Guinea Insurance Grows Investment Income by 50.5% in 2019

25/08/2020

R-L: Ranti Oke, DCSL Company Secretaries Limited; Samuel Onukwe, Non Executive Director; Ademola Abidogun, Managing Director/CEO; Pius Edobor, Executive Director, Finance & Administration.

Guinea Insurance PLC recently held its 62nd Annual General Meeting virtually in strict compliance with guidelines and directives issued by the Federal Government of Nigeria, State Government, Health Authorities and Regulatory Agencies, as part of efforts aimed at stemming the spread of COVID-19.

While presenting its 2019 Financial Year results to its shareholders at the meeting, the Company as a consequence, posited the dip experienced in the general economy to be the root cause of the declining revenue pool of Nigerian insurance companies.

It stated that premium payments for the year decreased significantly as in most cases, policies were not renewed for want of disposable income, amongst other economic challenges. Nonetheless, it recorded modest earnings as Gross Premium Written stood at N1.29 billion in 2019, as against N1.24 billion in 2018, representing an increase of 4.02%.

Gross Premium Income decreased by 2.05% from N1.20 billion in 2018 to N1.17 billion in 2019. Net Premium Income also decreased slightly by 0.27% from N904.9 million in 2018 to N902.4 million in 2019. Due to operational efficiency in terms of people, processes and technology, investment income for the period under review increased considerably by 50.5%, from N139 million in 2018 to N210 million in 2019.

Operational Expense of N868.6 million was efficiently managed as it resulted in a savings of about 3%when compared to N904 million reported in 2018.

Amongst many other successes recorded during its 2019 AGM; the Company was able to secure its shareholders approval to appoint BDO Professional Services as External Auditors; re-elect three directors namely: Alhaji Hassan Dantata, Dr. Mohammed Tahir Attahir and Mr. Anthony Achebe who were to retire by rotation

In his remark, the Chairman, Board of Directors, Godson Ugochukwu gave thanks to God for His abounding grace and for the opportunity to participate physically and congregate virtually this year in the discharge of their shared responsibilities to the Company in the face of the current global health crisis occasioned by – the Novel Coronavirus (COVID-19) and its attendant global economic consequences. He expressed his heartfelt appreciation to the Company’s shareholders as they continued to keep the faith with Guinea Insurance albeit harsh economic realities.

On steps taken by the Company to meet up with the recapitalisation exercise of NAICOM and to beat the 31 December 2020 and 30 September 2021 deadlines respectively, Godson stated “We are sure not to be left behind, discussions are ongoing and our preparedness has reached an advanced stage but could not be discussed prematurely. We are also looking the way of merger and the Company is in discussion with core investors.

In a closing remark, Managing Director/Chief Executive Officer, Guinea Insurance, Ademola Abidogun said “it is the intention of our board and management to identify opportunities amidst the COVID-19 pandemic, we will continually leverage Information Communication Technology to create veritable and easily accessible platforms that will not only deliver services real-time and in a seamless manner but also, will deliver on the numbers. Our longevity as a brand has stood the test of time and the values created over the years are embedded in the loyalty and commitment that we have enjoyed from all stakeholders”.

“We intend to keep Guinea Insurance PLC as a legacy for several generations to come., our strength is made manifest in our passion for high standards and our single-minded determination to emerge a world class enterprise, one with the scope and economies of scale necessary to drive home our unflinching mandate of returning Guinea Insurance on the path of sustainable profitability.”

‘Govt Must Improve Farm Access, Security to Combat Malnutrition’

Business Journal

22/08/2020

Mr. Remmy Nweke, National Co-ordinator, Media Centre Against Child Malnutrition (MeCAM) has called on government at all levels in Nigeria to improve access to farm lands via improved security nationwide (boundary conflicts, herdsmen-farmer clash, terrorism, kidnapping and IDPs) to quickly address the rising tide of malnutrition in the country.

Speaking on the topic: The UN Decade of Action on Nutrition: Connecting the Dots for Nigeria during a webinar on the UN Decade, Nweke also listed other important factors such as increased health budget with emphasis on nutrition budget line, early approval and prompt release, review of School Feeding Programme and boosting small-holder farmers as part of the way forward on nutrition.

