UBA Reiterates Commitment To Drive Development, Growth, Unity In Africa

By People’s Voice Nigeria | News

The Chairman of United Bank for Africa (UBA) Plc, has reaffirmed the bank’s commitment to spearheading the narrative and discussions that will lead to Africa’s development, growth, and unity.

Speaking at the fifth edition of the UBA Africa Conversations, Elumelu emphasized the bank’s pivotal role in driving positive change across the continent and its dedication to unlocking Africa’s vast potential.

The leading pan-African financial institution also reiterated its commitment to promoting gender equality.

The Chairman of the UBA Group, Tony Elumelu, stated this while speaking at the fifth edition of the UBA Africa Conversation.

Elumelu emphasized the bank’s pivotal role in driving positive change across the continent and its dedication to unlocking Africa’s vast potential.

The leading pan-African financial institution also reiterated its commitment to promoting gender equality.

However, the Group Managing Director, UBA Plc., Oliver Alawuba, who also spoke at the UBA Africa Conversation on the theme “Innovation on the Continent for Growth,” said:

“It is very apt for our conversation because of the challenges and opportunities that Africa as a continent is faced with; but the truth remains that between these challenges and opportunities is a thin line, which we believe UBA Group can help unlock and engineer prosperity.”

Furthermore, the Executive Director and Chief Executive Officer, UBA Africa, Abiola Bawuah, affirming the bank’s commitment to promoting gender equality, said:

“As it stands, we have more female board members than any bank, thanks to the Chairman of the Board, Tony Elumelu, who believes that women can occupy top roles in organisations and excel.”

“This is very remarkable, and I know that other organisations have started trying to emulate this. So, by this move, we are leading the positive change in Africa, and this is very laudable.”

Wema Bank Employees Donate Chairs, Tables to Isale Eko Grammar School

Access Bank PLC Expands Its Global Footprint With The Launch Of French Subsidiary

By People’s Voice Nigeria | News

Access Bank PLC, the flagship company of Access Holdings PLC, has officially launched its subsidiary in Paris, France. The Bank’s operations will focus on trade finance, initially capitalising on flows between Africa and France, particularly Francophone Africa.

L-R: Jamie Simmonds, CEO, Access Bank UK Limited; Dr. Herbert Wigwe, GMD/CEO, Access Holdings Plc; Olivier Becht, France Minister of Foreign Trade; Aigboje Aig-Imoukuede, Chairman, Coronation Capital; Roosevelt Ogbonna, MD/CEO, Access Bank Plc; and Pascal Furth, Head of Regional Economic Department, French Embassy, Nigeria, during the launch of the Access Bank branch in Paris, France, on Thursday.

Herbert Wigwe, Group Chief Executive Officer of Access Holdings PLC, speaking on the purpose of the Bank’s strategic expansion efforts, said, “Access Bank PLC, today, has a very strong presence in the United Kingdom, but coming on the heels of Brexit, there was a need for us to establish a presence in another country in Europe, and France provides a very strong platform for us to do so. Beyond that, Access Bank has a great presence in the Francophone world, which relies significantly – in terms of trade – on France, so Access Bank in Paris will work to support trade possibilities and trade finance solutions for businesses in those regions, ranging from large conglomerates to SMEs and more.

“Our range of banking products and services will be a valuable asset for businesses looking to trade internationally, while our corporate and investment banking services will help businesses access capital, manage their cash flow, and mitigate risk. Furthermore, we are confident that the Bank’s trade finance solutions will help businesses to navigate the complexities of cross-border trade, and at the same time, our digital capabilities will make banking more convenient and efficient for all our customers,” he reiterated.

Recognising the critical role of the Bank’s various stakeholders in making the expansion drive successful, Wigwe stressed the value of its customers, shareholders, regulators, and the communities in which it operates.

“Our successes over the years would be footnotes but for the relationships we have fostered with these critical contributors. In recognition of this, we are committed to building long-term partnerships with all our stakeholders in France – based on trust, transparency, and mutual respect,” he added.

Access Bank’s presence in France represents an important step towards achieving its goal of bridging worlds and connecting opportunities for African businesses. The Bank’s latest stride also lays a marker for realising its recently unveiled 5-year strategic growth plan.

“Over the years, we have demonstrated a strong commitment to deepening the Bank’s presence across Africa and beyond,” remarked Roosevelt Ogbonna, Managing Director, Access Bank PLC, at the launch. “Today, we are proud to have a presence in 18 countries across four continents, serving millions of customers and businesses. Indeed, our expansion drive has been guided by our vision to become the world’s most respected African bank, and by building on our strong track record of innovation, customer service, and social responsibility, we have come one step closer to achieving this goal.

“We remain committed to building a bank that is truly global in scope yet locally relevant in its approach, and we are excited about the opportunities that lie ahead as we continue to grow and expand our footprint in new markets,” Ogbonna concluded.

Access Bank UK, led by Jamie Simmonds, will oversee the operations of the Paris subsidiary and will effectively become the umbrella company for other representative offices in the country.

With the launch of its operations in France, Access Bank is uniquely positioned to create opportunities for scaled economic growth and development across Africa while helping international investors see the continent as a viable market to do business. To facilitate the flow of capital, goods, and services across borders and support economic growth and development in both regions of focus, the Bank will leverage its expertise in cross-continental trade and its strong network of partners and clients.

