Category: Banking Sector

  • Central Bank of Nigeria Approves Merger Between Providus Bank, Unity Bank

    Central Bank of Nigeria Approves Merger Between Providus Bank, Unity Bank

    The Central Bank of Nigeria (CBN) has given its approval for the merger between Providus Bank Limited and Unity Bank Plc, marking a significant milestone for both financial institutions. This strategic union aims to leverage the strengths of both banks, creating a leading entity in the industry with extensive capabilities in retail, corporate, commercial, and digital banking.

    Unity Bank Plc, with a rich legacy spanning over 18 years, boasts a robust retail banking network of more than 220 branches nationwide. The bank’s strategic focus on the agricultural sector and commitment to exceptional customer service has earned it the trust and loyalty of millions of customers.

    Providus Bank Limited, known for its innovative approach to banking, has a strong digital presence and a reputation for delivering cutting-edge financial solutions. As a fast-growing new-generation bank, ProvidusBank has consistently pushed technological boundaries to meet the evolving needs of modern consumers.

    The merger is driven by a shared vision to provide an unparalleled banking experience. Combining Unity Bank’s extensive branch network and customer relationships with Providus Bank’s digital expertise and innovative spirit, the new entity aims to offer a seamless blend of traditional and modern banking services.

    Customers will benefit from an expanded range of products and services, greater convenience, and improved access to banking solutions across various channels. The integration of digital platforms will enhance security, speed up transactions, and provide a more personalized banking experience.

    The management of both banks has expressed their commitment to maintaining high standards of corporate governance, financial stability, and customer satisfaction throughout the merger process. A united team of professionals will ensure a smooth transition and continue the tradition of excellence in all operations.

    This merger signifies the beginning of a promising new chapter, with the combined strength of both entities poised to drive innovation, growth, and prosperity for customers, employees, and stakeholders. The banks extend their gratitude to the CBN for its approval and to their customers, employees, and partners for their unwavering support.

    Together, Providus Bank and Unity Bank are set to achieve greater heights and redefine the future of banking in Nigeria.

  • Unity Bank Rewards Customers With Over N4 Million In Cashtoken Promo

    Unity Bank Rewards Customers With Over N4 Million In Cashtoken Promo

    Unity Bank customers have collectively won over N4 million in cash rewards through the bank’s ongoing loyalty program, recently launched in partnership with Cashtoken, a Cash Reward-as-a-Service company.

    The winners, including more than 40 customers, were rewarded for using the bank’s digital banking platforms such as the UniFi mobile banking application, the *7799# USSD platform, and for making transactions with their Unity Bank Verve Card on e-payment terminals across Nigeria.

    The Unity Bank Cashtoken Partnership began as a loyalty and reward scheme to promote the benefits of e-banking platforms. Customers earn cash tokens through transactions, which are then redeemed for entries into the monthly Cashtoken Rewards draw. Winners from these draws claim cash prizes.

    The retail lender announced the ongoing Cashtoken Rewards loyalty program in December 2023, in collaboration with Cashtoken Rewards Africa, aiming to empower customers and enhance satisfaction. This partnership also facilitates the migration of both new and existing customers to a platform that consistently offers exciting rewards and recognition for their loyalty.

    Eghomware Iyamu, Unity Bank’s Head of E-Business, commented on the success of the program: “We are excited to see our customers win over N4 million in cash rewards through our partnership with Cashtoken. This initiative demonstrates our commitment to recognizing and rewarding the loyalty of our customers.

    “By leveraging our digital banking platforms, including the Unifi mobile banking application and the *7799# USSD platform, we are not only enhancing customer experience but also providing life-changing opportunities. The Cashtoken Rewards program is a testament to our dedication to improving customer satisfaction and creating meaningful rewards along our customer lifecycle journey. We look forward to seeing more of our customers benefit from this exciting program as we continue to innovate and deliver exceptional value to them.”

    Unity Bank offers a robust suite of electronic banking products, including mobile and digital banking channels, ATM, PoS, and other digital payment channels that support retail product transactions nationwide. New customers are encouraged to open a Unity Bank account and start using the digital platforms to earn cash token rewards and cash prizes. Existing customers are also encouraged to onboard and transact to win even more rewards and cash prizes.

