Pan Africa Financial Institution, United Bank for Africa, (UBA) Plc will be hosting its Business Series on Wednesday, March 17th, 2021, as part of its continuous effort to catalyse the growth and sustainability of Small and Medium-Scale businesses in Nigeria and Africa.
The UBA Business Series, which is held quarterly, is a capacity building initiative where business leaders share insights on best business practices and how entrepreneurs can build a sustainable business empire especially in a challenging business environment in Africa, aggravated by the COVID 19 pandemic.
In this edition, which will be held via Microsoft Teams, UBA will host the founder, Accounting Hub, Chioma Ifeanyi-Eze, a seasoned accountant with years of experience across multinationals including PWC.
Ifeanyi-Eze will be speaking on Budgeting and forecasting for Business Growth and will give tips to business owners and intending start-ups on practical ways to ensure their businesses survive and thrive and essential strategies on how to recover and mitigate losses especially in these difficult operating environments in Africa and beyond
The open event will be held virtually by 2pm WAT on Wednesday, March 17, 2021 and interested participants can register via this link: http://bit.ly/UBASMEWorkshopMarch2021
UBA’s Group Head, Consumer and Retail Banking, Sampson Aneke, who spoke ahead of the event, said that far beyond banking services, UBA is interested in ensuring that customers and entrepreneurs run businesses that can stand the test of time, adding that the Business Series, will assist to arm business leaders with all the knowledge and experience required to take their businesses to the next level.
He said, “Even in this period of the pandemic, it is interesting to note that some businesses are still making it big. How? you will ask, these are some of the questions we will address in our seminar on Wednesday.
“Chioma Ifeanyi Eze, who is experienced in every sense of the word is willing to share insight with others on ways to grow their business and put it on firm footing as we try to move beyond this pandemic. I will advise everyone to tune in, even if you do not have a business, it is an opportunity to learn something new,” Aneke said.
This novel initiative is a quarterly enterprise championed by UBA, and has been instrumental in helping to support and elevate businesses to new highs for many years now.
United Bank for Africa is a leading pan-African financial institution offering banking services to more than twenty million customers globally. With a footprint in 20 African countries and presence globally in the United Kingdom, the USA 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
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Nigerians Can Use E-Naira Without Internet, CBN Insists
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
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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Winners Emerge In UBA Savings Promo
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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