GTBank to Reward Mobile Banking Customers with 100k

GTBank to Reward Mobile Banking Customers with 100k

Foremost financial Institution; Guaranty Trust Bank (GTBank), has launched the #GTBankMobileWin100k competition to reward its mobile banking customers by availing them a chance to win N100,000 weekly in the mBank January rewards. The competition will run throughout the month of January 2016 and ten lucky customers will win N100,000 weekly during the period.

To participate in the competition, customers are required to perform two banking transactions weekly on the GTBank Mobile App, such transactions include funds transfers, airtime purchases, bills payments and purchases on the SME MarketHub. Multiple entries are allowed and winners will be notified by telephone or email.

The GTBank Mobile App is a versatile mobile application that merges the bank’s internet banking and mobile money service offerings to allow customers enjoy 24/7 flexibility in carrying out banking transactions without having to visit the Bank’s offices. Using the mobile app, customers can confirm transactions, transfer funds, pay bills and check balances from the comfort of their mobile devices.

The app also host other amazing features such as the SME MarketHub; an online e-commerce platform that allows businesses owners create online stores to sell and promote their offerings to millions of buyers online.

Commenting on the launch, Segun Agbaje, Managing Director / Chief Executive Officer of GTBank said: “Understanding that customers are always on the go; mobile banking puts us in the palm of our customers and provides a unique opportunity to offer quick and more efficient ways of providing banking services. As a Bank, we remain firm on our objective to deliver value adding services that are tailored to meet the diverse needs of our ever-growing customer base by leveraging technology to make banking more convenient for all our customers.”

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.

Guaranty Trust Bank a leading provider of e-payment gateway solutions has launch its Virtual Prepaid MasterCard.

Foremost African financial institution, Guaranty Trust Bank plc has reaffirmed its position as a leading provider of e-payment gateway solutions with the recent launch of its Virtual Prepaid MasterCard. The card which is issued instantly via Internet Banking, provides an added comfort for security conscious online shoppers who prefer not to use their regular debit/credit cards when making online payments.

The GTBank Virtual card has all the security features of a physical card and can be used to make both international and local online payments. It also serves as a fall back option for customers who have forgotten or lost their card, but need to perform urgent online purchases. The introduction of the virtual card has bridged the gap between traditional e-wallets and bank accounts by providing a low cost alternative to physical debit cards. Customers also have the option of converting the virtual card to a physical card.

Commenting on the launch, Segun Agbaje, Managing Director / Chief Executive Officer of GTBank said: “This marks another milestone in our quest to make banking more seamless for our customers. As a Bank, we remain firm on our objective to deliver value adding services that are tailored to meet the diverse needs of our ever-growing customer base by leveraging technology to make banking more convenient for all our customers.”
He further stated that “the launch of this product, attests to our commitment towards encouraging a cashless culture in our country by promoting the use of alternative payment channels for transacting both locally and internationally. Our desire to be at the frontier of banking excellence enables us to pioneer innovative products aimed at making banking more simple and attractive to the unbanked and unserved.”

Guaranty Trust Bank plc is one of the biggest issuers of payment cards in Nigeria. In Partnership with Mastercard, the Bank has rolled out all variants of GTBank Mastercards in all countries where it has business presence and continues to offer rewards and priceless experiences to its cardholders. One of such promos will include the POS Cash Back Promo; a loyalty reward scheme where customers can earn cash for paying for products and services on POS terminals using their MasterCards. The Bank also rewards Card Holders with shopping and movie vouchers. POS Merchants are also rewarded with several incentives to encourage patronage of the Bank’s POS terminals.

GTBank Launches Virtual Arts Gallery

Leading African financial institution, Guaranty Trust Bank plc, has announced the launch of ART635 (art635.gallery), a Virtual Arts Gallery created to reignite interest in African art and drive the growth and development of the local art industry.

Art635 is a foremost online repository of African artworks and is set to serve as a leading platform for the promotion of indigenous artists across the continent. At the moment, most budding indigenous artists in Nigeria and across Africa have little or nowhere to showcase their works and make a substantial living from their works. The Gallery will significantly expand the exposure of these artists, provide an enabling platform for the marketing of their works and serve as a much needed motivation for the further development of their artistic skills and talents.

The launch of ART635 is the latest of the Bank’s sustained efforts to promote African arts locally and internationally. Arts is one of the four pillars of GTBank’s Corporate Social Responsibility policy and the Bank’s support for Arts over the years ranges from collecting art work from Nigerian artists, to partner with Tate and other Art institutions to promote the value of African Art in Africa and the international markets through project-lead initiatives.

With ART635, the bank aims to further its support for African arts by helping African artworks become not just more seen and appreciated, but also to turn them into a much more profitable and commercially viable venture for indigenous artists who currently earn very little from their works. This is in line with the Bank’s initiative to go beyond the traditional understanding of Corporate Social Responsibility as corporate philanthropy by intervening in economic sectors to strengthen small businesses through capacity building initiatives that serve to boost their expertise, exposure and business growth.

Commenting on the launch of ART635, Mr Segun Agbaje, the Managing Director of Guaranty Trust Bank plc, said; “At GTBank we see art as an avenue for unlocking people’s creative potential and by creating ART635 we aim to expand the opportunities for art education as well as broaden the reach and viewership of the works of indigenous artists.”
He further added that “Although African art goes back several centuries, the art industry in the continent is still young and largely untapped and we hope that with ART635 we can drive its evolution into a lucrative and vibrant economic sector.”

