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Fidelity Bank launches new Savings campaign, unveils a Novel Account opening initiative

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Nigerian lender, Fidelity Bank Plc on Monday unveiled a novel account opening initiative, just as it launched a new savings promotion campaign aimed at rewarding new and existing customers of the bank. The new account opening initiative, the first of its kind in the Nigerian banking industry, enables members of the public to open online savings accounts through a Quick Response (QR) code which can be scanned from any of the promotional materials such as roll up banners, fliers, posters and newspaper adverts.

This is expected to significantly ease the process of enrollment of new accounts and deepen the penetration of the new savings promo tagged; Get Alert in Millions Season 3 explained Executive Director, Shared Services and Products, Fidelity Bank, Mrs. Chijioke Ugochukwu, during the launch ceremony at the bank’s corporate Head Office in Lagos Monday. “This new savings promo is the 8th in 11 years. As with the previous ones, we are motivated to continue to empower our customers by rewarding them with cash and gift items, whilst at the same time promoting the savings culture, in line with the financial inclusion drive of the Central Bank of Nigeria (CBN)” said Mrs. Ugochukwu, who doubles as the Chairperson of the Promo Committee. 

Speaking shortly before formally flagging off the promo, Fidelity Bank CEO, Mr. Nnamdi Okonkwo thanked customers, stating that the bank is motivated to continue to incentivize them for their patronage. He said it was imperative to acknowledge the contributions of customers to the growing fortunes of the bank. “Last week, we joined other institutions across the world to observe the 2018 Customer Service Week and I want to use this opportunity to again thank all our customers. Our impressive half year results attest to your support and with your continued patronage, we are on course to delivering on our financial targets for the year” he said.

As a customer-centric bank, Mr. Okonkwo said Fidelity Bank would continue to leverage technology, in line with its digital retail strategy, to better serve customers, through innovative products, services and solutions. He reeled our some of the products to include the newly upgraded Fidelity Online Banking, *770# Instant Banking and Flashkey.“Our online banking solution enables you to transfer foreign exchange seamlessly just as we are the first bank to introduce a chat banking solution that is known as Flashkey. This solution enables you to effect monetary transfers whilst on any social media platform, without recourse to the online banking platform installed on your mobile device” he stated. 

GAIM Season 3, as the new savings promo is called, is expected to run for 9 months till June 2019. The bank, within this period will give out over N120 million in cash and consolation prizes, including weekly airtime rewards. 

To participate, Head, Retail Banking, Fidelity Bank, Mr. Richard Madiebo said “customers can open a savings account and grow it to N20, 000 or top up an existing account with N10, 000 or more to qualify for the monthly draws to win N1million or N2 million. To qualify for the star prize of N3m, he explained that customers are expected to grow their account balances by N50, 000 monthly whilst accounts that maintain a minimum of N200,000 qualify for the grand prize of a whooping N10 million. “As a bank with branches across the country, the draws ceremonies will be done to ensure that everybody, irrespective of where their accounts are domiciled, stand equal chances of winning” he explained. There will be a total of six draws to produce 77 cash and 108 consolation prize winners over the duration of the exercise.

The launch ceremony had in attendance the press, regulatory bodies and some winners from previous savings promotion campaigns. Alhaji GaffarAbdullateef; a previous winner thanked Fidelity Bank for the N3m he won in the last promo, saying that it “significantly gave boost to his business”.  Assistant Director, National Lotteries Regulatory Commission, Joy Okuna, praised Fidelity Bank for the transparency displayed in the last promos.  “As regulators, our duty is to ensure that promos are conducted transparently and I must attest to the high degree of transparency that we see with all Fidelity Bank savings campaigns and we expect no less from this” she stated.