Others include:

Encourage nutrition-related dieting at all levels, Adequate data is essential for economic planning Insufficient target data to assess Nigeria’s progress
Further actions to be taken to strengthen effective and significance interventions should include government policies evolving: Both nutrition-specific and nutrition-sensitive investments, health-system and community levels
An inter-sectoral approach for achieving the 2025 target
In addition, there is need to partner non-state actors
Recognize donors and informal institutional networks (national, sub-national and community based) play critical roles in shaping policies
Implementing programmes and engagement of communities
Improve nutritional status of mothers, infants and young children
Reduce malnutrition in all its forms, while nutrition efforts must continue beyond 2025.

He listed the seven major classes of nutrients as carbohydrates, fats, dietary fiber, minerals, proteins, vitamins and water. He added that the underlying causes of malnutrition in Nigeria include poverty, inadequate food production, inadequate food intake, ignorance, uneven food distribution of food, poor food preservation techniques, improper preparation of foods, food restriction, taboos and poor sanitation.

Nweke warned that the United Nations (UN) was deeply concerned about nutrition due to rising negative figures such as:

800 million chronically undernourished persons worldwide
159 million stunted children under the age of 5
50 million wasted children under the age of 5
2 billion+ micronutrient deficiencies
9 billion+ overweight adults
600 million rising obesity

The UN therefore calls upon Member States, regional political and economic communities and the global community to translate the commitments made through the ICN2 Rome Declaration on Nutrition into SMART commitments for action, in the context of national nutrition and nutrition-related policies. The Commitments is managed jointly by the Secretariat of FAO/WHO.

The speaker said Nigeria’s progress report against 10 nutrition targets as recorded in 2019 was more or less dismal as follows:

Women of reproductive age: No Progress
Under 5 stunting: Some Progress
Under 5 overweight: On Course
Low birth weight: No Data
Adult male diabetes: No Progress/Worsening
Adult female diabetes: No Progress/Worsening
Adult male obesity: No Progress/Worsening
Adult female obesity: No Progress/Worsening
Exclusive breastfeeding: Some Progress

The Nutrition Decade aims to accelerate implementation of the commitmentsq made at the Second International Conference on Nutrition (ICN2), achieve the global nutrition and diet-related NCDq targets by 2025; and contribute to the realisation of the Sustainableq Development Goals (SDG) by 2030 via Goal 2.

About the United Nations Decade of Action on Nutrition

The United Nations (UN) Decade of Action on Nutrition is a commitment by United Nations Member States to undertake some 10-year of sustained and coherent implementation of policies, programmes and increased investments to eliminate malnutrition in all its forms, everywhere, and leaving no one behind.

This follows the recommendation in the Rome Declaration, the United Nations (UN) Decade of Action on Nutrition (2016–2025) as declared by the UN General Assembly in April 2016. Thus offering a unique opportunity to all countries and stakeholders to unite around a common framework and to increase the visibility, coordination, efficiency and effectiveness of nutrition action at all levels across the world.

In order to manage a coordinated implementation of the United Nations Decade of Action on Nutrition (Nutrition Decade), the UN General Assembly mandated the Food and Agriculture Organisation (FAO) and World Health Organisation (WHO) to co-lead its implementation and to develop a work programme to this effect.

Till date only three countries have filed for commitment out of the 193 UN member states, but none from Africa.

Ecobank Unveils Virtual Card for Online Payment

Business Journal

22/08/2020

Ecobank has launched the virtual card, a digital payment solution for safe online payment, integrated into its digital banking channel, Ecobank Mobile.

The Ecobank Virtual Card was rolled out in the recently released version of the award winning Ecobank Mobile app which is available for downloading at the Google Play and App Stores. All Ecobank current, savings and Xpress account holders who are onboarded on the Ecobank Mobile app can now access a virtual card for their online payment needs.

“The Ecobank Virtual Card is a safe and secure way to make online payments without having to use your plastic debit, prepaid or credit card,” said Korede Demola-Adeniyi, Head, Consumer Bank, Ecobank Nigeria. Further she noted that “customers may use it for their online shopping needs, share or create gift cards for loved ones who can benefit from this innovative form of payment. The Ecobank Virtual Card is stored on the mobile banking profile of each Ecobank customer who requests one. Access to the card is password protected and encrypted for user safety. Deleting or blocking a virtual card is very easy and can be done so at the touch of a button when logged into the Ecobank Mobile App.”

According to Mrs. Demola-Adeniyi s “the Ecobank virtual card supports recurrent payments and can easily be used for Apple Music, Netflix or other online subscriptions. The Ecobank Virtual Card is prepaid and users simply fund each card with the amount they would like to spend online or gift someone else. This gives the cardholder the flexibility and control over spending. Users also receive an SMS and email notification for every transaction done which enables easy tracking of transactions.”

