All is set for the digital financial inclusion summit as Ecobank Nigeria, in partnership with Vanguard Economic Forum Series, convenes top minds in the industry on a discussion centering around Digital Financial Inclusion. The virtual summit is slated for 8th of December, 2020.
The Speakers and panelists who are subject matter experts in digital transformation and financial inclusiveness were carefully drawn from the banking, regulatory bodies, telecoms and other key sectors of the economy notably Jimoh Itopa, Director Payment System Management, Central Bank of Nigeria (CBN), Alan Sinfield, current CEO 9mobile, Ronke Kuye, CEO, Shared Agent Network Expansion Facilities Limited (SANEF), Jacqueline Juma of EfinA a transformative specialist in Digital Financial Services (DFS), Engr. Gbenga Adebayo, Chairman of Alton, and Kolawole Olanike, Head Agency Banking, Ecobank Nigeria.
According to a statement from Ecobank and Vanguard, Alan Sinfield, CEO 9mobile is a telecoms expert with vast international and operational expertise and experience in wireless telecoms, fintech, and banking sectors spanning over 30 years. He had been a CEO at Ooredoo (Starlink), a subsidiary of Qatar Telecommunications Group.
Ronke Kuye, is the Chief Executive Officer of Shared Agent Network Expansion Facilities Limited (SANEF). Ronke has over 24 years experience in banking, cards and Payment systems and e-business, Operations, Process Transformation and Project Management.
Jacqueline Juma, a transformative specialist in Digital Financial Services (DFS), currently serves as the Head, Digital Financial Services at EFInA.
Also listed as panelists are Engr. Gbenga Adebayo, the Chairman of Association of Licensed Telecom Operators of Nigeria (ALTON) and Kolawole Olanike, Head Agency Banking in Ecobank.
Announcing the Summit in Lagos recently, Head, Consumer Banking, Olukorede Demola-Adeniyi said the Summit will provide a platform to discuss the need for a comprehensive alignment of policy and regulatory frameworks among regulators like CBN, NCC, NITDA to support a sustainable digital financial inclusion growth, examine key issues and ways of advancing digital financial inclusion for women, youths and MSMEs and discuss the role of interoperability in mobile payment innovation. Further she mentioned that the role and impact of agency banking for financial inclusion growth will be x-rayed as well as the need for public and private sector investments in internet infrastructure and mobile connectivity growth in rural areas.
Also, Jude Ndu, Director Vanguard Conferences and The Economic Forum Series, said the Summit would help Ecobank communicate and connect with Nigeria’s largely unbanked population on the urgent need to adopt and subscribe to innovative digital payment channels like the *326# and financial service offerings to close the large financial Inclusion gap and a direct response the economic challenge post-COVID-19.
The Ecobank Digital Series is a virtual programme organised by Ecobank to educate and enlighten the public on crucial issues of public interest, especially as it relates to their financial freedom.
Ecobank, Vanguard Financial Inclusion Forum Set for Dec 8
Stanbic IBTC Bank Wins Agric Bank of the Year Award
L-R: Wole Oshin, Head, Agribusiness; Olushola Alarege, Head, North Central
Zone; Onyinye Agubuokwu, Relationship Manager, Agriculture; Ibitoye Fajana,
Head, Commercial Banking Suite, North Central Zone and Victor Olanihun,
Relationship Manager, Agriculture, all of Stanbic IBTC Bank PLC, at the
Nigeria Agriculture Award (NAA) recently held in Abuja where Stanbic IBTC
Bank won the Agric Bank of the Year Award
Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC has won Agric Bank of the Year Award at this year’s edition of Nigeria Agriculture Awards (NAA)for the second consecutive year. The Bank had earlier won the award in 2019.
The award, organised by Agro Nigeria,recognises Stanbic IBTC Bank’s commitment to the development of agribusiness in Nigeria and consistency in providing financial solutions to farmers and agricultural enterprises across the country.
Since its existence in 2014, the prestigious NAA has continued to celebrate stakeholders who have excelled in their contributions to the growth of the agricultural sector in Nigeria.
Speaking on this award, Wole Oshin, Head, Agribusiness,Stanbic IBTC Bank PLC, said the remarkable contributions of the bank in the agricultural sector are aimed at growing the industry and in turn, the Nigerian economy.
According to him: “The growth of the agricultural sector is pivotal to economic development. We recognise this at Stanbic IBTC Bank, that is why we intentionally develop initiatives and foster partnerships that support players in the industry.”
Oshin praised the dedicated workforce whose professionalism and wealth of experience have continued to make Stanbic IBTC Bank fulfil the dreams of its esteemed customers.
The 2020 edition of NAA was held at Abuja on Tuesday, 02 December 2020.
CHI Renews N24m Accident Insurance Cover for Journalists
Eddie Efekoha
Group MD/CEO
CHI Plc
Consolidated Hallmark Insurance (CHI) Plc has renewed the Group Personal Accident Insurance cover worth N24 million sum assured for insurance journalists in the country.
