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BoI disburses N84bn to more than 776 Enterprises ain 2015

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The Management of Bank Of Industry (BoI) disclosed that it has disbursed N83.5billion to more than 776 enterprises that created almost 400000 jobs in the year under review. The most striking achievement in its credit operations was the disbursement of loans that amounted to N5.7billion to Micro Small and Medium Enterprises (MSMEs).

Waheed Olagunju, the Acting Managing Director of BoI stated this at media parley held at Oak Hotel, lekki in Lagos recently that these records represented 205percent increase over the average annual run rate of NI.7billion to MSMEs in the previous year. The three fold increase in loans disbursed to MSMEs in 2015 was due to the establishment of separate directorate for Small and Medium Enterprises (SME) in late 2014 which was headed by Executive Director, he added.

The media parley is annual event organized by BoI for those who covering business for their medium sometimes including editors and analysts.

Olagunju pointed out that the operations of the SME directorate were driven mainly by the fact that the multiplier effects per units of investment in MSMEs are higher than in large enterprises. Accordingly considerable financial and human resources were deployed towards their development. In this regard we decided to bring the bank’s services closer to our esteemed current and potential customers, by increasing our offices to seventeen (17) from seven (7).

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He disclosed that the number of business development service providers who were appointed to help SMEs package their loan application was increased to 200 from 122 in the course of 2015. The bank also leverages technology to automate its operations process and develop the following five digital products. SME Mobile App, SME Loan Application and Tracking System, SME Accounting App and the SME Customer Portal were about 700 of our customers now advertise products on BoI’s website.

“The bank strongly leverages its Enterprise Risk Management Framework to effectively manage its risk exposure as non-performing loan ratio improved from 6.92percent in the year under review to 4.01 percent as at end of 2015. Bad loan recoveries of the year stood at N1billion was achieved in the year. The secured a credit rating of AA+ from Fitch Rating, an international rating agency.

In His Words: “Technology is transforming the way we do business. The bank upgraded its core banking application in the year to a more robust version with more functionality.  The following value-adding automation projects went live in the year.

Disbursement Availment Tick Process, Credit Application and Tracking process, Vendor Payment Processing, E-bills Pay and Staff Travel Management.”

He noted that as part of efforts towards effectively implementing the objective of Nigerian Industrial Revolution Plan (NIRP) and National Enterprise Development Programme (NEDP), the bank plans to mobilize substantial financial resources from within and outside Nigeria by leveraging its relationship with both domestic and foreign development partners.

BoI Boss emphasized that as we head into the future in our quest to become Africa’s leading world-class Development Finance Institution, the bank shall continue to deepen impact in both core emerging sectors, drive service delivery excellence, support the development SMEs in the country by leveraging strategic partnership, effectively managing enterprise risks as well as leveraging technology.

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Zenith Bank Unveils SME Digital Workshop For Business Owners, Partners Facebook + How To Register

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Foremost financial institution, Zenith Bank Plc is organizing a free one-day session for SMEs on how Facebook, Instagram, Whatsapp, and other digital channels can be used to engage potential prospects, market offerings and grow business volumes.

To register attendance, please send an email titled ‘Zenith Bank SME Digital Workshop’ to smepartnership@zenithbank.com.

The email should contain the following information: Name of the participant, account number and preferred venue of attendance

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UBA Deepens Intra-African Trade With UBA Connect

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United Bank for Africa (UBA) Plc, has introduced  UBA Connect, a service that enables the   customers of the bank to conduct traditional banking transactions at any UBA branch in the 20 African countries where the bank operates.

The service, which is available to both customers and non-customers alike, is expected to encourage intra-African trade, as cash withdrawal can now be done in local currencies within the continent while deposits can also be made at any location regardless of where the account is domiciled.

The Chief Executive Officer, UBA Group, Mr. Oliver Alawuba, who spoke about the product, said, “Africa stands to benefit substantially from intra-Africa trade, which is facilitated by the easy flow of capital within the continent. As a bank committed to creating superior value for all its stakeholders, we are focused on ensuring that we continue to contribute significantly to the development of Africa by improving accessibility and trade with UBA Connect, among other innovative services.”

He explained that the new offering allows easy transfers to UBA accounts across African countries as well as cash deposit into UBA accounts at any of the bank’s locations in Africa, adding that the cash will be dispensed to customers in local currencies at competitive exchange rates.

Group Head, Marketing, Mrs. Dupe Olusola, said, “We’re thrilled to be able to offer our customers the ease and convenience of UBA Connect. This is in addition to an array of digital platforms which have made banking seamless for more than 12 million people who have trusted us with their money.

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Fidelity Bank Presents Prizes To Promo Winners

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Fidelity Bank Plc on Monday gave out cash and gift prizes to winners in its ongoing Get Alert in Millions (GAIM) promo Season 4  promo held in Lagos.

Two customers, Omolade Olatawura and Isabella Chekwube received N1 million each.

At the prize presentation held at the Ska Tinubu branch of the bank, Victoria Island, Lagos, Managing Director/CEO, Nnamdi Okonkwo, noted it is the bank’s ninth promo in 13 years.

Okonkwo, represented the Executive Director, Shared Services and Products, Chijioke Ugochukwu, added that the bank is improving people’s living standard.

Thirteen  customers of  the bank last week, emerged millionaires in the third monthly draw of the GAIM promo Season 4 in Lagos.

The bank also rewarded loyal customers with prizes worth N16 million in the categories of N2 million and N1 million. The bank presented consolation prizes in form of fridges, television sets and power generating sets to winners who were happy with the gesture.

The presentation  was witnessed by the relevant regulatory bodies, including the National Lottery Regulatory Commission (NLRC), Lagos State Lotteries Board (LSLB) and Consumer Protection Council (CPC).

They include Dare Abiodun Emmanuel; Ugwu Philomena Nneka; Chinenye Catherine Olunna; Egberi Agbarha Kelvin; Ivang Stanley Oham; Chinelo Loveth Egbuchunem; Dare Abiodun Emmanuel; Itabiyi Gbolahan Olakunle Hassan & Adejoke Jokotade; Larei Chindo; Chigozie Darlington Emoka; Khadijah Umar; Muazzam Ad Maizare; Isabella Chekwube Uche; and Omolade Bamitale Olatawura.

Others are Joseph James Abah; Oghenetega Emmanuel Erus; Blessing Chidinma Okafor; Loveline Uche Okonkwo; Nafisat Ali Lawal; Comfort Ita Asuquo; Mohammed Halima Sadiya, among others.

The Regional Bank Head, Victoria Island branch, Chinwe Iloghalu, said: “We have had the GAIM promo for 13 years and we are already creating millionaires in 2020 and this is such a big win for Fidelity Bank. The objective of this promo is to deepen the savings culture and improve domestic businesses and so far we will always remain that bank that keeps to its word.”

Shedding light on how customers could qualify for the draw, Head, Savings Group, Fidelity Bank, Janet Nnabuko, stated that existing and new customers could win by topping their account with N10,000 or opening a new account and building it up to N20,000.

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