Monday, December 1, 2025
29.6 C
Lagos
Home Blog Page 213

Linkage Assurance Reports N6.52bn Gross Premium in Q4 2019

0

 

Daniel Braie

Managing Director/CEO

Linkage Assurance Plc

Linkage Assurance Plc has recorded sterling improvements in both its top and bottom-lines for the fourth quarter ended 31st December 2019, despite the harsh operating environment.

In the company’s Unaudited Fourth Quarter report submitted to the Nigerian Stock Exchange (NSE), Linkage Assurance Plc posted a Gross Written Premium(GWP) of N6.52 billion as against N5.59 billion during the same period in 2018, indicating a 21 percent increase.

From the business generated in 2019 review period, the company also recorded a Profit BeforeTax (PBT) growth of 902 percent, moving from N134.7 million in 2018 to N1.35 billion during the review period.

Profit AfterTax (PAT) also grew to N930.24 million, a 421 percent increase from a loss position of N290.12 million during the same period in 2018.

The sterling performance according to the company has come from improved underwriting performance, as well as from investment returns, which saw the company coming out stronger during the review period.

Underwriting profit rose by 149 percent to close at N375.622 million during the review period, as against loss position of N772.48 million the previous year, while investment also grew by 10 percent,  moving from N2.46 billion in 2018 to N2.71 billion in 2019.

The Company’s total assets also appreciated by 7 percent to close at N24.72 billion, as against N23.15 billion in 2018.

In the statement to the NSE, Daniel Braie, managing director/CEO, Linkage Assurance Plc said the Company will continue to refine its strategy in line with the political, economic, sociological and technological changes within our operating environment.

Braie also said that the company will continue to develop innovative products, alternative channels of distributions and strategic initiatives that will enable us achieve our corporate goals and objectives.”

“With a medium-to-long term perspective, the company believes that it will benefit from growth from these initiatives.”

“We will consolidate on the ongoing initiatives to improve our operational efficiency so as to reduce the cost of doing business, improve business processes, eliminate wastages and achieve higher margins in our core business, the Company said.

 

 

El-Rufai Commends Olam on Agric Investment, Reforms

0
  • El-Rufai Commends Olam on Agric Investment, Reform

    Olam Nigeria, a leading player in the Nigerian agriculture value chain, has been commended by Governor, Nasir El-Rufai of Kaduna State, for paving the way through its agricultural investments and reforms in the country.
    El-Rufai, who was speaking recently at the ground-breaking ceremony for a Tomato processing factory, held at Kangimi, in Igabi Local Government Area of the state, stated that it was because of the activities of organizations like Olam that Kaduna State had become a worthy ground for business, attracting both local and international organisations.
    The governor noted that firms like Olam demonstrate why Kaduna State is ranked as the Number One destination for doing business in Nigeria, by the World Bank’s Doing Business Report.
    He said:
    “The Kaduna State Government welcomes this latest investment in the agricultural potentials of our state. Olam showed the way back in 2017 when President Muhammadu Buhari commissioned its Hatchery and Feed Mill project that is sited in our Chikun Local Government Area.”
    Olam’s Feed Mill, Hatchery and Breeder Farms, located along the Kaduna -Abuja Expressway, is a huge investment and the largest such facility in West Africa. The feed mill sources over 150,000 tons of Corn and 75,000 tons of soybean from local farmers, which has encouraged many smallholder farmers to increase the production of these crops. The large silo and flat warehousing capacity allows farmers to sell their produce on harvest, without having to worry about storage.
    Availability of Broiler (meat-producing birds) and Layer (egg-laying birds) day-old chicks was the biggest barrier for Nigerian farmers, esp. in North, to participate in the poultry sector. Olam now supplies several million, high quality day-old-chicks every month to small poultry farmers, which has helped revive many closed farms and develop new ones.
    Olam’s poultry feed, especially Broiler feed, has led to farmers gaining substantial productivity gains, unlocking profitability for them without increasing selling prices of eggs and chicken.
    Olam’s best-in-class Fish feed, produced at its second feed mill location in Kwara State, has promoted a mini revolution amongst small fish farmers in Northern Nigeria.
    Starting from an insignificant level, this sector has made great strides and is now a viable farming option for many local youths.

     

Standard Bank Partners Founders Factory Africa, Netcare to Drive 5 Startups

0

Roo Rogers

Co-Founder & CEO

Founders Factory Africa,

Five new startups have been accepted into the Venture Scale programme, which is an initiative of Founders Factory Africa (FFA); backed by StandardBank and Netcare as corporate investors. The five startups were formally inducted into the Venture Scale programme on Monday, February 3, 2020.

