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Access Bank Dangles Collateral-Free Loan to SMEs, Others

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Access Bank has unveiled a fresh audacious plan to fund the small and medium scale enterprises (SMEs) as well as health and education sectors after a similar exercise for the players in the creative sector of the economy.

 

The bank, which had granted over N37 billion loans to SMEs in 2018, said the decision to once again stress its hands towards these sectors was borne out of a desire to help the sectors grow.

 

Speaking to financial journalists in Lagos, Ayodele Olojede, head, Emerging Businesses, Access Bank, said that the bank in the last three years has invested significantly towards the growth of SMEs.

 

“We love SMEs and we do not pay lip service to SMEs and to the extent of how much we want to support SMEs, we have invested significantly in our understanding of the risk factors in that segment and sufficiently so because in the last 3 years, we have supported SMEs. In 2018 alone, we granted up to N37bn in loans to our SME customers which won us the award globally.

 

“We were able to achieve this feat because we introduced an innovative approach to lending and you know that with this innovative approach to lending, all that the customer need to be able to access loans is just to keep good credit record and sales record,” she explained.

 

Olojede noted that the loan portfolio is collateral free for Nigerians and added that Access Bank is the only bank currently using the National Collateral Registry in support of MSMEs.

 

“All of our solutions are tailored to what a client requires.  If it was an equipment purchase or you just want to expand your business, we will be able to support you in that line. For school, if you want to buy books, school uniforms which are technical base requirements.”

 

“30 per cent of what we have granted to SMEs were used to support women through our W-power initiative and what we have done with the initiative is if you own 50 per cent of your business, you can get the loan at 15 per cent per annum.

 

Olojede revealed that the bank have begun to expand its footprints in the Health, Education and Technology sector while adding that through its partnership with Medical Credit fund, Access Bank granted about N3 million without collateral.

 

She said: “For Education, we give loans of up to N10 million without collateral specifically for working capital purposes and we are also expanding our footprints in technology sector as well and even the re-introduced creative sector loan, we are currently on the fore front of pushing that and we are about the only bank to have submitted application to Central Bank of Nigeria (CBN)

 

“We engaged over 11,000 customers and so far we have done about 12,000 and the target for the year is to engage about 30,000 MSMEs customers helping them with their finances, business practices and to help them understand how they can sell their products and support them with loans”.

 

Access Bank has unveiled a fresh audacious plan to fund the small and medium scale enterprises (SMEs) as well as health and education sectors after a similar exercise for the players in the creative sector of the economy.

 

The bank, which had granted over N37 billion loans to SMEs in 2018, said the decision to once again stress its hands towards these sectors was borne out of a desire to help the sectors grow.

 


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E-Financial

Former SEC Leadership Failed to Regulate, Develop Capital Market- ASCSN

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Senior Staff Union under the aegis of Association of Senior Civil Servants of Nigeria (ASCSN) of Securities and Exchange Commission (SEC) has accused the past administration of the Commission led by Dr. Lamido Yuguda of failing in its mandate of effectively regulating and developing the capital market, which is an intricate part of the nation’s economy.

Former SEC Leadership Failed to Regulate, Develop Capital Market- ASCSN

ASCSN also urged the federal government to exempt workers of the commission from 50 percent operating surplus remittance

Abba Mamman Ali, chairman of the Union, stated this on Monday during a briefing with journalists in Abuja.

Recall that President Bola Tinubu had last Friday sacked Dr. Lamido Yuguda, former director general and announced a new management and board for the Commission.

While Mr. Mairiga Aliyu Katuka is the chairman of the new board, Dr. Emomotimi Agama is the new director-general.

Abba said the administration of the Yuguda “failed in its mandate to effectively regulate and develop the capital market, which is an intricate part of the Nigerian economy.”

Furthermore, he said the Yuguda-led Management “was insensitive and unresponsive towards issues of staff welfare especially issues bordering on staff promotion, gratuity and increase of staff emolument, amongst many others.”

He said, “Unfortunately, staff morale was at the lowest ebb under the regime of the immediate past Management.

‘It became clear to the SEC Staff Union and our parent body, the Association of Senior Civil Servants of Nigeria (ASCSN) that a vibrant capital market and a highly motivated SEC workforce could only be achieved through a change of SEC Management by Mr President.

“This prompted the Union to cry out to His Excellency, President Bola Ahmed Tinubu. By clearing out the ineffective SEC Management led by Lamido Yuguda, His Excellency, President Bola Ahmed Tinubu has lived up to his sterling reputation as a listening President.”

He said the SEC Staff Union has pledged to collaborate seamlessly with the new board under the leadership of board chairman, Mr. Mairiga Aliyu Katuka and Director General, Dr. Emomotimi Agama, to deliver a vibrant capital market in line with President Tinubu’s Renewed Hope Agenda.

