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  •  The Chartered Institute of Bankers of Nigeria CIBN has called on banks managements to stop setting unreasonable targets for their staff The Institute made the call in Abuja on Wednesday while presenting a research report with title The Analysis of Human Capital Attrition in an Evolving Glocal Context A Case Study of the Nigerian Banking Industry The research was presented at the 15th Annual Banking and Finance Conference of the institute with title Repositioning the Financial Services Industry for an Evolving Glocal Context Dr Grace Makinde the Coordinator of the research said undue targets given to bank staff by their managers contributed to human capital attrition in the banking industry She said that employees attrition impacted negatively on the economic performance of any organisation or industry Makinde a Senior Lecturer at Babcock University said that work load job recognition and work environment be given due attention by managers in the industry She suggested that regular review of policies and benchmark work pattern to meet international best practices be adopted in the banking sector According to her the banking industry was bleeding people are leaving and it is affecting all of us If we can work on these push factors things that are pushing people out of the work place then many workers will prefer to stay They will stay when the environment is conducive and culture acceptable she said Dr Ken Opara the of CIBN said that the recommendations from the research and the event would be disseminated to policy makers and participants As a pivotal sector of the economy we are not oblivious of the brain drain or Japa syndrome affecting the workforce in our country This is an annual event of our Institute that offers the banking profession a platform to engage with stakeholders and the economy on developments affecting the industry We are in the digital age where technology has made a significant impact on every industry including the financial services industry he said Opara said that technology had transformed financial services with the latest fintech solutions and modern trends As a result the financial services industry would need to adapt to this much faster pace of change Services products and technologies that were new and useful yesterday will not necessarily be so soon This year s edition of the conference aims to consider the forces that could significantly impact the overall landscape of the financial services industry in a rapidly evolving world he said The News Agency of Nigeria reports that the conference attracted various stakeholders from the financial services industry across the country NewsSourceCredit NAN
    Bankers’ institute wants banks to cease unreasonable target setting for staff
     The Chartered Institute of Bankers of Nigeria CIBN has called on banks managements to stop setting unreasonable targets for their staff The Institute made the call in Abuja on Wednesday while presenting a research report with title The Analysis of Human Capital Attrition in an Evolving Glocal Context A Case Study of the Nigerian Banking Industry The research was presented at the 15th Annual Banking and Finance Conference of the institute with title Repositioning the Financial Services Industry for an Evolving Glocal Context Dr Grace Makinde the Coordinator of the research said undue targets given to bank staff by their managers contributed to human capital attrition in the banking industry She said that employees attrition impacted negatively on the economic performance of any organisation or industry Makinde a Senior Lecturer at Babcock University said that work load job recognition and work environment be given due attention by managers in the industry She suggested that regular review of policies and benchmark work pattern to meet international best practices be adopted in the banking sector According to her the banking industry was bleeding people are leaving and it is affecting all of us If we can work on these push factors things that are pushing people out of the work place then many workers will prefer to stay They will stay when the environment is conducive and culture acceptable she said Dr Ken Opara the of CIBN said that the recommendations from the research and the event would be disseminated to policy makers and participants As a pivotal sector of the economy we are not oblivious of the brain drain or Japa syndrome affecting the workforce in our country This is an annual event of our Institute that offers the banking profession a platform to engage with stakeholders and the economy on developments affecting the industry We are in the digital age where technology has made a significant impact on every industry including the financial services industry he said Opara said that technology had transformed financial services with the latest fintech solutions and modern trends As a result the financial services industry would need to adapt to this much faster pace of change Services products and technologies that were new and useful yesterday will not necessarily be so soon This year s edition of the conference aims to consider the forces that could significantly impact the overall landscape of the financial services industry in a rapidly evolving world he said The News Agency of Nigeria reports that the conference attracted various stakeholders from the financial services industry across the country NewsSourceCredit NAN
    Bankers’ institute wants banks to cease unreasonable target setting for staff
    Economy3 weeks ago

    Bankers’ institute wants banks to cease unreasonable target setting for staff

    The Chartered Institute of Bankers of Nigeria (CIBN) has called on banks’ managements to stop setting unreasonable targets for their staff.

    The Institute made the call in Abuja on Wednesday while presenting a research report with title ‘The Analysis of Human Capital Attrition in an Evolving Glocal Context: A Case Study of the Nigerian Banking Industry.

    ’The research was presented at the 15th Annual Banking and Finance Conference of the institute with title ‘Repositioning the Financial Services Industry for an Evolving Glocal Context.

    ’Dr Grace Makinde, the Coordinator of the research, said undue targets given to bank staff by their managers contributed to human capital attrition in the banking industry.

    She said that employees’ attrition impacted negatively on the economic performance of any organisation or industry.

    Makinde, a Senior Lecturer at Babcock University, said that work load, job recognition and work environment be given due attention by managers in the industry.

    She suggested that regular review of policies and benchmark work pattern to meet international best practices be adopted in the banking sector.

    According to her, the banking industry ”was bleeding, people are leaving and it is affecting all of us.

    ”If we can work on these push factors, things that are pushing people out of the work place then, many workers will prefer to stay.

    ”They will stay when the environment is conducive and culture acceptable,” she said.

    Dr Ken Opara, the of CIBN, said that the recommendations from the research and the event would be disseminated to policy makers and participants.

    ”As a pivotal sector of the economy, we are not oblivious of the “brain drain or Japa syndrome affecting the workforce in our country.

    ”This is an annual event of our Institute that offers the banking profession a platform to engage with stakeholders and the economy on developments affecting the industry.

    ”We are in the digital age where technology has made a significant impact on every industry, including the financial services industry,” he said.

    Opara said that technology had transformed financial services with the latest fintech solutions and modern trends.

    ”As a result, the financial services industry would need to adapt to this much faster pace of change.

    ”Services, products and technologies that were new and useful yesterday will not necessarily be so soon.

    ”This year’s edition of the conference aims to consider the forces that could significantly impact the overall landscape of the financial services industry in a rapidly evolving world,” he said.

    The News Agency of Nigeria reports that the conference attracted various stakeholders from the financial services industry across the country.


    NewsSourceCredit: NAN

  •  Fidelity Bank on Wednesday rewarded 13 winners of the Get Alert In Millions Season 5 promo GAIM 5 with cash prizes Mr Charles Ahiwe of Saka Tinubu Cash Centre bagged the star prize of N10 million while other winners were presented N5 million N2 million and N1 million in various categories at a ceremony in Lagos The monthly prizes were simultaneously presented to winners at Fidelity branches across the country The presentation was witnessed by representatives of National Lottery Regulatory Organisation Federal Competition and Consumer Protection Commission FCCPC and the Lagos State Lotteries and Gaming Authority Dr Ken Opara Promo Chairperson amp Executive Director Lagos and South West Fidelity Bank Plc said Today marks the fulfilment of the promise we made last November when we commenced the journey of rewarding our customers for maintaining a healthy savings habit with N125 million in cash prizes During this campaign we have rewarded 1 880 customers with various sums of money comprising 1 800 customers that have won N10 000 each in 36 weekly consolation draws and 80 customers who have won N1 million each in eight monthly draws While we have improved the lifestyle of our customers through the GAIM 5 promo we are also happy that we are contributing to the Central Bank s objective of deepening financial inclusion in the country Opara represented by Chinwe Iloghalu Regional Bank Head Victoria Island Fidelity Bank Plc advised winners to make good use of the money He said the bank had set up SME desks in branches across the country to provide advisory on how to utilise their money judiciously He thanked regulators who had supported the journey since the launch of the campaign and through several monthly draws and prize presentation events He also thanked the bank customers for keeping faith with Fidelity and providing it with the opportunity to prove why banking was a rewarding venture He urged those who were yet to open a Fidelity Bank account to do so as soon as possible saying we have loads of exciting initiatives to be unveiled shortly Ahiwe the star prize winner who expressed joy said that he just opened a savings account in January after watching one of the bank s TV commercials on the campaign and had since then been saving money in the account I was surprised when the bank contacted me to say that I have won N10 million I am very grateful to God for emerging the winner of the grand prize and I thank Fidelity Bank he said NewsSourceCredit NAN
    Fidelity Bank presents cash prizes to GAIM 5 grand final promo winners
     Fidelity Bank on Wednesday rewarded 13 winners of the Get Alert In Millions Season 5 promo GAIM 5 with cash prizes Mr Charles Ahiwe of Saka Tinubu Cash Centre bagged the star prize of N10 million while other winners were presented N5 million N2 million and N1 million in various categories at a ceremony in Lagos The monthly prizes were simultaneously presented to winners at Fidelity branches across the country The presentation was witnessed by representatives of National Lottery Regulatory Organisation Federal Competition and Consumer Protection Commission FCCPC and the Lagos State Lotteries and Gaming Authority Dr Ken Opara Promo Chairperson amp Executive Director Lagos and South West Fidelity Bank Plc said Today marks the fulfilment of the promise we made last November when we commenced the journey of rewarding our customers for maintaining a healthy savings habit with N125 million in cash prizes During this campaign we have rewarded 1 880 customers with various sums of money comprising 1 800 customers that have won N10 000 each in 36 weekly consolation draws and 80 customers who have won N1 million each in eight monthly draws While we have improved the lifestyle of our customers through the GAIM 5 promo we are also happy that we are contributing to the Central Bank s objective of deepening financial inclusion in the country Opara represented by Chinwe Iloghalu Regional Bank Head Victoria Island Fidelity Bank Plc advised winners to make good use of the money He said the bank had set up SME desks in branches across the country to provide advisory on how to utilise their money judiciously He thanked regulators who had supported the journey since the launch of the campaign and through several monthly draws and prize presentation events He also thanked the bank customers for keeping faith with Fidelity and providing it with the opportunity to prove why banking was a rewarding venture He urged those who were yet to open a Fidelity Bank account to do so as soon as possible saying we have loads of exciting initiatives to be unveiled shortly Ahiwe the star prize winner who expressed joy said that he just opened a savings account in January after watching one of the bank s TV commercials on the campaign and had since then been saving money in the account I was surprised when the bank contacted me to say that I have won N10 million I am very grateful to God for emerging the winner of the grand prize and I thank Fidelity Bank he said NewsSourceCredit NAN
    Fidelity Bank presents cash prizes to GAIM 5 grand final promo winners
    Economy4 weeks ago

    Fidelity Bank presents cash prizes to GAIM 5 grand final promo winners

    Fidelity Bank on Wednesday rewarded 13 winners of the Get Alert In Millions Season 5 promo (GAIM 5) with cash prizes.

    Mr Charles Ahiwe of Saka Tinubu Cash Centre bagged the star prize of N10 million, while other winners were presented N5 million, N2 million and N1 million in various categories at a ceremony in Lagos.

    The monthly prizes were simultaneously presented to winners at Fidelity branches across the country.

    The presentation was witnessed by representatives of National Lottery Regulatory Organisation, Federal Competition and Consumer Protection Commission (FCCPC) and the Lagos State Lotteries and Gaming Authority.

    Dr Ken Opara, Promo Chairperson & Executive Director, Lagos and South-West, Fidelity Bank Plc, said, “Today marks the fulfilment of the promise we made last November when we commenced the journey of rewarding our customers for maintaining a healthy savings habit with N125 million in cash prizes.