Polaris Bank Lifts Female-Owned Businesses with N1bn Loans

By People’s Voice Nigeria | News

In a move towards fostering gender equality, inclusiveness, and economic empowerment, Polaris Bank has announced the disbursement of business support loans to female-owned businesses in the first quarter of 2023. This is part of the bank’s commitment to supporting women and female-owned businesses through the provision of soft loans.

According to the bank, the disbursement of the loans, which impacted close to 20,000 beneficiaries across different sectors, is aimed at addressing the existing financing gap and providing a vital boost to female entrepreneurs. This is expected to help them thrive, expand their operations, and contribute to the nation’s economic growth.

The sectors impacted include: Transportation; Agriculture; Education; Construction; Engineering; General Commerce, Health; Hotel & Leisure; Manufacturing and Media.

Part of the major selling points for the loan at Polaris Bank are quick turnaround time, instant disbursement,  Flexible Terms and Conditions, Competitive pricing, Financial Education and Mentorship, amongst other value-adding features. Polaris Bank envisions a future where female-owned businesses play an increasingly influential role in driving economic progress, innovation, and job creation. The bank firmly believes that empowering women entrepreneurs will contribute to a more prosperous and equitable society.

Within the quarter, the Bank also celebrated International Women’s Day (IWD) with a well-attended webinar titled Advancing Women Empowerment through the Adoption of Technological Innovation and Digital Education”. During the webinar, the availability of a single-digit interest loan was re-echoed to women entrepreneurs that meet the set criteria. This is in line with Polaris Bank’s commitment to the Nigerian Sustainable Banking Principles.

Speaking on the development, Polaris Bank’s Group Head, Brand Management and Corporate Communication, Nduneche Ezurike, said, “At Polaris Bank, we are dedicated to building an inclusive economy that fosters opportunities for all. We recognize the immense talent and potential of women entrepreneurs and understand the challenges they face. Through our women and female-owned business loan window, we aim to break down barriers and provide the financial support necessary for businesses being run by women to flourish.”

Women entrepreneurs interested in scaling their businesses to the next level are encouraged to visit Polaris Bank’s website, www.polarisbanklimited.com, or contact any of the Bank’s nearest branches to learn more about the application process and eligibility criteria.

Polaris Bank was adjudged Digital Bank of the Year in 2021 and 2022 in BusinessDay’s Banks And Other Financial Institutions Award (BAFI). It also emerged as the best MSME Bank because of its ability to use technology to enable bottom-up support for the MSME sector.

Polaris Bank Clarifies Issue With Anthony Olasele’s Account

By People’s Voice Nigeria | News

Polaris Bank Plc has expressed dismay at the resort to misleading social media posts by one of its customers, Anthony Olasele, in spite of efforts by the Bank so far to treat the customer’s protest.

In a bid to clarify the misunderstanding on the customer’s account, the management of the bank said in a statement that, “Further to our earlier post, we wish to reiterate the following.Polaris Bank did not declare the customer dead, but was in receipt of court documents stating so, and the Bank in such circumstance, has a duty to respect such documents so as to protect the customer deposit.

“Recall that the said court papers including; Bank Certificate (dated May 2, 2023); Statutory Affidavit of Next of Kin issued by Probate Registry of a High Court of Justice, Federal Capital Territory, Abuja and together with a death Certificate issued by National Population Commission (NPC), Abuja Municipal Area Council were presented to the Bank on May 11, 2023 by one Olasele Tina AKA Tina Olasele who claims to be a Widow of the ‘deceased’ customer, Anthony Olasele.

“The Bank had, following from this information, immediately flagged the account of the Customer pending the conclusion of the issuance of the Letters of Administration. We have also confirmed the said Bank Certificate was genuinely obtained from the Court.”

According to the statement,”Processing of Letters of Administration is purely a family affair without any input whatsoever on the part of the Bank or its staff. It is therefore expected that the Customer, who currently claims to reside in Spain investigate members of his family with the name of Olasele Tina AKA Tina Olasele (the person that processed the above referred papers from Court).”

It added that, “Following from the customer protest and confirmation by the Bank that the customer is indeed alive, the Bank has availed his lawyer the documents since May 16th. 2023.

“The primary concern of Polaris Bank is to always protect the customers’ funds first. We are working closely with all stakeholders, including security agencies and the customer, to expedite the process. Once the process is completed, satisfactorily, the Bank will lift the PND, and the customer will access his funds. That is the statutory process.

“Preliminary findings from internal investigation launched into the Customer’s claim of collusion to defraud him has so far revealed otherwise.

“We kindly advise the customer Mr. Anthony Olasele, family, friends and social media agents to allow the process to be completed,” the Bank said in the statement.

Sterling One Foundation Launches New Project for Women Farmers in Flood-Affected Areas

By People’s Voice Nigeria | News

 
As part of relief interventions following the devastating nationwide floods in Nigeria, the Sterling One Foundation has launched Project Ladder, in partnership with Whitefield Foundation and Sterling Bank, to provide support for victims whose farms were affected by the floods.

 
The project which kicked off in Ndokwa East and Oshimili North Local Government Areas of Delta State is aimed at not only providing relief for the flood victims but providing improved farm inputs with better yield potential than the regular options.

