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Jaiz Bank partners CBN to deepen rural financial inclusion

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Determined to strengthen Nigeria’s economic diversity, Jaiz Bank Plc, is partnering with the Central bank of Nigeria (CBN), to promote financial inclusion especially in the rural communities.

The Managing Director of the bank, Hassan Usman, revealed the strategic plan will include extending micro banking instrument to the rural communities that are not captured in the conventional banking system and financing small scale enterprise.

Hassan, who spoke last week at the ongoing Kano International Trade Fair, explained that with capital base now at N15 billion, Jaiz Bank is empowering micro, small, and medium entrepreneurs (MSMEs) to spread economic prosperity in the country.

Usman, who said Nigeria’s economy is a complex mono-product one, commended the CBN for providing various risk management scheme to ensure the productive base of the economy is increased.

He said Jaiz Bank has now adopted a strategy of demonstrating its products in the rural areas through agent banking system, where people will be encouraged to access financial banking.

Usman explained that the bank is carrying out effective awareness creation on Islamic financial services through the media and social media for better information and understanding of its banking system.

“Let me commend the CBN’s efforts for deepening Nigeria’s economy, especial for encouraging commercial banks to support various business initiatives, which now boost the economy. Commercial banks through the risk management instrument of CBN can now fund agriculture and other sectors of the economy through loans.

“In Jaiz Bank, we have provided several business opportunities through our customer-friendly products. Even without CBN’s intervention, even when our liquidity remains dormant with the apex bank, we are glad with the introduction of Sukuk and other short-term instruments, the bank is better repositioned for more patronage,” Usman emphasised.

He said the bank, which started as a regional bank with three branches at inception, has now acquired national status with 34 branches across three geopolitical zones in the country, with a projection of expanding to the 36 states before the end of 2018.

He explained that presence at the ongoing Kano International Trade Fair, was targeted at increasing the bank’s visibility, and showcase its numerous products to customers.

– GuardianNG

Banking / Insurance

UBA Expands to Mali

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 At the cutting ribbon ceremony were the President of Mali, H.E Ibrahim Boubacar Keita, Chairman UBA Tony Elumelu, Group G.M.D, Kennedy Uzoka and other invited dignitaries.

Pan African financial institution, United Bank for Africa (UBA) has opened a new branch in Mali as it expands in the African region where it already operates in a dozen countries.

 

“Mali is a large market with a low (bank) account penetration rate,” Maimouna El Oumarany, spokeswoman for UBA’s Malian subsidiary, told Reuters by telephone. “We’re hoping to do better than the 13 banks already established in the country.”

El Oumarany said UBA’s strategy in Mali, a landlocked country on the edge of the Sahara, was focused on digital products that clients could access from their smartphones.

@ubagroup

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Banking / Insurance

Ecobank and Terre des Hommes launch Safe Savings Project to empower children in the street to escape poverty

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Through the Safe Savings (SaVa) Project a number children in the street will be given a new, secure means to collect and bank their hard-earned income

LOME, Togo, February 5, 2019/ — Ecobank (www.Ecobank.com), the pan-African bank, is partnering with leading international children rights NGO Terre des Hommes (https://www.TdH.ch) to offer digital financial services to some of the most vulnerable children in Togo – those under the age of 18 who work or live on the streets. Through the Safe Savings (SaVa) Project a number children in the street will be given a new, secure means to collect and bank their hard-earned income, improving their security situation as well as their own saving habits. The one-year pilot project is being launched during an event held at Ecobank’s headquarters, in the Togolese capital of Lomé today.

One of the greatest fears of children living and working on the streets is being robbed, particularly at night. Currently, these children use a variety of informal savings mechanisms – leaving their earnings with trusted adults, burying their money, or trying to spend it as quickly as possible. Yet none of these mechanisms are safe or reliable.

New mobile technology can provide a pathway to transform these children’s lives as they journey into adulthood. Ecobank – through its work with Terre des Hommes – is adapting its digital offerings to their needs, setting up a very simple but effective micro-savings system.

