Business
At Polaris Bank, we are Positioning for Digital leadership and Market Dominance, Says CEO, Adekunle Sonola
Leading digital financial institution, Polaris Bank has assured its customers, financial sector stakeholders, and regulators that the Bank passed its road to recovery years back.
Chief Executive Officer (CEO), of the financial institution, Adekunle Sonola, stated this in a recent interview, with PROSHAREs team of analysts noting that the Bank is currently on the growth path leading to market dominance.
Sonola
According to him, careful rethinking and re-strategizing corporate plans creates the bedrock of competitive burst and business sustainability, both attributes that Polaris Bank has focused on in the last few years, working with professional bodies such as PwC, Ernst & Young (E&Y), and KPMG across several corporate verticals. “The bank has travelled past the recovery road years back; it is currently on the growth road leading to market dominance.
“Adequate capitalization is a key measure of financial health, providing comfort to depositors and affording balance sheet and business growth. The bank is presently adequately capitalized, operating well above the 10% minimum requirement for National Banks. Nonetheless, we are concluding arrangements to inject Tier II capital into the Balance Sheet to support our growth aspirations.
Our shareholders are ready and willing to inject Tier I capital into the books. Having instituted best-in-class risk management practices, and maintaining adequate capitalization to support our growth objectives is not one of the bank’s immediate challenges and will not be in the foreseeable future.
The new owners are committed to providing necessary support towards building a strong and resilient financial position to underwrite transactional activities of the Bank for sustainable value creation,” Sonola assured.
Confirming that the Bank now operates a two-prong ideology of controlling the funding cost and growing earning assets at economic pricing, the Polaris Bank boss noted that earning asset growth is something the Bank is driving at from both the investment and risk asset sides of the business.
“The Bank has consistently been growing its asset base year-on-year (Y-o-Y). The Bank’s recently developed strategic plan will guide the Bank to a position of being a major challenger of Tier 1 banks and be the leader among Tier II banks along all the key performance parameters.
Furthermore, the bank’s focus is to be one of the most efficient deposit money institutions in the industry, delivering superior value to its stakeholders, our competition is not of size, but value creation.
“We have revamped our go-to-market structure, broadening our customer base, fine-tuning our product, and supporting service offerings, strengthening personnel sales capacities, and improving our loan onboarding processes. We are very confident our Net interest income and margin will witness considerable growth as our strategies mature.”
Clarifying that cost control is a critical part of the Bank’s tactical and strategic roadmap, Polaris Bank Managing Director said its short-term tactics come from its longer-term strategies, adding that at the tactical level, the Bank is strengthening digital deliveries, and upgrading the capabilities and offerings on Digital Bank, Vulte, for an even more intensive and intuitive experience across customer journeys.
Polaris Bank has also improved its digital play, as reflected in the improvement of technological interfaces that feed into the customer’s journey expectations and experiences.
“We intend to build a dominant digitally led retail franchise and continue to reshape the bank’s business processes and support technology to continuously improve enterprise agility. The key thing is to drive top-notch processes and build agility in customer responsiveness.
“The VULTE product is just one of our service offerings. Indeed, we are creating a digital service reality that is customer service-focused. The technology driving this will scale digital service delivery to enhance our customers’ product or service experiences as we front-load features that fit into their expectations and future possible journey outcomes.
As financial service platforms get better and continue to be an enabler, a part of the fabric of our modern economy, we will be an integral part of the way people carry out their businesses and we will make their digital journeys an integrated friendly experience. One cannot talk too much about this, but the tea leaves are pointing to a fresh pathway to consumer banking satisfaction.”
Other areas of positive growth in the Bank include the creation of a more powerful customer service experience via improved staff productivity with the best of Polaris Bank staffers driving the process having gone through upskilling and retraining programmes. This ensures we are driving a productivity-sensitive framework that marries staff effort with measurable business contributions.
“We have zeroed in on offering superior customer experience as a competitive tool. The new world of competitiveness requires that corporations are agile and flexible, we are building this into the bank’s operational DNA. Our customer journey experiences have been deconstructed across demographics and the service propositions will soon grace banking halls in the next eighteen months at the latest.
