Connect with us

E-Financial

Ecobank Obtains $200m Loan from Dutch Bank for SMEs

Published

on

 

A syndicated loan facility worth $200 million has been secured for Ecobank Transnational Incorporated (ETI) by the Dutch development bank (FMO), Business Post has learnt.

 

The loan would be used by Ecobank to fund a number of subsidiaries across its network of 36 African countries, the bank said on Monday.

 

The $200 million 5-7 year syndicated debt facility is the second syndicated loan facility for the Ecobank Group arranged by FMO in recent years.

 

In line with the Ecobank Group’s strategic development objectives, at least 75 percent of the loan facility will be directed to SME’s across various sectors of the economy.

 

FMO arranged the syndication and kept a stake of $58.5 million for its own account with other DFIs and impact investors providing contributions as follows: DEG–Deutsche Investitionsund Entwicklungsgesellschaft mbH (€21 million), Proparco (€21 million), Belgian Investment Company for Developing Countries-BIO ($15 million), Development Bank of Austria-OeEB ($15 million), Blue Orchard ($30 million), Symbiotics ($21.5 million) and Oikocredit ($10 million).

 

Commenting on the loan facility, Ade Ayeyemi, Ecobank Group CEO, said, “ETI is pleased to conclude this financing arrangement with FMO, who have been able to bring a significant number of players to the financing table.

 

“The transaction will greatly enhance our capacity to serve our SME clients, who continue to be a very important market segment for us.”

 

On his part, Mr Jürgen Rigterink, Chief Executive Officer of FMO, noted that, “FMO is proud to have arranged this successful syndicated loan agreement for our long-standing partner Ecobank Group. Through this investment we support small and medium-sized enterprises in some of the most underbanked countries in Africa.

 

“Although SMEs in these countries provide the majority of jobs, their access to finance remains limited. We are really happy to bring new investors to these markets and help to spur economic growth where it is needed most.”

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

E-Financial

Regulators Mull Clampdown on Accounts, GSM Phones Used for Fraud

Published

on

Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) may soon introduce a scheme that will enable banks and telecommunications companies to ban owners of any bank account or the Global System for Mobile Communications line traced to fraud.

 

The CBN, NCC is reportedly working with the Nigeria Deposit Insurance Corporation (NDIC) following the spate of electronic fraud involving (USSD banking) telephone lines and Internet banking transfers.

 

When introduced, owners of any bank account or GSM line traced to any fraud case, especially electronic fraud, would be banned for life from operating any bank account or GSM in Nigeria.

The pervasive electronic banking fraud in the banking sector has left customers, banks and regulators waxing worriedly.

 

Some experts claimed that the most significant risks to banks are self-serving or criminal acts carried out by some insiders.

 

According to them, when these insiders use their technical knowledge to alter or disable security controls, it can be even more difficult to detect abuse.

 

But it becomes more dangerous when insiders conspire with criminals outside, showing that depositors money in the banks are not safe.

 

For instance, fraudsters now inundate banks’ customers with SMSes to authenticate accounts with banks.

 

The preciseness of the messages with accompanying data show they could only have gotten the details from insiders in the banks.

Elsewhere, cyber security experts have also  berated telecommunications operators over the prevalence of SIM swap fraud in the country, arguing that such fraud could be possible with an insider in the network operator of the subscriber that is targeted.

 

SIM swapping is a sophisticated form of fraud and falls under social engineering. Fraudsters will distribute phishing emails, trying to ascertain as much personal information from victims as possible.

Continue Reading

E-Financial

FCMB Promotes Entrepreneurship Among Youths

Published

on

First City Monument Bank, FCMB, has sponsored capacity building programme for almost 1,000 members of the National Youth Service Corps, NYSC.

Tagged: ’Youth Entrepreneurship and Empowerment Programme’, it was in partnership with Activate Success Foundation.

Commenting on the initiative, Mr. Olu Akanmu, Executive Director, Retail Banking at FCMB,  said: “FCMB Flexx account empowers Nigerian youths with the entrepreneurial and employability skills they need. Many youths set up their own businesses from their campuses.

FCMB will be there with them to provide the necessary entrepreneurial and business skills they need to make great successes out of their businesses.

FCMB will also provide great support for the youth businesses and work with them to nurture and grow the youth entrepreneurial ventures.”

Also speaking, Founder Activate Success, Love Idoko said: ‘’I have a penchant for motivating people. There are business-minded youths out there that are just looking for mentorship or business ideas and funds to start their businesses.”

Continue Reading

E-Financial

Global Heists on ATM Machines Imminent- FBI

Published

on

America’s Federal Bureau of Investigation (FBI) has warned banks in Nigeria and others across the globe that criminals are gearing up to execute a global bank heist in the coming days.

 

In a recent confidential alert FBI told international banks that criminals are plotting a concerted global malware attack on cash machines in the next few days.

 

The FBI issued a warning about a highly choreographed fraud scheme known as an ATM “jackpotting”, or ATM cash-out,” in which crooks hack a bank or payment card processor and use cloned cards at cash machines around the world to take out millions in just a few minutes.

 

The alert said the agency had procured information indicating an attack was imminent and that it was likely an “unlimited operation,” which uses malware to exploit network access and get customers’ card information at a large scale.

Once the criminals get the card data, they create fraudulent copies using reusable magnetic strip cards (like gift cards) and hit the ATMs.

 

“Historic compromises have included small-to-medium size financial institutions, likely due to less robust implementation of cyber security controls, budgets, or third-party vendor vulnerabilities,” reads the confidential alert, which was sent to banks last Friday.

 

“The FBI expects the ubiquity of this activity to continue or possibly increase in the near future.”

 

The alert urges banks to review their security systems and use two-factor authentication with a physical or digital token.

 

Other tips include monitoring and limiting administrator and business accounts with the authority to modify typical fraud controls like maximum withdrawal amounts and number of daily ATM transactions.

Continue Reading

Trending

Copyright © 2017 Communication Week Media Limited.