Connect with us

E-Financial

Deloitte Launches Initiative to Support SMEs, Others

Published

on

Kindly share this post

Deloitte Africa Leadership has launched the Deloitte Private in West Africa, a practice established to focus on serving SMEs), high net worth individuals, family-owned businesses and Private Equity houses.

The launch was held in partnership with the Nigerian Stock Exchange (NSE) under its Growth Board programme.

The Growth Board, launched in January 2020, is a specialised board for emerging businesses with high growth potentials, to encourage SMEs to get listed on the exchange.

A statement explained that Deloitte Private would provide value-added services to SMEs listed on NSE’s Growth Board and private companies facing challenges affecting the future of their businesses.

Speaking on Deloitte Private Services and offerings, Fatai Folarin, Chief Executive and West Africa Leader, Deloitte, said: “small companies have the potential to become tomorrow’s multi-nationals and entrepreneurs have the passion to become future business leaders.”

He stressed the importance of SMEs to the economy and explained Deloitte’s commitment to partnering with SMEs in Nigeria and across Africa to drive growth.

Folarin, also stated that the collaboration with the NSE on the initiative was essential to boosting investors’ confidence and would ultimately accelerate growth in Nigeria.

In setting the context for the two-day event, Linda Quaynor, Deloitte Private West Africa Leader, indicated that the initiative was to demonstrate the commitment to SMEs by offering unique solutions through cost-effective delivery models that will enable them scale operations and future proof their businesses.

Also speaking at the event, Tony Ibeziako, Head, Primary Markets, Listing Business Division, NSE, provided insights into the operation of the Growth Board, including the importance of listing on the Growth Board and the benefits for SMEs.

The firm stressed that launch of the initiative would accelerate growth in the private market segment, support and build capacity for small businesses and help SMEs navigate the complexities in the operating environment to scale exponentially.


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Financial

Beware of Fraudulent Giveaways this Yuletide– Moniepoint MD Warns

Published

on

Kindly share this post

Babatunde Olofin, managing director, Moniepoint Microfinance Bank, on Sunday warned Nigerians against falling victims to fraudsters who request account numbers for end-of-year rewards.

Beware of Fraudulent Giveaways this Yuletide– Moniepoint MD Warns

Babatunde Olofin, managing director, Moniepoint Microfinance Bank,

Olofin gave the advice in a telephone interview with the News Agency of Nigeria (NAN) in Lagos, while advising citizens not to share their account details online.

According to him, fraudsters have developed a technique where they send all manners of attractive offers for free gifts and cash, by asking the public to share account details to receive the rewards.

He also explained several other tactics including requests for people to pay certain amounts, while they lose the funds without the promised rewards and sometimes their identities stolen.

He added that some fraud victims end up innocently in jail because their accounts were used for money laundering and other advanced cybercrimes.

Olofin stressed the need for continued public enlightenment to educate Nigerians on cyber security.

He said during the Yuletide, fraudsters usually took advantage of people’s ignorance, hence the need for extra vigilance.

“My biggest advice is for people to stop sharing their account numbers in public. Some people are in prison because they had no idea what someone used their accounts for.

“People don’t love you as much to be giving you giveaways. So, you should know that they are harvesting your details. Your bank account is a private detail,” he said.

He advised that account details should be sent to people via private channels instead of posting them online.

He explained that it was important to verify genuine philanthropists doing actual giveaways before sharing any information for safety.

According to the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Nigerian banks lost N42.6 billion to fraudsters within the second quarter of 2024.

However, Olofin said that Moniepoint MFB had adequate firewalls to protect itself and its customers from all types of fraud because all four founders of the bank were experienced software engineers.

“We’ve built up a transaction monitoring and money laundering team that has set rules internally.

“Fraudsters do a lot of things. They structure funds. They know how internal system works,” he said.

He added that the bank was working closely with organisations like the Nigerian Fraud and the Nigerian Financial Intelligence Unit (NFIU) and the Economic and Financial Crimes Commission (EFCC) to be ahead of fraudsters.

