E-Financial
Polaris Bank Emerges Nigeria’s Top Bank in MSME Lending
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Polaris Bank, a money deposit retail bank in Nigeria, has been recognised as the country’s top bank in Micro, Small, and Medium Enterprises (MSME) lending at the inaugural MSME Finance Awards 2024.
The event, organised by Nairametrics and The Economic Forum, took place over the weekend in Lagos. This award highlights Polaris Bank’s dedication to supporting MSMEs through various direct and indirect funding initiatives.
The judges emphasized the bank’s consistent efforts in providing sustainable finance, which has enabled Nigerian entrepreneurs to grow and expand their businesses.
In response to the award, Polaris Bank’s Managing Director, Mr. Kayode Lawal, expressed gratitude and reaffirmed the bank’s commitment to supporting Nigerian MSMEs.
He noted, “We are honoured by this recognition, which underscores our unwavering commitment to empowering micro, small, and medium businesses. These enterprises are essential drivers of economic growth, innovation, and job creation.”
Lawal also praised Nairametrics and The Economic Forum for their recognition, adding, “This award is a testament to our team’s dedication to providing tailored financial solutions. It further motivates us to continue our strategic focus on MSME lending, financial inclusion, and Nigeria’s broader economic development.”
Polaris Bank’s approach to MSME lending aligns with its mission to deliver innovative, customer-centric services that help businesses thrive, further cementing its reputation as a key player in driving Nigeria’s economic progress.
E-Financial
Depositors Funds Safe in Nigerian Banks- NDIC
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Bello Hassan, managing director, Nigeria Deposit Insurance Corporation (NDIC), has said that with strict regulations put in place by the agency, depositors need not worry about the safety of their money in the country’s banks.
He gave the assurance at the 46th Edition of the Kaduna International Trade Fair on NDIC’s Special Day on Thursday.
Represented by Ahmed Umar, area controller, Kano Zonal Office, Hassan said the corporation, in over three decades of operation, had strived to keep depositors’ confidence in the nation’s financial sector, safeguarding customers’ funds, especially the most vulnerable, who would be worst hit in any unforeseen circumstances.
“The NDIC is committed to ensuring a stable financial environment that safeguards depositors and builds public confidence, enabling businesses to thrive and contribute to our nation’s economic development. The corporation has played a vital role in safeguarding depositors, particularly the most vulnerable, and fortifying the financial system.
“Our primary objectives include insuring deposits in licensed banks, supervising financial institutions, managing distressed banks, and ensuring a smooth resolution process in the event of bank failures. We are dedicated to shielding Nigerians’ bank deposits from the adverse effects of bank failures.
“In collaboration with the Central Bank of Nigeria (CBN), we strive to maintain stability in the banking sector, enforce compliance with banking regulations, and exercise effective oversight over insured deposit-taking institutions. Our mission, embodied in the tagline ‘Protecting your bank deposits,’ is to promote financial inclusion and stability by reassuring Nigerians of the security of their savings,” he emphasized.
While calling on depositors of Heritage Bank and other closed banks who were yet to receive payments to hurry to the corporation with necessary documentation proving ownership of such accounts—such as BVN, means of identification, and alternative accounts—to enable NDIC to pay the insured sum, Hassan said:
“A recent example is the revocation of Heritage Bank’s operating license on June 3, 2024, where the NDIC reimbursed depositors within four days using their Bank Verification Numbers (BVN).
“The swift action has enabled the payment of insured amounts to all depositors other than those with no alternate accounts in other banks or those depositors whose accounts have post no debit (PND) instructions or have no BVN. These categories of depositors are being contacted by the Corporation through telephone calls and text messages to come forward for verification,” he pointed out.
The Corporation, according to the NDIC Boss, pays depositors the maximum insured amount of N5 million per depositor per bank from its Deposit Insurance Funds (DIF).
He, however, stressed the role of NDIC acting as liquidator while at the same time being committed to compensating deposits with balances exceeding N5 million upon realization of the defunct bank’s assets.
To achieve this, Hassan said the corporation had made significant progress in realizing the assets of the defunct banks and recovering outstanding debts to facilitate timely reimbursement of these uninsured deposits in the form of liquidation dividends.
“The Corporation has successfully and transparently auctioned the failed bank’s landed properties and chattels in line with its statutory mandate under Section 62 (1)(d) of the NDIC Act, 2023.
“The proceeds from these ongoing sales will be applied towards settling depositors with balances above the insured limit of N5 million, with additional payments to follow as further recoveries are made.
“NDIC remains committed to ensuring that creditors of the defunct bank receive payments once all depositors have been fully reimbursed. The Corporation’s systematic approach, based on asset realization and prioritization of claims, is vital for maintaining public trust and financial stability.
“I urge depositors of closed banks, particularly Heritage Bank, who have not yet received their payments, to come forward and provide the necessary documentation supporting ownership of the account, including BVN, means of identification, and details of an alternative account where the Corporation will pay the insured sum. You can submit your claims through our website, email, or social media platforms. We remain dedicated to safeguarding depositors’ funds and ensuring their timely reimbursement.