This, according to the company, is part of its Corporate Social Responsibility (CSR) project, to ensure that journalists who are exposed to danger and hazard in the discharge of their civic duties are adequately protected. The Group Personal Accident Insurance covers death, permanent disability and medical expenses.
The policy, now in its 9th years, has been running since 2012, and is renewed annually by the company. The cover was renewed in October, 2020 and it is due to expire in September 2021.
The policy covers all members of the National Association of Insurance and Pension Correspondents (NAIPCO) across the country while the company has promised to continue to renew the coverage for the journalists every year.
Reacting to this development, the Group Managing Director/CEO, CHI, Mr. Eddie Efekoha said this gesture is to show the kind of values and respect his insurance firm has for journalism, believing, journalists, who are the shapers of the society, and by extension, the insurance industry, must be well taken care of.
Journalism, he said, is a risky profession, hence, the need to adequately provide insurance for those covering the insurance industry.
In the case of the death of any of the concerned journalists, he said, the family of the deceased is entitled to N1 million death benefits. “A journalist who suffers permanent disability in the discharge of his duties will also be entitled to N1 million. The cover provides for medical expenses to the tune of N200, 000 per journalist in the case of an accident,” he pointed out.
Applauding the initiative, the Chairman, NAIPCO, Mr. Chuks Udo Okonta, said this is a rare gesture from CHI, as part of its CSR initiative aimed at impacting lives of IRS Immediate community.
He, on behalf of all members of the association, thanked the company as well as its GMD, Mr. Eddie Efekoha, for recognising the pivotal roles journalists are playing in the society and indeed insurance industry, promising that, this will serve as moral boosters for his members to continue to discharge their duties ethically and professionally with exhibiting any fear or intimidation.
He was particularly happy for the fact that in 2013, Mrs. Bimbo Oyetunde of Radio Nigeria received medical bill compensation from CHI after she was involved in a ghastly motor accident alongside other members of the Nigerian Union of Journalists (NUJ) on their return from Abuja after an official assignment where three people died.
To him, ” Your company has lived up to expectation in the past when one of our members benefited from this policy and that, we are grateful for. Although, we don’t pray for hazard to happen, but we are relaxed that if the unexpected happens, CHI is always there for us.”
Pension Transfer Window: 2,100 RSA Holders Seek Change of PFAs
Following the launch of the pension transfer window by the National Pension Commission (PenCom) recently, over 2, 100 Retirement Savings Account (RSA) holders have applied to move their pension accounts from their current Pension Fund Administrators (PFAs) to a new one.
Making the disclosure at the virtual 2020 Pension Fund Operators Association of Nigeria (PenOp) Media Retreat for pension correspondents today, the Head, ICT, PenCom, Mr. Polycarp Anyanwu, said, over 2,100 applications were submitted and received by the commission between 16th and 30th of November, 2020.
The transfer window known as Retirement Savings Account Transfer System (RTS) was launched by PenCom on the 16th of November, 2020 in Abuja, in accordance with Section 13 of the Pension Reform Act, 2014 which allows contributors to move their Retirement Savings Account (RSA) through a transfer window from one Pension Fund Administrator (PFA) to another, provided that it is not more than once in a year.
Polycarp noted that, most of the pension contributors seeking a switch to a new PFAs were those who were not contented with the service delivery of their current pension fund handlers, a development, he said, will no doubt, enhance quality service delivery of the PFAs to their clients.
Explaining how the window operates, he said, the RTS has four quarters in a year, which are; 31st of March, 30th of June, 31st of September, and 31st of December in which contributors can change their PFAs once in a year, adding that, the over 2,100 applications received so far, would be processed for the 31st of December, 2020 window.
A month to the above mentioned dates, he said, the concerned pension fund operators must have submitted necessary documentation to the regulatory body, informing it of the amount leaving their kitty and the RSA holders concerned, so as to give ample time for both PenCom, the affected PFAs and the receiving PFAs to plan ahead.
On the part of the contributors, he said, majorly, fingerprint, which serves as their consent, is a unique criteria to switch PFAs. Although, he expects some pension fund operators to be on the losing end and some proactive ones winning the disgruntled contributors, he stressed that, the overall benefits, is to instill healthy competition among operators, which would, in return, lead to better service delivery and improved investment returns on pension assets.
Similarly, the head, Corporate Communications, PenCom, Mr. Peter Aghahowa, said, the activation of the RSA transfer process will engender competition and improve service delivery in the pension industry, while asserting the right of RSA holders to determine which PFA manages their pension contributions and retirement benefits.
Addressing participants at the conference, the new president, PenOp, Mr. Wale Odutola, who is also the Managing Director/CEO, ARM Pension PFA, said, pension fund operators have done the necessary requirement by upgrading their IT systems in a bid to enhance seamless pension account transfer among operators, while PFAs have attached much importance to better service delivery.
He believes this is a concept that will change service delivery in the entire pension industry landscape, a development, he said, would benefit the contributors and Contributory Pension Scheme (CPS) retirees the most.