She noted that the bank is “able to offer co-branded virtual gift cards to large e-commerce merchants which can be restricted for use on their websites or apps. We welcome them to contact us to discuss further. Getting an Ecobank Virtual Card is also a very convenient process and does not require a trip to a branch to activate or pick up.”

Ecobank CEO, Akinwuntan, Charges Graduands on Digital, Excellence in New World Order

Business Journal

21/08/2020

Managing Director, Ecobank Nigeria, Patrick Akinwuntan (3^nd right) and Vice Chancellor, Babcock University, Professor Tayo Ademola and other University Dons during the graduation ceremony for 2019/2020 set of the university on Thursday.

The Managing Director, Ecobank Nigeria, Patrick Akinwuntan has reiterated the need for young Nigerian graduates to be digitally savvy, imbibe uncommon integrity, deep insights, accountability and excellence to be able to compete in the new world order.

Akinwuntan who gave this charge while delivering a commencement speech at the historic first virtual graduation ceremony for 2019/2020 Lynx set of Babcock University, Ilishan, Ogun State noted that in this fast-paced and covid-19 impacted world, only those who are responsive to change and able to learn, unlearn and relearn that will survive.

According to him, “Our world faces many opportunities and challenges ranging from spiritual, economic, political, social to technological. Concepts, identities, institutions and their definitions are being challenged daily. You must therefore bring into our unfolding world, uncommon integrity, deep insights, accountability, excellence, servant leadership, creativity and a never-give-up spirit that truly creates a new, better world. Also you must be digitally savvy to compete effectively notwithstanding what you studied here.”

Further, Akinwuntan tasked the graduands that would be establishing business in today’s environment to be digitally savvy and focus on industries that offer services and products that have massive day-to-day use such as agriculture, telecoms, food and beverages, technology, banking and finance, urging them to also pay attention to businesses that will enable them to scale or grow without much additional capital such as Uber, Netflix, Tiktok.

“The basic values of punctuality, respect, humility, diligence, integrity have become rare in the business environment. Do not take these for granted. Keep them and you will be better for it.”

He also gave a word of advice to those of them who would be seeking employment, urging them to have the DNA of an employer. “It may come across as a paradox, but an employer DNA seeks to add value while an employee DNA seeks to collect salaries. Note the huge difference.”

While congratulating the graduands, he told them to ready imbibe integrity and play by the right rules always, to make positive difference in any sphere, adding that “God has granted you a moral compass and a conscience that speaks loudly when you are doing the wrong thing. In other words, remember the child of whom you are. You must therefore always act with integrity if you are to be the positive difference.” “You must draw from your formation, inner-self and live by your values, vision and passion. Your attitude and perspective to changing realities is critical to achieving excellence, success and enduring impact.”

NAICOM: Recapitalisation Progress Report Begins Aug 30

Business Journal

18/08/2020

Mr. O. S. Thomas

Commissioner for Insurance

National Insurance Commission

The National Insurance Commission (NAICOM) has fixed August 30, 2020 for commencement of submission of monthly recapitalisation progress by operators in the Nigerian insurance sector.

In a circular to operators, the Commission reiterates that the Minimum Paid-up Share Capital shall be through any or a combination of the following:

Existing paid-up share capital;
Cash payment for new shares;
Retained earnings – capitalisation of undistributed profits;
Payment in kind (such as properties, T-Bills, Shares, Bonds, etc.) for new shares issued – which must be converted to cash not later than three (3) months to the recapitalisation deadline; and
Share premium.

NAICOM also stated that all mergers for the purpose of meeting the first phase of 30th November, 2020 recapitalisation shall be irreversible except with a written approval of the Commission while commencement of capital verification exercise by NAICOM is slated for September 21.

The Commission also fixed February 26, 2021 for issuance of letters of compliance.

Ecobank, AU MSME Academy for Africa Berths in Nigeria

Business Journal

18/08/2020

Spearheaded under the AUDA-NEPAD “100,000 MSMEs by 2021” (100K MSMEs) programme launched by the African Union Development Agency – AUDA-NEPAD and the Ecobank Group, the MSME Academy provides easy access to practical training and resources on financing opportunities in various countries, how to build a digital presence for businesses and how to adapt business operations in the era of the COVID-19 pandemic.

The Pan-african MSME Academy offers free access to market intelligence, a host of mentors with a diverse experience while assisting with access to funding opportunities.