  • Unity Bank Empowers 400 Graduates With Over N100 Million Investment In Corpreneurship Challenge

    Unity Bank Empowers 400 Graduates With Over N100 Million Investment In Corpreneurship Challenge

    Unity Bank has empowered over 400 fresh graduates through its Corpreneurship Challenge initiative, reflecting its commitment to driving economic growth by supporting emerging Nigerian entrepreneurs. Over the past five years, the Bank has invested more than N100 million in this program.

    Launched in 2019 with pilot programs in Lagos, Edo, Ogun, and Abuja, the Corpreneurship Challenge expanded to 10 states in 2020. This initiative, promoted in partnership with the NYSC Skills Acquisition and Entrepreneurship Development (SAED), features a business pitch competition where participants—mostly fresh graduates in their NYSC year—present their business plans for a chance to win grants.

    The Bank recently increased the prize money to N16 million per stream, allowing participants to win N800,000, N500,000, and N300,000 for the 1st, 2nd, and 3rd positions respectively. This is an increase from the previous prizes of N500,000, N300,000, and N200,000.

    Reflecting on the initiative’s impact, Mr. Olufunwa Akinmade, the Divisional Head of Digital Banking and Fintech Partnerships at Unity Bank, stated: “The Corpreneurship Challenge has proved to be a viable enterprise development and empowerment initiative due to its high level of success in supporting budding entrepreneurs. The size of the problem it aims to solve for the Nigerian economy is significant.”

    Mr. Akinmade expressed satisfaction with the program’s success and affirmed the Bank’s commitment to sustaining it to further boost job creation, with young entrepreneurs leading the charge.

    Mrs. Adenike Ambimbola, the Divisional Head of Retail and SME Banking, added: “We have seen the positive impact of the Corpreneurship Challenge over the past five years due to its innovative approach to youth empowerment and job creation. The program supports budding entrepreneurs with mentorship, skills development, and financial backing.”

    Since its inception, the Corpreneurship Challenge has reached across Nigeria, making stops in 10 states per stream to turn the dreams of fresh graduates and aspiring entrepreneurs into reality. The latest edition was held in Taraba, Kogi, FCT, Lagos, Yobe, Ogun, Ebonyi, Enugu, Adamawa, and Imo States, with three winners emerging from each state, making up 30 winners for the edition.

  • GMW: Unity Bank Marks Global Money Week, Engages Students on Financial Literacy

    GMW: Unity Bank Marks Global Money Week, Engages Students on Financial Literacy

    Unity Bank Plc has demonstrated its commitment to financial literacy by engaging students from across Nigeria in financial education activities as part of the 2024 Global Money Week celebrations.

    In a bid to promote financial inclusion, Unity Bank facilitated financial literacy training sessions in 15 schools spanning all geopolitical zones of the country. The initiative aligns with the goals of the Central Bank of Nigeria and the Bankers Committee to enhance financial literacy among young Nigerians.

    Mrs. Ahunanya and a student interacts during the training

    As part of the program, Unity Bank’s Managing Director/Chief Executive Officer, Mrs. Tomi Somefun, took part in the financial literacy training at NYSC Demonstration Secondary School in Calabar, Cross River State. Mrs. Somefun, represented by Unity Bank’s Chief Compliance Officer, Mrs. Patricia Ahunanya, shared valuable insights with students on wealth creation, savings habits, investment strategies, and effective money management.

    The session aimed to instill financial discipline and management skills in the students, empowering them to achieve financial independence and security while fostering a culture of savings and investment. Mrs. Somefun also recognized outstanding students and presented them with awards in acknowledgment of their achievements.

    A cross-section of the outstanding students with Mrs. Ahunanya (Middle) after the training.

    Global Money Week is an annual campaign dedicated to promoting financial literacy among young people worldwide. It seeks to equip them with the knowledge, skills, attitudes, and behaviors necessary for making informed financial decisions and achieving financial well-being. Over 40,000 organizations participate in the campaign annually, collectively impacting over 60 million children globally.