According to him, the ultimate aim is to grow the pension industry, make the pension funds have a bigger impact on the economy, and give good investment returns to contributors, shareholders and relevant stakeholders, and we, the operators are a critical stakeholder in this process and we all will make it work.
PenCom Board Inaugurated in Abuja
Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha; Chairman, Board of National Pension Commission, Mr. Oluremi Oni; Director-General of National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar (middle), flanked by members of the Board of the National Pension Commission, at their inauguration, at Transcorp Hilton, Abuja, on 3rd December 2020.
The IICC Media Retreat 2020
L-R: Mr Fatai Adegbenro, Executive Secretary, NCRIB; Mr. Rasaaq Salami, Head of Corporate Affairs, NAICOM; Sir Muftau Oyegunle, President of CIIN and Chairman of IICC; Mrs. Abimbola Omowunmi Tiamiyu, DG, CIIN; Mr. Gbenga Adebija, DG, Nigerian British Chamber of Commerce, Mr. Tunde Oguntade, Deputy President NCRIB at the Insurance Industry Consultative Council 2020 Media Retreat held at in Ijebu- Ode, Ogun State.
Stanbic IBTC Leverages Tech for 2020 Edition of Together4ALimb
Stanbic IBTC Holdings PLC has leveraged technology in organising the 2020 edition of Together4ALimb, the flagship Corporate Social Investment (CSI) initiative of Stanbic IBTC Holdings PLC. The event held virtually in compliance with the social distancing guidelines provided by the Government, due to the outbreak of the coronavirus pandemic.
Together4ALimbwas introduced to create awareness about the plight of children living with limb loss. The financial institution organises a series of activities, culminating in a walk by the employees of the institution, members of the beneficiaries’ family and other well-wishers. Through this initiative, Stanbic IBTC Holdings PLC has given hope to selected underprivileged children who have lost their limbs, by providing them with prosthetics.
The institution created a Web Application to encourage interested individuals to take part in a virtual walk, thereby generating awareness about the challenges that limbless people must endure. The #Together4ALimb Web Application engendered participation from the public, while reaching a wider audience. Interested individuals logged onto the #Together4ALimb App to take and record their walks. The goal was to hit a 36-kilometre milestone in six days. Individuals could pause and pick up from where they stopped to continue the walk.
Overall, 505 people registered for the #Together4ALimb walk. A total of 2,356km was covered by the participants over a combined period of 440hours spread across 784 sessions.
Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC, while commenting on the success of this year’s event, thanked participants for their time and effort. Dr. Sogunle said: “Our commitment to all aspects of our flagship initiative, including the yearly charity walk to raise awareness, remains as strong as ever because as an institution, we are resolute in our determination to help limbless children live a normal life while pursuing their beautiful dreams.”
This year, Stanbic IBTC fitted 10 children with prosthetic limbs and awarded educational trusts worth N1.5 million to each beneficiary, to enable them pursue their dreams of acquiring quality education.
This year’s beneficiaries were Covenant Sunday Okon, Anabel Ayuba, Nasirdeen Rabi’u, Emmanuella Offor, Chidinma Blessing Udeh and Hamza Ahmed Rufai. Others were,Yakubu Haruna Yakubu, Qoyyumat Oluwadarasimi Okesanjo, David Ahmed Aliyu and Aisha Gidare.
Since the initiative commenced in 2015, Stanbic IBTC has provided prosthetics and Education Trust worth over N250 million for 40 children.
The prosthetics are replaced annually until the beneficiaries turn 18 years old.
‘Get Your Remittances in Dollars’–Ecobank
In a reaction to the recent announcement by the Central Bank Nigeria (CBN) that beneficiaries of remittances can now receive their transfers in Dollars or opt to have funds paid directly into their domiciliary accounts, Ecobank Nigeria has assured its customers that it will put the necessary processes in place to make this happen seamlessly.
Patrick Akinwuntan, Managing Director, Ecobank Nigeria, in a chat with the Media in Lagos said Ecobank is taking steps to see the immediate implementation of this policy. He encouraged Nigerians in the diaspora and their loved ones here in Nigeria to take advantage of the policy by opening the Ecobank domiciliary account or reactivating their inactive domiciliary account with the bank.
“We are leaving no stone unturned to ensure that our customers instantly receive their transfers as cash (USD) or transfers into their domiciliary accounts. Our customers have the flexibility to choose the mode of receipt that suits them. It is strictly on their terms.” he said.
He went on to say “Our proprietary money transfer platform, Rapidtransfer, available on the App Store and Play Store, makes it possible for Nigerians abroad to remit home instantly at very affordable charges. We have also just launched a new version, Rapidtransfer International, specifically for Nigerians living in Europe. The functionality of both apps is being enhanced to meet this new requirement.”
Ecobank also stated that it is collaborating with other remittance partners (Western Union, MoneyGram, Ria, Small World etc.) on this new development in a bid to deliver maximum value to its customers.
