Category: Banking Sector

Access Bank Zambia Limited has successfully completed its acquisition of African Banking Corporation Zambia Limited, operating as Atlas Mara Zambia (“Atlas Mara”), following the acquisition obtaining all necessary regulatory approvals.

With this milestone, Atlas Mara becomes a wholly-owned subsidiary of Access Bank Zambia, but both entities will continue separate operations until all integration processes are finalized.

The amalgamation of these two financial entities is projected to position the combined institution among Zambia’s top five banks by revenue, with aspirations to elevate to the top three by 2027.

Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank Plc, remarked, “This signifies a significant milestone for Access Bank Plc as we strive towards becoming the world’s most esteemed African bank. By harmonizing the robust brands, shared values, and best practices of both companies, we aim to create opportunities that benefit all stakeholders in Zambia and the SADC region.”

Lishala Situmbeko, CEO of Access Bank Zambia, added, “We are thrilled that this transaction has concluded. This union of two esteemed institutions will result in a stronger, more competitive financial entity, contributing to Zambia’s economic recovery. Leveraging operational and cultural strengths, we aim to benefit all stakeholders. As we align our products and services, we assure customers of continued access to a broader product suite in the future.”

Key highlights post-integration:

– Customers will have access to over 60 branches, 5 cash centers, 8 agencies, more than 5,300 Tenga Express Agents, and a network of over 240 ATMs across Zambia.
– Corporate clients will benefit from an enlarged balance sheet, expanded international footprint, and increased access to trade finance, treasury services, international payments, and loans via an extensive network spanning three continents and 21 markets.
– SMEs will receive support aligned with their growth ambitions.
– Enhanced focus on digitalization and ease of revenue collection for the public sector.
– Improved opportunities for employee development and career growth within a larger network.
– A commitment to serving communities by extending financial services and fostering financial inclusion.

Atlas Mara’s Acting Managing Director, Bobbline Cheembela, highlighted the synergies resulting from the combination, creating an industry leader championing the country’s interests and enhancing customer service and stakeholder value.

The integration process is underway, ensuring a seamless transition once the merger concludes. During this phase, customers will continue services through their respective banks. The focus is on amalgamating operations, streamlining products, and offering a unified service platform.

The Association of Corporate & Marketing Communications Professionals in Banks in Nigeria (ACAMB) has released the burial details for the late Mr. Abdul Kolawole Imoyo, its esteemed Publicity Secretary, who passed away on December 17, 2023, at First Cardiology, Ikoyi, Lagos, following a brief illness. With the Imoyo Family’s consent, ACAMB sorrowfully announces the final rites for the departed.

Mr. Imoyo, a distinguished Corporate Media Manager and Journalist, leaves behind an enduring legacy of excellence within the realm of Corporate Communications.

The burial arrangements, communicated by the Imoyo family, are scheduled as follows:

Service of Songs:
– Date: January 17, 2024
– Time: 5 pm
– Venue: Harbour Point Event Center, 4 Wilmot Point Road, Victoria Island, Lagos

Funeral Service:
– Date: January 18, 2024
– Time: 5 pm
– Venue:RCCG Olive Tree Parish, Banana Island Road, Ikoyi, Lagos

Interment:
The interment ceremony is strictly private and will be attended only by family members and a select few invited guests.

Rasheed Bolarinwa, President of ACAMB, expressed the association’s deep condolences over the loss and underscored Imoyo’s immense contributions to the field. The ACAMB family mourns the passing of a remarkable individual and extends heartfelt sympathies to the Imoyo family during this difficult time.

The sudden demise of Abdul Kolawole Imoyo, the esteemed Head of Media Relations at Access Holdings’, has left bloggers and journalists in mourning. Known for his exceptional problem-solving skills and ability to inclusively engage with individuals, Imoyo was hailed for his remarkable contributions to the corporate media landscape.

Reports from Conduitnews confirm Imoyo’s passing on Sunday, December 17, 2023, following a brief illness at the First Cardiology Hospital. The loss of this quintessential corporate media manager and journalist has deeply impacted colleagues and associates within the media fraternity.

