Stanbic IBTC Capital Limited, a subsidiary of the Stanbic IBTC Holdings PLC, has established a ₦300 billion Domestic Bond Programme for the African Export-Import Bank (Afreximbank). The signing ceremony which held in Lagos marked the official kick-off of the initiative.

Afreximbank, a multi-product partner of Stanbic IBTC and the Standard Bank Group, is one of Africa’s largest Developmental Finance Institutions and a seasoned issuer in the international capital markets.

The establishment of the debt issuance programme in the Nigerian capital market by Afreximbank makes it the third supranational ever to join an elite group of Nigeria’s development partners, enabling the domestic capital market. It is vital to establish the Bond Programme in local currency, considering the strong liquidity and current low yields in the domestic market.

This initiative by Afreximbank aligns with global best practice in treasury management and innovation to stay abreast of evolving market conditions. It will aid in stimulating the expansion and development of Nigeria, through the intervention in various sectors of the Nigerian economy.

The transaction was consummated in the presence of members of the Stanbic IBTC team, members of the Afreximbank Executive management team, representatives from the Nigerian Stock Exchange and FMDQ OTC Plc, amongst others.

Stanbic IBTC Capital Limited remains fully committed to developing the Nigerian capital markets and has been at the forefront of driving financial innovation and advising clients on staying ahead of changing times.

Africa and Middle East’s banking and finance industry spent $12.68 billion on information and communications technology (ICT) in 2019, according to the latest insights from International Data Corporation (IDC).

The global technology research, consulting, and events firm forecasts this figure will reach $13.23 billion this year and continue rising at a compound annual growth rate of 4.7% over the coming years to reach $15.24 billion in 2023.

“The banking and finance industry is becoming increasingly reliant on emerging digital technologies to attract and retain customers,” says Nagia El Emary, IDC’s Senior Consultant for the Middle East and Africa.

“The sheer magnitude of financial technology (fintech) products and services on the market today is staggering, and financial institutions are increasingly embracing 3rd Platform technologies and innovation accelerators such as cloud, mobility, and Artificial Intelligence (AI) to increase their market penetration rates, enhance customer satisfaction through the delivery of personalised services, and streamline operations to cut costs and maximize efficiencies. As such, these technologies are becoming an inextricable part of the sector as a whole, and this is only the beginning.”

The increasing reliance on cloud across the industry has given rise to cloud marketplaces. Similar to an app store for smartphones, these cloud marketplaces provide banks with access to third-party IT systems and fintech products and services.

And like any other marketplace, cloud marketplaces have the power to negotiate better terms with fintech providers than banks alone. Consequently, IDC expects that by 2024 around 80% of banks globally will be purchasing and integrating fintech solutions from cloud marketplaces.

The use of artificial intelligence is also becoming pervasive across the BFSI industry. Indeed, IDC expects that by the end of this year, 85% of banks will have implemented AI applications to enable intelligent decisions and automated processes for corporate know-your-customer procedures, drastically reducing the time it takes to approve enrollments for new corporate accounts. IDC also forecasts that by 2023, 40% of insurers will be automating claims processes with AI technologies and conversational interfaces to improve the speed of response, efficiency, and personalization.

All these trends and more will be discussed during a dedicated banking and finance session that will take place at the upcoming IDC Middle East CIO Summit 2020. The annual event has served as a beacon of ICT thought leadership across the region since 2008, and this year’s edition will be hosted at Dubai’s Atlantis, The Palm on February 26-27 under the theme ‘The Race to Reinvent: Connecting to Leaders to Empower Digital Transformation’.

Combining informative presentations, interactive panel discussions, and dedicated focus groups, the IDC Middle East CIO Summit 2020 will provide more than 500 senior C-Suite executives from a broad range of industries with the expert guidance required to benchmark the digital transformation progress of their organizations.

Stanbic IBTC Bank Plc, a subsidiary of Stanbic IBTC Holdings Plc, has continued to make a mark in the lives of Nigerian youths by engaging and empowering them at the annual Youth Leadership Series (YLS).  The event held at Yaba College of Technology, Lagos.

On Wednesday, February 12, the leading financial solutions provider organized the third edition of YLS themed “Techricuture – the evolution”. The theme fuses “Technology” and “Agriculture”, which divulges how the youths can take advantage of the enablement of technology to harness the vast opportunities yet untapped in the agricultural sector of the country.

The Stanbic IBTC YLS is a platform of engagement for the youth where business knowledge and experiences are shared.

Delivering his opening remarks, Dr.DemolaSogunle, Chief Executive, Stanbic IBTC Bank Plc, explained the core objective of YLS, which is to educate the youth on how to explore their innate potentials to become better business leaders.

He reiterated that technology and agriculture are critical sectors that have the capability of producing the next set of millionaires in Nigeria due to the vibrancy and profitability of the two industries.

According to Dr.Sogunle, “the Stanbic IBTC youth leadership series is deliberately fashioned after our annual business leadership series which is a platform created to engage and empower emerging business owners to become leaders in their various fields.”