Delta State is one of the 33 states in Nigeria that were affected by the 2022 floods, which started in May and lasted until October, claiming over 500 lives, displacing millions of people from their homes, and destroying about 110,000 hectares of farmland. Following the cholera outbreak in the country’s north-eastern region, several interventions were launched in response to the disaster, many of which focused on providing alternative shelter for the displaced, food materials, and drugs.

 
Mrs. Olapeju Ibekwe, CEO of the Sterling One Foundation, explained why they started the project, saying that it was important to shift the focus from the immediate survival response that followed the floods to how to help the victims rebuild their lives.

 
“The floods affected several farming communities, and what we’ve set out to do is support them with resources to regain some self-sufficiency. Project Ladder is not just a flood relief project, but an initiative under our food security portfolio aimed at driving increased yield by supporting farmers with better inputs, and teaching them better farming practises, thus fighting the food shortages across the country,” she said.

For the project’s launch phase, about 100,000 enhanced cassava stems were distributed to women farmers, marking the start of a robust plan to support them all through the planting season in hopes of a great harvest.

 
Mrs. Funmi Johnson, CEO of Whitefield Foundation, spoke about the project’s impact, emphasising how important it was for the nation’s food security, as most flood victims are farmers who need to be empowered to rebuild their means of livelihood and continue to contribute their quota to supporting the nations.

 
The project touches on two of the Sterling One Foundation’s five focus areas: food security and gender equality, as well as women empowerment. This year, the Foundation plans to deepen the work done in these areas to cater to more communities and impact more direct beneficiaries. 

Stanbic IBTC Bank Announces 50% Concession on Loan Fees for female Entrepreneurs in Blue Blossom Community

By People’s Voice Nigeria | News

L-R: Bridget Odusami-Oyefeso, Head, Brand and Marketing, Stanbic IBTC Holdings; Olajumoke Bello, Head, Enterprise Banking, Stanbic IBTC Bank; Mrs. Yetunde Olayinka and Alhaja Monsurat both of Agege Market Women Association at the launch of the Blue Blossom Community held recently in Lagos.

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, is set to empower female entrepreneurs in the Stanbic IBTC Blue Blossom Community by providing a 50% concession on loan fees for specific business loans (except SME Lit Loan) amongst other numerous benefits.

Stanbic IBTC Holdings designed the Blue Blossom Community for women who want to save more efficiently, diversify their investments, build sustainable businesses or careers, and protect their wealth and family while connecting with other women within the community.

L-R: Kunle Adedeji, Chief Finance and Value Management Officer, Stanbic IBTC Holdings; Ms Rabi Isma, Independent Non-Executive Director, Stanbic IBTC Bank; Ndidi Okonkwo Nwuneli, Independent Non-Executive Director, Stanbic IBTC Holdings and Dr. Demola Sogunle, Chief Executive Stanbic IBTC Holdings, at the launch of the Blue Blossom Community held recently.

Stanbic IBTC Bank has urged Nigerian women to take advantage of the resources available through the Blue Blossom Community.

The platform offers training and capacity-building programs to help women entrepreneurs develop the necessary skills to succeed in business.

Asides providing access to funding, the Blue Blossom Community also empowers women entrepreneurs through mentorship and networking opportunities.

Modupe Banjoko, Team Lead, Digital and Enablement, said the Blue Blossom community is beneficial to all women in business as it allows them access products from across the group, from loans to Investments to insurance, educational trusts, the full range of Stanbic IBTC’s financial solutions are readily available to women, particularly in terms of supporting them to build their businesses.

Banjoko further emphasised the importance of financial dignity,
encouraging people to invest and save early while considering risk diversification to have a sustainable flow of income.

The Blue Blossom Community offers women free access to capacity-building sessions and special events. The diverse array of discounted financial and non-financial services available through the community allows women achieve their financial goals and improve their financial literacy.

To join the community, all women above 18 years of age can visit https://www.stanbicibtc.com/nigeriaholdings/Stanbic-IBTC-Holdings/blue-blossom or send an email to blueblossom@stanbicibtc.com With this initiative, Stanbic IBTC sets an example for other financial institutions to follow with regards to providing more support for women in business

Polaris Bank Excites Affluent Customers With New Product

••• Offers Free VISA Signature Card

By People’s Voice Nigeria | News

Polaris Select Plus Account is offering its current and prospective customers a range of exclusive lifestyle and banking benefits, especially for those who value comfort and luxury.

One of the product’s key benefits is the free VISA Signature Card, which provides premium travel and lifestyle and a wide range of exclusive rewards and benefits. With a VISA Signature Card, one can enjoy a world of luxury and comfort whether shopping, dining, or traveling. Other benefits include; complimentary travel insurance of up to $750,000, 24/7 concierge service, exclusive access to events and experiences, and free visits to over 1,300 local and international airport lounges globally.

The account also offers business and personal loans at competitive interest rates and flexible repayment terms.

Customers can receive free advisory services on expanding their global footprint and gaining access to new trade and investment opportunities. They also receive a dedicated relationship manager who provides expedited and personalized services, discounts on annual medical exams abroad, and access to mortgage loans.

For further information and to open a Polaris Select Plus account, please visit https://www.polarisbanklimited.com/polaris-select-plus/ call your Polaris Bank relationship manager or visit the Polaris Bank branch closest to you.

