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Access Bank drives growth with retail operations

Published

5 years ago

February 21, 2020

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Access Bank Plc has reiterated its commitment to helping the economy grow. For some time now, banks have been intensifying their efforts towards financial inclusion and meeting the needs of their retail customers. Daily, there is a new campaign promoting a reward scheme or product – an evidence of a structural shift in business models even as banks are adopting new strategies.

Access Bank’s Group Managing Director/CEO, Herbert Wigwe said the bank is also helping to lift the economy through its retail operations. He said the bank has changed from being primarily focused on wholesale – where they only had to work majorly with large or medium corporations – to retail banking, ensuring payments are seamless from top to bottom.

According to him, this shift by Access Bank to retail banking operations, has seen the bank increase its credit facilities options. The primary objective of retail banks is to be the one-stop-shop for financial services for its consumers. In line with this, Access Bank offers services such as current accounts, savings accounts, investments, personal loans and so on. Also, all of these services are fast and digitally led.A part of the bank’s strategy is to provide customers with digital services, using certain key strategic levers like automation, connectivity, simplicity and convenience. In this vein, Access Bank has leveraged technology to create instant and remote solutions to deploying digital services across all its subsidiaries.

The bank’s retail innovation journey has led it to expand its digital loan offerings to other multi-tenured variants to fit the needs of its diverse retail customers. Between 2018 and 2019, Access Bank disbursed over N30 billion in loans to 1.5 million individual requests. This was made possible through the bank’s QuickBucks application, which basically houses all its quick loan products.

Wigwe also shared that the bank disburses an average of N200 million to 4,600 customers daily, having set a target of N400 million daily to at least 20,000 customers. On the QuickBucks application, users have access to PayDay Loan, Salary Advance, Small Ticket Personal Loan, and Device Financing. Outside of the app, customers can access mortgage loans, vehicle financing, Maternal Health Service Support, school fees advance, an auto loan, and creative sector loans.

It would seem quick lending loans are fast becoming the lifesavers in the retail banking sector. Salary earners who have accounts domiciled in Access Bank can access these loans in times of emergency, and simply have the money deducted from their accounts later. Considering the hassle of seeking loans elsewhere, these are no-collateral loans.

Across the industry, banks have become more aggressive with their attempts to maintain relevance in their retail market segment. As signs and research point towards retail banking being the future of the financial services industry globally, many banks are committing resources to research, capacity building, and the development of infrastructure in harnessing its vast consumer banking potential.Access Bank has shown great effort in this regard – a feat that was rewarded as the bank was rated third in terms of customer experience in 2019 by KPMG’s banking Industry customer experience survey.

Prior to its merger with the defunct Diamond Bank, Access Bank had built a solid wholesale business with a strong treasury and was renowned for strong risk management. Diamond Bank had its strengths in micro-Small and Medium enterprises (SMEs) and individuals, with a strong digital institution of about 17 million customers.

Following the 2019 Access-Diamond merger, Access Bank became the largest bank in Nigeria by customer base and is continuously upgrading its systems to provide the same high level of service to its over 31 million customers post- merger.

Good for the economy

The growth of the financial sector plays a huge role in economic development. Countries with more developed financial systems grow faster over long periods of time. What this means is that financial development is not simply an outcome of economic growth; it contributes to this growth.

Across sub-Saharan Africa, mobile money has grown by 23 per cent in 2011, and 43 per cent in 2017. Around the world, people are calling the rise of digital banking in Africa within the last decade “the golden age of fintech”. At a time when Nigerians were finding it difficult to save or spend as a result of a recovering economy, Access Bank’s retail operations have proven to be vital in the positive upturn of financial transactions and the economy through its product and service offerings.

Access Bank’s retail offerings promote saving and investment among young Nigerians, as most of these products are digital, they target rural and semi-urban customers that were previously disenfranchised by traditional banking operations. Today, millions of customers conveniently send and receive funds on the bank’s digital platforms.These transactions, one way or another, have helped with the growth of small and medium-sized enterprises (SMEs) by providing access to finance.

Access Bank’s popular Unstructured Supplementary Service Data (USSD) code, *901#, has made it possible for people to access financial services using their mobile phone without internet service. Quite a number of these innovations accelerate economic growth by leapfrogging over bottlenecks. In sub-Saharan Africa, this mobile model has proven itself as a useful tool for enabling financial inclusion as a result of its low operating costs and banking fees – in comparison to traditional banking methods. Also, products like the QuickBucks app and AccessAfrica help accelerate financial inclusion, achieving scale across borders and documentation of the economy.