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

GTBank Ghana wins double – Most Innovative Bank in West Africa

GTBank Ghana wins double – Most Innovative Bank in West Africa

Guaranty Trust Bank (GTBank) Ghana has been named as the “Most Innovative Bank in West Africa” by the Banker Awards in recognition of the various products and services it frequently introduced onto the market.
In addition, the bank’s superiority in the area of electronic banking in Ghana was further reinforced when the bank was awarded the “Best Online Platform – Ghana”.
The Banker Africa Awards, touted as the most prestigious event in Africa’s banking and finance sector, is designed to recognise the reforms, rapid modernisation, consolidation, integration and expansion of Africa’s banking and finance sector. The awards aim to reward achievements, commend best practices and celebrate excellence in African banking.

Managing Director of Guaranty Trust Bank (Ghana) Limited, Mr. Lekan Sanusi, commenting on the double victory expressed his joy at the achievements.

He said, “At GTBank, we always work tirelessly to ensure we offer our customers and the general public the best of services especially in a competitive environment and in so doing, we always consider customer mobility and convenience. These are issues that technology has the power to drive. The awards are dedicated to our committed staff and customers.”

Chief Executive Officer of CPI Financial, the publisher of Banker Africa, Mr. Robin Amlôt said, “In four short years, our awards programmes have become established as a valued and respected benchmark. We are particularly pleased to see growth in the voting numbers, showing engagement and interest from the industry and offering a true reflection of the views of bankers and financiers in the region.”

Guaranty Trust Bank, in May this year, was adjudged the “Technology Advanced Bank of the Year” for the “third” consecutive time at the Ghana Information Technology and Telecom Awards 2016 in Accra, beating off competition from Zenith Bank, Stanbic Bank, Fidelity Bank and Ecobank.

Also for the second time running, GTBank was adjudged “E-Banking Service of the Year 2016” in recognition of the bank’s convenient and reliable electronic banking solutions during the same ceremony. Nominees for this award included Unibank, GCB Bank, Stanbic Bank and Barclays Bank.

GTBank Fashion Week

Leading African bank, Guaranty Trust Bank plc, has announced the debut of the GTBank Fashion Weekend which will hold in Lagos on the 12th and 13th of November 2016. The two-day consumer focused event is themed “Promoting Enterprise” and is set to create an ultimate fashion experience, where the most promising and talented retail brands will showcase the latest fashion trends and products to a large and diverse audience of consumers, fashion aficionados and industry professionals.

Positioned as a sequel to the GTBank Food and Drink Weekend, the GTBank Fashion Weekend is part of the Bank’s initiative to strengthen small businesses in key economic sectors through non-profit consumer-focused fairs and capacity building initiatives that serve to boost their expertise, exposure and business growth.
The Weekend will be headlined by top fashion industry experts, trend setters as well as locally renowned designers and style authorities. Attendees will be treated to a series of fashion events such as Entrepreneurial and Fashion Master Classes and Retail Exhibitions.

At the heart of the GTBank Fashion weekend are the fashion Master classes facilitated by renowned local and international fashion experts. This year’s Master Classes will cover relevant topics addressing challenges and opportunities across the entire industry value chain including: Fashion Entrepreneurship; Perfecting Design; Brand Positioning, Growth & Profitability; Product Development; The e-Commerce Leap and several others.

The Retail exhibition will showcase dozens of leading Small Businesses within the fashion and beauty industry, offering a diverse range of affordable and luxury apparel, footwear, accessories, beauty items, and much more. As part of the exhibition experience, there will be a craft section, featuring handcrafted indigenous garments and accessories. Culminating each day will be a series of Runway shows featuring collections by renowned Nigerian and African Fashion brands.

Commenting on the GTBank Fashion Weekend, Mr Segun Agbaje, the Managing Director of Guaranty Trust Bank plc, said; “We are thrilled to be the first in the Nigerian financial sector to pioneer an initiative that will assist in unlocking growth opportunities for businesses in the fashion industry. We believe we have a fundamental responsibility to ensure that our customers have all the necessary tools to achieve success within the global economy. We will use our strength, global reach, expertise and relationships to make a positive impact for our customers and invariably our communities. We are committed to growing SMEs in a sustainable manner that is not driven by profits but focused on empowering our customers and growing our economy collectively.”

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.

Access Bank GMD, Herbert Wigwe, to speak at inaugural Financial Times live summit in Mozambique

Access Bank GMD, Herbert Wigwe, to speak at inaugural Financial Times live summit in Mozambique

Access Bank Group Managing Director, Dr. Herbert Wigwe, is scheduled to speak at the inaugural Financial Times summit in Mozambique. Themed ‘Accelerating a return to growth and stability,’ the conference will hold on Wednesday, November 2, 2016, and x-ray the pivotal opportunities and fresh challenges manifesting in Mozambique after 20 years of political turbulence.

As a knowledge exchange platform, the summit boasts attendance of pre-eminent business and government leaders with keynote speeches from the Mozambican leaders, His Excellency, President Filipe Jacinto Nyusi and Prime Minister Carlos Agostinho Do Rosário, and will discuss the routes to managing major economic reform, improving financial transparency and ways of exploring the diversification of natural resources and exports in the country.

Specifically, Wigwe and other speakers are expected to share practical perspectives that will stimulate the Mozambican economy with an audience of three hundred senior figures comprising government figures, policy makers, major international leaders, economists and representatives from energy, infrastructure, mining, finance and other vertical industries. Other leaders speaking at the event include Ari Aisen, the IMF Resident Representative in Mozambique; Dr Rui Barros, Chief Executive Officer, Barclays Bank, Mozambique; Arif Naqvi, Founder & Group Chief Executive, The Abraaj Group; Roland Kjell, MD and CEO, Norfund; and Sim Tshababla, Joint CEO, Standard Bank.

