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Depositors Complain About Heritage Bank’s Poor Service Delivery

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Depositors Complain About Heritage Bank’s Poor Service Delivery

NaijaNews reports that on account of recent alleged scandals rocking Heritage Bank, one of Nigeria’s commercial banks, to the effect that shareholders are apprehensive over customers’ inability to access their deposits, the bank, on Friday,  June 16, made clarification through a press statement.

In the statement, the bank explained that the reports in the public space are untrue.
They noted that the “articles” published in the media space, detailing the monumental scandal rocking the bank, in which staff members have been sacked and customers are unable to access their deposits, were published by using “unrelated facts and conjecture to create a fictitious narrative.”

The bank statement, made available on its Facebook wall and titled “Press Statement – Heritage Bank Plc,” and seen by OpenLife, reads in full:

It has come to our attention that articles have been published by certain media platforms, making allegations of diversion of funds. No funds were diverted by any member of staff. These allegations are wrong and defamatory. These articles have used unrelated facts and conjecture to create a fictitious narrative. Recently, Heritage Bank began implementation of its long-term sustainability plans premised on restructuring the bank, ensuring cost efficiency, management of its assets, and directing resources towards restoring the financial institution. The reduction in the workforce, who were duly compensated in line with the bank’s policy, was necessary to improve our pace on the path of growth, in line with our turnaround targets, and to be able to continue providing outstanding financial services to our customers. We remain focused and committed to collectively driving growth and delivering exceptional service to all. We will continue to work together to build a long-term sustainable future for our customers, employees, and all our stakeholders. Signed: Executive Management

In response,  some of the bank depositors and non-depositors, came out in numbers, through the same Facebook channel, to lament and narrate their sad experiences with the bank.

Some of these are reproduced below:

A social media commentator identified as Amanda Chisom said “But you never have money to pay customers? What sort of bank stays for hours without electricity in a banking hall? The one in Onitsha here, that’s how they behave always waiting for NEPA to bring light. Hardly see money in this bank.”

Donsolo Malizu said “Yesterday, I was turned back in their two branches with the reason that they have not opened yet… Heritage Bank.”
Prince Emma Emeka Ezeka disclosed that “NGN 171.84 is my current account balance in your bank. I opened an account with HB because is very close to my place of business. From ending of last year, I was unable to transfer more than 100k at once but not just only that. For two months now, my app refuses to open.”

Olanrewaju Luqman Adewumi Balogun
I can’t access my account on my phone since last month. I went to one of their branches here in Ibadan to get another debit card. They told me their machine in not working that I should visit another branch. I got to the other branch only to meet them without network. Which kind wahala be this?

Ada Ibitham
I can’t use online banking. App Hbpaddie isn’t working. I starved last weekend cos I was unable to use my debit card from Friday to Monday, USSD code isn’t working.  I will carry out a transaction but I don’t get debit alerts the way I used to before. For every 3-4 transactions, I get just 1 debit alert and it doesn’t come immediately. Sometimes, I don’t get credit alerts. For me to check my account balance, I have to transfer money from my account from another bank to my Heritage Bank since the aforementioned isn’t working. Sometimes, I don’t even see it at all. This is very annoying. I am thinking of even closing the account with all of this complaints.

Ifunanya Gift
I’ve started transferring my money out from the bank…you guys are messed up this period!

Grace Ugorji
I started to bank with heritage bank. And since then I have not had any issue until January this year 2023. Each time I withdraw any money it will read decline and yet money will be withdrawn from my account. I went to the bank and reported the issue and I was told that the money will be refunded. But until date and I even went to the bank and I was told that their server got burnt and that they are still working on it for the past two weeks that’s what they keep saying at the Ilorin, Kwara State branch, please you people should do something about Ilorin branch oooooo.

Stephen Chukwuebuka Emenike  ·
The continuous sacking of your staff won’t improve you as a bank. U guys should look for partners or more especially operate as a microfinance bank. All these fintech companies are even more stable than u guys

Senior Spirit
U people have refused to give me non indebtedness form… after being debited from Heritage Bank..is unfair
Ajibade Olalekan
My client was debited the sum of (101500) one hundred and one thousand five hundred Naira only POS. Date 15/05/2033. And the money has not been revised yet.

