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Ecobank Launches “Savers’ Harvest” Promo

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ECOBANK Nigeria Plc has launched a “Savers’ Harvest” promo to reward customers for opening savings account with the bank.
The “Savers’ Harvest” promotion which commenced on Monday 2nd February will end on the 30th of April, 2009. New customers who open a Savers’ Harvest Account with N20,000.00 or more will get an instant gift and also qualify to win a car from one of the regional raffle draws. The first 20,000 new customers to open a Savers’ Harvest Account will win an instant gift such as electric irons, toaster ovens, mugs, electric kettles and lots more functional items.
This promotion is available at any of the bank’s over 200 branches across the country. Existing customers of the bank should please make fresh deposits in multiples of  N10,000.00 into their ECOBANK Savings accounts so that they can qualify to win at the draws.
Announcing the “Savers’ Harvest” promotion in Lagos, Joke Giwa, Ecobank country head for Retail Banking, said customers with multiples of N10,000.00 in new deposits have a greater chance of winning. For instance, a N50,000.00 deposit equals 5 chances for the customer, while N100,000.00 deposit gives him 10 chances and so on, as long as the money remains in the account for at least 30 days. In her words: “If you open your account with N100,000.00 and leave it for at least 30 days then you have 10 chances of winning any of the lovely gifts in the Savers’ Harvest” Promo.”
Star prizes for the draws are five Hyundai Tucson Sports Utility Vehicles (SUVs) and thousands of consolation prizes that include Motor cycles, Sewing Machines, Bedside Fridges, Washing Machines, Gas Cookers, and Generators amongst others.  Winners at the draws will be determined at three regional monthly draws billed for Ibadan, Benin, and Kaduna.
Mrs. Giwa explained that the motive behind the Savers’ Harvest Promo is to further encourage the savings culture amongst Nigerians. She also confirmed that ECOBANK will simultaneously be running a data update promotion from Feb 2nd 2009 for all its existing customers who come in to update their personal information with the bank. Indeed it promises to be a bumper Harvest all around for both new customers and existing ECOBANK customers!!
On the data update promotions, existing ECOBANK customers who provide the bank with up to date information about themselves will win instant gifts at the point of submission of completed data update forms in all the bank’s branches nationwide. The data update exercise which will also last for three months or while gift stocks last.ECOBANK Nigeria has recently launched a new thrust into the retail banking segment with a plethora of products and convenient network of branch locations and ATMs (Automated Teller Machines). ECOBANK Nigeria Plc is part of the Ecobank Group established in 1985 as a regional financial institution by the West African business community with the support of ECOWAS to promote Regional financial co-operation in West Africa.
Ecobank Group through its economic activities in the area of product innovation and credit lending is today considered by many investors as a gateway to the West and Central African financial markets offering world class products and services in 26 countries of West, Central and Eastern Africa.

 

 


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NCC Threatens Illegal Users of GSM Boosters with Arrest, Prosecution

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Nigerian Communication Commission (NCC) has warned telecom consumers to desist from using illegal GSM boosters.

NCC Threatens Illegal Users of GSM Boosters with Arrest, Prosecution

The commission also said that anyone caught using a GSM booster without obtaining approval of a duly licensed network operator will face arrest and prosecution.

GSM boosters are devices that transmit and receive telecommunications signals and can therefore interfere with other radio frequency equipment.

Ikechukwu Adinde, director, public affairs, NCC, said in a notice published on NCC website, that only licensed network operators are allowed to use GSM boosters.

The booster, also known as amplifier or repeater is made up of three main elements – exterior antenna, amplifier, and interior antenna.

They form a wireless system to boost cellular reception

“Members of the public should note that, willful interference with any wireless telegraphy is an offence under Section 16 of the Telegraphy Act, 2004,”it said

The agency said it will not condone any flagrant breach of this law.

It has also enforced measures to prosecute offenders.

Accordingly, monitoring mechanisms have been put in place and anyone caught using a GSM booster without obtaining approval of a duly licensed network operator will face arrest and prosecution.

“Any member of the public with useful information regarding the illegal use of GSM Boosters should contact the Commission on 09-4617000/7351 or send an email to [email protected],” the notice said.

“Individuals desirous of using GSM Boosters should note that they can only do so in conjunction with licensed network operators,” it added.