All five startups have developed product offerings targeted at the FinTech or HealthTech sectors; and are set for an aggressive growth strategy – aided by the technical and operational expertise offered at FFA. The Venture Scale programme at FFA affords African startups the opportunity of rapid scale, made possible through a financial cash investment in tailored support services – across product development, UX/UI, data science, engineering, business development and growth marketing.

Roo Rogers, Co-Founder & CEO Founders Factory Africa, says: “The five businesses joining the Venture Scale programme represent some of the best of African entrepreneurship and innovation.  From point-of-care DNA testing to agricultural logistics, the Founders Factory Africa portfolio has the potential to truly drive economic growth and transform the continent. We’re incredibly excited to be part of the growth of these businesses and to deliver their true scale potential.”

In addition to the hands-on support provided, participating startups will also have access to exclusive partnerships with FFA’s pan-African corporate investors, Standard Bank and Netcare, which unlocks many of the scaling challenges that businesses face. This includes distribution channels, customer acquisition, pilots, data, IP and expertise, essentially offering the startups a very huge advantage in the competitive marketplace.

Larry McCarthy, Head of Strategic Investments and Alliances at Standard Bank, says that he is excited to grow entrepreneurship across the continent. He stated: “Seed capital and business development programmes like FFA are needed to meet the fast-paced demand for technology across all sectors of business, and the effect it can have on improving growth. Standard Bank, being an African business, is committed to participating in this vital element of the economy.”

Amongst the five new startups joining the Venture Scale programme at FFA is Foodlocker, a Nigerianbased company.Foodlocker forecasts foodstuff demand through deep machine learning, thus enabling large-scale buyers to efficiently procure fast-moving consumer goods and fresh produce from smallholder farmers. Others startups included in the programme are LocumBase, Akili Labs and EnvisionIt Deep AI, all from South Africa.

LocumBase is an independent, online booking and management platform that provides real-time availability of verified locum medical professionals, by assisting practices in need of short-term, qualified stand-ins, who are able to provide quality care when needed most.

Akili Labs leads the way in low-cost point of care, rapid diagnostics – capable of testing for viruses, bacterial and fungal infections. EnvisionIt Deep AI is a platform that improves the speed and accuracy, with which a radiologist can diagnose and prioritise chest x-rays for further analysis using AI algorithms.

Completing the list of startups on the Venture Scale programme is Bwala Africa. Bwala Africa isalast-mile order fulfilment network designed to connect fleet operators and large FMCG manufacturers with retailers, for a fast convenient, order-to-delivery end to end experience.

Speaking on the programme, Richard Friedland, CEO of the Netcare Group, says: “We’re excited about the selection of the first three healthtech startups, which will help stimulate healthcare innovation and development across the continent. By joining forces with FFA, we’re helping to create a support system for entrepreneurs, as well as providing value to people across Africa.”

The FFA model includes its Venture Scale programme focused on developing existing startups, whilst the Venture Build programme harnesses the power of technology to build completely new businesses solving mass needs on the African continent.

 

 

Quickteller: The Art of Endless Possibilities!

0

(L-R) Emeka Awagu, Head, Digital Commerce, Quickteller; Adedeji Layade, Product Marketing Manager, Quickteller Services; Olawande Oyewole, Assistant Brand Director, DDB and Afeye Momoh, Digital Marketing Officer, Interswitch at the reveal of the new Quickteller TVC at the Interswitch Head Office in Lagos.

When you think or dream of a broad spectrum of consumer services via one-stop digital payment platform, think of Quickteller!

 

Overview

In a period of few years, Quickteller has quietly revolutionised the cashless payment system in Nigeria- giving a wide variety of demographic customers the power to access services such as bills payment, funds transfer and airtime recharge without the use of cash.

In essence, the digital payment platform has empowered many Nigerians with the tool to become part of the digital age without stepping out of their homes or offices.

When the Central Bank of Nigeria (CBN) launched the cashless policy in January 2012 in Lagos, one of the key objectives was to reduce the use of cash in daily transactions and to encourage Nigerians to take advantage of digital payment options for convenience and reduction in cash-related crimes.

The CBN also followed it up with the National Financial Inclusion Strategy on October 23, 2012 to increase access to digital payment services from 21.6 percent in 2010 to 70 percent in 2020.

Today, Quickteller embodies both visions to the satisfaction of its growing clientele. For many consumers, life would be quite difficult without the payment convenience of Quickteller. Quickteller gives them the edge and peace of mind to access a broad range of vital and critical services in a matter of minutes.

