Business
CIBN President, Olugbemi Says eNaira ‘II Deepen Financial Inclusion
CIBN President, Olugbemi Says eNaira ‘II Deepen Financial Inclusion
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
The President of the Chartered Institute of Bankers of Nigeria (CIBN), Dr. Bayo Olugbemi has commended the introduction of the country’s first digital currency, eNaira, saying it
Odugbemi
was part of measures to deepen financial inclusion and integrate millions of unbanked Nigerians into the banking system.
Dr. Olugbemi, who spoke at the 56th Annual Bankers Dinner of the institute, noted that while the modality for the operation of the Central Bank Digital Currency (CBDC) is being finetuned, the launch of the electronic currency was a step in the right direction.
He commended CBN governor, Godwin Emefiele for innovative introduction of eNaira, saying” I have no doubt in my mind that it is a welcome development and a step in the right direction.
“Equally worthy of note is the improvement, though slight, being witnessed in the exchange rate of the Naira. I wish to call for its sustenance. We are certainly working in interesting times with global growth rate at its lowest and traditional norms being challenged on a daily basis.”
Olugbemi, who was attending his last CIBN dinner as the president of the institute as he would be handing over the mantle of leadership of the institute by May 2022, noted that his tenure builds “on the solid foundation laid by our predecessors, rooted in the tradition of constantly leaning forward into the future.
He thanks members of the institute for their support in the implementation of the A-TEAM Agenda of his administration. “I want to assure you that the Institute will continue to devote its resources to the development of competencies whilst strengthening observance of ethics and professionalism in the banking industry.
He said traditionally, the Annual Bankers Dinner is the “CBN Governor’s Day” because it affords stakeholders’ the rare privilege of interacting and listening to Mr. Governor as he examines critical issues and fundamentals which has affected the banking industry within the year.
In his keynote address, the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele who was the Special Guest of Honour stated that “In less than 4 weeks since its launch, almost 600,000 downloads of the e-Naira application have taken place. “Efforts are ongoing to encourage faster adoption of the e-Naira by Nigerians who do not have smartphones.
“The support of the financial industry will be critical in the ongoing deployment of the e-Naira and efforts are ongoing to encourage continued partnership between the CBN and stakeholders in the financial industry,’’ he said.
The CBN governor noted that building a robust payment system that would provide cheap, efficient, and faster means of conducting payments for most Nigerians have always been the focus of the apex bank.
Emefiele said that total transaction volumes using digital channels more than doubled between 2018 and 2020, as volumes rose from 1.3 billion to over 3.3 billion financial transactions in 2020.
He said that Digital payment channels also helped to support continued conduct of business activities during the lockdown.
He said the banking sector robust payment system has continued to evolve towards meeting the needs of households and businesses in Nigeria, reflective of the confidence in our payment system, indicating that between 2015 and September 2021, about US$900 million has been invested in firms run by Nigerian founders.
Mr. Emefiele also stated that the policies created to ensure stability in the exchange rate saw more transactions flowing through the official Investors & Exporters FX window (I&E FX Window) which raised its average daily Fx turnover to $250 million from $40 million in April 2020.
Gov. Babajide Sanwo-Olu in his remarks stated that, bankers “must ensure that the fundamental economic indicators, both micro and macro, of our economy, are a true reflection of what the realities are in the various sectors of the economy.”
Sanwo-Olu said, “We will certainly need to review the traditional economic and monetary models in the face of changing realities and the desire to achieve maximum impact and outcome vis a vis our policy objectives.
“But even as we do this, we must never lose sight of our primary mandates as institutions and organizations. He said the funds banks deploy must create jobs, boost exports, build capacity, and guarantee prosperity for significant numbers of our population.
The Niger State governor, Abubakar Sani Bello and Chairman North Central Governors Forum using the forum to donate a facility in Minna, the state capital to the Chartered Institute of Bankers in Nigeria (CIBN) to serve as the North Central Regional Office in other to strengthen the relationship between the Banking industry in Nigeria and the North Central part of the country.
Highlights of the event was the presentation of the various awards to Next Generation Class of 2021 which recognizes a class of young bankers who are excelling and have contributed exceptionally to the industry and economy with your institution; X-factor Award which recognizes a leading female banker breaking the glass ceiling and inspiring a more gender inclusive Industry was awarded to OlaronkeKing; Affiliated of the year Award which recognizes an industry affiliate/agent whose performance has enhanced the Industry’s goal of financial inclusion was Award to Paystack Payments Limited ; Next Generation Customer Award which recognizes a business in an identified strategic sector that has been catalyzed by the industry’s support was awardes to Faith Agro and the Covid-19 Response Banker of The Year Award which recognizes employees that innovatively stepped up beyond the call of duty in the fight against Covid-19, to ensure business continuity despite the scourge of the pandemic was jointly awarded to Ameachi Okobi of Access Bank and Dr. Segun Oghuan of FBN Ltd
The Group Managing Director/CEO of Wema Bank Plc, Mr. Ademola Adebise served as the Chairman of the Organising Committee of the event.