Over the past decade, Herbert Wigwe has consistently demonstrated his commitment to the resuscitation and development of the African economy. As a consummate business leader with a sterling record of accomplishments and a history of contributions to the Nigerian economy, Wigwe advocates inclusive governance and responsible leadership as a veritable approach to national building and economic development. He holds the belief that appropriate collaboration between private sector players and governments is the key to unlocking Africa’s potential and creating prosperity for Africans.

Educated at Harvard Business School, University College of North Wales, University of London and University of Nigeria, Wigwe, who is the 2016 BusinessDay Newspaper Banker of the Year Awardee, is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN); the Chairman of The Access Bank (UK) Ltd; and the Interim Chairman of Nigerian Mortgage Refinance Company Plc.

Since his assumption of office as the Group Managing Director in 2013, Access Bank has continued to affirm its pioneering role in the African financial services landscape and birthed innovations that further redefined banking services in Nigeria. In recognition of these, Access Bank has received several international and domestic awards, which include the Euromoney Best Bank Transformation Award; Karlsruhe Sustainable Finance Outstanding Business Sustainability Award; and BusinessDay Newspaper Best Bank Award.

Access Bank Eurobond Paves Way for Nigeria Funding

Access Bank Eurobond Paves Way for Nigeria Funding

Relief may soon come the way of Nigeria’s foreign exchange-starved economy, following the successful raising of $300 million by Access Bank Plc via a Eurobond from the international market recently.

The acceptance of the bank’s offer is expected to spur other Nigerian lenders to raise dollar-denominated debt, as well as pave the way for the federal government’s proposed $1 billion Eurobond issue expected to be floated before the end of the year.

In addition, it is expected to result in improved inflow of foreign exchange into the economy, thereby boosting economic growth.

The Access Bank issue has a maturity date of October 2021 and a coupon rate of 10.5 per cent. The Eurobond issue made the bank the first Nigerian lender to raise a bond from the international market since 2014, despite the country’s macroeconomic headwinds.

The bank said the successful outcome of the bond demonstrated its strength, resilience and international endorsement.

Indeed, it has also helped in strengthening confidence in the Nigerian banking system as well as the economy in general.

Fitch Ratings recently warned that the sharp rise in the level of non-performing loans (NPLs) in the Nigerian banking industry, as a result of the tough macroeconomic environment could lead to the downgrade of the financial institutions. Banking sector NPLs rose to 11.7 per cent at the end of June 2016.

Fitch also expressed concern about weakening capital adequacy ratios for banks.

Also, the Central Bank of Nigeria (CBN) had said it was expecting continued deterioration across banks’ oil and gas portfolios during the second half of 2016, as the sector faces sustained low oil prices and production disruptions.

Accordingly, tapping from the Eurobond market would help bolster banks’ capital bases and put them in a position to finance big-ticket deals in Africa’s largest economy with wide infrastructure deficit.

On the sovereign debt, the Finance Minister, Mrs. Kemi Adeosun, at the weekend expressed optimism that the $1 billion Eurobond would be issued before the end of the year.

The issue is part of Nigeria’s plans to borrow a total of N1.8 trillion from abroad and at home to fund an expected budget deficit of N2.2 trillion this year.

“We are appointing parties this week; we are hoping it will come before the end of the year. We have the headroom and we are very fortunate in that regard, we have a very low debt to GDP ratio”, she said at a London conference.

Adeosun informed her audience that Nigeria had started a journey, which would take its economy from being dependent on oil as a primary commodity, to a more productive economy.

To the chief executive of Financial Derivatives Company Limited, Mr. Bismarck Rewane, the move by Access Bank would be positive for Nigeria’s quest to raise debt.

Rewane explained that the Eurobond issue by Access Bank was a strategic initiative. According to him, Access Bank has franchises across various jurisdictions and so runs a multi-currency balance sheet.

“Therefore, Access Bank’s move was strategically related to the bank. But the fact that Access Bank has its headquarters in Nigeria doesn’t mean the funds would be used entirely in Nigeria.

Access Bank is addressing its own capital adequacy requirements so that it would continue to meet the regulatory requirements in markets where it is operating such as in the United Kingdom and across Africa.

“Access Bank is fully aware that the rating agencies have had concerns about the soundness of the Nigerian banking system. So going ahead at this time to raise funding, shows the versatility of Access Bank, its depth and courage. So that by the time they have maturing obligations in dollars, they would not only have adequate capital, they would have the liquidity to meet those obligations without undermining the bank’s credibility.

“I think it was a wise move. Will it have some effect on Nigeria? Yes, it will. If a Nigerian bank succeeds, that means the Nigerian economy can succeed also in its issue. So it would have positive effect on Nigeria”, Rewane told THISDAY.

Another financial market analyst noted that with the high cost of raising funds in the domestic economy, a Eurobond issue would be a succor for both the federal government and corporates.

This would help shore up their balance sheets and maximise their capacity to join loan syndication clubs”, he said.

There is a lot of cash with investors in Europe and America looking for where to invest”, the source who pleaded to remain anonymous said.

Clearly, the federal government and other corporates that seek to turn to the Eurobond market could ride on the coattails of Access Bank by taking advantage of lower borrowing cost to respectively fund the budget deficit for infrastructure projects and bolster their balance sheets.

Access Bank Raises US$300m Eurobond from International Market

Access Bank Raises US$300m Eurobond from International Market

Access Bank Plc has successfully raised US$300 million via a Eurobond from the international bond market.

The bank recently accessed the international market to raise the bond, with a maturity date of October 2021 and at a coupon of 10.5 per cent.

This makes Access Bank the first Nigerian bank to raise a bond from the international market this year despite the country’s macroeconomic headwinds.

The bank’s management, in a statement yesterday, said the successful outcome of the bond demonstrated the strength, resilience and international endorsement of Access Bank Plc.

Market analysts also saw the Eurobond issue as a show of support for the federal government’s efforts to attract foreign exchange into the country.

