E-Financial
NOVA Wins ‘Bond Offering of the Year’ @ BAFI Awards
NOVA Merchant Bank has emerged the winner of the ‘Bond Offering of the Year’ prize at the BusinessDay Bank and other Financial Institutions (BAFI) awards.
It clinched the prize for its extremely successful N10 billion seven year subordinated unsecured bond which was oversubscribed by 300 per cent.
In a well-attended ceremony comprising of Bank Chief Executive Officers (CEOs), captains of industries and senior financial executives, the Bank was crowned with the award in recognition of the unprecedented and audacious nature of its bond issuance which was launched during the COVID-19 pandemic and within three years of the Bank commencing operations.
Despite the significant level of uncertainty occasioned by the pandemic and the resultant lockdown, the bond offer was highly demanded with a diversified order book made up of discerning investors, which included asset managers, insurance companies, domestic pension funds, non-financial institution corporates, high net-worth individuals, as well as, international fund managers.
Mr. Phillips Oduoza, chairman, NOVA Merchant Bank, who expressed delight at the recognition, said that even within its short period of operations, the Bank had done a lot to fulfil its mandate of providing long-term funding to its customers.
“This award is due to the combined effort of the Bank’s high calibre Board and Management team. It bodes well for the future realisation of our desire to re-establish merchant banking as a key economic driver by providing long-term funds and advisory services,” he enthused.
Mr. Nath Ude, managing director/chief executive officer, NOVA who received the award on behalf of the Bank, dedicated it to all the staff who, according to him, have been highly instrumental to the achievement of the Bank’s goals and worked tirelessly to deliver strong results notwithstanding the macroeconomic challenges.
“This bond leaves the Bank better positioned to meet the ever-growing needs of our customers for long term financing. It complements the traction we have witnessed in our business despite the challenging environment as we continue to seek ways to deliver superior value to our customers,” he stated.
NOVA Merchant Bank Limited is an investment grade rated merchant bank in Nigeria which offers an integrated suite of financial solutions covering Wholesale Banking, Investment Banking, Asset Management, Securities Trading, Wealth Management, Trade Services, Transaction Banking, Cash Management and Digital Banking.
It has an ambitious vision of being Africa’s preferred financial solutions provider by creating superior value in the markets it serves. It is guided by its overarching philosophy of “New Thinking. New Opportunities.
E-Financial
PalmPay Set to Champion International Anti-Fraud Awareness Week with Community Walk
To commemorate the upcoming International Anti-Fraud Awareness Week, PalmPay, a leading financial institution in Nigeria, is launching a series of community-focused initiatives to educate the public on fraud prevention and digital security.
The highlight of this initiative is a community walk themed “United Against Fraud: Building a Safer Future”, set to take place across Lagos on November 22, 2024. This walk will gather key stakeholders from various sectors, PalmPay staff, and members of the public, reinforcing a collective commitment to a safer digital finance ecosystem in Nigeria.
The walk will commence at designated PalmPay offices, moving towards the vibrantIkeja tech hub, Computer village. Along the route, participants will distribute informative materials and engage with local residents and passersby, sharing tips on fraud prevention and encouraging safe digital practices. The event is open to all who are interested in standing against fraud and learning about ways to protect themselves in today’s digital landscape.
Fraud continues to be a significant challenge within Nigeria’s growing digital financial ecosystem. Recent data has shown a staggering increase in fraud related cases , making it imperative for both businesses and consumers to be proactive in safeguarding themselves.
PalmPay, committed to promoting a secure and trustworthy digital finance landscape, will be spearheading an awareness campaign throughout Anti-Fraud Awareness Week to support financial literacy among its customers. The goal is to encourage its users to adopt safe digital practices, such as setting strong passwords, recognizing phishing attempts, and reporting any suspicious activity promptly.
“At PalmPay, we are deeply committed to safeguarding our users from fraud by providing the tools and knowledge they need to protect themselves,” said Adenekan Oluwatosin, Anti-Fraud Officer at PalmPay. “As digital finance becomes more integral to everyday life, it’s crucial to stay vigilant and informed about potential risks. Our Anti-Fraud Awareness Week reaffirms our commitment to proactive security measures and financial literacy.”
Chika Nwosu, Managing Director of PalmPay, added, “This initiative aligns with PalmPay’s mission to foster a secure and trustworthy financial landscape for Nigerians. We believe that collaboration with the public and industry stakeholders is vital to tackle fraud effectively.”
PalmPay encourages the public to participate in this awareness walk to stand against fraud, learn essential self-protection strategies, and contribute to building a safer, more secure digital financial landscape for all Nigerians.
E-Financial
UBA, Mastercard Launch Special Debit Card for 75th Anniversary
United Bank for Africa (UBA) Plc, Africa’s Global Bank, has collaborated with Mastercard to launch a commemorative debit card in celebration of UBA’s 75th anniversary.
This collaboration aims to honor UBA’s long-standing customer relationships and enhance their banking experience with a range of offers and discounts across multiple platforms.
