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Ecobank Reaffirms Commitment to Excellent Service Delivery

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Ecobank Nigeria has reaffirmed its commitment to providing excellence in customer experience in all its interactions through its Customer Experience Transformation Program.

Head, Customer Experience, Olubunmi Otuniga gave the assurance in a statement to commemorate this year’s International Customer Service Week, holding between October 5 and 9, themed, “Dream Team”, which highlights the importance of teamwork in providing outstanding service to all customers at this challenging period.

According to her, “This is another moment to celebrate our customers. We will always celebrate you. You are the reason why we are in business. We seize the opportunity of this event to re-affirming our commitment to providing excellence in customer experience in all our interactions with you. The theme reflects the importance of teamwork in consistently providing outstanding service at all our touch points. This is what we represent in Ecobank. Your dream team celebrates you. Thank you for choosing Ecobank.”

She observed that this year’s event is quite significant, as it coincides with the time the world is being ravaged by the coronavirus, stressing that prior to the period, the bank had invested significantly in technology.

“We have provided the Mobile App, Ecobank Online, Ecobankpay, Ecobank Omni, Omni-lite, our *326# and our express point agencies are deployed to effectively meet your needs at all times. We enjoin you to take advantage of them. The whole idea is to be able to serve you, whatever the situation and this has been proven right during this pandemic period.”

Mrs. Otuniga disclosed that several activities had been lined up for the week.

These include:  “Digital promo where customers double their recharge by buying airtime via the mobile app or USSD code between 5pm and 6pm during the period; appreciate a back office colleague, team or department who have consistently displayed exceptional customer service attributes; standard greetings by all staff and security personnel at our locations to all customers with Happy Customer Service Week. Ecobank ,The dream team celebrates you and Career Day where staff are to dress up to represent a profession other than banking, adding that “nominated senior management staff will be at all operating branches for a day to support our front line colleagues.”

Stanbic Bank Report: Business Conditions Improving at Weaker Pace

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 The Nigerian private sector remained in growth territory in September, although there were some signs of moderation as rates of expansion in output and new orders softened.

Companies continued to expand purchasing activity and employment in line with higher new orders. Suppliers’ delivery times improved further amid a lack of road congestion.

Meanwhile, increased workforce numbers and sufficient capacity to fulfil new orders led to a series- record decline in the level of incomplete work.

Looking forward, however, business sentiment was the weakest since the start of the survey in January 2014 as some firms reported difficulty planning for the year ahead.

On the price front, overall input price inflation was marked and was driven by increase in raw material costs and unfavourable exchange rates against the US dollar.

At 52.5 in September, the headline seasonally adjusted PMI signalled expansion and one which extended the current sequence of strengthening business conditions to three months. That said, down from 54.6 in August, the reading pointed to a more moderate improvement.

Output and new orders rose sharply during September.

In both cases, firms attributed growth to improvements in customer demand following the easing of restrictions related to the coronavirus disease 2019(COVID-19).

Higher workloads prompted firms to increase staffing levels which led to the fastest pace of job creation since February. The rise in workforce numbers paired with sufficient capacity led to series-record depletion in the amount of outstanding business.

Higher purchase costs were the main factor behind strong overall inflationary pressures. Purchase price inflation was substantial following reports of unfavourable exchange rate movements.

Firms responded to improving customer demand by raising purchasing activity at a sharp pace. Respondents also reported solid growth in stocks of purchases which was linked to planned increases in output levels. Prompt orders and quiet road conditions meant that input delivery times shortened to the greatest extent in almost two-and- a-half years.

Looking ahead, business confidence remained positive overall as firms continue to foresee a rise in output over the year ahead. That said, sentiment dropped to the lowest in the series so far amid reports that some firms were not planning to expand output at present.

Emirates Unveils New NDC-Powered Connectivity for Trade Partners

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In order to ensure easy and direct access to Emirates’ rich content and other services, the airline has launched a suite of connectivity options for its trade partners around the world.

Nigeria Trade Partners amongst others, can now benefit from this  Emirates Gateway, which was developed using IATA’s New Distribution Capability (NDC) standards, and now available on the recently launched Emirates Partners Portal, a new state-of-the-art- online platform.