In the same vein, Olukorede Demola-Adeniyi, Head, Consumer Banking, Ecobank Nigeria, said the Nigerian diaspora community makes significant contribution to the economy and Ecobank is committed to supporting them by providing advisory services, remittance solutions, investment options and financial planning.
To lend credence to this, Ecobank recently held a Diaspora Summit with major stakeholders in commemoration of Nigeria’s 60th Independence Anniversary.
How African Alliance Paid N1.3bn Claims in Oct/Nov 2020
Mrs. Joyce Ojemudia
Managing Director/Chief Executive Officer
African Alliance Insurance Plc
African Alliance Insurance Plc has given detailed insight on how it paid claims of over N1.3 billion in October and November 2020 to deserving clients of the company.
Accordingly, the company said it has settled total claims of N1.3 billion from the 1st of October till date.
Managing Director/Chief Executive Officer of African Alliance, Mrs. Joyce Ojemudia, who disclosed this during a courtesy visit of the executives of the National Association of Insurance and Pension Correspondents (NAIPCO) to the company in Lagos, noted that, the company is in business to settle claims.
Giving a breakdown of its claims history from October till date, the company said that it paid a total of N220.5 million as claims for group life insurance; for individual life including annuity, it paid N1.03 billion; for Esusu, it paid N2.3 million, while it paid N73.7 million as takaful claims.
Ojemudai said: “The products that we are selling in the insurance sector are intangible and the only way to make them tangible is to pay claims and pay promptly.”
According to her, insurance companies pay claims and it should be clear to the public that the sector exists to service their claims.
She said: “When you tell Nigerians to take up insurance, they always say that ‘God is my insurance’, but when we start sounding the message of claims payment very loud through the press, they will believe the press better.”
The African Alliance boss noted that the company is putting modalities in place to add more value to some of its products in the coming year, stating: “When some of these products were actually put in the market, Covid-19 was not around and nobody taught the impact of covid-19 will be as big as this. So as soon as we put some products in the proper perspective that will soothe 2021 business year, I am sure that we will start partnering with you to tell the public that we have products that will be of common interest to them.”
Also speaking, General Manager/Lead, Business Development, Mr. Steve Ajudua, said that there is potential of over a trillion naira income in the compulsory insurance products for the insurance industry and there is need for strict enforcement of that line of business.
He appealed to the media to assist the sector in propagating the benefits inherent in the compulsory insurance products, saying that it offers the industry a huge opportunity to increase insurance penetration as well as grow the economy.
In his introductory remark, the Chairman of NAIPCO, Mr. Chuks Okonta said that the maxim for the current EXCO is developmental journalism as it has taken up the mandate to add value to stakeholders in the insurance and pension sectors.
Okonta said: “We have taken up the mandate to add value to our shareholders in the sectors that we cover and as such, our assignment is developmental in scope.
“Accordingly, we have decided to carry out these assignments through claims profiling, where we reach out to companies to give us their claims history to project for them. Another aspect is through product profiling where we reach out to companies to give us products in their kitty and we propagate the message for them. While the third is management profiling where we expose the management team of companies to the public so that the public know where they are coming from.”
According to Okonta, other channels through which the association carry the message of insurance and pension to the general public is through its annual conference, the association magazine as well as the advert to news initiative where the association breakdown the message in adverts of companies to the understanding of the public.
Africa’s Mobile Phone Shipment Declines 6% in Q3 2020
Africa’s overall mobile phone market shipments declined 6.0% year on year (YoY) in Q3 2020, according to the latest insights from global technology research and consulting firm International Data Corporation (IDC).
The firm’s newly published Quarterly Global Mobile Phone Tracker shows that the decline stemmed mainly from feature phones, with shipments of these devices declining 11.2% YoY in Q3 2020 to total 29.4 million units.
By contrast, smartphone shipments were up a healthy 14.1% YoY, with 22.9 million smartphones shipped to the region during the quarter. The growth of the smartphone market was caused by the release of pent-up demand after countries eased their COVID-19 lockdown restrictions and by a shift in vendor strategies to offer more entry-level flagship models.
Rising unemployment rates and economic uncertainty caused by the COVID-19 pandemic continue to shift consumer buying patterns toward affordable and feature-rich products. Africa’s largest smartphone markets recorded mixed performances – Egypt and Nigeria both posted YoY growth in Q3 2020, while South Africa suffered a YoY decline. Smartphone shipments to Nigeria grew due to a shift from vendors to entry-level and mid-range devices.
Similarly, the Egyptian smartphone market grew as vendors offered devices with more competitive prices, larger screens, and improved features. Despite, experiencing a 13.4% YoY decline in shipments, South Africa continued to lead the way in Africa’s smartphone market, with shipments to the country totaling 3.3 million units.
“While South Africa’s smartphone market experienced a YoY decline, shipments actually increased 17.8% QoQ as lockdown restrictions were lifted and the channels replenished their inventories for Q4 promotions,” says Arnold Ponela, a research analyst at IDC. “South Africa is struggling with economic hardships, but smartphones have become an essential consumer item, making it a resilient market in a downturn.”
