COVID-19: AstraZeneca, BrandMed Commits to African Patients

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16/06/2021

The COVID-19 pandemic and the growing burden of non-communicable diseases (NCDs) have compelled healthcare stakeholders to explore new ways of improving health systems, stimulating the advancement of healthcare ecosystems that focus on enhancing the patient experience, improving treatment outcomes, while at the same time reducing expenses and treatment timelines.

AstraZeneca South Africa announced this week that it will be providing sponsorship to BrandMed (Pty) towards the establishment of fifteen BrandMed Syntro-P Health Centres of Excellence as part of its commitment to work towards a future where all patients have access to sustainable, holistic health experiences and access to life-changing treatment and prevention.

Through the partnership with BrandMed, a leading South African connected healthcare company that integrates medical and lifestyle expertise and science with ground-breaking technologies, patients will soon have access to the additional BrandMed Syntro P Health Centres of Excellence that shift the focus from a fragmented silo approach to managing the world’s leading causes of morbidity and mortality, to a proactive, patient-centric, integrated risk-reduction and treatment approach.
Dr Riaz Motara, Physician, Cardiologist and CEO of BrandMed said:

“Challenging times require a fresh innovative and integrated approach to healthcare. At BrandMed we are continuously reimagining health, using technology that empowers a better quality of life, not only for patients but for our healthcare practitioners too. People with underlying NCDs need to be managed more effectively and that is what the Syntro P Health Ecosystems offer. We are creating a co-ordinated care network of healthcare practitioners able to manage high-risk patients with NCDs in a more precise, personalised and holistic health manner. This initiative with AstraZeneca is a further commitment to make life a little easier for those managing chronic conditions.”
Barbara Nel, AstraZeneca Country President for African Cluster (South Africa, Sub Sahara and French Speaking Africa) said:

“At AstraZeneca we believe that patient experiences and outcomes are our shared responsibility, and that innovation doesn’t happen in isolation. We are delighted to be partnering with BrandMed in the establishment of the additional Centres of Excellence. The integrated approach of the BrandMed Ecosystem aligns with AstraZeneca’s Take CaRe of Me programme (Cardio-Renal-Metabolic), a holistic patient care and evidence generation initiative that promotes the early awareness and prevention of Cardio-Renal complications related to Type 2 Diabetes. By joining forces with BrandMed we look forward to making an even greater positive impact for patients and healthcare practitioners, achieving results that go beyond what any individual stakeholder can achieve. This is the value of partnerships, with the patient at the centre.”

NAICOM, FRSC Partner to Enforce 3rd Party Motor Insurance Policy

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16/06/2021

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R-L: Mr. O. S. Thomas, Commissioner for Insurance/CEO, National Insurance Commission (NAICOM) and Mr. Boboye Oyeyemi, Corp Marshall, Federal Road Safety Commission (FRSC) during a courtesy call on NAICOM by the leadership of the FRSC in Abuja recently.

The National Insurance Commission (NAICOM) and the Federal Road Safety Commission (FRSC) have initiated a partnership to strengthen their collaboration on enforcement of 3rd party motor insurance policy in Nigeria.

That was the high point of the meeting between both organisations when the leadership of the FRSC paid a courtesy call on NAICOM in Abuja recently.

Sovereign Trust Insurance Partners Igbobi College on Industry Career

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10/06/2021

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Cross Section of Igbobi College Students, Teachers and Staff of Sovereign Trust Insurance Plc at the 2021 quarterly Career Talk on Insurance as part of the CSR initiatives of the Underwriting Firm

NAICOM Insurance Academy Set for 3rd Qtr Take-Off

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08/06/2021

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Mr. O. S. Thomas

Commissioner for Insurance/CEO

National Insurance Commission

The National Insurance Commission (NAICOM) says its proposed NAICOM Academy will take-off by the third quarter of 2021 to train the professional manpower needed to sustain growth of the insurance sector in Nigeria.