The managing director said that collaboration with law enforcement and fraud experts was to understand fraud patterns better and then build more sophisticated controls into the banks system.

He said Moniepoint was building infrastructure for Micro, Small and Medium Enterprises (MSMEs) efficiency, adding that the bank’s loans system captured a wide range of small businesses without bias.

He also said that the bank was working closely with the office of the Vice President Kashim Shettima, to ensure loans and grants got to the mos remote parts of Nigeria.

 

Speaking on Moniepoint’s recent achievement of unicorn status, he said the feat meant more hard work for customers’ satisfaction and increased profit.

NAN reports that the bank joined the Nigeria unicorn status because its market valuation had surpassed one billion dollars.

(NAN)

 

 

 

 

 


Kindly share this post
Continue Reading

E-Financial

UBA to Commence Operations in Saudi Arabia by 2025

Published

on

Kindly share this post

United Bank for Africa (UBA) Group has concluded plans to kickstart operations with a branch in Saudi Arabia and expand its presence across other African subsidiaries in 2025, according to Oliver Alawuba, group managing director and chief executive officer of the group

UBA to Commence Operations in Saudi Arabia by 2025

Oliver Alawuba, GMD/CEO, UBA group

Alawuba, who stated this during a send-forth dinner held in honour of the bank’s retired non-executive directors in Abuja, revealed that the bank has over 25,000 staff and serves more than 45 million customers across 24 countries.

He said, “The UBA that has over 25,000 staff and serves more than 45 million customers across 24 countries is the legacy you have contributed to. That is the UBA that will continue to thrive for generations.

“Our chairman was in Saudi Arabia recently and announced that UBA will establish its presence there next year. We will also launch additional African subsidiaries, ensuring that the bank grows from strength to strength,” he said.

Also speaking at the event, Tony Elumelu, chairman, UBA, praised the retired directors and their families for their dedication and sacrifices.

“At UBA, we are more than just a bank; we are a family. These individuals have been selfless, ultra-dedicated, and instrumental to the success we have achieved in Nigeria, Africa, and globally. We owe a debt of gratitude to their families for the support they provided,” Elumelu said.

Kayode Fashola, one of the retirees, recalled how he joined UBA and expressed his appreciation to Elumelu for trusting him and other directors with critical positions in delivery efficient service.

 


Kindly share this post
Continue Reading

E-Financial

Access Bank Staff Arrested for Allegedly Stealing from Customers’ Accounts

Published

on

Kindly share this post

The Katsina State police command, on Thursday, paraded one Adewumi Gabriel, Head of ATM Operations of Access Bank Daura branch, for conspiring with a colleague to steal the sum of N18 million from a customer’s account.

Adewumi confessed to conspiring with David Mesioye, now at large, using their expertise of the bank’s operations to carry out the theft discovered during an audit.

Spokesperson of Katsina State Police Command, Abubakar Aliyu said, some of the exhibits recovered from Adewumi include the sum of N10.18million from his different bank accounts and a physical cash of N366,900, among other valuables.

In a separate incident, Bishir Abdullahi, a 37-year-old resident of Sokoto State, was arrested at an Old Generation Bank ATM in Katsina with 14 stolen ATM cards in his possession.

According to Sadiq, the suspect was a notorious fraudster who specialised in swapping ATM cards of unsuspecting members of the public at ATM points.

He explained that the suspect was arrested by a police officer on duty at the bank’s branch of Tudun Katsira quarters in the Katsina metropolis, following suspicious activities around the ATM machine.

“Upon instant search, 14 suspected stolen ATM cards of different banks were found in his possession.

“Preliminary investigation revealed that the suspect had been using the stolen ATM cards to withdraw sums of money from his victims’ accounts.

“The total amount withdrawn by the suspect from the victims’ accounts is N2.705million. The suspect will be charged to court upon completion of the investigation.”


Kindly share this post
Continue Reading

Trending