Adnan Kazim, Emirates’ Chief Commercial Officer said: “The Emirates Gateway suite of connection options has been built on new technology and is designed to address the limitations of current legacy distribution systems. Our aim was to create a platform that empowers us to rapidly develop and deploy new products and services, thereby giving us and our trade partners the ability to offer even more value-added and differentiated services. It also prepares the way for Emirates to offer custom content and dynamic pricing that better responds to our changing market-place.”

Offering improved access to Emirates’ products and services with an intuitive and easy to ease interface, the Emirates Gateway offers the airline’s trade partners the ability to enhance travellers’ journeys with customized products and services.

Trade partners can connect to the Emirates Gateway via three flexible access solutions:

  • Emirates Booking Portal: a user-friendly web booking portal available in 12 languages, connected directly to Emirates’ reservation systems that simplifies the booking, ticketing and post-ticketing servicing of Emirates orders.
  • Emirates Gateway Direct: which provides access to Emirates content through IATA NDC APIs, allowing trade partners to build applications that meet their needs with expert support from Emirates’ IT teams.
  • Emirates Gateway Sync: a facilitated link into the Emirates reservation system provided by industry leading, IATA registered, Emirates certified technology partners.

Travel trade agents can find more information on the Emirates Gateway, via the Emirates Partners Portal, or contact the Emirates sales representative in their market.

 

 

Ecobank Digital Series: 9mobile CEO, Sinfield, Okere, for Digital Financial Inclusion Summit 

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Ecobank Nigeria in partnership with Vanguard Conferences and Economic Forum Series will convene top tier thought leaders and industry professionals as speakers and panelists for its Digital Financial Inclusion Virtual Summit scheduled for 21st October 2020.

The Speakers and panelists who are subject matter experts in digital transformation and financial inclusiveness were carefully drawn from the banking, telecoms and other key sectors of the economy notably Alan Sinfield, current CEO, 9mobile,  Austin Okere, Executive founder, Computer Warehouse Group, Ronke Kuye, CEO Shared Agent Network Expansion Facilities Limited (SANEF), Jacqueline Juma of EfinA a transformative specialist in Digital Financial Services (DFS) and Engr. Gbenga Adebayo, Chairman of ALTON.

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.

Austin Okere, Founder of Ausso Leadership Academy (ALA) and Computer Warehouse Group (CWG) Plc, Nigeria’s largest technology company listed and traded on the Nigerian Stock Exchange (NSE) He is also a non-executive director at Globus Bank.

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 panelist is Engr. Gbenga Adebayo, the Chairman of Association of Licensed Telecom Operators of Nigeria (ALTON).

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.

 

Protein Deficiency in a Pandemic: Top 10 Webinar Takeaways

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Why is protein deficiency a growing problem across the world when large quantities of food go to waste? What can nations do to curb incidents of protein deficiency? What must Nigeria do?

Truth be told, there are no easy fixes. But experts adjudge that it would make sense to start with policies that support direct links between farmers and consumers, prioritize food security and encourage proper meal planning and nutrition education.

The Protein Challenge Webinar Series 4 with the theme: Protein Deficiency in a Pandemic provided a platform for Medical and Nutrition experts to dissect the issues. Here are Top Ten Takeaways from the session which held on Thursday, September 24, 2020:

Malnutrition is prevalent in Nigeria. Malnutrition refers to deficiencies, excesses or imbalances in a person’s intake of energy and/or nutrients. It is also a group of conditions in children and adults related to poor quality, or insufficient quantity and quality, of nutrients intake, absorption or utilization.

Proper meal planning and nutrition education are crucial to lessening malnutrition. Nutrition education is important because, knowing what foods to eat, which meal is cost-effective and healthy, is the foundation of a healthy lifestyle. Meal planning, using the food guide pyramid, groups foods into the nutrients they give and this improves the chances of having an adequate meal. To minimize waste there must be efficiency in the ways in which meals are prepared.

Animal proteins are more expensive than plant proteins, because of the cost of rearing livestock. There are however some plant protein foods that are comparable to animal proteins, for example, soybeans. Soybean contains all the essential amino acids which we need to combat protein deficiency in Nigeria. Groundnuts, locust beans and sesame seeds also contain a significant amount of proteins. Proteins have to be integrated into daily diets, even as people inculcate the culture of sourcing for local food options to improve diets.