This unique payment service by Quickteller becomes imperative in terms of financial inclusion given a study by EFInA (Enhancing Financial Innovation and Access) in 2008 which found that 53 percent of Nigerians are excluded from financial services.

With Quickteller, every consumer can now access quick, robust and convenient financial services to pay for goods and services without stress.

The Next Frontier

An African proverb says that when a road taken turns out good, you go a second time!

For Quickteller, the runaway success of its first half performance means it must deliver a better and greater result in the second half.

The next frontier for Quickteller is the recent launch of its two television commercials: ‘Everything is Possible.’

The essence of the two TVCs is to draw the attention of consumers that Quickteller now offers extra payment services beyond its initial traditional (basic) services.

Consumers now have access to a wider range that includes payment for event tickets, online shopping on 100 plus global stores, PayTV, electricity, toll fees and state government payments etc.

The message is clear: ‘Everything is Possible’ meaning that Quickteller enables payments to give consumers peace of mind.

The first TVC-Big Idea-paints a humorous landscape of existing and potential consumers sitting at a meeting to generate series of big ideas they consider possible under the Quickteller umbrella of payment solutions.

The croaky humour and imaginations had the actors straddling each other to tell viewers that Quickteller now has the capacity to accommodate their endless list of wild dreams and basket of needs.

Featuring well-known celebrities like Bovi (a leading Comedian), Ini Dima Okojie (well respected Nollywood actress) and Eric Omondi (a Comedian based in Kenya, who is one of the best Comedians in Africa), Big Idea depicts Quickteller as the big Elephant in the Room in terms of payment services. In a dynamic and competitive market like Nigeria, being the payment solution of choice ranks on the same pedestal as the Chosen One!

For the second TVC-Possibilities-the concept of a man cycling on a moving truck while running a transaction tells the story of accomplishing several tasks simultaneously without a drop of sweet sweat.

It is a defying stunt that tempts and tames the human spirit towards the goal of endless possibilities.

For Quickteller, the TVC gives a visual bent to the storyline: we make payments very easy and convenient no matter the situation.

In the finally analysis, Possibilities represents the new spirit of Quickteller: you can do everything you care to do!

Indeed, the two new TVCs run a mixture of humour, suspense and animated entertainment to project the expanded service options that Quickteller currently represents.

Commenting on the TVCs campaign, Mr. Olawale Akanbi, Group Head at Quickteller Marketing said:“It’s amazing to know that you can pay for almost anything on Quickteller. At Quickteller, we are committed to making all payments possible on our platform.  This is why we are continuously expanding the services available on Quickteller. From just a platform where you couldtransfer money, customers can now perform more transactions that speak to their lifestyle, businesses, passion and even their careers.”

The Wider Net

The wider net for Quickteller is the language variety. The two TVCs would have versions in Hausa, English and Pidgin English to reach more discerning consumers ready to join the Quickteller train for easy payment services.

Pan-African Solution

The presence of Eric Omondi (a Comedian based in Kenya, who is one of the best Comedians in Africa)in the cast of Big IdeaTVC amplifies the Pan-African target and projection of Quickteller. What is good for Nigerians should also be desirable for our African brothers and sisters.

For Quickteller, Nigeria is simply a stepping stone to drive a continent-wide digital payment solution that unifies Africa and Africans under one robust platform.

Welcome to Quickteller!

 

 

Stanbic IBTC Set for 3rd Edition of Youth Leadership Series

0
Stanbic IBTC
Stanbic IBTC

Stanbic IBTC Holdings PLC, a member of Standard Bank Group, is set to host the third edition of its Youth Leadership Series. The Youth Leadership Series is an annual event which is fashioned after the Business Leadership Series, also organized annually by Stanbic IBTC.It is a platform designed to engageyoung Nigerians, thus empowering them to become the future business leaders.

The theme of this year’s event is “Techricuture – the evolution” and it is scheduled hold on Wednesday, February 12, 2020.

The speakers at the 2020 edition are Sam Ogbole, CEO and Lead Trainer at Farm lab; YewandeKazeem, Founder, Wandieville Media as well as Seyi and Seun Abolaji, Co-Owners of the Wilson’s Juice Company.

Sam Ogboleis popular for his innovative approach to agriculture through his ‘soilless farming’ revolution where crops are grown in the air. He is a forerunner of revolutionized agriculture which uses technology to boost food production. In 2018, he was recognized as one of the top 7 innovators in Africa by CNN Africa and named among the top 500 in food techpreneurs by Forward Fooding in 2019.