Access Bank’s creative sector loan, in partnership with the Central Bank of Nigeria (CBN), aims to build capacity and create employment for individuals and businesses. It is available to people in the fashion, information technology, movie production, and movie distribution industries. With this loan, creative entrepreneurs can buy equipment and materials, pay workers, and produce more efficiently.

In a statement, the bnk’s Executive Director, Retail Banking, Victor Etuokwu said: “Acquiring loans in Nigeria has always been known to be limiting – either due to access, collateral issues and the duration of the approval process. With our obligations to our customers, especially during difficult economic periods, we are emphasising Access Bank’s position in offering lifestyle products and services that meet their financial needs.”

Access Bank has been able to establish itself as a reliable bridge between individuals and corporate bodies looking to invest, those who need fast cash for business or personal reasons. By promoting economic growth through capital accumulation and technological progress – increasing the savings rate, producing information about investment, facilitating and encouraging the inflows of foreign capital, as well as optimising the allocation of capital – the bank is moving a step further by using its network, expertise, and experience to pull its weight in growing the economy.

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Polaris Bank Inducted Premium Member of Nigeria-British Chamber of Commerce

Published

3 hours ago

September 13, 2024

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Polaris Bank has been inducted a premium member of the prestigious Nigeria-British Chamber of Commerce (NBCC), marking another milestone in the Bank’s journey towards enhancing profitable trade between businesses in Nigeria and promoting global commercial partnerships with businesses in United Kingdom.

The induction ceremony which took place recently in Lagos with few other enterprises has swelled current membership of the Chamber representing a broad sectoral spectrum of top players operating in the banking; consulting; education, energy, pharmaceuticals, oil & Gas, Trading, health, manufacturing companies, among many others.

The Managing Director/CEO of Polaris Bank, Kayode Lawal speaking at the induction expressed gratitude to the Chamber for the recognition and highlighted Polaris Bank’s commitment to “leveraging this platform to drive sustainable economic development and deeper engagement with stakeholders.”

“Distinguished guests, members of the Nigeria-British Chamber of Commerce, and esteemed colleagues, it is truly an honour to accept this induction, on behalf of Polaris Bank. Being part of this esteemed Chamber is a significant milestone for us, as it aligns with our vision to build stronger partnerships and contribute meaningfully to the growth of trade and investment between businesses in Nigeria and the UK.”

He further added that Polaris Bank is committed to using its membership of the NBCC to exchange innovative ideas and provide long-term and mutually beneficial relationships that promote growth of businesses in Nigeria and beyond.

“We are available for business and ready to work with stakeholders to ensure impactful and a win-win collaboration,” Mr. Lawal reiterated.

The Nigeria-British Chamber of Commerce continues to play a critical role in promoting trade relations and investment between Nigeria and the UK, and Polaris Bank’s induction reflects the Bank’s strategic focus on contributing to these bilateral efforts.

Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2023, 2022 and 2021 and MSME Bank of the Year 2022 and 2023 in Business Day’s Banks and Other Financial Institutions (BAFI)
Awards.

Photo caption:
From right: Mr. Kayode Lawal, Managing Director/CEO of Polaris Bank, receiving on behalf of the bank, Premium Membership Certificate into Nigerian-British Chamber of Commerce (NBCC) from Mr. Kayode Falowo, NBCC’s Ex-President/Chairman, Greenwich Merchant Bank in Lagos recently.

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Seven Day Curfew Declared Over Monarch Owa Obokun’s Death

Published

12 hours ago

September 12, 2024

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A seven-day curfew has been imposed in six local government areas of Osun State following the death of Oba Adekunle Gabriel Aromolaran, the Owa Obokun of Ijesa land.

The 87-year-old monarch passed away on Wednesday evening after a brief illness, ending his 42-year reign.

The affected local government areas, which constitute Ijesa land are Ilesa East, Ilesa West, Atakunmosa East, Atakunmosa West, Ori-Ade, and Obokun.

The Ogboni of Ipole-Ijesa, Oba Oyebade Samson Kehinde Oyeleye, speaking on behalf of the Owa-in-Council and kingmakers, announced that the curfew will run from 10 pm to 6 am daily, effective Thursday

Additionally, all markets in the affected areas will be closed for three days.

Governor Ademola Adeleke, through his spokesperson Olawale Rasheed, expressed his condolences over the monarch’s death.

He described the late Oba as “a father figure, a pillar of support, and a teacher” committed to the development of Ijesa land and Osun State.

