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Etisalat, GTBank Partner to Offer GTEasySavers, New Retail Banking Service

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 Etisalat, Nigeria’s most innovative and fastest growing telecommunications company, and Guaranty Trust Bank Plc, a foremost financial institution in Africa have partnered to introduce GTEasySavers, a savings account that is easy to open and easy to operate; designed to enable under-banked and unbanked individuals achieve their financial goals while operating a regular bank account via their mobile phones.

This strategic alliance will enhance the service delivery of both brands and offer customers unparalleled lifestyle and loyalty benefits.

Registered subscribers of Etisalat network can conveniently open a GTEasySavers account by simply dialing a USSD short code – “737*0#” via their mobile phones, and a ten digit GTBank account number is sent via SMS immediately.

Funding of the account can be done by cash deposits at Etisalat Experience Centers and GTBank branches; electronic transfers from other bank accounts; Cash Deposit ATMs at GTBank branches and GT Express Agent locations.

Speaking on the partnership, Matthew Willsher, chief executive officer of Etisalat Nigeria,  said, “This is a new chapter in the continuing growth of the banking industry made possible through GTEasySavers by GTBank and Etisalat Nigeria. Enabling account opening via an Etisalat phone will make it more convenient for individuals to carry out transactions using the transformative power of the banking system. Etisalat currently has the highest quality network in Nigeria and our partnership with GTBank is designed to add value to the lives of our customers and make banking more accessible. We will continue to offer innovative products and services in fulfillment of the promise we made to Nigeria over six years ago when we commenced operations in the country. The partnership will also begin a journey for unbanked customers from our over 22 million subscriber base,”

Mr. Segun Agbaje, managing director and CEO of Guaranty Trust Bank plc, stated that “we are passionate about driving the CBN’s financial inclusion strategy in ensuring the under-banked and unbanked, begin to find the propositions of banking services more attractive and convenient and then take the bold step of patronizing our numerous bank products and offerings, a passion which we fully share with Etisalat Nigeria”.

The GTEasySavers account operates like a regular bank account and is in line with the Central Bank of Nigeria’s financial inclusion strategy for the country. Transaction limits on the account is pegged at CBN’s Tier 1 KYC status limits of N20,000 for single deposits and maximum cumulative of N200,000 account balance at any point in time. Benefits for account holders include free airtime, higher interest rates on savings and quarterly rewards.

Customers who sign up for this account need not provide any initial documentation but can upgrade the status of their accounts to Tier 3 at any time, by simply visiting any GTBank branch with additional information/documentation, including a valid identification card and utility bill.                                                         


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E-Financial

NDIC Begins Auction of Defunct Heritage Bank’s Landed Assets

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Nigeria Deposit Insurance Corporation (NDIC) has commenced process for the sale of landed properties and chattels of failed Heritage Bank, in a bid to ensure timely declaration of liquidation dividends to uninsured depositors.

NDIC Begins Auction of Defunct Heritage Bank’s Landed Assets

The exercise is pursuant to the corporation’s statutory powers as liquidator of failed banks under section 62 (1)(d) of the NDIC Act, 2023. It also comes after the exercise for the sales of physical assets of the defunct bank at its leased locations nationwide

According to a statement that was issued by NDIC, the sale of landed assets is by competitive bidding and will take place at the 36 affected locations of the bank across the country, from Wednesday, December 4, 2024.

The statement said buyers who wish to participate in the auction are expected to follow laid down guidelines aimed at ensuring transparency, fair competition, equity and accountability to enable recovery of commensurate values from the exercise. This is vital for the payment of liquidation dividends to eligible claimants.

In order to allow the continuation of provision of financial services to the Nigerian public at the locations of the closed bank towards bolstering financial inclusion, preference shall be given to financial institutions who are willing to buy any of the properties at the highest auctioned prices along with all the physical assets at wholesale value.

However, corporate bodies and private individuals willing to compete are equally eligible to compete in the process without prejudice, as the auction shall be open and competitive to all bidders.

Furthermore, bidders will be given opportunity to inspect the properties and chattels across all locations prior to disposal.

All interested parties are to make available 10% bid security of the value of their sealed bids to be dropped in the bid box provided at the various centres of the Corporation.

Interested bidders are advised to submit their bids at any of the designated NDIC offices in Abuja, Lagos, Bauchi, Kano, Enugu and Port Harcourt.

 

 

 

 


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Nigeria CPI, USD and Oil in focus

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By Lukman Otunuga, Senior Market Analyst at FXTM

With the US election done and dusted, the focus shifts back to key data from across the globe.

It will be a week packed with inflation figures from major economies, including the United States, China and Germany among many others.

But the spotlight shines on Africas 4th largest economy – Nigeria.

Inflationary pressures have been cooling in recent months but the latest figure for October is expected to have jumped 33.4%, from 32.7% in September. This may be the result of fuel hikes and floods in the northern part of the country affecting the harvest season.