The Annual Bankers Dinner had in physical attendance Commissioner’s of Finance and Budget and planning of various states, Chairmen of Banks, British Deputy High Commissioner to Nigeria, President, IoD; Deputy Governors of the Central Bank of Nigeria; President of Professional Bodies; Director-General, SEC and his Commissioners; MD/CEOs of banks; Past Presidents and Registrars of the Institute, Diplomats, Captains of Industries, Business leaders, and financial analysts.
Business
ACCESS HOLDINGS PLC ANNOUNCES THE APPOINTMENT OF MS. BOLAJI AGBEDE AS ACTING GROUP CHIEF EXECUTIVE OFFICER
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
The Board of Directors of Access Holdings Plc (‘the Company’) has announced the appointment of Ms. Bolaji Agbede as the Acting Group Chief Executive Officer of the Company following the unfortunate demise of its former Group Chief Executive Officer, Dr. Herbert Wigwe, on February 9, 2024.
Ms. Bolaji Agbede
The appointment is subject to the approval of the Central Bank of Nigeria.
Until her recent appointment, Ms. Agbede was the Company’s most senior founding Executive Director in charge of Business Support.
She has nearly three decades of professional experience cutting across banking and business consultancy services. Ms. Agbede commenced her professional career in 1992 at Guaranty Trust Bank and served in various capacities within the Commercial Banking and Operations functions rising to the position of Manager in 2001.
She subsequently served as the Chief Executive Officer of JKG Limited, a business consulting outfit in 2003.
Ms. Agbede joined Access Bank Plc (‘the Bank’) in 2003 as an Assistant General Manager and was responsible for managing the Bank’s portfolio of chemical trading companies.
She served as the Bank’s Head, Group Human Resources between 2010 and 2022 and was appointed the Company’s founding Executive Director, Business Support in 2022.
She has a track record in successful people integration in business combination and culture transformation.
She holds a Bachelor’s degree in Mathematics and Statistics from the University of Lagos (1990) and a Masters of Business Administration Degree from Cranfield University UK in 2002. She is a member of the Chartered Institute of Management UK and the Chartered Institute of Personnel Management of Nigeria.
Ms. Agbede has attended several renowned leadership and professional development programmes including the High-Performance Leadership Programme organised by the IMD and the Strategic Talent Management Programme organised the London Business School.
Business
AFRICA RE: REMEMBERING THE LEGACY OF A COLOSSUS – MR. BAKARY KAMARA
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Africa Re, Africa’s leading reinsurance company, recently held an Evening of Tributes, themed “The Colossus” for its immediate past Group Managing Director, Mr Bakary Kamara. The event which was held on the evening of Saturday, 10th February 2024, at The Sky Restaurant, Eko Hotel, saw friends, colleagues, family and industry leaders gathered to celebrate the life and legacy of Mr. Bakary Kamara.
Born in 1949, Mr. Kamara’s journey in the insurance sector was marked by dedication, vision, and transformative leadership. His tenure at Africa Re saw tremendous growth in premium income, profit and shareholders fund. The Evening of Tributes, organized by the African Reinsurance Corporation, is a powerful testament to the enduring impact “THE COLOSSUS” left on the African insurance landscape.
During the Evening of Tributes, a heartfelt video montage played, telling the story of Mr. Bakary Kamara’s remarkable journey, from his early career to his visionary and influential leadership at Africa Re.
Distinguished speakers, including Mr Corneille Karekezi, the Group Managing Director and Chief Executive Officer (GMD/CEO) of Africa Re, vividly portrayed his character in their heartfelt tributes. “When giants leave this world, they leave behind giants; they leave behind strong institutions, they leave behind strong families, they leave behind good culture. Africa Re is not a normal institution, it’s a very complex institution because we are not in one country. We have all the cultures of the African continent in one institution.”
The evening delved beyond professional accolades, revealing the multifaceted dimensions of Mr. Bakary Kamara. His Children, Former colleagues and mentees shared personal stories that highlighted his compassion, generosity, and unwavering commitment to empowering others.
“My Father would tell us that being educated does not mean you are better than the one who has never been to a western school. Being financially independent does not mean that you are better than one with little means. Being a Muslim does not mean you are better than a Christian or a Jew.” said Hada Kamara.
These poignant testimonials resonated with the audience, showcasing a leader who touched lives far beyond the boardroom.
