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What GTBank Tends To Achieve with MarketHub for Nigerian SMEs

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Guaranty Trust Bank (GTBank) Plc, Africa’s Bank of the Year, as part of measures to empower Nigerian Small and Medium Enterprises (SMEs), launched first e-commerce portal for different categories of businesses.

However, the portal, Nigeria CommunicationsWeek learnt, apart from revolutionising e-commerce in Nigeria, it will redefine Know-Your-Customer (KYC) with close to 6000 merchants already enlisted on the portal. 

 The portal, ‘The SME MarketHub’, is part of GTBank’s strategy to support the local SMEs and contribute to the growth and development of the Nation’s economy.

 Segun Agbaje, chief executive officer, GTBank, said, it is vital that the integral sector of the economy gets all the support it needs to drive growth and development.

He said, “E-commerce is widely acknowledged as a powerful tool for fully enhancing business possibilities as it opens up a world of businesses to customers and a world of customers to businesses.

“The speed, efficiency and convenience with which transactions can be completed are distinct advantages that e-commerce has over traditional means of transacting business. With the platform that allows small and medium business owners create & maintain an online presence and expand their business frontiers to new markets and millions of buyers that are online”.

Agbaje added that GTBank Plc has been at the forefront of industry innovations within the Nigerian financial service sector.

On her part, Mrs Lola Odedina, general manager and head, Communication and External affairs, all of Guaranty Trust Bank PLC speaking during the SME HUB Launch at the weekend, said, the Bank wants SMEs to think online, as businesses that lack online presence, seemingly, lack credibility.

 “Today, having an online presence is crucial to remaining competitive and achieving growth within the global market. GTBank’s value proposition is to provide businesses with the technology and knowledge tools to trade online and gain global visibility.

 “We are here to help our customers take advantage of growth opportunities and develop the right e-commerce approach and strategies. Benefits include: establishing a digital and global footprint; reducing operating costs associated with expanding physical footprints like rent, utility bills, employee and furniture costs; expanding your customer audience and establishing an alternative distribution channel for sales and services,” Odedina said.

 During a presentation on the requirements to join the SME marketHub, Ms Ololade Fadoju, head, E-Commerce, GTBank, said that setting up an SME Market Hub storefront for one’s business is free, although merchants are expected to have registered business in Nigeria, “and have one of the following accounts: GT business account; corporate current account or GTMax account”.

Merchants are also required to complete and submit other necessary documents which  Odedina described as would spur second level KYC in the system.

GTBank had in the past introduced social banking; the first of its kind by any Nigerian Bank which allows GTBank Social Account holders transfer money, purchase airtime, pay bills and confirm their account balances on Facebook as well as the introduction of a ‘Fast Track’ banking system that allows its customers deposit and withdraw money within its branches using their debit cards,” he added.

GTBank Plc was established in 1990 and has within the last 24 years come to be recognised as one of the most innovative and service focused banks in the Nigerian financial market space.

 


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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.

E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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