Popularly called The Wilson Brothers, Seyi and Seun Abolaji are co-owners of The Wilson’s Juice Company, manufacturers of pure natural fresh juice. Founded in 2016, the company now successfully distributes its product consumed across the country and has also gained attention from both local and international media.

Yewande Kazeem, a 2018 fellow of the Cornell Alliance for Science and graduate of science from the University of Oklahoma, is the owner of Wandieville Media, a communication and educative media company that focuses on Global Development Projects in Africa including Agriculture, Nutrition, Women and Community Development. She is passionate about impacting small scale farmers through research and technology.

The event presents an opportunity for the attendees to learn more about opportunities in the agriculture value chain, driven by technology.

Private Musing About Power Supply in Nigeria

0

By Elvis Eromosele

In a world of 3D printing and manufacturing, artificial intelligence (AI), Cloud Computing Big Data and smart cities, can a country compete without power? It is doubtful. Steady power supply is essential for the smooth running of any economy. It is the lifeblood of the digital economy. To connect and partake of the digital economy, people must first be switched on.

Nigeria has been described severally as the largest economy in Africa, but limitations in the power sector constrain growth. Nigeria’s quest for a digital economy would struggle until it, as a matter of urgency, fixes the poor power supply situation.

To understand how dire the situation is, consider this: Nigeria generates approximately 4,000 MW for 200 million people, whereas South Africa produces over 40,000 MW of energy for her 62 million people. The situation is grave.

Today, the Nigerian economy runs on generators. Nigerians live with the fumes, bear the noise and struggle under the burden. This is not sustainable.

Everywhere you turn across this vast landscape, small and private power generating plants (aka generators) hum, driving the Nigerian economy forward. The really sad part is that running on generators is not cheap. According to a report, “Nigerians and Nigerian businesses spend almost $14billion (about N5tn) annually on an inefficient generation that is expensive of poor quality, noisy, and polluting sources from electricity generators.”

The cost to health and the environment is uncalculatable.

The impact has been intense but who is counting. The cost is extreme but no one seems to care.

It is particularly worrying when one considers the sheer number of companies that have relocated, scaled-down operations or perhaps shut down completely over the last decade. It is disheartening. It is distressing to even talk of others that never got off the ground.

The impact has also been extensive; jobs lost, taxes unpaid and missed opportunities. Besides, the economy has stalled, gross domestic product (GDP) stunted, and productivity left dwindling due to power challenges.

Numerous experts, professionals and policymakers have written about this matter. White papers, seminal communique and technical reports have been published. But no one appears to be listening. If the economy is growing at all, it is inspite of these issues.

That is not all. Erratic power supply adds unnecessary cost burden to start-ups, raises production cost astronomically and dampens prospects and projections. Creativity is stifled, innovation hampered and ideation is capped. It is bad for business, it is unhealthy for living and it is costly for the economy.

The real wonder, however, is that while the issues are obvious, the remedy has eluded us for so long. We must be missing something. In the meantime, Nigeria continues to grope in the dark.

A thousand options have been proposed without a hint of progress. We must change if things are to be different.

It is not optional. If the country wants to key into the Fourth Industrial Revolution, be a part of the information society and benefit from the digital economy, then access to steady power supply is not optional. It is mandatory!

The consensus is that the government is the biggest hindrance to resolving the issues. No, there is no leap of logic necessary here. While the sector has been partially privatised, the government still controls the most important section. Talks of decentralisation have gained little traction.

Now, it is time for Nigeria to heed that popular American saying “if you’re in a hole, stop digging.” Doing the same thing would never produce a different result. So, we must change what we are doing and indeed how we are doing it.

No, we don’t need to reinvent the wheel. The solutions are out there. Procure them, harness them and install. Essentially, think sustainability and explore renewable options.

First, decentralise. Let power be generated and distributed within a smaller circle – regional, state, LGA and even estate and gated communities. It can even go down to business districts, trade free zones and hubs. This would involve making the mini and micro plants concept truly functional.

Next, consider the regions landscape and climate to determine the type of power generation to deploy in each region. The northern region with wide flatlands would be great for solar solutions.

Across the southern part of the country, there is a long stretch of coastline and beaches. This is a great place for wind farms. Plus, it has the added advantage of easy access in bringing in and installing Wind Mills.

In the Eastern Region, Nigeria can take a line from President Trump and explore using the massive clean coal deposits in the Eastern states.

It is the hybrid solutions that would work

The current haphazard system sees humongous sums been thrown after poor unsteady power. This would never work. This will never produce. Everyone knows that electricity generation, transmission and distribution are capital-intensive activities requiring huge resources of both funds and capacity. It is only when the funds and strategy are properly directed that Nigeria can produce steady, clean power.