    “During this campaign, we have rewarded 1,880 customers with various sums of money comprising 1,800 customers that have won N10,000 each in 36 weekly consolation draws and 80 customers who have won N1 million each in eight monthly draws.

    “While we have improved the lifestyle of our customers through the GAIM 5 promo, we are also happy that we are contributing to the Central Bank’s objective of deepening financial inclusion in the country.

    ” Opara, represented by Chinwe Iloghalu, Regional Bank Head, Victoria Island, Fidelity Bank Plc, advised winners to make good use of the money.

    He said the bank had set up SME desks in branches across the country to provide advisory on how to utilise their money judiciously.

    He thanked regulators who had supported the journey since the launch of the campaign and through several monthly draws and prize presentation events.

    He also thanked the bank customers for keeping faith with Fidelity and providing it with the opportunity to prove why banking was a rewarding venture.

    He urged those who were yet to open a Fidelity Bank account to do so as soon as possible saying we have loads of exciting initiatives to be unveiled shortly.

    Ahiwe, the star prize winner, who expressed joy said that he just opened a savings account in January after watching one of the bank’s TV commercials on the campaign and had since then been saving money in the account.

    “I was surprised when the bank contacted me to say that I have won N10 million.

    “I am very grateful to God for emerging the winner of the grand prize and I thank Fidelity Bank,” he said.


    NewsSourceCredit: NAN

  •  The Chartered Institute of Bankers of Nigeria CIBN has signed an agreement with the FinTech Association of Nigeria Fintech NGR and FinTech Development and Advocacy Initiative FSI to promote professionalism in the financial services industry The News Agency of Nigeria reports that the signing of the agreement was witnessed by representatives and members of CIBN FinTech NGR and FSI at the Bankers House Victoria Island on Thursday in Lagos Dr Ken Opara of CIBN said the alliance was a unique one in the annals of the Institute First this is the first time the institute is collaborating with two partners at once for the provision of a certification Secondly this is the first collaboration agreement to be executed during my tenure Thirdly this initiative is a further step towards the realisation of the mandate of the institute to promote professionalism whilst enhancing knowledge and competencies in the financial services ecosystem he said The Fintech Certification Programme is intended to sharpen the minds and raise awareness of industry players about the importance of leveraging technology for financial inclusion and growth Opara said the role of the Institute was to be the bridge that would engender positive handshake among all the players banks fintechs other financial agents in the financial services industry This he said would be done through capacity building programmes training content development advocacy and sound corporate governance policies The CIBN president also said his administration would be built on six strategic pillars with the acronym FUTURE According to him the first pillar with the alphabet F is Financial Innovation and Transformation He said under this pillar we plan to among others institutionalise Fintech Certification in collaboration with other credible bodies to sharpen the minds and awareness of industry players in optimising technology for financial inclusion and growth I am extremely delighted that three months after mounting the saddle of leadership of the Institute we are taking sure steps towards the achievement of this objective Under this Agreement the three institutions have come together to award Fintech Certification which offers an excellent opportunity to bridge the tech talent gap and indeed further drive the implementation of the Competency Framework in the banking and finance industry in Nigeria Opara appreciated the Bankers Committee and the Central Bank of Nigeria for appointing the institute as the Accreditation Agency for the implementation of the Competency Framework He said the institute would not take the appointment for granted expressing its determination to make a success of the assignment which would lead not only to more knowledgeable professionals but improved service delivery Mr Ade Bajomo President FinTech NGR said the partnership was a historic moment for FinTech NGR If you cast your mind back only a few years ago people were wondering whether FinTechs will take over banks and whether banks will still exist But I think we are getting down to a point where you can see that both FinTechs and banks will coexist they will co compete and of course there will be banks that will be more successful because they re agile and there will be FinTechs as well that will be successful because of tapping opportunities that perhaps the banks cannot see But in all of these really it is essential to develop capacity and capability he said Bajomo said banking as a profession was well regulated with strong compliance strong culture of capacity building knowledge building among others adding that there was the need to also build capacity within the FinTechs in Nigeria If you look at banking as a profession it s well regulated there s strong compliance but there is also a strong culture of capacity building knowledge building When you look at FinTechs and indeed the nature and age of FinTechs in our country it s about agility it s about innovation and those things that are lacking in terms of compliance regulations have to form the foundation If we re going to provide scalable trustworthy financial services then we have to build that capacity within the fintech But we also have to build the capacity within banks to be more agile so that way it s a rising tide and our economy will benefit from it the rest of Africa and the rest of the world will benefit from it Bajomo said Mrs Aituan Kola Oladejo Executive Director FSI who described CIBN as a forward thinking institution said the signing of the agreement would sharpen the FinTech industry She said this agreement will open the gate for more FinTech innovators into the FinTech ecosystem as what was lacking was trust NewsSourceCredit NAN
    CIBN collaborates with FinTech NGR, FSI to promote professionalism
     The Chartered Institute of Bankers of Nigeria CIBN has signed an agreement with the FinTech Association of Nigeria Fintech NGR and FinTech Development and Advocacy Initiative FSI to promote professionalism in the financial services industry The News Agency of Nigeria reports that the signing of the agreement was witnessed by representatives and members of CIBN FinTech NGR and FSI at the Bankers House Victoria Island on Thursday in Lagos Dr Ken Opara of CIBN said the alliance was a unique one in the annals of the Institute First this is the first time the institute is collaborating with two partners at once for the provision of a certification Secondly this is the first collaboration agreement to be executed during my tenure Thirdly this initiative is a further step towards the realisation of the mandate of the institute to promote professionalism whilst enhancing knowledge and competencies in the financial services ecosystem he said The Fintech Certification Programme is intended to sharpen the minds and raise awareness of industry players about the importance of leveraging technology for financial inclusion and growth Opara said the role of the Institute was to be the bridge that would engender positive handshake among all the players banks fintechs other financial agents in the financial services industry This he said would be done through capacity building programmes training content development advocacy and sound corporate governance policies The CIBN president also said his administration would be built on six strategic pillars with the acronym FUTURE According to him the first pillar with the alphabet F is Financial Innovation and Transformation He said under this pillar we plan to among others institutionalise Fintech Certification in collaboration with other credible bodies to sharpen the minds and awareness of industry players in optimising technology for financial inclusion and growth I am extremely delighted that three months after mounting the saddle of leadership of the Institute we are taking sure steps towards the achievement of this objective Under this Agreement the three institutions have come together to award Fintech Certification which offers an excellent opportunity to bridge the tech talent gap and indeed further drive the implementation of the Competency Framework in the banking and finance industry in Nigeria Opara appreciated the Bankers Committee and the Central Bank of Nigeria for appointing the institute as the Accreditation Agency for the implementation of the Competency Framework He said the institute would not take the appointment for granted expressing its determination to make a success of the assignment which would lead not only to more knowledgeable professionals but improved service delivery Mr Ade Bajomo President FinTech NGR said the partnership was a historic moment for FinTech NGR If you cast your mind back only a few years ago people were wondering whether FinTechs will take over banks and whether banks will still exist But I think we are getting down to a point where you can see that both FinTechs and banks will coexist they will co compete and of course there will be banks that will be more successful because they re agile and there will be FinTechs as well that will be successful because of tapping opportunities that perhaps the banks cannot see But in all of these really it is essential to develop capacity and capability he said Bajomo said banking as a profession was well regulated with strong compliance strong culture of capacity building knowledge building among others adding that there was the need to also build capacity within the FinTechs in Nigeria If you look at banking as a profession it s well regulated there s strong compliance but there is also a strong culture of capacity building knowledge building When you look at FinTechs and indeed the nature and age of FinTechs in our country it s about agility it s about innovation and those things that are lacking in terms of compliance regulations have to form the foundation If we re going to provide scalable trustworthy financial services then we have to build that capacity within the fintech But we also have to build the capacity within banks to be more agile so that way it s a rising tide and our economy will benefit from it the rest of Africa and the rest of the world will benefit from it Bajomo said Mrs Aituan Kola Oladejo Executive Director FSI who described CIBN as a forward thinking institution said the signing of the agreement would sharpen the FinTech industry She said this agreement will open the gate for more FinTech innovators into the FinTech ecosystem as what was lacking was trust NewsSourceCredit NAN
    CIBN collaborates with FinTech NGR, FSI to promote professionalism
    Economy1 month ago

    CIBN collaborates with FinTech NGR, FSI to promote professionalism

    The Chartered Institute of Bankers of Nigeria (CIBN) has signed an agreement with the FinTech Association of Nigeria (Fintech NGR) and FinTech Development and Advocacy Initiative (FSI), to promote professionalism in the financial services industry.

    The News Agency of Nigeria reports that the signing of the agreement was witnessed by representatives and members of CIBN, FinTech NGR and FSI, at the Bankers House, Victoria Island, on Thursday in Lagos.

    Dr Ken Opara, of CIBN, said the alliance was a unique one in the annals of the Institute.

    “First, this is the first time the institute is collaborating with two partners at once for the provision of a certification.

    “Secondly, this is the first collaboration agreement to be executed during my tenure.

    “Thirdly, this initiative is a further step towards the realisation of the mandate of the institute to promote professionalism, whilst enhancing knowledge and competencies in the financial services ecosystem,” he said.

    The Fintech Certification Programme is intended to sharpen the minds and raise awareness of industry players about the importance of leveraging technology for financial inclusion and growth.

    Opara said the role of the Institute was to be the bridge that would engender positive handshake among all the players (banks, fintechs, other financial agents) in the financial services industry.

    This, he said, would be done through capacity building programmes, training, content development, advocacy and sound corporate governance policies.

    The CIBN president also said his administration would be built on six strategic pillars with the acronym FUTURE.

    According to him, the first pillar with the alphabet ‘F’ is Financial Innovation and Transformation.

    He said, “under this pillar, we plan to among others, institutionalise Fintech Certification in collaboration with other credible bodies to sharpen the minds and awareness of industry players in optimising technology for financial inclusion and growth.

    “I am extremely delighted that three months after mounting the saddle of leadership of the Institute, we are taking sure steps towards the achievement of this objective.

    “Under this Agreement, the three institutions have come together to award Fintech Certification, which offers an excellent opportunity to bridge the tech talent gap and indeed further drive the implementation of the Competency Framework in the banking and finance industry in Nigeria.

    ” Opara appreciated the Bankers Committee and the Central Bank of Nigeria for appointing the institute as the Accreditation Agency for the implementation of the Competency Framework.

    He said the institute would not take the appointment for granted, expressing its determination to make a success of the assignment, which would lead not only to more knowledgeable professionals but improved service delivery.

    Mr Ade Bajomo, President, FinTech NGR, said the partnership was a historic moment for FinTech NGR.

    “If you cast your mind back only a few years ago, people were wondering whether FinTechs will take over banks and whether banks will still exist.

    “But I think we are getting down to a point where you can see that both FinTechs and banks will coexist, they will co-compete and of course, there will be banks that will be more successful because they’re agile, and there will be FinTechs as well that will be successful because of tapping opportunities that perhaps the banks cannot see.

    “But in all of these really, it is essential to develop capacity and capability,” he said.

    Bajomo said banking as a profession was well regulated with strong compliance, strong culture of capacity building, knowledge building among others, adding that there was the need to also build capacity within the FinTechs in Nigeria.

