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Ecobank Applauded Over Its Innovative Digital Technology
Experts and industry stakeholders at the Ecobank forum have applauded the banks huge investment in innovative digital technology.
With proper engagement, transparent exchange rate and a pan African Bank such as Ecobank that has innovative digital technology, Nigeria can attract high inflow and volume of Diaspora remittances which can be compared with such countries like India, Israel, Indonesia and others, they say.
Speakers and panelists made the submission during a virtual summit on: “Financial Services & Remittance Solutions for Nigerians in Diaspora: Leveraging Ecobank’s Pan-African offering as the Nation Celebrates 60”.
The webinar which held on Sunday night was part of the Ecobank Digital Series.
Patrick Akinwuntan, Managing Director, Ecobank Nigeria, in his opening speech noted that there was growing evidence that Diaspora remittances was impacting positively on the economies of various countries of the world.
He put the total annual remittances to Nigeria at about $20 billion which he said, contributes hugely to the country’s foreign exchange earnings.
According to him, apart from constant engagement with Nigerians in the Diaspora, the bank is leveraging its digital technology through its Rapidtransfer App and Ecobank mobile App to make it easy and affordable for Nigerians abroad to remit money to their home country.
” Our dedicated Rapidtransfer, mobile remittance app is a game changer for the market. It enables Africans and indeed Nigerians wherever they are to easily and instantly send money to bank accounts, mobile wallets and cash collection in – and across – 33 African countries.
“Historically, the cost of sending cross-border remittances to Africa has been far too high at about 6%-7%. Similarly, the process to send funds has long been inefficient and burdensome, with customers typically needing to go physically to an agent sometimes late in the night or in poor weather with attendant discomfort and risks.
“The Rapidtransfer app remittance solution is a quick, easy and reliable digital solution that removes all of these issues. It is indeed a game-changer for Nigerians and all Africans with its sustainable and standout affordability.”
Ecobank Managing Director further explained that the transaction cost is affordable with the charge from zero to about 3 per cent as compared to 6 – 7 per cent elsewhere, and with instant transfer speed, adding that exchange rate is transparent and compares favourably with others. He added that Ecobank also offers Mortgages, Treasury Bills, Capital market instruments and others.
He submitted that Ecobank was privileged to work closely with the Nigerians in Diaspora Commission, (NIDCOM) and will continue to pursue its mandate of helping to enhance the economic development and integration of Africa, through the 33 countries and two affiliates where the bank operates on the continent.
Participants opined that Diaspora remittances have impacted positively on most economies of the world and therefore challenged financial institutions in the country to explore ways on how they can make it easy and affordable for Nigerians in the Diaspora to send money to their loved ones in the country.
Mrs. Abike Dabiri-Erewa, Chairman/CEO of NIDCOM, who was the Keynote Speaker commended Ecobank for organizing the webinar which she said was very timely and appropriate. He acknowledged that COVID-19 has affected remittances, but a lot could still be done to encourage more inflow in spite of the pandemic.
She challenged Ecobank to lead other Nigerian banks to provide products and services that would encourage Nigerians in the Diaspora to increase their remittances home.
The bank, she said should blaze the trail in engaging with Nigerians in the Diaspora, ensuring proper documentation of remittances, as well as in providing easier and more affordable cost of remitting money to Nigeria.
She regretted that there was currently no proper documentation of remittances inflow into Nigeria from the officially estimated 17 million Nigerians in the diaspora who send money home to take care of their families’ education, health and other needs.
On the ease of doing business in Nigeria, Dabiri-Erewa said it was getting better. She disclosed that the country’s Diaspora Policy was being put together and also working on a Diaspora Trust Fund.
“We also plan to organize a Diaspora Investment Summit very soon and the Commission is currently working with the Federal Mortgage Bank of Nigeria to set up Diaspora Mortgages for interested Nigerians.”
