue to target banks, says Wigwe

    Cybercriminals will continue to target banks, says Wigwe

    The Group Managing Director/CEO Access Bank Plc, Herbert Wigwe, yesterday said cybercriminals will continue to target banks, but advised lenders to ensure the fraudsters fail every time they try.

    Speaking at the 2017 Anti-Fraud Week hosted by Access Bank in Lagos, Wigwe said banks were expected to educate customers on the need to protect their data from fraudsters.

    “We can’t fight today’s crime with yesterday’s technology,”he said.

    Wigwe, who was represented by the bank’s Executive Director, Personal Banking, Victor Etuokwu, said  financial fraud was as old as mankind.

    “As some people tend to do good, others are motivated to do evil. In the world of today, there are people that fight financial crimes and others that commit financial crimes,” he said.

    Wigwe called on banks to fight fraud through active collaboration. He said the improved usage of digital banking exposes lenders to cybercriminals.

    The Access Bank boss said the advancement in technology helps lenders into new markets and understanding of their business better.

    Hesaid digital banking is also creating new opportunities for fraudsters.

    “In Access Bank, our sales mantra is Speed, Service and Security. There is need for stakeholders to inaugurate appropriate laws to secure online transactions. Fraudsters dedicate their time and resources to discover imperfection in the banking system,” he said.

    Head, Information System Security & Fraud Management at Nigeria Inter-Bank Settlement Systems Plc (NIBSS), Olufemi Fadero, defined digital banking as the moving online of all the traditional banking activities and programs that historically were only available to customers when physically inside of a bank branch.

    He said that digital banking has changed everyday life for consumers – dramatically altering the way they transact businesses.

    According to him, while digital banking has forever transformed the way people bank, it is also increasingly creating new opportunities for fraudsters. “Due to the speed and ease of digital banking ,more frauds are perpetrated effortlessly. Ongoing migration of the banks to faster payment mechanisms is a definite magnet for fraud. Online channels help criminals remain hidden and anonymous,” he said.

    Fadero said that financial losses affect customers’ trust. “Joint efforts are most effective in curbing fraud not just in digital banking but fraud in  general. Collaborations fosters proactive measures which are instrumental in tackling fraud. Information shared will aid in the reduction of payment transactions fraud,” he said.

    Continuing, he said: “Cooperation between relevant stakeholders is a key element necessary to effectively identify and counter cybercrime”.

    He said that fraud trend shows drop despite increase in transactions amount and count at the point financial institutions began to join efforts to tackle fraud. It is highly anticipated that heightened collaborations would mean further reductions in fraud.

    Central Bank of Nigeria (CBN) Director, Payment Systems Department, ‘Dipo Fatokun, said apex bank  recognises the need to harness expertise and consult broadly across the banking industry, payments services organisations, ICT sector, law enforcement to effectively combat electronic frauds.

  • Wigwe is 2017 West African Business Leader

    Wigwe is 2017 West African Business Leader

    Group Managing Director/ Chief Executive Officer of  Access Bank Plc, one of Nigeria’s largest financial services institutions, has been recognised as ‘West African Business Leader of the Year 2017’ by the All Africa Business Leader Awards (AABLA), in partnership with CNBC Africa.

    The announcement was made at the annual AABLA regional dinner, held at the weekend at the Eko Hotel & Suites in Lagos and attended by industry executives from around West Africa.

    .Speaking on the awards, Alexander Leibner said this marks the start of what is set to be another memorable AABLA season, honouring business excellence across the continent.

    According to the organisers, this award celebrates individuals who exemplify the best in African leadership as well as African business leaders who epitomize the core values of a successful leader, strength, innovation, ingenuity, knowledge and foresight – values that are imperative to carving out a powerful business in a Pan- African and global economy

    Receiving the award, the Group Managing Director/CEO of Access Bank Plc, Herbert Wigwe, said, “It’s an honour to be shortlisted among some of the most powerful West African Business Leaders that I have ever come across and extremely humbled to be the recipient of such a prestigious award.  Winning this is a recognition of our commitment to delivering banking excellence to our customers. We remain focused on the realization of our strategic intent of becoming “Most Respected African Bank” and continue to explore opportunities in markets and sectors across the continent that will enable us achieve this vision.”