“We plan for a stronger balance sheet, with higher loan quality, greater liquidity, larger capital, and resilience to absorb economic shocks. Our loan asset quality has improved significantly, thereby improving liquidity, earnings, and the bank’s capital. We are primed to improve our cost-to-income ratio (CIR), Capital Adequacy Ratio (CAR), and Cost-of-Risk ratio (CoR). In the recent past, we saw bumps in the risk area with CoR higher than we would like, but more recently risk quality has improved leading to lower CoR.”
With a focus on customer-centricity, risk management, cost optimization, and technological advancements, Polaris Bank is seen as positioning itself as a major player in the industry, offering superior customer experiences and driving financial performance.
The Bank has been decorated as Nigeria’s Digital Bank of the Year in two successive years; it aims to position itself as a dominant digitally-led retail franchise, delivering superior value to stakeholders.
Business
Fidelity Bank Supports Modupe Cole Memorial School, Lagos
Fidelity Bank Supports Modupe Cole Memorial School, Lagos
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
In continuation of its drive to alleviate the impact of economic hardship and suffering among indigent Nigerians, Fidelity Bank Plc recently donated food items to Modupe Cole Memorial Childcare and Treatment Home School in Akoka, Lagos.
CAPTION:
L- R. Tolulope Rojaiye, Team Member, Brand and Communications, Fidelity Bank Plc; Osho Olufunmilayo Bamidele, Vice Principal 2, Modupe Cole Memorial Childcare and Treatment Home School; and Victoria Mbonu, Class President, Intellect Nexus Inductee Class, Fidelity Bank Plc; during a Corporate Social Responsibility (CSR) donation event executed by Fidelity Bank at Modupe Cole Memorial Childcare and Treatment Home School, Akoka, Lagos recently.
The donation which aligns with the Bank’s Corporate Social Responsibility (CSR) pillars of education and health, was championed by the Intellect Nexus Class of 2024 under the Fidelity Helping Hands Program (FHHP). Through this initiative, Fidelity Bank staff identify community needs, raise funds to address them, and receive matching support from the bank to implement impactful projects.
Explaining the bank’s commitment to supporting its host communities, the Divisional Head, Brand and Communications Division, Fidelity Bank Plc, Dr. Meksley Nwagboh, noted that, “At Fidelity Bank, we recognise the symbiotic relationship we have with the communities where we operate. This informs our decision to not only provide our host communities with relevant financial services but to also impact them with developmental projects.
“We are inspired by the great work being done here at Modupe Cole Home School and our donation is a small token of appreciation for this as we aim to support the well-being of these exceptional children.”
On his part, the Vice Principal of the school, Mr. Isiaka Ajani, expressed gratitude for the bank’s consistent support noting that Fidelity Bank’s gesture is a huge encouragement to the school.
“We say thank you for the gift items that you have brought to us today, and this shows that we are not alone in the mission to provide care and education to children with special needs.
“This institution is a testament to the belief that there is ability in disability. We have children here who have passed common entrance examinations and gained admission into higher institutions despite their challenges. It is our mission to help them achieve their potential.
“The school had made effort to provide academic and vocational training programs in bead-making and hairdressing, and specialized care for residents with severe disabilities for its 476 residents, many of whom have been abandoned by their families.” He stated.
Fidelity Bank is a full-fledged customer commercial bank with over 8.3 million customers serviced across its 255 business offices in Nigeria and the United Kingdom as well as on digital banking channels.
The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
Business
Access Bank to Host Pioneering Africa Trade Conference in Cape Town
Access Bank to Host Pioneering Africa Trade Conference in Cape Town
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Access Bank PLC is set to host its first-ever Africa Trade Conference (ATC), a landmark event focused on advancing Africa’s economic transformation under the theme, ‘Empowering Africa Through Trade, Innovation, and Sustainable Growth’. Scheduled for March 12, 2025, in Cape Town, South Africa, the conference is poised to bring together the most influential voices in trade, finance, and policy to address the future of commerce across the continent.