Oluwabusolami Odus
Pls what is happening! I can’t use online banking app hbpaddie isn’t working, ATM card isn’t dispensing ussd code isn’t working! Pls wat is going on ?
Prince Olajide Micheal Adeyemi
Heritage bank is not a bank to be used

Basheer Aliyu
I have been trying to log in the new HB padie app since last week but it keeps showing “unable to log in at this moment pls try again later”
Prince Aladesanmi Joseph
But someone can no access your mobile app since almost a month now. Your USSD is no go area. And you are doing as if you people are doing well. What is the purpose of using your Bank? There’s no any benefit for customers. Useless bank

Nweze Britney Nonye
You guys should give me my money before speaking this long grammar.
I can’t do any transactions online and I visited the bank yesterday morning to do a transaction which am yet to get till now.
Secondly, your bank mobile app lacks security. Other banks will ask for digits on your ATM or Token & send a code to your phone before you can access your app in a new phone but just put acct number & pin on Heritage app and the account pops up.
What kind of a bank is this?

Prince Jb
But I made some withdrawals and they went stressless successful. So I no understand why some people see every opportunity as a means of rubbishing others. As for Me (Joshua .C. Bassey) I have not experienced nor witnessed any hard time or toughness in making any transaction. Talking about Network problems; Even the best bank in Nigeria is going through same complain.
So, please make una take am easy. And You BANK, try too to carry your customers along as well as satisfy them as much as you can. Let there be a fair ground. I know You can be Better than some banks out there…

Ndulue Chinedu Princewill
So restructuring made you guys shut down your app hbpardi?
Customers can’t do transfers, no sms alerts, ATM   doesn’t pay and keeps declining and most times no cash over the counter? For over a month now? I have gotten another account and moving my funds small small. Keep restructuring. Be speaking big grammar until you guys loss your customers!!

Dora Ndukwu
The bank refused to give me atm card after several attempts without any headway, all they do is sending me credit alerts of consolidated interest of two naira every month end on the account that I abandoned for years now with one thousand, five hundred naira balance.

Jimmy Blings
I applied 4 an ATM card, hard 2 wait for like a month plus b4 I was called… I went thru same process three years ago, u guys should step up your game pls!!!

Sparkle Da Genuis
These people deducted N900 from my account for over a month now and still counting am yet to see my airtime or refund.
The day I’ll spark, I’ll do more than what these media articles are publishing.
I will so much rubbish the name of this bank all over the media that u guys will have to appease the gods.

Source Openlife

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First Bank Partners With Proparco On Climate Performance

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First Bank Partners With Proparco On Climate Performance

First Bank Partners With Proparco On Climate Performance

First Bank of Nigeria Limited, in partnership with Proparco, a Development Finance Institution is mainstreaming climate initiatives into its business operations and strategy.

This is aimed at achieving a holistic integration of climate action on Greenhouse Gas (GHG) emissions reduction through an articulated strategic pathway to position the Bank as an African Climate Bank.

The 130-year-old financial institution is currently implementing a mechanism to calculate its operational emissions across all its branches and offices.

This includes calculating data on electricity use, diesel use, water consumption, waste management approach, fuel consumption, business travels, etcetera to determine the Bank’s emission baseline and innovative opportunities for operational emissions reduction.

First Bank Partners With Proparco On Climate Performance
FirstBank is developing the required capabilities and competencies by investing in its employees and the right infrastructure for integrating climate action in the Bank.

In a two-day partnership strategy workshop sessions with IPC and Valoris, consultants from Austria engaged by Proparco in the climate mainstreaming project, FirstBank’s climate journey across all areas of implementation was reviewed to determine progress and empower strategic departments across the Bank’s operations, including: the Credit Risk teams; Human Capital Management & Development (HCMD); FirstAcademy, the Bank’s learning institute; Corporate Banking; Personal Banking; SME Banking; Procurement; Branch Operations and General Services teams to deepen the understanding of climate risks in their processes.

The six workstreams for the implementation include: Identification of financed and avoided emissions to support reporting; supporting the measurement and analysis of operating emissions; integration of physical climate risk assessment; opportunity analysis; climate strategy and policy development; capacity building amongst staff to support strategy implementation.

Dr Martin Steindl, Managing Director, Valoris, Austria, said, “Amongst our various engagements with financial institutions on climate mainstreaming, FirstBank is the only organization that has been able to provide data both on the assets’ location of their portfolio and head offices of their clients. I am impressed with the progress we have collectively achieved.”