A heartfelt statement issues on behalf of the family by Tunde Imoyo read:“It is with deepest sorrow that we inform you of the death of our beloved husband, father, brother, and uncle Abdul Kolawole IMOYO, who went to be with the Lord in the early hours of 17th December 2023 after a brief illness. We are taking some time as a family to grieve over our loss at this time. We thank you for your prayers and support. Further announcements will be communicated in due course.”

Imoyo’s departure has created a void in the media relations domain, with colleagues expressing their admiration for his inclusive and collaborative approach to work. Known for his ability to carry everyone along and his knack for fostering positive relationships, Imoyo was widely regarded for his amiable nature and dedication to his craft.

Various bloggers and journalists have taken to social media platforms to pay tribute to Imoyo’s legacy, acknowledging his sterling reputation as a problem solver and a unifying force in the industry. Many shared anecdotes of his professionalism and the positive impact he had on their careers.

Expressing hope for a worthy successor to fill the gap left by Imoyo’s passing, colleagues fondly reminisced about his remarkable qualities and contributions. They emphasized the need for continuity in his legacy of inclusivity, problem-solving, and dedication to fostering a harmonious work environment.

As the media fraternity mourns the loss of Abdul Kolawole Imoyo, they celebrate his life and express gratitude for his lasting impact on their professional journeys.

Ecobank Nigeria has unveiled its exciting “Save and Score” promotion, an initiative inspired by the upcoming Africa Cup of Nations (AFCON) slated to occur in Côte d’Ivoire from January 13 to February 11, 2024. This promo aims to reward both existing and potential customers for their loyalty by offering them a chance to win various prizes, including an all-expenses-paid trip to witness the AFCON final match in Abidjan, Cote d’Ivoire.

The campaign, which commenced on November 15, 2023, and will continue until January 6, 2024, is open to new, existing, and inactive account holders of the bank. Participants are required to make a single deposit of at least N100,000, maintain a minimum balance of N100,000 for 30 consecutive days, possess a valid card, and conduct transactions using the bank’s digital channels to be eligible for the draw.

Korede Demola-Adeniyi, the Head of Consumer Banking, emphasized Ecobank’s commitment to sports and its desire to connect with passionate football fans through this initiative. “As a sports-loving Pan African bank, we understand the interest and enthusiasm that comes with AFCON, the biggest football tournament on the continent,” she remarked.

Demola-Adeniyi further outlined the mechanics of the promo, highlighting that participants will earn points based on their deposit amounts and account balances. Encouraging multiple deposits and maintaining higher balances would increase one’s chances of winning. She urged individuals yet to open accounts with the bank to seize this opportunity, emphasizing the array of digital offerings and services available.

Prospective customers can open accounts either through Ecobank’s website (aop.ecobank.com) or at any branch by presenting valid identification and a recent utility bill. Reactivation of dormant accounts is also permissible, with deposits made through various channels being eligible for participation.

Ecobank Nigeria, a subsidiary of the Ecobank Group, operates as a major player in Nigeria’s financial services sector. Leveraging a broad spectrum of digital platforms, including the Ecobank Mobile App, USSD *326#, Ecobank Online, Ecobank OmniPlus, Ecobank Omnilite, EcobankPay, Ecobank RapidTransfer, ATMs, POSs, over 250 branches, and 50,000 agency banking locations, the institution extends its financial services across the nation.

This promotion aligns with Ecobank’s commitment to providing innovative banking solutions while fostering engagement with its customer base, especially football enthusiasts gearing up for AFCON 2023 in Côte d’Ivoire.

A recent report circulated by some sections of online media, titled “Polaris Bank loses N26bn loans granted to 6 ex-directors without collaterals,” has raised several claims related to figures, interpretations, and banking practices. This article aims to provide a thorough fact-check and analysis of the claims made in the report.

Claim 1: Polaris Bank has lost N26.005 billion worth of loans granted to 6 ex-directors, mostly without collaterals.