    In Nigeria, the Central Bank of Nigeria (CBN) and the Bankers Committee, in collaboration with Junior Achievement Nigeria, coordinate Global Money Week activities. Financial institutions across the country join hands to deliver financial education programs aimed at empowering young Nigerians with essential financial knowledge and skills.

    Some members of Unity Bank staff pose for a shot with some of the students and staff of NYSC Demonstration Secondary School, Calabar after the financial literary day training.

  • Navy Extends Operation Delta Sanity Amidst Continued Success Against Oil Theft

    Navy Extends Operation Delta Sanity Amidst Continued Success Against Oil Theft

    Vice Admiral Emmanuel Ikechukwu Ogalla, the Chief of Naval Staff, announced the extension of Operation DELTA SANITY for an additional 90 days. The announcement was made at the Nigerian Navy Ship PATHFINDER in Port Harcourt.

    Operation DELTA SANITY, initially launched on 6 January 2024, is a robust anti-crude oil theft initiative aligned with the directive from the President and Commander-in-Chief, His Excellency Bola Ahmed Tinubu, to eradicate crude oil theft and enhance Nigeria’s oil production for economic improvement. The operation involves aggressive surveillance and interdiction missions across the Niger Delta, utilizing Navy personnel, platforms, helicopters, and Unmanned Aerial Vehicles.

    The Vice Admiral highlighted the operation’s significant impact on curbing maritime criminal activities and oil theft. The Nigerian Navy has conducted both kinetic and non-kinetic operations, leading to substantial results across multiple states including Bayelsa, Ondo, Rivers, and Akwa Ibom. The efforts have drastically limited the operations of oil thieves and vandals, contributing to the recovery of large quantities of stolen crude oil and refined products.

    Statistics from the operation demonstrate its effectiveness:
    – Recovery of massive quantities of stolen crude oil and refined products
    – Seizure of 95 wooden boats and 13 fiber boats
    – Deactivation of 119 storage tanks and refining ovens
    – Deactivation of 447 dugout pits and 120 illegal refining sites
    – Seizure of 9 vehicles
    – Arrest of 74 suspects
    – Seizure of 14 vessels

    Vice Admiral Ogalla expressed gratitude to President Bola Ahmed Tinubu for his steadfast support of the Armed Forces and the Nigerian Navy. He also commended the valor and dedication of all officers and men involved in Operation DELTA SANITY, who sacrifice daily to uphold the operation’s mandate.

    The extension of Operation DELTA SANITY underscores the Nigerian Navy’s commitment to maintaining maritime security and bolstering the national economy through sustained efforts against crude oil theft.

  • Nestle Facing An Angry Backlash Over Sugar Content In Baby Products

    Nestle Facing An Angry Backlash Over Sugar Content In Baby Products

    Nestle, the renowned global food corporation, finds itself under scrutiny following revelations of high sugar levels in its baby food products across developing nations, notably Nigeria. An investigation conducted by Swiss organization Public Eye and the International Baby Food Action Network (IBFAN) has sparked concerns among parents and health professionals alike.

    The study uncovered traces of added sugar, including sucrose and honey, in Nestle’s Cerelac cereal for children aged six months to two years, as well as Nido, a follow-up milk formula for infants over one year old, sold in countries like Nigeria.

    Comparisons revealed stark differences in sugar content between different regions. Cerelac products in India contain almost 3 grams of sugar per serving, while those in developed countries like Germany and the UK contain no added sugar. In countries such as Ethiopia and Thailand, sugar content per serving peaks at nearly 6 grams.

    Critics have raised alarm bells, citing concerns over the potential health implications, particularly in a region already grappling with rising rates of obesity-related diseases. Akinbode Oluwafemi, Executive Director of Corporate Accountability and Public Participation Africa (CAPPA), emphasized the need for government intervention to address unhealthy dietary trends, including sugar-sweetened beverages.