Sunday Dare, Minister of Youths and Sports Development, who also spoke in a similar vein, encouraged the youths to brace up and contribute positively to the development of the country.

He further assured them that the government will continue to invest in the youths and set them on the path of success.

During the panel session, Seyi and Seun Abolaji, Co-Owners of the Wilson’s Juice Company gave insights on how they started their lemonade business with little capital and how it has grown over the years.

They urged the participants to have a clear vision of their pursuits in life and urged them to never be discouraged with their humble beginning.

Other panelists were SamsonOgbole, Chief Executive Officer and Lead Trainer, Farm lab and Miss Yewande Kazeem, Founder, Wandieville Media.

SamsonOgbole advised the young entrepreneurs to identify salient issues and design solutions to solve them. “To solve issues in any business, you must first get into that space and observe. Then you can identify the issues and design solutions to solve them through technology”, he said.

Yewande Kazeem also inspired the audience with her success story. She said, “the key thing is consistency. People will start appreciating you with time. Invest in yourself.”

Popular singer and songwriter, Sadiq Onifade, known professionally as WurlD, made a special appearance at the event.

In his closing remarks, Dele Sotubo, Chief Executive, Stanbic IBTC Asset Management Plc, advised the participants to imbibe the values and knowledge they have learnt from the conference.

Stanbic IBTC remains keen on supporting youth-centric initiatives such as the YLS, given the importance of their demography to entrepreneurship drive, economic growth and national development.

UN Secretary-General, Antonio Guterres, and African Union Commission Chairperson, Moussa Faki Mahamat, witness the signing of a partnership agreement between UNECA and Standard Bank Group represented by UNECA Executive Secretary, Dr. Vera Songwe (right) and Sola David-Borha, the bank’s Chief Executive for African Regions.

African leaders are putting women front and center of efforts to drive the continent’s economic growth through a game-changing fund that invests in women fund managers and also provides technical assistance.

The launch of the African Women Leadership Fund (AWLF) will provide capital to both first time and experienced fund managers in support of UN Sustainable Development Goals 5 (Gender Equality) and 8 (Decent Work and Economic Growth), and African Union Agenda 2063.

The ground-breaking partnership, formally signed at the weekend in Addis Abababetween the United Nations Economic Commission of Africa (ECA) and Standard Bank Group, will be transformational in breaking down structural barriers to inclusive investing in Africa.

Over $20 million was raised for the fund that has a current goal of $100 million. President Paul Kagame of Rwanda was instrumental in leading the way, pledging $500,000. Senegal’s President Macky Sall committed $500,000. South African President Cyril Ramaphosa also pledged to contribute to the fund.The private sector participants pledged the rest.

Prime Minister Justin Trudeau of Canada pledged $10 million to the African Union to boost gender parity. Norway Prime Minister Erna Solberg pledged $8 million to AU initiatives. A portion of these resources will be earmarkedfor the women’s initiative.

Among the world leaders who witnessed the official launch of this innovative impact investment fundwere UN Secretary-General, Antonio Gutteres, African Union Commission Chairperson, Moussa FakiMahamat, Ethiopian President Sahle-Work Zewde. Former Liberian President, Ellen Johnson Sirleaf was also in attendance, as were a number of former African heads of state.

“We are turning the tables and making women the decision-makers of investable money in Africa. We want women to be on the supply side of money, not only on the demand side,” said Dr. Vera Songwe, UN Under-Secretary General and Executive Secretary of ECA. A key goal of the fund is to empower women financial leaders who will drive economic growth, job creation, and create prosperity.

In Africa, women-owned funds and businesses struggle due largely to lack of successful fundraising, insufficient exposure to systems and procedures, and lack of track records, among others.  They also contend with gender-based social expectation, resistance to women in leadership roles and lack of a support network. The fund will empower Africa’s women by giving them access to financial resources and investment management expertise.

Sola David-Borha, Chief Executive of Africa Regions at Standard Bank Group, says the fund aligns with the Bank’s purpose to drive Africa’s growth and “presents an opportunity for Standard Bank to leverage our footprint and expertise on the continent, and the relevant experience of our asset management arms, Melville Douglas and STANLIB Multi-Managers, to build Africa’s economies. Africa is our home, we drive her growth”.

Women fund managers will receive a deployment of capital, and subsequently invest in majority female-owned businesses. Even though the fund is sector agnostic, priority sectors will be education, manufacturing, healthcare, clean energy and agriculture. Additionally, technical assistance for fund managers and entrepreneurs will be offered through the initiative. This ranges from building capacity, direct mentoring to leveraging technology in health and education.

Songwe emphasised “The goal here is to give women-led financial investment activities a huge injection of jet fuelto bear out the proven positive correlation between gender balance, higher financial returns and developmental impact.” 

In his remarks, Secretary-General Gutteres said, “power is not usually given, it must be taken.”