AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Fidelity Bank Plc, a leading financial institution, has donated maternity kits to pregnant women in Aiyetoro, Yaba Local Council Development Area (LCDA) of Lagos State.

L-R: Mr. Tukwasi Onyechi, Class President, Crestcore Inductees Class, Fidelity Bank Plc; one of the beneficiaries; Dr. Oredein, Medical Officer of Health for Yaba Local Council Development Area (LCDA); and Mrs. Victoria Abuka, Team Lead, Corporate Social Responsibility, Fidelity Bank Plc; at the donation of maternity kits to pregnant women in Aiyetoro, Yaba Local Council Development Area (LCDA) of Lagos State recently.

This donation is part of the bank’s Corporate Social Responsibility (CSR) efforts under the Fidelity Helping Hands Program (FHHP).

The initiative, spearheaded by the Crestcore Inductees Class, underscores the bank’s dedication to supporting local communities. Through FHHP, Fidelity Bank Plc’s staff identify impactful projects in their communities and raise funds to support them. The bank’s management matches these contributions, amplifying their reach and impact.

The handover ceremony was held at Aiyetoro Primary Health Centre, Wright Street, Adekunle, Yaba. Dr. Meksley Nwagboh, Divisional Head of Brand & Communications at Fidelity Bank Plc, presented the maternity kits to the community.

Dr. Nwagboh highlighted the importance of the initiative, stating, “At Fidelity Bank, we recognize that ‘health is wealth,’ and without good health, it is difficult to pursue one’s dreams and aspirations. Unfortunately, financial barriers often prevent women from seeking crucial ante-natal care. This has been fingered as a leading cause of maternal mortality.

“That is why we are in the Aiyetoro Community today to provide essential maternity kits to economically disadvantaged expectant mothers. Our hope is that this donation encourages more women to attend ante-natal appointments.”

Receiving the items on behalf of the beneficiaries, the Medical Officer of Health for Yaba LCDA, Dr. S.O. Oredein, expressed gratitude on behalf of the community.

“Fidelity Bank has once again proven to be a bank that cares deeply about the well-being of the people. By providing these maternity kits, the bank is encouraging more expectant mothers to visit health centers, thus helping to reduce maternal mortality”, explained Dr. Oredein.

The donation of maternity kits in Aiyetoro LCDA, Yaba, falls under Fidelity Bank’s Health/Social Welfare CSR pillar. Other pillars in the bank’s CSR strategy include Education, Youth Empowerment, and Environmental Sustainability.

One of the beneficiaries, Sekinat Aderoju, expressed her joy, saying, “We are truly grateful for Fidelity Bank’s support. Receiving these maternity kits will ease the financial burden and help us prepare for safe deliveries.”

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer com­mercial bank with over 8.3 mil­lion customers serviced across its 251 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.

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Nigeria’s leading commercial bank and Africa’s most agile company, Sterling Bank Limited, has made history by migrating to what is believed to be the continent’s first ever indigenous core banking solution called SeaBaaS.

The implementation of SeaBaaS, developed by Peerless, marks the completion of a new banking system announced to customers in August 2024.

This strategic move positions Nigeria as a leader in digital banking, driven by local talent and cutting-edge technology.

Leveraging advanced data analytics and artificial intelligence, the system promises to enhance customer experience and operational efficiency, providing smarter, faster financial services.

Speaking on the achievement, Abubakar Suleiman, CEO of Sterling Bank, said SeaBaaS is the first fully developed core banking platform that is wholly built and owned by an African technology company.

He described the development as the start of a new revolution in Africa’s drive for economic self-sufficiency, noting that the intellectual property underpinning SeaBaas will be available to partners across the continent in the coming months.

For regulators, it ensures greater transparency, robust reporting, and compliance with evolving standards.

“Partnering with Peerless to create SeaBaaS is not just a milestone for us; it is a renewal of our resolve and ambition to remain a world-class organization. It is proof that African institutions can do great things that will make the world stand up and take notice of us,” said Suleiman.