    “In a country where over 80% of health expenditure is out-of-pocket, the government must prioritize legislation that curtails unhealthy food environments and promotes a culture of healthy consumption,” Oluwafemi stated.

    However, Nestle Nigeria’s Head of Corporate Communications, Victoria Uwadoka, responded to inquiries, asserting the company’s commitment to global nutrition, health, and wellness standards. Uwadoka clarified that Nestle does not add sugars to infant formula for children aged 0-12 months, including in Nigeria. She emphasized adherence to both international and local guidelines, stating that Nestle’s Growing Up Milk in Nigeria contains no added sugars.

    The controversy underscores the importance of transparency and consumer awareness in ensuring the nutritional integrity of baby products and promoting the health and well-being of infants and young children.

  • Fidelity Bank Celebrates Air Peace’s Milestones

    Fidelity Bank Celebrates Air Peace’s Milestones

    …London Service: You Can Fly From Any Domestic Route- Onyema

    Fidelity Bank Plc last weekend celebrated Air Peace for its milestone of commencing scheduled flight operations into London, United Kingdom.

    The special event, organised by the bank at Civic Center on Sunday, April 21, 2024, was graced by stakeholders in aviation, media personalities and well-wishers of both brands.

    Onyeali-Ikpe Commends Air Peace
    In her remarks, the Managing Director, Fidelity Bank, Dr Nneka Onyeali-Ikpe, commended Air Peace’s giant strides and financial discipline which it has upheld since inception.

    She added: “Air Peace has been very loyal to us. We are grateful to have them as our client and we are celebrating their milestone of launching direct flight service to London and other milestones they will achieve”.

    The Chairman, Air Peace, Dr Allen Onyema, who noted that it was not rosy for the airline to attain its current status, expressed gratitude to the flying public, the various aviation stakeholders, the media and the government for the continued support since it launched in 2014.

    He emphatically acknowledged the pivotal role played by former DG, Nigerian Civil Aviation Authority, Engineer Ben Adeyileka, in helping the airline secure its Airline Operator Certificate, AOC.

    Onyema Appreciates Fidelity Bank
    The Air Peace boss thanked Fidelity Bank for the consistent support and stressed that the bank had contributed to the success story of the airline.

    “I call it our journey with Fidelity Bank. I did not envisage this day would come when an indigenous institution would be celebrating another indigenous institution. Fidelity supports real business. They keep removing people from the streets of poverty. Let other banks emulate Fidelity”, he added.

    Air Peace, Job Creation & CSR
    The aviation maestro emphasised that Air Peace was set up primarily to create employment, not to profiteer. According to him, the motivation behind the business was to empower Nigerians economically.

    “Air Peace was not borne out of the intent to profiteer but to create jobs. Air Peace was not established because I wanted more money but because of the conviction that running an airline would create massive job opportunities. That was why we went into aviation”, he remarked.

    Highlighting how the airline nevers fails to engage in humanitarian interventions for Nigerians, especially the numerous evacuation flights at critical times, the aviation leader asserted that Air Peace truly cares about the Nigerian project and supporting the airline means supporting the growth of the Nigerian economy.

    London Service: We Need Your Support- Onyema
    Onyema said the airline needs the support of Nigerians to sustain the newly launched London service.

    “For every penny you pay to Air Peace, you pay to sustain the jobs of thousands of Nigerians and support economic growth.

    “Air Peace flies you from any of our domestic routes to London. So, you can fly from Yola to London via Lagos. From the local airport, you are taken to the international airport free of charge with a seamless luggage transfer”, Onyema affirmed.

    Pledging that the airline will continue to fully adhere to the standard of safety, he lauded the Management and staff of Air Peace for the efforts in realising the London dream.

    Shun Ethnic Nationalism
    “Let’s shun ethnic nationalism and spread love and broad nationalism. Air Peace is not an Igbo airline. It is a Nigerian airline that belongs to two hundred million people”, Onyema stated.

  • Access Bank Launches Revolutionary Offline Banking Platform, 901 Connect

    Access Bank Launches Revolutionary Offline Banking Platform, 901 Connect

    Access Bank Plc, a pioneering institution in Nigeria’s financial sector, has introduced its groundbreaking offline banking platform, www.901.ng, to offer customers an additional digital channel for managing and conducting daily transactions seamlessly.

