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WorldRemit, Access Bank Celebrates International Women’s Day

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To mark International Women’s Day, leading online money transfer service WorldRemit and Access Bank celebrate the contribution Nigerian women living and working abroad make to their home country, with new data revealing that the gender gap for sending digital remittances to Nigeria is rapidly closing.

Nigerians living abroad sent home a record $25bn (NGN 9 trillion) in 2018, making Nigeria the largest remittance receiving country in Africa. As remittances continue to grow, women are making an increasing contribution to the country’s development.

New WorldRemit research reveals:

  • The proportion of females sending digital money transfers to Nigeria via WorldRemit has grown by 10% within the last five years.
  • 37% of WorldRemit’s customers sending to Nigeria are female, compared to 27% in 2014.

The UN estimates that over 46% of Nigerian migrants arefemale, with the majority living in the United Kingdom and United States of America. Money sent from mothers, sisters and aunts living abroad help millions of families in Nigeria pay for essential needs such as healthcare and education. 

Evidence suggests that, although female migrants tend to earn less than their male counterparts, they send a higher proportion of their income home more frequently.

Digital money transfer companies are improving the access that women have to remittances and helping their money go further. WorldRemit enables the Nigerian diaspora to send money home in a few taps from their phones without having to travel to an agent, lowering costs and increasing speed and convenience.

As WorldRemit celebrates International Women’s Day, the company is offering new customers zero fees on their first transfer to Nigeria if they use the code ACCESSBANK when making payment.

Pardon Mujakachi, Country Manager for Nigeria at WorldRemit, says: “Ensuring digital inclusion for financial services for women on both the send and receive side is critically important, as we know that when women thrive, families, businesses and local economies thrive too.

Our data shows that women play an increasingly vital role in Nigeria’s development by sending money home to support education, cover healthcare costs, make investments, and more. At WorldRemit, we’re committed to simplifying that process, and making it faster, cheaper and easier to send and receive remittances.”

Victor Etuokwu, Executive Director, Personal Banking, Access Bank, says: “At Access Bank, we are very passionate about women. Hence, we have products and services that are tailor-made for women because we recognize the importance of their role in the family and the society at large. We have now taken this a step further by partnering with WorldRemit, to ensure that women outside Nigeria can seamlessly remit money to their families or for their businesses back in Nigeria.

As industry leaders in the use of technology to provide financial services, we are delighted that sending and receiving money from anywhere across the world can now be done on our platforms without any glitches, within the shortest possible time.

WorldRemit customers complete over 1.3 million transfers every month from over 50 countries to over 145 destinations. Ts and Cs here: https://www.worldremit.com/iwd

Visit the WorldRemit website for more information on how to send money to Nigeria.

END

Notes to Editors

Calculating the gender gap:

  Male Female Gender Gap
% of WorldRemit customers sending to the Nigeria (2014) 73% 27% 46%
% of WorldRemit customers sending to the Nigeria (2018) 63% 37% 26%

The gender gap between male and female WorldRemit customers sending to Nigeria between 2014 and 2018 has narrowed by 20%.

Media Contacts

WorldRemit

Akinyi Ochieng

PR Manager
aochieng@worldremit.com

About WorldRemit

WorldRemit is changing the way people send money.

It’s easy – just open the app or visit the website – no more agents.

●Transfers to most countries are instant – send money like an instant message.

●More ways to receive (Mobile Money, bank transfer, cash pickup, and mobile airtime top-up).

●Available in over 50 countries and more than 145+ destinations.

●Backed by Accel Partners and TCV – investors in Facebook, Spotify, Netflix and Slack.

ABOUT ACCESS BANK

Access Bank Plc. is a full service commercial Bank operating through a network of 383 branches and service outlets located in major centres across Nigeria, Sub Saharan Africa, and the United Kingdom with representative offices in the UAE,China, Lebanon and India

Listed on the Nigerian Stock Exchange in 1998, the Bank serves its various markets through four business segments: Personal, Business, Commercial and Corporate & Investment Banking. The Bank has over 830,000 shareholders including several Nigerian and International Institutional Investors and has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last twelve years ranking amongst Africa’s top banks by total assets and capital.

As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible and socially relevant.

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BUSINESS

AFDB, Fidelity Bank Sign $50m Financing Agreement For MSMEs

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The African Development Bank (AfDB) and Fidelity Bank Plc Tuesday signed a $50 million financing agreement, designed to boost the Nigerian bank’s impetus in promoting the growth of the micro, small and medium enterprises (MSMEs) segment of the economy.

The agreement-signing ceremony in Abuja Tuesday was a formal consummation of the AfDB Board’s October 10, 2018 approval of the facility, which is totally dedicated to financing the MSMEs.

A minimum of 30 per cent of the entire facility will be devoted to wholly women-owned enterprises.

In his remarks at the ceremony in Abuja, the AfDB Senior Director/Country Representative, Ebrima Faao, who signed on behalf of his bank, said the pan-African financial institution was excited with the Fidelity Bank partnership.

“We are excited about this partnership. The lines of credit tended to be general support for SMEs. This one has strong emphasis on gender. It can be considered as a vanguard credit for us.

