Business

Stanbic IBTC Offers Pragmatic Loan Solutions To SMEs

Published

2 years ago

December 20, 2021

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Stanbic IBTC Holdings PLC, a member of Standard Bank Group, is now offering pragmatic loan solutions to Small and Medium Enterprises (SMEs) in Nigeria.

The introduction of this loan offer essentially complements the bouquet of product offerings by Stanbic IBTC, as it aims to be the leading end-to-end financial solutions provider in Nigeria.

The creation of this credit solution is geared towards encouraging SME growth in an ever-evolving economy. SMEs are the backbone of most economies, particularly in developing countries. These enterprises account for many businesses in nations as they are significant contributors to job creation and economic development.

In Nigeria, SMEs contribute over 48 per cent to the national gross domestic product (GDP) and account for about 96 per cent of businesses, which in turn creates about 84 per cent of employment in the 36 states and the Federal Capital Territory (FCT).

Despite the substantial contribution of SMEs to the Nigerian economy, challenges still abound that hinder the growth and development of the sector. These challenges include limited access to capital and financing, inadequate public infrastructure, and recently, the COVID -19 pandemic. The pandemic caused several distortions to the economic framework of the country, causing several startup businesses and SMEs to fold up.

Furthermore, the Nigerian business terrain is very challenging. According to a World Bank report, Nigeria ranked 131 out of 189 countries in the 2020 Ease of Doing Business index. In addition, access to finance is a key constraint to SME growth.

These challenges have driven Stanbic IBTC to introduce the SME short term loan facility. The SME loan is aimed at augmenting working capital to finance various business projects and bridge urgent cash flow needs.

This initiative enables SMEs to take loans with ease and convenience. It also offers benefits which include repayment flexibility and limited documentation with no collateral. The ease of accessibility to funds is worthy of mention, as this solves one of the key issues facing small and medium scale businesses in Nigeria which is access to adequate funding. The temporary overdraft provides financial credits to both new and existing customers within 24 hours, with a maximum loan repayment duration of 90 days.

The loan solution offers speedy, robust funds to prospective customers, including entrepreneurs, who are seeking urgent funds or temporary overdrafts to cater to their commercial needs.

Stanbic IBTC is positioning itself to support SMEs to enable aspiring and emerging entrepreneurs in Nigeria sustain their businesses while also facilitating the development of an enabling business environment and thriving ecosystem.

The organisation has continued to encourage economic integration by providing incentives for SMEs, which will hopefully foster a better business environment in Nigeria.

Speaking on the essence of the product to SMEs, Ayodele Ojosipe, Head, Enterprise Banking, Stanbic IBTC Bank PLC stated that the product was created for SMEs that require financial assistance for commercial transactions as well as their day-to-day business transactions. He said, “One major issue for SMEs is access to funds that aid the growth of their business and because at Stanbic IBTC, we understand how important funds are to the success of any business, we came up with this offering to ease the aftermath of the pandemic”.

With the SME temporary overdraft, SMEs will not be pressured to remit the loan immediately, as the repayment plan is flexible and is based on the cash flow of the enterprise. This creates some form of stability for the enterprises, which will, in time, bolster the financial sector and improve the Nigerian economy in general.

Another remarkable feature of the SME short term loan is its convenience. Regular loans usually require cumbersome documentation, including loan purpose papers and collateral. However, obtaining this loan requires minimal documentation; making it easy for SMEs to access funds for necessary costs and other business activities.

The SME loan solution further reaffirms Stanbic IBTC’s desire to harness the strong entrepreneurial culture of Nigerians by providing quality financial services to its customers.

This approach by Stanbic IBTC is a breath of fresh air for small and medium scale enterprises, whose business dynamics are an important driver of productivity and growth in any economic system.

Business

Access Bank Group, Aig-Imoukhuede Foundation Pledge $300m to Transform Africa’s Economic Landscape

Published

2 days ago

May 16, 2024

august24admin

“We can’t wait to be saved; Africans need to solve Africa’s problems. This $300 million commitment reflects this reality’’ – Aig-Imoukhuede

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The Aig-Imoukhuede Foundation and Access Bank Group have pledged $300 million in charitable commitments over the next 20 years. Access Bank has committed $200 million and Aig-Imoukhuede Foundation committed $100 million.