It is said that adequate power supply is an unavoidable prerequisite to any nation’s development. This is true. It is time to utilise Nigeria’s resources both human and natural. This is the only way to guarantee the availability of steady power supply. Nigeria needs electric power to maintain connections.

The digital economy awaits.

 Elvis Eromosele, a Corporate Communication professional and public affairs analyst lives in Lagos.

Nigeria Leads in 43% Remittances Growth to Africa in 2019

0
WorldRemit

Leading mobile payments company WorldRemit saw a 43% growth in remittances to Africa from higher income nations in 2019.

The top five countries receiving remittances from the diaspora in 2019 included, Ghana, Kenya, Uganda, Zimbabwe, with Nigeria receiving the most remittances.

The top sending countries to the region included the United States, Australia, Canada, and Sweden, with the UK sending the most remittances.

The diaspora plays a key role in Africa’s development story, today the value of remittances is three times larger than official development assistance (ODA), and forecasted to become higher than foreign direct investment for a handful of African countries in 2019.

The growth of digital and mobile penetration across the continent has contributed to the growth in remittances. WorldRemit has and continues to partner with both mobile money and bricks and mortar agents to increase accessibility to all our customers regardless of whether they are in a city or a remote village on the continent.

In addition to digital growth within the continent, the diaspora is also changing its pattern of frequency, value, and reason for sending money back home. Apart from the traditional reasons for sending money to their native countries, members of the diaspora are increasingly looking at ways to be part of what is happening “back home”.

A great example is Ghana, In 2019 after the launch of the Year of Return, Ghana extended citizenship to over 100 African-American’s as well as enacting the Immigration Act which provides for a “Right of Abode” for any “Person of African descent in the Diaspora” to travel to and from the country “without hindrance.” After a successful 2019, President Akuffo-Addo launched a new initiative “Beyond the Return” which is a drive to see people from the diaspora invest in Ghana via business start-ups, property acquisition, relocating or investment vehicles which the government is setting up.

At WorldRemit, it is important to continue to remain affordable, fast, simple, secure and accessible for the growing market and ever-changing dynamic continent.

Quickteller Launches ‘Everything is Possible’ Campaign

0

(L-R) Emeka Awagu, Head, Digital Commerce, Quickteller; Adedeji Layade, Product Marketing Manager, Quickteller Services; Olawande Oyewole, Assistant Brand Director, DDB and Afeye Momoh, Digital Marketing Officer, Interswitch at the reveal of the new Quickteller TVC at the Interswitch Head Office in Lagos.

Quickteller, a leading consumer payment platform from the Pan-African integrated digital payments company -Interswitch – known for providing seamless payment solutions, has launched a new campaign themed “Everything is Possible.” The campaign demonstrates the ubiquitous nature of the Quickteller platform.

The commercials, which have just been released, are in two versions: ‘The Big Idea’and ‘Possibility.’ Both versions are in furtherance of the previous Quickteller campaign-“One less thing to worry about”– and reiterate the ease and universality of the Quickteller platform.

The commercials deploy the use of humour and creativity to subtly drive in the point that on Quickteller, a user can pay for almost anything they can imagine.

Both commercials are a body of great creative thinking and drive home the overarching message that everything is possible on the Quickteller Platform.The commercials bothdepict the importance of a platform that makes payment possible irrespective of person, locationand needs. Quicktellerenables everyoneto make transactions on the go, with a few clicks.

Speaking on the launch of the campaign, Olawale Akanbi, Group Head, Quickteller Marketing, highlighted the importance of transacting on a platform that provides a vast number of services in the digital payment space.He said: “It’s amazing to know that you can pay for almost anything on Quickteller. At Quickteller, we are committed to making all payments possible on our platform.  This is why we are continuously expanding the services available on Quickteller. From just a platform where you couldtransfer money, customers can now perform more transactions that speak to their lifestyle, businesses, passion and even their careers.”

According to Akanbi, “This campaign illustrates the compelling point that Quickteller makes almost anything possible. Both versions of the campaign are a natural flow from the previous campaign and consistent with our messaging that payments are easier and most convenient on the Quickteller platform. It is simply a visual metaphor for everyday payments made easy by Quickteller.”

The commercials feature well-known celebrities like Bovi (a leading Comedian), Ini Dima Okojie (Nollywood actress) and Eric Omondi (a Comedian based in Kenya, who is one of the best comedians in Africa).