Polaris Bank is a leading bank in digital innovation and is adjudged Nigeria’s Digital Bank of the Year in 2021 and 2022.

Wema Bank Launches SME Business School 5.0

Sterling Bank Promotes Renewable Energy-Powered Agriculture with Fresh AATIF Fund

By People’s Voice Nigeria | News

Nigeria’s leading financial institution, Sterling Bank, in conjunction with the Africa Agriculture and Trade Investment Fund (AATIF), is set to promote environment-friendly agriculture businesses by lending the sum of $15 million to sustainable and renewable energypowered Agric enterprises.

The $15 million medium-term facility from the Africa Agriculture and Trade Investment Fund extends our partnership with Sterling Bank, which started in 2019 with an initial vision to
support the growth of the bank’s agricultural activities. Since then, Sterling Bank and AATIF have worked together on numerous projects, with the bank making commendable contributions to the Nigerian agricultural sector. The extension of this partnership marks a new chapter in this fruitful relationship.

In a statement issued by the lender, Group Head for Agriculture and Solid Minerals Finance, Dr Olushola Obikanye, said the funding will further deepen Sterling’s agricultural investments in the agribusiness industry, promote sustainable practices, and encourage farmers to explore environment-friendly systems.

Also speaking on the funding, Sterling Bank’s Group Head for Energy, Dele Faseemo, said the fund will seek to increase Sterling’s funding for renewable energy installations in the agricultural sector and will positively impact lending in the sector as well as the Nigerian economy.

Ms Doris Koehn, chair of the AATIF Board of Directors, said of the deal, “When we first invested in Sterling Bank, we were keen to help actualize its impressive ambitions in growing its agricultural portfolio in Nigeria. Four and a half years later, we are proud to renew our partnership with the Bank and are focused on further enabling its efforts towards serving local smallholder farmers.”

The Bank has become renowned as one of the key partners and lenders to the agricultural sector, with over N100 billion, or approximately 13 percent of its lending portfolio, currently financing agricultural businesses across Nigeria.

This, amongst other initiatives such as the Agriculture Summit Africa; the continent’s largest private sector-driven conference on the industry, and the Nigerian Farmers’ Radio; an educative radio programme promoting good agricultural practices aired in all geo-political zones of Nigeria, has endeared the bank to primary producers, aggregators, commodity processors, and exporters.

These initiatives recently saw Sterling awarded the best-participating bank by the Agric Credit Guarantee Scheme Fund.

Sterling has also innovated in the renewable energy space with the launch of Imperium, its solution to power homes and businesses, and is currently in the final stages of deploying Nigeria’s largest solar-powered solution for commercial property with the ongoing transformation of its Lagos Marina headquarters.

The 18-storey building has been fitted with over 3,000 photovoltaic panels and will generate power from renewable sources Agriculture and Renewable Energy form two of the five core pillars of Sterling’s now-famous HEART strategy. With the remaining sectors being Health, Education and Transportation

About Sterling Bank Plc.

Sterling Bank Plc “Your one-customer bank” is a full-service national commercial bank in
Nigeria. At Sterling Bank, our customers are our number one priority, and we value their feedback and ideas.

In over 60 years of operations, Sterling Bank (formerly NAL Bank) has evolved from the nation’s pre-eminent investment banking institution to a fully-fledged commercial bank; and completed a merger with 4 other banks – Indo-Nigeria Merchant Bank, Magnum Trust
Bank, NBM Bank and Trust Bank of Africa – as part of the 2006 consolidation of the Nigerian banking industry.

About The Africa Agriculture and Trade Investment Fund (AATIF)

The Africa Agriculture and Trade Investment Fund is a public-private partnership dedicated to promoting the food / agri sector across Africa by providing patient capital and technical assistance. The fund provides debt financing to small, medium, and large-scale agribusinesses along the entire agriculture value chain, as well as financial institutions active in the sector. DWS is acting as an investment advisor to AATIF. For more information, visit www.aatif.lu.

Sterling Bank’s Spectacular 2022 Crowned With 29% Net Profit Growth

By People’s Voice Nigeria | News

One of Africa’s fastest growing companies and Nigeria’s leading commercial bank, Sterling Bank, has reported a growth of 28.5 percent in its profit after tax for 2022. Thebank’s profits grew to N 19.3 billion for the year ended 31 December 2022 in comparison to N15 billion as reported by the bank for the end of the 2021 financial year. This was contained in the earnings release for the bank as shared with the Nigerian Exchange (NGX).

Sterling’s assets grew assets by 14.4 percent to end 2022 with N 1.858 trillion, from N 1.624 trillion at the end of 2021. Also, its gross earnings for the period jumped by 16.6 percent to N 175 billion from N 150 billion recorded in 2021. The bank also reported an increase in customers’ deposits in 2022, N 1.327 trillion; a 9.8 percent increase compared to 2022. Furthermore, the bank closed out its net operating income at N 108 billion; a 20.9 percent increase compared to 2021’s of N89 billion.

Reflecting on the year’s performance, Chief Executive of Sterling Bank, Abubakar Suleiman, said “2022 commenced with great expectations for global growth on the back of the recovery achieved in 2021. However, the outbreak of conflict in Eastern Europe disrupted supply chains, elevated inflation, and undermined growth globally. These developments also impacted the Nigerian economy. Despite the macroeconomic setbacks, our business showed remarkable resilience as we adapted to our environment and continued to deliver value.”

