Connect with us

BUSINESS

FCMB partners WSBI to boost financial inclusion and savings in Nigeria

Published

on

First City Monument Bank (FCMB) is set to substantially increase its support to agribusiness, its value chain and growth of the Nigerian economy after signing a Memorandum of Understanding with the World Savings and Retail Banking Institute (WSBI). The memorandum outlines a framework to deepen agency banking, financial inclusion and savings culture in the informal and agribusiness sectors. As part of the terms of the partnership, in addition to the stated areas of support, WSBI will provide technical oversight supervision on a regular basis to ensure the achievement of mutually agreed goals set by both institutions.

According to the memorandum, the project involves FCMB rolling out an integrated savings account – named ‘Kampe Account’ – to offer financial services under phase one of its plan to 150,000 unbanked and under-banked farmers across five states through agricultural agents operating under the bank’s agency banking proposition. The first set of states to benefit in this first phase are Kaduna, Kano, Nasarawa, Ogun and Oyo. The plan is to reach 2 million farmers across the entire nation by year 2023.

In addition to the financial support to farmers, FCMB plans to deploy its state-of-the art technology and mobile banking solutions to drive the project mainly in the rural and sub-urban farm settlements where most farmers are based. The bank will also organize capacity-building programmes for farmers aimed at facilitating their understanding of the sector and promote innovative ideas that would make the sector attractive, ultimately facilitating job creation that would in turn, impact on productivity and income.

Commenting on the grant from WSBI and the initiative, FCMB’s Managing Director and Chief Executive, Mr. Adam Nuru noted the development will revolutionize agribusiness – one of the various empowerment strategies adopted by the bank that is appreciated by stakeholders within and outside Nigeria.

Adam Nuru said:

‘” Partnering with WSBI and harnessing the business model we have developed to drive it, under our Kampe Account, is built on a sustainable approach which ensures farmers can gain better access to finance and other resources needed to help them build successful businesses.”

Nigerian smallholder farmers have been at a disadvantage due to several factors including land fragmentation, inadequate farming equipment, broken value chains, poor access to finance and inadequate cash flow. Over the years, they have suffered from lack of essential services such as access to good markets to create low economies of scale, challenges in the promotion of agricultural productivity, hurdles in their bid to achieve increase in food security to improve rural livelihoods for engendering systematic growth out of poverty. FCMB and WSBI are optimistic that these challenges will be addressed.

Mr. Nuru added: “Farmers who benefit from this effort can and should make the best use of the opportunity. FCMB will continue to partner with WSBI to create opportunities that would ensure the realization of the personal and business needs of customers.”

 WSBI Managing Director Chris De Noose concluded: “The Kampe Savings Project is yet another example of the innovative ways rural communities can flourish through mobile savings and beyond.  Expanding banking access and agricultural services through the provision of mobile services to the farming community, which increasingly includes more women, can help knock out any doubt about the payoff that farming can bring.”

 

About FCMB

First City Monument Bank (FCMB) Limited is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments. Having successfully transformed to a retail banking and wealth management led group, FCMB expects to continue to distinguish itself through innovation and the delivery of exceptional services.

 

About WSBI

The World Savings and Retail Banking Institute (WSBI), founded in 1924, represents the interests of 6,000 savings and retail banks globally, with total assets of $15 trillion and serves approximately 1.3 billion customers in nearly 80 countries (as of 2016). The Institute focuses on international regulatory issues that affect the savings and retail banking industry. It supports the achievement of sustainable, inclusive, balanced growth and job creation, in industrialized and less developed countries.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

BUSINESS

Zenith Bank appoints Henry Oroh Executive Director, Al-Mujtaba Abubakar, Non Executive Director

Published

on

Henry Oroh, Executive Director, Zenith Bank Plc

Also, the Board has approved the appointment of Dr. Al-Mujtaba Abubakar, FCA, as an Independent Non-Executive Director.

Both appointments are effective September 1, 2019, and have been approved by the Central Bank of Nigeria.

Henry Oroh holds a Bachelor’s Degree in Accounting from the University of Benin, Edo State and an MBA from the Lagos State University as well as an LLB Degree from the University of Lagos. He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an honorary member of the Chartered Institute of Bankers (CIBN), Nigeria.

He has over two decades of banking experience. He began his banking career in 1992 at Citibank where he served for seven (7) years in Operations, Treasury and Marketing.

He joined Zenith Bank in February 1999 and has worked in various Groups and Departments within the Zenith Group Office. His expertise spans Operations, Information Technology, Treasury, Marketing, including the Manufacturing, Food and Beverages, Pharmaceuticals, Oil and Gas, Public Sector, Consumer, as well as Corporate Banking and Business Development.

In April 2012, he was seconded to Zenith Bank Ghana Limited as an Executive Director and became the Managing Director/ Chief Executive in February 2016, where he successfully spearheaded the phenomenal growth of the Zenith Brand both within the Ghana market and the West African sub-region.

Henry has attended several Leadership Programmes and Executive Management Courses at the Harvard Business School, Columbia Business School, New York, University of Chicago, University of Pennsylvania, HEC Paris, JP Morgan Chase, UK and the Lagos Business School.

He comes to the Board of Zenith Bank Plc with strong competencies in Credit & Marketing, Operations, Information Technology, Treasury and impressive Leadership skills.

