Connect with us

Business

Fidelity Bank is set to Host 2 days of family Entertainment.

Published

on

Fidelity Bank is set to host 2 days of family entertainment.

Fidelity Bank is set to host 2 days of family entertainment.

 

In the spirit of Yuletide, leading financial institution Fidelity Bank Plc has announced plans to host the maiden edition of the Fidelity Family Weekend.

This online news platform understands that the event is scheduled to take place on Saturday, December 16 and Sunday, December 17 at the Fidelity Grounds, Oniru, Victoria Island, Lagos. The event is designed to create a fun and relaxed atmosphere for children to play, parents to relax, and young adults to unwind during the festive season.

“The Yuletide season is all about coming together and spending quality time with loved ones especially as we wind down the year in anticipation of a new year. As a bank committed to providing memorable experiences for its clients, we pioneered the Fidelity Family Weekend to fete host our customers and clients to two fun filled days of family entertainment. We believe this is one more way of thanking our customers for a successful year,” noted the Divisional Head, Brand & Communications, Fidelity Bank Plc, Meksley Nwagboh, Ph.D. in a chat with journalists.

The Fidelity Family Weekend would run from 10am to 10pm daily and would feature dedicated fun activities for children including dancing competitions, bouncing castles, train rides, Santa’s Grotto, balloon games, amongst others. Similarly, the programme for the adults’ section would feature exciting activities like karaoke competitions, games arcades, couple games, musical performances and so many more fun games that are geared towards providing a memorable experience for guests.

Entry into the event is free but guests are required to pre-register at www.fidelitybank.ng/family-weekend before December 12.

Commenting further, Dr Nwagboh said, “As a bank dedicated to helping individuals grow, businesses thrive and economies to prosper, we boast of an array of products and services for our diverse client base. These include the Fidelity SWEETA account for young children below the age of 17 years, Fidelity Flex for teenagers and undergraduates; and even the Fidelity Vintage Account for senior citizens; all tailor-made to meet our customers specific needs. The Fidelity Family Weekend is therefore another demonstration of this devotion to provide platforms for our customers to fulfill their lifestyle requirements.”

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

 

The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

Business

First Bank reinforces commitment to empowering FMCG distributors

Published

on

By

First Bank reinforces commitment to empowering FMCG distributors

First Bank reinforces commitment to empowering FMCG distributors

 

FirstBank of Nigeria Plc has reaffirmed its dedication to bolstering businesses through a range of initiatives aimed at fostering a robust business environment and stimulating economic growth.

Mrs. Olaitan Martins, Group Executive of Transaction Banking, reiterated this commitment during an interactive session with Fast-Moving Consumer Goods (FMCGs) business owners held on Wednesday in Lagos.

The session was specifically designed for FMCG distributors in the Southwest region to provide insights into business development strategies and avenues for expanding their revenue streams.

Martins reiterated that the forum was a component of the bank’s continuous endeavors to actively involve and instruct its customers on business improvement, acknowledging the crucial function performed by principals and important distributors in the FMCG industry.

significance of supporting businesses

Highlighting the significance of supporting businesses that contribute to the national economy through the distribution of fast-moving commodities, Martins underscored the importance of the bank’s clientele, which comprises major distributors and principal players in Nigeria’s corporate landscape.

“The participants in today’s event represent the core distributors and principals within the FMCG sector, serving as integral components of Nigeria’s distribution network for fast-moving commodities.
This occasion serves as both a platform to acknowledge and celebrate their contributions to the nation’s economy and an opportunity to provide valuable insights into managing the intricacies of the value chain business,” stated Martins.
She further emphasized the imperative of providing support to customers navigating the inherent risks associated with business operations, reaffirming the bank’s commitment to assisting its clientele in navigating these challenges effectively.

Martins underscored First Bank’s enduring presence in Nigeria, spanning over 130 years, and its pivotal role in both the nation’s economy and the lives of its citizens.

She elucidated that the distributor’s scheme is geared towards providing financing solutions to companies, thereby contributing to the growth of the economy.

“FirstBank is steadfast in its commitment to supporting every business endeavor. We stand ready to assist, but it is imperative that we collaborate and work together to foster economic growth and national development,” she affirmed.
Engagement with distributors
Earlier, Mobolade Ojeahere, Group Head of Transaction Banking at FirstBank, highlighted the necessity for the bank’s engagement with distributors in light of exchange rate fluctuations.

He explained that the interactive session aimed not only to gather feedback but also to identify solutions and capitalize on challenges as opportunities for growth.

During the session, bank officials presented various products offered by the institution, dispelled misconceptions surrounding bank loans, and elaborated on strategies for distributors to leverage available opportunities.

Discussions also delved into market trends within sectors heavily influenced by FMCGs and emphasized the importance of digital solutions and embracing cashless transactions, especially within the FMCG sector, which boasts a substantial market share in Africa valued at 41.78 billion dollars.

The panel addressed inquiries ranging from calculations for different bank facilities to interest rates on various products, addressing concerns about overdeductions and elucidating product dynamics while providing valuable advice to attendees.

Subsequently, awards were conferred upon the top-performing distributors from the Southwest region in recognition of their outstanding contributions.

