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GTBank Win Bank in Nigeria, Best Digital Bank in Africa @ Euromoney Awards

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Guaranty Trust Bank plc, foremost African financial institution; reaffirmed its position as a leading global brand with its recent recognition as the ‘Best Bank in Nigeria & Best Digital Bank in Africa’ during the 2016 Euromoney Awards which held in London recently.

Now in its 25th year, the Euromoney Awards for Excellence covers more than 20 global product categories, best-in-class awards and the best Banks in over 100 countries around the world by recognizing institutions that have demonstrated leadership, innovation, and momentum in the markets they operate.

In selecting its recipients, Euromoney combines quantitative and qualitative data to honour institutions that have brought the highest levels of service, innovation and expertise to their customers.

According to Mr. Clive Horwood, Euromoney magazine’s editor, “Competition for the awards this year was tough, arguably the toughest it has been since the start of the global financial crisis. In winning these awards, GTBank stands out not only because of its stellar performance but by its ability to define what its core strengths are, abide by these strengths and build its business around them. According to him, banking in the future will be about what you do, as well as what you don’t do. GTBank stands out as Euromoneys’ best bank in Nigeria & Africa’s Best Digital Bank for its ability to adapt to local situations while maintaining international standards of best practice.”

Receiving the award on behalf of the Bank, Segun Agbaje, managing director/CEO of GTBank said “We are humbled and proud to emerge double award winners for Best Bank in Nigeria & Best Digital Bank in Africa. Winning these awards is an acknowledgement of the hard work and dedication of our staff, management and Board. It also represents our commitment to serving our customers and making banking simpler and more accessible for them.

He further stated that, winning the “Best Bank in Nigeria” award a record nine times is a reflection of the loyalty of our stakeholders which enables us consistently deliver superior performance.

GTBank has consistently played a leading role in Africa’s banking industry.

The GTBank brand is regarded by industry watchers as one of the best run financial institutions across its subsidiary countries and serves as a role model within the financial service industry due to its bias for world class corporate governance standards, excellent service quality and innovation.

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.

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E-Financial

Oluloye, 67-Year-Old Woman Accused of Hacking, Stealing N16m from First Bank

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Wuraola Folashade Oluloye, a businesswoman, has been arrested for allegedly hacking a First Bank Plc account and stealing a customer’s N16.2million.

 

Oluloye, 67, was Tuesday brought before an Igbosere Magistrates’ Court, Lagos, by the Lion Building Police Division, Lagos on five counts of fraud and fraudulent diversion, according to a charge marked B/33/2019.

 

George Nwosu, prosecution counsel told the court that the defendant was arrested following a complaint by First Bank through Mr. Solomon Akhanolu, head of the Department of Forensic Auditors.

 

Nwosu told the court that the defendant committed the alleged offences between last October 16 and December 31, at First Bank’s Agidingbi Branch, Lagos.

 

The court heard that Oluloye allegedly hacked the account of Emefiele Ogbor, a First Bank customer with account No 3014419974.

 

She withdrew N16,200,000 and transferred same to her accounts in Stanbic IBTC, Union, Sterling and First banks.

 

The defendant subsequently withdrew the money from the four accounts and converted it to her use.

 

First Bank discovered the fraud during an audit and blocked the defendant’s bank account.

 

But when Oluloye showed up at the bank to make withdrawals, the police were waiting and she was arrested.

 

Folashade Olukoya granted Oluloye, chief magistrate who pleaded not guilty, N500,000 bail with two sureties in the like sum, among other conditions.

 

She remanded the defendant in Kirikiri Prison, Apapa Lagos and adjourned till June 24.

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Africa’s FinTech Sector Grows by 60% in 2 years says Disrupt Africa

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Africa’s FinTech sector is growing at a fast pace, with the number of start-ups operating in the space growing by more than 60% in the last two years, while funding has hit new records.