With Africa’s trade finance gap estimated at $81 billion annually, the conference aims to tackle the systemic challenges hindering trade, particularly for SMEs and domestic firms. By fostering collaboration among key stakeholders, the Conference will explore innovative solutions, sustainable trade practices, and strategies for expanding African economies into global value chains.
Roosevelt Ogbonna, Group Managing Director/Chief Executive Officer, Access Bank PLC, emphasised the importance of the Africa Trade Conference, in addressing these pressing issues. “The Africa Trade Conference represents a crucial step in redefining Africa’s trade potential. By creating platforms for dialogue, innovation, and actionable solutions, Access Bank is enabling African businesses to connect and thrive in the global economy.”
Access Bank’s presence across 24 countries globally, including 16 in Africa, provides a unique advantage in facilitating inter- and intra-African trade. The Bank’s growing network positions it as a key player in addressing trade complexities and promoting inclusive growth across the continent.
Seyi Kumapayi, Executive Director, African Subsidiaries, Access Bank, highlighted the broader vision of the forum, saying, “The Africa Trade Conference is a platform to not only address Africa’s trade challenges, but to champion the continent’s opportunities. Through strategic partnerships, tailored financial solutions, built on the ethos of sustainability, we are paving the way for Africa’s businesses to take their place on the global stage.”
This flagship event will convene a distinguished line-up of seasoned speakers, and top executives from leading international banks, Development Finance Institutions (DFIs), and captains of industry in Africa.
The ATC will also shine a spotlight on the transformative potential of the Africa Continental Free Trade Area (AfCFTA), which aims to reduce trade barriers, enhance infrastructure, and integrate African economies into global trade networks.
Furthermore, the event will explore critical themes shaping the continent’s economic future, including the transformative role of digitisation and innovation in global trade, solutions for overcoming trade barriers to enhance market access, as well as sustainable trade practices and innovative financing models, thereby providing a comprehensive roadmap for advancing Africa’s position in global commerce. Please visit https://africatradeconference.accessbankplc.com/ for more information.
Business
Union Bank Rewards 360 Customers with N21 Million in First Save and Win Palli Promo 4 Draw
Union Bank Rewards 360 Customers with N21 Million in First Save and Win Palli Promo 4 Draw
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Union Bank, Nigeria’s leading financial institution, has kicked off its Save and Win Palli Promo 4campaign on a high note following the announcement of its first set of winners in its inaugural monthly draws.
The first live draw of this season, which took place at the Bank’s Head Office in Marina, Lagos, rewarded 60 customers with ₦100,000 each. Additionally, 300 other winners went home with ₦50,000 worth of gift vouchers during the inaugural live draw, which was conducted transparently and digitally under the supervision of relevant regulatory bodies. The winners cut across the nation.
Speaking at the first monthly draw, Gloria Omereonye, Union Bank’s Area Business Executive for Lagos Island 1, stated, “Union Bank is always dedicated to rewarding customers for their loyalty and financial discipline.
We are pleased that our promo has continued to achieve its noble goals of providing succour to our customers through our gifts and rewards, especially in these economically trying times, while facilitating a sustainable savings culture for future goals and objectives.”
Save & Win Palli Promo is a nationwide campaign designed to reward both new and existing customers with cash prizes. Season 4, which began in December 2024 and runs until May 2025, offers customers the opportunity to win ₦131 million in cash prizes, Motorcycles, Tricycles, Fuel Vouchers, and a star prize of ₦5 million, which will be handed out to three lucky winners at the grand finale.
Open to new and existing customers, the Save and Win Palli Promo requires participants to save a minimum of ₦10,000 and perform a minimum of five transactions monthly to qualify for draws. Monthly winners can receive ₦100,000, while quarterly draws will reward lucky savers with Motorcycles, Tricycles, and other exciting prizes.
Customers who save in multiples of ₦10,000 will increase their chances of winning.
New customers can join the promo by downloading the UnionMobile app to open an account or visiting any Union Bank branch.
Existing customers can reactivate accounts by calling the 24-hour Contact Centre at 07007007000 or visiting a branch.
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