In his heartfelt tribute, Mr. Ken Aghoghovbia, DMD/COO of Africa Re, spoke of the profound impact Mr. Bakary Kamara had on the institution. “Mr Kamara demonstrated the rare combination of tough love and genuine care. Recognizing the potential within each individual, he pushed us beyond our comfort zones, challenging us to dig deeper, strive harder and never settle for less. Thus, the collective goal of staff under his leadership was to be nothing but the best, and as a result Africa Re became a respectable global brand.”
The Evening of Tributes wasn’t simply retrospective; it was a call to action. Industry leaders discussed how Mr. Bakary Kamara’s vision continues to shape the future of African insurance, emphasizing specific examples of how his legacy is being carried forward. This forward-looking perspective cemented his place as a guiding light, inspiring generations of professionals to build upon his foundation.
As the evening concluded, it became clear that Mr. Bakary Kamara was beyond just a leader; he was a symbol of an unwavering commitment to a brighter future for Africa. His legacy will continue to inspire generations of insurance professionals to build upon his foundation and contribute to the continent’s economic and social development.
As we remember Mr. Bakary Kamara’s remarkable life and the profound impact he made, the African Reinsurance Corporation reaffirms its commitment to its vision – a vision of a stronger, more resilient Africa, where insurance plays a vital role in protecting and enabling progress. Mr. Kamara’s legacy serves as a beacon, guiding us as we continue to fulfil our promise.
Business
FIRSTBANK CLINCHES THE PRESTIGIOUS CORPORATE BANK AWARD AT THE 2023 EUROMONEY AWARDS FOR EXCELLENCE
FirstBank, Nigeria’s premier financial institution and financial inclusion services provider, was announced as the Best Corporate Bank at the recent prestigious Euromoney Awards for Excellence, Nigeria 2023.
The Bank clinched the coveted award based on its 130-year commitment to enabling its corporate customers achieve success through relevant and tailored financial solutions. FirstBank’s continuous investment in technology has been crucial to its leading industry role in optimally meeting the needs of its corporate customers. Recent investments in technology include the development of its smart and interactive Transaction Banking Platform known as FirstDirect2.0.
FirstDirect2.0 provides a one-stop shop online banking platform for corporates, offering best-in-class capabilities such as Payments, Collections, and Account Services, and a locally focused phased implementation of Trade and Supply Chain Finance – a first for the Bank.
The platform offers customers various solutions for corporate cash management (Payments, Collections and Liquidity Management). It will also deliver end-to-end trade solutions for corporate clients covering L/C creation, tracking, bidding and reconciliations.
The Bank’s Corporate Banking model is focused on ensuring that its clients get the same quality of service across the Bank’s geographical locations. The execution of this approach through the deployment of the Global Account Management (GAM) Framework, implemented to enhance cross-relationship management tailored to Customers with a Pan African footprint.
Dedicating the awards to its customers, Dr Adesola Adeduntan, CEO FirstBank Group said: “We are thrilled to announce that we have been recognised as the Best Corporate Bank in Nigeria at the Euromoney Awards for Excellence 2023.
“We say a heartfelt thank you to all our incredible customers for trusting us. This award is dedicated to YOU,” he concluded.
According to Euromoney, the “Awards for Excellence” – is the definitive annual awards programme of the global banking industry. The awards represent the highest distinction to the banks and bankers who matter most in an industry where differentiation is highly sought after and exceptionally difficult to demonstrate.”
“For over 30 years, Euromoney has recognised the banks and that have demonstrated their differentiation, pioneering a comprehensive awards programme that today remains the industry benchmark globally, it concluded.”
Amongst other awards, FirstBank recently added to its awards kitty, Best Corporate Bank Western Africa, 2023, by Global Banking and Finance; Best Internet Banking in Nigeria, 2023 by International Business Awards; the Most Innovative Banking Brand in Nigeria by Global Brands Awards as well as the Financial Institution of the Year 2023 by Afreximbank Pan-African Business and Development.
About FirstBank
First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for 130 years.
With over 800 business locations and over 232,000 Banking Agents spread across 99% of the 774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of retail and Corporate financial services to serve its over 42 million Customers. The Bank has an international presence with subsidiaries operating in 9 other countries. These subsidiaries are FirstBank (UK) Limited in London and Paris, FirstBank in the Democratic Republic of Congo, Guinea, Sierra Leone, The Gambia; FBNBank in Ghana and Senegal as well as a Representative Office in Beijing, China. The Bank is at the forefront of promoting digital banking in the country and has issued over 13 million cards, the first bank to achieve such a milestone.
FirstBank has continued to make significant investments in technology, innovation and transformation, and its cashless transaction drive has been steadily accentuated with over 23 million active FirstBank customers signed up on digital channels including the USSD Quick Banking service through the nationally renowned *894# Banking code.
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