    The 7th Annual ABBLA hosts three regional events in South Africa, Kenya and Nigeria before moving on to the AABLA Finale which is scheduled to hold November 30th, 2017 in South Africa.

  • Wigwe, Terraz become NIBUCCA co-chairs

    Wigwe, Terraz become NIBUCCA co-chairs

    The Nigerian Business Coalition Against AIDS (NIBUCCA) has new co-chairs.
    They are Group Managing Director of Access Bank, Dr Herbert Wigwe and Managing Director/CEO of Total Plc, Nicolas Terraz.
    They took over from Dr Pascal Dozie who had been co-chair from 2003.
    The duo was inaugurated last week at a well-attended ceremony by business tycoons and captains of industries in Lagos.
    Dozie, who handled the inauguration, hailed former President Olusegun Obasanjo for singlehandedly mooting the idea of NIBUCCA and drafting him as well as others to nurture it.
    NIBUCCA, he pointed out, has done well in prevention and reduction of HIV/AIDS across the nation with innovative projects and schemes.
    He expressed delight that the organisation was being handed over to younger, energetic and well-groomed individuals.
    Wigwe said he was humbled by the opportunity to serve and contribute to the HIV/AIDS campaign.
    He vowed to stop at nothing to take NIBUCCA to greater heights with the entire team.
    Terraz also stated he will give the project all his expertise and attention, saying the HIV/AIDS battle was one that must be won at all costs.

  • Wigwe named ‘Bank CEO of the Year’

    The Group Managing Director/CEO,  Access Bank Plc, Herbert Wigwe has been adjudged the ‘Bank CEO of the Year’ in the BusinessDay Banking Awards held in Lagos, at the weekend.

    Access Bank also emerged the ‘Bank of the Year.’

    Speaking after the receiving the awards, Wigwe said he felt extremely privileged to be leading the financial institution. “I believe all what has been achieved can be attributed to all Access Bank people. People who know our history would begin to appreciate how happy I am today. In 2002, nobody gave us a chance; we were a tiny bank. Today, we are easily one of the top three banks in this country. So, I would like to thank God first, all Access Bank’s customers and members of staff of the bank.

    “Again, I keep saying you can never do it alone. Anybody who thinks he is running a big institution that spans several countries and thinks he is the only one doing it must be joking,” he said.

    According to him, at a time when the industry is going through deep turbulence, institutions need all the skills possible to manage their resources, whether it is banking, manufacturing or whatever.

    “This award can only create greater impetus, not just for me but for the entire banking industry for all of us to come together and to continue to work as one to ensure that our great country is taken to much greater heights,” he added.

    Also at the ceremony, he Chairman of Zenith Bank Plc, Jim Ovia won the ‘Outstanding Achievement in Banking’ award. In the same vein, the United Bank for Africa (UBA) Plc was honoured as the ‘Best Bank in Support of Agriculture,’ while the award of the ‘Best Bank in CSR’ was won by First Bank of Nigeria Limited.

    Similarly, while the award of ‘Best Bank in Support to the Manufacturing Sector’ went to Zenith Bank Plc; the ‘Most Improved Bank in Retail Banking’ to Union Bank of Nigeria Plc; ‘Best Bank in Corporate Bank’ award went to Zenith Bank; and Guaranty Trust Bank Plc (GTBank) won the award of the ‘Best Bank in SME Banking.’

    In the same vein, the ‘Most Customer Friendly Bank’ award was received by FirstBank, while the ‘Most Innovative Product of the Year’ award went to Diamond Bank.

    Rand Merchant Bank was honoured with the ‘Deal of the Year’ award while the Managing Director/Chief Executive Officer of the Nigeria Deposit Insurance Corporation, Umaru Ibrahim, was conferred with the ‘Leadership Award for Services to Depositors and the Banking Industry.’

    Eminent Nigerians at the event include, Akinwunmi Ambode, Governor of Lagos State, represented by former Lagos Deputy Governor, Femi Pedro. Others were President of Lagos Chamber of Commerce and Industry (LCCI) Mrs. Nike Akande, the Chartered Institute of Bankers (CIBN), CEOs of deposit money banks, mortgage banks, microfinance banks and leading stock broking firms.