Ecobank Nigeria unveils Admiralty Way Branch with 24/7 digital experience centre

Ecobank Nigeria has unveiled a state-of-the-art branch and digital experience centre strategically located at the heart of the highbrow Admiralty Way in Lekki area of Lagos. Officially opening the branch to the public, Managing Director/Regional Executive, Patrick Akinwuntan said it is part of the bank’s digital transformation drive to provide seamless world-class banking services to its customers. He reiterated that the new branch will in addition to providing regular banking services, cater  for high end customers through its dedicated Premier Lounge, as well as reach out to the youthful public within and around the Admiralty Way Lekki corridor through the Digital Experience Centre.

“For us as a bank, this new branch is part of our transformation efforts to satisfy our customers. The branch comes with full complement of banking services; 24/7 Digital Experience Centre and Dedicated Premier Lounge. It promises to offer customers the latest in banking technology. I assure our customers that Ecobank is well-positioned to meet and surpass their expectations through its seamless and world-class digital products and services, as we have put in place initiatives that enables us serve the customer better, ensuring their satisfaction at every interaction with us”. He stated.

Ecobank Nigeria is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals. It is a major player in the distribution of financial services in Nigeria, leveraging digital platforms including Ecobank Mobile App and USSD *326#, Ecobank Online, Ecobank OmniPlus, Ecobank Omnilite, EcobankPay, Ecobank RapidTransfer, ATMs, POSs and an extensive distribution network of over 250 branches and about 30,000 agency banking locations.

Ecobank Nigeria Ltd. is a subsidiary of the Ecobank Group, the leading pan-African banking group with operations in 33 African countries and an international presence in four locations (London, Paris, Beijing and Dubai).

Banks’ credit to economy rose to N23.5tn – CBN

The Central Bank of Nigeria (CBN) has revealed that Banks’ gross credit to the Nigerian economy rose to N23.5tn in November this year.

The apex bank, in a new report, revealed that it strengthened the Loan-to-Deposit ratio policy which resulted in a significant rise in loans provided by financial institutions.

“Total gross credit rose by over 21.1 percent over the past year, from N19.4tn to N23.5tn,” it said.

The CBN said it created a N50bn target credit facility through Nirsal Microfinance Bank, against which N363.5bn had been disbursed to over 767,000 Nigerian households and small businesses.

It added that it mobilised key stakeholders in the Nigerian economy under the Private Sector Coalition Against COVID-19 team that raised N39.64bn to support the fight against the scourge.

The report noted that the funds were used for the provision of palliatives in the form of essential food items to 1.7 million households, an equivalent of eight million Nigerians; and improving awareness in rural awareness on the COVID-19 virus and capacity building for community health workers”.

The CBN said it had also created a N1tn facility in loans to boost local manufacturing and production across critical sectors, of which 53 major manufacturing projects, 21 agriculture-related projects, and 13 service projects were being funded from the facility.

It added that it provided N100bn intervention fund for pharmaceutical companies and healthcare practitioners to expand and strengthen the capacity of the nation’s healthcare institutions.

The CBN said, “We have increased this fund to N200bn to accommodate more players in the healthcare sector, such as phytomedicine practitioners and manufacturers of medical devices and vaccines.

“Our primary focus is to create a hub where medical officers can have access to diagnostic equipment to carry out quality medical services at an affordable price for Nigerians.”

Polaris Bank, Eventful Lift 3 Firms with business expansion grants at The Fashion Souk

Polaris Bank and Eventful Limited have reinforced their support for Nigeria’s Small & Medium Enterprises (SMEs) sector with three firms empowered at the just-concluded 5th Lagos Fashion Souk to further grow their businesses.

While handing the cheques to the winners, who were successful in a business pitch, Polaris Bank’s Managing Director/CEO, Mr. Innocent C. Ike, disclosed that the most important factor required by existing and budding entrepreneurs is to get investors interested in their businesses is the entrepreneurial spirit.

Aside from the business pitch winners, special prizes were also given to the Most Original Store and Best Decorated Store at the Fashion Souk. The winners were given equipment grants by Polaris Bank to further expand their businesses.

The overall winner of the pitch, Mrs. Oluwatosin Ogunbanjo, who runs a leather bag and shoe company, Avenue 7, got N750,000 and first runner-up, Victoria Udoh, a painting on Fabric Company, Vudoh was given N500,000 while the second runner-up, Tunde Issa, a Tailor and Founder of male clothing line company, RoyalKlassicKoutoure, went home with N250,000.