    “If you look at banking as a profession, it’s well regulated, there’s strong compliance, but there is also a strong culture of capacity building, knowledge building.

    “When you look at FinTechs and, indeed, the nature and age of FinTechs in our country, it’s about agility, it’s about innovation; and those things that are lacking in terms of compliance regulations have to form the foundation.

    “If we’re going to provide scalable, trustworthy financial services, then we have to build that capacity within the fintech.

    “But we also have to build the capacity within banks to be more agile, so that way, it’s a rising tide and our economy will benefit from it, the rest of Africa and the rest of the world will benefit from it,” Bajomo said.

    Mrs Aituan Kola-Oladejo, Executive Director, FSI, who described CIBN as a “forward thinking institution,” said the signing of the agreement would sharpen the FinTech industry.

    She said, “this agreement will open the gate for more FinTech innovators into the FinTech ecosystem, as what was lacking was trust.


    NewsSourceCredit: NAN

  •  Fidelity Bank Plc on Tuesday splashed N27 million on 13 customers in the final draw of its Get Alert In Millions GAIM Season 5 savings promo The News Agency of Nigeria reports that the cash prizes were in the categories of N10 million grand prize N5 million N2 million and N1 million respectively NAN reports that Mr Charles Ahiwe of Saka Tinubu Cash Centre won the star prize of N10 million while Mr Alaba Ajiloye of Gwagwalada branch and Mr Udemuzue Okafor of Festac branch emerged as the first and second runners up winning N5 million and N2 million naira each Also 15 people won N5 000 each via the banks social media platforms Facebook Instagram and Twitter The winners emerged through a process witnessed by representatives of the National Lottery Regulatory Commission Federal Competition and Consumer Protection Commission and Lagos State Lotteries and Gaming Authority Speaking at the final draw Dr Ken Opara Promo Chairperson and Executive Director Lagos and South West Fidelity Bank said the fifth edition of the campaign was aimed at rewarding loyal customers who imbibed healthy savings culture He said the GAIM 5 campaign which commenced in November 2021 was to support the Central Bank s goal of driving financial inclusion in Nigeria I am happy to report that over the last nine months that we have run the campaign we have not only kept our promise of rewarding customers but have also recorded amazing stories of how the GAIM 5 cash rewards is transforming the lives of our customers and their communities For instance several customers have increased their working capital purchased much needed equipment and are furthering their education all from their GAIM 5 prizes This cements our reputation as the bank that empowers its customers We have given out a total of N98 million in past weekly and monthly draws Also in this campaign we held weekly consolation draws where 50 customers won N10 000 each Today we would be selecting winners of cash prizes worth N27 million comprising 10 customers who would win N1 million each in the August monthly draw and winners of N2 million N5 million and the star prize of N10 million in the grand draw he said Opara represented by Mr Lanre Showunmi Chief Digital Officer said the bank was grateful for the opportunity to improve her customers fortunes through the promo and reemphasising its commitment to do more to help them meet their goals Meanwhile the formal presentation of the cash prizes to the winners would be made on Sept 7 NewsSourceCredit NAN
    Fidelity Bank splashes N27m on GAIM Season 5 promo winners
     Fidelity Bank Plc on Tuesday splashed N27 million on 13 customers in the final draw of its Get Alert In Millions GAIM Season 5 savings promo The News Agency of Nigeria reports that the cash prizes were in the categories of N10 million grand prize N5 million N2 million and N1 million respectively NAN reports that Mr Charles Ahiwe of Saka Tinubu Cash Centre won the star prize of N10 million while Mr Alaba Ajiloye of Gwagwalada branch and Mr Udemuzue Okafor of Festac branch emerged as the first and second runners up winning N5 million and N2 million naira each Also 15 people won N5 000 each via the banks social media platforms Facebook Instagram and Twitter The winners emerged through a process witnessed by representatives of the National Lottery Regulatory Commission Federal Competition and Consumer Protection Commission and Lagos State Lotteries and Gaming Authority Speaking at the final draw Dr Ken Opara Promo Chairperson and Executive Director Lagos and South West Fidelity Bank said the fifth edition of the campaign was aimed at rewarding loyal customers who imbibed healthy savings culture He said the GAIM 5 campaign which commenced in November 2021 was to support the Central Bank s goal of driving financial inclusion in Nigeria I am happy to report that over the last nine months that we have run the campaign we have not only kept our promise of rewarding customers but have also recorded amazing stories of how the GAIM 5 cash rewards is transforming the lives of our customers and their communities For instance several customers have increased their working capital purchased much needed equipment and are furthering their education all from their GAIM 5 prizes This cements our reputation as the bank that empowers its customers We have given out a total of N98 million in past weekly and monthly draws Also in this campaign we held weekly consolation draws where 50 customers won N10 000 each Today we would be selecting winners of cash prizes worth N27 million comprising 10 customers who would win N1 million each in the August monthly draw and winners of N2 million N5 million and the star prize of N10 million in the grand draw he said Opara represented by Mr Lanre Showunmi Chief Digital Officer said the bank was grateful for the opportunity to improve her customers fortunes through the promo and reemphasising its commitment to do more to help them meet their goals Meanwhile the formal presentation of the cash prizes to the winners would be made on Sept 7 NewsSourceCredit NAN
    Fidelity Bank splashes N27m on GAIM Season 5 promo winners
    Economy1 month ago

    Fidelity Bank splashes N27m on GAIM Season 5 promo winners

    Fidelity Bank Plc on Tuesday splashed N27 million on 13 customers in the final draw of its Get Alert In Millions (GAIM) Season 5 savings promo.

    The News Agency of Nigeria reports that the cash prizes were in the categories of N10 million grand prize, N5 million, N2 million and N1 million, respectively.

    NAN reports that Mr Charles Ahiwe of Saka Tinubu Cash Centre won the star prize of N10 million, while Mr Alaba Ajiloye of Gwagwalada branch and Mr Udemuzue Okafor of Festac branch, emerged as the first and second runners-up winning N5 million and N2 million naira each.

    Also 15 people won N5,000 each via the banks social media platforms (Facebook, Instagram and Twitter).

    The winners emerged through a process witnessed by representatives of the National Lottery Regulatory Commission, Federal Competition and Consumer Protection Commission and Lagos State Lotteries and Gaming Authority.

    Speaking at the final draw, Dr Ken Opara, Promo Chairperson and Executive Director, Lagos and South-West, Fidelity Bank, said the fifth edition of the campaign was aimed at rewarding loyal customers who imbibed healthy savings culture.

    He said the GAIM 5 campaign, which commenced in November 2021 was to support the Central Bank’s goal of driving financial inclusion in Nigeria.

    “I am happy to report that over the last nine months that we have run the campaign, we have not only kept our promise of rewarding customers but have also recorded amazing stories of how the GAIM 5 cash rewards is transforming the lives of our customers and their communities.

    “For instance, several customers have increased their working capital, purchased much needed equipment and are furthering their education all from their GAIM 5 prizes.

    “This cements our reputation as the bank that empowers its customers.

    We have given out a total of N98 million in past weekly and monthly draws.

    “Also, in this campaign, we held weekly consolation draws where 50 customers won N10,000 each.

    “Today, we would be selecting winners of cash prizes worth N27 million comprising 10 customers who would win N1 million each in the August monthly draw and winners of N2 million, N5 million and the star prize of N10 million in the grand draw,” he said.

    Opara, represented by Mr Lanre Showunmi, Chief Digital Officer, said the bank was grateful for the opportunity to improve her customers’ fortunes through the promo and reemphasising its commitment to do more to help them meet their goals.

    Meanwhile, the formal presentation of the cash prizes to the winners would be made on Sept. 7.
    NewsSourceCredit: NAN

  •  Mrs Kafilat Araoye Managing Director Lotus Bank Ltd has emphasised the needs for banks to continuously engage their employees on career development programmes to reduce the level of resignation among millennials in banks Araoye made the call at the 2022 Graduates Induction and Prize Awards Day of the Chartered Institute of Bankers of Nigeria CIBN on Sunday in Lagos She spoke on the topic Career Development in a Changing World Strategies for Financial Services Professionals According to her there is a need to address the great resignation witnessed in the banking sector All banks now have post university pre work academies or programmes to prepare elaborately sifted graduate candidates for employability individual employees can thereafter specialise in any of several possible areas At least 60 per cent of workers in the financial services industry are millennials so we must consider how to attract motivate and retain them through career development programmes Employers should consider placing greater emphasis on employee potential than on past performance when administering career development programmes she said She urged financial institutions to invest in enhancing the standard of tertiary education the main pipeline for future manpower and also deploy career coaches counsellors and mentors to help young employees find their purpose She commended CIBN on its mentorship programme advising that the programme should be enhanced and all interested young bankers who had graduated should be accommodated She advised that career progression should be tied to professional CIBN certification at the industry level and recertification backed by a pronouncement The managing director said that emphasis should shift to the creation of careers around innovation digital skills and entrepreneurship to replicate the corporate mindset of FINTECHs in all financial Institutions She advised employers to give serious consideration to flexi work remote work and outsourcing adding that supposedly scarce skills were available through remote work only for employers to adapt She advised employer s to lay emphasis on the employee s productivity and not necessarily on physical presence at work For employees travelling out for further studies she urged employers to put in place a special programme that would re absorb them after their studies The career development task now requires innovation and a shift in paradigm by all parties especially the CIBN must strengthen and uphold the Compulsory Continuous Professional Development programme It should institute re certification programmes to keep bankers current and relevant It should promote the adoption of the various certifications available in the professional series to promote specialisation she said Araoye therefore advised newly qualified bankers to be ethical and people of integrity saying that there was nothing left of a banker who loses his integrity She urged them to be patient as a career was a life long phenomenon while advising them never to stop learning and keep up to date with emerging trends She said there were lots of disruptions happening and would happen out there advising them to remain nimble noting that the duties of a financial advisor 10 years ago were now remarkably different from what they were today Araoye enjoined them to be open to opportunities move across functions and be versatile and not to be mono skilled Earlier Dr Ken Opara of CIBN said that 1 857 graduates were inducted and 1099 Associates through the Regular Examination route Opara said others included 47 Associates through the CBMBA route 21 Associates via the route and 690 Microfinance Certified Bankers He urged the inductees who successfully completed the Banking Professional Examinations and Certification Programmes of the Institute to stay connected to the institute I encourage all our Inductees to stay connected to the institute identify with a branch of the institute in your domain so you can take maximum advantage of the various innovative initiatives from the Institute towards your personal and career development As I conclude my remarks may I challenge all our Inductees not to rest on your oars the world is yours to take go for it reach for your peak and be whatever you want to be Remember while you cannot direct the wind you can adjust the sail to get to your destination he said NewsSourceCredit NAN
    Implement employee career development programmes to avert mass resignation- Bank chief
     Mrs Kafilat Araoye Managing Director Lotus Bank Ltd has emphasised the needs for banks to continuously engage their employees on career development programmes to reduce the level of resignation among millennials in banks Araoye made the call at the 2022 Graduates Induction and Prize Awards Day of the Chartered Institute of Bankers of Nigeria CIBN on Sunday in Lagos She spoke on the topic Career Development in a Changing World Strategies for Financial Services Professionals According to her there is a need to address the great resignation witnessed in the banking sector All banks now have post university pre work academies or programmes to prepare elaborately sifted graduate candidates for employability individual employees can thereafter specialise in any of several possible areas At least 60 per cent of workers in the financial services industry are millennials so we must consider how to attract motivate and retain them through career development programmes Employers should consider placing greater emphasis on employee potential than on past performance when administering career development programmes she said She urged financial institutions to invest in enhancing the standard of tertiary education the main pipeline for future manpower and also deploy career coaches counsellors and mentors to help young employees find their purpose She commended CIBN on its mentorship programme advising that the programme should be enhanced and all interested young bankers who had graduated should be accommodated She advised that career progression should be tied to professional CIBN certification at the industry level and recertification backed by a pronouncement The managing director said that emphasis should shift to the creation of careers around innovation digital skills and entrepreneurship to replicate the corporate mindset of FINTECHs in all financial Institutions She advised employers to give serious consideration to flexi work remote work and outsourcing adding that supposedly scarce skills were available through remote work only for employers to adapt She advised employer s to lay emphasis on the employee s productivity and not necessarily on physical presence at work For employees travelling out for further studies she urged employers to put in place a special programme that would re absorb them after their studies The career development task now requires innovation and a shift in paradigm by all parties especially the CIBN must strengthen and uphold the Compulsory Continuous Professional Development programme It should institute re certification programmes to keep bankers current and relevant It should promote the adoption of the various certifications available in the professional series to promote specialisation she said Araoye therefore advised newly qualified bankers to be ethical and people of integrity saying that there was nothing left of a banker who loses his integrity She urged them to be patient as a career was a life long phenomenon while advising them never to stop learning and keep up to date with emerging trends She said there were lots of disruptions happening and would happen out there advising them to remain nimble noting that the duties of a financial advisor 10 years ago were now remarkably different from what they were today Araoye enjoined them to be open to opportunities move across functions and be versatile and not to be mono skilled Earlier Dr Ken Opara of CIBN said that 1 857 graduates were inducted and 1099 Associates through the Regular Examination route Opara said others included 47 Associates through the CBMBA route 21 Associates via the route and 690 Microfinance Certified Bankers He urged the inductees who successfully completed the Banking Professional Examinations and Certification Programmes of the Institute to stay connected to the institute I encourage all our Inductees to stay connected to the institute identify with a branch of the institute in your domain so you can take maximum advantage of the various innovative initiatives from the Institute towards your personal and career development As I conclude my remarks may I challenge all our Inductees not to rest on your oars the world is yours to take go for it reach for your peak and be whatever you want to be Remember while you cannot direct the wind you can adjust the sail to get to your destination he said NewsSourceCredit NAN
    Implement employee career development programmes to avert mass resignation- Bank chief
    Economy1 month ago