Services available on the platform include: payment of toll fees, state government payments, purchase of airtime, flight tickets, funds transfer, payment of cable bills (TV), quick loans, event tickets, online shopping from over 100 global stores, JAMB ePins and every other thing you can think of.

About Quickteller

Quickteller is Interswitch’s online payments platform for consumers and businesses. It enables payments to be made across various channels (ATMs, Web, POS’s now) with the use of debit or prepaid cards issued by any member bank on the Interswitch network. Quickteller services include airtime recharge, bill payments, (utility & non-utility), funds transfer and remittances.

The access is enabled through multiple channels such as bank Branch, ATM, Web, POS, Kiosk, Voice, is limitless and users can enjoy the full benefits of these services. Quickteller enables users to simplify everyday life by enabling individual customers and businesses to make payments easily, on the go.

PenCom Directs PFAs to Implement Pension Enhancement for Retirees

0
Pencom

The National Pension Commission says all Pension Fund Administrators (PFAs) have been directed to implement the second edition of the pension enhancement exercise for retirees on Programmed Withdrawal mode of retirement.

The pension enhancement is for Contributory Pension Scheme (CPS) retirees who have accumulated significant growth in their Retirement Savings Accounts (RSAs) and had retired between July 2007 and December 2017.

Accordingly, the retirees referred to above have been advised to contact their respective Pension Fund Administrators (PFAs) to confirm their eligibility and complete requisite documentations.

Mutual Benefits Assurance Celebrates 24th Thanksgiving Service

0

Mutual Benefits Assurance Plc last weekend celebrated its 24th thanksgiving service in Lagos with the theme: Celebration of Victory.

Dr. Akin Ogunbiyi, the Chairman of Mutual Benefits Group said the annual thanksgiving service is designed to appreciate the hand of God in the affairs of the Group from inception to date. He added that praise and worship are integral part of the Mutual Benefits Group.

Ogunbiyi was emphatic that God has been faithful to the Group in its day-to-day operation every year.

Mr. Femi Asenuga, the Managing Director of Mutual Benefits Assurance said:

“God is the bedrock of Mutual Benefits Assurance Plc. Every year, we express deep appreciation to God for the success of the company. We also thank our customers for the support.”

Stanbic IBTC Zero Balance Account Gives Savers an Edge

0

If you are like the average Nigerian youth who is just starting out and needs an account that allows you to start from scratch and grow your savings while giving you access to your money 24/7, then the Stanbic IBTC Blue Edge Savings Account is perfect for you.

The BluEdge Savings Account is a product that allows you to open an account with zero Balance, so you don’t need any money to open the account. You can always fund the account at any time to grow your savings. With the Blue Edge Account the minimum account balance is also zero naira, this means that you will not be charged for having zero balance on the account.

The BluEdge Savings Account gives students and young Nigerians currently enrolled in the National Youth Service Corps (NYSC) the edge that they need to experience financial confidence and freedom. It takes away the pressure of starting an account with huge funds as it enables them to start with zero naira while earning an interest on the savings every month.

The BluEdge Savings Account can be operated with ease and accessed with a Verve card on Internet Banking, Mobile Banking, ATM, and via USSD. Account owners can also withdraw cash from the nearest Stanbic IBTC Bank branch.  The requirements for opening a BluEdge Savings Account are: a BluEdge Savings Account form, passport photograph, BVN and student ID card.

According to Wole Adeniyi, Deputy Chief Executive, Stanbic IBTC Bank Plc, “The BluEdge Savings Account is a great opportunity for young people to maintain a savings account conveniently. It proffers solutions to the hassle of savings among youths, and the various benefits are deliberately aimed at encouraging and promoting a savings culture. It can also serve as an avenue for them to pursue their dreams.”

Broadband: Beyond the Cost to Access

0
BROADBAND

Today, everyone is talking broadband. Everyone is talking about the advantages, the benefits and the need to make it more available and accessible.

The importance is becoming more evident each passing day. Indeed, it is becoming general knowledge that access to broadband internet grows quality of live, productivity increases and Gross Domestic Product (GDP) expands. The significance is immense.

Reports indicate that a 10 per cent increase in broadband penetration yields 0.8 per cent increase in GDP per capita. That is, increasing broadband penetration by 10 per cent will automatically almost double GDP per capita. GDP per capita is a measure of a country’s economic output that accounts for its number of people. It is a good measurement of a country’s standard of living.

So clearly, broadband access is no more a luxury. Without a doubt, it has become a basic necessity for economic and human development. It should become a full-blown human right.