Mr. Olorundare Thomas, Commissioner for Insurance/CEO of NAICOM said the Commission is already expecting about 100 actuary experts to join the industry in the coming four years after undergoing the necessary training exercises.

CITN Names Adesina Adedayo as New President/Chairman of Council

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08/06/2021

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The Chartered Institute of Taxation of Nigeria has elected new officers to steer the affairs of the Institute for the next two years.

Following the successful conduct of the 29^th Annual General Meeting of the Institute on Wednesday, June 3, 2021, the leadership baton of the Institute was officially passed on to Mr. Adesina Isaac Adedayo, FCTI, by Dame Gladys Olajumoke Moyosoreoluwa Ayinke Simplice, FCTI, who became the Immediate Past President.

ADESINA ISAAC ADEDAYO, FCTI (PRESIDENT/CHAIRMAN OF COUNCIL)

Ade is popularly called ‘The Thinking Oracle’ and he is a specialist in Risks Management and Economic Model Building.

He obtained his B.Sc. degree in Accounting from the Nasarawa State University, Keffi in 2017.He is a Fellow of both the Chartered Institute of Taxation of Nigeria and the Institute of Chartered Accountants of Nigeria.

Ade is also a member of the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) and a Certiﬁed Fraud Examiner. He started his working career with the Federal Audit Department (now known as Office of the Auditor General of the Federation) in 1984.

In the course of his work career, he attended the Federal Treasury Academy Course 1 in 1988 and subsequently the Course 2 in 1991 when he took the first position at the entrance examination in which staff of all the Ministries, Departments and Agencies of the Federal Government participated.

He acquired his professional experience from the Oﬃce of the Auditor General for the Federation (1984-1993) and the ﬁrms of Adetona Isichei& Co (Chartered Accountants) in 1993 (which later became known as Akintola Williams Deloitte) and was there until May 2002 when he left Akintola Williams Deloitte to start his tax and audit practice.

He practices taxation and accounting under the auspices of his two firms known as AIA Professionals (Chartered Tax Practitioners) and Adesina Adedayo & Co. (Chartered Accountants).

Over the years, Ade had served as member, Vice Chairman I & II and Chairman of various committees of the Chartered Institute of Taxation of Nigeria, like the CITN Think Tax, Lagos District Society, Social & Publicity Committee, Annual Tax Conference Committee, JTB Education Committee, Tax Practice Monitoring Committee, Finance and General-Purposes Committee to mention but a few.

He also was a member and CITN Representative of National Tax Policy Review Committee (an initiative of the Federal Ministry of Finance).

Ade rose through the ranks to become a Council Member, an EXCO member, Deputy Vice President and Vice President of the Chartered Institute of Taxation of Nigeria, a position he held till June 2021. Ade also served in other Professional bodies.

Ade holds a Special Executive Masters in Leadership & Strategy from the Metropolitan School of Business and Management (UK).

He is presently undergoing the Senior Executive Course 43, 2021 at the National Institute for Policy and Strategic Studies, Kuru, near Jos in Plateau State.

African Airlines Record 31% Cargo Growth in April 2021

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08/06/2021

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African airlines’ cargo demand in April increased 30.6% compared to the same month in 2019, the strongest of all regions and the fourth consecutive month of growth at or above 25% compared to 2019.

Robust expansion on the Asia-Africa trade lanes contributed to the strong growth. April international capacity increased by 0.6% compared to April 2019.

The International Air Transport Association (IATA) released April 2021 data for global air cargo markets showing that air cargo demand continued to outperform pre-COVID levels (April 2019) with demand up 12%.
Global demand, measured in cargo tonne-kilometers (CTKs*), was up 12% compared to April 2019 and 7.8% compared to March 2021. Seasonally adjusted demand is now 5% higher than the pre-crisis August 2018 peak.

The strong performance was led by North American carriers contributing 7.5 percentage points to the 12% growth rate in April. Airlines in all other regions except for Latin America also supported the growth.

