Access Bank’s commitment to advancing women’s economic empowerment is evident through the W Initiative; the home of everything the Bank has to offer women.
The Bank has long recognized the economic power of encouraging and supporting women as well as female entrepreneurs and in 2022, they became the lead collaborator with AAWEF to ensure a full representation of African culture at the 33rd annual ZORA! Festival of Arts and Humanities.
AAWEF is positioned to boost the participation of women as key contributors to Africa’s growth and development in science, technology and innovation, with an objective to build sustainable relationships between Africa and America through networking, education, trade and commerce for women entrepreneurs. This they have done for 3 years during the ZORA! Festival of Arts with a conference tagged the “AAWEF trade expo”.
Speaking at the 3rd annual AAWEF trade expo themed “Nurturing International Commerce through Education and Culture”, Dr. Herbert Wigwe, GMD, Access Bank Plc. said “We reckon that this would Foster trade relations between Africa and America leading to access to global markets by Women Entrepreneurs with an emphasis in STEM, manufacturing, and agriculture. It would also provide a space for African and African-American women to collaborate and innovate for the advancement of entrepreneurial initiatives that positively impact their communities and nations.”
This collaboration also presents an opportunity for African women entrepreneurs within the W community to sell their products at the trade expo and connect and exchange with their American counterparts through the Africa-America Women’s Economic Forum-Sustainable Trade and Innovation Conversation.
“As our women brace up to the challenges of expanding their competencies, I am positive that as a Bank, we will continue to make our own contributions to ensure that our focus on women which aligns with the UN objectives are achieved in record time. We will continue to say No to all forms of gender discrimination, ‘No to violence against women, ‘No to harmful practices against women and children’ and ‘Yes to all forms of women empowerment programs’” – Dr Ajoritsedere Awosika, Chairman, Access Bank Plc.
Being the only African financial institution to partner with AAWEF, Access Bank’s W Initiative was given the opportunity to select vendors from Africa who would display their Afrocentric products to an international audience at the outdoor festival of the Arts. This opportunity was presented at no cost to the vendors.
Chizoma Okoli while addressing the issues around accessing finance and resources for women in Africa at the conference said “Access to finance for women in Africa is very critical for us at Access Bank. Women are generally relegated to being homemakers in society and require a higher level of assistance given the challenges that they face. Women believe they can’t do as much as a man can, however with the right support system which the bank provides, there is no limit to what they can do”
This partnership will further reiterate Access Bank’s commitment to empowering female entrepreneurs across Africa by opening opportunities for international trade and commerce between Africa and America thereby contributing to the GDP of African countries and exporting the rich African culture.
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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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Access Bank gifts customers cash prizes in AccessMore Mega Reward
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.
683 total views, 67 views today
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