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Sterling Bank Introduces Tech-based Solutions for Stakeholders in Nigeria’s Education Sector.

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Sterling Bank Transforms On The NGX, Relists As Sterling Financial Holdings

Sterling Bank Introduces Tech-based Solutions for Stakeholders in Nigeria’s Education Sector.

 

Sterling Bank has recently launched Edubanc; an innovative tech-based solution to provide banking and social services for stakeholders in the education sector. The solution aims to improve current learning outcomes and business growth for students, parents, and providers of educational services.

Mr. Damian Umeasala, General Manager of Edubanc, stated at the launch in Lagos over the weekend, “Education has always been the cornerstone of progress, development, and growth in any economy in the world today. However, financial constraints often hinder the dreams and potential of countless individuals. At Edubanc, we firmly believe everyone should have equal access to quality education, regardless of their financial status “This is why we have created a solution that aims to remove the financial barriers that prevent individuals from realizing their educational goals.”

He described Edubanc as a robust platform that provides students, parents, and educational institutions, a seamless route to secure funding, pay tuition, and access other value-added services.

According to him, products on the platform offer bespoke loan options with flexible repayment plans at competitive interest rates to ensure education remains within everyone’s reach.

“We understand the unique challenges students and families face in today’s dynamic world. This is why Edubanc goes above and beyond traditional financing models by incorporating advanced technologies in the development of products such as Edpay, School Management System, free teachers training, and online tuition collection services,” Umeasala explained.

He revealed that through these cutting-edge offerings, the platform has helped over 3,000 children remain in school, relieved the financial burden of 1,200 parents, granted free training to over 350 teachers, and introduced operational efficiency to about 1,000 schools.

He added that the offerings have also helped parents and students make informed decisions about their educational investment.

“We are committed to partnering with leading educational institutions to provide a holistic solution that addresses the financial aspects and fosters a supportive and nurturing learning environment.

Our collaboration with schools, tech educational institutions, and vocational institutes ensures that Edubanc aligns with their educational goals and values,” Umeasala said.

He said that as Edubanc embarks on a journey to empower countless individuals to pursue their dreams and unlock their true potential, they envision a future where education knows no financial boundaries and every dreamer can aspire and achieve.

Chief Yomi Otubela, National President of the National Association of Proprietors of Private Schools (NAPPS), also spoke, citing gender disparities, insufficient access to education, insecurity, and poor infrastructural facilities as some of the educational sector’s challenges.

He expressed the need to invest in the education system because “when we invest in it, we are investing in our future.”

Otubela said there is also a need to reform the educational curriculum to make it dynamic, relevant, and in line with global standards, adding that there is a need to emphasize critical thinking, problem-solving skills, creativity, as well as honesty, hard work, selflessness, and service to humanity.

Mrs. Njideka Nwabueze, Sterling Bank’s Head of Education Finance, moderated a panel discussion on “The current state of Education in Nigeria, Future prospects and what we need to do differently”. A few notable mentions were Rachel Onoja, Head of Operations at AltSchool, Francis Ogunlaja, Financial Controller at Decagon, Henry Nnalue, CEO at Allpro Technologies, and many others.

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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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