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Heritage Bank Plc, Nigeria’s most innovative banking service provider, has partnered Entrepreneurship Development Centre (EDC) of the Pan African University (PAU) as part of its strategic plan to identifying and supporting Micro, Small and Medium Scale Enterprises (MSME) in the country.

The Bank supports EDC to also celebrate “Global Entrepreneurship Week (GEW)”, a celebration of the innovators and job creators, who launch startups that bring ideas to life, drive economic growth and expand human welfare.

During one week each November, GEW inspires people everywhere through local, national and global activities designed to help them explore their potential as self-starters and innovators.

GEN helps people in 160 countries unleash their ideas and turn them into promising new ventures—creating jobs, accelerating innovation and strengthening economic stability around the world.

To this end, Heritage Bank, which is a bank that is well known for supporting small businesses, has deliberately focused on the SME segment in a bid to create a fresh set of vibrant entrepreneurs that will create jobs and distribute wealth in the Nigerian economy because of recent statistics which indicate high unemployment among the youths that make up a large percentage of the population.

The event see chief executive officers among other discuss with SME operators and train them on a variety of issues on how to grow their businesses.

According to a statement from the bank:“Both entrepreneurship and participation of women in the workforce are powerful accelerators for sustainable economic growth, yet women continue to remain as one of the most untapped resources in the world. A total of 421 small business start ups professionals were produced this year.

Heritage Bank and EDC are providing new networks and better access to capital to help women entrepreneurs overcome barriers along their path to success and encourage others to follow their path.”

The Director of EDC, Pan African University (PAU), Dr. Peter Bankole, while speaking at the event was quoted in the statement as saying that: “This is the grand finale of Enterprise Development Center (EDC) for 2016 where we bring graduates under this platform to dine and wine in a special way and more so, to celebrate them as great achievers.

What makes this year’s unique is that EDC and Heritage Bank have produced another set of vibrant graduates at a period when the nation is in need of their acquired skills to help equip themselves and others which can cause reduction on the negative impact recession has caused the nation’s economy.

Recession is bad for every sector in the economy hence, there is the need for individuals to wake up from slumber and take action especially by attending subsequent editions of EDC/Heritage Bank programmers as solution”

BIG STORY

Kings of Finance: GTBank Named Africa’s Most Admired Finance Brand

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Guaranty Trust Bank plc has been ranked Africa’s Most Admired Finance Brand in the 10th-anniversary rankings of Brand Africa 100: Africa’s Best Brands, the pre-eminent survey and ranking of the Top 100 admired brands in Africa. The rankings were announced in a novel global virtual event and will be published in the June issue of the African Business magazine.

In a special report examining the results of the 2020 survey, the founder of Brand Africa, Thebe Ikalafeng, said GTBank’s “clever marketing, global presence and some of its flagship food and fashion events have undoubtedly helped make it a fixture of daily life in some of its key markets, especially its home base Nigeria.” He added that the bank, which recently won plaudits for building a 110-bed Care Centre in response to the Covid-19 Pandemic, “has taken banking and finance to the people.”

GTBank has long been regarded as one of Africa’s outstanding brands and enjoys a massive youth following thanks to its innovative and forward-thinking approach to financial services and customer engagement. It currently commands the largest social media following amongst all financial institutions in Africa and in 2019, the Bank hosted over 700,000 people at its consumer-focused events, GTBank Food and Drink Festival and The GTBank Fashion Weekend, among them dozens of business leaders and industry experts from around the world.

In 2019, GTBank removed all banking charges for young undergraduates under the age of 25 on its GTCrea8 Account Package. The move was unprecedented in the financial services sector but not unusual for a bank that had pioneered Zero-Naira Account Opening in the country, and in which people over the age of 65 also bank for free. GTBank is also blazing the trail in digital technologies; after leading the USSD banking revolution in Nigeria with its 737 Service, the bank is driving the digitization of consumer lending with Quick Credit, a first-of-its-kind digital lending product that gives individuals and small businesses instant, real-time access to loans anytime, anywhere via their mobile phones.

Brand Africa’s ranking of GTBank as Africa’s Most Admired Finance Brand is only one of its many accolades. In 2019, the was recognized as the Best Bank in Africa and Best Bank in Nigeria, by the Euromoney Magazine and the Best Banking Group and Best Retail Bank Nigeria by World Finance Magazine. In the same year, the Bank also dominated the Central Bank of Nigeria’s Electronic Payment Incentive Scheme (EPIS) Efficiency Awards for the third year in a row, taking home 8 of the 12 honours for banks at the forefront of driving the digitalization of financial services.

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COVID-19: CBN Issues Directive To Banks, Reduces Interest Rates

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The Central Bank of Nigeria (CBN) has reduced interest rates on its facilities through participating in Other Financial Institutions (OFIs).

The rate has been slashed from 9 to 5 percent per for one year, effective March 1, 2020.

This was contained in a circular to banks on Wednesday by the Director of Financial Policy and Regulation Department, Kevin Amugo.

Similarly, CBN intervention facilities obtained through participating OFIs, Microfinance Banks (MFBs), Primary Mortgage Banks, among others would be given a further one-year moratorium on all principal repayments.

This is also effective on March 1, 2020.

OFIs have equally been granted leave to consider temporary and time-limited restructuring of the tenor and loan terms for households and businesses, subject to the recently issued guidelines for restructuring affected credit facilities in the OFI sub-sector.

The Director, Corporate Communications Department, Isaac Okoroafor, said the decisions were part of the bank’s efforts to cushion the effects of coronavirus on Nigerians, businesses and regulated institutions.

He assured that the CBN would also continue to monitor developments and implement appropriate measures to safeguard financial stability and support stakeholders impacted by the COVID-19 pandemic.

However, the Monetary Policy Committee (MPC) meeting of the CBN for the month of May will be held on Thursday.

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BUSINESS

GTBank Celebrates Children’s Day

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