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Heritage Bank Opens Branches in Lagos, Ibadan

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Heritage Bank, the newest player in the Nigerian banking sector, has opened its first two branches in Marina, Lagos and Dugbe in Ibadan, Oyo State Capital.

While the Marina branch went on stream mid-March, the Ibadan office opened for business in the first week of April.

Ifie Sekibo, chief executive officer, Heritage Bank, describing the development as momentous in the life of the new bank, in his welcome address at the Ibadan branch opening, noted that the Nigerian banking landscape has now been primed to witness great development and innovation, especially in the deployment of technology to give the banking public a fresh experience.

According to him, “this is the dawn of a new day in the banking industry as we make history with the full establishment of Heritage Bank. It is a new day that births our offering of trans-generational significance as we commit to helping Nigerians create, nurture and transfer wealth to the significant others in their lives”.

“With the launch of our operational branches, we have signed up to the charter of establishing a bank that is tuned to the discipline of global best practices and the passion of delivering transformational experiences for everyone that honours us with their custom.

Our commitment will always be to harness what you have and grow it into what it can be with you and your generations’ security in view. We are poised to leverage our over 150 years combined experience, great people and cutting-edge technology to build and most importantly, preserve your heritage, once you choose to partner with us in this unique journey we have embarked on”, Sekibo added.

The Heritage Bank helmsman equally pledged the bank’s determination to work with each customer to create a name and heritage for today and future generations.

He said this would be achieved through Partnership, People and Process, noting that at the heart of Heritage Bank’s aspiration to consistently deliver premium services to its customers lies innovation wrapped in modest elegance and knowledge.

“At Heritage Bank, each guest is unique in all respects and our pledge is to bring you into a world of financial services designed with a deep understanding of your needs and wants. Our people have signed up to the charter of getting knitted to the personal lifestyle of each individual and we are wired with the passion of delivering five star experience and exposure at every point of contact with our clients. For all classes of our customers either at the individual or institutional level, we present a pledge to surpass expectations. We have simplified banking and with our innovative financial products, your money can perform at its maximum potential”.

“We are a tenacious team, committed to delivering distinctive financial services, building on our legacy of innovation and partnership to create, preserve and transfer wealth across generations.

We shall create value for all stakeholders using superior market knowledge, operational excellence and a culture of integrity. We are here to share our values of Excellence, Respect for the Individual, Integrity and Innovation with you. We ask that you hold us to this pledge as we open our arms and doors to you”, he further pledged.

Akinsola Akinfemiwa, chairman of the Bank, said the bank would readily offer help to SMEs in the area of structuring their operations to be able to access credit for growth, development and sustenance.

Heritage Bank, he said, would fill the ‘generational banking’ space in the nation’s financial sector to create generational wealth for lasting development.

Akinfemiwa further pledged that the bank would assist in project financing and revenue collection in Oyo state, adding that the management chose Ibadan as the first place to open a branch outside Lagos due to its significance to the Southwest and its enterprising populace.

He disclosed that more branches, which the bank prefers to call ‘Experience Centres,’ would be opened in Abuja and Port Harcourt, and other parts of the country soon.

On his part, Senator Abiola Ajimobi,  Oyo State Governor, who was on hand to cut the tape to commission the new Ibadan branch, expressed optimism that the bank would live up to its promise to contribute to the economic development of the state.

“For us in Oyo state, we are happy to welcome Heritage Bank to Ibadan and we look forward eagerly to your promise to help galvanize and rejuvenate our small and medium enterprises so that together, we will be able to build a lasting, prosperous economy for our people to thrive and meet their aspirations”.


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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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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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