E-Financial
Access Bank: Between fact and fiction
By Jackson Ugbechie
One noble attribute of the average African is that he or she seeks opportunity to do good. The African man is his brother’s keeper.
This finds strong expression in an Igbo adage: “Let no one leave his kindred behind.” Access Bank and its Group Managing Director, Herbert Wigwe, just did that as Nigeria and indeed the rest of the world buckle under the Covid-19 pandemic.
Wigwe and his bank donated N1 billion apiece to a common purse managed by Central Bank of Nigeria (CBN) under the auspices Coalition Against Covid-19 (CACovid).
The donation was not directly to the Federal Government. It was to be administered by the apex bank for the building of isolation centres and acquisition of other medical facilities to combat the pandemic. Other corporate bodies and good-hearted Nigerians also contributed to the purse. By last count, over N27 billion had been donated into the purse.
Africa’s richest man, Aliko Dangote, oil magnate Femi Otedola are among the donors. Politicians like Bola Ahmed Tinubu and Atiku Abubakar also made donations in their own unique ways. It was clearly a freewill donation. Corporates who donated only fulfilled a part of their corporate social responsibility, CSR. Every year, corporate organisations vote millions and billions for CSR, as a way of giving back to the society. In recent years, CSR has become an integral component of corporate budgets and budgeting.
It helps to give capitalism a human face. It’s become a powerful public relations tool. If you make money from a community, it’s only fair that you donate to the same community.
It is part of global best practices. Corporates now recognise that an organisation is as good as its environment; that profit is not everything but impact is. Wigwe and his bank chose the path of impact. They chose to add value to society, to be a part of the solution to a plague that got the whole world into a lockdown mode. The efforts of these corporates and individuals is noble and commendable, especially as they are not under compulsion to give.
What they donated was used to build isolation centres in all the six zones of the country. It was to serve all Nigerians, poor or rich, irrespective of ethnic configuration. And truly, all categories of Nigerians have been profiting from these donations. The very fact that Nigeria has been able to increase the number of test centres, increase number and capacity of medics and successfully treated and discharged over 480 covid-19 patients owes largely to the efforts and goodwill of these donors. It’s therefore unfair to vilify any of these donors under any guise.
Wigwe, a chartered accountant, banker and economist while explaining reasons for the donation said: “In our characteristic manner of offering ‘more than banking,’ Access Bank is at the forefront of the fight against COVID-19. Through our various projects, we are looking to support the government and the Nigeria Centre for Disease Control (NCDC) by providing facilities that can serve as both testing and isolation centres.
“Despite the strides being made, we implore all Nigerians to adhere to stipulated social distancing guidelines, and practice regular hand-washing as directed by the World Health Organization. We are positive that we can beat the spread of the virus, if we all comply with the safety measures as advised by the NCDC and WHO,” he stressed.
Worthy of note is the fact that the same bank made similar donation in Ghana and got rave commendation, not denigration. Access Bank donated a fully equipped ambulance to the University of Professional Studies, Accra (UPSA) to improve health care delivery on campus and in the community in which it operates. The ambulance, which will be managed by the UPSA Clinic on campus, is equipped with basic emergency kits such as oxygen inhaler, fire extinguisher, stretcher among others. While the bank has been roundly commended in Ghana for its gesture, the contrary is the case in Nigeria where it gave even more. Is this a case of a prophet not being honoured at home?
Outside Africa, other public-spirited individuals and corporates have continued to make donations in cash and in kind. Chinese billionaire and e-commerce mogul Jack Ma has his donations shared across the world including Nigeria. World richest man, Bill Gates of Microsoft fame, through his foundation has been dishing out money to find a cure for the virus. He has already splashed $250 million of his money for this cause. He, too, needs commendation, not vilification.