Capacity remains 9.7% below pre-COVID-19 levels (April 2019) due to the ongoing grounding of passenger aircraft. Airlines continue to use dedicated freighters to plug the lack of available belly capacity. International capacity from dedicated freighters rose 26.2% in April 2021 compared to the same month in 2019, while belly-cargo capacity dropped by 38.5%.

Underlying economic conditions and favourable supply chain dynamics remain supportive for air cargo:

Global trade rose 4.2% in March.

Competitiveness against sea shipping has improved. Air cargo rates have stabilized since reaching a peak in April 2020, while shipping container rates have remain relatively high in comparison. Meanwhile, longer supplier delivery times as economic activity ramps up make the speed of air cargo an advantage by recovering some of the time lost in the production process.

“Air cargo continues to be the good news story for the air transport sector. Demand is up 12% on pre-crisis levels and yields are solid. Some regions are outperforming the global trend, most notably carriers in North America, the Middle East and Africa. Strong air cargo performance, however, is not universal. The recovery for carriers in the Latin American region, for example, is stalled,” said Willie Walsh, IATA’s Director General.

Africa: Smartphone Market Records 14% Growth in Qtr 1, 2021

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08/06/2021

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Newly released data from IDC’s Worldwide Quarterly Mobile Phone Tracker shows that Africa’s overall mobile phone market enjoyed year-on-year (YoY) growth of 14.0% in Q1 2021 to total 53.3 million units.

The region’s smartphone market grew 16.8% over the same period to 23.4 million units, while the feature phone market was up 11.9% to 29.9 million units.
Africa’s major smartphone markets performed well in Q1 2021, with the exception of South Africa, where the main vendors faced supply shortages and an economic environment that negatively impacted demand. Egypt had one of the highest growth rates in the region in Q1 2021, thanks to strong local demand, the easing of COVID-19 restrictions, and major vendors like Samsung and Oppo increasing their shipments into the country. Nigeria also enjoyed a strong YoY growth rate due to the release of pent-up demand and increasing shipments of Transsion and Samsung devices into the market.
Transsion brands (Tecno, Infinix, and Itel) continued to lead Africa’s smartphone space in Q1 2020, with a combined unit share of 44.3%, followed by Samsung and Oppo with respective shares of 22.9% and 8.3%. Transsion brands also dominated the feature phone market, with a combined unit share of 78.7%, followed by Nokia and Stylo with respective shares of 8.1% and 1.7%.
The ultra-low-end price band (less than $100) accounted for 42.0% of the market’s shipments in Q1 2021, down from 49.6% in Q1 2020. Meanwhile, the low-end price band ($100 to $200) saw its share increase from 35.2% to 43.3% over the same period. “The increased specs and attributes in smartphones are driving prices upwards, as evidenced by the growth of the low-end price band,” says Taher Abdel-Hameed, a Senior Research Analyst at IDC.

“The main vendors, like Transsion, Samsung, Oppo, and Xiaomi, all launched new feature-rich models in this price band. These models were well received by channels and customers alike, feeding the growth of low-end price band.”

Looking ahead, IDC expects Africa’s smartphone market to grow 5.6% YoY in unit terms for 2021 as a whole. “Despite supply shortages impacting mobile phone vendors, the major brands succeeded in broadening their model portfolios and driving growth in their shipments into Africa during Q1 2021,” says Ramazan Yavuz, a Senior Research Manager at IDC.

“With vaccination programs expected to accelerate and economies slowly regaining health in the second half of the year, consumer demand is expected to pick up, helping the region’s smartphone markets to build on the growth seen in Q1 2021 throughout the remainder of the year.”

COVID-19: How Nigeria Can Prevent More Deaths!

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08/06/2021

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By Rich Lesser

CEO

Boston Consulting Group

In Nigeria, many adults have compromised immune systems due to prevalence of ailments such as malaria, HIV, tuberculosis, making them susceptible to COVID-19. Children are also susceptible to the virus given high levels of malnutrition with about 32 percent of those under 5 years in this category.

