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Access Bank Honoured By NITDA For Its Leadership In Information Technology

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Access Holdings Reiterates Commitment to Deepening Disability Inclusion, Hosts Maiden Disability Confidence Training

Access Bank Honoured By NITDA For Its Leadership In Information Technology

Africa’s largest retail bank, Access Bank Plc., has been accorded a double honour by the National Information Technology Development Agency (NITDA) for its landmark strides and contributions to the development and adoption/promotion of information technology in Nigeria.

The Bank was presented the “Award for Outstanding Contributions to the National Information Technology Development Fund (NITDEF)” and a “Certificate for Outstanding Contributions to the Development of Information Technology in Nigeria.”

For those who don’t know, Access Bank has been at the forefront of several digital/technological innovations and initiatives that have shaped the banking industry and impacted the Nigerian economy in the last two decades.

Speaking on the Award and the impact of IT in the country, the Executive Director, IT & Digitalisation, Access Bank Corporation, Lanre Bamisebi, said; “Information technology (IT) has significantly changed the dynamics of the global socio-political and economic spheres, creating opportunities for the scalability and growth of enterprises.”

“At Access Bank, we have worked to facilitate the effective utilization of digital innovation for businesses on every level of the value chain – and consequently, the development of the nation’s economy.”

“Information Technology has always propelled significant change in the Bank’s business conduct.”

“It has driven the creation of the Bank’s Digital and Information Technology Committee and has inspired the incorporation of digital innovations – such as Facepay, Access Closa and AccessMore mobile application – all solutions that have catalysed financial inclusion and reduced the margin between the banked and the unbanked across the country.”

It is worthy of note that through the establishment of the Africa Fintech Foundry, Access Bank Plc. is working to nurture the next generation of cutting-edge financial firms. The Foundry – particularly the Africa Fintech Foundry Roundtable – has, in the last four cycles, provided participants with a wealth of opportunities to network, share knowledge and pitch their ideas to industry experts and potential investors in both the financial and technology spaces.

As an organisation continuously committed to digital innovation, Access Bank has not only launched several initiatives that drive the adoption of technology within the banking industry and the country but has also contributed significantly to sustaining the efforts of the NITDA through the National Information Technology Development Fund (NITDEF).

According to the Acting Chief Information Officer at Access Bank Plc., Richard Amafonye; “Information Technology has significantly changed the dynamics of various activities conducted in our global socio-political and economic spheres.”

“Within the banking sector, the conventional modes of conducting business have all witnessed paradigm shifts. For us at Access Bank, these shifts have heralded a new dawn in global and local banking possibilities – a change we are committed to sustaining.”

Besides, Access Bank has over the years, led technological and digital innovations while seamlessly incorporating the fluidity of technological advancements to improve customer service and guarantee top-notch financial services – providing digital-centred strategies/blueprints that have impacted financial and non-financial business across Nigeria.

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ZENITH BANK SIGNS MOU WITH CFA INSTITUTE TO BOOST FINANCIAL EXPERTISE

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ZENITH BANK SIGNS MOU WITH CFA INSTITUTE TO BOOST FINANCIAL EXPERTISE

ZENITH BANK SIGNS MOU WITH CFA INSTITUTE TO BOOST FINANCIAL EXPERTISE

Zenith Bank Plc has signed a Memorandum of Understanding (MoU) with the Chartered Financial Analyst (CFA) Institute to promote efforts and activities that support the formation, training, and updating of human capital in finance and investment for the overall development of the Nigerian financial services sector. The MoU, was signed by the Group Managing Director/CEO of Zenith Bank Plc, Dr. Ebenezer Onyeagwu; the President/CEO of the CFA Institute, Margaret Franklin; and the President of CFA Society Nigeria, Ibukun Oyedeji on Tuesday, November 28, 2023.
Speaking at the MoU signing ceremony, the Group Managing Director/CEO of Zenith Bank Plc, Dr. Ebenezer Onyeagwu commended the CFA Institute and the CFA Society, Nigeria for their laudable programmes in developing finance and investment professionals in Nigeria. According to him, your Women in Investment Management Initiative, CFA Institute Research Challenge, CFA Society Nigeria Ethics Challenge and University Affiliation Program are very laudable, and Zenith Bank will continue to partner with the CFA Institute and the CFA Society Nigeria to ensure that young finance and investment professionals get the needed support for their career development. In his words, “As a good corporate citizen, Zenith Bank remains committed to furthering the economic, cultural and social development of the society. As such, we continue to support projects and initiatives that have long-term social and economic benefits for our various publics and stakeholders. Partnering with the CFA Institute and the CFA Society Nigeria is therefore a demonstration of our commitment to building professional excellence in the finance services industry in Nigeria”.
At the CFA Institute Africa Investment Conference, during the ‘Journey to the Top: A Discourse with CEOs’ segment, Dr. Onyeagwu inspired future finance and investment professionals to uphold the highest standards of integrity. He stressed the importance of making difficult yet high-quality decisions, building robust networks, and dedicating themselves to hard work for career success. In his words, “as upcoming professionals, the opportunities are immense for you. Africa doesn’t get bigger than Nigeria. There is scarcity of the right kind of people that have the talent, that have the character and the leadership to provide leadership in organizations. Make a decision to be one of those, make a decision to be different. You must be driven by your passion; you must delay gratification. In Zenith what is driving us is the strive for excellence. It is not about who you are and where you come from. We have the best class of talents you can think of anywhere in the world.” He assured the young finance and investment professionals that Zenith Bank will offer immediate employment opportunity to CFA Charter Holders and those who qualify as Chartered Accountants.
Also speaking on the MoU, the President/CEO, CFA Institute, Margaret Franklin reiterated the Institute’s commitment to the professional development of students and upcoming professionals. In her words, “there are many things that we do for students, we invest heavily in students and why is that? Because they are our future. The mission of the CFA Institute is to lead the investment industry with the highest standards of ethics, education and professional excellence for the ultimate benefit of society and that starts with our CFA programme”. She commended Zenith Bank for its continued support to the CFA Society Nigeria and sponsorship of the CFA Institute Research Challenge over the years. She also commended the bank for being one of the top employers of CFA members in the country. She expressed her admiration of the culture of excellence in Zenith Bank. Also speaking at the MoU signing ceremony, the President of CFA Society Nigeria, Ibukun Oyedeji commended Zenith Bank for its partnership with CFA Society Nigeria and its commitment to the development of young finance professionals in the country.
The the CFA Institute Africa Investment Conference is being hosted by the CFA Institute and CFA Societies from Ghana, East Africa, South Africa and Mauritius. The conference has representatives from over 20 universities in Nigeria (members of their investment clubs being supported by CFA Society).