This claim is challenged on the basis of a lack of understanding of accounting principles and an inaccurate interpretation of the bank’s financial reports. The story was based on the audited accounts and reports for the year ending December 31, 2022, which were approved on March 20, 2023. The 2021 insider credit status report listed eight directors with total outstanding loans of N25.827 billion, while the 2022 status report showed that four directors had fully repaid their loans. The 2022 report indicated a total of N31.646 billion in insider credits related to the four remaining ex-directors. This clearly contradicts the claim that the bank has lost N26.005 billion in loans.

It’s important to note that this report also mentions a significant increase in one ex-director’s loan, Jason Fadeyi, due to accrued interests and foreign exchange rate fluctuations for a foreign currency-denominated loan. The report highlights that this particular loan had a perfected collateral in the form of a debenture of the company’s assets. The loan was also syndicated with eight banks, and the collateral was managed by FBN Trustees.

Claim 2: As of December 31, 2022, total outstanding loans owed by these ex-directors of Polaris Bank amounted to N57.473 billion.

This claim is questioned for failing to consider the comparative reporting basis. The reporter arrived at the N57.473 billion figure by simply adding the total outstanding insider credits in 2021 and 2022. However, the story overlooks the fact that these are comparative tables and doesn’t account for the fact that some loans were carried forward from the previous year. Therefore, the claim of N57.473 billion in outstanding loans is not accurate.

Claim 3, 4, 5, 6, 7, 8: Claims about specific loans by ex-directors without repayment.

These claims are rebutted by the bank’s 2022 audited report, which shows that some ex-directors had indeed repaid their loans. The report also provides explanations for changes in loan amounts, such as accrued interests and foreign exchange rate fluctuations. Notably, one ex-director’s loan was syndicated and had a collateral debenture. It is also emphasized that one ex-director’s loan was fully paid in February 2023, prior to the board’s final approval of the accounts.

Claim 9: Collateralization of loans.

This claim is challenged for misleadingly suggesting that loans without collaterals are unusual or questionable. The report fails to acknowledge that both secured and unsecured loans are standard in banking practices. Unsecured loans are typically based on subjective assessments of a customer’s creditworthiness and goodwill. The story doesn’t consider that banks often offer unsecured loans based on their internal guidelines.

Claim 10: Insiders.

The report’s characterization of insider transactions in banks is contested. The story fails to recognize that both the Banks and Other Financial Institutions Act (BOFIA) and Central Bank of Nigeria (CBN) Prudential Guidelines provide provisions for insider-related transactions. Insider loans are guided by specific regulations, and banks must adhere to these regulations.

Claim 11: Classification of loans.

The story’s classification of loans as “lost” is criticized for not understanding the banking terminology related to loan classification. Loans are categorized based on specific timelines, and a loan classified as “lost” doesn’t necessarily mean it won’t be recovered. This classification is a reference to credit risk management and not an absolute statement of the loan’s recoverability.

In conclusion, the claims made in the report “Polaris Bank loses N26bn loans granted to 6 ex-directors without collaterals” are found to be erroneous and misleading. The report’s failure to accurately interpret financial reports and its lack of adherence to banking regulations raise questions about its credibility and motive.

Polaris Bank, a leading financial institution in Nigeria, announced the emergence of another set of 50 lucky winners in the monthly draw of its ongoing “Save N Win” promo. The draw, held at the Polaris Bank Headquarters in Victoria Island, Lagos last weekend, demonstrated the bank’s dedication to rewarding its valued customers.

The event, overseen by representatives of the Federal Competition & Consumer Protection Commission (FCCPC) and Advertising Regulatory Council of Nigeria (ARCON), reaffirmed the transparency of the draw process. The 50 fortunate winners were chosen from diverse regions spanning Nigeria’s six geo-political zones, each receiving a cash prize of N10,000.

Utilizing a hybrid media technology, the draw incorporated in-premises participation alongside virtual engagement of numerous customers and the public through the bank’s virtual network and social media handles. This inclusive approach highlighted the bank’s commitment to engaging customers across various platforms.