Access Bank currently has two series of Eurobonds in issue – the $350 million maturing in July 2017, at a coupon of 7.25 per cent, and the $400 million (9.25%) maturing in June 2021 – as part of a US$1 billion global medium-term note programme.

Commenting on the development, Herbert Wigwe, Group Managing Director/CEO of Access Bank, said: “The bond will be for working capital, for lending to investment-grade names, including Nigerian companies seeking to expand their exports”.

He emphasised that the process signified a significant moment in the bank’s journey to entrench itself as one of Nigeria’s top three banks by 2017.

“It also ensures that we keep our promise of speed, service and security to our customers as we target Africa’s fastest-growing industrial sectors”, he added.

Access Bank is now one of the top three banks in Nigeria and ranked among the top 500 global banks, according to a 2015 report by The Banker magazine and is aiming to be Africa’s top bank.

The bank recently won the Best Branch Automation Project in the 2016 Asian Banker Awards; the 2016 Karlsruhe Outstanding Business Sustainability Award; 2016 Euromoney Africa’s Best Bank Transformation Award; and the EMEA Finance ‘Best Bank of the Year’ and CEO of the Year.

Access Bank currently serves over 7 million individual and corporate account holders, through 370 branches and with more than 1,500 ATMs in major centres across Nigeria, sub-Saharan Africa, the Middle East, UK, and representative offices in Asia.

Access Bank is Bank of the Year Nigeria – The Banker Magazine

Access Bank is Bank of the Year Nigeria – The Banker Magazine

Access Bank Plc, one of Nigeria’s largest financial services institutions, has been recognised as ‘Bank of The Year – Nigeria 2016’ by The Banker Magazine, a publication of the Financial Times Group.

The announcement was made at the seventeenth annual Bank of the Year awards black-tie dinner, held recently in London and attended by senior bankers from around the world.

The award celebrates Nigeria’s most inventive bank taking into consideration its comprehensive earnings data, asset and Tier 1 capital growth, and returns on equity. The Banker editorial team also looked for evidence of banks setting new standards for their local industries, whether it was by using new technology or coming up with innovative, cost-efficient ways of expanding their businesses.

Group Managing Director/CEO for Access Bank Plc, Herbert Wigwe, said, “Winning this is a recognition of our commitment to delivering banking excellence to our customers. We remain focused on the realization of our strategic intent of becoming “Most Respected African” and continue to explore opportunities in markets and sectors across the continent that will enable us achieve this vision.”

Speaking at the awards presentation, foremost BBC News journalist, Michael Buerk commended Access Bank for winning the award noting that it was in recognition of its various development initiatives across its home markets.

The Banker is a global financial intelligence magazine that provides global bank ratings and analysis. It is the definitive reference on international banking for global high level decision makers. According to the magazine, the aim of the award ceremony is to highlight industry wide excellence within the global banking community.

World Finance Names Access Bank as Best Sustainable Bank 2016

World Finance Names Access Bank as Best Sustainable Bank 2016

Access Bank has won the World Finance Award for the ‘Best Sustainable Bank of the Year 2016’. The award was received by the Bank at the London Stock Exchange in the United Kingdom.

The award focuses on the role of commercial and investment banks in sustainable development examining recent trends in banking and sustainable development, innovative banking practices, and events that have shaped the role of the banking sector in sustainable development.

Group Managing Director/CEO of Access Bank, Herbert Wigwe said, “Winning this award for the third year in a row reinforces our position as a leader in Sustainability in the Nigerian banking industry while validating the Bank’s sustained commitment to responsible business practices”.

“We are proud of the international awards and accolades that we continue to receive in recognition of our leadership position in the banking sector. Global recognition not only reflects our profound understanding of the Nigerian market and its dynamics but also speaks to our ability to better serve our customers”, Wigwe added.

The World Finance Awards was created in 2007 to identify industry leaders, individuals, teams and organisations that represent the benchmark of achievement and best practice in the financial and business world.

Prior to winning this award, Access Bank won ‘won in 3 categories of the EMEA Finance African Banking award in the Pan-African Region: the ‘CEO of the Year’, awarded to Access Bank’s Group Managing Director and CEO, Herbert Wigwe; ‘Best Bank in Nigeria’ and ‘Corporate Social Responsibility’.

The Bank also emerged as ‘Bank of The Year – Nigeria 2016’ at the annual Bank of the Year awards by The Banker magazine, a publication of the Financial Times Group.

Access Bank wins Triple Honours at EMEA Finance Banking Awards

Access Bank wins Triple Honours at EMEA Finance Banking Awards

Access Bank wins Triple Honours at EMEA Finance Banking Awards Foremost African financial institution, Access Bank Plc. has emerged as Nigeria‟s biggest winner at the 2016 EMEA Finance Banking Awards by leading financial publication EMEA Finance Magazine.

Access Bank won in 3 categories awarded to financial institutions in the Pan-African Region: the „CEO of the Year‟, awarded to Access Bank‟s Group Managing Director
and CEO, Herbert Wigwe; „Best Bank in Nigeria‟ and „Corporate Social Responsibility‟. Receiving the award on behalf of the Bank at the annual African Banking Awards
Dinner in London, United Kingdom, Wigwe thanked the staff of Access Bank, acknowledging their support in achieving the goal of not only becoming one of the Top
3 banks in Nigeria, but also for participating in the firm‟s CSR activities that have touched the lives of thousands of Nigerians. Wigwe said, “We are delighted to receive these prestigious awards. It is a testimonial to the hard work we have done in line with our five-year strategy to become the world‟s most respected African Bank.‟‟ “2016 has been a remarkable year for the Bank as we continue to receive both regional and international acclaim.