The MSME Academy will have three components: an informational webinar with invited speakers, a series of virtual instructor-led trainings and mentorship for the MSMEs.

MSMEs are invited to join our first series of informational webinars tailored for MSME operating in Nigeria. The first webinar provides tips on access to finance and building a digital presence.

When: 3^rd September 2020

Where: Register to the MSME Academy at https://msmeacademy.nepad.org/

The programme will provide support to African MSMEs and is structured in three pillars, namely: the MSME Academy, MSME Marketplace, and MSME Financing Support Programme to be delivered through an MSME Digital Platform.

MSME Academy: The MSME Academy aims to build the capacities of MSMEs across Africa through a combination of relevant content library, a network of institutions specialised in MSME support such as incubators and accelerators, and a community of peers, mentors, and advisors.
MSME Marketplace: a consolidated marketplace of marketplaces, enabling MSMEs to access e-commerce, procurement and alternative financing opportunities across the continent
MSME Financing Support Program: a scheme that will bring together financial institutions, guarantee funds, and other institutions to reduce the cost of risk for lenders to deliver capital to MSMEs at scale. The objective is to radically expand access to finance by aggregating smaller financial institutions such as micro-credit institutions and credit unions that have access to micro-enterprises, standardising their processes, and building trust in their capabilities.

The MSME Digital Platform is a one-stop-shop for all MSMEs across Africa to access all these three programmes which jointly address MSMEs’ challenges with access to capacity building, markets, and capital.

About AUDA-NEPAD 100k MSMEs

The AUDA-NEPAD 100K MSMEs programme is focused on the implementation of the Agenda 2063 Aspiration number one (1), which aims at building a Prosperous Africa, based on Inclusive Growth and Sustainable Development.

Japan, UNDP Collaborate on Peace Operations in Nigeria

Business Journal

18/08/2020

The Government of Japan and the United Nations Development Programme (UNDP) in collaboration with the Centre for Strategic Research and Studies, National Defence College (CSRS/NDC) has launched a new phase of their cooperation in support of peace operations in Nigeria.

Speaking at the launch, The Commandant, National Defence College, Rear Admiral MM Kadiri, stated: “The funding support from the Government of Japan for the project will help in consolidating Nigeria’s effort at building peace through peace support operations globally.”

He added that this phase of the collaboration is taking place during a delicate period in global history and despite the scourge of the Corona virus pandemic, conflicts have abated, thus there is the need for greater and more dynamic capacity building of peacekeepers to manage these conflicts.

The project titled “Strengthening National and Regional Capacities for Peace Support Operations (PSOs)” is funded by the of the Government of Japan (GoJ) and will focus on enhancing the capacity of CSRS/NDC to sponsor peace support operations courses on protection of civilians, gender in peace support operations and logistics support in peace support operations as well as, boost its contribution of qualified troops to regional and global peace missions.

Emirates Launches Air Bridge to Lebanon, Global Humanitarian Campaign

Business Journal

14/08/2020

Airline will enable people around the world to donate cash or Skywards Miles to be converted to cargo capacity for transport of critical aid and supplies to Beirut

Humanitarian efforts led by Emirates SkyCargo to work with local and international NGOs on the ground

Emirates has launched an airbridge to Lebanon and rolled out a massive humanitarian initiative in the wake of the Beirut explosions which have devastated many parts of the capital city,

The air bridge is to provide critical emergency relief and aid to the hundreds of thousands of people affected by the blasts. Emirates SkyCargo plans to ramp up its freighter operations to Lebanon by dedicating over 50 flights to deliver much needed airlift to the country.

Emirates is also providing people around the world the opportunity to donate cash or pledge their Skywards Miles, through a dedicated, secure and convenient portal via the Emirates Airline Foundation. For the next three months of donations, the Emirates Airline Foundation will in turn directly coordinate shipments of urgent food, medical supplies and other much needed items with a range of NGO partners to ensure donations directly help those affected on the ground in a swift and transparent manner. Work is underway to mobilise recognised humanitarian partners.

For every donation, cargo capacity will be provided for humanitarian organisations to transport critical medical equipment and supplies, food and other emergency relief goods directly to Beirut through Emirates SkyCargo. Additionally, Emirates SkyCargo will further contribute by providing a 20% reduction on air freight transportation charges for approved shipments, underscoring its commitment to expedite emergency relief efforts to Beirut.

HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline & Group said: “Today, the world is banding together to stand in solidarity with Lebanon, providing urgent relief and immediate recovery support to those affected by this tragic disaster. Emirates supports the UAE’s ongoing humanitarian efforts to support Lebanon and is committed to bolster its global emergency response to ensure that it can support organisations which provide urgent care, shelter, food and medical support to the Lebanese people. People from all corners of the globe have been sending their support to Lebanon and we are proud to facilitate a means for them to tangibly and proactively assist the Lebanese people with relief and recovery efforts on the ground during this difficult time.”

Emirates has already been supporting disaster relief efforts in Lebanon through the dispatch of several charter flights carrying food, clothing and medical supplies donated by various grassroots organisations in the UAE.

Emirates is committed to being a strong partner by making a difference and giving back to the communities it serves. Through the Emirates Airline Foundation, the airline supports over 30 humanitarian and philanthropic projects in 16 countries.

Over the years, Emirates has supported humanitarian flights in partnership with the Airbus Foundation, and since 2013, Emirates A380 ferry flights have transported over 120 tonnes of food and vital emergency equipment to those in need.

Emirates has been serving Lebanese skies and communities since 1991. The airline started its operations between Dubai and Beirut with a three times weekly service utilising a Boeing 727. Today, Emirates operates two daily flights to Beirut utilising the Boeing 777, with plans to add further frequencies.

Nigeria can also be assured of Emirates’ commitment to being a strong partner by giving back to the communities it serves.

PenCom: RSA Transfer Window to Open Before End of 2020

Business Journal

13/08/2020

Section 13 of the Pension Reform Act, 2014 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.

The National Pension Commission has being working assiduously to actualise the provisions of Section 13 of the Pension Reform Act, 2014. Preparatory to the opening of the Transfer Window, the Commission developed and deployed the Enhanced Contributor Registration System (ECRS) in September 2019.

Furthermore, the Commission has developed the RSA Transfer System (RTS), a robust electronic platform that would enable seamless RSA transfers. Pension Fund Administrators (PFAs) would be able to utilize the RTS platform for the submission of RSA transfer requests.

The full deployment of the platform would however entail extensive training of the PFA’s relevant personnel and simulation of the processes, industry-wide. The Commission was unable to carry out these activities as planned due to the nationwide lockdown because of the COVID-19 pandemic.

Subsequent to the easing of the lockdown by the Federal Government and the lifting of the ban on interstate travels between the end of June and July, 2020, the preparations for a comprehensive training plan was concluded.

Accordingly, the Commission is currently holding workshops on the RTS for the Pension Operators, which would run from August 10-28, 2020. It is also expected that in line with the plan, Operators will participate in an industry simulation of transfer processes and simulations in September 2020.

The opening of the transfer window will facilitate full and equitable pension assets portability within the pension industry, enhance ethical competition amongst the PFAs and improve service delivery to RSA holders.

The Commission is optimistic that all necessary preparations will take place to enable opening of the RSA Transfer Window by the end of the year.

Linkage Assurance Grows Profit by 894%, Rewards Shareholders with Bonus Issue

Business Journal

13/08/2020

L-R: Mr. Okanlawon Adelagun, Executive Director, Technical ; Mr. Daniel Braie, Managing Director; Chief Joshua Bernard Fumudoh, Chairman, and Moses Omorogbe, Company Secretary, all of Linkage Assurance Plc at its 26th Annual General Meeting in Lagos.

Underwriting firm, Linkage Assurance Plc has rewarded its shareholders with a bonus issue of one for four shares by the capitalisation of N1 billion from the Company’s general reserve account.

This is coming on the heels of tremendous achievements made by the Company in 2019 financial year when it recorded a Gross Premium Written (GPW) of N6.52 billion from N5.39billion in December 2018, a 21 percent increase, while profit before tax (PBT) also increased from N134.70 million in 2018 to N1.34billion, representing an 894 percent increase.

Chief Joshua B. Fumudoh, Chairman of the Company speaking during its 26th Annual General Meeting held in compliance with Covid-19 directives, said despite the increasingly difficult operating environment Linkage Assurance made appreciable progress in all fronts.

He said the Company achieved an underwriting profit of N409 million in 2019, compared to the N772 million losses in 2018, while net claims paid was N1.7 billion compared to N2.7 billion.

“The significant reduction in net claims Fumudoh said was a result of improved underwriting and effective reinsurance arrangement.”