“As the leader in digital financial services in Africa, we work hard to ensure that all Africans have access to better financial services and that includes the most vulnerable members of our communities,” says Ecobank’s Group CEO Ade Ayeyemi. “Children in the streets are often subject to abuse, neglect, exploitation, and need our protection. By offering them a reliable and secure saving mechanism we hope we can help them protect their livelihoods and build a better future.”

The first stage of the pilot project, which involves 30 children, is being rolled out in Lomé, where Ecobank is headquartered. Terre des Hommes will create a “purse” where each child can deposit their daily earnings using a mobile phone provided by the organisation. They only need to set up an Ecobank Xpress account, which can be easily done through the mobile device. Terre des Homme acts as the custodian of the children as minors are not yet eligible to open accounts.

Over the next 12 months the SaVa Project hopes to reach a minimum of 150 children. Ecobank and Terre des Homme staff will train them so they understand how to use the app correctly. The children will also be able to give feedback on how the app can be further adapted to their specific needs.

“We work closely with the children to understand the issues they face in their daily environments,” says Pierre Philippe, Director of Programmes and Technical Resources of Terre des Hommes. “As their own agents of change, we identified potential solutions together. We expect the SaVa Project will evolve over the next months to ensure we can genuinely improve the lives of children in the streets of Lomé.”

Distributed by APO Group on behalf of Ecobank.

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Banking / Insurance

Emirates NBD recognized as the best bank in Egypt for 2018

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Emirates NBD recognized as the best bank in Egypt for 2018

Cairo – January 28, 2019 – Emirates NBD – Egypt has been awarded “The Best Bank” in Egypt for 2018 by The Banker Africa for the second year in a row. This award followed their receipt of 4 other awards from the foundation as the best retail bank, the most innovative and creative bank, and the best bank that offers internet banking services for its customers, along with their exceptional digital services as a whole.

The Banker Africa confirmed that Emirates NBD – Egypt deserved being named The Best Bank in Egypt for 2018 for their excellence in providing innovative and creative banking services in the Egyptian market, and for succeeding in providing remarkable digital services, which lead to the winning of 4 awards from The Banker Africa.

In addition to that, Emirates NBD – Egypt has been awarded “The Best Mobile Banking App – Egypt 2018” by the renowned International Finance magazine, which specializes in monitoring and following the most important economic and banking institutions around the world. Emirates NBD – Egypt was presented this award for introducing a breakthrough in mobile banking services.

Emirates NBD – Egypt has also launched an electronic signature service to sign and send documents using “Digi-Sign” technology as part of the bank’s focus on diversifying the services provided to its customers and its desire to provide the best solutions and digital products. This comes as a result of the bank’s recognition of the value of time, convenience and efficiency needed by business customers. Emirates NBD – Egypt is considered the first bank to launch digital signature services which provides the highest standards of safety for business accounts.

Emirates NBD – Egypt is recognized for being a pioneer in providing innovative banking and digital services to the market. The bank has greatly elevated the concept of mobile banking and already owns one third of the accounts of e-wallet users in Egypt which represents 3 million electronic wallet users.

Commenting on the bank’s success in winning these awards, Mohamed Berro, Chief Operating Officer at Emirates NBD – Egypt, said, “The bank is always striving to provide everything new and innovative to meet the needs of its customers.” He also noted that he was very pleased to receive these awards from such large international institutions, which demonstrates the excellence of Emirates NBD – Egypt. He also pointed out that “The bank received the Best Bank in Egypt award from The Banker Africa after winning four other awards in the field of innovation, retail banking for individuals, internet services and digital banking products that Emirates NBD has pioneered in the Egyptian market”.


CEO Mohamed Berro
CEO Mohamed Berro

Berro also stated that “The Bank’s success in winning Best Mobile Banking App in Egypt from the International Finance Magazine is due to the bank’s excellence in providing mobile banking services. This comes from the bank’s introduction of Smart Touch technology as an alternative to the secret number in dealing with mobile applications”.

Berro finally said “Emirates NBD is distinguished in providing e-wallet services through mobile phones, bringing the number of customers benefiting from the bank to about three million customers, which represents one third of the number of users of electronic wallets in the Egyptian market”.

– EGYPT TODAY

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