I am extremely proud to be part of a profitable institution that is committed to delivering sustainable economic growth that is profitable, environmentally responsible and socially relevant. We have reaffirmed our status as innovative industry pioneers equipped to help our customers take tomorrow today,” Wigwe stated. Commenting on Access Bank‟s impressive streak, EMEA Finance CEO Christopher Moore said: “A repeat winner of our Best Bank in Nigeria award, Access Bank has become a Nigerian powerhouse, and one of the premier financial institutions in the country.

Generating steep increases in revenues and profit growth over the past several years is no small feat, particularly with strong negative macroeconomic headwinds.”
The hat-trick comes after two recent big wins at the Business Day Awards where the Bank was named „Bank of the Year‟ and Access Bank‟s Group Managing Director and
Chief Executive Officer, Herbert Wigwe was also crowned „Bank CEO of the Year‟. “We are delighted to recognise Wigwe as our CEO of the Year in our African Banking Awards 2016 awards package,” Moore said. “Leadership requires ambition, and Wigwe possesses this quality and much more. His years of dedication and commitment to the development of Access Bank have helped it to attract over 8 million customers, to complete complex and strategically important financings, and to create an international presence,” he added. EMEA Finance is a leading bi-monthly global industry publication that reports on the major financial events and happenings initiated and influenced by the international financial industry active in Europe, Middle East and Africa.

Wigwe led Access Bank‟s efforts to incorporate sustainability across all aspects of the bank‟s activities. In doing so, he also moved the entire sector forward, and now all of Nigeria‟s banks, including the Central Bank of Nigeria, have adopted what is known as the Nigerian Sustainable Banking Principles.

ABOUT ACCESS BANK

Access Bank Plc. is a full service commercial Bank operating through a network of 353 branches and service outlets located in major centres across Nigeria, Sub Saharan
Africa, and the United Kingdom with representative offices in China and the UAE.

Listed on the Nigerian Stock Exchange in 1998, the Bank serves its various markets through four business segments: Personal, Business, Commercial and Corporate &
Investment Banking. The Bank has over 830,000 shareholders including several Nigerian and International Institutional Investors and has enjoyed what is arguably
Africa’s most successful banking growth trajectory in the last twelve years ranking amongst Africa’s top 20 banks by total assets and capital in 2015.

As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver
sustainable economic growth that is profitable, environmentally responsible and socially relevant.

MMM Nigeria freezes all confirmed accounts as panic, confusion grip Nigerians

MMM Nigeria freezes all confirmed accounts as panic, confusion grip Nigerians

MMM Nigeria- Members of the famous money-doubling scheme, Mavrodi Mundial Moneybox, MMM Nigeria have been thrown into panic and great confusion, Tuesday, following the message from the ponzi scheme freezing all confirmed Mavros, otherwise known as money due for withdrawal for one month. This means, all the accounts of members who are due to be paid after having ‘provided help’ (PH) to another person since the last month have been frozen and hence, have no access to request for payment, known as ‘Get Help’ (GH) until after one month.

All members woke up with the shock message displayed on the screen as soon as they logged into their accounts. Giving reasons for freezing the Mavros, the scheme said it is experiencing heavy workload and want to deal with the attacks coming from the country’s mass media.

It also said it wants to prevent hitches in the coming new year hence, the freezing of the access to requesting for payments even when such person is due for payment. The message read thus: “One-Month Freezing of Confirmed Mavros” “Dear members!” “As usual, in the New Year season the System is experiencing heavy workload. Moreover, it has to deal with the constant frenzy provoked by the authorities in the mass media.” “The things are still going well; the participants feel calm; everyone gets paid – as you can see, there haven’t been any payment delays or other problems yet – but!.. it is better to avoid taking risk.:-)) (Moreover, there are almost three weeks left to the New Year.)” “Hence, on the basis of the above mentioned, from now on all confirmed Mavro will be frozen for a month.” “The reason for this measure is evident. We need to prevent any problems during the New Year season, and then, when everything calms down, this measure will be cancelled. (Which we will definitely do.:-))” “We hope for your understanding, Administration”

Panic quarters and Lamentations: In a whatsapp group, MMM Nexus Solution, members of the ponzi scheme, many who are Guilders, have launched their displeasure over the new development. Many have lamented that they don’t know how to communicate the development to their downliners (Those they persuaded to stake their money in the ponzi scheme). They also argued that this decision of the scheme’s management will trigger the downfall of the scheme. They said most people will hence, be skeptical in staking their money while a good number of them said such decision is selfish and would have been better if it was conveyed to members before now. One of the members with the name, Rosy, said thus: ” This rule is obnoxious, unscrupulous, provocative, insensitive….they did not advise them well, evil prophesy coming to pass.”

Another member lamented thus; ” One of my down lines was supposed to pay 50k today and he has just called me to tell me he isn’t paying again till this is sorted out. Exactly my point. If millions GH in January, how will the system manage that, bearing in mind that this act of suspension of GH this period will discourage many people from joining; who will pay the January GH?” And yet another member lamented thus: “I am a member of NBA Abuja branch, tomorrow, we have a seminar on lottery, gaming, casino, MMM etc hosted by Nat lottery Comm. I have been a strong MMM advocate amongst Abuja lawyers, what do i tell them tomorrow?” Another member said: “I have been an advocate of MMM since I joined in September but this act of shifting the goalpost in the middle of the match is a very useless and stupid one by MMM. I have 3 new down lines whose 50 dollars bonus is supposed to mature on thursday, what do I tell them? I tried so hard to convince them to join mmm. What they could have done is to make all new PH to stay for one month.” However, this member seemed to be very courageous despite the message. He wrote thus: “I was drinking Hollandia yoghurt when someone called me to say that MMM has been frozen. Oboy, the Hollandia started tasting like Alomo. But no shaking….. I dey kanpe.” Recall that a similar ponzi scheme, Ultimate Cycler, crashed last two weeks and up until now, the site is yet to be alive. Although a message displayed on the site said it is undergoing maintenance, a routine it said would only last for about 6 to 12 hours, yet, for two weeks now, the site is still unaccessible.

