Stanbic IBTC Graduates 16th Batch of Trainees

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27/10/2019

As part of its youth empowerment and socio-economic drive, Stanbic IBTC Holdings PLC, a member of the Standard Bank Group, recently graduated the 16^thbatch of Graduate Trainees.

Stanbic IBTC’s Graduate Trainee programme is a scheme which recruits talented young Nigerians, who are either straight out of school or have minimal work experience. They are then trained on the rudiments of banking with the aim of molding them into future financial leaders. At the end of their stewardship, they are formally absorbed into the Stanbic IBTC workforce.

Yinka Sanni, Chief Executive, Stanbic IBTC Holdings PLC stated that the company’s Graduate Trainee programme is a platform for providing career opportunities for young Nigerians.

He said: “One of the highpoints of my stewardship at the helm of Stanbic IBTC is the formal recruitment and induction of our graduate trainees every year. It’s an activity I look forward to annually because it is an opportunity to employ Nigerians who are young, bright and ready to contribute their quota to the development of our organization and Nigeria as a country.”

The Stanbic IBTC Chief Executive urged the graduate trainees to brace up to the challenges of being employed in the organisation.

Mr. Sanni added: “Stanbic IBTC Holdings PLC is a financial services group of eleven direct and indirect subsidiaries, many of whom are leaders in their sectors. Our Graduate Trainees will be formally joining our organization which currently employs about 4,000 Nigerians. I have no doubt that they must have experienced the Stanbic IBTC work culture, and are looking forward to taking on greater challenges.”

The Stanbic IBTC Graduate Trainees have the opportunity of acquiring a broad range of experience in Nigeria’s financial sector due to Stanbic IBTC’s status as a full-service financial services organisation.

Sanni further urged them to imbibe the values of integrity, teamwork, mutual respect and excellence in service delivery, while discharging their duties.

Buhari Renames Comms Ministry to Ministry of Comms & Digital Economy

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27/10/2019

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The President of the Federal Republic of Nigeria Muhammadu Buhari has granted the prayers of the Honourable Minister of Communications, Dr Isa Ali Ibrahim Pantami to properly position and empower the Ministry to fulfill his Digital Economy objectives.

The Ministry which supervises the ICT Sector has been renamed The Federal Ministry of Communications and Digital Economy to further expand its mandate to capture the goals of digitalization of the Nigerian economy in line with the Economic Growth and Recovery Plan (EGRP), one of the key agenda of the present administration.

A statement from the Ministry signed by the Deputy Director, Press and Public Relations, Philomena Oshodin, quotes the Honourable Minister as saying that the former name was not only limiting in pursuing the objectives of a digital economy, but obsolete as it did not reflect the trends as emphasized by the International Telecommunications Union (ITU).

ICT contribution to the country’s Gross Domestic Product (GDP) stood at 13.85% in the second quarter of 2019. The change of nomenclature will propel the Ministry to reposition its strategic objectives as laid out in the priority areas of this administration while accelerating growth and social inclusion.

Dr Pantami cited examples of global and African economies like Scotland, Thailand, Tunisia, Benin Republic and Burkina Faso among others who have adopted deliberate strategies and created Ministries of Digital Economy in line with global best practice, and especially the European Union which has a Commissioner for Digital Economy.

In a letter containing his approval, the President noted that the request is in line with global best practice which will further reflect the priorities of his administration. The approved name has been announced and adopted by the Federal Executive Council on 23^rd October, 2019.

Onigbogi Steps in 2nd NCRIB President

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27/10/2019

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History is to be reenacted in the Nigerian Council of Registered Insurance Brokers (NCRIB) as the Council would be investing its second female President in 57 years of existence.

Dr. (Mrs.) Bola Onigbogi, an astute Insurance professional and Broker for more than two decades will be taking over the mantle of leadership of the Council at a time when the Council needed to further entrench its position in the nation’s economy as an inevitable link in all insurance placements.

She had served on the Board of the Council on strategic committees, peaking with the position of Deputy President from where she would be installed President.

The investiture would be attended by the crème of the professions, commerce, organized private sector and government. It is expected that the Vice President, Professor Yemi Osinbajo would be the Special Guest of Honour while the Ooni of Ife, Oba Enitan Ogunwusi would be the Royal Father, among others.

It will be recalled that Mr. Tinubu emerged as the 19^th President of the Council in October, 2017, and he has served for a period of two years as stipulated by the constitution of the Council.

Mr. Tinubu’s tenure would be remembered for furthering institution building and effective manpower development of members, effective inter-industry and international relations, corporate process and procedures, giving the Council and its members an enhanced image in the eyes of the public.