It is therefore shocking to hear some Nigerians pour venom on Wigwe and his bank for making donations in the manner they did. It is an act of ingratitude to say the least. His maligners point to an imaginary sacking of Access Bank staff and an anticipated cutting of salary of staff as reasons for their criticism. Here, they miss the mark. The bank has not sacked any staff on account of covid-19 economic impact. Staff sacked were non-essential casual workers inherited from Diamond Bank which it acquired recently. Staff rationalisation is usually a consequence of mergers and acquisition. To continue to hold to the notion of staff layoff, therefore, is to continue to dwell on fiction, not fact.
Even with the intervention of CBN on staff layoffs, the impact of covid-19 on businesses cannot be ignored. Some Nigerian corporates including media houses have served notices to staff of inevitable layoff. The biggest and profitable global conglomerates have furloughed staff, some embarking on outright sack. General Motors, Scandinavian Airlines (SAS), Air Canada, Marriot (the world’s largest hotel conglomerate), Tesla (the automobile maker) have furloughed staff in thousands. The sombre song is same in South Africa and other parts of Africa, Asia and Europe. Note that most of these corporates also donated for the cause of Covid-19 in their respective countries. Commercial ventures are no charities. They mind the bottom-line.
Singling out Wigwe and his bank for purloining on a false premise of staff layoff is a show of ingratitude to a man of immense goodwill and a corporate citizen that has a history of public good. The Malaria to Zero initiative, Access Lagos Marathon, the “W” Initiative which seeks to broaden women participation in entrepreneurship, the UNICEF Charity Shield Polo Tournament 2016, and Health Awareness Programs focusing on awareness and sensitization on: Sickle Cell, Diabetes, HIV/AIDS, Cancer, Obstetric Fistula amongst other health-related challenges are a few of the many public-good ventures undertaken by the bank. Wigwe and his bank deserve garland, not guillotine.
- Ugbechie writes from Abuja
Securities and Exchange Commission (SEC) has warned the public against investing in unregistered investment schemes, including Silverkuun Investment Cooperative Society/Silverkuun Limited.
In a circular issued in Abuja, yesterday, the commission said its attention had been drawn to the activities of these entities, which falsely present themselves as investment advisers and fund managers in the Nigerian capital market.
“The attention of the Securities and Exchange Commission has been drawn to the activities of Silverkuun Investment Cooperative Society/Silverkuun Limited which holds itself out as an Investment Adviser/Fund Manager.
“The Commission hereby informs the public that Silverkuun Investment Cooperative Society/Silverkuun Limited is not registered to operate in any capacity in the Nigerian Capital Market.”
SEC advised the public to refrain from engaging with Silverkuun Investment Cooperative Society/Silverkuun Limited or its representatives in respect of any business in the Nigerian capital market.
“The Commission uses this medium to reiterate that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to financial risk including fraud and potential loss of investment.
“The investing public is therefore reminded to verify the status of companies and entities offering investment opportunities on the Commission’s portal before transacting with them,” the SEC added.
Dr. Emomotimi Agama, director-general of the SEC, recently warned that the Commission would not hesitate to shut down the operations of such unregistered entities while also ensuring that the promoters are made to face the full weight of the law.
Agama said, “we will shut down their operations and the promoters will be made to face the full weight of the law.
“In a major reform, ISA 2025 officially brings digital assets under the SEC’s regulatory purview, defining them as securities and mandating registration for all virtual asset service providers (VASPs) and digital asset exchanges. This development aims to close the regulatory vacuum that has allowed many Ponzi-style platforms to thrive under the guise of cryptocurrency and digital finance.”
Agama also emphasized the Commission’s education-focused strategy to combat fraud through podcasts, digital campaigns, and the introduction of capital market literacy in schools and universities, the SEC aims to equip Nigerians with the knowledge to detect and avoid dubious investments.
Africa’s cross-border payments market is on track to hit $1 trillion by 2035, according to a new report by venture capital firm Oui Capital. Titled “Africa’s Cross-Border Payment Landscape—a deep dive into the systems, players, and shifts shaping Africa’s cross-border payment flows,” the report states that the market is currently valued at $329 billion and growing at a compound annual growth rate of 12%.
It identifies Africa’s booming digital adoption, increasing intra-African trade, and a surge in mobile money usage as the key growth drivers.