    This innovative solution aims to redefine convenience and security in banking, ensuring uninterrupted access to financial services even in the absence of internet connectivity.

    During a media round table chat at the bank’s headquarters, Victor Etuokwu, Deputy Managing Director of Access Bank, highlighted the significance of the platform. “In today’s fast-paced digital age, connectivity is often taken for granted. However, millions of individuals worldwide still face challenges accessing online banking services due to various reasons such as poor internet infrastructure, remote locations, or security concerns. Recognizing this gap, Access Bank has developed this solution to empower our customers to bank securely, anytime, anywhere, irrespective of internet availability,” he stated.

    Njideka Esomeju, Group Head of Consumer Banking at Access Bank, emphasized that the platform reaffirms the bank’s core value of innovation and sets a new standard for accessibility and security in the banking industry. “As part of its ongoing commitment to excellence, Access Bank will continue to evolve its offerings to meet the evolving needs of its diverse customer base,” she added.

    The offline banking platform, www.901.ng, boasts several key features, including a simple way to send money, buy airtime, and pay bills without incurring extra fees or hidden charges. Notably, it requires no internet subscription or session fees, ensuring accessibility for all customers.

    Oluremi Gabriel, Head of Digital Channels at Access Bank, highlighted the uniqueness of the platform: “What we have today is a first-of-its-kind, and what it does is allow customers to do their basic banking with or without data. This innovation is driven by data as we know what customers want to do, and we have made it very easy and available to our customers, especially when they run out of data.”

    Access Bank remains committed to providing innovative and customer-centric financial solutions, focusing on digital transformation and community engagement to redefine the banking experience for its customers.

  • Unity Bank Join ANWBN To Empower 5,000 Women Through Yanga Product On IWD 2024

    Unity Bank Join ANWBN To Empower 5,000 Women Through Yanga Product On IWD 2024

    In a collaborative effort to commemorate the 2024 International Women’s Day, Unity Bank Plc and the Association of Nigerian Women Business Network (ANWBN) have joined forces to empower over 5,000 women across Nigeria through the Yanga Account.

    Members of the ANWBN during the IWD event held in Abuja recently

    The partnership was unveiled at a forum held in Abuja, where Unity Bank introduced the Yanga account to various women’s groups, offering enhanced product packages tailored to women entrepreneurs. These packages include capacity building, MSME financing schemes, affordable health insurance, and cash management solutions.

    Under the theme “Building Sustainable Entrepreneurial and Financial Skills for Women in Challenging Times,” Mrs. Adenike Abimbola, Divisional Head of Retail & SME Banking at Unity Bank Plc, highlighted that over 5,000 women have already benefited from the bank’s collaboration with ANWBN through the Yanga savings account offering.

    From Left: Divisional Head, Retail & SME Banking, Unity Bank Plc, Mrs. Adenike Abimbola; National Co-Ordinator, ANBWN, Angela Ajala; and Head, Retail & SME Banking, Dr. Opeyemi Ojesina at the IWD event held recently in Abuja.

    Launched in 2021, the Yanga Savings Account aims to empower Nigerian women entrepreneurs by promoting their businesses, enhancing their skill sets, and granting them access to micro-loans and health insurance.

    Adenike emphasized, “The partnership with ANWBN has successfully empowered Nigerian women with skills and credit facilities, including single-digit interest-free loans, thus expanding the MSME circle in Nigeria.”

    Some members of the Unity Bank Plc during the event.

    Angela Ajala, National Coordinator of ANWBN, expressed appreciation for Unity Bank’s support, noting that the Yanga offering aligns with the association’s mission to equip women with the necessary tools, resources, and knowledge to thrive as entrepreneurs and financial leaders.

    This initiative follows Unity Bank’s recent collaboration with SkillPaddy to empower over 1,000 female beneficiaries through Software Engineering Training, further underscoring the bank’s commitment to promoting gender equality and supporting women’s economic empowerment on International Women’s Day 2024.

