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CBN injects another $210m into Forex Market

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In its latest round of intervention, the Central Bank of Nigeria (CBN) on Tuesday, November 13, 2018, injected the sum of $210 million in the inter-bank foreign exchange market.

Figures obtained from the CBN indicate that the authorized dealers in the wholesale segment of the market received the sum of $100 million while the Small and Medium Enterprises (SMEs) and invisibles segments were allotted the sum of $55 million each.

The Bank’s Director, Corporate Communications Department, Mr. Isaac Okorafor assured that the CBN would continue to sustain liquidity in the forex market. He also expressed optimism that the Naira will continue its strong run against the dollar and other major currencies around the world, considering the stability in the market and robust reserves.

The Central Bank of Nigeria (CBN) had on Friday, November 2, 2018, made interventions to the tune of $337.16million in the retail Secondary Market Intervention Sales (SMIS) and CNY 56.17million in the spot and short-tenored forwards segment of the foreign exchange market.

Meanwhile, the Naira on Tuesday, November 13, 2018 exchange at an average of N360/$1 in the BDC segment of the market.

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Keystone Bank promotes climate action, sustainability through Principles for Responsible Banking

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Keystone Bank Limited has become one of the founding signatories of the Principles for Responsible Banking, committing to strategically align its business with the Sustainable Development Goals and the Paris Agreement on Climate Change.

By signing the Principles for Responsible Banking, Keystone Bank joins a coalition of 130 banks worldwide, representing over USD 47 trillion in assets, in committing to taking on a crucial role in helping to achieve a sustainable future.

Taking place at the start of the UN General Assembly, the official launch of the Principles for Responsible Banking marked the beginning of the most significant partnership to date between the global banking industry and the UN.

“The UN Principles for Responsible Banking are a guide for the global banking industry to respond to, drive and benefit from a sustainable development economy.  The Principles create the accountability that can realize responsibility, and the ambition that can drive action,” said UN secretary-general Antonio Guterres at the launch event, attended by the 130 founding signatories and over 45 of their CEOs.

Also speaking, Inger Andersen, executive director of the United Nations Environment Programme (UNEP) explained that a banking industry that plans for the risks associated with climate change and other environmental challenges cannot only drive the transition to low-carbon and climate-resilient economies, it can benefit from it.

“When the financial system shifts its capital away from resource-hungry, brown investments to those that back nature as solution, everybody wins in the long-term,” Anderson noted.

Commenting on the development, executive director, Keystone Bank Limited, Yemi Odusanya said Keystone Bank is convinced that only in an inclusive society founded on human dignity, equality and the sustainable use of natural resources can our clients, customers and businesses thrive.

According to Odusanya, “By signing up to the Principles, we commit to “using our products, services and relationships to support and accelerate the fundamental changes in our economies and lifestyles necessary to achieve shared prosperity for both current and future generations.

“The Principles for Responsible Banking are supported by a strong implementation and accountability framework. By signing them, Keystone Bank commits to being transparent on both our positive and negative impact on people and planet. Keystone Bank will focus where it has the greatest impact – in its core business – and set, publish and implement ambitious targets to scale up positive and address any negative impacts in line with global and local goals.

“Keystone Bank believes that business can and should be an effective steward of our planet as well as a force for good in society at the same time a generator of wealth for shareholders and stakeholders. We recognize that the success of our business, and the sustainability and survival of our planet are tightly aligned with the Principles for Responsible Banking. As industry leaders we are committed to implementing the Principles for Responsible Banking in our business and practices and to being an effective ambassador for these principles with others in our industry and beyond,” He concluded.

 

About the Principles for Responsible Banking

The Principles for Responsible Banking were developed by a core group of 30 Founding Banks through an innovative global partnership between banks and the UNEP Finance Initiative (UNEP FI). UNEP FI is the UN-private sector collaboration that includes membership of more than 250 finance institutions around the globe.