Shareholders who attended the meeting including Sir Sunny Nwosu, National Coordinator, Independent Shareholders Association of Nigeria and Mr. Boniface Okezie, Chairman, Progressive Shareholders Association of Nigeria; Mrs. Bisi Bakare and Mr. Nona Awoh applauded the Board and Management for such a wonderful result in 2019.

They also appreciated the bonus issue, describing it as palliative to shareholders particularly at this time, expressing optimism that Linkage is positioned to pay better dividends in the coming years.

Chief Joshua B. Fumudoh in his further remarks commended the Management and Staff for the performance of the Company, stating that they demonstrated uncommon commitment and dedication to the growth of the business despite the stiff competition and the harsh operating environment.

Mr. Daniel Braie, Managing Director/CEO of Linkage Assurance speaking at the meeting said the Company during the year under review crafted a Five-Year Strategic Road Map that will guide its operations in achieving both her short and long term goals.

The four strategic pillars in line with its Balanced Scorecard Framework Daniel Braie noted include Business Growth, Financial Excellence, Operational Excellence and Customer Intimacy

“In line with our strategic focus and business growth initiatives, the last quarter of 2019 was our starting point in delivering on our Strategy. Using an agile approach and with strong dedication, we were able to achieve a signiﬁcant milestone in revenue. This achievement acted as a catalyst to our desire to do more for both our shareholders and the customers.”

According to him, the Company has embarked on digital transformation to improve her services especially to the millennials and remote customers.

“In the bid to expand our product oﬀerings and in response to demands from the market, we are also concluding approval processes to underwrite agricultural insurance risks.”

“In the year 2020, we would embark on several initiatives in a bid to eﬃciently achieve our corporate objectives as enshrined in our Five-Year Strategic Plan. Part of what we would do, is to communicate to every unit and department the overall strategic focus for the year and the speciﬁc initiatives, goals and objectives exclusive to their diﬀerent departments, Braie said.

Linkage Assurance, a general business underwriter currently has total assets in assets of N28.7 billion at the end of 2019 financial year.

Meanwhile, Agusto & Co had recently affirmed the Company A- status and this confirms on the Company’s satisfactory financial condition and adequate capacity to meet claims obligation as well as a stable outlook.

Nigerians to Enjoy Emirates Partners Portal for Easy Information Access

Business Journal

11/08/2020

Nigerians can enjoy Emirates’ newly rolled out state-of-the-art online gateway, ‘The Emirates Partners

Portal’ to serve its travel trade partners around the world, tailored for the Nigerian market, and other markets, and personalised for each partner to cater to their unique business environment and needs.

The Emirates Partners Portal is a one-stop shop for travel industry partners to quickly and securely access the full range of information on Emirates’ latest products, services and policies, and obtain technical support. This dynamic platform reshapes the way Emirates delivers information to their trade partner community.

The portal also offers a range of functions including self-service tools and support, and in-built automation of business processes, all aimed at delivering efficiency for travel partners, as well as providing transparency and clarity on the status of transactions.

Adnan Kazim, Emirates’ Chief Commercial Officer said: “We are delighted to launch our game-changing Emirates Partners Portal to better serve and engage with our travel partners around the world. This is a bespoke platform which is unique in the industry, and it allows us to offer a truly personalised experience based on our partners’ profiles and needs.

We invested in listening to our agents and partners, and then we built the Emirates Partner Portal to address their needs whether for information, training or technical support. We are grateful for our partnership with trade communities around the world and are excited to engage and support them through this new platform.

“Through the Emirates Partner Portal, backed by the expert support of our commercial teams around the world, we aim to offer unmatched flexibility and empower our travel partners so that they can confidently provide even better services to their customers, and help them to fly better with Emirates. This launch comes at an especially critical in our industry, where the need for the most up-to-date travel information is an essential business enabler.”

The portal has been built on the latest technology, on NDC/IATA standards, that will provide access to Emirates’ rich content, in addition to critical operational updates 24 hours a day 7 days a week, and other core Emirates platforms such as Dubai Experience. The technology delivers an agile and strong foundation for seamless enhancements and future developments, enabling our Commercial teams to provide the latest market centric information, in multiple languages, specifically tailored for our trade partners. Registration and enrolment is quick and secure, and linked to each agent’s Emirates registered identification.

‘Ecobank Unveils Cardless ATM Withdrawal Service’

Business Journal

06/08/2020

Ecobank has stated that cash withdrawals can be made at all its ATMs, without a card. The Ecobank cardless withdrawal concept, Xpress Cash, enables users to withdraw cash from ATMs using only a mobile phone, no ATM card is required.