Efficient systems should be put in place to ensure equitable distribution and also prevent wastage. Nigeria can leverage the knowledge and experience from dealing with Ebola and Polio to prevent more deaths from COVID-19.

With countries around the world struggling and India setting new, devasting records for COVID-19 deaths and cases almost daily, the U.S. government’s decision to share up to 60 million doses from its stockpile of AstraZeneca vaccines was an easy one. Now it’s time to make the more difficult choices and truly lead the global fight against this disease.

We Can Do More, and We Can Do So Now

Following a modeling done by Boston Consulting Group (BCG), it suggests that by the end of July, the U.S. will have an upward of 200 million surplus vaccine doses that could be used by COVAX—the global partnership of GAVI, CEPI, UNICEF, and WHO—to save more than 500,000 lives across the globe. Unless U.S. leaders and vaccine manufacturers start working on a redistribution plan in the coming weeks, those doses will instead end up sitting in cold storage.

There are already more than 50 million doses available to be administered across the U.S. After reserving enough for every American, there will be an excess of at least 100 million doses by July (of course, that figure will be even higher if more Americans are not convinced to get vaccinated).

Add to that an additional 100 million doses of Novavax expected to be authorized and delivered by end of July, and the United States Government will be sitting on a stockpile of at least 200 million doses.

Beneath the headline of 60 million AstraZeneca doses set to be shared was the detail that they may not be available for weeks, or even months. Meanwhile, vaccine uptake in the U.S. continues to soften, and the country is actively building inventory at a rate of nearly 2 million doses per day.

Instead of waiting until June to start redistributing, here is an opportunity to share a portion of secured capacity and unused doses today, quickly stymying further outbreaks across the world.

Making this happen quickly will require significant political will from the White House as well as leadership and collaboration from manufacturers.

Other efforts, such as relaxing export restrictions on raw vaccine materials, will help, but what the world needs is actual vaccine doses. And as manufacturers know all too well, calls for suspending intellectual-property protections on vaccines are oblivious to the complexities of vaccine production and regulatory approval processes.

An Urgent Redistribution Plan

In sharing vaccine doses, there’s an impulse for the United States Government to immediately bolster the supplies of her allies and neighbors, but COVAX can help them extend well beyond.

With global COVID-19 vaccine capacity expected to hit 14 billion doses this year for vaccines currently approved or under regulatory review, COVAX’s goal is relatively modest: to provide 2 billion vaccines and support in order to equitably vaccinate the 20% of the global population that is most vulnerable to the disease.

To date, COVAX has only had enough supply to deliver about 45 million doses globally. While the partnership has secured capacity for 1.5 billion doses this year, the bulk of that isn’t expected until September and December.

To make matters worse, the dire situation in India has led to export bans on vaccines from the Serum Institute of India, exacerbating COVAX’s supply shortfall. Cases and deaths are rising at rapid rates in many supply-starved low- and middle-income countries.

But despite $12 billion in available funding from the World Bank, there is simply no short-term vaccine capacity available for sale.

COVAX already has the legal and operational frameworks in place to redistribute manufactured doses, but the U.S. can reduce complexity by deciding to donate capacity now, allowing supply that rolls off the fill-and-finish lines in May, June, and July to go straight to COVAX-supported countries.

Waiting until July to donate physical doses means they may not reach vulnerable arms until September or later, potentially costing hundreds of thousands of lives that could have been saved in the meantime.

The rapid development of COVID-19 vaccines has been one of the greatest scientific achievements of the past 50 years. The challenge therefore is to ensure they also become one of greatest humanitarian and public health achievements. At least half a million lives depend on it.

Tolu Oyekan, Partner at BCG, states that while equitable distribution is a global concern, it should also be of great importance to the beneficiary countries. Government of these countries should ensure that the donated vaccines, even purchased vaccines should be equitably distributed to reach the poor, vulnerable and the rural dwellers.