The reported figures, as shared with the Nigerian bourse, mark a fitting swan song for a spectacular 2022 which saw the bank, amongst other achievements, get named as the Best Bank In Nigeria by an independent survey conducted by AFRINVEST, win the prestigious Great Place To Work Award for the fifth consecutive year, and win the football championship of the Nigerian Bankers’ Games.

The bank has maintained and increased momentum in 2023 with her citation as Africa’s Most Valuable Commercial Bank Brand for 2023 in a poll conducted by GeoPoll and Kantar for African Brand Magazine, having been named a top three employer in Nigeria by LinkedIn in the social network’s Top 25 List for 2023, and most recently, has debuted as one of the top 100 fastest growing companies in Africa by the Financial Times.

Renowned for its now famous HEART of Sterling strategy; which focuses major investments in the Health, Education, Agriculture, Renewable Energy and Transportation sectors of the economy, its irreverent brand voice and enviable talent management practices, Sterling recently completed a major milestone towards the completion of its transformation into a financial holdings company with the relisting of its shares on the floor of the Nigerian Exchange (NGX).

KPMG Customer Experience Survey Lists Polaris Bank As The Most Improved Retail Bank

By People’s Voice Nigeria | News

 
The 2022 KPMG Nigeria Banking Industry Customer Experience survey result listed Polaris Bank ‘as the most improved Bank under retail segment moving up five places to sixth position and 3rd under SME segment’, with the Bank showing significant improvement in customer ratings. Many customers have praised the Bank for its personalized service, proactive approach to problem-solving, and faster turnaround times.

According to the survey, the Bank significantly improved its mobile banking propositions. Customers say that onboarding and the payments experience have also improved. Businesses also rated Polaris Bank highly for the quality of its payment solutions and, importantly, the timeliness of resolving POS-related complaints.

Polaris Bank (in third place) was the other new entrant in the top five, amongst Sterling Bank, Wema Bank, and Zenith Bank. POS-related issues such as timeliness of settlements and resolution of disputes were some of the most critical measures for SMEs this year. GTBank emerged as the leading Bank in the SME segment

 
Polaris Bank’s award-winning Digital Bank, VULTe has been a game changer, making life seamless for personalized and business offerings. Between October 2022 and February 2023, over N1.5 billion loans has been disbursed through VULTe to individuals and SMEs to aid personal and business growth in the country.

 
Polaris Bank’s digital platform VULTe, also achieved an impressive uptime ratio, enabling seamless transactions for its users. This performance has surpassed its competitors and earned recognition from the Nigerian Interbank Settlement Systems (NIBBS). In particular, during the recent currency redesign program, which aimed to support the cashless policy in Nigeria, VULTe demonstrated exceptional reliability. During a business call with the Bank’s management, NIBBS conveyed its appreciation for VULTe’s excellent performance during this challenging period

“Polaris Bank has made significant improvements in its digital banking platform, VULTe allowing customers to access their accounts, make transactions, and manage their finances more conveniently and seamlessly. This, has been particularly great, which I found most useful especially during the COVID-19 pandemic, as many customers I know have had to rely on the digital Bank to conduct their daily transactions”, Chibuzor Nwachukwu, a top civil servant in Abuja testified.

GTCO Shareholders Endorse N91.24bn Total Dividend Payout for 2022

By People’s Voice Nigeria | News

Shareholders of Guaranty Trust Holding Company (GTCO) Plc, have endorsed the payment of a total dividend of N91.236 billion, representing N3.10 per share for the financial year ended December 31, 2022.

This endorsement was made at the holding company’s second annual general meeting held on Thursday, virtually.

L – R: Mrs. Cathy Echeozo, Non-Executive Director;  Mr. Segun Agbaje, Group CEO and Mr. Erhi Obebeduo, Company Secretary all of Guaranty Trust Holding Company Plc at the Group’s 2nd Annual General Meeting (AGM) held in Lagos.

The Group proposed a final dividend of N2.80 per unit of ordinary share held by shareholders in addition to the interim dividend of 30 kobo interim dividend paid in June, bringing the total dividend for the 2022 financial year to N3.10 per unit of ordinary share.

Shareholders commended the board for the financial performance achieved during the period under review despite the operating environment.

Speaking on behalf of shareholders, the immediate past President of Nigeria Shareholders Solidarity Association, Cheif Timothy Adesiyan commended the management of GTCO for the impressive 2022 financial performance acheived and the consistent dividend policy of the Group.

He also noted the the Group has contributed to the growth of the economy in its lending to Agriculture, SMEs, Real Sector, among others as seen in the Award obtained by the Group in the year.

Speaking to shareholders, the Chairman of GTCO, Mr Hezekiah Oyinlola said “as I reflect on 2022, I recall the challenges we faced at every turn and the prospects that became significant milestones in our journey towards creating a robust yet agile institution.

“As we look across our burgeoning GTCO Universe, we take pride in the concrete outcomes of our diligent efforts and unyielding dedication towards expanding our influence and strengthening our position as a leading provider of financial services in Africa.”

