E-Financial
Sterling Bank Launches MBN, Set to Showcase Best of Nigeria at Maiden Fair
As part of its commitment to the growth and development of Nigerian businesses and the economy, Sterling Bank Plc, Nigeria’s leading financial institution, has created the Made-By-Nigerians platform. The Made-by-Nigerians platform is a community designed to showcase the best products and services made by Nigerians, at home and abroad.
The bank will hold a fair from the 23rd to the 24th of December 2022 to exhibit the best Nigerian-made ngoods to the highest international standards. Interested and enthusiastic exhibitors and patrons can visit mbn.ng/tradefair to register for the fair.
Managing Director and Chief Executive Officer of the Bank, Abubakar Suleiman, disclosed at a press conference in Lagos that participants should expect a spectacle comprising physical and virtual exhibitions, workshops, discounts, freebies, huge deals, games, refreshments, and entertainment, among others.
Abubakar said the two-day event is the perfect avenue for Nigerian businesses to showcase and promote their products on a global scale by connecting buyers, sellers, and everyone in the supply chain in a fun and relaxed atmosphere.
He remarked that the bank is supporting the fair because it is on a mission to promote brands owned by Nigerians to help them build capacity, grow their businesses, and transform the Nigerian economic climate.
In his words: “We are passionate about growing the economy, and we believe this is one of the ways to do it.” He disclosed that over 300 merchants have registered on the platform and are ready to serve buyers with products of the highest quality.
The CEO also said the bank will support the businesses on the platform with access to professional services such as accounting, legal, and marketing, among others, in a bid to transform them from family-owned businesses into bankable entities that can attract professional employees, lending from banks, and new investors.
The press conference had chief executives of some of the most notable Nigerian brands, such as Ehis Ero of Ero Crafted, Mariam Animashaun of Tang Groo Food Company, Omovo Ayoola, Oluwatobi Ajayi of Nord Motors; Ahmed Akinsemoyin of Zorkle, Carla Sonjirin of Spa Melori, and Ifedayo Agoro of Dang! Lifestyle, in attendance.
They commended Sterling Bank for the initiative and expressed hope of collaborating with the lender to scale their operations.
MBN is a community for those who dare to dream. It is a hub that is accessible to every business within Nigeria and/or owned by Nigerians. Its focus is to help build and better position Nigerian brands to capture the growing global demand.
E-Financial
African Fintech Sector Grows, Enhancing Access to Finance
A new European Investment Bank (EIB) research released yesterday shows the number of fintech companies in Africa has nearly tripled since 2020, boosting access to finance for people and businesses across the continent.
The report Finance in Africa 2024 highlights both developments in the African financial sector and constraints to the region’s economic progress.
According to the report, Africa’s fintech sector is prospering as digital finance grows at a faster rate than traditional banks.
The EIB report says the number of African companies offering new financial services increased from 450 in 2020 to 1,263 at the beginning of 2024.
“Fintech is revolutionising the way we think about finance in Africa,” says EIB vice-president Thomas Östros. “By leveraging technology, we can improve access to finance for millions and foster sustainable economic growth.”
The Finance in Africa report includes data from the ninth annual EIB Banking in Africa survey that details diverse challenges and confirms resilience of the African banking sector.
“While we see some signs of improvement, the high cost of finance remains a source of concern,” says EIB chief economist Debora Revoltella. “As we navigate the dual challenges of climate change and the digital transformation, the role of multilateral development bank lending is even more relevant in supporting sustainable growth on the continent.”
E-Financial
CBN’s New Directive: Banks to Trade Foreign Currency Deposits
Central Bank of Nigeria (CBN) has authorized banks to trade with foreign currency deposits made under its new amnesty initiative, the “Disclosure Scheme.”
This directive, intended to boost transparency and economic resilience, was issued on November 5 and signed by CBN officials John Sonojah and Adetona Adedeji.
The “Disclosure Scheme,” launched on October 31, offers individuals and businesses a nine-month window to deposit foreign currencies with amnesty assurances, aiming to strengthen Nigeria’s financial sector.