Reinforcing the Bank’s commitment to mainstreaming climate initiatives, the Ag. Chief Risk Officer, FirstBank, Patrick Akhidenor said ‘’FirstBank is intentional about redefining its climate footprint. We are identifying opportunities in climate finance to improve our portfolio and reduce the carbon emissions associated with our processes and operations. The Bank is executing a financed emissions calculation mechanism as well as creating climate finance opportunities, such as renewable energy and energy efficiency products for our customers.”

Nigeria has committed to reducing its GHG emissions to 20 percent by 2030 and net zero emissions by 2060. While this is ambitious, it sets the tone for businesses in Nigeria to at least support their GHG emissions reduction strategy with national plans and target. FirstBank is committed to achieving this goal and this is evident as the bank is a signatory to the Africa Business Leaders’ Climate Statement released in 2022 at COP 27 in Sharm El Sheikh, Egypt by the Africa Business Leaders Coalition (ABLC)..

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Ecobank’s pre-tax profit grows 249% to N202 billion in Q1 2024

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Ecobank’s pre-tax profit grows 249% to N202 billion in Q1 2024

Ecobank’s pre-tax profit grows 249% to N202 billion in Q1 2024

Ecobank Transnational Incorporated (ETI) posted a pre-tax profit of N201.5 billion during the quarter ending March 31, 2024. This marks a 249% year-on-year growth from the N57.7 billion posted during the corresponding quarter in 2023.

The banking group, which is listed on both the Nigerian Exchange (NGX) and the West African Economic and Monetary Union (UEMOA) released its financial statements in Nigerian Naira (NGN) and the US Dollar (USD). In USD terms, the group’s pre-tax profit grew to $150 million in Q1 2024, marking a 20% YoY growth from the $125.1 million posted in Q1 2023.

In Q1 2024, ETI hit a whopping N904.2 billion in gross earnings, marking a 193% YoY growth from N308.1 billion gross earnings posted in Q1 2023. However, in USD terms, there was a marginal 1% YoY growth in gross earnings to $673.9 million from $668 million in Q1 2023.

Key Highlights Q1 2024 vs Q1 2023
Gross earnings: N904.2 billion, +193% YoY
Interest income: N608.3 billion, +194% YoY
Interest expense: N220 billion, +160% YoY
Net interest income: N388.4 billion, +217% YoY
Non-interest revenue: N277.1 billion, +191% YoY
Operating income: N665.4 billion, +205% YoY
Operating expenses: N358 billion, +181% YoY
Operating profit: N307.5 billion, +241% YoY
Impairment charges on financial assets: N106 billion, -226% YoY
Profit before tax: N201.5 billion, +249% YoY
Profit after tax: N140.9 billion, +249% YoY
Earnings per share: 374.740 kobo, +218% YoY
Total assets: N34.6 trillion, +33% YtD
Loans and advances to customers: N12.7 trillion, +27% YTD
Loans and advances to banks: N3.10 trillion, +45.5% YTD
Commentary
The group’s gross earnings during the quarter were majorly driven by the 194.3% YoY growth in interest income to N608.3 billion, from N207.2 billion as of Q1 2023. In USD terms, the group’s interest income hit $453.4 million during the quarter, marking a 1% growth from the $449.3 million posted in Q1 2023.

Despite growing by 33% in NGN terms during the quarter to N34.7 trillion, the group’s total assets declined by 3% to $26.5 billion from $27.2 billion at the start of the year. This massive distortion was caused by the 27% devaluation in the Naira from N952/$ as of January 1, 2024, to N1304/$ as of March 31, 2024.

Ecobank Nigeria’s Q1 2024 performance
During the quarter, Nigeria was the least contributing geographical segment of the business. Ecobank Nigeria generated a net interest income of N30.7 billion in Q1 2024, compared with N147.3 billion generated in Anglophone West Africa (Ghana, Liberia, Sierra Leone, Gambia, and Guinea). Ecobank generated N133.7 billion in net interest income from the UEMOA region, and N118 billion from the Central, Eastern, and Southern Africa (CESA) region.

Ecobank Nigeria is also the least contributor to the total assets of the group. It currently contributes a total asset of N4.8 trillion, representing 14% of the group’s total assets. In contrast, Ecobank UEMOA contributes 39% of the group’s total assets with N13.5 trillion. While Ecobank AWA contributes 19% of group’s total assets with N6.6 trillion.