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Fidelity Bank Plc Signs the UN Principles for Responsible Banking

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Fidelity Bank Plc Signs the UN Principles for Responsible Banking

Fidelity Bank Plc Signs the UN Principles for Responsible Banking

 

30 Nov. 2023, Lagos, Nigeria – Fidelity Bank Plc has become an official signatory of the UN Principles for Responsible Banking (PRB) – a single framework for a sustainable banking industry developed through a collaboration between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI).

 

The Principles are the leading framework for ensuring that banks’ strategy and practice align with the vision society has set out for its future in the UN Sustainable Development Goals and the Paris Climate Agreement. Banks who have signed the Principles commit to be ambitious in their sustainability strategies, working to mainstream and embed sustainability into the heart of their business, while allowing them to remain at the cutting-edge of sustainable finance.

 

Under the Principles, signatory banks identify and measure the environmental and social impact resulting from their business activities, set and implement targets where they have the most significant impact, and regularly report publicly on their progress. The Principles provide a framework for banks to systematically understand the risks and seize the opportunities arising from the transition to more sustainable economies.

 

“As long-time signatories to UNEPFI, signing onto the PRB is the next step to show our commitment to sustainability. Sustainability is central to our corporate strategy as a bank and joining the Principles further affirms our determination to increasing our positive impacts in all aspects of sustainability. The PRB aligns with our sustainability principles and the bank is delighted to join the global community of signatories championing sustainable development around the world”, commented Dr Nneka Onyeali-Ikpe,OON, Managing Director/Chief Executive Officer, Fidelity Bank Plc.

 

Signatories to the Principles take on a leadership role, demonstrating how banking products, services and relationships can support and accelerate the changes necessary to achieve shared prosperity for both current and future generations, building a positive future for both people and planet. These banks also join the world’s largest global banking community focused on sustainable finance, sharing best-practice, and working together on practical guidance and pioneering tools of benefit to the entire industry.

 

This is a journey of unprecedented scale and scope at a time when such ambition is urgently needed to address the major planetary crises of climate change, nature loss, pollution and social issues. Together, these collective efforts will ensure that profitability goes hand in hand with a sense of purpose.

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FCMB’s profits surged by 108% in the first nine months of 2023.

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FCMB's profits surged by 108% in the first nine months of 2023.

FCMB’s profits surged by 108% in the first nine months of 2023.

 

 

 

FCMB Group Plc posted a pre-tax profit of N55.1 billion in the nine months ending September 2023, marking a year-on-year growth of 108% from the corresponding period in 2022.

 

 

 

During Q3 2023, the group achieved a pre-tax profit of N16.9 billion, representing 52.7% year-on-year growth from the same quarter in 2022.

 

 

 

In the nine months, the group achieved a profit after tax of N49.15 billion, representing a YoY growth of 114.4% from the corresponding period in 2022.

 

 

 

Key Highlights: Q3 2023 vs. Q3 2022

Net interest income: N48.16 billion, +46.42% YoY
Net fee and commission income: N9.26 billion, -8.94% YoY.
Net trading income: N1.12 billion, -54.05% YoY.
Net impairment losses on financial instruments: N9.91 billion, +23.72% YoY
Personnel expenses: N12.85 billion, +52.56% YoY
General and administrative expenses: N16.11 billion, +33.23% YoY
Profit before taxation: N16.91 billion, +52.68% YoY
Profit for the period: N13.74 billion, +48.44% YoY.
Total assets: N3.88 trillion, +30.03% YTD
Return on Equity: 15.13% (Q3 2023)
Insights

 

 

 

FCMB Group’s financial performance in the nine months of 2023 is reflective of the remarkable performances Nigerian banks have put up within the same period. However, the group’s return on equity of 15.1% ranks it low among the banks.

 

 

 

Year-on-year, the group’s loan position increased by 34.3% to N1.19 trillion within the nine months, while its customer deposits grew by 39.1% year-on-year to N2.53 trillion within the same period.

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