Aside from consolidating on the progress and accomplishments of her predecessors, Onigbogi’s tenure as president would most likely focus on enhancement of the image of Insurance Brokers for better acceptability and the promotion of professionalism to allow them stave off challenges besetting intermediaries from IT.

Born in Ilesa, Osun State, she is a Chartered Insurance practitioner, educationist, hotelier and philanthropist. She had her secondary education at Ilesa Grammar School, from 1973 to 1977 where she obtained her West African School Certificate.

Her quest for the teaching profession prodded her to enroll at the Government Teachers Training College in 1977 and she obtained the Teachers Grade Two Certificate in 1978. She was also later admitted at the University of Ife (Institute of Education, otherwise known as Adeyemi College of Education, Ondo) where she obtained her National Certificate of Education (NCE) in 1983.

Mrs. Onigbogi had her one year compulsory National Youth Service Scheme as a Teacher at the Baptist Academy, Obanikoro Lagos. Still exploring the world of education, she was employed by the Lagos State Teaching Service and was deployed as a school teacher in Aje Comprehensive High School, Lagos, where she worked between1984 to 1992.

In a twist of fate and destiny, Bola Onigbogi found herself in the new field on insurance having gained employment with Limo Insurance Brokers Ltd as a Senior Superintendent rising from the position of Senior Superintendent to Assistant General Manager, General Manager and Deputy Chief Executive in 1996.

Fired by strong entrepreneurial spirit, Dr. Onigbogi started her own company, CBO Insurance Brokers Ltd, where she has been the Managing Director and CEO till date.

In order to oil her insurance professional career, Bola Onigbogi attended the Prestigious London School of Insurance in the United Kingdom where she took the professional qualifying examinations of the Chartered Insurance Institute of London and a Higher National Diploma Certificate of the Institute with a Distinction in Risk and Insurance.

She was consequently admitted as an Associate Member of the Chartered Insurance Institute of London (ACII) in 1998 and that of the Chartered Insurance Institute of Nigeria (ACIIN). Afterwards, she also obtained a Master’s Degree in Business Administration from the Business School of Netherlands.

A highly versatile profession, Dr. (Mrs) Onigbogi’s intellect and social relationship earned her strategic roles and positions in several social and professional organisations.

Aside from being a Fellow of the Institute of Management Consultants of Nigeria (IMC) and Past President of the Busy Bees Society of the Cathedral of Church of Advent, Life Camp, Abuja, Dr. Onigbogi is the First Female President of the Hotel Owners Forum Abuja (HOFA) during which she provided effective leadership to the over 600 strong members of the Association.

She was a past President of Inner Wheel Club of Garki, Abuja Humanitarian Services, as well as Member of the IBB Golf Club, Abuja.

A highly professional and versatile insurance Broker, Dr. (Mrs.) Onigbogi has had a very robust experience and made invaluable contributions to the insurance industry through the Chartered Insurance Institute of Nigeria (CIIN), the Professional Insurance Ladies Association (PILA) and most importantly, the Nigerian Council of Registered Insurance Brokers (NCRIB).

A member of the Faculty of Insurance Broking of the CII London, Dr. Onigbogi was also Chairman of the Abuja Chapter of the Chartered Insurance Institute of Nigeria and the Professional Insurance Ladies Association (PILA), during which she recorded landmark feats. She was also a notable member of the Women in Insurance Broking.

It is noteworthy that Dr. (Mrs.) Bola Onigbogi had more than a decade experience on the Governing Board of the Nigerian Council of Registered Insurance Brokers, which is the highest decision making organ of the professional institution, occupying strategic positions as Board Member; Hon. Auditor; Hon Treasurer, Vice President and later Deputy President, from which she is taking up the mantle of leadership of the 57 year old Council as the 20^th and second Female President.

Her footprints on the Council have remained inimitable through her meritorious services as Chairman and member of several strategic committees of the Council. Among others, she has held the positions of: Member of the Management Committee of the Council, Member of the Society of Fellows, Member of the Special Duties Committee

Also, Deputy Chairman of the Investigation Committee, Vice Chairman of the Board of Fellows, Vice Chairman, Government Liaison Committee, Deputy Chairman of the Finance and General Purpose Committee, Chairman of the Membership and Registration Committee

A woman with the Midas touch, Dr. (Mrs.) Onigbogi, in spite of her professional calling gives ample attention to assisting the needy and the underprivileged in the society through her pet project- The Bola Onigbogi Old People and Children Care Foundation (BOOPCCF).

She is also the Vice Chairman of Horizon Group of Companies whose member firms are Horizon Stock Brokers Ltd (a member of the Nigerian Stock Exchange and Horizon Bureau De Change.