Two ways to ensure a healthy population and prevent protein deficiency are – eating underexploited foods and engaging in home gardening. There is an urgent need to go back to the days when every family had privately cultivated land for food crops, so that this will reduce the pressure on the available food for sale in the markets. Everyone cannot be chasing after the same food items, especially if there is a scarcity. Malnutrition is multi-factorial and several factors such as planting, storage and transportation of food need to be considered and balanced out to achieve any form of positive intervention.

Since the COVID-19 pandemic and restrictions put in place to reduce the spread of the virus, there has been a decrease in access to food. The food supply chain cycle was disrupted when the lockdown happened. The lockdown protocol created a situation where farmers were unable to go to the farms, movement of the harvest was restricted, so food crops rotted in farms. Animal products take time to grow and process, and if there is a break in the supply chain, you need another cycle to be able to produce to meet up with demands.

The lockdown meant that food production, supply and domestic food security were all affected. Anything that affects any of these factors will eventually affect malnutrition. The food supply chain was severely threatened: farmers, transporters and food sellers had their movements restricted, availability of food groups dropped, prices of food went up and household earnings went down.

Moving forward, policies that support direct links between farmers and consumers should be encouraged, to strengthen food security. Food security is defined as the availability of food and one’s access to it. Commonly, the concept of food security is defined as including both physical and economic access to food that meets people’s dietary needs as well as their food preferences.

Some forms of malnutrition can be treated using locally available foods such as Kwash-Pap, Dietrend and RUTF. Kwash-Pap is made using raw guinea corn pap, raw egg, banana, sugar, oil and milk. Dietrend is maize, groundnut and soybeans, while RUTF (Ready to Use Therapeutic Food) is made up of milk, peanuts, sugar, vitamins and minerals. All these are tried and tested methods of treating malnutrition.

There are some locally available and under-exploited foods in our environment. These include soybeans, sesame seeds, locust beans, Bambara groundnuts, melon seeds, pigeon peas, and so on. Leafy green vegetables and fruits like garden eggs, cucumber, ube, water leaves, mint leaves, spinach, shoko, ewedu are good sources of nutrients that are also beneficial to the body.

Nigerians need to hear this: “You can eat healthy, even on a low budget.” Variety in the meals is the key. A multi-faceted intervention is needed to solve the problem of malnutrition in Nigeria. The government must implement policies to ease the journey from the farmlands to the consumers. Now the three most important factors to achieve food security at the household level are – an adequate supply of food at the local level, food accessibility and stability in food availability.

 

AIO Unveils Africa Insurance Pulse 2020 to Digitise Continent’s Insurance Industry

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According to the Africa Insurance Pulse, on “The digitization Africa’s Insurance markets”, launched by the Africa Insurance Organisation (AIO), digitization will enhance the appeal and affordability of risk transfer products in Africa.

Underwriting and risks management will benefit from improved access to data and analytics. At the same time, technology will help streamline the insurance value chain and enhance the efficiency of administrative processes. Ultimately, digitization is hoped to boost awareness and demand for insurance solutions, eventually translating into higher insurance penetration in Africa.

These are some of the key findings of this year’s edition focused on the digitization of Africa’s insurance markets. Faber Consulting produced this research on behalf of the AIO for the fifth year. This edition has been exclusively sponsored by Africa Re, the leading pan-African reinsurance company and the largest reinsurer in Africa.

Jean Baptiste Ntukamazina, Secretary General of AIO, said: “During the COVID-19 crisis, digitization in Africa, as in other economies, has demonstrated its benefits. While regulators and policymakers recognized the systemic nature of the insurance industry, the industry demonstrated its ability to continue to provide its services to policyholders without any disruption. Ultimately, this will reflect in an acceleration of the application of the new technology across Africa.”

Dr. Corneille Karekezi, Group MD and CEO of Africa Re, stated: “We are seeing pronounced differences in the degree of digitization across African insurance markets and its players. At Africa Re, we are keen to promote, accompany and support the digitization of our core markets. The advanced technology helps insurers to access new client segments, improve their services and differentiate their products to overcome the focus on pricing that has eroded many of our markets in the past years.”