    Implement employee career development programmes to avert mass resignation- Bank chief

    Mrs Kafilat Araoye, Managing Director, Lotus Bank Ltd.,  has emphasised the needs for banks to continuously engage their employees on career development programmes to reduce the level of resignation among millennials in banks.  

    Araoye made the call at the 2022 Graduates’ Induction and Prize Awards Day of the Chartered Institute of Bankers of Nigeria (CIBN) on Sunday in Lagos.  

    She spoke on the topic, “Career Development in a Changing World: Strategies for Financial Services Professionals’’.  

    According to her, there is a need to address the great resignation witnessed in the banking sector.  

    “All banks now have post-university, pre-work academies or programmes to prepare elaborately sifted graduate candidates for employability, individual employees can thereafter specialise in any of several possible areas.  

    “At least 60 per cent of workers in the financial services industry are millennials, so we must consider how to attract, motivate and retain them through career development programmes.  

    “Employers should consider placing greater emphasis on employee potential than on past performance when administering career development programmes,’’ she said.

    She urged financial institutions to invest in enhancing the standard of tertiary education, the main pipeline for future manpower and also deploy career coaches, counsellors and mentors to help young employees find their purpose.  

    She commended CIBN on its mentorship programme advising that the programme should be enhanced and all interested young bankers who had graduated should be accommodated.  

    She advised that career progression should be tied to professional CIBN certification, at the industry level, and recertification (backed by a pronouncement)   The managing director said that emphasis should shift to the creation of careers around innovation, digital skills and entrepreneurship, to replicate the corporate mindset of FINTECHs in all financial Institutions.  

    She advised employers to give serious consideration to flexi work, remote work, and outsourcing adding that supposedly scarce skills were available through remote work, only for employers to adapt.  

    She advised employer’s to lay emphasis on the employee’s productivity and not necessarily on physical presence at work.  

    For employees travelling out for further studies, she urged employers to put in place a special programme that would re-absorb them after their studies.  

    “The career development task now requires innovation and a shift in paradigm by all parties, especially the CIBN must strengthen and uphold the Compulsory Continuous Professional Development programme.

    “It should institute re-certification programmes to keep bankers current and relevant   “It should promote the adoption of the various certifications available in the professional series to promote specialisation,’’ she said.  

    Araoye, therefore, advised newly qualified bankers to be ethical and people of integrity saying that there was nothing left of a banker who loses his integrity   She urged them to be patient as a career was a life-long phenomenon, while advising them never to stop learning and keep up to date with emerging trends   She said there were lots of disruptions happening and would happen out there, advising them to remain nimble, noting that the duties of a financial advisor 10 years ago were now remarkably different from what they were today.  

    Araoye enjoined them to be open to opportunities, move across functions, and be versatile and not to be mono-skilled.  

    Earlier, Dr Ken Opara, of CIBN, said that 1,857 graduates were inducted and 1099 Associates through the Regular Examination route.

    Opara said others included 47 Associates through the CBMBA route, 21 Associates via the route and 690 Microfinance Certified Bankers.  

    He urged the inductees who successfully completed the Banking Professional Examinations and Certification Programmes of the Institute, to stay connected to the institute.  

    “I encourage all our Inductees to stay connected to the institute, identify with a branch of the institute in your domain, so you can take maximum advantage of the various innovative initiatives from the Institute towards your personal and career development.  

    “As I conclude my remarks, may I challenge all our Inductees not to rest on your oars, the world is yours to take, go for it, reach for your peak and be whatever you want to be.

    Remember “while you cannot direct the wind, you can adjust the sail to get to your destination,’’ he said.


    NewsSourceCredit: NAN

  •  Some financial experts have advised the Central Bank of Nigeria CBN to leverage technologies and innovations by the BRICS countries to strengthen the naira The experts gave the advice at the maiden edition of the Annual Banking and Technology Forum organised by the Centre for Financial Studies of the Chartered Institute of Bankers of Nigeria CIBN on Thursday in Lagos The News Agency of Nigeria reports that the hybrid meeting had Leveraging on Technology to Gain a Competitive Edge as its theme Mr Adjiedj Bakas an economist specifically urged the CBN to base the naira on gold to allow it compete with the US dollar in value According to him if the CBN wants the naira to be fairly strong and stable it should fund it on gold oil and gas and other commodities The BRICS countries Brazil Russia India China and South Africa these five powerful nations strong big economies are coming with a lot of initiatives which might be beneficial to Nigeria They are coming up with a new global reserve currency based on gold oil and gas and other commodities and that is going to compete with the US dollar said Bakas He said the BRICS had also developed an alternative to the Society for Worldwide Interbank Financial Telecommunications SWIFT payment system also in use in Holland and Nigeria So they come up with an alternative to SWIFT a competent alternative to the dollar And this new global reserve currency is founded on gold and commodities So my advice would be for the Nigerian Central Bank to base the naira upon gold you have to buy lots of gold and we have tonnes of gold But also have to base it on all the oil and gas reserves of Nigeria and then the naira will be worth much more Bakas said The expert also urged the banks to utilise both SWIFT and the new payment platform introduced by the BRICS which is based on Alipay and WeChat It is connected with facial recognition artificial intelligence and security you can follow the money and the traces everywhere he said He urged banks to offer young people a good future by moving along with these technological trends that have boosted the the world s Gross Domestic Product Step in dive into in this technological revolution because technology is going to change blue collar workers and devices are going to take over a lot of our financial administration So as a bank you should be fast provide fast services especially to the millennials and also leverage the digital naira because they all love the Central Bank s digital currency he said The Director Information Technology Department CBN Mrs Rakiya Mohammed said the apex bank had been proactive by creating enabling environments for the banking industry to thrive She said the monetary authority came up with guidelines frameworks and innovative products to stimulate creativity in the banking sector without stifling the healthy competition among participants in the industry If we have learnt anything in the CBN it is the fact that technology will not wait for regulation so we decided to be as agile as possible We have tried to be proactive by creating an enabling environment via guidelines frameworks and innovative products to stimulate creativity in the banking sector without stifling the healthy competition among participants in the industry In 2021 when the CBN announced its intention to roll out the first central bank digital currency in Africa and one of the first in the world some people were skeptical as to our capacity to accomplish what other central banks were still reluctant to do But we were convinced it was the way to go because the technology trends were clear to us It is either you embrace disruption or you become obsolete Despite the naysayers the eNaira was successfully launched and has been gaining momentum in adoption both locally and internationally with close to a million wallet downloads across individuals and merchants she said She narrated how the monetary authority recently stumbled on a twitter post where someone said the large population of unbanked Nigerian international students in the North Cyprus city of Lefkosa were using the eNaira to facilitate payments for goods and services Mohammed who was represented by Mr Afolabi Adeleye said These digital natives are not waiting At the CBN we are beginning to have conversations around monetary policy in the metaverse open banking digital identities among others Leveraging the gains in adoption of the eNaira we recently concluded our first hackathon focused on expanding its use in driving financial inclusion and cross border remittances Embracing technology as a business enabler to drive competitive advantage is no longer optional It is a matter of corporate survival going into the future Dr Ken Opara of CIBN represented by the first council Vice President Prof Pius Olarenwaju said This event provides another opportunity for us to offer value to our stakeholders as they try to navigate the financial technology and digital finance world Indeed this event could not have come at a better time as the ways in which we conduct banking has changed dramatically since technology entered the fray Banks are now focused on elevated levels of personalisation and tailoring solutions to meet customers needs which have been enabled by the fast tracking of digital transformation NewsSourceCredit NAN
    Experts urge CBN to leverage technology to strengthen naira
     Some financial experts have advised the Central Bank of Nigeria CBN to leverage technologies and innovations by the BRICS countries to strengthen the naira The experts gave the advice at the maiden edition of the Annual Banking and Technology Forum organised by the Centre for Financial Studies of the Chartered Institute of Bankers of Nigeria CIBN on Thursday in Lagos The News Agency of Nigeria reports that the hybrid meeting had Leveraging on Technology to Gain a Competitive Edge as its theme Mr Adjiedj Bakas an economist specifically urged the CBN to base the naira on gold to allow it compete with the US dollar in value According to him if the CBN wants the naira to be fairly strong and stable it should fund it on gold oil and gas and other commodities The BRICS countries Brazil Russia India China and South Africa these five powerful nations strong big economies are coming with a lot of initiatives which might be beneficial to Nigeria They are coming up with a new global reserve currency based on gold oil and gas and other commodities and that is going to compete with the US dollar said Bakas He said the BRICS had also developed an alternative to the Society for Worldwide Interbank Financial Telecommunications SWIFT payment system also in use in Holland and Nigeria So they come up with an alternative to SWIFT a competent alternative to the dollar And this new global reserve currency is founded on gold and commodities So my advice would be for the Nigerian Central Bank to base the naira upon gold you have to buy lots of gold and we have tonnes of gold But also have to base it on all the oil and gas reserves of Nigeria and then the naira will be worth much more Bakas said The expert also urged the banks to utilise both SWIFT and the new payment platform introduced by the BRICS which is based on Alipay and WeChat It is connected with facial recognition artificial intelligence and security you can follow the money and the traces everywhere he said He urged banks to offer young people a good future by moving along with these technological trends that have boosted the the world s Gross Domestic Product Step in dive into in this technological revolution because technology is going to change blue collar workers and devices are going to take over a lot of our financial administration So as a bank you should be fast provide fast services especially to the millennials and also leverage the digital naira because they all love the Central Bank s digital currency he said The Director Information Technology Department CBN Mrs Rakiya Mohammed said the apex bank had been proactive by creating enabling environments for the banking industry to thrive She said the monetary authority came up with guidelines frameworks and innovative products to stimulate creativity in the banking sector without stifling the healthy competition among participants in the industry If we have learnt anything in the CBN it is the fact that technology will not wait for regulation so we decided to be as agile as possible We have tried to be proactive by creating an enabling environment via guidelines frameworks and innovative products to stimulate creativity in the banking sector without stifling the healthy competition among participants in the industry In 2021 when the CBN announced its intention to roll out the first central bank digital currency in Africa and one of the first in the world some people were skeptical as to our capacity to accomplish what other central banks were still reluctant to do But we were convinced it was the way to go because the technology trends were clear to us It is either you embrace disruption or you become obsolete Despite the naysayers the eNaira was successfully launched and has been gaining momentum in adoption both locally and internationally with close to a million wallet downloads across individuals and merchants she said She narrated how the monetary authority recently stumbled on a twitter post where someone said the large population of unbanked Nigerian international students in the North Cyprus city of Lefkosa were using the eNaira to facilitate payments for goods and services Mohammed who was represented by Mr Afolabi Adeleye said These digital natives are not waiting At the CBN we are beginning to have conversations around monetary policy in the metaverse open banking digital identities among others Leveraging the gains in adoption of the eNaira we recently concluded our first hackathon focused on expanding its use in driving financial inclusion and cross border remittances Embracing technology as a business enabler to drive competitive advantage is no longer optional It is a matter of corporate survival going into the future Dr Ken Opara of CIBN represented by the first council Vice President Prof Pius Olarenwaju said This event provides another opportunity for us to offer value to our stakeholders as they try to navigate the financial technology and digital finance world Indeed this event could not have come at a better time as the ways in which we conduct banking has changed dramatically since technology entered the fray Banks are now focused on elevated levels of personalisation and tailoring solutions to meet customers needs which have been enabled by the fast tracking of digital transformation NewsSourceCredit NAN
    Experts urge CBN to leverage technology to strengthen naira
    Economy1 month ago