When accessed, the site initially displayed an error line of code, before displaying ”Error 500” in bold letters, then it proceeded to display another message: “Be right back. We are currently updating the site to give you a more pleasurable experience and will be back online shortly. Our update estimation is to be complete over the next 6 – 12 hours. Thank you, Peter Wolfing. Also read: Fear grips Nigerians in MMM, others as ponzi website, Ultimate Cycler, crashes With the current freezing message from MMM, the fear is that it could tour the line of the crashed Ultimate Cycler. This tends to further give grounds to another school of thought who have it that all ponzi schemes do not last more than one year. In defence of MMM:mmm However, the following is a response message to members by the first Nigerian Guider, Chuddy. “Hi Mavrodians, As we all must have seen in our PO of the news on Mavro frozen for a month.”

“This idea is brought forward to Calm the members down on intending Threat the FG and Mass media has planned on the system. It doesn’t mean that their is no more money in the system because in my PO now as a guider, I have about 2million+ PH orders. And I know it would be like that in most Guiders PO too. So you see!!! Money to pay out the orders wouldn’t be a problem.” “But the Admins needed to apply measures to sustain the growth of the system. In order to fight issues that may arose as a result of Massive PH already this xmas. Issues like * Uploading of Fake POP *non confirmation of orders and the rest.” “So this is the best strategy to put FG to shame. We all need not panic as our money is in safe hands. Check out your Mavros and you see your money is intact both for 30% bonuses and 20% accrued bonuses.” “You can keep PHing if you have the money, though you will definitely not be matched until Mavros are unfrozen. But that will really go a long way for you as your PH made this December will surely be giving you extra 20% after paying out next year. No cause for Alarm. We live to expect a stronger MMM by January 14th, 2017.” “Guider Chuddy.”

And yet, another member wrote thus in defense of MMM: ” “MMM HAS OVER ten(10) SAFTY NETS WHICH WILL NEVER MAKE IT CRASH AND U NEVER NOTICE BUT I WILL MENTION TEN(10) OUT OF THEM.
1, Pause mode 2,
14 days defrost
3, Extension of the getting help hours
4, Seeking help from neighboring country
5, No central account attached
7, Peer to peer system
8, Guider’s efforts
9 PH match hours extension

10, Website upgrades and security” “1, Pause mode This process is applied when the numbers of the people getting help is greater than the people help. The system will pause the GH transactions and allow more PH to come into the system for the duration of 2 and half months, WHICH IN OUR CASE IS JUST ONE (1) MONTH (30 DAYS) then the system will now restart and work perfectly PH means provide help and the GH means get help” “2, 14 days defrost The participants will not be able to withdraw their money until after 14 days when the payments have been confirmed. During this process, more PH would have come into the system therefore there would be pool of cash to pay the old participants. “3, Extension of GH hours this occur when there is a public holidays when the banks are not working therefore, there won’t be transaction and it may cause the problem to the system. The system will now extend the hours of the people who are getting help at that period to allow more People providing help into the system.” “4, Help seeking from neighboring country When there are more GH than PH in a country, MMM will look into the other countries which are doing well and match them together, pending the time that the affected country will be OK.” “6, No central account attached MMM does not have a certain account that we are sending to. MMM doesn’t collect your money.” “7, Peer to peer system Participants pay directly to the bank account of the other participants seeking help.” “8, Guider’s efforts Guiders are the heartbeat of MMM, guiders make sure each and everyone in MMM understand the Ideology of MMM and how it works.” “9, PH match hours extension. When the system finds out that there are more GH than PH, the system will extend the hour of old PH so that to hold down their order matches duration and during this period, the system will allow more new PH to come into the system to get it balanced.” “10, Website upgrades and security MMM spends million of dollars in taking care of their website to cub online fraud in MMM, such as scam and other Threats. Goodmorning Mavroidians.”

Fidelity Bank Goes Live On mCash, Boosts Merchant Business

Fidelity Bank Goes Live On mCash, Boosts Merchant Business • System To Drive CBN’s Financial Inclusion Strategy

As part of renewed efforts to further drive the financial inclusion mandates of the Central Bank of Nigeria (CBN), Fidelity Bank Plc, one of the country’s most diversified financial institutions has introduced a new solution which will allow it’s over 200 registered merchants to receive low-value retail payments from customers using their phones. Launched in collaboration with the Nigerian Inter-Bank Settlement System (NIBSS) and leading telecommunications companies, this electronic payment solution dubbed ‘microCash’ (mCash) rides on Unstructured Supplementary Service Data (USSD) technology to enable merchants and customers conduct transactions instantaneously.

The new initiative was unveiled in the commercial city of Lagos recently by the lead promoter – NIBSS, with the apex financial institution projecting that mCash would facilitate 80 percent financial inclusion in the country by 2020. In keeping with its promise to make financial services easy and accessible to its teeming customers, the Bank integrated mCash into its Instant Banking service *770#. With this integration, customers can now make payments to merchants registered with any participating financial institution. According to the Bank, this new offering will enables merchants to give their customers at least three (3) payment options; Cash, Cards, Mobile Phones.