President Paul Kagame, President of the Republic of Rwanda and Aigboje Aig-Imoukhuede, Chairman, Access Holdings PLC, at the Africa CEO Forum 2024 in Kigali…Thursday.

This will fund African government initiatives with a proven potential to transform national economic performance.

Speaking about the commitment, Aigboje Aig-Imoukhuede, Chairman, Access Holdings and Co-Founder, Aig-Imoukhuede Foundation, said, “We can’t wait to be saved, Africans need to solve Africa’s problems. This $300 million commitment reflects this reality.”

President Paul Kagame, President of the Republic of Rwanda and Aigboje Aig-Imoukhuede, Chairman, Access Holdings PLC, at the Africa CEO Forum 2024 in Kigali…Thursday.

Appropriately, this announcement was made at the Africa CEO Forum 2024 in Kigali, Rwanda, where the theme of this year’s event is ‘At the table or on the menu?’. At the event, CEOs from across the continent joined to discuss how Africa can demand a seat at the global table, rather than continuing to wait to be invited.

The fund will see the creation of an African-led Super NGO in partnership with academics, experts and philanthropists across the globe who are committed to closing the gap between Africa and the rest of the world. The NGO will work with African governments to provide the funding, governance and talent required to successfully execute game changing government reform programs, especially in the delivery of digital public infrastructure.

The development comes at a time when Ajay Banga, President of the World Bank, has warned wealthy countries that it would be short-sighted to “ignore” Africa. This landmark Africa-led initiative could not have been better timed.

Aigboje Aig-Imoukhuede, Chairman, Access Holdings PLC and Co-founder, Aig-Imoukhuede Foundation and Ofovwe Aig-Imoukhuede, Co-founder, Aig-Imoukhuede Foundation, on the sidelines of the Africa CEO Forum 2024 in Kigali…Thursday.

“We African leaders cannot sit back and watch the 4th Industrial Revolution transform the rest of the world while leaving Africa falling further behind. We have to create our own ‘table’ by using technology to unlock the power of our youth, giving Africa a greater voice in the world. It’s today’s leaders who will determine whether or not we grab this opportunity,” Aigboje Aig-Imoukhuede continued.

The availability of digital public infrastructure is a proven and cost-effective way for developing nations to break free of the status quo. It provides citizens with access to the same public goods and services available to citizens of advanced nations.

The India Stack has become a shining example of what can be achieved when visionary public and private sector leaders partner for development.

The Access Bank and Aig-Imoukhuede Foundation inspired NGO will make such partnerships a reality and delivering measurable improvements to the lives of Africans across the continent.

Notes to Editor:
For media inquiries, please contact:
communication@aigafrica.org or +234 808 5716 788
mediarelations@accessbankplc.com or +234 803 320 4315

ABOUT THE AIG-IMOUKHUEDE FOUNDATION
The Aig-Imoukhuede Foundation is a public sector-focused philanthropic organisation founded by Aigboje and Ofovwe Aig-Imoukhuede to improve the lives of Africans through transformed public service delivery and increased access to quality primary healthcare. The Aig-Imoukhuede Foundation accomplishes its mission by supporting the reform initiatives of public sector entities, providing financing, technical support, and capacity-building programmes and resources for the public sector workforce. The Foundation also provides funding and strategic support to drive the work of affiliate organisations such as Africa Business Coalition for Health (ABC Health), the Private Sector Health Alliance of Nigeria (PSHAN), the Nigerian Solidarity Support Fund (NSSF) and others.

For more information, please visit www.aigimoukhuedefoundation.org.