Transsion brands (Tecno, Itel, and Infinix) continued to dominate Africa’s smartphone space in Q3 2020, with 42.2% unit share. Samsung and Huawei followed in second and third place, with respective unit shares of 19.9% and 8.7%.
The Transsion brands (Tecno and Itel) also dominated the feature phone landscape with a combined share of 76.6%. Nokia came in third with 8.0% share of feature phone shipments.
In terms of price bands, devices priced below $200 accounted for 89.3% of smartphone shipments to Africa in Q3 2020. The share of smartphones priced below $100 declined slightly from 53.8% in Q2 2020 to 53.0% in Q3 2020, while the share of devices priced $100-$200 increased from 34.7% to 36.3% over the same period.
“Demand for entry-level smartphones was driven by e-learning requirements since smartphones are the only device offering internet access for most households in Africa,” says Ramazan Yavuz, a Senior Research Manager at IDC. “The mid-range segment ($200<$500) declined YoY, as consumers held back on upgrading to more expensive smartphones due to economic uncertainties."
Looking ahead, IDC expects the recovery in shipments seen in Q3 to continue through Q4 2020 during the festive months, with overall shipments expected to grow 4.6% quarter on quarter. The prospects for 2021 will depend on improvements in the overall economy, which will be largely dictated by the availability of a COVID-19 vaccine.
Aside from this factor, all market indicators are pointing towards supply-chain constraints fully easing out during the second half of 2021, with demand returning to normal as economic recovery starts.
How AfCFTA Could Catalyse Africa’s Untapped Agric Sector
Louis van Ravesteyn
Pan-Africa Head of Agribusiness, Personal and Business Banking
Standard Bank Group
The African Continental Free-Trade Area (AfCFTA) could accelerate the development of sub-Saharan Africa’s agricultural sector and help the continent to become self-sufficient in food production.
The trading bloc, which is set to become operational in January 2021, will significantly increase intra-African trade over time as it dismantles barriers to trade – including import tariffs and non-tariff barriers such as customs delays, restrictive licensing processes, and certification challenges.
The World Bank said in a recent report that 60% of African countries are likely to see increased agricultural employment by 2035 thanks to AfCFTA, and wages for unskilled workers are expected to grow faster in these nations.
While some countries will gravitate towards other sectors in which they have competitive advantages, North African states will shift more towards manufacturing and services. Many in sub-Saharan Africa are well placed to become food production hubs, thanks in part to favourable climates.
The World Bank estimates that by 2035, agriculture will account for more than 50% of total employment in several East African countries, including Kenya, Ethiopia, Uganda, Tanzania and Madagascar.
And by that time, intra-African trade in agriculture will likely be 49% higher than today, according to the study.
Africa’s abundance of uncultivated arable land, together with favourable climatic conditions in several countries and underutilised fresh-water resources, gives the continent significant headroom to produce more for regional and international export markets.
Those countries that adopt the latest technologies and develop strategies to remain competitive in the global marketplace will fare best. To compete over the long term, producers and governments need to plan and adopt strategies that are associated with characteristics of more mature markets to stay ahead of the curve
Further, any increases in output should be demand-driven. Products should be well researched and diversified, and production should be viable in terms of export-parity pricing.
Better Co-operation
As countries establish themselves as major agricultural producers, there is an opportunity to share best practices across the continent. This includes the adoption of appropriate production systems, the development of infrastructure that supports agribusinesses, and the implementation of policies that spur investments in the sector.
Some countries are relatively well advanced when it comes to the adoption of technology and climate-smart practices, and this has lifted output, lowered costs, and ensured that product quality is consistent.
Several African nations have focused more on value-addition and processing, and this has contributed to import substitution and greater exports, returns and employment. Other African countries can greatly benefit from replicating these best practises.
To promote the sector’s growth, authorities can consider interventions that stimulate innovation and the adoption of technology, such as tax incentives. There should also be a focus on preventing illegal trade and dumping in local markets, and on developing policies that improve investor confidence and reduce the cost of funding.
Transparent market information systems, healthy competition, capacity-building programmes, and investments in transport and storage infrastructure would also go a long way towards the sector’s development.
According to the International Food Policy Research Institute, African policymakers should focus on harmonising trade regulation across the continent, with an emphasis not only on import duty reductions, but also on addressing the costly non-tariff barriers that suffocate trade, including logistical challenges. In fact, it found that non-tariff barriers can be more damaging than tariffs.
The institute says it is crucial that policymakers, investors, and businesses prioritise ‘culturally appropriate, nutrient-dense foods’ to promote healthier lifestyles. Stakeholders should also coordinate efforts to integrate informally traded goods into formal markets by removing barriers for producers and supply intermediaries.
