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Heritage Bank Empowers 2000 Female Entrepreneurs via Financial Inclusivity Initiatives

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Considering the importance of Micro, Small and Medium Enterprises (MSMEs) to the economy, Heritage Bank Plc has continued to structure financial inclusivity initiatives in empowering over 2000 female entrepreneurs towards economic enablement and self-realization.

This move is in line with the people-oriented policies of the Central Bank of Nigeria (CBN), Heritage Bank Plc is partnering with a Non-Governmental Organization, Prime Women Builders Foundation of Nigeria (PWOBFON) in providing skills training to the female entrepreneurs.

At the graduation ceremony/ certificate award ceremony held at Ikeja Local Government headquarters over the weekend, Ifie Sekibo, managing director/ceo of Heritage Bank,  said the bank is keen in cultivating real partnerships with Micro, Small and Medium Enterprises (MSMEs).

Sekibo, who was represented by the Ozena Utulu, head, Brand Management & Sustainability explained that the lender is interested in initiatives that encourage people to start their own businesses and gradually grow them into conglomerates.

According to him, the partnership with PWOBFON is vital in many ways particularly in the area of  job creation, economic empowerment and financial inclusion.

His words:  “apart from skills training, the women have been told the importance of record keeping in business, savings culture and the benefits of having bank accounts as a gateway to accessing other financial services.”

He said Heritage Bank has been a leading Nigerian bank with an excellent service culture hinged on working with each customer to create a name, wealth and heritage.

Also speaking, Kemi Olofinkua, president/convener Prime women Builders Foundation of Nigeria, applauded the bank for its support, and urged other corporate organizations to take a cue from the lender in supporting grassroots women empowerment.

She explained that through the support from the Heritage Bank and the Ikeja Local government, the women, based on their choices, have been equipped with 15 vocational skills covering event decoration, small chops making, baking, pastries, bead making, computer training , soap making, makeup, tailoring, digital marketing, Photography, hairdressing among others.

To underscore the importance of women empowerment, the CBN had earlier set aside 60 per cent of its  N220 billion MSMED Fund for providing financial services to women.

According to Olofinkua, this training is important because when women are positively occupied, the level of poverty will reduce and great achievements will be recorded not only on the home front, but on several sectors of “our national life.”

“Heritage Bank has been very supportive and our desire is to see participants of PWOBFON Empowerment Day, doing great in their various vocations. Each and every one of us must deliberately find something to occupy us and bring good profit. There are lots of vocations that each and every one of us can excel in; so that we will not be frustrated along the part of life,” Olofinkua stated.

The executive chairman, Ikeja Local Government Development Council, Dr. Mojeed Alabi Balogun, represented by his vice, Yomi Mayungba said the local government is interested in the initiative because it is in line with its grassroots skills training program . According to him, this is a way of keeping not only women, but men also out of the streets.

He disclosed that the first batch of trainees started from Ikeja and this is the 10th year anniversary. “The local government is delighted to partner with the NGO, Heritage Bank and other interested parties,” Balogun 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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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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