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Senate Urges Banks to Resume Operations in Akwa Ibom

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The Senate has urged the Central Bank of Nigeria (CBN) to direct commercial banks operating in Oron Local Government Area of Akwa Ibom State to resume full operations without further delay.

It

also directed its Committee on Banking, Insurance and other Financial Institutions, to probe all the banks closed from 2010 till date.

The Senate believed that it would enable the CBN to strengthen the money deposit banks across the country.

It specifically asked the apex bank to carry out thorough study on the causes of shutting the banks with a view to guiding against them.

These resolutions were sequel to a motion sponsored by Senator Akon Etim Eyakenyi (PDP Akwa Ibom South) during plenary yesterday.

Leading the debate on the motion,  Eyakenyi noted that all banking operations in Oron Local Government Area have been suspended since February 17, 2023, till date following the protests and commotions caused by customers over acute scarcity of naira.

She said: “Despite the straight roles that those banks play in commercial activities and the economy of Oron nation comprising five local government areas of Mbo, Okobo, Udunguko, Urue Offong/Uruko, and Oron,” the lawmaker noted that the naira redesign and cashless policy of the CBN led to cash crunch nationwide while customers rushing to the banks without monies available for withdrawal.

The lawmaker, however, expressed happiness that normalcy had returned in many parts of the country, particularly in Oron, after the apex bank directed commercial banks to pay old N500 and N1,000 notes.

Eyakenyi recalled incidents where bank customers, out of anger, sacked bank staff, in some cases attack them because of non-availability of money to dispense, adding that the police had since arrested 15 persons for the crime.

She lamented that Oron was one of the places “where customers converged on various bank premises for several days without money to pay them, while the agitated customers protested and caused commotion in banking halls.”

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Moniepoint resumes onboarding; set to enrich millions of Nigerians with new personal banking referral programme

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Moniepoint MFB, Africa’s fastest-growing financial institution according to the Financial Times, has relaunched its personal banking referral program to enrich its customers as they enjoy the Moniepoint experience with family and friends.

The referral program is designed to reward users every time their friends or family perform a transaction on Moniepoint after signing up with their referral link. Through this, millions of people will earn well over N100,000 from referrals alone.

Moniepoint’s technology has powered over 3 million businesses across Nigeria, and with its reliable infrastructure now in the hands of personal users, it now enables seamless payments for many across the country. With referrals linked to transfers, a leading payment method for many in Nigeria, this referral program will provide extra income for many of its users.

Commenting on this development, Babatunde Olofin, Managing Director of Moniepoint MfB, noted that the customer-centric referral program supports the bank’s focus on driving financial inclusion while helping to accelerate its vision of creating a society where everyone experiences financial happiness.

“We know how important seamless financial transactions are, and we’ve seen first-hand the power of peer to peer recommendations and how word-of-mouth referrals can grow a customer base and increase revenue. Given our strong customer obsession and the strings of commendations which we have received that validate the work we do in providing peerless financial services, we want to provide our customers with rewards even as they continue to share these positive experiences with the Moniepoint brand,” Olofin said.

Each current and new personal account holder has been provided with a unique referral code which is identical to their account username and is visible in the Referral Section on the Personal Banking app. This code/link can be shared with anyone, who, upon signing up and transacting with the Moniepoint Personal Banking app, will contribute to rewards for the referrer.

For every outward interbank transaction conducted by referred customers in the next 12 months, participants will receive a commission. This transparent and straightforward incentive structure ensures that participants reap tangible benefits for actively promoting the Moniepoint Personal Banking app. Referrers can also track the total earnings and referral history from their referral in the “Earn from Referrals” icon in the app while earnings can be transferred to the user’s main account once a minimum of N50 has been earned.

Moniepoint MFB has worked with the Central Bank of Nigeria to strengthen the security of the banking industry in the past month, pausing its onboarding. It has now resumed signing up users with a commitment to providing its users with a secure, convenient and rewarding financial experience. The referral program is just one of the many ways the company is innovating to empower Nigerians and make financial services more accessible.

It will be recalled that Moniepoint MFB has in the last few months demonstrated peerless commitment to customer focus and satisfaction as evidenced by the opening of its Lekki Admiralty Road office, as well as the roll out of a USSD code, *5573# which offer users a fast, secure, and user-friendly platform to conduct their banking activities with ease.

According to media reports, Moniepoint Inc. currently processes the majority of the Point of Sales (POS) transactions in Nigeria through its subsidiaries, processing over $182 billion in annualized TPV and as a profitable enterprise, it is Africa’s largest fintech by transaction volume.

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BoI Expands Presence in Akwa Ibom State to Foster Economic Growth, Entrepreneurship

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The Bank of Industry Limited (BoI) has taken significant steps to enhance its reach across Nigeria, with a particular focus on promoting economic growth, financial inclusion, and entrepreneurship development.

This commitment was underscored during the opening of its 32nd state office in Akwa Ibom State.