It is quite auspicious that Dr. (Mrs.) Bola Onigbogi is taking up the mantle of leadership of the NCRIB to establish a greater reputational value for the insurance broking profession and sustaining the legacy of service and professionalism which has been bequeathed by the previous leadership.

Surely, the new President has what it takes to excel in these arduous task, going by her sound academic and professional background, solid social networks and strong leadership based on integrity and unselfish devotion to duties.

Interswitch Completes N23bn Bond Placement

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24/10/2019

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Capture — (L-R) Kayode Akinkugbe, MD/CEO, FBN Quest Merchant Bank; John Maguire, Group Chief Financial Officer, Interswitch; Mitchell Elegbe, Founder/Group Chief Executive Officer, Interswitch Group and Kobby Bentsi-Enchill, Executive Director, Stanbic IBTC Capital at Interswitch’s N23billion bond issue signing ceremony at Interswitch Head Office in Lagos.

Following the registration of a N30 billion debt issuance programme with the Securities and Exchange Commission of Nigeria (SEC), Interswitch Limited, a leading technology-driven company focused on the digitisation of payments in Nigeria and other African countries, has successfully concluded a N23 billion Series 1 Fixed Rate Senior Unsecured Callable Bonds via a Special Purpose Vehicle (SPV), Interswitch Africa One PLC.

The Series 1 Issue priced at 15% was 2.6x subscribed. The 7-year Bonds, embedding a call option that can only be exercised from the second year, are payable in full at maturity. An application will be made to list the Bonds on The Nigerian Stock Exchange (NSE) on receipt of the SEC’s approval of the proposed allotments.

Investor participation was restricted to qualified institutional investors as defined by the SEC in Nigeria, with a proposed Bonds allocation of 64% to pension fund managers, 7% to asset managers and 22% to commercial banks pending SEC approval.

The strong level of over subscription demonstrated investor confidence in the Interswitch brand, business model and long-term strategy, supported by strong domestic ratings from both Agusto& Co. Limited and Moody’s Investor Service.

(L-R) Kayode Akinkugbe, MD/CEO, FBN Quest Merchant Bank; John Maguire, Group Chief Financial Officer, Interswitch; Mitchell Elegbe, Founder/Group Chief Executive Officer, Interswitch Group and Kobby Bentsi-Enchill, Executive Director, Stanbic IBTC Capital at Interswitch’s N23billion bond issue signing ceremony at Interswitch Head Office in Lagos.

The Issuer was assigned “Aa3” national scale programme rating (stable) by Moody’s and “Aa” (stable) national scale rating by Agusto, on the back of positive secular industry shifts, a strong market position and a good liquidity profile. The Sponsor was also assigned “Aa” (stable) rating by Agusto.

The Founder and CEO, Mr. Mitchell Elegbe, commented: “We are delighted to report the success of the first series of Bonds issued under our Programme, especially with the level of interest shown by investors. Diversifying our funding sources through the inclusion of these Bonds will enable us achieve our strategic objectives and vision.”

FBNQuest Merchant Bank and Stanbic IBTC Capital acted as Lead Financial Advisors/Issuing Houses and ABSA Capital Markets Nigeria, FCMB Capital Markets, Quantum Zenith Capital & Investments and Rand Merchant Bank Nigeria, as Joint Issuing Houses.

About Interswitch

Interswitch is a leading technology-driven company focused on the digitisation of payments in Nigeria and other countries in Africa. Founded in 2002, Interswitch disrupted the traditional cash-based payments value chain in Nigeria by helping to introduce electronic payments processing and switching services.

Today, Interswitch is a leading player with critical mass in Nigeria’s developing financial ecosystem and is active across the payments value chain, providing a full suite of omni-channel payment solutions.

Interswitch’s vision is to make payments a seamless part of everyday life in Africa, and its mission is to create transaction solutions that enable individuals and communities to prosper across Africa.

Interswitch’s broad network and robust payments platform have been instrumental to the development of the Nigerian payments ecosystem and provide Interswitch with credibility to expand across Africa.

‘MTN Considers Interest of Consumers in USSD Billing’

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24/10/2019

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Dr. Ernest Ndukwe, Chairman MTN Nigeria — Dr. Ernest Ndukwe Chairman MTN Nigeria

MTN Nigeria Communications Plc says it puts consumers first in the implementation of the USSD access charges regime in line with the objectives of the National Financial Inclusion Plan. The statement by MTN read as follows:

We at MTN approach every day with one primary objective – finding ways to make our customers lives a little easier; which is why we will focus on what really matters, our customers.

They are the reason we made transparency and simplicity central to the recent drawn-out engagements with the banks over USSD access charges and how they should be applied.

Following consultation with industry stakeholders, customer feedback and media reports related to the message notifying our customers of upcoming changes in our charging model for access to banking services via the USSD channel, we wish to confirm that the new charging model has not gone into effect.