Polaris Bank’s “Save N Win” promo has captivated the interest of customers nationwide, providing them with a unique opportunity to save money while standing a chance to win attractive cash prizes. This initiative not only encourages a culture of saving but also enables customers to pursue their financial aspirations while enjoying the excitement of winning.

Speaking at the draw, Polaris Bank’s Chief Digital Officer (CDO), Dele Adeyinka, expressed gratitude to the customers for their unwavering trust and support. He reiterated the bank’s commitment to enhancing the financial well-being of its customers and prospects, emphasizing the bank’s dedication to responsible banking and financial inclusion.

The 50 fortunate individuals will have their Polaris Bank accounts automatically credited with their winning cash prizes within five (5) working days.

For those interested in participating in the ongoing “Save N Win” promo, Polaris Bank has outlined four ways to engage:

1. Download VULTe on iOS and the App Store to open a Polaris Savings Account.

2. Dial USSD *833*0# on your phone or log into the Polaris Bank savings portal, and grow your account by N10,000 or more to qualify for monthly draws.

3. Maintain a balance of N10,000 for 3 consecutive months to qualify for quarterly draws.

4. Customers with dormant accounts can reactivate them by dialing *833*30# without visiting the bank.

Customers are encouraged to follow Polaris Bank’s social media handles @polarisbankltd or visit the official website to stay updated on the ongoing promo and other exciting offers.

Polaris Bank, recognized as the Digital Bank of the Year in 2021 and 2022, remains steadfast in its commitment to delivering innovative financial solutions and empowering individuals and communities through responsible banking practices.

Ecobank Nigeria has taken the opportunity of this year’s Customer Service Week (CSW) to extend heartfelt felicitations to its valued customers. CSW serves as an international celebration dedicated to recognizing the significance of exceptional customer service and the dedicated individuals who provide unwavering support to customers every day. This global event occurs annually during the first full week of October, with this year’s celebration, themed ‘Team Service,’ taking place from October 2nd to 6th.

At the onset of this meaningful celebration, Adetola Oshomah, Head of Customer Experience at Ecobank Nigeria, conveyed the bank’s perspective. She emphasized that CSW not only marks a celebration of the bank’s unwavering commitment to service excellence but also an opportunity to celebrate the customers who have chosen Ecobank as their preferred financial partner. Oshomah expressed gratitude to customers for their trust in the bank and their continued reliance on the bank’s diverse array of products and services offered across various channels.

Oshomah stated, “You are the reason we continuously invest in our technology and equip our staff with the essential skills and resources to provide you with the relevant solutions you need. At Ecobank, customer service is more than a duty; it is a lifestyle built around creating exceptional experiences. Our goal is to craft unforgettable and positive moments for our customers. We are reaffirming our commitment to becoming leaders in the industry, nurturing a passion for delivering exceptional experiences. In an ever-evolving world, we understand that customers’ needs evolve as well. That is why we constantly strive to improve and innovate, attentively listening to customer insights that have guided us in developing innovative products and services that align with your goals.”

Ecobank Nigeria has recently embarked on an extensive branch remodeling initiative across the country. This strategic move involves transforming existing banking halls into contemporary smart banking environments designed to provide a welcoming and comfortable experience for customers and stakeholders visiting the branches. This transformation aligns with the bank’s commitment to ensuring seamless transactions while enhancing the overall customer experience. The remodeled branches feature fully functional digital service points, new ATMs, uninterrupted 24/7 electricity powered by solar energy, and other amenities aimed at elevating customer satisfaction.

Ecobank Nigeria Limited operates as an affiliate of the Ecobank Group, a leading pan-African banking conglomerate. The bank offers an extensive range of financial services and solutions catering to Consumer, Commercial, Corporate, and Investment Banking clients. With over 200 branches and a network of 60,000 Xpress Point agency locations across Nigeria, Ecobank Nigeria remains dedicated to serving its customers with excellence.