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PHOTO NEWS: Keystone Bank visits State of Osun government

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(L-R) Regional Bank Head, Keystone Bank Limited, Mr. Olaniran Olayinka; the Deputy Governor, State of Osun, Chief Benedict Alabi; and Divisional Head, West, Keystone Bank Limited, Mr Ademola Adeyemi; during a courtesy visit by the management of Keystone Bank to the State of Osun Deputy Governor in his office at Osogbo, on Wednesday.
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Shareholders laud Transcorp Plc’s outstanding Results

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TNC 2: l-r: Group Company Secretary, Transnational Corporation of Nigeria Plc(Transcorp) Plc, Ms Helen Iwuchukwu, Chairman, Mr. Tony Elumelu, President/CEO, Mr. Valentine Ozigbo; and Director, Mrs Toyin Sanni, at the 13th Annual General Meeting of the company held in Transcorp Hilton Hotel Abuja on Friday

Shareholders of Transnational Corporation of Nigeria Plc (Transcorp) have commended the Board and Management of the company for their remarkable achievements demonstrated in the company’s record-setting financial performance in 2018.

Speaking at the company’s 13th Annual General Meeting, which was held at the iconic Transcorp Hilton, Abuja on Friday, March 15, 2019, the shareholders lauded Transcorp for remarkably exceeding its financial performance in previous years while positively impacting the lives of its stakeholders across the country.

Transcorp’s results for the financial year ended December 31, 2018, showed that the Group’s revenue hit an impressive N104.16bn translating into a 30% revenue growth compared to the preceding year’s results. Profit Before Tax closed the year at N22.40bn; a significant leap compared to the Profit Before Tax of N12.31bn recorded in 2017.

While addressing the shareholders at the meeting, Valentine Ozigbo, The President/CEO of Transcorp stated that “the group’s performance for the year ended 2018 is the result of an unflinching commitment to deliver superior value to our wide clientele base.”

Elaborating further, he said, “Our hospitality business recorded a 26% increase in revenue year-on-year as the Transcorp Hilton Abuja saw an increase in occupancy following the release of the newly upgraded rooms after the US$100m upgrade of the hotel. Our power business also achieved a 31% increase in revenue year-on-year; a testament to an operating environment characterised for the most part, by stability in gas supply, foreign exchange rates and the payment assurance programme of the federal government. These and our focused efficiency measures across the Group resulted in a 23% reduction in operating costs, ensured that our Profit Before Tax soared by 82 % year-on-year.”

The National President, Association for the Advancement of Rights of Nigerian Shareholders, Dr. Faruk Umar, reiterated praises from other shareholders and applauded the management of Transcorp for keeping their promise to deliver superior returns to shareholders. “We are over N22bn (PBT) and we are sure this trend will continue.”

He also thanked Transcorp for consistently emerging as the first company quoted on the Nigerian Stock Exchange to host its AGM, which he described as a mark of strong corporate governance.

The Chairman, Transnational Corporation of Nigeria Plc, Tony O. Elumelu, CON, used the occasion of the Annual General Meeting to congratulate the President, His Excellency Muhammadu Buhari for his re-election ‎and urged him to prioritise the power sector. He also spoke on the importance of creating an enabling environment for domestic investors to succeed, emphasising that the steady supply of power will boost businesses and make the economy more competitive.

“Transcorp Plc remains committed to the purpose for which it was founded, which is to improve lives and transform Nigeria. ” He said.

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Shareholders applaud Zenith Bank’s improved N232bn PBT, as lender declares dividend offer of N2.80 per share

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Chairman, Zenith Bank Plc., Mr. Jim Ovia, CON (Centre), flanked from left by the Deputy Managing Director, Ms. Adaora Umeoji; the Managing Director/CEO, Mr. Peter Amangbo; the Company Secretary, Mr. Mike Otu; and the Deputy Managing Director, Mr. Ebenezer Onyeagwu at the bank’s 28th Annual General Meeting held in Lagos, on Monday.

In a clear show of its resilience and strong market share, Zenith Bank has announced an impressive result for the year ended December 31, 2018 with profit before tax (PBT) rising to N232 billion for the 12 months ended December 31, 2018.