    Experts urge CBN to leverage technology to strengthen naira

    Some financial experts have advised the Central Bank of Nigeria (CBN) to leverage technologies and innovations by the BRICS countries to strengthen the naira.

    The experts gave the advice at the maiden edition of the Annual Banking and Technology Forum, organised by the Centre for Financial Studies of the Chartered Institute of Bankers of Nigeria (CIBN) on Thursday in Lagos.

    The News Agency of Nigeria reports that the hybrid meeting had, “Leveraging on Technology to Gain a Competitive Edge” as its theme.

    Mr Adjiedj Bakas, an economist, specifically urged the CBN to base the naira on gold to allow it compete with the US dollar in value.

    According to him, if the CBN wants the naira to be fairly strong and stable, it should fund it on gold, oil and gas and other commodities.

    “The BRICS countries – Brazil, Russia, India, China, and South Africa – these five powerful nations, strong, big economies, are coming with a lot of initiatives, which might be beneficial to Nigeria.

    “They are coming up with a new global reserve currency based on gold, oil and gas and other commodities, and that is going to compete with the US dollar,” said Bakas.

    He said the BRICS had also developed an alternative to the Society for Worldwide Interbank Financial Telecommunications (SWIFT) payment system, also in use in Holland and Nigeria.

    “So, they come up with an alternative to SWIFT, a competent alternative to the dollar.

    “And this new global reserve currency is founded on gold, and commodities.

    “So, my advice would be for the Nigerian Central Bank to base the naira upon gold; you have to buy lots of gold, and we have tonnes of gold.

    “But also have to base it on all the oil and gas reserves of Nigeria, and then the naira will be worth much more,” Bakas said.

    The expert also urged the banks to utilise both SWIFT and the new payment platform introduced by the BRICS, which is based on Alipay and WeChat. “It is connected with facial recognition, artificial intelligence and security; you can follow the money and the traces everywhere,” he said.

    He urged banks to offer young people a good future by moving along with these technological trends that have boosted the the world’s Gross Domestic Product.

    “Step in, dive into in this technological revolution because technology is going to change blue collar workers and devices are going to take over a lot of our financial administration.

    “So, as a bank, you should be fast, provide fast services, especially to the millennials; and also leverage the digital naira because they all love the Central Bank’s digital currency,” he said.

    The Director, Information Technology Department, CBN, Mrs Rakiya Mohammed, said the apex bank had been proactive by creating enabling environments for the banking industry to thrive.

    She said the monetary authority came up with guidelines, frameworks, and innovative products to stimulate creativity in the banking sector without stifling the healthy competition among participants in the industry.

    “If we have learnt anything in the CBN, it is the fact that technology will not wait for regulation, so we decided to be as agile as possible.

    “We have tried to be proactive by creating an enabling environment via guidelines, frameworks, and innovative products to stimulate creativity in the banking sector without stifling the healthy competition among participants in the industry.

    “In 2021, when the CBN announced its intention to roll out the first central bank digital currency in Africa and one of the first in the world, some people were skeptical as to our capacity to accomplish what other central banks were still reluctant to do.

    “But we were convinced it was the way to go because the technology trends were clear to us.

    It is either you embrace disruption, or you become obsolete.

    “Despite the naysayers, the eNaira was successfully launched and has been gaining momentum in adoption both locally and internationally with close to a million wallet downloads across individuals and merchants,” she said.

    She narrated how the monetary authority recently stumbled on a twitter post where someone said the large population of unbanked Nigerian international students in the North Cyprus city of Lefkosa were using the eNaira to facilitate payments for goods and services.

    Mohammed, who was represented by Mr Afolabi Adeleye, said, “These digital natives are not waiting.

    “At the CBN we are beginning to have conversations around monetary policy in the metaverse, open banking, digital identities, among others.

    “Leveraging the gains in adoption of the eNaira, we recently concluded our first hackathon focused on expanding its use in driving financial inclusion and cross border remittances.

    “Embracing technology as a business enabler to drive competitive advantage is no longer optional.

    It is a matter of corporate survival going into the future.

    ” Dr Ken Opara, of CIBN, represented by the first council Vice-President, Prof. Pius Olarenwaju, said, “This event provides another opportunity for us to offer value to our stakeholders as they try to navigate the financial technology and digital finance world.

    “Indeed, this event could not have come at a better time as the ways in which we conduct banking has changed dramatically since technology entered the fray.

    “Banks are now focused on elevated levels of personalisation and tailoring solutions to meet customers’ needs which have been enabled by the fast-tracking of digital transformation.


    NewsSourceCredit: NAN

  •  The Chartered Institute of Bankers of Nigeria CIBN said it would hold its annual conference to share ideas on how to address changing trends in the industry The of CIBN Dr Ken Opara made the announcement at a media parley on Friday in Lagos He said that the conference to hold Sept 13 to Sept 14 would be hybrid taking place at the Transcorp Hilton Hotel Abuja and through Zoom Teleconferencing with dignitaries from around the world in attendance The News Agency of Nigeria reports that the theme of the conference will be Repositioning the Financial Services Industry for an Evolving Glocal Context The banking industry has continued to evolve technological innovation is the thing in the industry The financial system is the only industry today that you can see the kind of innovation that is going on It is one of the few industry in the world to have an online real time payment services as much as possible But we think that the industry is dynamic changes continue to come up globally You can see what is happening in the supply chain you can also see what is happening in the Russian Ukraine space as much as possible So the idea is basically to have this conference that will provide a platform to share ideas on how to address changing trends in the industry and how things are coming up Also how do we build capacity how do we energise our people how do we ensure that the new generation of people continue to be relevant in the industry Opara said The event would be organised through a Consultative Committee chaired by the Managing Executive Officer Sterling Bank Plc Mr Abubakar Suleiman President Muhammadu Buhari Prof Yemi Osinbajo Governor Babajide Sanwo Olu Mrs Zainab Ahmed the Minister of Finance among other dignitaries are expected at the conference The Central Bank of Nigeria Governor Godwin Emefiele would be the Chief Host of the Conference while Opara would be the host NewsSourceCredit NAN
    CIBN holds annual conference to address changing trends in industry
     The Chartered Institute of Bankers of Nigeria CIBN said it would hold its annual conference to share ideas on how to address changing trends in the industry The of CIBN Dr Ken Opara made the announcement at a media parley on Friday in Lagos He said that the conference to hold Sept 13 to Sept 14 would be hybrid taking place at the Transcorp Hilton Hotel Abuja and through Zoom Teleconferencing with dignitaries from around the world in attendance The News Agency of Nigeria reports that the theme of the conference will be Repositioning the Financial Services Industry for an Evolving Glocal Context The banking industry has continued to evolve technological innovation is the thing in the industry The financial system is the only industry today that you can see the kind of innovation that is going on It is one of the few industry in the world to have an online real time payment services as much as possible But we think that the industry is dynamic changes continue to come up globally You can see what is happening in the supply chain you can also see what is happening in the Russian Ukraine space as much as possible So the idea is basically to have this conference that will provide a platform to share ideas on how to address changing trends in the industry and how things are coming up Also how do we build capacity how do we energise our people how do we ensure that the new generation of people continue to be relevant in the industry Opara said The event would be organised through a Consultative Committee chaired by the Managing Executive Officer Sterling Bank Plc Mr Abubakar Suleiman President Muhammadu Buhari Prof Yemi Osinbajo Governor Babajide Sanwo Olu Mrs Zainab Ahmed the Minister of Finance among other dignitaries are expected at the conference The Central Bank of Nigeria Governor Godwin Emefiele would be the Chief Host of the Conference while Opara would be the host NewsSourceCredit NAN
    CIBN holds annual conference to address changing trends in industry
    Economy2 months ago

    CIBN holds annual conference to address changing trends in industry

    The Chartered Institute of Bankers of Nigeria (CIBN) said it would hold its annual conference to share ideas on how to address changing trends in the industry.

    The of CIBN, Dr Ken Opara, made the announcement at a media parley on Friday in Lagos.

    He said that the conference to hold Sept. 13 to Sept. 14, would be hybrid, taking place at the Transcorp Hilton Hotel, Abuja and through Zoom Teleconferencing, with dignitaries from around the world in attendance.

    The News Agency of Nigeria reports that the theme of the conference will be: “Repositioning the Financial Services Industry for an Evolving Glocal Context”.

    “The banking industry has continued to evolve; technological innovation is the thing in the industry.

    “The financial system is the only industry today that you can see the kind of innovation that is going on.