Please see the Principles for Responsible Banking and their Framework Documents, visit: https://www.unepfi.org/banking/bankingprinciples/

For a complete list of all banks that have become the Founding Signatories of the Principles for Responsible Banking today and quotes from their CEOs please, visit: https://www.unepfi.org/signatory-statements/

For more information, including infographics and videos, please visit: https://www.unepfi.org/banking/bankingprinciples/

To see the official UN press release on the Official Signing and Global Launch of the Principles for Responsible Banking, please, visit: http://www.unepfi.org/news/industries/banking/130-banks-holding-usd-47-trillion-in-assets-commit-to-climate-action-and-sustainability/

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Keystone Bank rewards its Verve card holders with free petrol

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Fastest growing financial services provider, Keystone Bank Limited in partnership with Verve International, has launched a promotion to reward its customers for using its Verve Card to purchase petrol at select Oando Petrol stations across Nigeria.

According to a statement by the lender on Friday, the promo tagged “Free Fuel Alert” which is open to both new and existing customers of the bank will have Keystone Bank Verve Card holders receive free extra 5 litres of petrol each time they use their verve cards to purchase a minimum of N3,000.00 and above worth of petrol between 6am – 8pm every Friday from September 20 till November 8, 2019.

The selected Oando Petrol Stations where the promo will run are Lagos (Maryland, Marina, Awolowo Falomo, Awolowo Fire Station, Lawanson, Alapere, Ajah, Agege Bye-Pass, Trade Fair, Fola Agoro, Ojodu Berger, Sangotedo, Ago Palace Way and Shiro Road Fadeyi) Abuja (Garki, Ahmadu Bello Way and Zone 6 Wuse) Enugu (Ogui Road), Imo (Assumpta Avenue) Kaduna (Junction Road by Stadium), Kano (Club Road 1), Oyo (Orita Mef and Iwo Road, Southbound) Portharcourt (Aba Road and 75 Transamadi) Delta (Effurun Junction) Edo, Benin – City (Akpakpava Road).

While Keystone Bank Limited is a technology and service-driven commercial bank offering convenient and reliable solutions to its customers, Verve Card International is a secure debit card which allows the card-holder to conveniently meet day to day financial needs like the payment for goods and services, airtime recharge, bill payments, funds transfer amongst others.

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Awoof Berekete: Access Bank launches campaign to promote electronic services

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Leading Nigerian retail bank, Access Bank Plc, has launched a campaign to promote its Access Mobile Wallet service.

Tagged Awoof Berekete, it is a savings reward scheme, which runs from August to November 2019.

During the period of the campaign, customers who use their Access Mobile Wallet to make transactions will be rewarded handsomely.

Customers can get 20% cash back up to N1,000.00 when they purchase airtime via Access Money Wallet as well as receive 10 times their initial deposit (up to N10,000) when they fund their Access Money Wallet and save for 7 days.

Head, Business Development and Planning at Access Bank, Chinedu Onuoha, said: “We are the largest bank in terms of customer base. Cumulatively, we have about 30 to 31million customers. By 2022, we intend that this should be a minimum of 65million customers and to achieve this, we came up with Awoof Berekete, which is another way to reward our customers.”

“Awoof berekete intends to encourage those whose accounts have been dormant or inactive due to various reasons – insufficient documentation, BVN etc. Customers will get 20% cash back up to N1,000.00 when they purchase airtime on their Access Money Wallet as well as receive 10 times their initial deposit (up to N10,000) when they fund their Access Money Wallet and save for 7 days.

Further, he stated that: “What we are essentially doing incentivizing them (customers) to be more productive.

Sometimes you pay N200 as transport fare to go and pay somebody N2,000. What we are saying is that you can stay in the comfort of your home and do that transfer; also that market woman on her way home can drop the vegetables for you. Those kinds of things can happen and help people promote efficiency and also make them live better lives.”

The Access Mobile Wallet is an electronic wallet service which allows users to save, transfer, and receive money. It provides access to a wide range of financial services offered by Access Bank and access to all the Bank’s branches and agents nationwide.

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