The situation has made it necessary to restate that MTN Nigeria, in line with our company policy will always be transparent in our dealings with customers, the industry and relevant regulatory bodies.

The SMS notification to our customers is reflective of this commitment and was sent after formal requests received from individual banks as well as the Body of Bank CEOs to implement end-user billing – a billing methodology where the customer is directly charged USSD access fees irrespective of the service charges that the bank may subsequently apply to their bank account.

It should be noted that the banks had up-till now been on a corporate billing plan – where a corporate client, the provider of the service that is accessed through the USSD channel (in this case the bank), pays the access fees at a wholesale price.

We believe the costs associated with USSD banking services should be charged to the consumer only once – as with other USSD-based services we provide, which we believe has been adequately provisioned for within existing Central Bank of Nigeria (CBN) guidelines.

It is infact in line with the National Financial Inclusion Strategy of the Federal Government that we resisted the calls for end-user billing. We relented only after exhausting avenues of engagement with the banks in pursuit of a model that enabled a single charge.

We believe separate charges by the banks and telecoms companies are an unnecessary burden on the consumer, especially the target group that the National Financial Inclusion Strategy is aimed at.

With this in mind, it is imperative for all parties to approach the table and engage constructively towards a solution, putting the consumer at the fore of all decisions.

The banks have been and still are our esteemed customers and valued partners. We look forward to collaborating with them and other stakeholders and will be glad to implement the decisions approved by our Regulators.

Uto Ukpanah

Company Secretary

‘Digital Era to Define Future of Insurance Industry’

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22/10/2019

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Mr. Eddie Efekoha, President & Chairman of Council, Chartered Insurance Institute of Nigeria (CIIN) says the emerging digital era will define the insurance industry of today and the future.

Speaking at the 2019 Insurance Professionals’ Forum at Abeokuta, Ogun State on the theme: The Digital Era: Implications for insurance Professionals, Efekoha said: “The Digital era is here and Artificial Intelligence is playing a major role in its evolution. More organisations are embracing the idea of a single microchip processing multiple functions. Indeed, the future which Artificial Intelligence promises for insurance is a series of touch-less processes from premium collection through to the entire claims process. Big data is all around us, ready to be harnessed and put to use. As an industry, how are we leveraging on technology to simplify data analytics in order to:

Make pricing of insurable risks more accurate
Enhance self-servicing of customers through interactive websites
Tweak sales practices in line with customer needs and wants in order to improve profitability
Cost efficiency
Maximize overall performance

Importantly, Artificial Intelligence has never been less expensive or inaccessible. The question that arises however is: what is the role of the modern day insurance professional as this evolution plays out and what will be his when this evolution attains its full cycle? How will he/she stay relevant in an artificial intelligence driven society?”

He warned that any insurance professional who wants to remain relevant must see the opportunities in the threats posed by this digital era. He added that as someone who has been part and parcel of the Commission and insurance industry for years, it is a shame that Africa’s biggest economy (Nigeria) has an insurance penetration rate of about 0.3%.

Efekoha insisted that while the on-going recapitalisation in the insurance industry is important, of equal importance is the need for market development.

“As we embrace digital, we should not overlook the dangers posed by cybercrime around us. Cybercrime isn’t a myth, it is real. The National Information Technology Development Agency (NITDA) stated that in 2017, Nigeria lost $500million dollars to cyber-attacks, a figure up by $50 million from the year before. Globally, these numbers are even bigger and it is projected that damage related to cyber-crime will hit $6trillion annually by 2021. This Trojan horse is a big threat to professionals. As managers of businesses, we must keep abreast of the dangers its poses to businesses. Except we control this threat, we may have no relevance in the nearest future; that is if we still have businesses to run.”

The CIIN president said the relevance of the younger generation in this era of artificial intelligence has been brought to the fore by the Institute.

“Making its debut in this Forum is a conversation strictly for the next generation. They will be talking about the expectations and roles of the youth as leaders of tomorrow in the insurance industry.”