“The Africa Insurance Pulse is based on a combination of in-depth market research and valuable insights from senior insurance executives operating across Africa,” commented Henner Alms, Chairman and Partner at Faber Consulting. “The study found that currently approximately 5% of insurance premiums are already generated digitally. In the long term, this share could rise to 20-50% of premiums.”

In Africa’s frontier markets, the introduction of digital technology contributes to advance administrative processes and improve risk management. In more advanced markets, such as Kenya, Nigeria or Ghana, digital products are already sold via mobile platforms and the technology helps to finally curb down on the sales of fraudulent motor policies.

Personal lines are expected to be 2 digitized first, followed later by commercial lines and then specialty lines. In the long run, executives expect that most insurance products will be distributed digitally. Africa’s insurers and reinsurers are looking at a variety of digitalization strategies to strengthening their franchise and increase the insurance penetration too.

The large, global players follow a multipronged digitalization strategy whereby they digitize their own processes, test new avenues with internal labs, collaborate or invest in technology partners. The smaller players, by contrast, frequently pursue a sequential approach to digitization to improve the different processes within their own value chain before engaging in a partnership with InsurTech companies or digital platforms to broaden their access to new customers.

The main barriers to digitization are lack of financial literacy of policyholders, limited insurance awareness, modest income, low levels of trust and lack of access to online products. By contrast, the main factors promoting digitization are an increasing level of mobile phone penetration, large numbers of young people, a growing middle class and compulsory insurance schemes.

Although there is a strong consensus that digitization will boost insurance sales, insurers are still wary as to when these effects will materialize. Most African insurance executives thus take a cautious approach when investing in the technology, using a sum equivalent of up to 2% of their revenues to drive forward their digitization strategy.

 

About the African Insurance Organisation

Established in 1972 in Mauritius, the African Insurance Organisation (AIO) is a non-governmental organisation recognised by many African governments. Following the headquarters’ agreement with the Government of Cameroon, the Permanent Secretariat of the AIO was set up in Douala. The AIO pursues the objective of developing a healthy insurance and reinsurance industry in Africa and promoting inter-African co-operation in insurance. Currently, the AIO has 362 members, 342 of them from 47 countries in Africa and 15 associate international members from 9 countries.

Emirates Expands Network in Africa to 20

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Emirates restarted services to Entebbe, Uganda on 1 October.

The addition of Entebbe expands Emirates’ African network to 20 destinations, enabling customers to safely and easily connect to destinations across Europe, the Far East, the Americas, the Middle East and West Asia with one convenient stop in Dubai.

Emirates will also resume flights to Muscat, Oman (2 October), bringing the total number of cities served by the airline to 94. Emirates is gradually resuming operations and rebuilding its network to provide more opportunities for travel, sparing no effort to ensure the highest standards of health and safety for its customers and employees at every travel touchpoint.

Emirates will operate to Entebbe with three weekly flights on Thursdays, Fridays and Sundays. Emirates flight EK 729 will depart Dubai at 1030hrs, arriving in Entebbe at 1500hrs. The return flight, EK 730, will depart Entebbe at 1700hrs, arriving in Dubai at 2325hrs. Flights from Dubai to Muscat will operate twice a week on Sundays and Fridays.

Emirates flight EK 866 will depart Dubai at 0215hrs, arriving in Muscat at 0330hrs. The return flight, EK 867, will depart Muscat at 0440hrs, arriving in Dubai at 0555hrs.

Customers can stop over or travel to Dubai as the city has re-opened for international business and leisure visitors. Ensuring the safety of travellers, visitors, and the community, COVID-19 PCR tests are

mandatory for all inbound and transit passengers arriving to Dubai (and the UAE), including UAE citizens, residents and tourists, irrespective of the country they are coming from.

From sun-soaked beaches and heritage activities to world class hospitality and leisure facilities, Dubai is one of the most popular global destinations. In 2019, the city welcomed 16.7 million visitors and hosted over hundreds of global meetings and exhibitions, as well as sports and entertainment events. Dubai was one of the world’s first cities to obtain Safe Travels stamp from the World Travel and Tourism

Council (WTTC) – which endorses Dubai’s comprehensive and effective measures to ensure guest health and safety.

