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Heritage Bank Plc has announced the restructuring of its workforce, as part of efforts geared towards greater efficiency and resource optimization, in line with its growth and industry innovative agenda designed to strengthen the bank’s business across all markets where it operates.
According to a statement from the bank, the restructuring processes was to up scale the institution’s activities in the strategic sectors of the economy as well as concentrating on and deploying its expertise and competences to specific business areas where it enjoys comparative business advantage.
It hinted that the recent restructuring came after a review of senior staff bench strength and industry standards and realigned certain roles bank wide and those who were affected by the exercise were adequately compensated.
The bank also disclosed the elevation of some members of its workforce with higher responsibilities, which is in line with its on-going determination to reposition.
There is no doubt that the banking industry like every other sector in the country is going through rough times occasioned by the downward trend in the economy, hencethe move was part of the bank’s strategic plan to keep a vibrant workforce that will enable the bank achieve its vision of being the Nigerian most innovative banking of choice in service delivery, superior returns to its various stakeholders and as well contribute to the growth of the nation’s economy.
This position is buttressed by the fact that the bank is well known for supporting small businesses, which is another way of bringing as many small businesses as possible together in a bid to add value to MSME sector of the economy.
Heritage Bank 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.
One of its initiatives in the MSME sector is its partnership with the Central Bank of Nigeria (CBN) and the National Youth Service Corps (NYSC) under the N3billion CBN Youth Innovative Entrepreneurship Development Programme (YIEDP) which is targeted at youth, particularly current serving National Youth Corps members and those within five years post-service exit.
The bank launched a N500 million Young Entrepreneurs and Students (YES) Grant in Lagos. The initiative, which is in partnership with the Nigerian Youth Professional Forum (NYPF), will, according to the bank, support students and young entrepreneurs toward socio-economic freedom.
Also, in furtherance of its commitment to creating jobs and wealth, Heritage Bank in partnership with the Center for Value Leadership (CVL)developed various impact-driven programmes to empower the youths and women particularly in the under-developed communities in Lagos State and one of these is the Young Entrepreneurship Business Training Programme (YEBTP).
The YEBTP is a programme aimed at grooming, mentoring, and financing 100 aspiring and existing young micro entrepreneurs in Ajegunle, Lagos State. This will be achieved in the form of a grant scheme of about N8.5million, in which the funds will be used to purchase the equipment needed by the entrepreneurs to start their businesses.

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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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GTBank Celebrates Children’s Day

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