Airtel Partners Ecobank for Access to Mobile Financial Services

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22/10/2019

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Airtel Africa with operations in 14 countries across Africa, and Ecobank Transnational Incorporated operating in 33 countries, have signed a partnership which will allows millions of Airtel Money and Ecobank customers across Africa to improve their access to mobile financial services and carry out a variety of mobile transactions.
This partnership, which is subject to regulatory approval in each market, will enable Airtel Money customers, through Ecobank’s digital financial services ecosystem, make online deposits and withdrawals, effect real time domestic and international money transfers, make in-store merchant payments, and access loans and savings products amongst others.
The partnership will also allow Ecobank corporate account holders to make bulk disbursements, such as payroll payments, directly into Airtel Money customer wallets. Additionally, Ecobank will be able to sponsor Airtel Money to issue both virtual and physical debit and pre-paid cards to Airtel Money customers.
Raghunath Mandava, CEO for Airtel Africa, said: “This partnership is a further demonstration of Airtel Africa’s commitment to provide affordable, simple and innovative solutions for our consumers across Africa. We will continue to offer locally relevant M-Commerce solutions with partners like Ecobank in order to enhance the daily lives of our customers.”
Ecobank Group CEO, Ade Ayeyemi, commented: “We believe that financial inclusion can ultimately contribute to economic development, collaborating with major telecommunications providers in Africa is therefore a key strategic driver towards closing the gap between the banked and the under-banked. Hence this partnership with Airtel Africa which makes Ecobank financial services available to any Airtel line registered on Airtel Money, in our markets where regulatory approvals are in place. This potential extensive reach will further provide convenience to customers, intra-country and particularly for cross-border transactions and remittances across Africa.”

Banks’ Advert Spend Rose by N132.4m in Sept 2019

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22/10/2019

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P+ Measurement Services, a media intelligence and audit agency and MediaTrak, undertook the analysis to show, Nigerian Banking Industry Advertisement spend and placement in the month of September 2019.

The report shows that there was an increase of 132,430,769 in the total Nigerian Banking Industry media adverts spend in September compared to the month of August.

TV media adverts in the Banking industry for September saw an increase in media spend, compared to August with an increased spend of N75, 873, 724, while Radio media adverts in September also saw an increase in media spend, compared to August with an increased spend of N18,392, 774, and the Print media adverts in the Banking industry for September also saw an increase in media spend, compared to August with an increased spend of N38,164, 271.

MTN Launches Mobile Money API Hackathon

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22/10/2019

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In pursuit of its goal to contribute to bridging the financial divide, MTN Group has granted third parties access to its Mobile Money (MoMo) Access Programming Interface (API) platform.

The open API enables developers and programmers to innovate on the platform and develop products and other solutions that will create a wider range of digital financial offerings for MTN’s customers.

To further foster innovation and enhance financial inclusion, MTN is inviting developers and entrepreneurs, across five countries, to participate in the MoMo API Hackathon.

The Hackathon, run in partnership with Ericsson (MTN’s MoMo technology partner), will give app developers based in Ghana, Uganda, Cote d’Ivoire, Cameroon and Zambia the opportunity to create innovative financial and transactional applications using the MTN MoMo API platform.

“Enhancing financial inclusion through digital technology is an essential element in supporting the continent’s realisation of some of the United Nation’s Sustainable Development Goals. We also see this as an opportunity for more tech developers, entrepreneurs and businesses to work with us in bridging the financial divide, whilst also creating ample opportunities for themselves,” said Serigne Dioum, MTN Group Executive for Mobile Financial Services.

This Hackathon further illustrates the essence of the company’s ‘We’re Good Together’ initiative, which celebrates the role that collaboration can play in ensuring that more people enjoy the benefits of a modern connected life. The range of solutions to narrow the financial services gap can only be achieved through various partnerships with entrepreneurs, developers, financial services providers, regulatory authorities, other mobile network operators, merchants, distributors, businesses and technology providers.

About the challenge

Developers are required to create a mobile application that uses MTN MoMo APIs, the mobile application needs to target consumers, merchants or businesses.
The application must be useful and usable in the market where the applicants have registered and can cover use cases beyond payment but must utilise MTN MoMo APIs.
MTN/Ericsson in each country will select 12 applicants.
The preselected applicants will have 2 weeks to develop their ideas.
The preselected applicants will need to make a live demo of their application submission.

Finalists stand the chance to win up to USD2, 500 and one team member will win a trip to Ericsson’s Innovation Lab in Sweden.

P+ Measurement Unveils Nigeria’s 1st Broadcast Advert Analytics Audit Report

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22/10/2019

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Mr. Philip Odiakose Lead Consultant P+ Measurement Services

Nigeria’s leading media measurement and evaluation agency, P+ Measurement Services, has announced the introduction of a dedicated Broadcast Analytics audit Reporting platform to help brands interpret their TV and radio advert compliance reports.

In a statement, the agency said the new solution, regarded as the first of its kind in the Nigerian marketing communications industry, would help brands transform their reports, usually in Excel sheets, into a smart and easy-to-navigate dashboard for easy interpretation.

Explaining how brands can leverage the innovative reporting dashboard to gain insights into their campaigns, Lead Consultant at P+ Measurement Services, Mr. Philip Odiakose, said companies can leverage the solution in two ways.