Emirates’ booking policies offer customers flexibility and confidence to plan their travel. Customers who purchase an Emirates ticket by 30 September 2020 for travel on or before 30 March 2021, can enjoy generous rebooking terms and options, if they have to change their travel plans due to unexpected flight or travel restrictions relating to COVID-19, or when they book a Flex or Flex plus fare.

Emirates also has a special consideration in response to COVID-19.

Emirates customers who require a COVID-19 PCR test certificate prior to departure from Dubai, can avail of special rates at the American Hospital and their satellite clinics across Dubai by simply presenting their ticket or boarding pass. Home or office testing is also available, with results in 48 hours.

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 sanitiser and anti-bacterial wipes to all customers.

The Emirates story started in 1985 when it launched operations with just two aircraft. Today, the airline flies the world’s biggest fleets of Airbus A380s and Boeing 777s, offering customers the comforts of the

latest and most efficient wide-body aircraft in the skies.

 

 

NAICOM Targets Digital Transformation of Insurance Industry

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Mr. O. S. Thomas

Commissioner for Insurance

National Insurance Commission (NAICOM)

The National Insurance Commission (NAICOM) has signified its intention to digitally transform the insurance in Nigeria via its 24/7 portal in line with growing trends around the world, especially as a fallout of the COVID-19 pandemic on virtual business processes.

Mr. O. S. Thomas, the Commissioner for Insurance, NAICOM, in remarks at a seminar for insurance journalists in Uyo, Akwa Ibom State, said the portal which was in the making  for a period of six years was ready to pilot the Commission and the insurance sector to a new level of market experience in the current digital era.

“We will be looking at the digital world. Part of what we have done so far is the fact that our portal that was on the drawing board for over six years has been fixed. It is taking us from where we are to the next level. We have sensitised the technical people in the industry and they have been going through series of trainings. The next thing we are going to do is to engage the industry with IT guidelines. It is no longer going to be historical reporting.It is not by coincidence that we are having this conference today that we are marking 60th anniversary as a nation. We want to be seen the way we are so we know where to make amends. NAICOM is an agency of the Federal Government  and has the responsibility to make some impact on the economy. We will continue to relish the president’s appreciation of the industry.”

He added that NAICOM is ever ready to provide the needed information to its stakeholders, including the media. “If there is a need for change, let us know and if there is a need for me to explain, I will not hesitate to do that. We have challenges ahead of us but we are determined to overcome those challenges. We try as much as possible to let investors, government and stakeholders into our programmes. The terrain is tough but we are determined to succeed. Nigeria is not by accident the largest economy in Africa. We must take advantage of the population.  There are a lot of things to fast track the process. The digital world will drive regulation“

 

AM BEST: Tough Operating Conditions Present Challenges for Sub-Saharan Reinsurance Markets

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For many years, the reinsurance markets of sub-Saharan Africa (SSA), though small by global standards, have provided global reinsurers with an opportunity for diversification and profitable revenue growth. However, competition and rising acquisition costs have led to a gradual deterioration in the performance of market participants, reducing the attractiveness of the region to potential new entrants.
In a new Best’s Market Segment Report, “Tough Operating Conditions Present Challenges for Sub-Saharan Reinsurance Markets”, AM Best notes that the operating environments across SSA remain difficult for both domestic and international companies, more recently exacerbated by the COVID-19 pandemic (albeit with varying severity).

Many of the region’s markets face double-digit inflation and local currency depreciation; and for some countries, government instability and corruption have contributed to social unrest and political uncertainty.

Despite these challenges, there remains significant growth potential for the (re)insurance sectors due to the region’s substantial natural resources, a young and growing population, and the gradual development of regulatory regimes.

American Financial Group to Exit Lloyd’s

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American Financial Group has reached a deal to unload Lloyd’s insurer Neon for an undisclosed price.

RiverStone Holdings Lt. is the buyer in a transaction that will acquire from AFG GAI Holding Bermuda and its subsidiaries – the legal entities that own Neon. Plans call for closing the deal in the 2020 fourth quarter, pending regulatory approvals and other closing conditions.

The agreement is designed to complete American Financial Group’s exit from the Lloyd’s of London insurance marketplace, a planned move it announced in January 2020.