According to CBN’s guidelines, banks—including commercial, merchant, and non-interest banks (CMNIBs)—can trade these foreign currency deposits, known as Internationally Tradable Foreign Currencies (ITFCs), unless participants choose to invest them directly.
However, banks must ensure the funds remain available to depositors upon request.
CBN outlined the role of banks in facilitating this scheme. Responsibilities include opening designated domiciliary accounts, issuing receipts within 24 hours of deposit, and maintaining confidentiality as per Nigerian data protection laws.
Additionally, banks are required to report all ITFC transactions and ensure compliance with regulatory frameworks, including anti-money laundering and terrorism financing laws.
Participants in the scheme can convert foreign currency deposits to naira at the prevailing exchange rate without restrictions on withdrawals.
The scheme’s transparency measures, combined with the flexibility for participants to manage their foreign deposits, are designed to build confidence and encourage wider participation.
E-Financial
9PSB Promotes Financial Literacy @ World’s Savings Day 2024
9 Payment Service Bank (9PSB), a leading digital payment service provider committed to advancing financial inclusion in Nigeria, observed World Savings Day 2024 by conducting a financial literacy and mentorship programme for students at Fountain Heights Secondary School in Surulere, Lagos.
This initiative aligns with the Central Bank of Nigeria’s (CBN) directive for all financial institutions to implement financial literacy programmes aimed at students, youth, and the public. The goal is to instill a culture of financial discipline, savings, and prudent money management practices among Nigerians.
At the event, Tolani Jemi-Alade, Chief of Business Planning, Operations, and Resources at 9PSB, addressed the students, underscoring the importance of cultivating positive financial habits, particularly considering economic uncertainties. She stressed the need for young individuals to integrate into the formal financial system, stating,
“We encourage every young person with a regular income to open a bank account as an essential step towards financial independence and savings for future needs. Money is necessary for day-to-day transactions and to manage unforeseen circumstances. Early planning is crucial, as these needs are inevitable.”
Tolani further highlighted the significance of World Savings Day, as championed by CBN, which aims to raise awareness of financial literacy and promote a culture of saving, particularly among students and youth. She emphasized the importance of understanding and leveraging formal financial services for long-term financial security.
Oladimeji Saka, Lead for Retail Banking and Customer Acquisition at 9PSB, echoed these sentiments, noting that financial literacy should begin at an early age. He advised that parents play an instrumental role in guiding their children through transitional stages to adulthood, equipping them with the necessary financial knowledge to manage their finances responsibly.
In his remarks, the Vice Principal Academics, Mr. Romanus Emegwakor, who represented the Principal of Fountain Heights Secondary School, expressed his gratitude to 9PSB for their commitment to empowering students with financial knowledge.
“We are extremely appreciative of 9PSB for this invaluable financial literacy programme. It is crucial for our students to understand the significance of financial discipline, and we believe this initiative will help them develop the necessary skills to make informed financial decisions in the future,” he said.
World Savings Day is an annual global campaign dedicated to educating individuals, particularly the youth, on the importance of prudent financial planning and saving through formal banking systems.
- E-Financial2 days ago
9PSB Promotes Financial Literacy @ World’s Savings Day 2024
- E-Business3 days ago
inq. Nigeria Celebrates Double Win at Tech Innovation Awards (TIA) 2024
- Telecom2 days ago
NCC Calls on Judiciary to Champion Nigeria’s Digital Transformation
- Telecom2 days ago
Treepz Drives Innovation, Wins Top Honors at African Union Event
- News2 days ago
Africhange Secures IMTO Licence to Streamline Remittance to Nigeria
- Telecom2 days ago
Empowering Nigerian Entrepreneurs: 15Wins Ventures Unveils Z-Habitat Hub
- Uncategorized2 days ago
Airtel HR Director, Adebimpe Ayo-Elias Honoured as HR Leader of the Year
- E-Financial22 hours ago
African Fintech Sector Grows, Enhancing Access to Finance