He said “in 2022, our ambition was crystal clear, and we set out to achieve it with unwavering focus. We completed the setup of our holding company and acquired full ownership of Investment One Pension Managers and Investment One Fund Managers, now named Guaranty Trust Pension Managers and Guaranty Trust Fund Managers, respectively. Our payment subsidiary, HabariPay Limited, also launched in 2022 and almost immediately introduced its flagship product Squad to the market with outstanding reviews.

“The highlight for me is that these newly created businesses – in payments, fund managers, and pensions ran successfully and were profit before tax positive by the end of the year.”

On outlook, Oyinlola stated that, “the momentum we have built-up in recent years means that we are now in a position to leverage every opportunity to grow and sustain our superior financial performance.

“Our diversified business model and agile systems will enable us to adapt quickly to changing market conditions and turn economic tides in our favour. Our customer, centricity and focus on innovation and long-term value-creation, and will continue to be key drivers of our success in the years ahead.”

The Group Chief Executive Officer, GTCO, Mr Segun Agbaje, said in spite of the varying challenges and headwinds that weighed on growth in 2022, the Group delivered a decent performance posting a pre-tax profit of N214.2 billion representing a dip of 3.0 per cent from N221.5 billion posted in full year, 2022. PBT contribution from West Africa decreased from 21.0 per cent in December  2021 to 12.3 per cent in December 2022 due to the significant impairment sum of N35.6 billion recognised on the Ghanaian sovereign securities.

He also noted that during the same period, the size of the Nigerian Banking Subsidiary increased to 84.3 per cent from 79.5 per cent, while East Africa’s contribution to the Group grew marginally to 3.4 per cent from 3.0 per cent.

“The Group also benefited from a 0.9 per cent contribution from the Non-Banking Subsidiaries which compensated for the negative 0.8 per cent contribution from the United Kingdom in FY-2022.

“Gross earnings increased by 20.4 per cent to N539.2 billion in full year, 2022 from N447.8 billion in 2021.”

Agbaje explained, “2022 was a year that tested our resilience and our determination. As we face the future, we do so with the confidence that we will maximize all opportunities and deal with challenges as they come.

“I strongly believe that the new holding structure of our organisation will prove to be a propeller in our journey towards sustained growth and success.”

According to GTCO CEO, what we have as Guaranty Trust Holding Company is not a conglomerate but a structure of complementary businesses which helps us remain agile, innovative, and adaptable to changing market dynamics, whilst ensuring that we continue to deliver superior returns to our shareholders.

“We will also continue to dominate the financial services sector, not just because we will continue to pursue technological advancements and digital capabilities that keep us ahead of the curve, but because we will always stay true to the values of hard work, transparency, integrity and putting our customers at the heart of everything that we do.”

Since commencing operations in February 1991, Guaranty Trust has maintained an unbroken streak of year-on-year growth and a consistent lead in driving the digitization of financial services in Nigeria thanks to its strong service culture, efficient management, world-class corporate governance standards and bias for innovation.

In April 2021, the reorganization of Guaranty Trust Bank Plc to a financial holding company, Guaranty Trust Group Holding Company was completed as part of the company’s strategy to position for future growth and deliver benefits beyond banking to the people, communities and businesses who depend on the value we create to thrive.

Fidelity Bank Emerges Nigeria’s Best-Performing Bank Share

By People’s Voice Nigeria | News

With a 32% year-to-date appreciation in value, Fidelity Bank Plc’s shares have emerged Nigeria’s best performing year -to-date bank share. This is according to a recently published Bloomberg article.

Speaking with the platform’s journalist, MD/CEO, Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe shed light on the 35-year-old institution’s business expansion plans especially to other African countries after finalizing the acquisition of Union Bank UK, explaining that, “The strategy is for us to move footprint outside Nigeria and be able to compete favorably with our peers. In the next three years, we should be able to be in six countries by doing at least two every year.”

Fidelity is racing to expand and avoid losing out on fees from facilitating trade and corresponding banking roles to larger rivals. Trade within the continent, which stands at more than $350 billion a year, is expected to grow by 52% in the next decade according to the African Trade Policy Centre at the United Nations Economic Commission for Africa.

Slow economic recovery in Africa’s biggest economy after two recessions in 2016 and 2020, currency devaluations and acute dollar shortages are forcing lenders to look outside to curb their risks and widen opportunities.

Onyeali-Ikpe, who took over the role two years ago, set a target for Fidelity to become one of the country’s top five banks by 2025, in earnings and assets. It’s the country’s sixth-largest lender, with 4 trillion naira in assets.

Source: https://www.bnnbloomberg.ca/nigeria-s-fidelity-bank-plans-five-acquisitions-in-africa-after-uk-purchase-1.1916337

Wema Bank Launches Upgraded ALAT For Business Digital Banking App

By People’s Voice Nigeria | News

Wema Bank, Nigeria’s leading innovative bank, has launched the upgraded version of its corporate digital banking application, ALAT for Business 2.0. The launch took place on May 3rd, 2023, during the bank’s Digital Week activities themed “Changing The Digital Dynamics In Nigeria” in celebration of the bank’s anniversary.

During the virtual event, Samuel Robson, the Product Owner, expressed his excitement to announce the launch of the new and improved ALAT For Business. He explained that the upgraded version offers an intuitive and seamless experience with enhanced security features and greater functionality. The app’s fresh new look and feel make it more user-friendly and engaging, while the omnichannel experience allows users to access their account from any device with ease.