“We believe there’s a whole lot of intelligence buried in the dozens of reports by media monitoring agencies. We believe monitoring agencies need to go the extra mile to present their reports in a way that allows brand owners to easily draw insights from their placements and make smarter decision for the business,” he said.

“To achieve this, it’s either we handle your broadcast monitoring and auditing or you provide us with your broadcast compliance data sheet monthly. With our broadcast analytics solution, our goal is to replicate the same success we have recorded with the print and online media segments.

Odiakose, who said his team was also committed to empowering brand handlers with tools and skills to measure and scale the impact of their communication efforts.

A Media Analyst Associate at the agency, Gilbert Alasa, said the integrated solution offers marketing communications managers a single view of their marketing channels all on a single dashboard.

“As an agency, we have always advised clients to make measurement and evaluation a critical part of their campaign plans. Now, we have taken a step further to help communications managers measure the impact of their programs in an easy-to-understand reporting dashboard.

About P+Measurement Services

P+ Measurement Services is Nigeria’s first and leading independent PR measurement and evaluation agency in Nigeria providing detailed and unbiased media monitoring, measurement and performance audit solutions to businesses. A member of the US-based International Association for the Measurement and Evaluation of Communication, AMEC, P+ Measurement Services was recently announced as Best Media Monitoring and Measurement agency of the year by NMNA.

Stanbic IBTC Shines at All Africa Employee Engagement Awards

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21/10/2019

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Mrs. Olufunke Amobi Country Head, Human Capital

Stanbic IBTC Holdings PLC, a member of Standard Bank Group, won three awards at the All Africa Employee Engagement Awards held recently in Sandton, Johannesburg, South Africa.

The All-African Employee Engagement Awards rewards individuals and businesses for contributions to the development of employee engagement and the future of work on the African continent.

StanbicIBTC Holdings emerged winner in three of the 12 categories. The organisation won in the Customer and Employee Experience and Major Corporate Engagement Company of the Year categories. Mrs.Olufunke Amobi, Country Head, Human Capital at Stanbic IBTC was also awarded the 2019 Employment Engagement Professional of the Year.

The All Africa Employee Engagement Awards attracted entries from companies across the African continent.

Mrs. Amobi described the awards as a testament to the fact that Stanbic IBTC is a great place to work and provides a conducive environment for employees to thrive and excel. She said: “The awards recently won by Stanbic IBTC is a reflection of the values which we represent. We are very much interested in the growth and development of our employees; we promote respect for each other and we uphold the highest levels of integrity. We also encourage the culture of team bonding in addition to inspiring our employees to constantly raise the bar.”

She added that the awards would spur the Human Capital team of Stanbic IBTC Holdings to achieve more successes in the coming years.

Access Bank Hits over N1bn in Digital Lending Daily

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21/10/2019

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Access Bank’s expanded digital lending portfolio, which gives Nigerians quick and 24/7 access to funds for emergencies without any collateral has hit a record N1billion daily in loan value.

According to Victor Etuokwu, Executive Director, Retail Banking, Access Bank Plc, “We are at the forefront of digital lending across the continent. This is a deliberate choice we made when we introduced the first USSD based digital lending product in Nigeria based on our deep understanding of our operating environment. In the past two years, we have disbursed over 3.5 million loans to individuals. We acknowledge it is no mean feat when compared to where the market is coming from, but this is still a scratch in the overall potential of this market. This year alone we have disbursed over N45billion in over 2 million disbursements to individuals and have recently witnessed a spike in our volumes hitting N1billion daily. This achievement and our focus on retail lending reiterates our commitment to democratize access to financial services leveraging digital technology.”

Since the launch of Access Bank’s digital loan portfolio with PayDay Loan as the flagship product, Access Bank has continued to expand its loan portfolio using its proven innovative algorithms and deep machine learning capabilities. The Bank’s retail innovation journey has led it to expand its digital loan offerings to other multi-tenured variants to fit the needs of its diverse retail customer segments.

Access Bank also launched a dedicated loan application platform known as QuickBucks in the third quarter of last year; a Mobile Banking Application for digital loans aimed at improving customers borrowing experience for retail loans.

As part of its commitment to deepening digital finance, the Bank has gone a step ahead to provide access to phone ownership as it recently launched a 12-month Device Ownership scheme where any salary earning customer can select a phone of his choice from our QuickBucks app and walk into any of our partner outlets across the country to pick up the phone.

Chinedu Onuoha, Head Digital Banking Business Development, Access Bank, commented recently on this laudable achievement:

“Our objective is to ensure that there is a digital loan product for every adult Nigerian who has proven means of livelihood because we know that every individual at one point or another requires some form of financial support. Our flagship digital loan product, PayDay Loan is tailored to help individuals meet their urgent cash needs. Though the tenor for this loan is 30 days, we also have loans with tenors of 3 months and 6 months.”