The hugely attended one-day Fashion Souk/business fair which was held at the prestigious Harbour Point facility in Victoria Island, Lagos, on Sunday, provided a platform for more than 150 SMEs in Nigeria’s fashion industry to showcase their creativity, product lines, and economic potentials. Some of the SMEs categories at the fair included: manufacturers, retailers, leather, and jewelry/accessories.

The objective of sponsoring the Fashion Souk according to Polaris Bank was a reinforcement of its support to SMEs as the catalyst for propelling the growth of the Nigerian economy.

Shedding more light on how fundamental entrepreneurial spirit is for business success, the Polaris Bank CEO said he has a habit of telling entrepreneurs that what makes the difference, “Is the creative idea that an entrepreneur has and the ability to sit down and put it together diligently in a well-articulated manner.”

He added that “Creative ideas are the only way to attract funding from banks and individuals who will like to invest in the idea because they will see clearly that it is viable. He said the only way an entrepreneur can achieve that is by sitting down and putting his thoughts together and by making sure he crosses all the T’s and dots all the I’s.”

According to the Polaris Bank CEO, “When such a business proposal is presented to any investor Bank, it will be very convincing and such an entrepreneur will not get a ‘no’ for an answer.”

Earlier in her address too, Chairman of Eventful/Convener of the Event, Mrs. Yewande Zaccheus, appreciated Polaris Bank for consistently supporting SMEs in the country over the years, remarking that the Bank is not only talking but actually putting its money where its mouth is and urged the Bank to sustain the Partnership for a sustainable Fashion Souk.

The highlight of the Fashion Souk was the product launch that SMEs could leverage the Bank’s loan products like Polaris Business Loan, Invoice Discounting facility and LPO financing among others were pitched with the participating SMEs.

The Bank has developed SME-friendly products to cater to the needs of SMEs based on sector/industry-specific, ranging from SMEs in the Health sector, Education, Manufacturing, General business, Agriculture, Export, Creative Industry, etc.”

Polaris Bank also provides business advisory at no cost while SMEs are encouraged to send in their business proposal for review via- smebusiness@polarisbanklimited.com

Aside Polaris Bank, the fashion fair also featured product launches by other top participating Fashion companies like Arami, Tara, Mobos, and Zaron; as well as runways by Clatural, Aaboux/Cornocupia, Woora, and Dyelab, among others.

Nigeria’s fashion sub-sector has huge and untapped potentials capable of reducing the rate of unemployment in the country. According to statistics by the Fashion Association Designers of Nigeria (FADAN), Nigeria’s fashion industry is valued at $10 billion. Africa Development Bank (AfDB) also projects the global fashion industry’s worth to be over $2.5 trillion with Africa’s share estimated at less than 1% of that value in 2020, putting Africa’s entire textile/clothing market at more than $31 billion.

Stanbic IBTC emerges Most Outstanding Commercial Bank Brand in Nigeria

Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, was named the “Most Outstanding Commercial Bank Brand in Nigeria” at the 2021 edition of the BrandCom Awards which was held recently.

The awards, organised by Brand Communicator Magazine recognised brands, organisations, and personalities. It took cognisance of their outstanding contributions to the growth and development of the Nigerian economy.

Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, appreciated the organisers for the award and noted that Stanbic IBTC Bank has over the years provided unparalleled services and designed products tailored explicitly towards meeting the needs of its customers.

Wole noted that the award would spur the organisation to continue providing excellent services to its clients. The awards reaffirm the organisation’s commitment to providing world-class financial services to its network of clients.

The Stanbic IBTC Bank Chief Executive said: “We are delighted to have emerged the “Most Outstanding Commercial Bank Brand” at the BrandCom Awards. This award confirms that we prioritise our customers’ interests because they are the reason we are in business. We pledge to continue developing innovative products and services that are customer-centric, just as we are committed in our quest to continue fulfilling the financial needs of our customers at all times.”

Wole added that Stanbic IBTC would strive to continue exceeding its customers’ expectations.

Stanbic IBTC remains committed to providing a simplified customer-friendly experience that enhances customer satisfaction and exposes them to new trends in the financial services industry