This is according to Disrupt Africa’s Finnovating for Africa 2019: Reimagining the African financial services landscape report, which finds the number of active FinTech ventures across the continent has grown to 491 from 301 in 2017.

According to the report, South Africa, Nigeria and Kenya remain the main three markets, with 141, 101 and 78 active ventures respectively, accounting for 65.2% of Africa’s FinTech start-ups.

“Yet the share of the overall total claimed by these three countries is in decline as the sector spreads across the continent, with FinTech start-ups tracked in 28 African nations. Though the big three markets are growing, the biggest developments are occurring in other markets, with countries like Uganda, Ghana and Egypt in particular seeing their local FinTech spaces explode,” according to Disrupt Africa.

A similar trend can be seen in terms of the type of platforms being rolled out by FinTech entrepreneurs, the company suggests.

Though start-ups in the payments and lending spaces remain the most prevalent, the fastest growth is occurring elsewhere, with the number of start-ups active in areas such as investtech and insurtech, for example, more than doubling in the last few years.

“Meanwhile, there is a marked increase in the amount of companies focusing on two or more distinct types of financial services, as African FinTechs begin to ‘rebundle’ and we see moves towards fully-fledged, all-service digital banks on the continent. This is a process that is quickening as the amount of funding coming into the sector grows. African FinTech companies have raised just shy of US$320-million in funding since January 2015, and last year’s total of US$132.8-million was the best year yet,” Disrupt Africa continues.

Gabriella Mulligan, co-founder of Disrupt Africa, said: “The financial services landscape in Africa is following a very unique trajectory, as compared to other geographies. Most remarkable about this trajectory, is that is it being driven by entrepreneurs and their home-grown innovations. We hope this report affords our readers an interesting insight into the FinTech revolution taking place across Africa.”

Tom Jackson, co-founder of Disrupt Africa, added, “No space has quite the potential impact of the FinTech space when it comes to impact – and profits – in Africa, with start-ups operating such platforms able to significantly address the major issue of financial exclusion on the continent and thus promote development in all sorts of other areas. It is exciting to see the speed at which the sector is developing, therefore, but also heartening to see the signs of maturation and consolidation that will ensure its ultimate success and longevity.”

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Ecobank Emerged ‘Best Retail Bank in Africa’ @ African Banker Awards

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Ecobank has been named Best Retail Bank in Africa 2019 at the prestigious African Banker Awards. The judges were especially impressed by how Ecobank’s state-of-the-art products, services, functionality and constant innovations provide 24/7 convenience, accessibility and affordability to meet the evolving needs and expectations of its customers across 33 African countries, whilst also successfully driving financial inclusion. Ecobank was also nominated for African Bank of the Year in the Awards. The Award ceremony was held last night in Malabo, Equatorial Guinea.

Ade Ayeyemi, Group CEO of Ecobank said: “We are honored to be recognized as Africa’s Best Retail Bank. This is testament to the success of our digital strategy and pan-African presence as we continue to drive financial integration, inclusive banking and playing a catalytic role in the transformation of Africa.”

“We are constantly innovating to meet the needs of Africans, from our multi-functional Ecobank Mobile App, which has changed banking in Africa, to our KYC-lite Xpress account opening for the unbanked and the under-banked, and our Rapidtransfer App, for cross-border remittances to Africa at minimal or no cost.

“Our Xpress Point agencies further deliver face-to-face banking to thousands in local communities. The traditional banking model is changing and Ecobank will continue to play a pivotal and pioneering role in meeting the banking needs of millions of Africans.”

Nana Araba Abban, Acting Group Executive, Consumer Bank said: “Ecobank is making banking accessible, convenient and affordable, and we are continuing to broaden our innovative range of best-in-class products, services and functionality to enrich our customers’ experience and stay a step ahead of their evolving needs and expectations. To win the prestigious ‘Best Retail Bank’ Award two years running strongly indicates that our strategy and service is working for ever increasing numbers of sub-Saharan Africans across our pan-African footprint.

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