The banking sector will also have a significant role to play as an enabler of cross-border agricultural trade. Standard Bank Group, with its footprint across 20 African markets, sees AfCFTA as a significant opportunity for clients, the agricultural sector in general, and the continent. To play its part, the bank will leverage its expertise in agribusiness, provide client-centric solutions for the agriculture value chain, and facilitate trade through platforms like Trade Club, as well as its foreign exchange and trade finance solutions.
Opportunities Ahead
We believe that there are untapped opportunities in terms of both intra- and extra-African exports.
For the global market, there is scope to become a leading supplier of agricultural products such as vanilla, cocoa and avocados, thanks to strong demand elsewhere. Asia and the European Union will continue to drive global demand for African food products.
The products with the most export potential for other African countries include seafood, sugar, black tea, maize and maize seeds, palm oil, vegetables, onions, potatoes, margarine, sunflower seeds and oil, fertilisers, fruits, rice, sorghum, sesame seeds, pulses, vanilla and other spices, and poultry products.
Sub-Saharan Africa’s growing population, which is increasingly urbanising, will drive long-term demand for consumer products including foods. As a result, the growing agricultural sector will likely satisfy regional demand first, meaning it will take some time for Africa to become the ‘breadbasket’ of the world.
The COVID-19 crisis, which severely disrupted global supply chains, has highlighted the importance of local production and self-sufficiency. AfCFTA may well accelerate the shift in that direction.
Ecobank Named ‘Agric Lender of the Year 2020’ by BAFI Awards
Ecobank Nigeria has emerged the winner of “Agric Lender of the Year” award at the prestigious Business Day’s Banks and Other Financial Institutions Awards (BAFI). The bank was winner among other strong contenders to clinch the coveted award over the weekend.
According to Publisher of Business Day Newspapers, organisers of the event, Frank Aigbogun, Ecobank emerged winner from more than six strong nominees that were vetted, from which three were selected for the judges’ final choice. He stated that Business Day analysts spent over four weeks assessing the performance of Ecobank and its peers to arrive at its decision.
He lauded Ecobank’s support for financing rural farmers for food sufficiency, providing employment, creating awareness to showcase the potentials in the sector and partnering government agencies, local and international development partners to develop the agric sector.
Receiving the award, Segment Head, Public Sector/AgriBusiness, Mojisola Oguntoyinbo said the award was well deserved, stating that Ecobank has been at the forefront of financing the entire value chain of agriculture thereby supporting the emergence of new entrepreneurs in the sector.
According to her, “As a bank, we are glad that our efforts at developing the agriculture sector of our country are being recognised. This is an encouragement that we should step up our support for the national economy.”
According to her “earlier in the year, we announced Agriculture Businesses Finance Scheme which will see us commence the disbursement of agriculture loans to practitioners in different value chains in the sector within the next two years. We have Agric Schemes to support over 70,000 farmers with special loans to increase their capacity and yields in support of the CBN 2020 wet season programme with the Maize Growers, Processors and Marketers Association of Nigeria (MAGPAMAN). We are also in partnership with the Nigeria Incentive-based Risk-Sharing System for Agricultural Lending (NIRSAL), the United States Agency for International Development (USAID), the Development Bank of Nigeria (DBN) and other developmental partners to double the amount of credit provided to the agricultural sector over the next two or three years.”
Ecobank has been actively leveraging entrepreneurship as a strategy to tackle poverty and growing unemployment in Nigeria through the creation of relevant platforms. One of such platforms is the Ecobank Xpress Point, the bank’s Agency Banking proposition which enables Agents carry out financial transactions on behalf of Ecobank and earn commission on transactions processed.
Ecobank popularly referred to as the digital bank is also using its various platforms including PoS, Omnilite, Omni, ATM, Mobile banking, Ecobank Mobile app, EcobankPay and Ecobank Online, among others to facilitate ease of transactions for customers.
Emirates: Nigerians to Enjoy Dubai Special Offers this Festive Season
Emirates is making travels to Dubai more attractive with a complimentary stay at the JW Marriot Marquis Dubai, one of the world’s tallest 5-star hotels. The skyscraper hotel
features award-winning dining options, its own shopping galleria and a
world-renowned spa; and is conveniently located near attractions like
the Dubai Mall, Burj Khalifa and the Dubai Opera.
Customers who book return Economy tickets to Dubai from 2nd to 23rd
December for travel from 6th December 2020 to 28th February 2021 will be
eligible for a complimentary one night stay at the JW Marriot Marquis on
their first night in Dubai, while travellers booked in First and
Business Class will receive two complimentary nights’ stay from the day
of arrival.
To enjoy the new Dubai global offer, the travel fare for Nigerian
customers from Lagos to Dubai on Economy class will be starting from
N331, 530, while Business class will be starting from N1, 337,685.
The airline will also provide generous baggage allowance; hence
passengers returning to Emirates destinations in Africa, including
Nigeria, can go home with one extra piece of luggage.
Fly better on Emirates and enjoy over 4,500 channels of entertainment on
ice – the airline’s award-winning inflight entertainment system, as well
as regionally inspired meals and complimentary beverages.
