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Access Bank To Reward 14 Customers With N1m Each

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Access Bank Plc is set to reward 14 customers with N1million each in the DiamondXtra Independence Splash to commemorate Nigeria’s 61st Independence Anniversary.

Mr Victor Etuokwu the bank’s Executive Director, Retail Banking, made this known in a statement made available to the newsmen in Lagos on Monday.

“The DiamondXtra Independence Splash draw which is going to take place on Oct. 1 is a testimony to our commitment to empower Nigerians financially, irrespective of their educational, religious, and social status.

“We will be rewarding 14 customers, two from each geographical zone in the country with N1million each.
“This is our own little way of giving back to the society and to empower our loyal customers.’’

Etuokwu also said that the bank would also be giving out N5million monthly to customers who participate in their daily cluster draws across the nation.

“Customers in any of these clusters through their associations, societies, market, clubs among others stands a chance to win cash prizes ranging from N10,000 to N50,000.

“The DiamondXtra Independence Splash draw is open to new and existing customers of Access Bank.

“To be part of the winning train, simply fund your DiamondXtra account with a minimum of N5,000 or more and stand a chance to become a winner in the Independence Splash and Quarterly draws.

“New customers can dial *901*5# from their mobile phone or walk into any Access Bank branch close to them to open a DiamondXtra account,” he said.

Adaeze Umeh the Group Head, Consumer Banking, Access Bank, said that the bank would be rewarding customers with cash prizes of N1million, N500,000, and business grants worth N1million for five winners.

She said there would also be a price of rent for a year to be won by 14 families, family health coverage for seven families and Salary for life (N100,000 every month for 20 years) for one special winner.

According to Umeh, the bank has kept its promise of keeping the initiative alive for more than a decade and changed the lives of over 22,000 customers with cash prizes of over N5 billion.

“The DiamondXtra reward scheme is one of the many ways the bank creates value and meets the needs of its loyal customers.

“Apart from the Diamondxtra Independence Splash draw to reward lucky customers with N1million in all geographical zones, we are also going to reward more winners in the Diamondxtra Quarterly draw which will take place mid-October.

“Diamondxtra Cluster draws will be held daily for customers in various associations, Clubs, Groups, Societies…, and they stand a chance to win from N10,000 to N50,000.

“To qualify for a cluster draw, a minimum of 80 to 100 members of the association/club will have to open and fund their account with a minimum of N5,000 to stand a chance to win.’’

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Business

 Nigerians Can Use E-Naira Without Internet, CBN Insists

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The Central Bank of Nigeria (CBN), has said Nigerians will be able to use e-naira without Internet-enabled phones.

The apex bank which disclosed this in a document with the title ‘Design paper for the eNaira,’ said maximising the value and use cases of the eNaira would depend largely on devices with Internet capabilities.

“The eNaira thus risks further alienating sections of the population who are uneducated, lack exposure and access to internet services or digital devices,” it said.

The document noted that the National Commission for Mass Literacy, Adult and Non-formal Education estimated that 35 per cent (37.1 million) of the nation’s adult population was illiterate, adding that the CBN risked losing adoption to this segment of the population, PUNCH reported.

“To mitigate this risk, the bank factored in the need for inclusiveness as part of the core design principle of the eNaira. This principle has enabled the bank to focus on simplicity and ease of use, ensuring that Nigerians without Internet-enabled phones can access the service,” the CBN added.

The apex bank said the eNaira would complement existing payment options available via the mobile banking apps, Point of Sale terminals, USSD, quick response code and Internet banking, among other channels.

GSMA, a global industry organisation that represents the interests of mobile network operators, had said in a recent report that 19 per cent of people living in Nigeria and other sub-Saharan African countries did not have access to mobile broadband coverage.

According to the organisation, about 47 per cent (210 million people) in sub-Saharan Africa do not use mobile internet.

In its design paper, the apex bank said to ensure inclusive access while also ensuring the integrity of the financial system, the account-based Central Bank Digital Currency model has been chosen for the eNaira.

The CBN said, “The account-based CBDC model at its core mirrors the progress made on the National Financial Inclusion Strategy which enables access to financial services by leveraging last-mile networks to identify users and to provide banking services through channels such as PoS and USSD.

“With the account-based model, the CBN seeks to enable access by leveraging the existing identity infrastructure in Nigeria such as the BVN, NIN, TIN, etc., to uniquely identify individuals and corporate entities.

“Specifically, identity frameworks such as the NIN will enable access for the financially excluded as they can be uniquely identified, thereby enabling the provision of financial services. These identity systems will help ensure a robust KYC framework positioned to enable access for all Nigerians.”

The CBN added that interoperability between the eNaira and other CBDCs was factored into the design of the eNaira.

It said this would help improve cross-border payments and address issues of dollarisation of the economy.

Visa, a payments company, recently said ease of operating CBDCs would determine the success of digital currencies.

It said, “We believe that for CBDCs to be successful, they must have two essential ingredients: a great consumer experience and widespread merchant acceptance. It means the ability to make and receive payments, regardless of currency, channel, or form factor.”

According to Visa, as the number of digital currency networks increases, the likelihood that consumers, businesses, and merchants are transacting on the same network and utilising the same type of money decreases.

“But interoperability ensures that different networks can communicate and share data with each other,” it said.

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Access Bank Acquires 78.15% Stake In Botswana’s Fifth Largest Bank

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Access Bank Plc has announced the acquisition of 78.15 per cent stake in African Banking Corporation of Botswana Limited.

In a statement released to the Nigerian Exchange Limited and investing public signed by its company secretary, Sunday Ekwochi, the bank said the acquisition would form part of the bank’s linkage point for trade and payments in Southern Africa and the larger Common Market for Eastern and Southern Africa region.

According to Access, BankABC is Botswana’s fifth largest bank with sustainable capitalisation and franchise to aid its growth in its local market. The acquisition would provide an opportunity for Access to deploy its digital platforms and product suites to benefit BankABC Botswana’s customers and enable it compete effectively across its core business segments.

The Group Managing Director and Chief Executive Officer of Access Bank, Dr Herbert Wigwe, said that the acquisition would provide significant synergies through the combination of BankABC Botswana’s “strong retail banking operations” with Access Bank’s wholesale banking capabilities.

“It will also strengthen the quality of earnings through revenue diversification and growth in the corporate and SME banking segments for BankABC Botswana,” he said.

Wigwe added that the combination would take Access a step further in its banking and corporate goals.

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Business

Winners Emerge In UBA Savings Promo

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Pan African financial institution, United Bank for Africa Plc, says it has rewarded its customers in its Bumper Savings Promo in line with its commitment towards prioritising its customers’ financial wellbeing as well as boosting savings culture in Nigeria.

A statement from the bank on Friday said that since it commenced the promo in 2020, over 200 winners had emerged from the initiative that continued to reward loyalty and encourage customers to cultivate savings habit that helped to stay afloat especially during challenging times.

It stated that the promo was opened to account holders of the bank from the six geographical zones in Nigeria, and customers only needed to open a UBA Bumper account and save a minimum of N5,000 in a month to qualify.

“The more multiples of N5,000 they saved, the higher their chances of winning cash prizes and other juicy benefits,” it stated.

According to the bank, the electronic raffle draw, which was the 7th since inception, was witnessed by relevant regulatory bodies including the National Lottery Regulatory Commission and Consumer Protection Council who were on ground to ensure transparency and accountability.

It added that winners that emerged from the draw included Olunwa Ambrose who won the star prize of N2m, Saheed Adediran who, won N1.2m rent for a year; and Adewunmi Sobowale, who won N500,000 shopping allowance.

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