Access Bank gifts customers cash prizes in AccessMore Mega RewardPublished on September 20, 2022By Daily Post Staff
As part of strategy to drive easy, effective and rewarding banking through its AccessMore mobile app, Access Bank Plc has rewarded some customers with millions of Naira, smartphones and other prizes in the AccessMore mega reward scheme.
Cash prizes between N10-12million will be doled out from now until December 2022, the bank disclosed to newsmen during its first phase of the AccessMore Mega prize presentation in Lagos.
Emerging as the grand prize winner of N1 million of the first phase, Precious Nwuba, who could not hide his excitement, urged Nigerians to participate in the initiative.
“I learnt about the scheme and decided to participate reluctantly. I forgot all about it and when I was told that I had won N1 million, I could not believe it, I felt it was a lie. But the bank urged me to visit my branch in Ondo state and it was there I confirmed that I indeed won N1 million.
“I am grateful to God and the bank for coming up with this initiative amid the harsh times in the economy. I would spread the word about this, it is still a miracle to me”, Nwuba said.
Speaking at the presentation, Head, Marketing and Communications, Access Bank, Chioma Afe, said the app was launched in 2020 as a way to encourage customers to use the app to make transactions due to the lockdown.
Afe noted that the bank saw increased patronage of the app and decided to reward its customers by introducing the reward initiative in 2022
‘We kept it simple. We kept it in the app and we said, if you make N100 Naira on the rewards, you can just quickly redeem it or we keep reminding you because it is available for you for a period of time. You can use it to offset bills such as light bills, Cable bills and so we saw customers do it consistently from 2020.
“So in 2022, we decided to do something to reward our customers so that more people can tap into the rewards and see the benefits for them, especially to refer other customers and to give them something more.
“We pegged some money down and I think in total we will be giving out about N10-12 million including the trip between now and December. Hence, we have cash prizes, gadgets, Iphones and other amazing prizes for our customers”, She said.
Senior Banking Adviser, Retail Banking at Access Bank, Rob Giles, said that the first phase involved the bank rewarding about five customers with N100,000 and N1 million while adding that the second phase of the reward scheme will be between now and December.
Giles said, “The steps to take to enjoy rewards on the app are quite easy. Simply download the AccessMore app, register (signup) and opt into Access Rewards & Referrals on the app to get 100points. Each complete referral you make earns you additional 100 points.
“Once you onboard 20 – 30 new people onto the AccessMore app, you get 2000 – 3000 points, respectively and this qualifies you for a chance to win cash prizes of up to N1million. Customers can also stand a chance to win iPhone 13 phones, and other cash prizes of N100,000 and N50,000 and other amazing rewards. The great thing is, the more you transact, the more points you earn.
The Access Bank AccessMore app is a unique payment application built on cutting- edge technology, offering tailored and personalized services, and excellent customer experience. The app is easy to use and is available for download on Android PlayStore and iOS Store.
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CBN Raises Interest Rate To 15.5% To Fight Inflation, Attract Foreign Investors
On Tuesday, the Central Bank of Nigeria (CBN) raised its benchmark interest rate, known as Monetary Policy Rate (MPR), to 15.5 percent, the third straight hike this year.
After the two-day Monetary Policy Committee (MPC) meeting in Abuja, the CBN also raised the cash reserve ratio (CRR) to 32.5 percent from 27.5 percent. The CRR is the share of a bank’s total customer deposit that must be kept with the central bank in the form of liquid cash.
This was in consideration of the persistent rise in inflation rate and fragile growth. Nigeria’s headline inflation accelerated to the highest level in 17 years at 20.52 percent in August 2022, from 19.64 percent in the previous month.
The CBN had in the last few months increased the MPR by a combined 250 basis points to rein in inflation. In its meeting in May 2022, the CBN raised its benchmark interest rate by 150 basis points to 13 percent, the first time in six years. It raised it further in July by 100 basis points to 14 percent.
After the meeting, MPC members unanimously voted to retain other parameters. Consequently, the CBN retained the Asymmetric Corridor of +100/-700 basis points around the MPR: and the Liquidity Ratio at 30 percent.
Godin Emefiele, governor of the CBN, who announced the decision after the meeting said: “The MPC noted with concern the continued aggressive movement in inflation, even after the rate hike at its meeting in May and July 2022, and expressed its unrelenting resolve to restore price stability while providing the necessary support to strengthen the fragile recovery.”
It is expected that the hike in interest rate for three consecutive times will also lure foreign inflows into the country and ease the pressure on the naira.
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Access Bank Gets CBN’s Approval To Launch Payments Unit, Hydrogen
Access Holding Plc has received the approval of the Central Bank of Nigeria to run a switching and payment service subsidiary.
The bank disclosed on Wednesday that the CBN has approved its payment subsidiary, Hydrogen Payment Services Company Limited.
Hydrogen will compete with the likes of Flutterwave which is Africa’s leading Payment Solution Service Provider (PSSP).
It will also compete with Interswitch and Paystack Payments Ltd in the PSSP space.