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who spoke at the unveiling, highlighted that the card comes loaded with certain benefits aimed at rewarding customers, including limited 25% off purchases on Jumia and USD75 cashback on transactions made through AliExpress.
He added that this initiative symbolizes the shared vision between UBA and Mastercard towards empowering Africans by enhancing customer experience through secure and convenient transactions.
“This new card represents the deepening of our relationship and our shared mission to empower millions of Nigerians and Africans, by providing them with access to secure transactions and new opportunities across the continent,” Alawuba said.
The GMD also disclosed the bank’s plans to unveil similar products across all its subsidiaries. “We are proud of this collaboration, and we are confident that Mastercard’s role in Africa will only grow stronger in the coming years,” he added.
Mark Elliott, Division President for Africa, Mastercard, expressed his appreciation for the UBA collaboration, emphasising its significance in supporting Africa’s digital economy. “We are excited to collaborate with UBA to celebrate this milestone and bring more value to customers across Africa.
“This commemorative card is more than just a product; it reflects our commitment to advancing financial inclusion and supporting Africans in accessing secure, convenient and impactful financial solutions.”
Elliott highlighted the immense opportunities within the African payment ecosystem and shared that Mastercard is eager to explore new opportunities with UBA.
“Together with UBA, we are focused on delivering innovation that meet the evolving needs of the region, empowering individuals, and promoting digital growth across the continent,” he stated.
The launch of the commemorative debit card represents a significant step in UBA and Mastercard’s shared journey towards financial empowerment and innovation across Africa.
E-Financial
CBN to Achieve $1trn Economy with Financial Inclusion Initiatives
The Central Bank of Nigeria has launched three initiatives aimed at realizing Nigeria’s vision of a $1 trillion economy by 2030 through financial inclusion.
The initiatives were launched at the second edition of the International Financial Inclusion Conference, which was held in Lagos on Tuesday under the theme, ‘Inclusive Growth: Harnessing Inclusion for Economic Development’.
The initiatives unveiled during this year’s conference include the Women Entrepreneurs Finance Code (We-Fi Code, which is a platform designed to transform the financing landscape for women-owned Micro, Small, and Medium Enterprises globally, the Women Financial Inclusion Dashboard which allows regulators and policymakers to identify and prioritise gender gaps in financial services;
The third initiative is the Roadmap for the Financial Inclusion of Forcibly Displaced Persons, which is aimed at mobilising the collaborative efforts of financial institutions, regulatory bodies, government agencies, and non-governmental organisations to support FDPs in overcoming financial barriers, accessing essential services, and establishing the foundation for their economic independence.
Olayemi Cardoso, the CBN Governor, in his welcome address, said that as we gather here today we reflect on Nigeria’s ambitious plan to reach a $1 trillion economy.
He said the Apex bank had been working assiduously to stabilise the economy, working through monetary policy to tame inflation and rebuild the confidence of the Nigerian people in its economy.
Cardoso emphasised that financial inclusion was central to achieving broad-based economic growth, stressing that Economically, financial inclusion impacts poverty reduction, income equality, employment generation, and overall productivity.
“When more people have access to formal financial services, they are better able to save, invest, and contribute to the economy,” Cardoso said.
Cardoso, while noting that financial inclusion ensures that people have access to bank accounts, credit, savings, and other essential services, maintained that widespread access to financial services is an enabler of economic activity.
According to him, Micro, small, and medium enterprises (MSMEs) which are the backbone of Nigeria’s economy can thrive with improved access to credit, creating jobs and boosting productivity.
The CBN Governor reiterated that financial inclusion was foundational to Nigeria’s sustainable economic development, saying that the Apex bank was keen on ensuring its Financial Inclusion Policies and Initiatives address the peculiar access to finance barriers for underserved populations, particularly women, youth, and MSMEs.
Furthermore, Cardoso emphasised that financial inclusion had the potential to unlock significant economic growth, particularly through the empowerment of SMEs, women, and other vulnerable segments of the population.
He disclosed that SMEs were responsible for over 80 percent of employment in Nigeria, yet many struggle to access the credit needed for expansion, adding that financial inclusion for SMEs was essential to unlock the full potential of this sector, which he said the Federal Government remained committed to supporting these enterprises.
Similarly, Babajide Sanwo-Olu, Lagos State Governor, urged various governments and stakeholders in Nigeria to remain focused on building a more inclusive economy, where no one is left behind, where every voice matters, and every individual has a fair chance to succeed.
Sanwo-Olu, who was represented by his Deputy, Obafemi Hamzat urged everyone to focus on the pursuit of financial inclusion, saying that this should be done with passion, purpose, and a shared vision of a Nigeria where every citizen has access to the tools and resources they needed to prosper.
According to him, the focus should be on building a more inclusive economy where no one is left behind, where every voice matters, and where every individual has a fair chance to succeed.
“Let us continue this work with passion, purpose, and a shared vision of a Nigeria where every citizen has access to the tools and resources they need to prosper.
“Let us remain focused on building a more inclusive economy where no one is left behind, where every voice matters, and where every individual has a fair chance to succeed,” Sanwo-Olu said.
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