AFG was only part of Lloyd’s for about 12 years, after it acquired Neon Underwriting Ltd. (formerly Marketform) in 2008 for $75 million. At the time of its announcement to leave Lloyd’s, AFG said that Neon/Marketform hadn’t met profitability objectives since the acquisition. As well, American Financial Group earlier this year began a process to place its Lloyd’s subsidiaries into runoff, including Neon.

“The exit allows us to provide continued focus on our other Specialty P&C businesses and enables us to redeploy capital, increase earnings and returns, and create long-term value for our shareholders,” AFG Co-Chief Executive Officer Carl Lindner III said in prepared remarks.

American Financial Group is an insurance holding company, based in Cincinnati, Ohio. The company booked $70 billion in assets as of June 30, 2020.

Pension Funds Sue Allianz for Not Protecting their Investment During COVID-19 Market Meltdown

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By Tom Sims

Pension funds for truckers, teachers and subway workers have lodged lawsuits in the United States against Germany’s Allianz, one of the world’s top asset managers, for failing to safeguard their investments during the coronavirus market meltdown.

Market panic around the virus that resulted in billions in losses earlier this year scarred many investors, but no other top-tier asset manager is facing such a large number of lawsuits in the United States connected to the turbulence.

In March, Allianz was forced to shutter two private hedge funds after severe losses, prompting the wave of litigation the company says is “legally and factually flawed.”

Together, the various suits filed in the U.S. Southern District of New York claim investors lost a total of around $4 billion. The fallout has also prompted questions from the U.S. Securities and Exchange Commission, Allianz has said.

A spokesman for Allianz Global Investors said in a statement to Reuters: “While the losses were disappointing, the allegations made by claimants are legally and factually flawed, and we will defend ourselves vigorously against them.”

The plaintiffs are professional investors who bought funds that “involved risks commensurate with those higher returns,” the spokesman added.

The latest claims against Allianz and its asset management arm Allianz Global Investors last week include one from the pension fund for the operator of New York’s transport system, the Metropolitan Transportation Authority (MTA). It has 70,000 employees and made an initial investment of $200 million.

Similar suits have been filed against Allianz by pension funds for the Teamster labor union, Blue Cross and Blue Shield, and Arkansas teachers. The suits are seeking a jury trial to award damages.

The suits allege that Allianz Global Investors, in its Structured Alpha family of funds, strayed from a strategy of using options to protect against a short-term financial market crash.

The SEC’s inquiry continues and Allianz is cooperating. The SEC did not respond to requests for comment.

Attracting investors with an “all-weather” investing approach, Allianz “bet the house” and “out of greed … sacrificed the hard-earned pension and benefits of the MTA’s workers, who at the time were risking their lives under COVID keeping New York alive,” the MTA’s lawsuit said.

The cases are a second front of litigation for Allianz, one of Europe’s largest insurance companies. The Munich-based company and its competitors face suits for not paying claims related to business closures during the pandemic lockdowns.

The company’s insurance business as a whole has been under pressure as it faces claims for canceled events, and a decline in demand for car and travel insurance. It expects to post the first decline in annual profit in nearly a decade.

At the end of March, Allianz informed investors it was liquidating two funds, as well as an offshore feeder fund. Investors lost 97% on one of the funds, the suits say.

In April, Morningstar downgraded its rating for the remaining funds to negative “because of the failure in risk management protocols and the uncertainty.”

Allianz disputed that rating and in July published an internal report that found that the losses “were not the result of any failure in the portfolio’s investment strategy or risk management processes.”

 

 

Stanbic IBTC Supports Educational Institutions with School Loans

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Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has introduced a School Loan product for private primary, secondary and tertiary institutions, to enable them meet their short-term financial requirements.

After several months of physical and economic disruption due to the COVID-19 pandemic, schools are gearing up for proper resumption to contribute meaningfully towards national development continually. One of the apparent effects of the pandemic on the educational sector is the inadequacy of funds.

The Stanbic IBTC School loan is available to privately owned schools for the establishment, expansion or upgrade of primary and specialised facilities. It can also be used for short term working capital requirements.

Remy Osuagwu, Executive Director, Personal and Business Banking, Stanbic IBTC Bank PLC, said “The School loan product is designed to support institutions which have been in operation for at least five years. We understand the current financial situation of the country, especially the effect of the pandemic, which has disrupted plans and processes.”