If you think of one indispensable tool for the delivery of essential services such as education, healthcare and financial services today, broadband comes to mind every time. It offers, as experts say, previously unimagined opportunities for citizen empowerment, community engagement and nation-building. The deployment of broadband in government (think e-governance) promotes transparency, accountability and efficiency.

Those who should know reveal that broadband has become a foundation for the digital infrastructure precipitating the digital economy. It is also helping to create jobs, jump-starting job skills development and boosting rapid socio-economic development.

In Nigeria, there is growing awareness of the humongous promises of the digital economy. For instance, the federal government recently converted the Ministry of Communication to the Ministry of Communication and Digital Economy.

And only in December, the Minister of Communications and Digital Economy, Dr. Isa Pantami inaugurated a 25- member National Broadband Penetration Committee. The objective is to chart a path to achieve 70 per cent broadband target in the next five years.

The committee has its work cut out for it, as the current broadband penetration stands at a measly 37.8 per cent.

Then in a separate but related development, Bloomberg recently reported that “Nigeria plans to invest 265 billion naira ($732 million) in broadband infrastructure over the next four years as the government sets its sights on nationwide coverage and to boost an economy recovering from a 2016 contraction.”

According to the report quoting Professor Umar Danbatta, the Chief Executive Officer of the Nigerian Communications Commission (NCC), “the government will provide 65 billion naira for the project and six private infrastructure companies will provide the balance under a public-private partnership scheme.”

The funds would enable the country to roll out an additional 30,000 kilometres (19,000 miles) of fibre across its 774 local governments, taking the total to 71,000 kilometres by 2024.

Why is it beginning to look like the NCC is running its own race? The Minister is filled with passion but is struggling to assert his authority. He needs to know that he cannot do it alone. Synergy is required. The Minister, its agencies and commissions must find a way to work together for the common good. Broadband is too important to be handled haphazardly.

According to Benton Fellow, Denise Linn Riedl, “Broadband’s fundamental value doesn’t come from connecting computers to networks; its value comes from connecting people to opportunity, and society to new solutions. When a broadband network is available but a person who wants to use it can’t do so, then the network is less valuable to everyone else who does use it.”

Broadband adoption, he explained, benefits people in concrete and practical ways. Children can do homework at home. Parents can become more involved in their child’s school. Families can stream educational content. Adults can obtain digital skills training, including improving workforce skills and connecting with potential employers. The benefits are endless.

Since broadband is so important, the objective must be to constantly explore ways to ensure availability. Indeed, everyone using broadband makes broadband better for everyone else.

Again, it bears repeating that broadband is important. Its importance stems from how it enables connections, strengthens networks and expands opportunities. This is why when broadband internet is available but not accessible; it is almost as bad as been unavailable.

Access to available broadband is a function of cost – the cost of device and cost of data to connect the service. While there are cheap smartphones today to connect to broadband, they are still beyond the reach of a lot of people. Imagine 90 million people living below the poverty line.

This is the sad reality. So, there should be conversations around credit facilities, lease arrangements and payment by instalments for devices to grow access to broadband devices.

Additionally, we cannot run away from the need to have more affordable data. Yes, it has to be more affordable but it shouldn’t have to happen by fiat. For this to happen, the regulator, NCC, must offer financial breaks to service providers and actively work with other relevant regulatory agencies to reduce the burden of multiple taxations.

The Minister must continue to push issues around reasonable right of ways (ROW) approvals, preferential access to foreign exchange for infrastructure equipment, the designation of telecommunication infrastructure as critical national infrastructure with relevant protection, and tax exemption for extending services to under-served areas among others. He should involve the President directly where needed. This is how to ensure genuine process is made not just motion.

Broadband should not just be available but equally affordable. Broadband is too important to leave to chance. The government must be involved and yes even lead the charge. It should, however, be private-sector driven.

This is the only way to truly create widespread availability of affordable broadband. This is the best preparation for Nigeria to be ready to play in the Fourth Industrial Revolution – the digital and information society.

Let there be BROADBAND!

Standard Bank Sponsors Multilateral UK-Africa Investment Summit

0
Standard Bank

Standard Bank, Africa’s largest banking group by assets, is partnering with the UK Government to sponsor the inaugural UK-Africa Investment Summit, which will be held in London onJanuary20, 2020.

The Summit will create new lasting partnerships between UK and African businesses, governments and institutions to deliver more investment, jobs and growth. These partnerships will benefit people and businesses across Africa and the UK. Hosted by the Prime Minister, the Summit will bring together UK and African businesses, African leaders and delegations, international institutions and young entrepreneurs.

The summit will cover topics including: Trade and investment, infrastructure development, sustainable finance, the role of the City of London in attracting African businesses to raise capital, clean energy, women’s economic empowerment and creating jobs for young people across the continent.