Environment Day 2021: Sterling One Foundation Cleans Alpha, Eleko Beaches

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07/06/2021

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By Fabian Ekeruche

Sterling One Foundation says it remains unwavering to its commitment to clean the Alpha and Eleko Beaches in Lagos State.

Mrs. Olapeju Ibekwe, CEO, Sterling One Foundation, made the disclosure at an event to clean the Eleko Beach last Saturday.

The News Agency of Nigeria (NAN) in Lagos reports that the event, which was an activity to mark the 2021 World Environment Day, was in partnership with the African Clean Up Initiatives (ACI).

Speaking to NAN on the sidelines of the exercise, Ibekwe said that the organisation was excited because it made a promise and was fulfilling that promise.

“We made a commitment that we were going to do a multicity beach adoption with a view to meeting about seven of the Sustainable Development Goals of the United Nations.

“Goals of poverty eradication, life above water, live below water, decent work and economic growth, and partnerships for the SDGs.

“It is exciting and really fulfilling that we have done that for Alpha Beach.

“As at today, the beach is cleaned on a weekly basis. The youths and women are been empowered, they are paid to clean up the beach on a sustainable basis.

“This is exactly what we have brought to Eleko beach,’’ she said.

“It is exciting to be at Eleko Clean Up because the team of the World Environment Day is `Ecosystem Restoration’.

“So, what we are doing is to ensure that we are creating very positive impact in conjunction with other cooperates in prioritizing the environment for the betterment of all.’’

The Sterling One Foundation CEO noted that micro-plastics had negative health implications on humans if they find their way into fishes which are consumed by humans.

She said that the project had enormous health, economic and developmental benefits for the youths, women and the host community.

She said that the youths would be paid on monthly basis to ensure that the beach was consistently cleaned all year round.

According to her, the foundation partners with the Lagos Waste Management Agency (LAWMA) to clear the solid waste from the beach.

Also speaking, the traditional ruler of Eleko, Baale of Eleko, Chief Gbadebo Labia, expressed delight in the flag off of the beach cleanup.

He noted that the beach was very peaceful, safe and secure for tourists.

He appealed to the Lagos State Government to develop and deepen the tourism potential of the beach to earn more revenue.

Mr. Dele Faseemo of the Energy Division of Sterling Bank emphasised on the need to make the environment more sustainable and more habitable.

He appealed to Nigerians to work hard to live behind a sustainable ecosystem for the generations yet unborn.

According to him, sustaining the project will involve community ownership of the project.

He said that it would also involve creating adequate awareness on the need to maintain a clean and healthy environment such that the youths would look beyond the stipend received at the end of the month to taking real ownership of the process.

Also, Kaseetolu Lawal, Corporate Banking Division, Sterling Bank said that the bank was passionate about caring for the environment where its customers and general public live.

He noted that the bank, in reaching out to the environment and other critical sectors, encouraged like minds to play their roles for a sustainable environment without seeking profit.

The CEO of African Clean Up Initiatives (ACI), Mr. Alex Akhigbe said that the Beach Clean Up was a project of the “giving” platform that was powered by the Sterling One Foundation.

He noted that the exercise was more of engaging all stakeholders to change the face of the beaches in Lagos State and even in the nation. (NAN)

AfICTF President, Tony Ojobo to Speak at UN Seminar

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07/06/2021

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The President of the African ICT Foundation, Mr. Tony Ojobo is to speak at the 21st Infopoverty World Conference focusing on “How to build a fairer and more inclusive Digital Society?” will be held on December 3, 2021 at the UN Headquarters in New York and live streamed on the UN WebTV.

The United Nation Conference is an annual rendez-vous to register and validate the best digital practices for the achievement of the UN 2030 Agenda at the UN Headquarters.

In a letter inviting Ojobo to the Conference, the UN while appreciating the commitment of African ICT Foundation to create job opportunities, accelerate innovation, and boost productivity and progress in the African economy.