Emirates customers can travel with peace of mind with the airline’s
flexible booking options and newly introduced multi-risk travel
insurance including COVID-19 cover with every flight. Emirates has also
implemented a comprehensive set of measures at every step of the
customer journey to ensure the safety of its customers and employees.
Emirates has been rated the safest airline in the world in its response
to the COVID-19 Pandemic according to the Safe Travel Barometer. It has
the highest ‘Safe Travel Score’ among 230+ airlines evaluated worldwide.
The score is based on an independent audit of 26 health and safety
parameters evaluating safety protocols, traveller convenience and
service excellence announced by airlines.
Dubai is open and ready to welcome tourists with the highest levels of
safety protocols in place to keep its residents and visitors safe. The
vibrant, cosmopolitan city has an eclectic mix of offerings including
impressive beaches, world-class shopping, and fine dining restaurants.
• What does a holiday in Dubai look like?
As a safety precaution, all passengers arriving in Dubai must take a
polymerase chain reaction (PCR) test up to four days prior to their date
of travel (maximum 96 hours). You may be required to take another test
at Dubai Airports upon arrival. Children under the age of 12 and
passengers with a severe or moderate disability are exempt from the PCR
test.
• Masks and social distancing
In Dubai, it is mandatory to wear a mask in public places at all times
including on Emirates flights, however children below the age of six who
struggle with wearing masks are exempted from wearing them. You can
remove your mask when you are seated at a restaurant or café. Social
distancing is also practised throughout the city and at all venues
including on public transport.
• Hotels, malls and indoor venues
Hotels in Dubai including the JW Marriot Marquis use contactless check
in and rooms are sanitised for safety. All indoor venues including malls
enforce mandatory temperature checks at the entrance and employ digital
safety guidelines including contactless menus at restaurants.
• Outdoor activities
Dubai is a haven for thrill seekers and all outdoor and sports
activities are operating with safety restrictions and protocols. This
includes helicopter rides, hot air balloons, desert safari, desert
camping, dhow cruises, kayaking and more. All sports activities that can
be practised individually or with 5 people or less have resumed. This
includes sky diving and renting of jet skis, boats and bicycles.
Dubai’s beaches are open and safe with social distancing. Global Village
has also opened on 25 October 2020 for its 25th season, with strict
precautionary measures in place.
Flexibility and assurance: Emirates’ booking policies offer customers
flexibility and confidence to plan their travel. Customers who purchase
an Emirates ticket for travel on or before 31 March 2021, can enjoy
generous rebooking terms and options, if they have to change their
travel plans. Customers have options to change their travel dates or
extend their ticket validity for 2 years.
Free, global cover for COVID-19 related costs: Customers can now travel
with confidence, as Emirates has committed to cover COVID-19 related
medical expenses, free of cost, should they be diagnosed with COVID-19
during their travel while they are away from home. This cover is
immediately effective for customers flying on Emirates until 31 December
2020, and is valid for 31 days from the moment they fly the first sector
of their journey. This means Emirates customers can continue to benefit
from the added assurance of this cover, even if they travel onwards to
another city after arriving at their Emirates destination.
Health and safety: Emirates has implemented a comprehensive set of
measures at every step of the customer journey to ensure the safety of
its customers and employees on the ground and in the air, including the
distribution of complimentary hygiene kits containing masks, gloves,
hand sanitizer and antibacterial wipes to all customers.
Crown Premium Pasta Signs Nollywood Actress, Chioma Akpotha as Brand Ambassador
L-R: Nitin Mehta, Vice President and Business Head (Consumer Business – Pasta and Semolina), Crown Flour Mill Ltd; Chioma Akpotha, Nollywood Actress/ Producer and Crown Premium Pasta Brand Ambassador; and Bola Adeniji, General Manager/ Head Marketing (Business to Consumer), Crown Flour Mill Ltd, during the contract signing ceremony of Chioma Akpotha as the Brand Ambassador of Crown Premium Pasta held in Lagos recently.
Leading Nigerian pasta brand, Crown Premium Pasta, has unveiled top Nollywood actress and movie producer, Chioma Akpotha, as its brand ambassador. The actress, who has won notable awards including the African Movie Academy Award, was unveiled by Crown Flour Mill Limited, the makers of Crown Premium Pasta, at a contract signing event held on Sunday, November 15, 2020, in Lekki, Lagos.
She said, “Like all other amazing brands under Crown Flour Mill Ltd, Crown Premium Pasta is a healthy and great quality product made to delight every family. There’s truly nothing greater than getting to be a part of something one truly loves and uses personally. I’m really excited to be representing the Crown Premium Pasta range of delicious pasta products which are non-sticky, delicious and healthy to consume. Full of health and nutrition, Crown Premium Pasta products are made from durum wheat (which contains high level of protein) and they also contain vitamins and micronutrients.”