As a sole proprietor, ALAT for Business 2.0 offers an on-boarding feature to make opening and managing an account easier. The app is also accessible to multiple users, enabling account access sharing with team members or family members and revoking it with ease.

During the virtual event, Oyindamola of Total Data Limited and Dr. Mark of Jendol Superstore shared their positive experiences using the application. They praised the app’s user-friendly interface, which aided the ease of making bulk payments to various vendors and sorting out payroll for various businesses without any hassle.

The Chief Digital Officer, Olusegun Adeniyi, highlighted Wema Bank’s commitment to the future of banking by developing tailored solutions and ensuring the bank covers various verticals beyond the financial ecosystem.

The upgraded ALAT for Business is now available on various app stores, offering an improved user-friendly interface, interbank & intrabank transfers, multiple user accessibility, bulk transfer to over 6,000 accounts, and access to stamped e-statements. ALAT for Business is the financial partner every business owner should have. Wema Bank continues to improve the application, with plans to add artificial intelligence and multi-languages for the Diaspora market and offshore banking, among other improvements.

Sterling Bank’s Spectacular 2022 Crowned With 29% Net Profit Growth

By People’s Voice Nigeria | News

One of Africa’s fastest-growing companies and Nigeria’s leading commercial bank, Sterling Bank, has reported a growth of 28.5 percent in its profit after tax for 2022. The bank’s profits grew to N19.3 billion for the year ended December 31, 2022, in comparison to N15 billion as reported by the bank for the end of the 2021 financial year. This was contained in the earnings release for the bank as shared with the Nigerian Exchange (NGX).

Sterling’s assets grew by 14.4 percent to end 2022 with N1.858 trillion, up from N1.624 trillion at the end of 2021. Also, its gross earnings for the period jumped by 16.6 percent to N175 billion from N150 billion recorded in 2021. The bank also reported an increase in customers’ deposits in 2022 of N1.327 trillion, a 9.8 percent increase compared to 2022. Furthermore, the bank closed out its net operating income at N108 billion, a 20.9 percent increase compared to 2021’s N89 billion.

Reflecting on the year’s performance, Chief Executive of Sterling Bank, Abubakar Suleiman, said, “2022 commenced with great expectations for global growth on the back of the recovery achieved in 2021. However, the outbreak of conflict in Eastern Europe disrupted supply chains, elevated inflation, and undermined growth globally. These developments also impacted the Nigerian economy. Despite the macroeconomic setbacks, our business showed remarkable resilience as we adapted to our environment and continued to deliver value.”

The reported figures, as shared with the Nigerian bourse, mark a fitting swan song for a spectacular 2022, which saw the bank, amongst other achievements, get named the Best Bank in Nigeria by an independent survey conducted by AFRINVEST, win the prestigious Great Place To Work Award for the fifth consecutive year, and win the football championship of the Nigerian Bankers’ Games.

The bank has maintained and increased momentum in 2023 with her citation as Africa’s Most Valuable Commercial Bank Brand for 2023 in a poll conducted by GeoPoll and Kantar for African Brand Magazine, having been named a top three employer in Nigeria by LinkedIn in the social network’s Top 25 List for 2023, and most recently, having debuted as one of the top 100 fastest-growing companies in Africa by the Financial Times.

Renowned for its now famous “HEART of Sterling strategy, which focuses major investments in the Health, Education, Agriculture, Renewable Energy and Transportation sectors of the economy, its irreverent brand voice, and enviable talent management practices, Sterling recently completed a major milestone towards the completion of its transformation into a financial holdings company with the relisting of its shares on the floor of the Nigerian Exchange (NGX).

Wema Bank Floats ALAT Alumni Community

By People’s Voice Nigeria | News

Wema Bank, one of Nigeria’s leading financial institutions, has announced the launch of the ALAT Alumni Community, a virtual community exclusively designed for former employees of the bank. The announcement was made during a virtual launch session on May 1st, which had over 350 former employees in attendance.

According to Moruf Oseni, the MD/CEO of Wema Bank, the launch of the ALAT Alumni Community is a way to support and engage with former employees, providing a space where alumni can connect, share their experiences, and continue to learn and grow beyond their time at the bank. He further expressed excitement at the prospect of bringing alumni together for the virtual launch and hopes that the community will continue to grow and provide valuable opportunities and resources for its members.

GTCO Plc Releases 2023 Q1 Unaudited Results

••• Reports Profit Before Tax of ₦74.1 Billion

By People’s Voice Nigeria | News

Guaranty Trust Holding Company Plc (GTCO or the Group) has released its Unaudited Consolidated and Separate Financial Statements for the period ended March 31, 2023, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

The Group reported profit before tax of ₦74.1billion, representing an increase of 36.5% over ₦54.3billion recorded in the corresponding period ended March 2022. The Group’s loan book (net) dipped by 1.5% from ₦1.88trillion recorded as at December 2022 to ₦1.86trillion in March 2023, while deposit liabilities increased by 9.9% from ₦4.61trillion in December 2022 to ₦5.07trillion in March 2023.

The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at ₦6.7trillion and ₦975.6billion, respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.2%, while asset quality was sustained as IFRS 9 Stage 3 Loans ratio and Cost of Risk (COR) closed at 5.4% and 0.2% in March 2023 from 5.2% and 0.6% in December 2022, respectively.