One of the panellists, former Vice Chairman, Board of Trustees Nigerians in Diaspora Organisation Europe (NIDOE), Dr. Bashir Obasekola, said Nigeria in the Diaspora would be encouraged to send money home through the formal channel if the rate is competitive, low charges, transparent exchange rate and the government creating the right investment environment.
He commended Ecobank for the webinar, noting that, most Nigerians abroad are now enlightened on the ease and affordable means of remitting funds home.
Mrs. Korede Demola-Adeniyi, head, Consumer Banking, Ecobank Nigeria, listed the objectives of the webinar to include providing the attendees with access to information on opening accounts online in Naira and other international currencies, information on Ecobank’s bouquet of money transfer services that make it quick and simple for those in the Diaspora to send money to family and loved ones back home in Nigeria.
“This includes the bank’s safe, secure and easy-to-use proprietary solution, Rapidtransfer and the Rapidtransfer App. Other benefits include financial advisory, investment options, financial planning and access to information on BVN Registration.”
She urged Nigerian in the Diaspora to download the Ecobank Rapidtransfer App from Google Play and App store and follow the simple instructions to activate, disclosing that the bank currently offers zero fee on transfers till October 31 this year.
News
Nasarawa Technology Village Attracts 12Bn Investments
Modern Shelter Systems and Services Limited, one of Nigeria’s leading real estate firms has announced that the Nasarawa Technology Village has attracted investments of N12 billion since the project commenced.
The real estate firm added that it has officially commenced feasibility studies for the Aso-Pada Toll Road, which will catalyse the development of the tech-driven innovation hub, creating value for investors and transforming lives along the Keffi-Nyanya-Abuja corridor.
With the signing of the Aso-Pada Toll Road project, Modern Shelter said it is one step closer to realising the vision of Nasarawa Technology Village, which is powered by innovation as the project will connect communities, attract investments, and unlock socio-economic opportunities while providing sustainable, affordable housing for the future.
Commenting on the development, Abdulmalik Mahdi, chief executive officer, said that “The Aso-Pada Toll Road will serve as the backbone of Modern Shelter’s Nasarawa Technology Village, bringing 1,962 homes, a tech incubation centre and more to life.
“The Aso-Pada Toll Road will not only enhance connectivity but also drive the success of our Nasarawa Technology Village project, powered by NGN12.5 billion in investments. Together, we’re creating a hub for innovation, sustainability, and opportunity,” he explained.
News
Chain Reactions Africa Claims Three Awards
Chain Reactions Africa, one of Africa’s leading public relations and integrated communications consultancies, continued its awards-winning streak in 2024 by clinching three more prestigious awards in the recently hosted Lagos PR Industry Gala & Awards (LaPRIGA) 2024, which was held in Lagos.
Chain Reactions Africa emerged as winner of the ‘Public Sector PR Campaign of the Year’ for the firm’s Windfall Tax Policy Campaign for the Federal Inland Revenue Service (FIRS).
The campaign was aimed at first, sensitising the Nigerian public about the Windfall Tax Policy and then, securing the compliance of key stakeholders for the policy.
The same campaign also clinched the ‘Best in Crisis Management’ award, off the back of its use of strategic communication to manage and avert the crisis that would have been precipitated by the enforcement of the Windfall Tax by the FIRS.
The highpoint of the day for the company was the crowning of its Managing Director and Chief Strategist, Mr. Israel Jaiye Opayemi, as the ‘Most Influential PR Professional’ for his exceptional professional persona, charismatic industry leadership, enviable profile, and commitment to the growth of the Public Relations industry.
Commenting on the LaPRIGA Awards recognitions, the Managing Director and Chief Strategist of Chain Reactions Africa, Mr. Israel Jaiye Opayemi, expressed appreciation for the honours.
“Once again, I say a big thank you to the awards organisers, the Lagos State Chapter of NIPR, for raising the bar in organising this award to celebrate hard work and honour the resilience of deserving winners”, he said.