Continue Reading

Business

Stanbic IBTC Bank Nigeria PMI® – Input Costs Rise At Record Pace In February

Published

on

By

Stanbic IBTC Bank Nigeria PMI®: Input Costs Rise At Record Pace In February

Stanbic IBTC Bank Nigeria PMI®: Input Costs Rise At Record Pace In February

Price pressures intensified in the Nigerian private sector during February and were unprecedented in over a decade of data collection. Both input costs and output prices increased at the sharpest rates on record, with rising prices impacting demand.

As a result, rates of expansion in output and new orders slowed sharply over the month, while employment decreased for the first time in ten months. Meanwhile, business confidence dropped to the lowest on record. The headline figure derived from the survey is the Purchasing Managers’ IndexTM (PMI®). Readings above 50.0 signal an improvement in business conditions in the previous month, while readings below 50.0 show a deterioration.

The headline PMI dropped markedly in February to 51.0 from 54.5 in January, remaining above the 50.0 no-change mark for the third month running, but only just. The improvement in business conditions was the weakest since the recovery in the private sector began last December.

Input costs surged higher in February, often as a result of exchange rate weakness, which drove up material costs but also raised fuel prices. The latest rise in overall input costs was by far the sharpest since the survey began in January 2014, with around 78% of respondents signaling an increase over the month.

Similarly, output price inflation also hit a fresh record high in February as firms passed through rising input costs to their customers. Steep price pressures acted to limit new orders in the private sector. Although new business increased for the third successive month amid some positive signs of underlying demand, the rate of expansion slowed sharply and was the weakest in this sequence.

This was also the case with business activity, which increased only slightly. Rising activity in the agriculture and services sectors contrasted with falls in manufacturing, wholesale, and retail.

Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank, commented: “Stanbic IBTC Bank headline PMI slowed to its weakest level since Dec 23, moderating remarkably to 51.0 in Feb from 54.5 in January. Employment level dropped below the 50.0 no-change mark for the first time in 10 months, while output and the new order’s expansion both weakened significantly in the month.”

“These weaknesses were in line with the sharp local currency depreciation, increase in fuel prices, and rapidly rising food costs in February, thereby driving overall cost pressures in the month. These lingering pressures may push domestic demand low, limiting growth potential in Q1:24.”

Signs of weakness in the private sector led companies to lower their staffing levels for the first time in ten months, albeit marginally. Purchasing activity was also scaled back following a marked expansion in the previous survey period. Firms were able to keep on top of workloads, however, and reduced outstanding business for the first time in three months.

A desire to be able to respond to new orders in a timely manner meant that companies continued to increase their inventories. Meanwhile, suppliers’ delivery times shortened again.

Unprecedented inflationary pressures amid currency weakness and signs of demand softening meant that business confidence dropped to the lowest on record in February. Firms remained optimistic regarding the year-ahead outlook for activity, however, often reflecting business expansion plans and hopes for an improvement in economic conditions.

Continue Reading

Business

Sterling One Foundation Set To Host Africa Social Impact Summit 2024

Published

on

By

Sterling One Foundation Set To Host Africa Social Impact Summit 2024

Sterling One Foundation Set To Host Africa Social Impact Summit 2024

Sterling One Foundation has announced plans to host the third edition of the Africa Social Impact Summit between July 25 and 26 this year.

This was disclosed at a dinner organised to appreciate the Foundation’s corporate and development partners who have contributed to the success of previous editions of the Summit and other social impact initiatives.

The Chief Executive Officer of Sterling One Foundation, Mrs. Olapeju Ibekwe, expressed profound gratitude to the partners, stating that their multi-faceted partnership and moral support have been instrumental to the success achieved over the years.

“Last year, we planned to convene about 1,000 physical delegates at the Eko Convention Center but eventually had over 1,500 participants join us for the two-day summit. Post-event, we have also realised that over 30 percent of the social impact players that joined us got financial and non-financial support just because they were part of the summit.

This is a testament to the immense value the convening offers the ecosystem and why I would like to sincerely appreciate all these esteemed organizations dedicated to fostering sustainable change in Nigeria and across the African continent.”

Among the recognised partners were co-conveners United Nations Nigeria, Coca-Cola Company, the UN Global Compact Network Nigeria, Sterling Bank, Afreximbank, the British Council, Microsoft, the United Nations Development Programme (UNDP), and the MTN Foundation.

She also appreciated deal rooms and technical partners such as the UNIDO Investment Technology and Promotion Of­ficer (ITPO), African Venture Philanthropy Alliance, Oando Foundation, Palladium SCALE Project, Nigeria Climate Inno­vation Center, Woodhall Capital Foundation, the Impact Inves­tors Foundation, Nigeria Eco­nomic Summit Group (NESG), Lagos Business School Sustain­ability Centre, the Private Sector Health Alliance of Nigeria, TRACE, Proshare, Ventures Africa, as well as other partners and exhibitors.

Mr. Abubakar Suleiman, a member of the Foundation’s board, also remarked that one of the reasons the Sterling One Foundation exists is to address issues rooted in poor collabo­ration in Nigeria, which has birthed increased costs for the various foundations attempting to resolve the country’s and continent’s problems.

“We wanted to ensure we didn’t repeat the same mistake, so our objective was to bring people together and help them see what they might not have seen before. To that extent, I think the summit has done very well,” he said.

Continue Reading

Trending