“Our main focus is to reach out to SMEs to give the much needed impact. We count on you to ensure that the requirement for loan disbursement is okay to enable it reach out to the target audience,” Faao said.

He had previously described Fidelity Bank as a niche player, focused on the SME space, adding that the $50 million credit line will contribute to strengthening its presence in its key market segments.

The Deputy Managing Director of Fidelity Bank, Mohammed Balarabe, who also signed for his bank, stated that this line of credit granted to his bank was principally targeted at the MSMEs.

In an interview with THISDAY, he said: “It’s particularly unique because gender has been brought in mainly because 30 per cent of this loan is to be targeted at MSMEs that are driven by women.

“So, that makes it unique. We are very proud to be partners,” he added.

On the criteria for determining the businesses of the 30 per cent of the loan designed for women, Balarabe said: “Obviously, they have to be run by women. Most importantly, it is aimed at businesses at that low level so that they can catalyse development in the country.”

He noted that the MSMEs sector remains the most active in terms of generating employment and fostering development.

According to him, these accounted for his bank’s consistent targeting of that segment.

“That’s why the AfDB has found us fitting to be one of the banks that will be benefiting for onward lending to MSMEs.

“Fidelity is one of the leading lenders to the segment, but for us, it’s not all about lending. Our engagement with MSMEs is more. We take time to find the needs of such businesses, and work with them on how to run the businesses,” he stated.

He disclosed that when it is absolutely necessary, Fidelity extends a line of credit to such businesses at cheap rates, which are far lower than market rates.

The $50 million AfDB facility is aimed at enhancing Fidelity Bank’s liquidity and helping to meet the demand for medium-term funding to players in the MSMEs segment.

The MSMEs, AfDB believes, account for 30 per cent of Fidelity Bank’s loan portfolio. The selection of the Nigerian bank for the seven-year credit facility, with a two-year moratorium, is based on its strong presence in the MSMEs.

It is also in recognition of the bank’s credit management and strong track record with AfDB.

It had previously received $18 million and $75 million lines of credit from the development finance institution in 2001 and 2013, respectively.

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UBA Celebrates 70 Years Of Excellent Services To Customers At Its Special CEO Awards Gala

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Pan African financial institution, United Bank for Africa (UBA) Plc with operations in 20 African countries and in the United Kingdom, the USA and Paris, over the weekend, celebrated 70 years of operations in an event that was as exciting as it was nostalgic.

Clients, friends and well-wishers from all works of life joined the UBA Group led by the Chairman Mr Tony O. Elumelu, to commemorate 70 years of legacy with the organisation which has over the decades, emerged as one of Africa’s topmost financial giants.

The platinum anniversary of UBA was combined with the bank’s annual CEO awards ceremony as members of staff from all 23 countries of operations who had excelled over the past year were rewarded in the midst of thousands of guests.

In attendance at the epic night of activities, were royal fathers, captains of industry, political leaders, clients and friends of the bank. Some of the guests present were the Ooni of Ife, Oba Adeyeye, Enitan Ogunwusi; the Emir of Kano represented by the Sarkin Shanun of Kano, Alhaji Shehu Mohammed; Former and Present Governors of Cross Rivers State, Donald Duke and Prof Ben Ayade; Governors-elect of Lagos, Ogun and Kwara States, Babajide Sanwo-olu, Dapo Abiodun and AbdulRahman AbdulRazak.

Also present were Pastor Tunde Bakare; Chief Emeka Anyaoku; Otunba Gbenga Daniels; Chief Segun Osoba; Otunba Niyi Adebayo; Dr Jim Ovia; Oba Otudeko; Nnamdi Okonkwo; Rasheed Olaoluwa, amongst many others.

Former Presidents Olusegun Obasanjo and Ibrahim Babaginda who could not attend the event sent in letters of congratulations to commend the bank on its landmark achievements.

The Chairman, UBA Plc, Mr. Tony Elumelu, accompanied by his wife Dr. Awele, remarked that UBA remains a leading financial institution on the continent and hitting the 70th year mark was a laudable achievement.

He said, “It is a time to celebrate UBA’s rich heritage and legacy over 70 years and to tell everyone who has contributed to what UBA is today, that we appreciate all they have been doing and how they have ensured that the investment put into the bank over the past decades have paid off.”

Tony Elumelu who invited all past chairmen, board members and management as well as senior staff both past and present on stage said “These are cherished moments for us, and we’d like to thank all of you who have made it possible for us to be where we are today. Thank you to everyone, our customers, stakeholders and those who have passed through UBA and worked hard to lay a solid foundation for creating a foremost institution. It is an evening worth celebrating for us all. 70 years is a huge number, a milestone achievement” he enthused.

The Group Managing Director/Chief Executive Officer, Mr. Kennedy Uzoka, spoke about the banks’ achievements over the past 70 years and some of its objectives for the coming years, commending staff for their hard work and resilience that have contributed to UBA retaining its position as Africa’s top bank of choice.

“Every year, it is our tradition to appreciate our people who have put in their very best and gone far and beyond the call of duty to deliver excellent services to our customers and this year is even more exciting as we celebrate 70 years of our existence.