“In collaboration with the Central Bank of Nigeria (CBN), we strive to maintain stability in the banking sector, enforce compliance with banking regulations, and exercise effective oversight over insured deposit-taking institutions. Our mission, embodied in the tagline ‘Protecting your bank deposits,’ is to promote financial inclusion and stability by reassuring Nigerians of the security of their savings.
“The NDIC has consistently played a crucial role in maintaining financial stability by ensuring depositors receive prompt compensation when banks fail. A recent example is the revocation of Heritage Bank’s operating license on June 3, 2024, where the NDIC reimbursed depositors within four days using their Bank Verification Numbers (BVN).
“This swift action has enabled the payment of insured amounts to all depositors other than those with no alternate accounts in other banks or those depositors whose accounts have post no debit (PND) instructions or have no BVN. These categories of depositors are being contacted by the Corporation through telephone calls and text messages to come forward for verification.
“It is instructive to note that the Corporation pays depositors the maximum insured amount of N5 million per depositor per bank from its Deposit Insurance Funds (DIF). However, the NDIC, acting as liquidator, is also committed to compensating deposits with balances exceeding N5 million upon realization of the defunct bank’s assets,” he stated.
E-Financial
DMO Appoints Stanbic IBTC as New FG Stockbroker
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The Debt Management Office (DMO) on Thursday appointed Stanbic IBTC Stockbrokers Limited as the Federal Government’s official stockbroker, marking a strategic move to bolster Nigeria’s domestic bond market.
In its new role, Stanbic IBTC – a prominent stockbroking and investment management firm in Nigeria- is expected to help government attract necessary investments and develop the retail market.
The appointment comes after the tenure of CSL Stockbrokers Ltd., a subsidiary of First City Monument Bank (FCMB), expired.
Patience Oniha, Director General of the Debt Management Office (DMO), stated that Stanbic IBTC Stockbrokers would serve as a vital platform for retail investors while also providing regular guidance and advisory services to the Government.
She explained the reason why Government needed a stockbroker whose functions are clearly defined, first of all, to comply with the Nigerian Exchange Group (NGX) requirements, being the largest issuer of securities, and secondly to deepen the market.
“We did quite a lot with wholesale investors, and that has helped us to achieve diversification for our FGN bonds, and the sukuk.
“But we realised that this smaller group may not have the money like the big players. They can invest in equities, but we believe that giving them fixed income securities is also another option.
“For that reason, we need to create awareness, particularly for products targeted at them – the FGN savings bond, and also create a secondary market for them,” Oniha explained at a brief event to announce the appointment in Abuja”, she said.
She Stanbic IBTC stockbrokers was chosen since it is a strong and respected brand with a wide reach – in the retail, capital market, and pension business as well.
“Those qualities matche our needs. Their sheer reputation, diversification as a group, and they have been in this role before for the federal government, but now with an expanded role.
“All of those sort of qualified you for the appointment as the government stockbroker”, she added.
She recognised the low awareness in the retail market, noting that increasing awareness would be one of the key responsibilities of the new stockbroker.
She emphasised that liquidity, awareness campaigns, workshops, and similar initiatives would be essential to support that segment of the market.
She stated that the DMO had made significant progress since initiating the process of appointing a Government stockbroker with an expanded role, but emphasised that “there is still much more to be done through engagements with other institutions and retail investors.”
She affirmed the DMO’s commitment to collaborating with Stanbic IBTC to achieve their established objectives.
Additionally, she indicated that the DMO would periodically seek guidance and advice from Stanbic IBTC.
Bunmi Olarinoye, Chief Executive Officer of Stanbic IBTC Stockbrokers Limited, expressed her gratitude for the confidence placed in the firm and the opportunity to assume such a pivotal role.
She stated that the DMO’s plan to enhance the retail segment of the market aligns with their own objectives, as they have been developing strategies to strengthen and enrich that area.
She emphasised that enlightenment and awareness are crucial elements they had identified for growing and expanding that segment of the market, and they would focus vigorously on these initiatives to attract more investors.
She also assured that they would collaborate with the DMO to deepen the market and achieve their established goals.
E-Financial
NIBSS Says about 20m Bank Accounts Dormant in Nigeria
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The number of dormant bank accounts in Nigeria is over 19.69 million, according to the industry customer account database released by the Nigeria Inter-Bank Settlement System (NIBBS).
Dormant accounts are accounts that have been inactive for one (1) year or more, while domiciliary are accounts that hold currencies other than the Naira
The data, which tracks monthly account statuses throughout 2024, indicates a steady rise in inactive accounts, coinciding with new regulatory measures by the Central Bank of Nigeria (CBN) requiring commercial banks to publish details of dormant accounts.
The CBN directive, issued to enhance transparency and return unclaimed funds to rightful owners, comes amid concerns that a significant number of accounts have remained idle for extended periods.
According to the NIBSS data, dormant accounts remained above 19 million every month since February 2024, with December closing at 19,697,125 inactive accounts.
This represents an increase of 1,205,000 from January’s figure of 18,492,169, marking a 6.51 per cent rise over the year.
The peak was recorded in May and June when the number reached 20.57 million before dropping slightly in the second half of the year.
The data further shows that there was an increase of 2.08 million dormant accounts between the first six months of 2024 before the CBN’s July directive on such accounts.
Credit: Punch
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