Explaining why she decided to work with the brand, the veteran actress said, “Chioma Akpotha is a premium family brand. I share the same DNA with Crown Premium Pasta which is also a premium family brand. It’s a perfect fit. I also align with the company’s mission to provide top quality food products at accessible prices to the Nigerian consumers.”
Chioma Akpotha’s career in Nollywood began in 2000 when she featured in the movie ‘The Apple’. She has since featured in over 350 movies and has six movie production credits under her belt.
She will promote Crown Flour Mill’s Crown Premium pasta brands comprising Crown Premium Spaghetti, and Crown Premium Twist Cavatto Macaroni, to her family, friends and ever-amazing fans in Nigeria, whom she fondly calls “My Omafam”.
Commenting on the appointment of Chioma Akpotha as Crown Premium Pasta’s brand ambassador, Mr. Nitin Mehta, Business Head (B2C), Crown Flour Mill Limited, remarked, “The brand is glad to identify with Chioma Akpotha. She is an actress who brings an extraordinary level of commitment and discipline to light up every role she plays on the screen. She exemplifies the rich capacity available in the Nigerian entertainment industry and is a great brand fit for Crown Premium Pasta. I have no doubt that this would be a mutually rewarding relationship”.
“We are committed to delivering on our promise of making nutritious and affordable pasta products accessible to all Nigerians. This relationship will help bring greater awareness of our mission,” Mr. Mehta added.
Also speaking on the signing, Mrs. Bola Adeniji, General Manager/ Head Marketing (B2C), Crown Flour Mill Ltd., said: “We welcome Chioma Akpotha to the Crown Premium Pasta family as our brand ambassador. There is a natural fit between Crown Premium Pasta and Chioma Akpotha; and we look forward to this natural chemistry to produce some great work together”
Stanbic IBTC Bank Commits to Economic Growth, Supports Africa-China Trade Relations
Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has reiterated its commitment to the nation’s economic development by fostering international trade. This was disclosed at the recent Africa-China Agent Proposition (ACAP) webinar, themed “Advancing Africa-China Trade Opportunities.”
During the session, panellists discussed the challenges which confronted Nigeria-China trade relations as a result of the COVID-19 pandemic, as well as the impact of recent regulatory pronouncements on trade between both countries.
In his welcome address, Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC, said that the organisation remained committed to facilitating trade activities for clients, even in the face of prevailing challenges.
Speaking on the launch of ACAP, Dr Sogunle said: “Stanbic IBTC launched ACAP in May 2019 to boost trade transactions between Africa and Asia, especially China,and helped customers consummate the best business deals without having to travel to China. These were made possible through our parent company, Standard Bank Group, in collaboration with the Industrial and Commercial Bank of China (ICBC).”
Asides growing the nation’s Gross Domestic Product (GDP), Sogunle stressed that the Africa-China trade has potentials to create more jobs and reduce poverty. He urged participants to take advantage of ACAP, which will give them the exclusive access to an array of exporters in China through an accredited agent, Zhejiang International Trading Supply Chain Co Ltd, also known as Guamao.
Guamao is a China-based agent appointed by ICBC and Standard Bank to assist African importers execute trade seamlessly with China. Presently, Guamao has about 35,000 linked suppliers.
Ralph Deng, General Manager, Guamao, described the firm as an expert in procuring all kinds of products, raw materials and goods, with no restrictions in terms of size or volume of imports.
To free up cash-flows and help customers get more products with a reduced down payment to suppliers, Deng noted that a structured payment could be agreed on before an initial upfront payment is made.
He said that full responsibility will be taken to rectify any default on behalf of the client, and that assistance can be given in providing a Chinese government invitation letter and help with logistics arrangements if the customer intends to travel to China to see suppliers.
LuthandoVuba, Head, Africa-China Trade, Standard Bank Group, highlighted the benefits of ACAP as easy sourcing of suppliers and goods, seamless negotiations, guaranteed quality and logistics convenience, amongst others.
Speaking on the ease of making payments, Sunny Gao, Head, Strategic Corporation China, Standard Bank Group, expressed availability of Letter of Credit (LCs), Bills or Telegraphic transfers, depending on the importer’s preference.
He said: “We issue Renminbi Letter of Credit (RMB LCs) to make payments for goods procured under ACAP which eradicates the need to source foreign currency, thereby resulting in faster transactional turnaround time.”
Other panellists at the session were Gbolahan Taiwo, Regional Economist, Stanbic IBTC Bank PLC and Alastair McDougall, Chief Executive Officer, Avery Nigeria Limited.
In his closing remarks, Wole Adeniyi, Chief Executive, Stanbic IBTC Bank PLC, said that the Bank gives its customers a competitive edge over other players and grow their business volumes.
He said: “Our goal is to become the ‘go-to’Bank as far as global trade is concerned, with emphasis on Africa-China trade. This proposition is of immense value to our clients and will help us achieve our fundamental purpose, which is to drive Africa’s growth.”
Wole Famurewa, the presenter of CNBC Africa’s daily markets programme,‘Closing Bell West Africa’, moderated the session.