The launch of the system, the Bank said is a reflection of its relentless pursuit of efficiency, customer service and innovation. Speaking at a press briefing in Lagos recently, Chief Operations Officer (COO) of Fidelity Bank Plc., Gbolahan Joshua pointed out, “mCash is a new path aimed strategically at offering a digital payment system to Bank customers. The launch of this innovative payment service goes to show the power of collaboration in driving success”. Joshua however expressed confidence that the solution (mCash) will provide immense value to Nigerian customers. Commenting on the service, the Managing Director/Chief Executive Officer (CEO) of NIBSS, Ade Shonubi noted that the initiative is geared towards creating convenient ways of making payments, further adding that a collaboration between the banking and telecommunications industries was necessary to bring this initiative into fruition.

Speaking in the same vein, Seun Omotosho, Head of Mobile Financial Services for Etisalat Nigeria, the nation’s fourth largest Mobile Network Operator (MNO) with over 18 million active subscribers, congratulated NIBSS for the successful launch of the service. “At Etisalat Nigeria, we are excited about this solution and all of us have heard about what is happening in East Africa with MPESA and co and we strongly believe this is going to rival this.

“We are going the direction of payment because we believe payment is what will drive inclusion. This solution is simple and addresses what customers need.” On his part, the Director, Banking and Payment, CBN Mr. Dipo Fatokun, described the solution as another effort by the apex bank to boost financial inclusion and meet its Payment Systems Vision 2020. Fatokun who was represented by a Principal Manager at the CBN, Mr. Joe Ogbogu said: “We endorse this because it would take our payment system to the next level. Nigeria is at the top pendulum of payment system in the whole world. Because of this, various countries come to understudy our payment system and this is one product I hope they would understudy in the near future.

“Another reason for this endorsement is that it is going to drive financial inclusion in Nigeria. We have challenges of acceptance of Point of Service (PoS) transactions because they don’t get instant value for their services some cases the next. With this product, merchants get instant value which is indeed a big plus.”

Fidelity Bank Grows Deposits to N795.6bn In Nine Month

Fidelity Bank Grows Deposits to N795.6bn In Nine Month

Fidelity Bank Plc, one of Nigeria’s highly diversified financial institutions has announced its Unaudited Results, for the 9 months ended 30 September 2016, disclosing that the Bank’s deposit base grew to N795.6 billion in spite of the current economic turmoil. This represents a 3.4 percent increase from N769.6 billion recorded in the corresponding period of 2015 Financial Year (FY). According to the lender, the devaluation of the Naira accounted for N53.6 billion of its deposit growth. This result was contained in a statement issued by the Bank and made available in Lagos yesterday. The Bank’s gross earnings also rose to N110.3 billion from N107 billion, representing a growth of 3.0 percent in the period under review.

Commenting on the financial results, the Managing Director/Chief Executive Officer of the Bank, Nnamdi Okonkwo pointed out that the Bank’s performance was indeed reflective of the recessionary environment characterized by lower government revenues, rising inflation, lower consumer disposable income, significantly tougher operating environment in all sectors and the impact of these headwinds on asset quality and foreign trade transactions. According to the Fidelity boss, “We continued with the disciplined execution of our medium term strategy and recorded decent growth on some key operational metrics while moderating the impact of the headwinds above on other financial indices.”

The unaudited financial statement also stated that Profit before Tax (PBT) decreased by 28.7 percent to N9.8 billion from N13.8 billion in the period under review. Giving cogent explanations for the relatively poor performance in this regard, the Fidelity helmsman noted that PBT declined largely due to “a 102.0 percent Year-on-Year (YoY) growth in impairment charge (N4.0bn) driven significantly by increased provisions made in the second quarter (Q2) and third quarter (Q3) of 2016 (N4.1 billion and N3.2 billion respectively) due to the impact of the devaluation of the local currency (naira) on our trade finance portfolio and some critical sectors affected by the weaker macroeconomic indices.”

He further added that a 95.7 percent YoY (N1.3bn) decline in dividend income on equity investments as well as a 8.9 percent YoY growth in operating expense were also responsible for the decline in profit. According to him, growth in operating expenses was driven essentially by increased technology and advert costs. On a Quarter-on-Quarter (QoQ) basis, he stated that gross earnings grew by 10.7 percent to N39.9bn driven by a 22.6 percent growth in Interest Income. “The Interest Income growth was largely driven by 25.6 percent (N5.4bn) growth in Interest Income on Loans while Interest Income on Liquid Assets increased by 13.5 percent (N0.9 billion) for the quarter”, Okonkwo said.

On a QoQ basis, the report stated that NIM increased to 7.0 percent from 6.5 percent in H1 2016 as the increase in the Bank’s average yield on earning assets (0.8 percent) outpaced the growth of its funding cost (0.4 percent). “The increased yields on earning assets was driven by the re-pricing of the loan book and higher yields on liquid assets. Deposits grew by 3.4 percent (N26.0bn) from Dec 2015…” he explained. Low cost deposits, according to Okonkwo currently accounts for 78.4 percent of total deposits, adding that savings deposits grew by 20.4 percent from December 2015 as the Bank continued to implement its retail banking strategy which is being driven by its electronic products and channels.

“We have crossed the half a million customer base on subscribers to our flagship Instant Banking product:*770# (Mobile Phone USSD Technology) and we will be launching payment services to merchants using our Instant Banking product (*770#) in Q4, 2016”, Okonkwo disclosed. Risk assets grew by 26.1 percent (N150.8bn) from Dec 2015 with the devaluation of the naira accounting for 20.4 percent (N118.2bn) of our loan growth. Foreign currency loans now constitute 45.3 percent of total loans up from 40.4 percent in Dec 2015 due to the currency devaluation. The organic loan growth of 5.6 percent was principally driven by on-lending facilities to the public sector. Cost of risk increased to 1.5 percent in 9M 2016 due to the N7.2bn impairment charge taken in Q2 and Q3 2016.