The CBN has been on a mission to support the Naira and attract investments using aggressive monetary policy. Interest rates were raised by 50 basis points to 27.25% in September – marking its fifth consecutive hike in 2024. Should the Naira show signs of stabilizing, annual inflation could peak in the final quarter of this year.

Dollar set for volatile week?

Outside of Nigeria, our attention falls on the US Dollar Index (DXY) which could be rattled by key US data and Fed speeches including Jerome Powell.

Besides, it would be a crime to overlook the index after its aggressively bullish reaction to Trump’s US election win. Prices jumped almost 2% last week Wednesday on the “Trump trade” before giving back post-election gains as the Pound and Yen gained.

Note: The DXY tracks the dollars performance against a basket of six different G10 currencies, including the Euro, British Pound, Japanese Yen, and Canadian dollar.

With all the above said, the DXY could see more price swings.

* US October CPI report

The October US Consumer Price Index (CPI) report to be published on Wednesday 13th November could impact Fed cut expectations around lower US interest rates in December and beyond.

Markets are forecasting: 

  • CPI year-on-year (October 2024 vs. October 2023) to rise 6% from 2.4%in the prior month
  • Core CPI year-on-year to remain unchanged at 3%
  • CPI month-on-month (October 2024 vs September 2024) to remain unchanged at 2%
  • Core CPI month-on-month to remain unchanged at 3%.

Headline and core CPI inflation is expected to remain unchanged at 0.2% and 0.3% MoM in October, but the year-over-year headline number is expected to rise 2.6% from 2.4%.

Further evidence of cooling price pressures may support the case for another rate cut in December.

Traders are currently pricing in a 65% probability of another 25-basis point rate cut by the end of 2024.

A softer-than-expected US CPI report has the potential to drag the DXY lower. Should the CPI report beat market forecasts, the DXY could push higher.

Oil hit by China demand woes

Oil tumbled last Friday after Chinese stimulus measures disappointed investor expectations.

Brent shed roughly 1.6% last week as renewed concerns about demand in China and uncertainty over the impacts of Trump’s presidency weighed on the global commodity.

Last week, we discussed how Trump’s victory may pressure oil – possibly hitting oil producing nations like Nigeria. His return to the White House could result in higher domestic oil production while potential tariffs on China may impact global demand. This combination of rising supply and falling demand could enforce fresh pressures on oil which is down 4% since the start of 2024. Should oil prices continue to weaken, this could be a threat to countries who acquire a chunk of their revenues from oil sales.

 


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Ecobank, Nium Partner to Unlock Real-Time Cross-Border Payments Across 35 African Markets

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Nium, the leading global infrastructure for real-time cross-border payments, announced a partnership with Ecobank Transnational Incorporated, the leading independent pan-African financial services group, to enable seamless cross-border payments across 35 African markets for more than 32 million customers.

This partnership is set to revolutionise the region’s payments landscape by enabling faster, more efficient international payments for businesses and consumers alike.

Nium’s real-time payments infrastructure will be integrated into Ecobank’s existing banking operations, empowering Ecobank to enhance its services for small and medium-sized enterprises (SMEs). Ecobank will connect its existing Swift workflows to Nium, gaining access to real-time transfers, updates, clearing, settlement, and payment tracking, without the need for complex API integrations.

This will significantly reduce waiting times for cross-border payments, enabling businesses to make faster payments to over 220 markets, including over 100 countries with real-time capabilities.

Ecobank is a critical financial partner in sub-Saharan Africa. Through this partnership, Ecobank’s customers across the region will benefit from an enhanced payments experience that allows faster and more efficient cross-border transactions, unlocking new opportunities for SMEs to connect with global markets.

Anupam Pahuja, General Manager and Executive Vice President for APAC, Middle East and Africa at Nium, said, “We are thrilled to partner with Ecobank and introduce Nium’s cutting-edge real-time payment capabilities to Africa.

“This collaboration represents an important step forward in expanding our global payments network, and we are proud to support Ecobank in delivering faster, more efficient payments for its customers across the region.”

“Partnering with Nium allows us to enhance our service offerings and provide our customers with faster, more efficient cross-border payment solutions.

“By leveraging our unique API-based payment platform, this collaboration is a significant step towards advancing financial inclusion and connectivity across Africa and enabling businesses to thrive in a global marketplace,” said Jeremy Awori, CEO of Ecobank Group.

Ecobank can exchange its existing SwiftMT & ISO20022 messages with Nium to initiate payments on the real-time platform, accelerating business growth and improving the speed and accuracy of cross-border payments for African businesses.

The partnership also aligns with Nium’s broader strategy to enhance global financial inclusion, enabling access to real-time payments in regions where traditional banking systems may be slow or unreliable. Through this collaboration, Ecobank is now better equipped to provide an unmatched cross-border payment experience for its customers, while Nium continues its mission to democratize access to the world’s largest real-time payments network.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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