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), Mr. Segun Agbaje, said; “Our first quarter results reflect the strength of the GTCO franchise, the quality of our decision making, and the unfolding success of our efforts towards becoming a leading financial services company in Africa. Despite severe headwinds, we delivered a decent performance, recording growth across key revenue lines. We are also not relenting in our resolve to better outcomes for people and businesses within our financial ecosystem.”

He further added; “2023 is shaping up to be another interesting year. Some of the challenges from the past few years are still lingering, and uncertainties ahead would test the resilience of most economies and businesses. We are confident in our positioning as a thriving financial services company underpinned by strong business fundamentals and will continue to benefit from a well-diversified earnings base.”

Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 31.1%, Pre-Tax Return on Assets (ROAA) of 4.5%, Full Impact Capital Adequacy Ratio (CAR) of 23.2% and Cost to Income ratio of 43.1%.

GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, United Kingdom alongside new businesses in Payment, Funds Management and Pension Fund Administration. Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years. Recently, the Bank was recognized as Africa’s Best Bank and the Best Bank in Nigeria at the 2021 Euromoney Awards for Excellence. It also retained its position as Africa’s Most Admired Financial Services Brand in the 2022 ranking of The Brand Africa 100: Africa’s Best Brands.

World Earth Day 2023: Renowned Environmentalist, Desmond Majekodumi Commends Unity Bank’s Sustainability Strides

By People’s Voice Nigeria | News

Unity Bank Plc has received commendation from one of Nigeria’s foremost environmentalists, Mr. Desmond Majekodunmi for its consistent environmental sustainability initiatives and programmes aimed at protecting the planet earth.

L – R: Mr. Hillary Ajuebon, DH, Resources, Unity Bank Plc; Mr. Funwa Akinmade, Group Head, Retail, SME and E-Business, Unity Bank P lc; Doyinsola Ogunye, Founder, RESWAYE; Desmond Majekodunmi, Founder, LUFASI Nature Park; Ibukun Coker, Head, Strategy Department, Unity Bank Plc; Eghomwanre Iyamu, Head, E-Business Departmentm Unity Bank Plc and Samuel Akinyele, Head, Business Support Department, Unity Bank Plc at the beach cleaning exercise to mark the World Earth Day 2023.

Mr. Majekodunmi, who is the founder of Lufasi Nature Park, Lagos – Nigeria’s only urban forest reserve – gave the commendation at the Bank’s Beach Cleaning and Tree Planting exercise held to commemorate the World Earth Day 2023.

According to the nature park promoter, Unity Bank’s commitment to environmental protection through consistent investment in sustainability programmes and initiatives has set the institution apart.

Recall that this year’s edition of the Beach Cleaning exercise makes it the third year in a row that Unity Bank is holding the volunteer initiative, being an activity lined up to commemorate the World Earth Day. Unity Bank has partnered with 3 non-government organizations – Recycling Scheme for Women and Youth Empowerment, RESWAYE, MEDIC and KBG to promote environmental sustainability through the Beach Bleaning Initiative.

L – R: Mr. Funwa Akinmade, Group Head, Retail, SME and E-Business, Unity Bank P lc; Matthew Obiazikwor, Head, Communication and Brand Management, Unity Bank Plc; Desmond Majekodunmi, Founder, LUFASI Nature Park; Ibukun Coker, Head, Strategy Department, Unity Bank Plc; and Samuel Akinyele, Head, Business Support Department, Unity Bank Plc at the beach cleaning exercise to mark the World Earth Day 2023.

Majekodunmi joined no fewer than 200 volunteers,  inclusive of members of staff of Unity Bank, RESWAYE team and the Lagos Kids Beach Garden within the Oba Elegushi beach environs who participated in the cleaning exercise. The volunteers picked and removed over 100,000 plastic bottles from the beach to rid the beach and ocean of plastic waste and reduce pollution.

Also as featured in the previous editions, the Bank also carried out a Tree Planting exercise in 23 locations across the country, with members of staff participating in planting at least a tree in each of the locations.

Some Unity Bank staff planting a tree in Kano

Speaking at the event, the Divisional Head, Resources, Unity Bank Plc, Mr. Hillary Ajuebon said that the World Earth Day initiatives, have become a core focus of the Bank’s Corporate Social Responsibility aimed at promoting climate action and reduction of environmental pollution.

Citing recent reports on ocean pollution, he decried gloomy statistics stating  that: “of the over 380 million tons of plastic produced globally every year, about 10 million tons of plastic waste escapes into the oceans from different coastal plains. There are 5.25 trillion pieces of plastic waste estimated to be in our oceans. While 70% of the debris sinks into the ocean’s ecosystem, 15% floats, and 15% lands on our beaches.”

Some Unity Bank staff planting a tree in Bauchi

While noting that plastic pollution has become one of the world’s most pressing environmental issues, he said Unity Bank would continue to join collaborative efforts aimed at eliminating plastic pollution in our oceans.

Ajuebon further recalled that in addition to the Beach Cleaning and Tree Planting exercise, the Bank had, throughout the month of April, embarked on aggressive sensitization on environmental sustainability, reinforcing the Bank’s culture of prioritizing sustainable practices, adding that the Bank has over time promoted corporate and business philosophy that encourages low paper usage, recycling and adoption of renewable energy through increased investment in solar-powered branches and ATMs.