E-Financial
COVID-19: SMEs’ Partnership, Rigorous Commitment Key to Sustainable Economy Growth- Sekibo
In light of the sharp dwindling in the global economy occasioned by Covid-19 pandemic, Ifie Sekibo, managing director/CEO, Heritage Bank Plc, disclosed that with partnership, truth, character and rigorous commitment to businesses, the micro, small and medium enterprises (MSMEs) stand to revamp the nation’s economy for sustainable growth.
He also stated that evidences have shown that for SMEs to continue to survive and remain the bedrock of any vibrant economy, the players must continuously reinvent themselves, complement each other, dream big, possess cutting edge ideas and think and rethink before venturing into businesses.
Speaking during a webinar session, a virtual conference platform at the Upgrade Summit 2020, on the theme, “Converting Ideas into Reality with Focus on SME’s” Sekibo emphasized the need for SMEs to look inward, learn and relearn, possess the spirit of self-sacrifice and believe, whilst advising that they must be bold and should not be afraid to fail because failing is not a failure and should not give up because they had failed.
According to him, most entrepreneurs burn with ideas but they need to mine them so that they could blossom, remarking that they need to have mentors that will enable them to achieve their goals and sell the ideas.
“Among small and medium-sized enterprises (SMEs) in Nigeria, there has been too much of an individual focus, rather than a holistic or intergenerational focus.
“There is not enough focus on partnership among Nigerian SMEs and this causes ventures to fail,” Sekibo stated.
Meanwhile, he reiterated that more needed to be done in the area of empowering entrepreneurship sector by the government and financial institutions because it is an agent of development.
On Heritage Bank’s efforts so far, the MD/CEO affirmed that its philosophy does not rely on traditional banking metrics like growth in the number of accounts, but according to him, “one of our major cardinal point as a bank is supporting micro, small and medium scale businesses and our strong desire to see young men and women succeed in any area of their business.
“This will help the society and economy to grow, thereby moving the nation from poverty occasioned by Covid-19 to prosperous economy,” he added.
Sekibo, however, hinted that SMEs could take advantage of its products for seamless banking transactions to boost their businesses like Stockit, HBPadie and the newly launched 24/7 alternate electronic platform via USSD Code *745#.
“We have encouraged SMEs and customers alike to adopt the self-service platforms like *745*0# for balance enquiry, Funds Transfer (Within Heritage Bank): *745*1*Amount*Account Number#, self-airtime recharge: *745*Amount#, third party airtime recharge: *745*Amount*Mobile Number# and change pin: *745*00#,” he said.
He further explained that the entrepreneur schemes of the bank in the support for business had always focused on dependable job-creating sectors such as the agricultural value chain: fish farming, poultry, snail farming, etc., cottage industry, mining and solid minerals, creative industry: tourism, arts and crafts, and Information and Communication Technology (ICT).
E-Financial
Banks Lose N10Bn to Cyber Fraud in 2023’
Stakeholders in the banking and financial ecosystem, yesterday, decried the surge in cyber fraud as Deposit Money Banks (DMBs) lost N10 billion in the second quarter of 2023, representing almost 300 per cent year-on-year compared to the previous year.
At a Mastercard forum convened to tackle fraud and cybersecurity threats in the financial sector, Kari Tukur, vice president, Customer Solutions Centre, East and West Africa at Mastercard, said despite the massive awareness and innovations aimed at combating cybersecurity, the amount lost last year by DBMs was “staggering”.
She said, “With Nigeria’s rapidly growing economic expansion, we are starting to see an increase in the adoption of digital financial services, and the financial landscape is also evolving at an astronomical speed.
“What was staggering for me was in spite of the huge investment around innovation, funding in the cyber space, DBMs lost almost N10bn in Q2 last year, and that was almost 300 per cent growth year-on-year when compared to the previous year.”
She noted that there was the need for collaboration among stakeholders “to combat this rising sophistication of cyber security threat.”
Tukur further stated that Mastercard was deeply committed to cyber security and fraud prevention within the payment industry, disclosing that the company invested $250m “to assist small businesses in addressing their cyber security needs.”
She disclosed that Mastercard payment portals incorporated multiple layers of security such as tokenisation technology, encryption and biometrical to stay ahead of cyber attackers.
She added that, “The sector continues to struggle with the aforementioned challenges, necessitating vigilance, proactive action and comprehensive security strategy, and Mastercard remains committed to providing safe, secure and seamless payment services and experiences for our partners and customers in Nigeria and beyond.”
Celestina Appeal, chairman, Committee of e-Business Industry Heads (CeBIH), stated that the total loss to the banking industry in the last couple of years totalled hundreds of billions of naira while Nigeria’s Consumer Awareness and Financial Enlightenment Initiative had projected a $6trn loss by 2030 to cybercrime within and outside Nigeria.
Represented by Mr Temitope Onibaniyi, secretary of the committee, she stated that the committee was ever-willing to collaborate with industry stakeholders to fight against the perpetrators who “constantly rob banks and other stakeholders in the payments industry of their hard-earned money.”
She said the need for collaboration could not be overemphasised as no individual organisation was immune to cyber security attacks.
E-Financial
Tinubu Rejigs SEC Board, Makes New Appointments
President Bola Tinubu has approved the appointment of some Nigerian professionals to the Board of the Securities and Exchange Commission (SEC).
This is contained in a statement issued by Ajuri Ngelale, special adviser to the President on Media and Publicity.
Tinubu appointed Mr. Mairiga Aliyu Katuka as the Chairman of the board of SEC, while Mr. Emomotimi Agama has been appointed as the Director-General of the board.
The president also appointed Frana Chukwuogor as Executive Commissioner (Legal and Enforcement) of the board.
Tinubu further appointed Mr. Bola Ajomale as the Executive Commissioner (Operations) of the board, while Mrs. Samiya Hassan Usman is the Executive Commissioner (Corporate Services) of the board.
Also appointed into the board are Mr. Lekan Belo as Non-Executive Commissioner and Mr. Kasimu Garba Kurfi as Non-Executive Commissioner.
According to Ngelale, the president anticipated that “all members of the Board of this critical commission will bring to bear their wealth of experience and competence in advancing the commission’s core mandate of developing and regulating a capital market that is dynamic, fair, transparent, and efficient, to bolster investor confidence and contribute immeasurably to the nation’s economic development.”
E-Financial
Ecobank Repays $500m Eurobond
Ecobank has announced the successful repayment of its $500 million five-year Eurobond issued in 2019. According to a statement filed on the Nigerian Exchange Limited (NGX), the Eurobond garnered considerable interest from a diverse range of global investors, including long-term development partners such as FMO and Proparco, who served as anchor investors.
Commenting on this achievement, Ecobank Group Financial Officer, Ayo Adepoju, said: “The bond was listed on the main market of the London Stock Exchange with a coupon rate of 9.5 per cent. The principal and interest repayment, totalling $524 million, was distributed to bondholders through the transaction agent on the bond maturity date of April 18, 2024.
“This inaugural bond we are retiring today was critical in introducing our firm to a wider array of global investors and contributed to the increased visibility of our brand in the capital markets.”
Against the backdrop of challenges posed by the global operating environment, including disruptions in the world supply chain and financial markets, Adepoju highlighted the Group’s resilience. He cited strong liquidity, a robust balance sheet, and a solid leadership team as key factors enabling Ecobank’s success.
He added that the successful repayment of the Eurobond underscores Ecobank’s commitment to financial stability and investor confidence, positioning the firm for continued growth and success in the global market.
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