However, to achieve this, he called for the commission to be exempted from the 50 per cent deductions on operating surplus as contained in the Finance Act 2024 because the Commission is a development institution.

He said, “We want this management to look into issues of staff promotion, vacancies and gratuity. We urge them to look at it very well and settle those issues as they concern staff directly.

“Also, there is need for Management to meet with the government on the issue of 50 per cent deductions on operating surplus. These deductions have almost incapacitated the Commission as the SEC has been having great difficulties carrying out its dual functions of regulating and developing the capital market.”

On the capital market, he said the Union is “urging the new management to constitute a market wide committee who will proffer solutions to the various issues currently bedevilling the market.”


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Kenya to Extradite Anjarwalla, Binance Executive Linked to Tax Evasion to Nigeria

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Kenya is preparing to extradite Nadeem Anjarwalla, a Binance executive wanted by Nigerian authorities for alleged involvement in tax evasion and a dramatic escape from custody.

Kenya to Extradite Anjarwalla, Binance Executive Linked to Tax Evasion to Nigeria

Anjarwalla was apprehended in Kenya over the weekend in a joint operation involving several agencies, including the Economic and Financial Crimes Commission (EFCC), Nigeria Police Force, Kenya Police Service, FBI, and INTERPOL, following weeks of search efforts.

He is expected to be extradited to Nigeria within the week to face trial on tax evasion charges, with the possibility of additional charges related to illegal passport use and escape from custody.

Anjarwalla, Binance Africa’s regional manager, along with another executive, Tigran Gambrayan, encountered legal issues in Nigeria in February due to their association with the crypto exchange.

Anjarwalla evaded custody in March using a Kenyan passport and had been evading authorities until his recent capture.

This development adds to the ongoing tension between Binance and Nigerian authorities. Gambrayan, who has been detained since February, is currently facing trial for alleged tax evasion.

However, the proceedings have faced delays, with the court adjourning the case twice due to issues with formally serving charges to the exchange. Binance CEO Richard Teng has expressed willingness to cooperate with Nigerian authorities, but specific efforts to secure the release of the detained executives remain undisclosed.

Similarly, Gambrayan’Kenya to Extradite Binance Executive Linked to Tax Evasion to Nigeria attempts to secure bail have encountered obstacles, with a federal high court in Abuja postponing his bail application hearing.

He is presently held at the Kuje Correctional Center pending further legal proceedings.


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Moniepoint MFB opens office in Lagos, pledges to do more for customers

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In today’s fast paced financial services landscape, which has been defined by the ubiquity of digital and mobile banking tools, microfinance banks continue to play a crucial role in advancing financial inclusion. The hallmark of banking is customer satisfaction as such organizations that consistently invent new ways to meet consumer needs and ensure that they are well catered to are viewed as exemplars.

In a move aimed at enhancing customer satisfaction while providing more outlets for addressing customers’ enquiries and requests, the definitive bank for small and medium-sized businesses in Nigeria, as well as their customers and employees, Moniepoint Microfinance Bank has announced the opening of a new office in Lagos.

The new office which is situated on Admiralty Road in the Lekki area of Lagos follows from the relocation of its MFB office from Oyo-Ibadan Rd to Lagos. The new Moniepoint MFB office offers a full suite of banking services that cater to the essential financial needs of its customers, empowering them to truly live productive lives.

Commenting on the development, the Managing Director, Moniepoint MFB, Babatunde Olofin noted that the Bank’s visionary commitment to ensuring the creation of a society where everyone experiences financial happiness and they are sufficiently empowered to bring their dreams to fruition adding that the new branch is in strong alignment with this proposition which alongside its other core digital banking channels, plays a key role in how the financial institution serves and provide solutions to customers across the country.

“As we consistently bolster our digital capabilities, we recognize that physical sites remain an important touchpoint for many customers, who relish the trust, inter-personal touch and clarity at face-to-face conversations which our amazing customer service personnel provide.

“As such, creating connected experiences – physical and digital to provide access to best in class banking services affords us the privilege to deliver customer satisfaction and drive our business growth even as we strive to meet and surpass the expectations of our stakeholders,” he said.

Olofin reiterated that at the heart of Moniepoint’s success are its highly esteemed customers and that judging from feedback, testimonials, as well as the huge adoption of its products and services, the Bank is poised and well positioned to deliver more quality and value-adding banking services.

It will be recalled that Moniepoint MFB recently launched a USSD code,*5573# to offer customers a fast and user-friendly platform for consumers to carry out their banking activities safely and securely. This is in addition to a partnership that has been forged with the Corporate Affairs Commission (CAC) to digitize over 30 million MSMEs in the next 5 years with a view to enabling them to contribute more meaningfully to job creation and national growth.


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