Olasupo Olusi, the Managing Director of BoI, expressed optimism about the bank’s expanded presence in Akwa Ibom, emphasizing the opportunity to amplify its impact on the state’s business landscape. He highlighted BoI’s ongoing support for businesses in Akwa Ibom, citing loans totaling over N1.92 billion provided to Micro, Small, and Medium Enterprises (MSMEs) projects in the state.

Olusi also lauded the alignment of BoI’s objectives with Governor Umo Eno’s economic blueprint, aimed at driving sustainable growth, job creation, and developmental impact in Akwa Ibom. He revealed plans for further collaboration with the state government to establish a dedicated matching fund partnership, aimed at supporting indigenous enterprises and empowering youth entrepreneurship.

Furthermore, Olusi urged the state government to address challenges related to collateral issuance and registration, emphasizing the importance of improving the ease of doing business for enterprises within the state.

Inaugurating the BoI branch office, Governor Umo Eno reiterated his administration’s commitment to supporting Small and Medium Scale Enterprises (SMEs) as a catalyst for economic development. He commended BoI’s role in transforming Nigeria’s industrial sector and providing essential financial support to SMEs and large enterprises.

Governor Eno emphasized the significance of SMEs as drivers of economic growth and praised BoI’s provision of low-interest, long-term loans to facilitate entrepreneurship and sustainable development. He highlighted the importance of partnership and access to funding in fostering enterprise growth and expressed confidence in BoI’s ability to support the state’s economic aspirations.

The establishment of the BoI branch in Akwa Ibom reflects a strategic collaboration between the public and private sectors to advance economic prosperity, job creation, and entrepreneurship development in the state.

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UBA Hits N1tn Market Cap on Strong Financials and Recognition.

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UBA

…Market Cap Hits N1.022tn

United Bank for Africa (UBA) Plc achieved a significant milestone on Monday as it joined the exclusive league of companies with a market capitalization exceeding N1 trillion. This accomplishment coincided with the surge in its share price to N29.90 per share.

At the close of trading on Monday, the Bank’s market capitalization hit N1,022,562,698,843, making it the 3rd most capitalized financial institution in Nigeria, a remarkable lift from N283.8bn at the beginning of the 2023.

The Bank has 34,199,421,366 shares in issue,

UBA’s N1tn market capitalisation mark comes amidst the bank’s share being named as the highest performing stock in the banking sector in 2023, which underscores the bank’s robust growth trajectory and unwavering market confidence.

Specifically, between the start of January 2023 and today, the price of UBA shares has appreciated by over 250 per cent from N7.60 per share.

Chairman, UBA Group, Tony Elumelu, said that the bank’s remarkable journey in 2023 culminated with its shares being acclaimed as the highest performing stock within the banking sector, as he pointed out that this not only highlights the bank’s strategic prowess but also reflects its commitment to delivering unparalleled value to shareholders and stakeholders alike.

“As UBA celebrates these significant milestones, we will like all our stakeholders to know that we remain steadfast in our mission to drive sustainable growth, foster innovation, and create value for its diverse clientele across Africa,” Elumelu said.

“We are witnessing the impact of the business transformation drive UBA embarked on years ago and executed well. Naturally, the market has taken note of and is duly rewarding our efforts. To our stakeholders, our promise is that we will continue to work harder, deliver on what we know how to do well and create impacts across geographies where we currently operate.” he further said.

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who expressed delight at the bank’s performance in the past few months, said with its unwavering commitment to excellence and execution, the bank continues to set benchmarks in the banking sector, reinforcing its position as Africa’s global bank of choice.

“Market participants have begun to appreciate the latent capacity in UBA’s business model as the bank unlocks enormous potentials in its pan African and international operations. Its unique competitive advantage lies in people, processes, and technology. With Operations and offices in 24 countries and on 4 continents, UBA is the only African bank with deposit-taking license in the USA. The Bank’s fundamentals remain strong with impressive financial results that have continued to deliver sustainable value for its shareholders. At current price, UBA trades at price-to-earning (P/E) and price-to-book (P/B) multiples of 2.27 and 0.59 which are a reflection of the market’s expectations of the Bank’s future growth potentials,” Alawuba said

UBA is listed on the Premium Board of the Nigerian Stock Exchange in recognition of the Bank’s strong adherence to international best practices on corporate governance and remains committed to creating value for its over 275,000 esteemed shareholders spread across the globe.

The outgone year, 2023, has been a splendid year for United Bank for Africa, becoming the most profitable bank in Nigeria in 2023, with a Shareholders’ Fund that has grown from 992bn as at Full year 2022 to N1.8trn as of September 2023. UBA was also appointed as the Local Arranger and Local Depository Bank for the $3.3bn FX Liquidity support facility for Nigeria in partnership with Africa Export and Import Bank (Afreximbank), providing solutions to economic solutions in Nigeria characterized by shortage of Fx liquidity.

Likewise, in 2023, UBA won the 2023 FMDQ Gold Awards in three Categories including the Best FX Liquidity Provider; Dealing Institution of the Year and Best Money Market Liquidity Provider. This recognition is a testament to UBA’s impressive capital strength.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five (25) million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris, and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.

 

 

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