He said that this year the Conference will discuss the developments imposed by Covid-19 towards an acceleration of digitalization while, on the other hand, widening the gap between the élites and disadvantaged people and communities.

According to the letter, the UN Vision has always inspired the Infopoverty World Conference, born at the UN Headquarters in 2001 with the support of the European Parliament.

For twenty years the Conference has given rise to numerous projects in the wake of the digital revolution and its impact on the society, gathering eminent experts, UN representatives, Ambassadors and Ministers, Universities, private and public institutions as well as the Civil Society.

Last December OCCAM, the Observatory on Digital Communication, received a mandate to prepare a Report on new trends and approaches able to shape a new Digital Society which we wish to be fairer and more inclusive.

The Report will be presented at the UN Headquarters on December 3, 2021 during the 21st Infopoverty World Conference.

“Considering the accelerating cascade of innovations, stakeholders, and projects, where utopia and dystopia are playing the same game without a clear direction, the Observatory launches a large consultation driven by the SDGs, also blending in the efforts of G20, G7, COP-26 and the UN System to steer this process.

“Therefore, we would be very interested in receiving your opinions about this momentum in force of your specific competence, as well as the actions that African ICT Foundation is launching in this context.

“In light of these considerations, we would be honored to have you at our upcoming Seminar, an Open Conversation expected to be held on June 21, 2021 on Zoom, to define the Report and the Agenda of the 21st Infopoverty World Conference at the UN Headquarters next December”, the UN said.

Female Entrepreneurs Get Boost as SME.NG Unveils Ebi Marketplace Aug 1

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07/06/2021

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SME.NG has unveiled a new e-marketplace platform with the aim to provide access to finance wider market access, technical and business support to local female entrepreneurs.

The new platform was introduced as a solution to the impact of COVID-19 on Nigerian female-owned businesses.

Deemed ‘Ebi Marketplace’, the platform is a one stop shop solution for Nigerian Female Entrepreneurs. It is an all-inclusive platform that will democratize access to finance, financial inclusion and e-commerce for women entrepreneurs.

The Ebi Marketplace will improve access to finance, access to wider markets, access to technical and business support, access to a job portal connecting female entrepreneurs to suitable staff.

The platform will further allow entrepreneurs connect and partner with other female entrepreneurs across the country, thus helping them transform their economies to become more independent, equitable, and sustainable.

Speaking on the purpose of the Ebi Market Platform, the Managing Director, SME.NG, Ms. Thelma Ekiyor, stated.

“With Nigeria’s population increasing exponentially coupled with the global pandemic, economic opportunities are now limited and overstretched especially for the female entrepreneurs. The need to encourage, give access to finance and support these female entrepreneurs cannot be overemphasized. SME.NG, through this platform, aims to provide Nigerian Female Entrepreneurs the opportunity to grow their businesses through financial services, trading opportunities, advisory services, mentorship and networking and so much more.

By providing female entrepreneurs with entrepreneurial opportunities to create wealth and support their livelihood, the Ebi Marketplace platform will help keep people in business, generate jobs and income”, She continued.

The Ebi Marketplace platform will be Nigeria’s first all-women’s e-market platform which is safe and user-friendly. The platform will also feature a Nigerian women’s SME directory with sector and location tags to expand the reach of products and services across Nigeria and beyond. The Ebi Marketplace will be all inclusive and will be a one-stop shop information portal of opportunities for female entrepreneurs. The app will provide female entrepreneurs and their customers with a unique and seamless online trading and shopping experience. It also includes features that will help drive sales and boost revenues for women-owned businesses, as well as provide other resources that will enable female-owned businesses to thrive.

The Ebi marketplace will officially go live on the 1st of August and the App will be available for download on Play Store and Apple Store. Successful sign-ups would officially become vendors on the platform and can access all the benefits on the Ebi Marketplace Platform.

About SME.NG

SME.NG was established to bridge the gaps in women’s access to finance through “gender lens investing”. It is an impact investment platform that invests in Nigerian SMEs to realize measurable environmental, social, and financial returns.