The solution is seamless, secure and is driven by the generation of a code (e-token) by an account holder via the bank’s USSD code *326# or mobile app, Ecobank Mobile. The e-token can be sent to customers, non-customers and even people without bank accounts for cash withdrawal at all Ecobank ATMs nationwide.

Speaking in Lagos, Head, Consumer Banking, Olukorede Demola-Adeniyi “Digital payments are fast evolving. Customers want seamless experience across channels. We are committed to providing suitable options for our customers. Forgetting your card at home should not be a showstopper when you need cash.”

She went on to explain that the concept recognises the needs of the unbanked. In her words “With Xpress Cash, our customers can send money to their loved ones who are not even banked. You can send money to your domestic servants or unbanked staff just by generating a code and sharing the code.”

“As a bank, we are not only keen to make our services accessible, but also affordable. Xpress Cash attracts only a flat charge of N50. Our USSD code, *326# offers zero session charges; and transfers of N5000 or less using our digital channels are absolutely free of charge. Also, people abroad who need to send money to their loved ones can do so without paying transfer charges using the Rapidtransfer app”, she said.

Access Bank Tops Print Advert Ranking in Q2 2020

Business Journal

31/07/2020

ThisDay Newspaper was the most sought after publication for banks, as BusinessDay Newspaper was the most sought after publication for insurance companies in terms of placement of adverts in the media. This was clearly analyzed by P+ Measurement Services, Nigeria’s foremost PR Measurement and Evaluation agency.

The report, based on the research data for advert and editorial analysis had an error margin of 5% at 95% confidence level and in Q1 and Q2 2020, a total of 3,360 publications were monitored.

A Senior Media Analyst at P+ Measurement Services said: “the need to show the impact of messages by the banking and insurance industry was the driving force behind this audit report and we will continue to lead the path in delivering media data-driven analysis in key sectors of the economy”.

He further stated that the sampled data and platforms used were 21 commercial banks in Nigeria and leading insurance companies’ media data; 44 newspapers including magazines; online media publications consisting of blogs, forums, financial sites, insurance sites, online news-sites and brand sites.

In the banking industry, Q2 2020 had the following financial institutions topping the chart for print media advert spend: Access Bank (N147m), Zenith Bank (N144m), Fidelity Bank (N92m), First Bank of Nigeria (N85m) and United Bank for Africa, UBA (N74m).

Furthermore, Q1 2020 had Access Bank (N163m), Zenith Bank (N161m), Fidelity Bank (N93m), United Bank for Africa, UBA (N91m) and First Bank of Nigeria (N81m) topping the chart amongst 21 commercial banks.

Conversely in the insurance industry, Leadway Assurance topped with the highest advert spend of N11m and N8m in Q1 and Q2 2020 respectively as AXA Mansard Insurance (Q1 – N6m, Q2 – N289,400) and Consolidated Hallmark Insurance (Q1 – N4m, Q2 – N2m) ranked closely, followed by Wapic Insurance (N3m) and Custodian Investment (N2m) which deployed advert only in Q2 2020.

Advert placement was sourced out more by the banking industry, with ThisDay Newspaper amassing N354,345,000 in Q2 2020 and N399,825,000 in Q1 2020. In the insurance industry, BusinessDay Newspaper amassed N4,754,000 in Q2 2020 and N10,845,700 in Q1 2020. Taking second place in the banking industry is BusinessDay Newspaper with N60,425,096 and N101,675,413 in Q2 and Q1 respectively and in the insurance industry, Daily Trust Newspaper made advert placements worth N2,606,859 and N810,600 in Q2 and Q1 respectively.

Third place was attained by Leadership Newspaper and The Punch Newspaper for banking and insurance industry respectively each with N54,565,357 in Q2, N70,600,511 in Q1 and N2,583,752 in Q2 and N3,609,757 respectively.

Findings from the report shows that the media engagement on Corporate Social Responsibility was led by Stanbic IBTC, Access Bank, Ecobank, First City Monument Bank and Fidelity Bank and the insurance companies that ranked most in the said engagement include WAPIC Insurance, Leadway Assurance, AIICO Insurance, AXA Mansard Insurance and Allianz Nigeria. The report also analyses the Partnership media engagement as Stanbic IBTC, First Bank of Nigeria, Ecobank, Access Bank and Heritage Bank led the banking industry while AXA Mansard Insurance, Leadway Assurance and AIICO Insurance led the insurance industry.