“We are once again proving that the notion of Nigerian banking being one of the most technologically advanced is not just a myth, but a reality that is manifested in the quality of solutions we can develop, and services we can deliver to our customers.”

Suleiman explained that the transition to SeaBaaS represents many things to many people. “For the African banking industry, it is the continent’s first indigenously conceived and engineered core banking application, built and owned entirely by a Nigerian company, with every line of code, database configuration and interface proudly African, delivered by homegrown talent.

“For our customers, it offers faster transactions, enhanced security and innovative financial products tailored to their needs. For regulators, it ensures greater transparency, robust reporting and compliance with evolving standards.”

The bank’s CEO acknowledged the challenges faced during the implementation, stating that implementation issues had been resolved, with the institution’s full bouquet of digital banking services being restored in phases for customers’ use.

According to him, “This successful deployment reminds us that nothing truly valuable comes without challenges. While this transition has tested our systems and patience, it also reinforced our commitment to innovation and excellence. We enter this new phase confident that the migration will deliver unmatched efficiency and transformative customer experiences.”

He also pointed out the financial implications of the migration, noting that African banks collectively spend hundreds of millions of dollars annually on foreign core banking systems, which exacerbates the continent’s trade balance issues. The introduction of SeaBaaS not only sets a new benchmark for Nigerian financial services but also paves the way for a future where African institutions can reduce their technology costs, thereby enhancing financial inclusion, he said.

Sterling Bank’s migration to SeaBaaS adds to its history of being at the forefront of market-leading innovations. The bank pioneered Nigeria’s first contactless prepaid transport card (FarePay) and the first automated retail lending solution (Specta).

It has also partnered with state governments to deploy innovations like the first drone delivery system for pharmaceutical consumables with Zipline in Kaduna, and digitized medical records.

STAKEHOLDERS CALL FOR A RE-AWAKENING IN THE NIGERIAN NON-OIL EXPORT INDUSTRY AT THE 2024 ZENITH BANK INTERNATIONAL TRADE SEMINAR

Stakeholders unanimously called for concerted efforts towards adding value to non-oil export products by processing them into semi-finished and finished goods in order to unlock significant economic benefits for the nation.

L – R: Executive Director, Zenith Bank Plc, Mr. Adamu Lawani; Executive Director, Mr. Akin Ogunranti; Managing Director, Nigerian Export-Import Bank (NEXIM), Alhaji Abba Bello; Representative of the Governor of Lagos State, The Honourable Commissioner for Commerce, Cooperatives, Trade & Investment, Mrs. Folashade Ambrose-Medebem; Group Managing Director/Chief Executive, Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON; Secretary, National Action Committee, AfCFTA, Mr. Segun Awolowo; Executive Director, Mrs. Adobi Nwapa; Executive Director, Mr. Henry Oroh; and Executive Director, Mr. Louis Odom at the 9th Annual Edition of the Zenith Bank International Trade Seminar on Non-Oil Export held at the Civic Centre, Victoria Island, Lagos, yesterday.

This clarion call was made at the 9th Edition of the Annual Zenith Bank International Trade Seminar themed “Nigerian Non-Oil Export Industry: Awakening the Giant”, which was held on Wednesday, September 4, 2024, at the Civic Centre, Victoria Island, Lagos and virtually.

In her welcome address, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, highlighted the importance of non-oil export as a catalyst for job creation. According to her, “Our theme “Awakening the Giant,” speaks directly to the untapped potentials within the non-oil segment of the economy and how to optimize them. This involves an increase in the number and volume of exportable non-oil items and value addition to exportable items into finished products. Increasing the number and volume of exportable non-oil products implies more business for you, our esteemed exporters, and increased foreign exchange earnings for our country. In addition, this sector will drive employment generation for Nigerian youths who constitute 60% of the estimated 233 million population, and Zenith Bank is committed to being at the forefront of these efforts.”