AIO Unveils New Strategic Plan to Transform into Centre of Competence

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21/10/2019

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The new strategic plan, which redefines the strategic objectives and specific actions to be taken is a blue print document that reviews the organisation’s current performance status in comparison with its abilities, expectations from its members and stakeholders, requirements of African’s insurance and reinsurance markets as well as comparison with peers with a similar mandate.

The new road map of the AIO is the result of a study conducted by Dr. Schanz, Alms & Company, a Swiss based consultancy, contracted by the Executive Committee of the AIO. The study was based on the interviews of some senior insurance Executives of AIO member companies plus a large number of stakeholders including non AIO members, on the role of an African organisation, its performance and the role of the General Assembly.

The AIO’s new strategic plan will rest on six main pillars that encompass the objectives of the organisation at birth notably ensuring a healthy African insurance/reinsurance industry and the promotion of inter African cooperation through insurance.

The six strategic objectives of the AIO henceforth are advocacy, research, training, awareness/reputation, market building and networking/events.

Ms. Delphine Traoré, President of the African Insurance Organisation, says “It had become crucial to review the purpose and long-term vision of the AIO and the values it brings to its members.”

Elaborating on the strategic plan she clarifies “In advocacy we aim to advance the policy interests of the African insurance industry.

In research we want to establish a data repository, but more importantly help with decision making and industry recognition through thought-leadership.

In networking and events, we aim to retain the position that the AIO occupies in the African insurance industry, but assure a stronger focus on the plenary sessions and the topics discussed at events.

In training, we aim to set standards and best practices for insurance and reinsurance education that are relevant to the industry on the African continent.

In awareness and reputation building we want to strengthen the perception of the industry as a facilitator of economic and societal progress.

And finally, in market building we aim to facilitate solutions that reach out to the under – or the uninsured.”

Also commenting on the new strategic plan of the African Insurance Organistaion, the new Secretary General, Mr. Jean Baptiste Ntukamazina says “In terms of new initiatives the AIO has to become the advocate for the African insurance industry, establish itself as a quality seal, promoting insurance education that is relevant to the African insurance markets, strengthen thought-leadership and agenda setting as a precondition to also be perceived as the advocate and centre of competence for the African insurance industry.”

Mr. Ntukamazina adds that “with this new strategic plan, the AIO will contribute to increasing the insurance penetration in Africa. It will further strengthen the AIO’s financial flexibility, grow the AIO’s membership base, assure the perception of the AIO as the representation (voice) of the African insurance industry and improve the AIO’s overall performance rating.”

The new strategic plan will not only promote best practices and initiate projects which demonstrate the benefits of insurance to consumers, regulators and policymakers but will equally enhance the strategic partnerships with African insurance associations through a focus on specific value propositions.

The African Insurance Organisation (AIO), recognised by many African governments, is a non-governmental organisation established in 1972.

Following the headquarters agreement the government of Cameroon signed with the organisation, the Permanent Secretariat of the AIO was set up in that country.

The AIO has 358 members, 342 of them from 47 countries in Africa and 16 associate international members from 9 countries.

Technology to Drive Advances in Air Passenger Experience, Infrastructure

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21/10/2019

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The International Air Transport Association (IATA) called on governments and industry to work together to make the best use of modern technology to put the passenger at the center of the journey and to achieve greater efficiency from infrastructure.
The call came during the opening address by Alexandre de Juniac, IATA’s Director General and CEO, at the IATA Global Airport and Passenger Symposium (GAPS) in Warsaw.
To improve the passenger experience, technology options should focus on what the passenger wants. The 2019 IATA Global Passenger Survey noted strong preferences by travelers for technology to enable them to track their baggage in real time and to expedite their journey through the various airport processes.
The industry has solutions for both these passenger expectations—the One ID initiative, and RFID for baggage tracking. Both need the support of stakeholders, including governments.
IATA’s One ID initiative is helping the industry to transition towards a day when passengers can move from curb to gate using a single biometric travel token such as a face, fingerprint or iris scan.
“Biometric technology has the power to transform the passenger experience. Airlines are strongly behind the One ID initiative. The priority now is ensuring there is regulation in place to support the vision of a paperless travel experience that will also ensure that their data is well protected,” said de Juniac.
On baggage, airlines and airports are working together to implement tracking at key journey points, such as loading onto and off-of aircraft (Resolution 753). In June, airlines committed to the global deployment of Radio Frequency Identification (RFID) for baggage tracking.
“Implementation of RFID has seen some good progress, especially in China where the technology has been thoroughly embraced. In Europe several airlines and airports are successfully working together to introduce RFID, notably Air France at Charles de Gaulle Airport in Paris. Industry needs to be reminded that in addition to meeting our customers’ expectations, implementation of RFID will help reduce the USD2.4 billion cost to airlines from mishandled bags,” said de Juniac.
Infrastructure will also play a key role in meeting customer expectations. Developing infrastructure that can cope with future demand, without relying on ever-bigger airports, is essential. In cooperation with Airports Council International (ACI), the NEXTT (New Experience Travel Technologies) initiative explores important changes in technology and processes to improve operational efficiency and the customer experience.
Among its 11 work streams, NEXTT is examining several options, including the potential to:
Increase off-site processing, which could reduce or even eliminate queues.