The media intelligence report shows the prominence of Chief Executive Officers of banks and insurance companies as Adesola Adeduntan of First Bank of Nigeria, Herbert Wigwe of Access Bank and Ebenezer Onyeagwu of Zenith Bank led the Bank CEOs and Babatunde Fajemirokun of AIICO Insurance, Tunde Hassan-Odukale of Leadway Assurance and Adeyinka Adekoya of WAPIC Insurance led the insurance CEOs in Q2 2020.

Ecobank Nigeria Unveils Special Loan Package for Female Entrepreneurs

Business Journal

30/07/2020

Ecobank Nigeria has unveiled a special loan package for female entrepreneurs in the country. The Ecobank Female Entrepreneurs’ Initiative (EFEI) loan is specially designed by the bank to financially empower female business owners and entrepreneurs in the country.

According to Head, Consumer Asset Product, Ecobank Group, Daberechi Effiong, the EFEI loan as conceived by the bank, is targeted at boosting small scale businesses owned by women, adding that it is a further demonstration of the importance the bank attaches to the role of women in sustainable development and contribution to the nation’s economy.

Mrs. Effiong who is also the EFEI Coordinator, explained that prospective female business owners could access credit with interest rates as low as 1 per cent, noting that the process for accessing the credit facility is easy and stress-free.

“The EFEI loan is one of our several ways of further encouraging female entrepreneurs in the country. As a bank, we believe empowering women will enable them play their role better in the society and the economy. This loan would position them for increased participation, validation and contribution to their communities. The terms and conditions for accessing the loan are simple and easy such that many female entrepreneurs could readily avail themselves of the opportunity and grow their business.”

She advised the women business owners to approach the bank online through our social media platforms or send a mail to [email protected] for the loan to boost their business, assuring them of Ecobank’s support and assistance in growing their business.

EFEI was introduced by the bank to assist women business owners. Earlier in the year, Ecobank trained over 140 female business owners through the EFEI platform on digital marketing skills in its state-of-the-art Academy. This was a follow up to a two-day capacity building on cash flow management and EFEI business opportunities held last year.

The digital training drew participants from Lagos and its environs and they were exposed to seminars, networking events, loans, trade fairs and exhibition of customers’ products.

Emirates Resumes Nairobi, Africa Flights, Unveils Special COVID-19 Health Cover

Business Journal

29/07/2020

Africa is getting a priority in Emirates’ latest resumption plans.

Emirates has announced it will resume flights to Nairobi (from 2 August), Baghdad and Basra (from 10 August), expanding its growing network, and offering customers in Africa and around the world more convenient connections to Dubai, and via Dubai.

This will take the airline’s passenger network to 67 destinations in August, including seven points in Africa and five points in the Middle East. This underscores the strategic importance of Africa to Emirates.

Flights between Nairobi and Dubai and Basra and Dubai will operate three times a week while flights between Baghdad and Dubai will operate four times a week. The flights will be operated with the Emirates Boeing 777-300ER and can be booked on emirates.com or via travel agents.

Customers from across Emirates’ network can now to travel to Dubai as the city has re-opened for business and leisure visitors with new air travel protocols that safeguard the health and safety of visitors and communities.

Customers can also now travel with confidence, as Emirates has committed to cover all COVID-19 related medical expenses, free of cost, should they be diagnosed with COVID-19 during their travel.

This cover is offered by Emirates free of cost to its customers regardless of class of travel or destination. It is immediately effective for customers flying on Emirates until 31 October 2020 (first flight to be completed on or before 31 October 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.

Customers do not need to register or fill in any forms before they travel, and they are not obligated to utilise this cover provided by Emirates.

Any impacted customer who has been diagnosed with COVID-19 during their travel simply has to contact a dedicated hotline to take full advantage of the assistance and cover.

The hotline number, and details of what COVID-19 related expenses are covered, is available on the Emirates website.

With the gradual re-opening of borders over the summer, Emirates has revised its booking policies to offer customers more flexibility and confidence to plan their travel.

Customers whose travel plans are disrupted by COVID-19 related flight or travel restrictions, can simply hold on to their ticket which will be valid for 24 months and rebook to fly at a later time. They can also request travel vouchers to offset against future Emirates purchases, or request refunds via an online form on Emirates’ website or via their travel booking agent.

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 antibacterial wipes.

Customers are reminded that travel restrictions remain in place, and travellers will only be accepted on flights if they comply with the eligibility and entry criteria requirements of their destination countries.

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