“Stanbic IBTC will continue to provide solutions aimed at mitigating the effect of the pandemic on both individuals and organisations,” he added.

Remy further reiterated that the School loan product is not restricted to the pandemic period as institutions can always apply for it. The tenor of the loan ranges from 90 days to 48 months, and the minimum applicable loan is N1 million.

Emirates Turns Customers’ Generosity into Action, Transports 160, 000 Kg of Beirut Relief Supplies

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Over 12,000 donations have poured in from over 140 countries enabling Emirates airline to uplift more humanitarian cargo into Lebanon

More than a month after the Beirut blasts left behind devastated communities, Emirates continues to do its part to help turn its customers’ collective generosity from all corners of the globe into essential humanitarian cargo to support recovery efforts on the ground and help those affected rebuild their lives. Contributions are continuing to pour in from Emirates customers around the world as cash or Skywards Miles, bolstering Emirates SkyCargo’s ability to scale up resources and provide vital airlift to Lebanon.

The donations from 140 countries have come in as cash or Skywards Miles, through the dedicated, secure and convenient Emirates Airline Foundation portal as well as through the Emirates website.

In addition, a number of Emirates Skywards members demonstrated their overwhelming generosity and commitment to Beirut disaster relief efforts through individual contributions of close to 250,000 Miles each. In total, over 120 million Miles have been donated so far by Emirates Skywards members. The airline will be dedicating donations to Beirut relief over the course of the next two months.

The donations have provided cargo capacity for humanitarian organisations to effectively transport medical equipment and supplies, food and other emergency relief goods directly to Beirut through Emirates SkyCargo. Additionally, Emirates SkyCargo is contributing further by providing a 20% reduction on air freight transportation charges for approved shipments.

Since 13 August, Emirates SkyCargo has carried 160,000 kilograms of medical supplies and food on several missions to Beirut, working with local and international NGOs that provide relief to impacted communities.

More missions are in the pipeline, with another six consignments planned to fly medical necessities, non-perishable food, clothing, PPE, hygiene products and veterinary supplies to Beirut over the course of the next few weeks.

As an airline, Emirates is proud to give back and make a difference in the communities it serves. Through the Emirates Airline Foundation, the airline supports over 30 humanitarian and philanthropic projects in 18 countries, including four countries in the Middle East and North Africa.

How to Prevent Protein Deficiency During COVID-19 Pandemic

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As the COVID-19 pandemic ravages the food quality of millions of families in Nigeria and around the world, a nutrition expert says there are immediate measures that families could take to effectively prevent protein deficiency and the associated issue of malnutrition during the pandemic.

Dr. Beatrice Chinyem Oganah-Ikujenyo of the Department of Home Economics, Adeniran Ogunsanya College of Education, Oto/ Ijanikin in Lagos, said in a paper she delivered on ‘Protein Deficiency in a Pandemic’ at the Protein Deficiency Webinar Series 4, that there is need for food complementation and supplementation to meet daily protein, vitamin and mineral requirements respectively to help improve health and vitality of the body.

She added that change in lifestyle – going back to the days where every family have a cultivated land for food crops (okra, leafy vegetables, plantain, etc) will also reduce the pressure on the available food for sale in the market. She also suggested consumption of edible insects (Entomophagy) – which was common practice in the 70s and 80s as they contain high quality protein & vitamins.

Oganah-Ikujenyo said the protein deficiency problem became manifest because the first reaction to the COVID-19 pandemic was the lockdown nationwide which shut down all economic activities.

“All farm produce were trapped in farms/storage and points of production which led to deterioration of perishable foods and disconnect in the food supply chain- resulting in food scarcity and increase in price of available foods. Job losses due to the shutdown and resultant dwindling family income affected food choices in terms of quantity, quality, variety and food preferences. Therefore, specific nutrient deficiency is likely to occur, especially protein deficiency among the vulnerable (infants, young children, pregnant and lactating mothers).”