Despite the impressive growth, the report highlights systemic inefficiencies.
“Legacy rails, double currency conversions, and fragmented regulations still siphon billions in hidden costs,” Oui Capital states, noting that the continent continues to have the highest global remittance costs, averaging 7–8%.
However, digital innovation is helping reshape the landscape. Mobile money is now a key channel, with 30% of Sub-Saharan remittances flowing through mobile wallets.
In 2022, Africa accounted for 66% of global mobile money transaction value, demonstrating the rapid formalisation of what was once a predominantly informal cash ecosystem.
Oui Capital sees significant investment potential in addressing these inefficiencies. “Infrastructure plays—interoperable API layers, decentralised FX liquidity pools, and PAPSS integrations—represent $10 billion-plus opportunities,” the report says.
The Pan-African Payment and Settlement System is one such initiative pushing for local currency settlements and reduced reliance on USD/EUR clearing, which presently adds around $5 billion in annual costs.
According to the report, cryptocurrencies and Stablecoins are emerging as promising alternatives, cutting remittance costs by up to 60% in markets with clear regulations.
“Fintech APIs are already pushing fees as low as 1.5–3%,” the report notes.
Still, the venture capital firm warns that challenges persist as only 55% of African jurisdictions allow full electronic KYC, limiting the scalability of fintech solutions.
The report urges founders to go beyond peer-to-peer transfers by embedding services like lending and insurance.
“Africa’s payments race is now a scale game. Those that solve for liquidity, compliance and cost will define the continent’s digital trade backbone over the next decade,” it concludes.
Chartered Institute of Bankers of Nigeria has expanded its Agency Banking Certification Programme through a tripartite collaboration between the Institute, FIC, and SANEF Limited.
This partnership according Prof. Pius Deji Olanrewaju, President/Chairman of Council the Chartered Institute of Bankers of Nigeria, CIBN, is timely and strategic, “as we aim to broaden the reach of the certification across Nigeria’s agent banking sector. With SANEF’s deep integration in the financial inclusion ecosystem and established relationships with leading super agents, we are confident that this collaboration will strengthen the quality and visibility of the programme.
“The goal is clear, to enhance professionalism among agent bankers, support the national financial inclusion strategy, and contribute to building trust and integrity within this growing segment of the financial services sector. This collaboration presents an excellent opportunity for further implementation of the competency framework for the banking industry in Nigeria”.
He noted that the collaboration among others is part of his LEGACY agenda which highlights the multifaceted role of financial institutions in shaping Nigeria’s economic future.
The letter C in the LEGACY agenda refers to Competence in the banking and Finance industry, which is a very crucial factor in the banking and finance sector. Competent individuals in this industry are equipped with the necessary knowledge and skills to effectively manage financial resources. Individuals with expertise in this field can contribute to the growth and stability of the economy.
Mrs. Uche Uzoebo, Managing Director/Chief Executive Officer, Shared Agency Network Expansion Facilities, SANEF, described the memorandum of Understanding, MoU, as a visionary partnership that seeks to expand Financial Inclusion through Agent banking training, Financial Literacy and knowledge impartation, an objective that forms a key pivot of what SANEF represents.
“Over the years, SANEF, in strong collaboration with our key stakeholders, Banks and Licenced Super-Agents/Mobile Money Operators and other Financial Service Providers, have continued to deepen the frontiers of Financial Inclusion and agent bank. Financial Literacy and training have remained a key part of this objective.
“This MOU ceremony is a fulfillment of a shared vision through the expansion of Agent Banking, Financial Literacy, capacity building, thought leadership, training and competency.
She further explained that the agreement provides a training structure with well-curated and knowledge filled training modules and materials that will deepen the knowledge and capacity in agent banking.
“It will go ahead to deepen and expand the knowledge and capacity of all participants that will take part in this training and we believe that with the quality and cooperation of all parties present, this very important objective of impartation of knowledge and thought leadership, grooming and training minds to be empowered and learned and contributing our quota to nation building and be a better place,” she added.
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