Business

AIGBOJE AIG-IMOUKHUEDE APPOINTED PRESIDENT OF FRANCE NIGERIA BUSINESS COUNCIL

Published

4 days ago

May 14, 2024

august24admin

AIGBOJE AIG-IMOUKHUEDE APPOINTED PRESIDENT OF FRANCE NIGERIA BUSINESS COUNCIL

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

At the esteemed Choose France Summit 2024, held on Monday, May 13, 2024, Aigboje Aig-Imoukhuede, the Chairman of Access Holdings PLC, was formally appointed as the President of the France Nigeria Business Council (FNBC) by the President of the French Republic, President Emmanuel Macron.

Aigboje Aig-Imoukhuede having a handshake and a tête-à-tête with President Macron at the Council’s meeting with the President, and Gilbert Chagoury looking on.

The France Nigeria Business Council (FNBC) stands as a pivotal coalition of Nigerian private sector business leaders, committed to enhancing bilateral relations between Nigeria and France. Its core objectives revolve around the facilitation of trade, investments, infrastructural development, job creation, and cultural integration between the two nations.

Since its establishment in June 2021 under the auspices of President Emmanuel Macron, the FNBC has diligently utilised its member network to champion investments across key business sectors, fostering cultural understanding and driving economic growth between Nigeria and France. Notably, it has catalysed Nigerian businesses’ ventures into investment opportunities within France.

Comprising 13 distinguished members, the Council boasts prominent figures including Aigboje Aig-Imoukhuede (President), Abdul Samad Rabiu, Gilbert Chagoury, Mike Adenuga, Aliko Dangote, Jim Ovia, Tony Elumelu, and John Coumantaros. Additionally, Kola Karim, Leo Stan Ekeh, Daisy Danjuma, Gbenga Agboola, and Jean Haas serve as integral members, with Jean Haas holding the position of Secretary.

Aig-Imoukhuede’s appointment follows the passing of Herbert Wigwe, the Council’s former President, in February 2024.

Aigboje Aig-Imoukhuede having a handshake and a tête-à-tête with President Macron at the Council’s meeting with the President, and Gilbert Chagoury looking on.

The Choose France Summit is an annual gathering that convenes business magnates, investors, and governmental dignitaries to explore investment prospects within France. The highlight of the Summit was the Presidential Dinner, characterised by high-level engagements and mutual commitments between participating parties.

Business

ACCESS BANK (SL) LTD STRENGTHENS LEADERSHIP TEAM WITH KEY BOARD APPOINTMENTS, NAMES NEW CHAIRMAN

Published

5 days ago

May 13, 2024

august24admin

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Access Bank Sierra Leone Ltd (‘Access Bank (SL) Ltd’) has announced the appointment of new executives to its Board of Directors (‘the Board’), further strengthening its leadership team and advancing the implementation of its growth and transformation strategy.

These appointments also reflect the Bank’s commitment to fostering growth and development while maintaining the highest standards of governance and stewardship.

Joining the Board as Non-Executive Directors are Maurice Nathaniel Cole, Nsikak N. Usoro, Michala Mackay, Ibrahim Khalil Lamin, and Kolawole Augustine Ajimoko.

The appointees boast a wealth of expertise from diverse sectors, including banking, telecommunications, corporate governance, compliance, and finance. Their combined experience and vision will contribute to shaping the future trajectory of Access Bank (SL) Ltd.

Cole will serve as Chairman, following the exit of Alice Marie Onomake and will bring his experience to the fore as Access Bank (SL) Ltd works to consolidate its market position and deliver value for all its stakeholders.

“We are thrilled to welcome our new executives to Access Bank (SL) Ltd,” said Ganiyu Sanni, Country Managing Director, Access Bank Sierra Leone Ltd. “Their leadership and vision will be invaluable as we navigate through challenges and pursue sustained success. We extend our gratitude to outgoing Chairman, Alice Marie Onomake, and Non-Executive Director, Aminata B. Dumbuya, for their dedicated service and contributions to the Bank.”

Access Bank (SL) Ltd remains committed to excellence, transparency, and accountability as it embarks on this exciting new chapter. The Bank looks forward to leveraging the collective expertise of its leadership team to drive innovation, foster growth, and create lasting impact for its customers and communities.