The platform’s approach to SME financing is through a “blended financing” model, which leverages private capital, public sector investments and philanthropic giving. SME.NG has two funds for women and operates an all women accelerator, “She Works Here.”

Buhari Vs Twitter: The Inglorious War!

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05/06/2021

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The deletion of a tweet by President Muhammadu Buhari by twitter and subsequent suspension of the social media platform by the Federal Government of Nigeria has generated intense debate within and outside the shores of the country.

While the resolution of the disagreement might not be coming in the next few days, it invariably signals the commencement of soft conflict between Buhari/Nigeria and twitter-a conflict that could stretch beyond the ordinary.

Despite the stated reasons by both parties in respect of the actions they took over the said deleted tweet, it is now difficult to see who will blink first considering the various socio-economic factors at play, including power and sovereignty.

To put it mildly, this is an inglorious war nobody saw coming and one that nobody needs at this time.

Time for reason to prevail!

Vbank: Nigeria’s Digital Banking App of 2020 Still Going Strong

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05/06/2021

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When VFD Microfinance Bank entered Nigeria’s budding virtual banking space with its VBank app in March 2020, it joined the ranks of challenger banks giving mainstream banks a run for their money.
It was launched when consumers were groaning under the burden of high account maintenance fees, hidden bank charges and other difficult regulatory demands. It was also at the onset of the Covid-19 pandemic in Nigeria, which necessitated months of lockdown and restricted movement.

Riding on the back of its attractive and easy-to-use interface, the VBank app quickly racked up hundreds of thousands of downloads on Playstore and the App store.

The latest update to the app launched earlier in the year with some sterling features to make virtual banking seamless.

Customisable Features

The new update on the app comes with a customisable interface that allows adding quick links to the homepage by clicking the edit button on the top left corner of the page. With this, you can add features you use frequently to where you can quickly access them.

Receiving/Sending money without an account number

The app comes with Proximity Payment, a Bluetooth-like feature. With this, VBank users can send or receive from other users of the app without using an account number. The app uses your phone’s location, microphone and Bluetooth to carry out the transaction.

There is a catch, however: VBank expressly states that “the data being shared is temporarily uploaded to Google in order to enable sharing.”

The QR code payment and cardless withdrawal options

The QR code feature allows users to initiate and receive payment by scanning another user’s QR code. It also enables the app user to generate a unique QR code anywhere in the world and then share the same with family and friends to receive payments anywhere QR code payment service is available.

The cardless withdrawal feature enables users to withdraw cash at any ATM in Nigeria without using a physical debit card. And with the ATM locator on the app, you can locate ATM points nearest to you.

One transaction, multiple beneficiaries

Sending funds to more than one person can be a bit tedious and time-consuming, especially when the internet connection is unstable. However, the VBank app allows for making payments to multiple beneficiaries at a go with no hassles and for free. The bank charges zero naira for transfers all year round.

Investing

With the Invest menu on the app, users can do more than save money. The menu allows users to create target savings, fixed deposit and shared/joint accounts, and also request a loan.

Only recently, the bank reviewed its Fixed Deposit Rates to return between 11.25 and 15 percent on a 30 to 365 day fixed tenor. This is one of the highest in the country.

Also, it renewed its annual Children’s Day Target Savings in May 2021 promising a 20 percent bonus in the first month and nine percent in subsequent months provided the same amount is fixed monthly.

Other regular features

Like many other bank apps, with the VBank app you can do mobile top-up and pay bills. This would vary from cable bills, electricity bills to betting games.

The Vbank app is a digital product of VFD Microfinance bank which was incorporated in Lagos in 2015. The bank returned 400 percent in investment in 2020, the year of the pandemic.

This is perhaps connected to the timely introduction of its digital app, Vbank, in March 2020, a few weeks before the country shut down.

Last April, Vbank was named banking app of the year 2020 at the Gage Awards.