Recently, HabariPay owned by a lender, Guaranty Trust Company (GTCO) received final approval to operate as a payment unit.
“Access Holdings Plc trading as Access Corporation announces today that it has received the Central Bank of Nigeria’s final approval for its wholly owned payment subsidiary, Hydrogen Payment Services Company Limited.
“Hydrogen with a vision to be Africa’s most powerful business network will provide switching and payment processing services to financial service providers and other stakeholders,” the bank said.
Early September 2022, Flutterwave said it received CBN’s Switching and Processing License.
But Access said its new subsidiary will challenge competitors in the African continent.
Herbert Wigwe, Group Chief Executive Officer, Access Corporation said, “The establishment of Hydrogen is a natural step in our aspiration to create a globally connected community and ecosystem; inspired by Africa for the world and aligns with our mission to build and sustain one global platform, open for anyone to join where people can be connected to exceptional opportunities.
“Hydrogen will deploy cutting edge technology infrastructure, strong risk management and governance standards to provide secure, cost efficient and convenient payment services to individuals and businesses across the African continent thereby supporting the attainment of the Central Bank of Nigeria’s financial inclusion strategy.”
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UBA Records Double-Digit Growth, Declares N0.20k Interim Dividend
United Bank for Africa (UBA) Plc has announced its audited financial results for the half year ended June 30, 2022, recording double-digit growth across key income lines as well as significant progress in contributions from its subsidiaries.
At the end of the first two quarters of the year, the bank delivered a 12.6 per cent appreciation in profit before tax (PBT) to N85.7 billion, up from N76.2 billion recorded in the same period of 2021.
Despite the challenging environment, the tier 1 lender delivered impressive numbers, with gross earnings hitting N372.4 billion, a 17.8 per cent growth when compared with N316 billion that was posted in the same period in the prior year.
Operating income also grew by 20.1 per cent to N256 billion in the period, while its profit after tax (PAT) closed the first half stronger at N70.3 billion, up by 16.1 per cent compared to N60.6 billion posted same period in 2021.
A further breakdown of the bank’s half-year result, which was filed with the Nigerian Exchange Group(NGX), yesterday, showed that total assets continued on an upward trajectory, increasing 5.4 per cent to about N9 trillion.
The bank delivered on its core mandate of extending loans to credit-worthy customers, with loans and advances increasing by four per cent to N3 trillion, while deposits rose by 7.9 per cent to N7.6 trillion at the end of the period.
Shareholders’ funds, however, declined marginally by 2 percent to N788.5 billion, owing mainly to the decline in its foreign operations translation reserve as well as fair value losses suffered from the investment securities valuation occasioned by the increasing interest rate regime across the globe.
With the strong double-digit growth in PAT vis-a-vis the marginal decline in shareholder’s fund, the Group’s return on equity (RoE) closed the period stronger at 17.7 per cent while return on assets (RoA) came to 1.6 per cent, up by nine basis points.
Reaffirming its commitment to shareholders and the investing public, the board declared an interim dividend of 20 kobo per share for every ordinary share of N0.50 each held by its shareholders.
The Group Managing Director/Chief Executive Officer, Oliver Alawuba, said the stellar performance was in line with management’s expectations, adding that the bank’s continued focus on its customer-first philosophy to pursue the mission of providing superior value to our stakeholders had increased low-cost customer deposits, and boosted the growth of its payment and transaction banking.
“The financial year 2022 showed initial signs of recovery of economies across the globe, despite continued COVID-induced supply-chain disruptions. However, geopolitical challenges including the Russia and Ukraine conflict resulted in the escalation of global commodity prices, particularly that of grains and crude oil, which have taken a toll on several economies. Notwithstanding these developments, our half-year numbers came out stronger than the previous year, with top and bottom-line reaching new record highs,” Alawuba said.
According to him, The Group’s profitability increased by 12.6% to N85.7 billion, with double-digit growth recorded across key income lines. The Bank also recorded a decent 20% growth in net interest income as it continues to moderate the cost of funds whilst improving yield on assets, thereby contributing to the strong 20% growth in operating income. “Our investments in state-of-the-art technology have continued to yield expected results and this is evident in the huge boost of our digital banking income, which grew 22.7% year-on-year to N36.3 billion. These gains have enabled us optimise net earnings amid the accelerating inflationary pressure, currency devaluation, and increased regulatory-driven costs,” he said.
Alawuba also noted that he is delighted at the strides made by the Bank in growing its market share across Africa. In his words, “Our retail business has continued to grow as we ride on our agency banking network, trusted brand, competitive product offerings and quality service delivery, to deepen our retail penetration,”
He also commented on his recent appointment as Group Managing Director/Chief Executive Officer, alongside five other Group Executive Directors and assured the investing public of his relentless commitment to the growth of the business. “Together, with our highly motivated workforce, we are poised to usher the business into a new era of growth that will deliver superior value to all stakeholders,” he said.
UBA is a leading pan-African financial institution, offering banking services to more than thirty-seven million customers across 1,000 business offices and customer touch points in 20 African countries.
With presence in New York, London and Paris and now the UAE, 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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