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Access Bank, Fed Govt Partner On New GEEP Rollout

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Nigeria’s biggest lender in the small and medium enterprises (SMEs) space, Access Bank Plc is collaborating with the Ministry of Humanitarian Affairs, Disaster Management and Social Development to roll out the Government Enterprise and Empowerment Programme GEEP 2.0 in all the 36 states and the Federal Capital Territory.

Successful beneficiaries of GEEP 2.0 shall receive congratulatory and sensitization text messages in the coming days informing them of their qualification and re-emphasis that the empowerment program is a loan and not a grant.

“All qualified beneficiaries will soon receive their disbursement alerts after been fully enumerated. We wish to remind all qualified beneficiaries that this is a loan payable within 9months without interest.

The Ministry is planning a rollout of the program nationwide, after which an enumeration exercise to capture beneficiaries’ biodata, will take place.

According to Ayodele Olojede, Group Head, Emerging Businesses, Access Bank Plc, “The bank remains committed to the growth and development of the micro, small and medium scale enterprises (MSMEs) as we understand their contribution to the economy in terms of GDP and Employment. Our partnership with the Federal government to roll out the Government Enterprise and Empowerment business Programme GEEP 2.0 in all the 36 states and the Federal Capital Territory is part of our commitment to address the primary factor small business owners face.

In rolling out the GEEP 2.0 loans, special accounts will be opened for all beneficiaries for the disbursement of the loan and all beneficiaries are expected to complete physical enumeration at their various local government and an account opening form of Access Bank prior to disbursement.

The GEEP 2.0 is a loan scheme designed by the Federal Government to provide financial inclusion and give credit access to poor and vulnerable individuals, including Persons With Disability and persons at the bottom of the economic pyramid who are engaged in small scale commercial activities under its three flagship schemes: MarketMoni, TraderMoni and FarmerMoni.

Tradermoni targets uplifting under-privileged and marginalized youths aged between 18-40 years in Nigeria by providing them with loans of N50,000 while MarketMoni targets under-privileged and marginalized women aged between 18-55 years like Widows, divorcees amongst other vulnerable groups. They get non interest loans of N50,000 payable within 6-9 months.

FarmerMoni is for Nigerian farmers aged between 18-55 years in rural areas that operate in the agricultural space. They are provided with loans of up to N300,000 for gainful agricultural production and value addition activities. This scheme has 12 months including 3 months moratorium and 9 months repayment period.

Access Bank offers various SMEs digitilised solutions to cater the vast majority of MSMEs. Some of these innovations include online account opening platform for businesses, digital lending platform, Digital payment solution platform (Swiftpay), Access to market (Discounted Website), and our capacity-building programmes.

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UBA Set To Reward Loyal Customers In Super Savers Draw PRL

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Africa’s Global Bank, the United Bank for Africa (UBA) Plc, is set to reward several of its loyal customers in its upcoming Super Savers Draw which will be held on Friday, May 27th at the UBA Head Office, Marina, Lagos.

The UBA Super Savers Draw is a promo organised by the Bank through a series of transparent draws which will see hundreds of its Savings Account holders, rewarded with huge prizes after a transparent draw. At the draws, one lucky customer will win N2 million, N1.2 million, N500,000 each; while N100,000 cash prize will be up for grabs for 20 Bumper Account holders.

Another 10 Savings Account holders will win N1million each and some university students with a NextGen Account will win a monthly salary of N15,000 for a year.

UBA’s Head, Personal Banking, Ogechi Altraide, who spoke ahead of the draws, explained that the Super Savers promo is yet again another opportunity for customers to have their lives transformed. All existing customers should do to qualify is to ensure that they save monthly in their UBA Savings Account, while new customers should simply dial *919*20# to open a UBA Bumper Account.

According to her, the Super Savers Draw is open to account holders of the bank from the six geographical zones in Nigeria and has something big for everyone. The aim is to appreciate loyal customers of the bank, who have cultivated a savings culture and stayed loyal to the bank over the years. It will also offer fresh opportunities for potential and intending customers to join the growing number of UBA millionaires and lucky winners who have in the past benefitted from various promos held by the bank.