Also, in demonstration of its commitment to its shareholders, the bank has announced a proposed final dividend pay-out of N2.50 per share, bringing the total dividend to N2.80 per share, representing a yield of 11.2 per cent.

According to the bank’s audited financial results for the 2018 financial year released in Lagos on Tuesday, this represents an increase of 16.6 percent over the N199 billion recorded for the same period in 2017. It is the highest so far published by any bank in the Nigerian Banking Industry in the current reporting period. Also, the results showed that profit after tax (PAT) witnessed an impressive growth of 11 per cent year-on-year to N193 billion from N174 billion.

This record profit before tax (PBT) was achieved through the Group’s optimisation of its cost of funds, cost-to-income ratio and cost of risk, ensuring that earnings per share strengthened by 11% to ₦6.15.

Chairman, Zenith Bank Plc., Mr. Jim Ovia, CON (Centre), flanked from left by the Deputy Managing Director, Ms. Adaora Umeoji; the Managing Director/CEO, Mr. Peter Amangbo; the Company Secretary, Mr. Mike Otu; and the Deputy Managing Director, Mr. Ebenezer Onyeagwu at the bank’s 28th Annual General Meeting held in Lagos, yesterday.

Despite the challenging macro-environment, the Group mitigated the knock-on effects through growth of its net interest income and operating income by 15% and 8% respectively as it was able to ensure improved cost efficiencies across the business. This focus on cost efficiencies is yielding tangible benefits as the Group recorded its lowest ever cost-to-income ratio at 49.3% from 52.8% in 2017.

The bank’s balance sheet remains shockproof as loan to deposit ratio, liquidity ratio and capital adequacy ratio were 44.2%, 72.0% and 25.0% respectively and all above the regulatory threshold.

Our risk-centric approach also ensured that cost of risk reduced significantly by 79% from 4.3% in the prior year to 0.9% in 2018. This was reflected through the drop-off in impairment charges by 81% (₦80 billion) compared to 2017, re-affirming the Group’s enhanced asset quality. In the same breadth, coverage ratio increased by 34.2% from 143.4% to 192.4% over the same period, reflecting a prudent disposition to credit risk management. Cost of funds also moved in the positive direction, declining by 41% from 5.2% in 2017 to 3.1% for the year, supported by a 33% decrease in interest expense (₦72 billion) over the same period, demonstrating a robust treasury and liquidity management.

Customer deposits grew by 7% led by an increase of ₦109 billion in savings and an increase of N122bn in current accounts providing it with a platform to rebalance its deposits mix. In 2018, expensively purchased deposits were foregone in favour of cheaper and more stable deposits resulting in a reduction of expensive and shorter dated deposits by ₦110 billion. On the asset front, this increased by 6% to close the year at ₦6 trillion.

The Group’s efforts to deepen its roots in the retail segment have started yielding benefits. This has resulted in a remarkable increase in the volume of transactions across various electronic platforms as well as significant customer acquisitions. This growth in transactions on its digital channels continues to support its retail push as fees from e-products increased by 44% over 2017 with retail deposit balances also growing by 25%.

Management’s outlook is positive for 2019, supported by a fairly stable inflation rate, converging foreign exchange market and near target oil production. The Group will continue its investment in the retail segment of the market to consolidate its leadership position in both the retail and corporate segments while it maintains its shock proof balance sheet.

Consistent with this superlative performance and in recognition of its track record of excellent performance, the bank was recently ranked as the Most Valuable Banking Brand in Nigeria in 2018 by The Banker Magazine. In similar fashion, Zenith Bank was recognized as the Best Corporate Governance Bank in Nigeria by The World Finance for the sixth time just as Ethical Boardroom, a Europe based Boardroom watchdog reaffirmed this recognition by naming the bank as the Best Bank in Corporate Governance in 2018. Recognition has also come the way of the bank as it was recently named as the Best Institution in Sustainability Reporting in Africa 2018 (SERAS Awards) and the Bank of the Year 2018 (BusinessDay).

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