Ecobank Nigeria says its agency banking scheme, also known as Xpress Points, is building entrepreneurs and pushing financial inclusion to the large unbanked and under-banked population in Nigeria.

The lender says its Xpress Points enables eligible Agents to carry out financial transactions on behalf of the bank and earn commission on every transaction processed. The consumer experience is very good as customers can do simple deposits, payments and transfers in their own neighbourhood rather than travel for hours to a bank branch said Nike Kolawole, Head, Agency Banking, Ecobank Nigeria.

According to her, the aim of the Xpress Point is to let every Nigerian household have access to Ecobank services within their neighbourhood to provide easy banking services.

Further, Kolawole, noted that unemployed and retired persons should avail themselves with the opportunity to earn extra income by keying into services offered by the bank as Xpress point agents. According to her, the Ecobank Xpress point which are in various neighbourhoods across the country, are well-positioned to facilitate basic financial transactions, with the process and services simplified to attend to a broad spectrum of the society.

She disclosed that agency banking in general brings about economic and youth empowerment by way of job creation and earning extra income, adding that small savers can easily do their savings at home or near their home. This leads to financial inclusion of the under-banked in the country.

In her words “Ecobank currently has over 43,000 agents across Africa. The agents carry out financial transactions on behalf of Ecobank and earn commission per transaction processed. Xpress Points can also be used as channels for the deployment of national social intervention programmes, especially at this time that we are fighting the impact of lockdowns due to the COVID-19. Services offered by the Xpress point agents includes cash in, cash out, fund transfer, bills payment, airtime recharge, remittance and account opening, among others. these services are available for “sole proprietors, partnerships, co-operative societies, microfinance banks, companies with large distribution network – like petrol stations, FMCGs, telecommunication companies, super agents, aggregators and unregistered businesses such as petty traders, hair salon and others.’’

CRC Credit Bureau has launched its Data Submission Application Programming Interface (API) that enables institutions access and submit data on their credit customers online real time.

This innovation in Nigeria, the first in the industry, is an automated medium that enables institutions, provide CRC with information on credits  immediately they are booked on the system and update existing credit records as soon as repayments have been made by their customers. The API also enables them to access relevant information about their customers through live connections.

Traditionally, lenders submit credit data once or twice a month which leaves some customers who have paid, in between this cycle, either waiting for an update to be done, while others are not able to build a credit history especially if they have taken and repaid the loan before the information is provided to the credit bureau.

An example of these are short-tenured facilities e.g. 24 hours, 7-day facilities etc. The traditional reporting often causes a delay for borrowers who want to access new loans immediately after they pay off outstanding facilities or for those who want to build credible profiles to access loans/postpaid products thereby improving their standard of living.

On the lenders side, they spend additional man hours updating information manually thereby increasing their operational cost and negatively impacting efficiency.

By adopting this technological advancement in data reporting, institutions can eradicate these challenges, as their customers begin to build credible profiles and histories immediately facilities are taken. Instant updates are conducted on loans and postpaid products as repayments happen and are fully made. Therefore, by taking advantage of this API, lenders assist all their customers to continuously build accurate and reliable credit profiles that enable them to enjoy additional opportunities.

This solution completes the operational reporting cycle for lenders to CRC Credit Bureau, as now they can automate both the generation of credit information for decision making and the submission of data on their credit customers. Lenders can reduce their loan processing costs and increase efficiency emanating from the challenges associated with the manual reporting of credit files, ultimately scaling up their business and increasing profitability.

Even though the Federal Government of Nigeria, has eased the lockdown significantly in order to kick-start economic activities, the use of online mediums or Electronic-Channels for digital lending will continue to be the most favorable method of initiating credit requests and CRC’s API is a welcome innovation in the credit bureau sub-sector which will benefit lenders and borrowers alike.