    It is one of the few industry in the world to have an online real-time payment services as much as possible.

    “But we think that the industry is dynamic, changes continue to come up globally.

    “You can see what is happening in the supply chain, you can also see what is happening in the Russian- Ukraine space as much as possible.

    “So, the idea is basically to have this conference that will provide a platform to share ideas on how to address changing trends in the industry and how things are coming up.

    “Also, how do we build capacity, how do we energise our people, how do we ensure that the new generation of people continue to be relevant in the industry,” Opara said.

    The event would be organised through a Consultative Committee, chaired by the Managing Executive Officer, Sterling Bank Plc, Mr Abubakar Suleiman.

    President Muhammadu Buhari, Prof.Yemi Osinbajo, Governor Babajide Sanwo-Olu, Mrs Zainab Ahmed, the Minister of Finance, among other dignitaries are expected at the conference.

    The Central Bank of Nigeria Governor, Godwin Emefiele, would be the Chief Host of the Conference while Opara would be the host.


    NewsSourceCredit: NAN

  •  The Manufacturers Association of Nigeria MAN on Wednesday urged commercial banks and the Organised Private Sector OPS to join hands to grow the economy Mr Mansur Ahmed President of MAN gave the advice at the first National Stakeholders Conference organised by the Association of Corporate Affairs Managers of Banks ACAMB in partnership with the Chartered Institute of Bankers of Nigeria CIBN in Lagos The News Agency of Nigeria reports that the conference supported by Access Bank Ecobank FirstBank and Zenith Bank had Promoting Synergy Between the Banking Industry and the Organised Private Sector as the theme Ahmed said that the performance and development of both sectors were expedient for the sustainability of the economy hence the need for both sectors to work together to reduce poverty attract investment and boost economic growth The traditional industry bank lending relationship is no longer supporting the growth of the industry the bank and the economy as a whole Industry activities have massively declined showing rising number of moribund industries across the country and the increasing capital flight Based on this information it is important that the commercial banks and the industry should come together to chart new ways of supporting each other to the benefit of all There is no doubt that the industry needs the bank to increase investment and production while the bank needs the industry for interest payment incomes and equity subscription he said He therefore recommended that the commercial bank should develop corporate patriotism to strengthen the willingness to lend at the interest rate that supports both the industry and the banking sector for the sake of the economy He stressed the need to prioritise attention to industry foreign exchange requests particularly in this period of acute shortage Ahmed represented by Mr Ambrose Oruche Director Corporate Services of MAN also urged the banks to ensure that government or international development funds were well accessed without undue difficult conditionality He recommended the creation of a process that would support equipment acquisition in the industry and creation of funds to support industry bank joint venture for easy financing of specific industry business He also suggested the creation of a unit for business support and capacity development for the industry as well as a trade support unit Mr Ide Udeagbala President Nigerian Association of Chambers of Commerce Industry Mines and Agriculture NACCIMA represented by Mr Ayo Osinloye urged stakeholders to provide answers to the difficult challenges being faced by the private sector They face weak infrastructure especially in terms of power transportation and workspace They lack a collective voice and have relatively weak influence of policy formulation They have poor access to vital resources especially finance Udeagbala said Also speaking Mr Eboagwu Ezulu Deputy Director Financial System Stability Directorate of the Central Bank of Nigeria CBN advised the OPS to approach the development financing institutions for financial assistance I am aware that the Development Bank of Nigeria was established in collaboration with the CBN to provide funding as well as the Bank of Industry established to support the manufacturing sector Have we the manufacturing sector approached those entities to utilise the funds available rather than asking the commercial banks Banks are supposed to approach the CBN on behalf of their customers to solve these problems the commercial banks lend for credit purpose they have the primary responsibility to protect their depositors Ezulu said Dr Ken Opara the CIBN President noted that the organised private sectors were the real drivers of real sector growth and economic advancement through industrialisation job creation provision of goods and services and poverty alleviation Thus a well functioning financial system and a rigorous private sector are important drivers of national growth in terms of Gross Domestic Product employment generation economic stability and poverty reduction However I must admit that there are still a lot of untapped opportunity between these two critical sectors some of which are attributable to lack of proper handshake between the bodies Given the interdependence of both sector it has become imperative for both to work mutually for the growth of the nation s economy Opara said Earlier Mr Rasheed Bolarinwa President ACAMB said that the outlook of the conference was essentially to develop a workable roadmap for the two sectors to synergise for the benefit of the national economy Finance the essence of banking is the driving force for the private sector Capital is probably the primary factor of production On the other side the private sector as the end users of banking services and the largest sector of the economy is also conversely the driver of a sustainable and viral banking sector So I will say there is a symbiotic relationship between the two sectors banking is important to the private sector just as the private sector is important to the banks That explains why this conference is taking place So it is safe to conclude that the more active and synergistic the relationship between banking and private sector the more we are collectively able to develop and grow the national economy for sustainable Nigeria he said NewsSourceCredit NAN
    MAN tasks banks, OPS on economic growth
     The Manufacturers Association of Nigeria MAN on Wednesday urged commercial banks and the Organised Private Sector OPS to join hands to grow the economy Mr Mansur Ahmed President of MAN gave the advice at the first National Stakeholders Conference organised by the Association of Corporate Affairs Managers of Banks ACAMB in partnership with the Chartered Institute of Bankers of Nigeria CIBN in Lagos The News Agency of Nigeria reports that the conference supported by Access Bank Ecobank FirstBank and Zenith Bank had Promoting Synergy Between the Banking Industry and the Organised Private Sector as the theme Ahmed said that the performance and development of both sectors were expedient for the sustainability of the economy hence the need for both sectors to work together to reduce poverty attract investment and boost economic growth The traditional industry bank lending relationship is no longer supporting the growth of the industry the bank and the economy as a whole Industry activities have massively declined showing rising number of moribund industries across the country and the increasing capital flight Based on this information it is important that the commercial banks and the industry should come together to chart new ways of supporting each other to the benefit of all There is no doubt that the industry needs the bank to increase investment and production while the bank needs the industry for interest payment incomes and equity subscription he said He therefore recommended that the commercial bank should develop corporate patriotism to strengthen the willingness to lend at the interest rate that supports both the industry and the banking sector for the sake of the economy He stressed the need to prioritise attention to industry foreign exchange requests particularly in this period of acute shortage Ahmed represented by Mr Ambrose Oruche Director Corporate Services of MAN also urged the banks to ensure that government or international development funds were well accessed without undue difficult conditionality He recommended the creation of a process that would support equipment acquisition in the industry and creation of funds to support industry bank joint venture for easy financing of specific industry business He also suggested the creation of a unit for business support and capacity development for the industry as well as a trade support unit Mr Ide Udeagbala President Nigerian Association of Chambers of Commerce Industry Mines and Agriculture NACCIMA represented by Mr Ayo Osinloye urged stakeholders to provide answers to the difficult challenges being faced by the private sector They face weak infrastructure especially in terms of power transportation and workspace They lack a collective voice and have relatively weak influence of policy formulation They have poor access to vital resources especially finance Udeagbala said Also speaking Mr Eboagwu Ezulu Deputy Director Financial System Stability Directorate of the Central Bank of Nigeria CBN advised the OPS to approach the development financing institutions for financial assistance I am aware that the Development Bank of Nigeria was established in collaboration with the CBN to provide funding as well as the Bank of Industry established to support the manufacturing sector Have we the manufacturing sector approached those entities to utilise the funds available rather than asking the commercial banks Banks are supposed to approach the CBN on behalf of their customers to solve these problems the commercial banks lend for credit purpose they have the primary responsibility to protect their depositors Ezulu said Dr Ken Opara the CIBN President noted that the organised private sectors were the real drivers of real sector growth and economic advancement through industrialisation job creation provision of goods and services and poverty alleviation Thus a well functioning financial system and a rigorous private sector are important drivers of national growth in terms of Gross Domestic Product employment generation economic stability and poverty reduction However I must admit that there are still a lot of untapped opportunity between these two critical sectors some of which are attributable to lack of proper handshake between the bodies Given the interdependence of both sector it has become imperative for both to work mutually for the growth of the nation s economy Opara said Earlier Mr Rasheed Bolarinwa President ACAMB said that the outlook of the conference was essentially to develop a workable roadmap for the two sectors to synergise for the benefit of the national economy Finance the essence of banking is the driving force for the private sector Capital is probably the primary factor of production On the other side the private sector as the end users of banking services and the largest sector of the economy is also conversely the driver of a sustainable and viral banking sector So I will say there is a symbiotic relationship between the two sectors banking is important to the private sector just as the private sector is important to the banks That explains why this conference is taking place So it is safe to conclude that the more active and synergistic the relationship between banking and private sector the more we are collectively able to develop and grow the national economy for sustainable Nigeria he said NewsSourceCredit NAN
    MAN tasks banks, OPS on economic growth
    Economy2 months ago

    MAN tasks banks, OPS on economic growth

    The Manufacturers Association of Nigeria (MAN) on Wednesday urged commercial banks and the Organised Private Sector (OPS) to join hands to grow the economy.

    Mr Mansur Ahmed, President of MAN, gave the advice at the first National Stakeholders Conference organised by the Association of Corporate Affairs Managers of Banks (ACAMB) in partnership with the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.

    The News Agency of Nigeria reports that the conference supported by Access Bank, Ecobank, FirstBank and Zenith Bank had: “Promoting Synergy Between the Banking Industry and the Organised Private Sector,’’ as the theme.

    Ahmed said that the performance and development of both sectors were expedient for the sustainability of the economy; hence, the need for both sectors to work together to reduce poverty, attract investment and boost economic growth.

    “The traditional industry-bank lending relationship is no longer supporting the growth of the industry, the bank and the economy, as a whole.

    “ Industry activities have massively declined showing rising number of moribund industries across the country and the increasing capital flight.

    “ Based on this information, it is important that the commercial banks and the industry should come together to chart new ways of supporting each other to the benefit of all.

    “ There is no doubt that the industry needs the bank to increase investment and production while the bank needs the industry for interest payment incomes and equity subscription,’’ he said.

    He, therefore, recommended that the commercial bank should develop corporate patriotism to strengthen the willingness to lend at the interest rate that supports both the industry and the banking sector for the sake of the economy.

    He stressed the need to prioritise attention to industry foreign exchange requests, particularly in this period of acute shortage.

    Ahmed represented by Mr Ambrose Oruche, Director, Corporate Services of MAN, also urged the banks to ensure that government or international development funds were well accessed without undue difficult conditionality.

    He recommended the creation of a process that would support  equipment acquisition in the industry and creation of funds to support industry-bank joint venture for easy financing of specific industry business.

    He also suggested the creation of a unit for business support and capacity development for the industry as well as a trade support unit.

    Mr Ide Udeagbala, President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), represented by Mr Ayo Osinloye, urged stakeholders to provide answers to the difficult challenges being faced by the private sector.

    “They face weak infrastructure, especially in terms of power, transportation, and workspace.

    They lack a collective voice and have relatively weak influence of policy formulation.

    They have poor access to vital resources, especially finance,” Udeagbala said.

    Also speaking, Mr Eboagwu Ezulu, Deputy Director, Financial System Stability Directorate of the Central Bank of Nigeria (CBN), advised the OPS to approach the development financing institutions for financial assistance.