Use artificial intelligence and robotics to more efficiently use space and resources.

Improve data sharing among stakeholders to enhance efficiency.
“Accommodating growth by building bigger and bigger airports will be challenging from a public policy perspective. NEXTT provides a major opportunity to focus on using the latest industry technology standards for a sustainable future. We look forward to seeing Poland take a leadership role in delivering the NEXTT vision with the construction of Warsaw’s new airport- Solidarity Transport Hub. It’s the European Union’s first greenfield airport in over a decade,” said de Juniac.

₦5tn AMCON Debt: Finance Minister, BPP, ICPC Join Recovery Campaign

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Business Journal

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13/10/2019

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The Minister of Finance, Mrs. Zainab Shamsuna Ahmed has charged the management of Asset Management Corporation of Nigeria (AMCON) led by Mr. Ahmed Kuru, Managing Director/Chief Executive Officer to do everything with the powers of its newly amended Act to recover the huge debt owed the Corporation by a few individuals and organisations in the country.

Similarly, the Director-General, Bureau of Public Procurement (BPP), Mr. Mamman Ahmadu has declared BPP’s willingness to collaborate with AMCON in the quest to recover the debt, which he said will help liberate the economy as well as improve the commonwealth of the nation.

The BPP boss said, the bureau has intensified its due diligence process and will ensure that those seeking contract from the government are scrutinised to establish the fact that they are not on the list of AMCON debtors before contracts are awarded.

The Finance Minister who made the call in Abuja at the weekend during the quarterly briefing of the Ministry of Finance, attended by agencies under the supervision of the Ministry, while commending AMCON on the national assignment however said she expects a lot more from the Corporation especially now that President Muhammadu Buhari has signed the amended 2019 AMCON Act into law, which gives additional powers to AMCON to deal with the obligors.

“AMCON must ensure that the debts are recovered before the sunset, which is around the corner. If AMCON at sunset AMCON fails to recover the huge bad loans, the debt will become government problem, which the government is not willing to carry. Therefore, everything must be done to ensure that AMCON recovers the debt from the obligors because it will have a huge positive impact on the economy,” the minister said.

R-L: Prof. Bolaji Owasanoye, Chairman of Independent Corrupt Practices and Other Related Offences Commission (ICPC); Mr Ahmed Kuru, Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON) and Mr Modibbo Hamman Tukur, Director/Chief Executive Officer, Nigeria Financial Intelligence Unit (NFIU) during one of the meetings of the Inter-Agency Committee set up by the Vice President to recover AMCON debt in Abuja

While urging all the agencies under the ministry’s supervision to always remember the 11 priority areas of President Muhammadu Buhari’s administration in the discharge of their duties, the Minister added that the quarterly meeting had become critical because it creates the enabling platform for sister agencies of government to cross-fertilise ideas for improved collaboration and delivery.

In a related development, Prof. Bolaji Owasanoye, the Chairman of Independent Corrupt Practices and Other Related Offences Commission (ICPC) who also chairs the Inter-Agency Presidential Committee set up by the Vice President to recover AMCON debt has joined his voice in rallying sister agencies of government to ensure that they tighten the noose on AMCON obligors, which he said will pressure them to repay the debt before sunset.

According to him, the Inter-Agency Presidential Committee, which includes the Economic and Financial Crimes Commission (EFCC); the Nigeria Financial Intelligence Unit (NFIU); Nigeria Deposit Insurance Corporation (NDIC); Central Bank of Nigeria (CBN); Ministry of Justice; ICPC and AMCON has concluded plans to expand the dragnet of the debtors by looking at those who facilitated the loans on the side of the banks and those who benefited from the proceeds.

Dr. Eberechukwu Uneze, an Executive Director at AMCON who represented the AMCON boss at the quarterly meeting reassured the Minister of the commitment of the management and staff of AMCON to deliver on the mandate in line with the expectations of the federal government.

He also said the Corporation has made remarkable progress working with the Inter-Agency Committee set up by the Presidency to enable AMCON recover the over N5 trillion debt burden; just as AMCON is in partnership with over 228 Asset Management Partners (AMPs) to hasten recovery activities.

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