Delivering his keynote address, the Secretary, National Action Committee, AfCFTA, Mr. Segun Awolowo, commended Zenith Bank and its leadership led by the Founder and Chairman of the Board, Jim Ovia, CFR, for its laudable initiative in organizing an annual export seminar targeted towards exploring opportunities for growth in Nigeria’s non-oil export industry and for its consistent exploits in supporting the implementation of the AfCFTA. Commenting on the theme of this year’s export seminar, he added that “In awakening the giant, we must focus on scaling production, productivity and value addition for some specific export products with high potential across three main sectors – solid minerals, agriculture and petro-chemicals. We should also aim to capture at least 5% of the global trade and export volumes for these products. Additionally, in the genie bottle is the services sector, which is not only a major contributor to Nigeria’s GDP but also a key driver of economic diversification, job creation, and innovation.”

Also in his keynote address, the Managing Director of Nigerian Export Import Bank (NEXIM), Alhaji Abba Bello, emphasized the need to amplify the export of services in order to facilitate economic growth. In his words, “A key area that needs mentioning is the need to intensify efforts to support the promotion of export of services to leverage on the sector’s economic strength in which the services sector annually contributes over 50% to the GDP. Specifically, strategic frameworks need to be developed to complement current Government’s US$620 million programme under the Digital and Creative Enterprise (IDiCE), which is designed to empower youths to create IT and skilled / technical jobs that could promote and expand export of ICT and creative industries products and services.”

In his goodwill message, the Governor of Lagos State, His Excellency Babajide Olusola Sanwo-Olu, represented by The Honourable Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, highlighted the efforts of the Lagos State Government in facilitating non-oil export for the growth of the Nigerian Economy. He said, “This seminar’s theme resonates deeply with the strategic objectives of the Lagos State Development Plan 2052. Nigeria’s creative economy is a powerful engine of growth and a key pillar of our export diversification strategy. Our focus is on value addition—transforming raw agricultural products into finished goods that command higher prices in international markets. For instance, Lagos State is rapidly becoming a hub for the processing of cocoa, cashew nuts, palm oil, and sesame seeds. These products, when processed and packaged to international standards, can significantly boost our export revenues and create thousands of jobs for our citizens. The manufacturing sector offers another promising avenue for export diversification. Our vision is to transform Lagos into a global manufacturing hub, where high-quality, made-in-Lagos products are exported to every corner of the globe.

Also in his goodwill message, the Governor of Kano State, Engr. Abba Kabir, represented by the Special Adviser, State Affairs, Usman Bala Muhammad, emphasized strategic advantages in economic diversification in non-oil exports. In his words, “Our strength begins with agriculture, which has been the cornerstone of our economy for decades. Kano’s agricultural sector has a strong base that we are leveraging for diversification. However, diversification is not just about increasing crop yields; it is about adding value. Through strategic investments in agro-processing, we are converting raw agricultural products into finished goods, creating jobs, and enhancing local consumption. By aligning our export diversification strategies with global market trends and standards, and leveraging opportunities such as the African Continental Free Trade Area (AfCFTA), we can significantly expand Nigeria’s non-oil exports to African markets and beyond.

Speaking on diversification, the Governor of Zamfara State, Dr. Dauda Lawal, represented by the Commissioner of Finance, Abdullahi Bello Auta, urged stakeholders to explore other untapped areas for export. According to him, “One major important sector which contributes to non-oil export which is not harnessed and which is giving us a lot of trouble simply because it is not organized is the mining sector. I can tell you with all sincerity and courage that once we are talking of mineral resources in Nigeria, Zamfara state is the hub. There is no single solid mineral that you can talk of that you cannot find here in abundance and in good quality.”

Zenith Bank launched the Non-Oil Export Seminar in 2015 as an initiative to deepen the discourse on promoting the non-oil export business in Nigeria, and remains committed to promoting the non-oil export sector in Nigeria by identifying emerging opportunities which help stimulate non-oil exports and develop robust financial products as well as incentives for operators in the sector.