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Access Bank Targets 100m Customers by 2022

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Access Bank Plc, is seeking to increase its customer base to 100 million by 2022 from its present level, 41 million, Mr Victor Etuokwu, executive director, Retail Banking has stated.

Access Bank Targets 100m Customers by 2022

Etuokwu, who made this disclosure during the Diamond Xtra Season 12 Launch Event held in Lagos , said Access Bank has remained dedicated to expanding its services to Nigerians financially included by coming up with reward schemes like the Diamond Xtra initiative.

With over two million registered accounts on the Diamond Xtra savings plan, the bank is looking to expand more on the platform with good rewards this season.

According to Mr Etuokwu, for the past 11 years, over N5.7 billion has been awarded to over 22,000 customers, adding that in the 12th season, over N1 billion would be given out to loyal customers of the financial institution.

“This season, we are going to have 63 winners for rent for a year, from 21 last year and we have three people who are going to win N100,000 in Salary4Life.

“We have also introduced the health insurance scheme that will cover the customer, spouse and three children. We are also going to have the normal N1 million like we have done at this event.

“We also have a lot of loyalty schemes where loyal customers can win N20,000 and N50,000 cash prizes,” the bank executive said.

He also noted that as part of the bank’s commitment to gender equality, nine women will be awarded cash prizes of N300,000 each, while one of the selected winners will get a complementary N100,000 gift shopping voucher.

He added that as part of the senior citizens initiative, nine winners on the Diamond Xtra savings plan will be selected to win, noting that the goal of the bank to bring at least a member of every family on the Diamond Xtra Account.

Also speaking at the event, Mr Robert Giles, head, Product Insights and Capabilities, noted that the bank will be crossing the N6 billion mark with this year’s promo.

“We’ve been doing this for 12 years and we have given out over N5.7 billion in prizes. We will be crossing the N6 billion this year as we will be giving out N1 billion. We have tripled money that people will get and use for their investments and businesses that will employ tens and hundreds of thousand of people,” he stated.

At the event, Mrs Nkiru Onuzulu, deputy director/coordinator for the Lagos Zonal Office of the National Lottery Regulatory Commission, who certified the draws, said her agency was pleased with the way the promo has been conducted without compromising standards.

Also, Mr Lawrence Amadi from KPMG, a consultancy firm, said the bank was transparent in getting winners from the exercise.

“We are required to ensure that all qualified members are account holders of the bank and they were chosen independently without the interference from Access Bank,” he said.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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E-Financial

CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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