“We have continued to take a very prudent view of the impact of the currency devaluation, tougher operating environment and declining consumer disposable income on selected sectors of our loan portfolio. “NPL ratio increased to 4.5 percent largely due the macro-economic weakness which has negatively impacted on our asset quality metrics. “We are still focused on keeping our NPL ratio below 5.0 percent in this very challenging operating environment. Our other regulatory ratios (Liquidity Ratio / CAR) remained above the set thresholds, though Capital Adequacy Ratio improved from 16.4 percent in Q2 2016 to 16.8 percent in Q3, 2016, we expect CAR to revert to 18 percent+ once we adjust for the excess non-distributable reserves (N23bn) in our 2016FY audited accounts.”

The Bank’s key objectives for the 2016 Financial Year (FY) remains: redesigning its systems and processes to enhance service delivery, cost optimization initiatives to moderate expenses in a rising inflation environment, proactive risk management, increased customer adoption/migration to our digital platforms and increasing our retail banking market share”.

Fidelity Bank Declares N110.3Bn Gross Earnings in Nine Months

Despite the country’s raging economic downturn precipitated by the free-fall in global oil prices, Fidelity Bank Plc, one of the country’s highly diversified financial institutions recorded gross earnings of N110.3 billion in its unaudited financial results for nine months ended September 30, 2016. The Bank’s gross earnings rose to N110.3 billion from N107 billion, representing a growth of 3.0 percent. This result is contained in a statement issued by the Bank and made available in Lagos yesterday. Fidelity also said that it grew its deposit base by 3.4 percent to N795.6 billion from N769.6 billion in 2015 Financial Year (FY). According to the lender, the devaluation of the Naira accounted for N53.6 billion of its deposit growth.

Commenting on the financial results, the Managing Director/Chief Executive Officer of the Bank, Nnamdi Okonkwo pointed out that the Bank’s performance was indeed reflective of the recessionary environment characterized by lower government revenues, rising inflation, lower consumer disposable income, significantly tougher operating environment in all sectors and the impact of these headwinds on asset quality and foreign trade transactions. According to the Fidelity boss, “We continued with the disciplined execution of our medium term strategy and recorded decent growth on some key operational metrics while moderating the impact of the headwinds above on other financial indices.”

The unaudited financial statement also stated that Profit before Tax (PBT) decreased by 28.7 percent to N9.8 billion from N13.8 billion in the period under review. Giving cogent explanations for the relatively poor performance in this regard, the Fidelity helmsman noted that PBT declined largely due to “a 102.0 percent Year-on-Year (YoY) growth in impairment charge (N4.0bn) driven significantly by increased provisions made in the second quarter (Q2) and third quarter (Q3) of 2016 (N4.1 billion and N3.2 billion respectively) due to the impact of the devaluation of the local currency (naira) on our trade finance portfolio and some critical sectors affected by the weaker macroeconomic indices.”

He further added that a 95.7 percent YoY (N1.3bn) decline in dividend income on equity investments as well as a 8.9 percent YoY growth in operating expense were also responsible for the decline in profit. According to him, growth in operating expenses was driven essentially by increased technology and advert costs. On a Quarter-on-Quarter (QoQ) basis, he stated that gross earnings grew by 10.7 percent to N39.9bn driven by a 22.6 percent growth in Interest Income. “The Interest Income growth was largely driven by 25.6 percent (N5.4bn) growth in Interest Income on Loans while Interest Income on Liquid Assets increased by 13.5 percent (N0.9 billion) for the quarter”, Okonkwo said.

On a QoQ basis, the report stated that NIM increased to 7.0 percent from 6.5 percent in H1 2016 as the increase in the Bank’s average yield on earning assets (0.8 percent) outpaced the growth of its funding cost (0.4 percent). “The increased yields on earning assets was driven by the re-pricing of the loan book and higher yields on liquid assets. Deposits grew by 3.4 percent (N26.0bn) from Dec 2015…” he explained. Low cost deposits, according to Okonkwo currently accounts for 78.4 percent of total deposits, adding that savings deposits grew by 20.4 percent from December 2015 as the Bank continued to implement its retail banking strategy which is being driven by its electronic products and channels.

“We have crossed the half a million customer base on subscribers to our flagship Instant Banking product:*770# (Mobile Phone USSD Technology) and we will be launching payment services to merchants using our Instant Banking product (*770#) in Q4, 2016”, Okonkwo disclosed. Risk assets grew by 26.1 percent (N150.8bn) from Dec 2015 with the devaluation of the naira accounting for 20.4 percent (N118.2bn) of our loan growth. Foreign currency loans now constitute 45.3 percent of total loans up from 40.4 percent in Dec 2015 due to the currency devaluation. The organic loan growth of 5.6 percent was principally driven by on-lending facilities to the public sector. Cost of risk increased to 1.5 percent in 9M 2016 due to the N7.2bn impairment charge taken in Q2 and Q3 2016.

“We have continued to take a very prudent view of the impact of the currency devaluation, tougher operating environment and declining consumer disposable income on selected sectors of our loan portfolio. “NPL ratio increased to 4.5 percent largely due the macro-economic weakness which has negatively impacted on our asset quality metrics. “We are still focused on keeping our NPL ratio below 5.0 percent in this very challenging operating environment. Our other regulatory ratios (Liquidity Ratio / CAR) remained above the set thresholds, though Capital Adequacy Ratio improved from 16.4 percent in Q2 2016 to 16.8 percent in Q3, 2016, we expect CAR to revert to 18 percent+ once we adjust for the excess non-distributable reserves (N23bn) in our 2016FY audited accounts.”

The Bank’s key objectives for the 2016 Financial Year (FY) remains: redesigning its systems and processes to enhance service delivery, cost optimization initiatives to moderate expenses in a rising inflation environment, proactive risk management, increased customer adoption/migration to our digital platforms and increasing our retail banking market share”.

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