Dr. Al-Mujtaba Abubakar is currently the Managing Director of Apt Pensions Funds Managers Limited.

He is a graduate of the Leeds Polytechnic, UK. He is a renowned Chartered Accountant and a Fellow of the Institute of Chartered Accountants of Nigeria.

Dr. Abubakar has extensive and tremendous experience in the financial services industry, audit and consulting. He worked with the firm of Akintola Williams Deloitte between January 2000 and November 2008, and rose to become the Partner and Board Member of West Africa sub-region. Prior to this, he had served on the Board of several financial institutions in Nigeria.

He has attended several management and leadership training programmes and conferences both within and outside the country.

He brings to the Board of the bank tremendous track record in Risk Management, Credit & Marketing, Auditing and very outstanding leadership skills.

Continue Reading

BUSINESS

FirstBank Agric Expo set to promote new Agribusiness opportunities  

Published

on

Nigeria’s premier and leading financial services provider, First Bank of Nigeria Limited, has announced that its 2019 FirstBank Agric Expo would hold on Friday, 30 August 2019 at the Eko Hotel and Suites, Lagos. The 2019 edition – the third in the series –  is themed “Agricultural Value Chain – Spotlighting Opportunities and Managing Risks” would have Professor Benedict Oramah, President of AFREXIM Bank as the Keynote Speaker.

The annual FirstBank Agric Expo, launched in 2017 provides the lead in national discourse on sustainable agriculture value-chain as a substantial source of Nigeria’s economic development, improved contribution to her balance of trade as well as foreign exchange.The 2019 edition would host over 600 delegates and over 60 exhibitors to display the latest technology in farm equipment, tools and machineries as well as packaged finished agricultural produce, logistics and supply, thereby keeping the participants and sundry agribusiness practitioners abreast with new opportunities in the Agricultural industry.

Besides the plenary session, the expo will feature three (3) Masterclasses with in-depth analysis on specific areas of Agribusiness, facilitated by enterprising Subject Matter Experts (SMEs). The Masterclass facilitators include Mr. Leonard Anyanwu, Group Executive Director, Saro International Limited; Mr Segun Ogunwale, Team Lead, Kominity Digital and Mr Bamidele Ayemibo Managing Director, 3T Impex Trade Centrewho will provide insight as well as share success stories and experiences.

Expressing his delight on FirstBank’s leading role at not just promoting Agriculture but diversifying the Nigerian economy, the CEO, First Bank of Nigeria Limited, Dr. Adesola Adeduntan said ”in the last 125 years, more than any other financial institution, we have played a key role in financing different sectors of not just the Nigerian economy but other economies in sub-Saharan Africa. As Nigeria expands opportunities in its non-oil sector – especially Agriculture – we remain committed to the growth of the agricultural sector and its contribution to the nation’s Gross Domestic Product.”

“Our consistency in convening the FirstBank Agric Expo, which is in its third consecutive edition, is a demonstration of our commitment to building the agribusiness economy which is capable of delivering sustained prosperity by meeting domestic food security goals, generating exports, supporting sustainable income and creating employment opportunities”, he concluded

Continue Reading

BUSINESS

Unity Bank partners Signal Alliance and Businessday to host SME Clinic

Published

on

As part of collaborative initiative to consistently promote Small & Medium scale enterprises (SMEs), Unity Bank recently held its maiden edition of SME clinic in conjunction with Signal Alliance and Businessday Newspaper as a capacity building workshop to bridge knowledge gap.

The SME clinic was designed to boost SMEs operators by leveraging effective branding and marketing strategy expected to play key role in creating added value for products and making start up become a big brand enterprise.

Coming on the verge of the 5th industrial revolution and the need to put SMEs ahead of the fast paced developments, the clinic provided platform to expose participants drawn amongst Fintech operators, Retailers, Social services, Schools, Contractors, Professional service firms, Wholesalers, Manufacturers, Hospitality, NGOs, Clubs and Associations, Supplies and Agric value chain to the opportunities available as convergence of technology and human begin to take center stage.

Commenting on the Clinic, the Head of SME, Unity Bank Plc, Opeyemi Ojesina said that as a key market focus contributing about 48% of the national GDP in the last five year, 50% of industrial jobs and nearly 90% of the manufacturing sector in terms of number of enterprises, hosting a capacity building initiative of this nature enables the Bank to have more insight for enhancing financial inclusion plan for SMEs.

He further stated that as a leading Bank in the advocacy for SME, Unity Bank has developed innovative products for SMEs aimed at enhancing greater access to financial services, financial advisory and cluster marketing initiatives.

Participants were of the view that the SME clinic gave practical insights into techniques for creating distinctive brand concept centered on consumers and appreciated the three entities that organized the workshop.

The Chief Technology Officer, Signal Alliance, Mr Uchechi Nwaukwa used the platform to launch CloudGo, an IT product built on Microsoft cloud platform.

As a “solution that enhances communication, collaboration and scales innovation for business becomes a necessity” he further stated that “the product is a results of huge investment in IT infrastructure which helps to overcome upgrade challenges, enhance data protection and disaster recovery challenges faced by small businesses.

Continue Reading
Advertisement

Facebook

Advertisement
Advertisement

Trending