 

 


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Tizeti Selects Nokia to Provide LTE Fixed Wireless Access Solution for High-Speed internet Services in Nigeria

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Tizeti announced that it selected Nokia’s Fastmile Long Term Evolution (LTE) technology to enable usprovide superior internet services to over 1 Million subscribers in Port Harcourt, Edo and Ogun in Nigeria.

Tizeti Selects Nokia to Provide LTE Fixed Wireless Access Solution for High-Speed internet Services in Nigeria

Tizeti will deploy Nokia’s AirScale Base Station TDD-LTE and FastmileFixed Wireless Access (FWA) gatewaysto deliver premium internet and Virtual Private Network (VPN) services to Residential, Small and Medium Enterprises (SMEs).

The solution will also enable Tizeti’sto deliver a more robust, high-speedinternet service to subscribers and the flexibility to seamlessly evolve to 5G Fixed Wireless Access when needed.

Nokia’s FWA solution enables Tizeti to fast-track broadband access and provide a best-in-class broadband experience to its subscribers.

Nokia’sAirScale Base Stations ensure high-quality connectivity and coverage and enablesTizeti to evolve the network in line with customer demand.

Nokia’sFastmilegateways connect wirelessly to the existing network to createa fastbroadband connection and enhanced Wi-Fi experience in the home.

The Nokia Network Services Platform will help Tizeti to simplify operations and quickly respond to changing market demands.

Kendall Ananyi, Tizeti, said:“We are committed to providing the best-in-class network experience to our subscribers. We are confident that Nokia’s proven technology and expertise will help us differentiate our services based on quality. This a crucial project for us as it introduces LTE in our networks and allows us to bring new and innovative services to our subscribers.”

Eniola Balogun, Nokia, said:“We are thrilled to work with Tizeti on the initiative to upgrade their network to bring the latest products and services to its subscribers. Nokia Fastmile will help Tizeti to cost-effectively enhance the customer experience.

The project will also enable them to delight their subscribers by providing more reliable data services.

On the other hand, Tizeti will benefit by adding new revenue streams.”

 

 


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Risk Assets Push Higher on Vaccine Hopes; Eyes on the Fed

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By Hussein Sayed, Chief Market Strategist at FXTM,

After two consecutive weeks of back-to-back declines, global stocks kicked off Monday with solid gains amid a surge in M&A activity and positive signs towards vaccine developments. Currency markets were little changed ahead of a busy week of monetary policy announcements, while Oil and Gold ticked slightly higher.

The two big deals announced over the weekend were Softbank’s plan to sell chipmaker ARM to Nvidia for more than $40 billion and Gilead Sciences to acquire Immunomedics for a price tag of $21 billion. Meanwhile, on the vaccine front, AstraZeneca resumed its phase-3 trial on Covid-19 after being suspended last week following a neurological illness developed in one participant, and Pfizer announced that its vaccine could be distributed before year-end if found safe and effective.

 

Central Banks will take centre stage this week with the Federal Reserve, Bank of England and Bank of Japan all due to announce policy decisions. Out of the three meetings, the Fed is likely to be the most watched following its historic shift towards average inflation targeting. The big question remains how will the FOMC put this policy into action?

 

From what we know now, the Fed is set up to keep interest rates near zero for a long time, possibly for several years. Given the new framework, any spike in inflation won’t translate into immediate rate hikes as the Fed wants to compensate for the lost years when they have failed to hit the target. The dot plot will be the key guide for investors and traders alike. If inflation projections remain at 2% or below for the foreseeable future, this will solidify market expectations for a low rate environment for many years to come. That said, Jay Powell would still have to explain in more detail how the new framework will be translated into policy action.

 

In June’s economic projections, the Fed anticipated unemployment would be at 9.3% by year-end, but, in August, unemployment was well below that forecast at 8.4%. Many other economic data surprised to the upside during the June – August period in a clear sign that most economists were overly pessimistic towards the strength of the recovery. However, there is still a considerable amount of uncertainty given the latest surge in Covid-19 cases worldwide and the US, especially as we get closer into the winter season. A second wave will undoubtedly put the recovery at risk in the final quarter of the year and it will be interesting to see the Fed’s view on that issue.

 

As for the market selloff over the past two weeks, the Fed isn’t likely to show any signs of concern. In fact, policymakers should be satisfied with the pullback as the risk of a bubble in several assets has been growing due to the Fed’s extremely accommodative policies. Unless we see another 10 -15% drop, do not expect the Fed to intervene.


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