    “I am aware that the Development Bank of Nigeria was established in collaboration with the CBN to provide funding as well as the Bank of Industry established to support the manufacturing sector.

    “Have we the manufacturing sector approached those entities to utilise the funds available rather than asking the commercial banks?

    “Banks are supposed to approach the CBN on behalf of their customers to solve these problems; the commercial banks lend for credit purpose, they have the primary responsibility to protect their depositors,’’ Ezulu said Dr Ken Opara, the CIBN President, noted that the organised private sectors were the real drivers of real sector growth and economic advancement through industrialisation, job creation, provision of goods and services and poverty alleviation.

    “Thus a well-functioning financial system and a rigorous private sector are important drivers of national growth in terms of  Gross Domestic Product, employment generation, economic stability and poverty reduction.

    “However, I must admit that there are still a lot of untapped opportunity between these two critical sectors some of which are attributable to lack of proper handshake between the bodies.

    “Given the interdependence of both sector, it has become imperative for both to work mutually for the growth of the nation’s economy,’’ Opara said.

    Earlier, Mr Rasheed Bolarinwa, President ACAMB, said that the outlook of the conference was essentially to develop a workable roadmap for the two sectors to synergise for the benefit of the national economy.

    “Finance, the essence of banking is the driving force for the private sector.  

    Capital, is probably the primary factor of production.

    “On the other side, the private sector, as the end users of banking services and the largest sector of the economy, is also conversely the driver of a sustainable and viral banking sector.

    “So, I will say there is a symbiotic relationship between the two sectors, banking is important to the private sector, just as the private sector is important to the banks.

    That explains why this conference is taking place.

    “So, it is safe to conclude that the more active and synergistic the relationship between banking and private sector, the more we are collectively able to develop and grow the national economy for sustainable Nigeria,’’ he said.

    (
    NewsSourceCredit: NAN

  •  Fidelity Bank Plc has rewarded 10 customers with N1million each in the eight monthly draw of its Get Alerts in Millions season five promo GAIM 5 Dr Ken Opara the Promo Chairman and Executive Director Lagos and South West said at the prize presentation on Wednesday in Lagos that the promo was aimed at promoting financial inclusion Opara said that the GAIM was introduced by the bank to support the Central Bank of Nigeria CBN financial inclusion agenda across the country Today we would be presenting the sum of N1million each to Victor Chimela Ohanmuo and Sampson O Onwunali who emerged winners in the eight GAIM 5 monthly draw held last week Aside from these customers eight other winners would receive their cash prizes of N1 million at similar events at their branches across the country at this period I congratulate our winners for emerging winners in our July monthly draw a million naira is a lot of money and I urge them to put their winnings to good use As a bank we have taken it upon ourselves to help them make the best use of their cash prizes so that it continues to yield bountiful rewards for them he said Opara urged them to visit any Fidelity Bank branch for necessary guidance from the bank s dedicated team of Small and Medium Enterprises on best to make use of their monies Opara was represented by Mr Osita Ede Divisional Head Product Development Fidelity Bank Plc He noted that the GAIM 5 journey started in November 2021 when the bank launched the promo to reward its customers for maintaining a healthy savings habit Opara expressed joy over the reception that the campaign had enjoyed as well as its impact on the lives of winners He said that since the first prize presentation event in December 2021 the bank had given out millions of naira to monthly draw winners cutting across all cadres of society Opara encouraged those who were yet to open a Fidelity Bank savings account to do so in order not to miss out on the millions of naira to be given away in next month s monthly and grand draws He said as we have said previously we would be giving out the sums of N2 million N5 million and N10 million each to three lucky customers in the grand draw scheduled for August 2022 Mr Sampson Onwunali one of the winners from Fidelity Bank Trade Fair Complex Badagry Expressway Lagos thanked God for using the bank to bless him with a worthy prize My heart is full of joy and I thank God for His mercy when I got a call from the bank that I have won something I didn t believe it until I went to my branch to confirm I didn t even know that there was a promo going on though I heard about it sometime ago but I had no interest in participating not to talk of even being one of the winners I want to tell Nigerians that Fidelity Bank is a good bank and the save and win promo is real I advise people to start banking with Fidelity Bank to also be among the winning team he said All you need to qualify for the promo is save a minimum of N2 000 only and activate a virtual or physical debit card to get a ticket in the promo The more tickets you get the more chances you get to win and the bigger the amount you can win The News Agency of Nigeria reports that representatives of the National Lottery Regulatory Commission Federal Competition and Consumer Protection Commission Lagos State Lotteries and Gaming Authority witnessed the prize presentation NewsSourceCredit NAN
    GAIM 5: Fidelity Bank rewards customers with 10m
     Fidelity Bank Plc has rewarded 10 customers with N1million each in the eight monthly draw of its Get Alerts in Millions season five promo GAIM 5 Dr Ken Opara the Promo Chairman and Executive Director Lagos and South West said at the prize presentation on Wednesday in Lagos that the promo was aimed at promoting financial inclusion Opara said that the GAIM was introduced by the bank to support the Central Bank of Nigeria CBN financial inclusion agenda across the country Today we would be presenting the sum of N1million each to Victor Chimela Ohanmuo and Sampson O Onwunali who emerged winners in the eight GAIM 5 monthly draw held last week Aside from these customers eight other winners would receive their cash prizes of N1 million at similar events at their branches across the country at this period I congratulate our winners for emerging winners in our July monthly draw a million naira is a lot of money and I urge them to put their winnings to good use As a bank we have taken it upon ourselves to help them make the best use of their cash prizes so that it continues to yield bountiful rewards for them he said Opara urged them to visit any Fidelity Bank branch for necessary guidance from the bank s dedicated team of Small and Medium Enterprises on best to make use of their monies Opara was represented by Mr Osita Ede Divisional Head Product Development Fidelity Bank Plc He noted that the GAIM 5 journey started in November 2021 when the bank launched the promo to reward its customers for maintaining a healthy savings habit Opara expressed joy over the reception that the campaign had enjoyed as well as its impact on the lives of winners He said that since the first prize presentation event in December 2021 the bank had given out millions of naira to monthly draw winners cutting across all cadres of society Opara encouraged those who were yet to open a Fidelity Bank savings account to do so in order not to miss out on the millions of naira to be given away in next month s monthly and grand draws He said as we have said previously we would be giving out the sums of N2 million N5 million and N10 million each to three lucky customers in the grand draw scheduled for August 2022 Mr Sampson Onwunali one of the winners from Fidelity Bank Trade Fair Complex Badagry Expressway Lagos thanked God for using the bank to bless him with a worthy prize My heart is full of joy and I thank God for His mercy when I got a call from the bank that I have won something I didn t believe it until I went to my branch to confirm I didn t even know that there was a promo going on though I heard about it sometime ago but I had no interest in participating not to talk of even being one of the winners I want to tell Nigerians that Fidelity Bank is a good bank and the save and win promo is real I advise people to start banking with Fidelity Bank to also be among the winning team he said All you need to qualify for the promo is save a minimum of N2 000 only and activate a virtual or physical debit card to get a ticket in the promo The more tickets you get the more chances you get to win and the bigger the amount you can win The News Agency of Nigeria reports that representatives of the National Lottery Regulatory Commission Federal Competition and Consumer Protection Commission Lagos State Lotteries and Gaming Authority witnessed the prize presentation NewsSourceCredit NAN
    GAIM 5: Fidelity Bank rewards customers with 10m
    Economy2 months ago

    GAIM 5: Fidelity Bank rewards customers with 10m

    Fidelity Bank Plc has rewarded 10 customers with N1million each in the eight monthly draw of its Get Alerts in Millions season five promo (GAIM 5).

    Dr Ken Opara, the Promo Chairman and Executive Director, Lagos and South-West, said at the prize presentation on Wednesday in Lagos that the promo was aimed at promoting financial inclusion.

    Opara said that the GAIM was introduced by the bank to support the Central Bank of Nigeria (CBN) financial inclusion agenda across the country.

    “Today, we would be presenting the sum of N1million each to Victor Chimela Ohanmuo and Sampson O.

    Onwunali, who emerged winners in the eight GAIM 5 monthly draw held last week.

    “Aside from these customers, eight other winners would receive their cash prizes of N1 million at similar events at their branches across the country at this period.

    “I congratulate our winners for emerging winners in our July monthly draw; a million naira is a lot of money and I urge them to put their winnings to good use.

    “As a bank, we have taken it upon ourselves to help them make the best use of their cash prizes so that it continues to yield bountiful rewards for them,’’ he said.

    Opara urged them to visit any Fidelity Bank branch for necessary guidance from the bank’s dedicated team of Small and Medium Enterprises on best to make use of their monies.

    Opara was represented by Mr Osita Ede, Divisional Head, Product Development, Fidelity Bank Plc. He noted that the GAIM 5 journey started in November 2021 when the bank launched the promo to reward its customers for maintaining a healthy savings habit.

    Opara expressed joy over the reception that the campaign had enjoyed as well as its impact on the lives of winners.

    He said that since the first prize presentation event in December 2021, the bank had given out millions of naira to monthly draw winners cutting across all cadres of society.

    Opara encouraged those who were yet to open a Fidelity Bank savings account to do so in order not to miss out on the millions of naira to be given away in next month’s monthly and grand draws.

    He said, “as we have said previously, we would be giving out the sums of N2 million, N5 million and N10 million each to three lucky customers in the grand draw, scheduled for August 2022’’.

    Mr Sampson Onwunali, one of the winners from Fidelity Bank Trade Fair Complex, Badagry Expressway, Lagos, thanked God for using the bank to bless him with a worthy prize.

    “My heart is full of joy and I thank God for His mercy; when I got a call from the bank that I have won something, I didn’t believe it until I went to my branch to confirm.

    “I didn’t even know that there was a promo going on, though I heard about it sometime ago but I had no interest in participating not to talk of even being one of the winners.

    “I want to tell Nigerians that Fidelity Bank is a good bank and the save and win promo is real; I advise people to start banking with Fidelity Bank to also be among the winning team,’’ he said.

    All you need to qualify for the promo is save a minimum of N2,000 only and activate a virtual or physical debit card to get a ticket in the promo.

    The more tickets you get, the more chances you get to win, and the bigger the amount you can win.

    The News Agency of Nigeria reports that representatives of the National Lottery Regulatory Commission, Federal Competition and Consumer Protection Commission, Lagos State Lotteries and Gaming Authority witnessed the prize presentation.