Mr Jim Ovia, Chairman of Zenith bank, commended the management and staff of the bank, adding that “UBA remains one of the greatest banks in Sub Saharan Africa. UBA is built to last. I heartily congratulate all staff and shareholders. I should have bought UBA shares but I guess it is not too late to do that’ he stated.

At the celebrations, the story of UBA was depicted in the Tony Award winning Broadway musical of the Lion King. Serengeti depicts the story of the young cub who grew into a strong Lion, in spite of the odds, and empowered all the other animals in the jungle. Great performances by A-list artists such as ‘science students’ crooner, Olamide, Phyno, Patoranking, Dbanj and female sensation, Tiwa Savage entertained the audience of over 2500 guests. The surprise act which ended the night on a high, was the performance by award winning Nigerian artist, Wizkid who delivered nothing but the best in entertainment.

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FCMB Commended For Impressive Performance And Higher Dividend Declaration

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Shareholders of FCMB Group Plc have commended the Board, Management and Staff of the financial institution for recording another impressive performance in 2018 in spite of the challenging macroeconomic and regulatory environment. The commendation was given at the 6th Annual General Meeting (AGM) of the Group held on April 26, 2019, in Lagos.

At the meeting, the shareholders approved the financial results of FCMB Group and payment of a cash dividend of 14kobo per ordinary share for the year ended December 31, 2018. This translates to a total amount of N2.77 billion.

Going by its audited accounts for last year, FCMB Group’s profit before tax (PBT) rose by 73% to N18.4 billion as against N11.5 billion in the preceding year. Gross revenue grew to N177.4 billion, an increase of 4.3% compared to N169.9 billion for the same period in 2017. Net interest income as at the end of 2018 rose by 3% Year-on-Year (YoY) to N72.6 billion.

In a demonstration of the enhanced confidence of customers in FCMB, deposits also increased by 19% YoY to N821.7 billion while loans and advances stood at N633 billion. Total assets went up by 21% YoY to N1.43 trillion, just as capital adequacy ratio was 15.9%.

Commenting on the development and the financial results of the Group, the Chairman of Trusted Shareholders Association of Nigeria, Alhaji Mukhtar Mukhtar, expressed delight on the increased dividend payment. According to him, ‘’This is an excellent result achieved by FCMB Group in a period of low economic activities in the country. I am highly impressed with the Group’s balance sheet quality which witnessed high growth. This shows vigorous policies that have positively impacted on and optimized the balance sheet. Another significant aspect of the performance of FCMB is the growing contributions of the subsidiaries in the profit margin. The 14kobo dividend declaration signals FCMB’s commitment to improving the lots of shareholders’’.

On his part, the National Chairman of Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie, said, ‘’FCMB and its subsidiaries have done very well in terms of dividend payment and the overall performance, including the loans portfolio which is also encouraging. The fact the Bank has been able to increase its branch network is an indication that it is expanding. I believe that FCMB will build on this performance’’.

Presenting his report, the Chairman of FCMB Group, Mr. Oladipupo Jadesimi, said, ‘’In 2018, we continued to move forward on the path of good governance, strengthening and improving our corporate governance structure and bringing it into line with our long-term strategy and the highest international standards. This was in order to increase the confidence of our shareholders, investors and other stakeholders in an environment that is demanding even more transparency’’.

He added that, ‘’the Board of Directors, fully engaged and committed to the Group’s corporate culture and strategy, has the experience, knowledge, dedication and diversity needed to accomplish our objective of making FCMB one of the leading financial services groups of African origin, helping people and businesses prosper and upholding our adopted of execution, professionalism, innovation and customer focus’’.

Also speaking at the AGM, the Group Chief Executive of FCMB Group Plc, Mr. Ladi Balogun, said, ‘’the Commercial and Retail Banking Group (which includes First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited) grew its profit by 61%, driven by improved performance in our consumer finance business and increase in fees and commissions. Commercial and Retail Banking remain our largest group, contributing 83% of profit. Our banking franchise continued to grow as reflected by a 20% rise in deposits and our customer base also grew by 20% to 4.9 million customers’’.

Mr. Balogun also reported that, ‘’the pre-tax profit of our Investment Banking Group (FCMB Capital Markets Limited and CSL Stockbrokers Limited) increased by 24% in 2018. This performance was driven by higher conversion of our investment banking deal pipeline as well as cost efficiencies. Our stockbroking business maintained its position as a top-three player in its sector’’.

The Group Chief Executive informed shareholders, ‘’Our Asset & Wealth Management franchise (FCMB Pensions Limited, First City Asset Management Limited and CSL Trustees Limited) increased combined assets under management to over N310 billion (24% increase). In spite the reduction in fees charged by pension fund administrators by the primary regulator, our asset management businesses increased pre-tax profits by 15%. We acquired additional shares in FCMB Pensions Limited (formerly Legacy Pensions Limited) to increase our stake from 88.2% to 91.6% in 2018’’.

He assured shareholders and other stakeholder that 2019 would see continued growth along all key indices for the Group, especially those around profitability, deposits, customer numbers and assets under management.

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