Opayemi charged the winners and all practitioners to drive better storytelling of their organisations and clients. “Let’s be the best. We are Public Relations people, let’s tell the stories of our respective organisations and clients better than ever before”.
He acknowledged the invaluable contributions of his team to Chain Reactions Africa’s unceasing accomplishments, describing them as the real shining stars of these honours.
“These award recognitions are emphatically dedicated to all the creative rebels in the Chain Reactions Africa Tribe. You are truly the shining stars spurring these honours, and there wouldn’t be a Chain Reactions Africa without my team. Your unwavering commitment to client satisfaction and sacrifices are matchless; you are the reason we are not just winning, but also breaking more boundaries of excellence”, Opayemi said.
Speaking at the event, the Chairman, Nigeria Institute of Public Relations (NIPR Lagos Chapter), Comfort Obot Nwankwo, congratulated all the winners for their recognition as shining stars and urged them to be an inspiration to others while sustaining the momentum of success, character, and bravery.
“As we honour our shining stars tonight, let us reflect on our collective responsibilities and use our influence to advance inclusivity and sustainability in Public Relations.
I challenge each of you to champion youth involvement, prioritise community breeding narratives and uphold highest standards of integrity in all that you do. I congratulate all nominees and winners tonight – may your success serve as an inspiration to others”, she said.
Themed, ‘The Shining Stars’, the 9th edition of LaPRIGA Awards expectedly turned out to be a resplendent and colourful get-together of the who-is-who in the integrated marketing communications industry with stakeholders drawn from the corporate, private, and public sectors.
According to the Chairman of the Selection Committee, Lead Consultant/CEO, Leap Communications, and Publisher of Breezy News, Muyiwa Akintunde, the ceremony had 22 award categories, and 81 entries were submitted in 21 categories, with the ‘Best in Political Communication’ not having any submission for this year’s edition.
Others are ‘Special Honorary Awards’ and ‘Lifetime Achievements Award for select public relations industry veterans.
With three awards, Chain Reactions Africa has once again shown its unparalleled dominance in the marketing communications industry.
Earlier in 2024, the company reached an unprecedented height by winning seven awards at the 2024 SABRE Awards. It also emerged winner of the Edge Awards 2024 most coveted prize, ‘Outstanding PR Agency of the Year’, with its MD/ Chief Strategist, Opayemi, carting away the ‘Edge Grand Prix in PR’, Edge Awards’ most enviable and highest individual awards category.
The company, with offices in both Lagos and Abuja, won four deserving honours at the 2024 Brandcom Awards, including the ‘Most Outstanding PR Agency of the Year’; ‘Most Outstanding Agency in Political and Public Sector PR’, and ‘Strategic Communication Consultancy of the Year’. Its MD/ Chief Strategist also won the ‘CEO of the Year (Public Relations) category for his sound leadership qualities and desirable profile.
LaPRIGA is a high-profile award that recognises excellence and celebrates practitioners in public and corporate organisations as well as stakeholders to boost professionalism and more investment in the practice of public relations.
News
RCCG Turns Former Barclays Banks’s Branch Building into Church
A former Barclays branch building in Middleton is set to be transformed into a church, two years after the bank shut its doors.
The Redeemed Christian Church of God (RCCG)has received council approval to establish their newest place of worship at the site, adding to the growing number of the faith’s churches in the Greater Manchester area
Despite receiving 51 letters of objection from locals concerned about potential traffic impact and overdevelopment, Rochdale Council’s highways officers are confident there would be no increase in traffic as a result of the development.
Planning officers also noted that the application is only for a change of use, meaning the building’s appearance would remain the same.
No major internal or external changes are planned.
As the building would effectively look the same and the application was for a change of use, this work would not be deemed ‘inappropriate’ or ‘overdevelopment’.
The Redeemed Christian Church of God, a form of Christianity founded in Nigeria in 1952, has a presence in 197 countries and territories worldwide, with millions of members in Nigeria alone.
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