    From Left: Retail & SME Banking, Dr. Opeyemi Ojesina; Divisional Head, Retail & SME Banking, Unity Bank Plc, Mrs. Adenike Abimbola; and National Co-Ordinator, ANBWN, Angela Ajala, at the IWD event held recently in Abuja.

  • Unity Bank Customer Strikes N1m Jackpot In CashToken Rewards Promo

    Unity Bank Customer Strikes N1m Jackpot In CashToken Rewards Promo

    From Left: Eghomwanre Iyamu, Head, e-Business; Aisha Lawan Gana, Regional Manager, Kano North; Mahmoud Ibrahim, Regional Manager, Kano South; Prize Winner, Musa Dayyabu; Patricia Irhegbe, e-Business Sales, North West; and Aminu Moyi, Zonal Head, North West 1 during the official cheque presentation to the winner in Kano recently.

    In a stroke of luck, Mr. Musa Dayyabu, a dedicated Unity Bank customer from Bello Road Branch, Kano, has clinched a One Million Naira cash prize in the ongoing CashToken Rewards Promo, a collaborative initiative between Unity Bank Plc and CashToken Rewards Africa.
    The winner, Mr. Musa Dayyabu poses with his cheque after presentation.

    Mr. Dayyabu secured his windfall after activating his Unity Bank Verve card and engaging in transactions that earned him CashTokens, qualifying him for the weekly national consumer draw. His moment arrived during the draw, making him the fortunate recipient of the One Million Naira cash reward.
    From Left: Eghomwanre Iyamu, Head, e-Business; Aisha Lawan Gana, Prize Winner, Musa Dayyabu; and Aminu Moyi, Zonal Head, North West 1 during the official cheque presentation to the winner in Kano recently.

    Launched in November 2023, the Unity Bank and CashToken Rewards promo is a cash reward program designed to appreciate and reward loyal customers for using the bank’s electronic payment platforms, including the Unifi mobile banking application and the *7799# USSD platform. The promo, set to run until the end of February, welcomes participation from all Unity Bank customers.

    During the campaign period, every card transaction accumulates CashTokens, offering customers the chance to enter the weekly national consumer draw, where prizes range from N5,000 to an enticing N100 million.

    The winner, Mr. Musa Dayyabu poses with his cheque after presentation.

    Unity Bank’s Head of E-Business, Eghomware Iyamu, presented the One Million Naira cheque to Mr. Dayyabu in Kano on Tuesday. Iyamu congratulated the winner and reaffirmed the bank’s commitment to fostering a sustainable loyalty platform for customer engagement and satisfaction.

    Iyamu stated, “The collaboration between Unity Bank and CashToken Rewards Africa will continue to create an unmatched customer experience. By tapping into CashToken Reward’s exceptional reward platform, Unity Bank customers can continue to anticipate generous cash rewards, transforming every interaction with the bank into a truly rewarding experience.”

    From Left: Eghomwanre Iyamu, Head, e-Business; Aisha Lawan Gana, Regional Manager, Kano North; Mahmoud Ibrahim, Regional Manager, Kano South; Prize Winner, Musa Dayyabu; Patricia Irhegbe, e-Business Sales, North West; and Aminu Moyi, Zonal Head, North West 1 during the official cheque presentation to the winner in Kano recently.

    Simi Adeoye, Chief Business Development Officer for CashToken Rewards Africa, also commended Unity Bank customers for their remarkable engagement in the promo. With opportunities to win life-changing cash prizes, Adeoye assured customers of a transparent process and expressed enthusiasm for more winners to emerge in the ongoing exercise.

    As the promo gains momentum, the collaboration between Unity Bank and CashToken Rewards Africa promises more exhilarating opportunities for customers to reap the benefits of this rewarding scheme.

    From Left: Eghomwanre Iyamu, Head, e-Business; Aisha Lawan Gana, Prize Winner, Musa Dayyabu; and Aminu Moyi, Zonal Head, North West 1 during the official cheque presentation to the winner in Kano recently.

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