The NAICOM 5-Point Plan to Drive Insurance Growth in Nigeria

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05/06/2021

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(4^th Left): Mr. O. S. Thomas, Commissioner for Insurance/CEO, National Insurance Commission (NAICOM) and other Directors of the Commission during the unveiling of the NAICOM Strategic Plan in Lagos.

The National Insurance Commission (NAICOM) has unveiled a 5-Point Strategic Plan 2021-2023 to drive growth of insurance business and deepen its penetration in the country.

Mr. Olorundare Thomas, the Commissioner for Insurance/CEO of NAICOM said in Lagos that the Plan is anchored on innovation, distribution, effective/efficient and service delivery as its guiding principles.

Thomas listed the 5-Point Plan as:

Entrench effective & efficient service delivery
Ensure safe, sound and stable insurance sector
Adequately protect policyholders and public interest
Improve trust & confidence in the insurance sector
Ensure innovation & promote insurance market development

The first point will entail enhancement of infrastructure, automation of processes, improve efficiency of regulatory activities and equipping the proposed NAICOM Academy which is set for take-off before the end of the year.

According to the insurance regulator, Point 2 involves ensuring that insurance operators in Nigeria are adequately capitalised, implementation of risk-based supervision and ensure that underwriting firms are prudently managed.

Other points and their details include:

Point 3:

Promote improvement in the protection of policyholders
Enhance enforcement of market conduct among operators
Promote insurance education & awareness
Ensure adequate insurance cover for government assets and liabilities

Point 4:

Institute good market conduct and ensure that complaints are properly managed
Implement customer service charter policy
Facilitate the fight against money laundering and funding of terrorism
Ensure effective management of troubled institutions

Point 5:

Facilitate innovation and competitive policy amongst operators
Facilitate attainment of National Financial Inclusion target and access to insurance services
Promote local capacity for emerging risks in Nigeria
Implement principles for sustainable growth of the market

The Commissioner for Insurance promised that the Commission will vigorously monitor and evaluate the process towards the attainment of the goals in the strategic plan.

Stanbic IBTC Excites Shareholders with Dividend, Bonus Shares

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02/06/2021

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Stanbic IBTC Holdings Plc has declared a dividend of 360 kobo per ordinary share of 50 kobo be paid to shareholders as well as one bonus share for every six ordinary shares held by them.

Mr. Tunde Bamidele, a shareholder, appreciated the Board and Management of Stanbic IBTC for the steadfastness, hard work and dedication, which resulted in the N83 billion profit after tax for the 2020 financial year, and culminated in the 360 kobo dividend and allotment of bonus shares.

He said: “I would like to express my gratitude to the Board of Directors, Management and members of Staff of Stanbic IBTC for a job well done. Despite the COVID-19 pandemic, the company declared a dividend of 360 kobo which is very impressive compared to other players in the financial industry. I would also like to thank you for giving us a bonus share for every six shares held. Indeed, the bonus dividend is robust.”

Mr. Kunle Adedeji, Ms. Ngozi Edozien and Ms. Salamatu Suleiman were re-appointed as Directors, and Mrs. Sola David-Borha, immediate past Chief Executive, Africa Regions, Standard Bank Group, was appointed as a Non-Executive Director.

Mr. Basil Omiyi, Chairman of the Stanbic IBTC Holdings PLC, commended the Group’s management on an impressive result despite operating in a tough environment. He said: “The Board is very happy with what the Management has been doing. We pass most of the commendation to our very efficient and able Management team who have delivered impressive results despite operating under difficult circumstances.”

Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC, reiterated the Management’s commitment to sustaining the high standards that have earned the Group several commendations and awards, including the highest level of ratings by globally recognised rating agencies. He said: “We would continue to work very hard to sustain our high level of ratings by globally renowned rating agencies. We also pledge to continue adhering to regulatory guidelines, while also making improvements in the areas of performance, corporate governance, risk management, quality of workforce and succession planning.”

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