Winners who recently emerged from the draw, include, Olunwa Osita Ambrose who smiled home with the star prize of a whooping N2m, while Saheed Adeshina Adediran won N1.2m rent for a year. Adewunmi Olaniyi Sobowale, another lucky winner got N500,000 shopping allowance.

Others who equally smiled home with N100,000 cash prizes were; Bayode Peter Oluwaseun, Archibong Unyime Gift, Yakubu Fali, Alaegbu Promise Uchenna, Onyenwenyi Chidimma Confidence, Maria Obianuju Onyeneke, Emmanuel Kalu, Aramide Afolabi Temitope, Ijeoma Juliet Okika, Taiwo Micheal Odofin, Daina Ochekema Egbe, Ighodalo Thompson, Mercy Effiong, Alice Gabriel, Imrana Bello, Onyedika Promise Umeji, Uzoma Chibuike Timothy, Adewole James Idowu, Opeyemi John Kolawole and Israel Ojima Daniel.

Altraide said, “Indeed, there is something for everyone in the Super Savers Draw and it goes without saying that UBA prioritises not only the financial well-being, growth and ultimate success of customers but also places them at the very heart of its business which is why the bank keeps making more and more of its customers millionaires. Our customers are special to us, and this is another opportunity to prove just that”.

“Without a doubt, UBA prioritises not only the financial well-being, growth and ultimate success of customers but also places them at the very heart of its business which is why the bank keeps making more and more of its customers millionaires”.

Since UBA commenced the promo in 2020, about 300 winners have emerged from the initiative that continues to reward loyalty and encourage customers to cultivate a savings habit. The last mega draws which was held in December 2021, saw lots of customers rewarded by the bank.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five (25) million customers, across 1,000 business offices and customer touchpoints in 20 African countries. With presence in New York, London and Paris, 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.

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“We’re Not Aware Of Alleged Sack Of Emefiele”, CBN Reacts

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…Why He Can’t Be Sacked, Aisha Yesufu

The Central Banks of Nigeria, CBN has debunked reports that its Governor, Godwin Emefiele was sacked.

Several online media platforms particularly blogs had reported that the CBN governor was sacked by President Muhammadu Buhari.

While some social media users believe the president may need to go through legislative processes before sacking the governor, others have continued to spread rumours of his alleged sack.

The Head of Corporate Communications of the Central Bank, Osita Nwanisiobi said the purported sack was not true.

Denying the report, Osita said, “I heard it just the way you got it too. As far as I am concerned, it’s a rumour, I’m not aware of any sack”

Recall that the CBN Governor has been under pressure since he declared interest in running for president of the Federal Republic of Nigeria in 2023.

Some stakeholders had called for his sack over his involvement in partisan politics.

Meanwhile,a Nigerian socio-political activist, Aisha Yesufu has said President Muhammadu Buhari lacks the constitutional power to sack the Central Bank Governor, Godwin Emefiele.

Reacting to the rumoured reports, the Activist said the president may need to go through legislative processes before sacking the apex bank governor.

In a tweet on her official Twitter handle, Aisha, however, said she would love the governor to be sacked over the alleged politicisation of his office.


She wrote, “In as much as I would love @GodwinIEmefiele to be sacked for all his incompetence, failure and politicisation of his office, the President cannot SACK a CBN Governor!

“There is a process and that process must be followed. It is called “Rule of Law”.

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CBN Raises Interest Rate To 13.5%

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The Central Bank of Nigeria has raised the interest rate to 13.5 per cent.

The CBN Governor, Godwin Emefiele, announced this on Tuesday while addressing the reporters after the Monetary Policy Committee meeting in Abuja.

Justifying the raise, Emefiele said the MPC is suspicious “there might be an aggressive accretion of inflation”.

To prevent the looming inflation, he said, the MPC had to increase the monetary policy rate by 150 basis points.


Details later…

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