Pan African Financial Institution, United Bank for Africa (UBA) Plc has announced that 10 of its loyal customers will get a chance to win N1,000,000 each, in the ongoing UBA Savings Promo which is scheduled to hold on to May 7, 2021 at the bank’s corporate head office, in Lagos.
Development Bank of Nigeria (DBN), the federal government’s development banking institution with a mandate of addressing the major financing challenges facing micro, small and medium scale enterprises (MSMEs) in Nigeria, has launched three (3) new and innovative products– the DBN Finance to Finance (F2F) Product, the DBN Non-Interest Banking Product and the DBN Long-Term Product – which are expected to provide the much-needed access to financing window to the MSMEs through its participating financial institutions (PFIs).
This will further address the existing access to finance challenges facing MSMEs in the country, that have been exacerbated by the effects of the corona virus disease (COVID-19) pandemic.
Prior to the outbreak of the COVID-19 pandemic, the funding gap in the MSMEs sector in Nigeria was a whooping N48 trillion, according to Godwin Emefiele, the Governor of Central Bank of Nigeria (CBN). This frightening reality constantly drives DBN to look for ways to bridge this gap in line with its strategic mandate.
One of these new products, the DBN Finance to Finance (F2F) product, is especially designed for financial institutions (FIs) that lend to MSMEs through the likes of the microfinance banks, microfinance institutions, financial NGOs, cooperatives, fintech companies and other non-bank financial institutions. Through this product, which has a tenor of up to seven years, the DBN makes funds available to FIs who are unable to receive funding directly from DBN to disburse to their MSME customers.
This way DBN is able to expand its reach to the MSMEs The FIs who will qualify for this product would be expected to have active MSME portfolios and demonstrate a commitment to lend the funds to the target MSMEs.
The second offering, the Non-Interest Banking product, is developed for applicable participating financial institutions (PFIs) for on-lending to their MSME customers under the non-interest banking window.
The fund, which is in support of the PFIs’ funding to their MSME customers, is a demonstration of the DBN’s commitment to increasing the availability of its funding to all MSMEs across the country.
The product, which is also aimed at promoting financial inclusion in the country, is available to all non-interest banks as well as other financial institutions who have non-interest banking products and wish to utilize DBN funds to deploy non-interest banking loans to their MSME customers for a tenor of up to five years.
The Long-Term finance product is a loan product provided to PFIs to support their long-term lending to MSMEs for a period of up to ten years. The structure of the fund is flexible and can be easily adapted to suit the PFIs’ peculiar needs and finance structure.
Any PFI can request for this facility to cater for the long-term finance needs of its MSME customers where there are tenor mismatches between available funding and customers funding requirements.
It is worthy to note that all these products are meant to cover all aspects of the MSMEs sector irrespective of, location, industry or business cycle.
They are, however, meant for those MSMEs with less than 250 employees, asset base of less than N1.125 billion, and an annual turnover of less than N950 million. The maximum loan size disbursable to any of the qualifying MSMEs is N200 million.
These products could not have come at a better time when both the global and local economies have been battered by the effects of the COVID-19 pandemic.
Nigeria, just like other countries of the world, has had its fair share of the pandemic and its effects, leading the country into a bad economic depression – the worst since the 1980s and the second since 2015. The lockdown led to the closure of many businesses, mostly the micro, small and medium-scale enterprises (MSMEs), in the country.
Those who survived or surviving are struggling to get on their feet once again as they are besieged with challenges of access to finance.
Also, the capacity of the banks and other lending institutions to provide access to financing has been reduced due to the slow-down in economic activities, on the other hand, and the enormity (number and volume) of the demands for financing by MSMEs has also contributed to the development of these three new banking product offerings.
Development Bank of Nigeria, which commenced operations in 2017, has between 2018 and 2020, disbursed N323 billion to over one hundred and thirty-six thousand (136,000) MSMEs across the six geopolitical zones of the country through the PFIs. With the creation of these products, the Bank is poised to increase its impact on the operations of the MSMEs in Nigeria.
Rural Resident Expresses Satisfaction On Jumia Service Delivery
At the current pace, there’s no denying the improved fortune of eCommerce in Africa. Even the most ardent doubters of eCommerce viability on the continent will accept that the online shopping business is gaining momentum on the continent, contrary to their forecast and expectations.
Major African markets like Nigeria and Kenya are improving their internet penetration while the number of mobile phone users is rising exponentially. This, in turn, is boosting the online market entrants in urban locations and gradually rubbing off on rural settlements.
As a result, the conversation around eCommerce in a major market like Nigeria has gravitated from doubts on feasibility and acceptance to quality of service delivery, customers expectations and satisfaction. With at least 87 e-commerce platforms in Nigeria, the online shopping community is increasing by the day with innovation and bespoke approaches to address the challenges of the market and meet customers expectations.