The bank in Nigeria generated a pre-tax profit of N5 billion in Q1 2023, marking a 51% YoY growth from the N3.3 billion posted in Q1 2023.

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WEMA BANK 5 FOR 5 PROMO SEASON 3 GRAND FINALE SET TO HOLD IN LAGOS

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WEMA BANK 5 FOR 5 PROMO SEASON 3 GRAND FINALE SET TO HOLD IN LAGOS

WEMA BANK 5 FOR 5 PROMO SEASON 3 GRAND FINALE SET TO HOLD IN LAGOS

…N10,000,000 cash prize up for grabs in final draw of the season!

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, is set to wrap up the season 3 edition of its remarkable reward initiative, the 5 for 5 Promo, in a grand finale slated for Friday, May 31, 2024, in Lagos.

Wema Bank 5 for 5 Promo is a reward initiative introduced by the Bank in 2019 with the goal of rewarding its customers for their active loyalty to the brand and its products. Through the 5 for 5 Promo, customers of the Bank have enjoyed financial support for their personal, business and professional life. Executed via thoroughly regulated monthly draws per season, the Wema Bank 5 for 5 Promo through a raffle draw selects winners from the Bank’s pool of active and transacting customers, based on the minimum requirements and modalities of the season.

A total of 1,177 customers have received cash rewards of up to N63.3 million in the first 2 seasons of the Promo; 23 of whom emerged millionaires in season 1 and 2. The 5 for 5 Promo has since become a beacon of hope to millions of Nigerians and businesses across the country.

Season 3 of the 5 for 5 Promo kickstarted in July 2023, raising the bar impressively with a N90,000,000 cash prize that surpassed both preceding seasons, creating room for more Nigerians to become winners. With each month in the 10-month spread, the 5 for 5 Promo Season 3 train has toured different locations across Nigeria, surprising customers with cash prizes ranging from N25,000 to N1,000,000 each. The 5 for 5 Promo stands out for its inclusivity, diversity and impact, touching the lives of hundreds of Nigerians of different ages, statuses, interests and inclinations. As the final draw of the season approaches, both past and aspiring 5 for 5 Promo winners eagerly anticipate the lucky 120 winners to be made this May.

Referencing the Bank’s intention for the 5 for 5 Promo, the Head, Brands & Marketing Communications at Wema Bank, Mabel Adeteye, expressed gratitude to customers of the Bank for their continued support throughout Wema Bank’s 79-year journey.

“At Wema Bank, our world revolves around our people and customers. Their support is what has got us this far so it’s only natural that we seize every opportunity to give back to them and fulfil our goal of providing optimum value for every stakeholder. The 5 for 5 Promo was birthed from a place of gratitude and commitment to empowering our customers and with each season, we have simplified the requirements and amplified the rewards to ensure that everyone can benefit from the Promo.

Season 3 has been nothing short of remarkable and as we close out our 79th anniversary celebration with one more 5 for 5 Promo Season 3 draw, we are honoured to be the bank of choice for our diverse customer base. To the 1,000+ customers that have won over the past 9 months and the 120 that will win in the grand finale, I say a huge congratulations. Thank you for choosing Wema Bank”.

Encouraging Nigerians to take advantage of the last draw of the 5 for 5 Promo Season 3, Mabel Adeteye, elucidated the minimum requirements for qualification. “The requirements are simple, fund your account with at least N5,000 and make up to 5 transactions using the ALAT App, *945# or your ALAT/Wema Card, maintaining a N5,000 minimum average account balance. It doesn’t matter where you are, what you do or when you started banking with us, you can be a winner. NYSC members have won, business owners, undergraduate students, working class professionals, everyone from Gen Z to the baby boomers—there’s room for all in the Wema Bank family and the 5 for 5 Promo. A simple download of the ALAT App could be the first step for potential winners. I look forward to May 31st, as we put the final bow on this exceptional journey that has made the 5 for 5 Promo Season 3 a success”.

The 5 for 5 Promo has transformed the lives and experiences of thousands of Nigerians across the world, with cash prizes for transactions on both Naira and Domiciliary accounts. With a total of N80,000,000 already disbursed in the first 9 draws of Season 3, the grand finale is set to reward 120 more Nigerians with a N10,000,000 cash prize.

To qualify to win in the grand finale of the Wema Bank 5 for 5 Promo Season 3, Wema Bank account holders are to fund their Wema/ALAT accounts and make up to 5 transactions before the month ends.

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