Commenting on the sponsorship, Sola David-Borha, Chief Executive, Africa Regions, Standard Bank, said: “We are proud to be a sponsor of this prestigious and important summit. Africa is home to many fast-growing economies and businesses, and it is very positive to see the recognition of the huge potential for UK companies and investors. Furthermore, improving socio-economic ties between the UK and Africa can only be mutually beneficial. There are an increasing number of African businesses and governments looking to the UK, and the City of London in particular, to access capital, as well as investment and commercial expertise across different sectors.

“British investors and businesses are increasingly recognising Africa’s potential and the role they can play in boosting the continent’s long-term growth – particularly through investments that have positive social, economic and environmental impacts. This well-timed summit will help to build significant and long-lasting commercial ties between the UK and Africa.”

Sola David-Borha will participate in a panel event on Sustainable Finance and will be meeting British and African leaders across business, politics and other institutions.

International Development Secretary Alok Sharma visited Africa ahead of the Summit.

Mr. Sharma said ahead of his visit: “Africa has eight of the 15 fastest growing economies in the world but currently receives less than 4% of foreign direct investment. There are fantastic opportunities for UK businesses to work alongside, invest in and partner with African nations.

“At the UK-Africa Investment Summit in London on January 20, we will bring together UK and African businesses, African leaders, international institutions and young entrepreneurs to drive the investment Africa needs to flourish. I look forward to seeing many of you there.”

Sovereign Trust Insurance: 25 Years of Commitment to Professional Underwriting

0

Sovereign Trust Insurance Plc no doubt has become a reckoning force in the Nigerian Insurance landscape. The Underwriting Firm commemorated her 25th anniversary a day after the New Year with a special thanksgiving held at the company’s Head Office in Lagos.

It was a moment of reflection and gratitude for members of Management and Staff of the insurance company when they all gathered early in the Year to acknowledge God’s faithfulness upon the organisation in the last two and half decades.

The vision of one of Nigeria’s prolific underwriters, Mr. Oluseun O. Ajayi ably amplified with the support of a prominent Boardroom guru and Entrepreneur,in the person of H.H. Ephraim F. Faloughi has today, become a household name in the insurance industry in the country.

Together, this duo and the pioneering members of Management and Staff nurtured the company from birth to maturity and ever since, the journey has been forward-looking for a better tomorrow for the underwriting firm.

Two and half decades after, Sovereign Trust Insurance Plc has indeed made commendable strides in the insurance industry in Nigeria. From inception, the company moved from an average industry rating to a leading position, investing in the best of people and technology, improving on processes, growing market share at an average annual growth rate of 30%, while consistently expanding the balance sheet size of the company.

The ownership of the company is made up of diverse shareholders from wide range of individuals and institutional investors with a robust Board of Directors of distinguished personalities under the chairmanship of the hitherto pioneer Managing Director, Mr. Oluseun Ajayi.

The Managing Director/CEO of the Underwriting Firm, Mr. Olaotan Soyinka used the occasion to thank all the company’s customers and associates alike for their patronage, support and the belief in the story called Sovereign Trust Insurance Plc.

In his words, “as a transiting world-class organization conscious of our brand equity, the company has a well-entrenched culture of upholding sound moral and professional ethics beyond profit.

For Sovereign Trust Insurance Plc, the journey has just begun and the insurance industry is set to witness a new and more innovative way of underwriting insurance business in Nigeria.

Stanbic IBTC Bank Wins Best Foreign Exchange Provider Award

0
Stanbic IBTC
Stanbic IBTC

Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has emerged the Best Foreign Exchange Provider in Nigeria at the Global Finance World’s Best Foreign Exchange Provider Awards. The event held at RSA House in London recently.

Stanbic IBTC Bank PLC won the award having performed excellently in the following areas: customer service, scope of global coverage, transaction volume, innovative technologies, competitive pricing and market share.

The panel of judges at the Global Finance award also considered various inputs from industry analysts as well as corporate executives and technology specialists.

Headquartered in New York, with offices around the world, Global Finance awards identifies and awards top performers among banks and other providers of financial services.

The best performing financial institutions are recognized at three levels: global, regional (continent) and country. Standard Bank, the parent company of Stanbic IBTC Holdings PLC, was awarded as theBest Foreign Exchange Provider for Africa at this year’s awards.

The Nigerian Capital Importation reports of the Nigerian Bureau of Statistics identified Stanbic IBTC Bank PLC as attracting the highest volume of capital investments into Nigeria in the second and third quarters of 2019.