In the thick of this, some customers are already having a glimpse of what eCommerce offers at its peak, thanks to the effort of key market players. Iteshi Prince Izuchukwu, a businessman based in Rivers State said he likes shopping online because of the price slash. Based on his experience with several online shopping platforms, he was quick to acknowledge the extra effort of Africa’s market leader on its quality of service delivery. “Things I order include Television, Wristwatches and others. When I buy these items on Jumia, they deliver on time and in good condition,” he stated.
In today’s market where customers demand value for every penny spent, a well thought out packaging that meets the aesthetic taste of the customers can spell a huge impact on the eCommerce business. It can help reduce the volume and cost of return, foster customer loyalty and put the brand in the face of prospects. “I always feel happy when what I ordered is being delivered to me. And as a businessman, I want value for money which I can say I am getting on a platform like Jumia,” Izuchukwu said.
With continuous effort by eCommerce brands to meet customers’ quality, timely and packaging expectations in their service delivery, testimonials like this will go a long way in getting more people onboard the online shopping train.
10 Customers Set To Become Millionaires In UBA Savings Promo
This unique promo intends to appreciate loyal customers of the bank, who have stayed with the bank over the years, and will also offer fresh opportunities for potential and intending customers to join the growing number of UBA millionaires who have in the past benefitted from the ongoing Promo.
To qualify for the draws, new and existing customers of the bank are expected to save N10,000 monthly or N30,000 at once for 3 months; before each draw date. Savings account holders eligible for this draw include Target, Bumper, Next Gen, Savings, Teens & Kiddies).
Some past winners who cut across all regions of the country and have previously benefitted from the promo include; Nnadumije, Ebube Dawn; Onwochei Christiana Okwukwe; Eze Mathias Nnaji; Christian N Orie; Uka, Okwudiri; Okata Stephen Uche; Okafor Onyinye Esther; Nwanekezi Chimezie Jude; Ayomide V Yahaya and Olanegan, Oyetunde Keji.
Others are Emmanuel Onu Chidozie; Mohammed Fatima; Aminu, Mustapha; James Nanre; Pahinti Albert; Emmanuel O Adeniji; Jaki Movihinze Mercy; Saminu Muritala Mohammed; Ezeh Raphael Uballa; Uchenna Iheji. Already the winners have claimed their cash prizes and are currently spreading the news so others can take advantage of this once in a life time opportunity.
Speaking ahead of the forthcoming draw, UBA’s Head, Personal Banking, Ogechi Altraide, said that without a doubt, UBA’s passion for the growth and overall success of its customers cannot be overemphasized, adding that this has consistently been proven in numerous ways. She explained that the bank has consistently invested in cutting edge technology to improve its service delivery and its overall aim of delighting customers.
She said: “With customer-centric promos like the UBA Savings Promo, we have created an ever increasing list of millionaires who continue to join the UBA customer millionaire club. For this edition of the promo, we decided to pick the month of May, which is the month that workers are celebrated across the world for their efforts at contributing to the growth of the economy. We know that this promo will put lasting smiles on the faces of our customers and will also assure them that UBA truly values them,” Altraide said.
UBA’s Head, SME Banking, Sampson Aneke, spoke of UBA’s continuous commitment to give back to its customers especially during these challenging economic periods, where people need all the support they can get to make life more meaningful.
“With this in mind we decided to prioritise them in as we always do at UBA, by giving them plenty to cheer about and that is the reason for the Promo. I have been privileged to visit some of the customers who won in January, and we were more than fulfilled to see happiness and gratitude on the faces of the lucky ones when their cash prizes were presented to them. That feeling is special.
So I enjoin those who are yet to join the winning team, to do so. You never can tell, the next big millionaire could be you,” Aneke said.
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-one million customers, across over 1,000 business offices and customer touch points, in 20 African countries. With presence in the United States of America, the United Kingdom and France, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.
Access Bank Takes Over Grobank In South Africa
Following the completion of all regulatory procedures, Grobank Limited has been officially renamed Access Bank South Africa Limited. The deal was finalised after Access Bank’s acquisition of controlling shares in the former Grobank Limited, South Africa.
With this new development, Access Bank South Africa Limited is positioned to deliver a robust banking operation that connects key African markets.
At an official closing ceremony in Sandton on Monday, top executives of the two banks were upbeat about new opportunities for clients, noting that the Bank will continue to support all its stakeholders, while opening doors to growth opportunities both in the short and long term.
CEO of Grobank, Bennie van Rooy said, “This is an extremely exciting day for the South African banking industry. Our corporate customers will now have increased access to trade finance, treasury, international payments and loans through the wider distribution network offered by Access Bank’s presence in the key trade corridors that connect Africa to the rest of the world.
“Banking with Access Bank South Africa means greater security as well as access to more products and services through a best-in-class digital platform, and a full retail banking suite will soon be on offer.”
Herbert Wigwe, GMD/CEO of Access Bank Plc, said: “Today’s ceremony in South Africa seals our commitment to delivering our strategic aspirations of becoming Africa’s Gateway to the World, in line with our vision to be the World’s Most Respected African Bank.
“We look forward to the many opportunities our collective experience and deep understanding of the African market brings to our valued clients, and the journey ahead being one of great promise for our institution and the continent.”
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