    NewsSourceCredit: NAN

  •  B Adedipe Associates Ltd BAA Consult has reviewed downward its growth forecast for the Nigerian economy in 2022 to 3 27 per cent from its earlier projection of 3 74 per cent announced in January Dr Biodun Adedipe founder and Chief Consultant BAA Consult announced the new projection at the roundtable session on the Mid Year review of Economic Outlook for 2022 The event was organised by the Chartered Institute of Bankers of Nigeria CIBN in collaboration with BAA Consult on Tuesday in Lagos So for us in BAA Consult we have dampen our expectation when we started the outlook at the beginning of the year We projected between 3 74 per cent growth at that time both the Internal Monetary Fund IMF and the World Bank had 1 5 per cent by April IMF increases its own from 1 5 to 3 4 per cent But as at today based on the first half year what we see as the likely outcome of our GDP growth this year is 3 27 per cent no longer 3 74 per cent because of what has happened insecurity So we must therefore take concrete actions with respect to insecurity which is the measure hobbler of economic growth as of Nigeria today And of course our policies with export promotion fiscal discipline must be structurally addressed the issue of fuel subsidy and the obvious corruption in that as well Adedipe said He added that the volume of refined petroleum Nigeria consume and the amount paid on subsidy if compared together would tell that something was missing somewhere He said Of course I m not in government so I don t have access to all the data But for us as analysts we interpret what we see and within the limit of what we see It is clear that talking of fuel subsidy the trillions of Naira in Nigeria today there must be some fraud somewhere But we must develop the courage to address it if we do that then we ve started the process of getting the economy in the direction it should go He said that tremendous energy in Nigerians and our corporate entities would make the economy work only if we get the right signals from the policy authority Dr Michael Adebiyi Director Research Department Central Bank of Nigeria CBN said against the backdrop of the prevailing headwinds to the positive outlook of the economy the future looks optimistic According to Adebiyi this is based on the various efforts of the CBN at repositioning the financial and real sectors of the economy for sustainable development However more still needs to be done particularly in the agricultural sector and Information Communication Technology he said Adebiyi represented by Mr Adeniyi Adenuga Assistant Director CBN therefore called on the fiscal authorities to support the intervention efforts of the apex bank This he added can be achiebed by providing competitive tax incentives for the importation of large scale and high impact technology as well as innovation The director noted that this would help to enhance agricultural yield and efficiency in the entire value chain He also said that efforts at addressing the persisting insecurity challenges should be accelerated to help address food supply disruptions thereby mitigating the rising food inflationary pressures in the short term Adebiyi expressed optimism that the apex bank would sustain its current credit support facilities to the real sector to boost agricultural output for improved value chain and export value This he said would restore relative stability in the foreign exchange market He urged banks to sustain the 100 for 100 Policy for Production and Productivity PPP and the Naira 4 dollar scheme and enhance the Foreign Exchange position in the Investors and Exporters window He suggested that could be attained by encouraging the participation of top 100 non oil exporters in the RT200 FX programme According to him these would help in stabilising the exchange rate and boost reserves accretion in the short to medium term He called on stakeholders to come up with useful recommendations that would improve and boost the growth of the Nigerian economy and policy options that could be adopted to tame inflation in the economy Earlier Dr Ken Opara President of CIBN said that the event a brainchild of the CIBN Research Committee was designed to evaluate the performance of the Nigerian economy in the prior half of the year while providing an outlook for the second half of the year More specifically the event would assess the trends of macroeconomic indicators in the first six months of 2022 as well as the performance of key sectors of the economy The maiden edition was successfully held on August 13 2021 with participants across the globe This second edition of the Mid Year Economic Review and Outlook is intended to be a follow up on the National Economic Outlook event usually held at the beginning of each year whereby actual of economic indicators are compared with predictions asserted at the beginning of the year Ultimately it offers yet another prospect to deliver value to our stakeholders while they navigate the rudiments of a relatively demanding year Opara said NewsSourceCredit NAN
    Nigeria’s Economy: Adedipe reviews downward 2022 growth forecasts
     B Adedipe Associates Ltd BAA Consult has reviewed downward its growth forecast for the Nigerian economy in 2022 to 3 27 per cent from its earlier projection of 3 74 per cent announced in January Dr Biodun Adedipe founder and Chief Consultant BAA Consult announced the new projection at the roundtable session on the Mid Year review of Economic Outlook for 2022 The event was organised by the Chartered Institute of Bankers of Nigeria CIBN in collaboration with BAA Consult on Tuesday in Lagos So for us in BAA Consult we have dampen our expectation when we started the outlook at the beginning of the year We projected between 3 74 per cent growth at that time both the Internal Monetary Fund IMF and the World Bank had 1 5 per cent by April IMF increases its own from 1 5 to 3 4 per cent But as at today based on the first half year what we see as the likely outcome of our GDP growth this year is 3 27 per cent no longer 3 74 per cent because of what has happened insecurity So we must therefore take concrete actions with respect to insecurity which is the measure hobbler of economic growth as of Nigeria today And of course our policies with export promotion fiscal discipline must be structurally addressed the issue of fuel subsidy and the obvious corruption in that as well Adedipe said He added that the volume of refined petroleum Nigeria consume and the amount paid on subsidy if compared together would tell that something was missing somewhere He said Of course I m not in government so I don t have access to all the data But for us as analysts we interpret what we see and within the limit of what we see It is clear that talking of fuel subsidy the trillions of Naira in Nigeria today there must be some fraud somewhere But we must develop the courage to address it if we do that then we ve started the process of getting the economy in the direction it should go He said that tremendous energy in Nigerians and our corporate entities would make the economy work only if we get the right signals from the policy authority Dr Michael Adebiyi Director Research Department Central Bank of Nigeria CBN said against the backdrop of the prevailing headwinds to the positive outlook of the economy the future looks optimistic According to Adebiyi this is based on the various efforts of the CBN at repositioning the financial and real sectors of the economy for sustainable development However more still needs to be done particularly in the agricultural sector and Information Communication Technology he said Adebiyi represented by Mr Adeniyi Adenuga Assistant Director CBN therefore called on the fiscal authorities to support the intervention efforts of the apex bank This he added can be achiebed by providing competitive tax incentives for the importation of large scale and high impact technology as well as innovation The director noted that this would help to enhance agricultural yield and efficiency in the entire value chain He also said that efforts at addressing the persisting insecurity challenges should be accelerated to help address food supply disruptions thereby mitigating the rising food inflationary pressures in the short term Adebiyi expressed optimism that the apex bank would sustain its current credit support facilities to the real sector to boost agricultural output for improved value chain and export value This he said would restore relative stability in the foreign exchange market He urged banks to sustain the 100 for 100 Policy for Production and Productivity PPP and the Naira 4 dollar scheme and enhance the Foreign Exchange position in the Investors and Exporters window He suggested that could be attained by encouraging the participation of top 100 non oil exporters in the RT200 FX programme According to him these would help in stabilising the exchange rate and boost reserves accretion in the short to medium term He called on stakeholders to come up with useful recommendations that would improve and boost the growth of the Nigerian economy and policy options that could be adopted to tame inflation in the economy Earlier Dr Ken Opara President of CIBN said that the event a brainchild of the CIBN Research Committee was designed to evaluate the performance of the Nigerian economy in the prior half of the year while providing an outlook for the second half of the year More specifically the event would assess the trends of macroeconomic indicators in the first six months of 2022 as well as the performance of key sectors of the economy The maiden edition was successfully held on August 13 2021 with participants across the globe This second edition of the Mid Year Economic Review and Outlook is intended to be a follow up on the National Economic Outlook event usually held at the beginning of each year whereby actual of economic indicators are compared with predictions asserted at the beginning of the year Ultimately it offers yet another prospect to deliver value to our stakeholders while they navigate the rudiments of a relatively demanding year Opara said NewsSourceCredit NAN
    Nigeria’s Economy: Adedipe reviews downward 2022 growth forecasts
    Economy2 months ago

    Nigeria’s Economy: Adedipe reviews downward 2022 growth forecasts

    B.Adedipe Associates Ltd. (BAA Consult) has reviewed downward its growth forecast for the Nigerian economy in 2022 to 3.27 per cent from its earlier projection of 3.74 per cent announced in January.Dr ‘Biodun Adedipe, founder and Chief Consultant BAA Consult, announced the new projection at the roundtable session on the Mid-Year review of Economic Outlook for 2022.The event was organised by the Chartered Institute of Bankers of Nigeria (CIBN) in collaboration with BAA Consult, on Tuesday in Lagos.“So for us in BAA Consult, we have dampen our expectation when we started the outlook at the beginning of the year.“We projected between 3.74 per cent growth, at that time, both the Internal Monetary Fund (IMF) and the World Bank had 1.5 per cent by April.IMF increases its own from 1.5 to 3.4 per cent.“But as at today based on the first half year, what we see as the likely outcome of our GDP growth this year is 3.27 per cent; no longer 3.74 per cent because of what has happened (insecurity).“So, we must therefore, take concrete actions with respect to insecurity which is the measure hobbler of economic growth as of Nigeria today.“And of course, our policies with export promotion, fiscal discipline must be structurally addressed, the issue of fuel subsidy and the obvious corruption in that as well,’’ Adedipe said.He added that the volume of refined petroleum Nigeria consume and the amount paid on subsidy, if compared together, would tell that something was missing somewhere.He said, “Of course I’m not in government, so I don’t have access to all the data.But for us as analysts, we interpret what we see and within the limit of what we see.It is clear that talking of fuel subsidy, the trillions of Naira in Nigeria today, there must be some fraud somewhere .“But we must develop the courage to address it; if we do that, then we’ve started the process of getting the economy in the direction it should go’’.He said that tremendous energy in Nigerians and our corporate entities would make the economy work, `only if we get the right signals from the policy authority’.Dr Michael Adebiyi, Director, Research Department, Central Bank of Nigeria (CBN) said, “against the backdrop of the prevailing headwinds to the positive outlook of the economy, the future looks optimistic.According to Adebiyi, this is based on the various efforts of the CBN at repositioning the financial and real sectors of the economy for sustainable development.“However, more still needs to be done, particularly in the agricultural sector and Information Communication Technology,’’ he said.Adebiyi, represented by Mr Adeniyi Adenuga, Assistant Director, CBN, therefore called on the fiscal authorities to support the intervention efforts of the apex bank.This, he added, can be achiebed by providing competitive tax incentives for the importation of large-scale and high-impact technology as well as innovation.The director noted that this would help to enhance agricultural yield and efficiency in the entire value chain.He also said that efforts at addressing the persisting insecurity challenges, should be accelerated to help address food-supply disruptions, thereby mitigating the rising food inflationary pressures in the short-term.Adebiyi expressed optimism that the apex bank would sustain its current credit support facilities to the real sector to boost agricultural output, for improved value chain and export value.This, he said, would restore relative stability in the foreign exchange market.He urged banks to sustain the 100-for-100 Policy for Production and Productivity (PPP) and the Naira-4-dollar scheme and enhance the Foreign Exchange position in the Investors and Exporters window.He suggested that could be attained by encouraging the participation of top 100 non-oil exporters in the RT200 FX programme.According to him, these would help in stabilising the exchange rate and boost reserves accretion in the short-to-medium term.He called on stakeholders to come up with useful recommendations that would improve and boost the growth of the Nigerian economy and policy options that could be adopted to tame inflation in the economy.Earlier, Dr Ken Opara, President of CIBN, said that the event, a brainchild of the CIBN Research Committee, was designed to evaluate the performance of the Nigerian economy in the prior half of the year, while providing an outlook for the second half of the year.“More specifically, the event would assess the trends of macroeconomic indicators in the first six months of 2022 as well as the performance of key sectors of the economy.“The maiden edition was successfully held on August 13, 2021 with participants across the globe.“This second edition of the Mid-Year Economic Review and Outlook is intended to be a follow up on the National Economic Outlook event usually held at the beginning of each year whereby actual of economic indicators are compared with predictions asserted at the beginning of the year.“Ultimately, it offers yet another prospect to deliver value to our stakeholders while they navigate the rudiments of a relatively demanding year,’’ Opara said.NewsSourceCredit: NAN