According to the Managing Director/CEO of CRC Credit Bureau Limited, Dr.‘Tunde Popoola‘ “We are always listening to our customers, individuals and institutions alike, and during the restriction of movement one overarching challenge was the need to have an automated means of accessing and submitting data 24/7. As a data company, we should ensure that beyond just providing credit data, our customers are able to access and submit data as efficiently as possible. We know that timely data reporting is essential to the quality of data which ultimately increases access to finance and postpaid products for consumers and businesses. Consequently, our Data Submission API makes this process more efficient and effective for all parties involved’’

Lenders can have access to CRC’s API solutions in 4easy steps: Request for the API Integration Kit, Implement API, Test and Go Live. Further information can be obtained by sending CRC Credit Bureau an email to [email protected] or [email protected].

CRC Credit Bureau provides a nationwide repository on credit profiles of corporate entities as well as consumers, thus improving the ability of credit providers and borrowers to make informed lending and borrowing decisions. The bureau’s database covers the credit industry which includes commercial banks, non-bank institutions, retailers, utility service providers and fintechs.

Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has urged employees to embrace digitization and build career resilience through diversity and upskilling in order to be outstanding in the workplace.

Olufunke Amobi, Country Head, Human Capital, Stanbic IBTC Holdings PLC, gave this advice  during a Virtual Learning Series themed “Building Career Resilience.”

Mrs Amobi revealed that forces of change such as globalization and rapid technological advancements such as Artificial Intelligence, Robotics, cognitive technologies and crowdsourcing, amongst others, are the rationale for the evolution of careers and their shift from traditional to contemporary.

She noted that the traditional career path was defined in terms of linear progression up the firm’s hierarchy while seeking to obtain greater extrinsic rewards. The contemporary career trajectory, on the other hand, focuses on experiences and competencies that exist across firms, driven by values that are more flexible and dynamic.

The Stanbic IBTC Holdings PLC Country Head of Human Capital encouraged participants to build contemporary careers as well as a strong network to enable them attain success in their professions. She also advocated the need for workers to invest in technology and exploit various websites for free online courses to develop their digital literacy skills.

Mrs Amobi further stated that the COVID-19 pandemic has changed the workplace culture, emphasizing that workers that would survive these times are those that can easily adapt in the rapidly changing world. She counselled employees to acquire various skillsets to enable them to respond to changes in the workplace, noting that “we are in a Volatile Uncertain Complex Ambiguous (VUCA) world.”

According to her, the internet age bordered on contemporary career, which is self-directed and non-linear. “Building diversity and depth of skill are key in multiplying knowledge and skillset and making them future proof. That is the reality of the 4th industrial revolution that sees a rise of the internet age” she said.

She cited how most jobs during the lockdown were done remotely and online, adding that the dexterity in such times will be considered during recruitment processes. She however encouraged workers to build their careers based on their passion as that is a sure way to build their network faster while on the job.

She also urged workers to respond to the new normal by being proactive and not reactive. “There is the need to be creative, innovative and knowledgeable about digitization and the wave of change” she said.

As the need arises for the establishment of additional testing centres across the country, Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has partnered Inoyo Toro Foundation, a Non-Governmental Organisation, to support the fight against the Coronavirus (Covid-19) pandemic.

The leading full services financial institution has donated the sum of N20 million towards the set up of certified testing centre in the State.

Speaking on the rationale behind the donation, Yinka Sanni, Chief Executive, Stanbic IBTC Holdings PLC said: “Now more than ever before, the country needs every available resource to fight this pandemic. In recent times, the country has experienced an increase in the number of confirmed Covid-19 cases. This is one of the reasons we decided to donate to the state towards fighting this pandemic. We have no doubt that the the establishment of the centre will help in diagnosis of the virus, which would then form the basis for treatment.”

Responding on behalf of the AkwaI bom State government, Dr. Domic Ukpong, Health Commissioner, AkwaI bom State said:“Akwa Ibom State Government is grateful to Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holding PLC, who in partnership with Inoyo Toro Foundation, a Non-Governmental Organization focused on human capital development, has committed to extending support in laboratory equipment to the state for the establishment of a testing center. This will ensure early testing of suspected cases and accurate diagnosis of Covid-19.”

Stanbic IBTC Holdings PLCalso donated the sum of N250 million to the Central Bank of Nigeria led organised private sector driven initiative to combat the Covid-19 pandemic. The organisation is also supporting other initiatives towards fighting the Covid-9 scourge.