The don listed the category of people most likely to suffer protein deficiency during a pandemic to include:

  • Infants and children under five years
  • School age children (6 – 12 years)
  • Adolescents (11 – 19years)
  • Pregnant and lactating mothers

“These persons are vulnerable in normal times and much more at risk in a pandemic due to the socio-economic and psychological consequences of pandemics.”

And the reasons for such vulnerability according to her include:

  • Demand for growth, puberty and maturation
  • Additional requirements of pregnancy and lactation
  • High cost of food, especially animal protein which is higher in biological value than plant protein
  • Dwindling resources spent on food as a result of increase in costs of living as a result of the pandemic
  • Poor knowledge of nutrition and poor feeding habits
  • Ignorance of healthy methods of cooking that conserve nutrients

She mentioned the functions of proteins as–growth, tissue building and maintenance; contributes energy in fasting state or during extended energy effort; important components of enzymes and hormones and helps to maintain acid base balance, just to mention a few.

Oganah-Ikujenyo also lamented the prevailing high cost of protein products in the country, saying that animal proteins (beef, mutton, pork, poultry, game and seafood) are more expensive because of the cost of breeding, producing and processing when compared with plant protein.

“There are however some plant protein foods that are comparable to animal protein, for example, soybean. Groundnut, locust bean and sesame seeds contain significant amount of protein & are also very good sources of oils, hence rich in fat soluble vitamins while plant proteins are cheaper in cost.”

She said the protein requirement for humans differ according to age and physiological status thus:

  • Protein for growth
  • Maintenance and replacement of tissues
  • Pregnancy and lactation
  • Disease conditions

“Finally, planning family meals helps one to make better food choices in terms of adequacy and adds variety to meals which further increases the chances of eating right.”

Ecobank Digital Series: Vanguard Conferences, Economic Forum Series Partner Ecobank on Digital Financial Inclusion Summit

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Ecobank Nigeria in partnership with Vanguard  Conferences and Economic Forum Series have announced that it is convening a Digital Financial inclusion Summit to drive, promote and deepen financial inclusion amongst the unbanked and under-banked population in Nigeria.

Current statistics shows that 84.6 million Nigerians accounting for 47% of the population are unbanked, against mobile phone penetration which is up to 94.5%.

The Digital Financial Inclusion Summit slated for October 21st will bring together trade groups and associations with large unbanked populations and individuals within the lower rung of the society who have not seen the need to be included in the financial sector or adopt financial services through digital platforms. This is a direct response to encourage the adoption of innovative payment solutions and digital banking services in the post covid-19 era.

Announcing the summit in Lagos, Head, Consumer Banking, Olukorede Demola-Adeniyi said the Digital Financial Inclusion Summit will be 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.

According to Demola-Adeniyi, the digitisation of payment and financial services has become an important economic development priority with the prospect of reaching far more people with a broad range of financial services they need, to fight poverty and build resilience.

She noted that new data on mobile phone ownership and internet access show huge opportunities to drive digital financial Inclusion in Nigeria. She reiterated that this was in line with Ecobank’s vision which is to consolidate a modern pan-African bank and to contribute to the economic development and financial integration of the continent.

In her words “there is no better time than now to harness the strength of our population, and support people to embrace the financial system. Financial inclusion for us at Ecobank means taking banking to the people wherever they are. Our agency banking, that is the Ecobank Xpress Points, for instance create a consumer experience which is very good, as the customers can do simple deposit, payment and transfers in their own neighbourhood rather than travel for hours to a bank branch. The aim of the Xpress Point is to let every Nigerian and household have access to Ecobank services within their neighborhood to provide easy banking services. This is the same objective for our mobile app and USSD platforms. We are desirous to put banking services at the finger tips of every citizen, no matter where they live.”

Also speaking, Jude Ndu, Director Vanguard Conferences and The Economic Forum Series, says “as a follow up to the huge success of the Ecobank Agribusiness Summit, we are indeed pleased and delighted with the on-going high level partnership with Ecobank Nigeria in the area of strategic thinking, conceptualisation and execution of high profile bespoke events. The upcoming Digital Financial Inclusion Virtual Summit speaks to the strong sense of confidence the bank has in us to help create content and context for the promotion and positioning of the brand given the strategic and thematic nature of conversation, marketing power and prowess of our thought leadership programs in critical stakeholder audience engagements across different industry sectors and customer segments.”

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.