Adeleke added, “Kabiyesi was a deeply selfless father, who took no prisoners when it came to matters of development and wellbeing of the people. He was a friend of good governance, no matter the colour or race.

“The last time I was with him was the flag off of the dualisation of Brewery – Palace road. I am glad our late erudite scholar witnessed a new phase of development for Ijeshaland.”

Former Governor Adegboyega Oyetola, now Minister of Marine and Blue Economy, praised the late monarch’s contributions to the state and nation.

“Kabiesi was known for brilliance, bravery and bluntness as these virtues, exhibited throughout his reign, culminated to many successes recorded not only in Ijesaland but in the state and the country as a whole.

“No doubt, the departed Aromolaran was an epitome of culture, character, integrity and dignity. Being the symbol of Ijesas, he spent all his entire life to serve God and humanity. His over 42 years reign indeed witnessed a myriad of developments cutting across different aspects of life,” said Oyetola.

Prince Dotun Babayemi, a leader of the All Progressives Congress (APC) in Osun West Senatorial District, described the monarch’s passing as a big loss.

“Late Oba Gabriel Adekunle Aromolaran was a highly principled traditional ruler whose body of knowledge and reign, will never be forgotten in our history.

“He occupied his space robustly and contributed immensely to the growth and development of our dear state, Osun and beyond,” stated Babayemi.

Governor Ademola AdelekeOba Adekunle Gabriel Aromolaran IIOba Oyebade Samson Kehinde Oyeleye

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Adekunle Aromolaran, Owa-Obokun Of Ijesaland Dies At 86

“A monumental history closes! The lion departs the forest! The torch bearer Of Oduduwa relocates! The symbol Of Obokun Adimula transits!,”

Published

19 hours ago

September 12, 2024

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The Owa Obokun of Ijesaland, Oba Gabriel Adekunle Aromolaran, has reportedly passed away at the age of 86. A palace source who craved anonymity died on Wednesday after a brief illness.

Though the Owa Obokun palace has not issued any official statement with regard to the monarch’s passing, sources within the palace confirmed the death of the popular monarch.

The source said, “Baba has passed, but we are waiting for an official announcement from the palace.

“You can see that they have started performing some traditional rites. This has to be done before any announcement can be made,” she added.

He was the 48th king of the ancient city, and succeeded Oba Peter Adeniran Olatunji Agunlejika who died in 1981.

Aromolaran ascended the throne on February 20, 1982. His reign spanned 42 years.

On Thursday, Yinka Fasuyi, Asiwaju of Ijesaland, announced the king’s passing after rumours of his ill health began circulating on social media.

In a tribute, Fasuyi extolled the reign of the king, describing him as the “pride of Yoruba traditional intellectualism.”

“A monumental history closes! The lion departs the forest! The torch bearer Of Oduduwa relocates! The symbol Of Obokun Adimula transits!,” the tribute reads.

“The elegance Of Ijesaland royalty takes a bow! The pride Of Yoruba traditional intellectualism exits! The conscience Of Yoruba traditional rulers departs!

“The Last Of the titans bids farewell! Ijesaland celebrates the life Of her idol! Ijesaland extolls the life Of our imperial majesty! Ijesaland eulogises the reign Of ur Owa Obokun Adimula! Ijesaland applauds the legacy Of our paramount ruler! 42 Years Of monumental reign comes to a glorious end!”

Former Vice President Atiku Abubakar has condoled with the people of Ijesa over the death of the king.

In a statement shared on his X page, Atiku described the late king as “a great monarch who personified boldness, courage, and discipline of the Ijesha progeny.”

“With a heavy heart, I received the news of the passing of the Owa Obokun of Ijesha land, Oba Gabriel Adekunle Aromolaran. The late Owa was more than a father-in-law to me. Each time I visited him, he accorded me the homecoming welcome of a son,” he wrote.

“We all loved him dearly. He was a great monarch and personified the boldness, courage, and discipline of the Ijesha progeny.

“On behalf of my wife, Titi, I share my condolences with the Owa-in-Council and the entire indigenes and residents of Ijesha land, especially members of the royal family.

“As Oba Aromolaran turns his face to his Maker, I pray that his soul finds a gentle repose.”

Aromolaran was born in October 13, 1937 into the royal household of Oba Iluyomade Aromolaran I.

He started his primary school education at Otapete Methodist school, Ilesa and finally completed his primary education at the Agbeni Methodist school Oke Ado Ibadan.

Aromolaran attended Ilesa Grammar School, between 1970 and 1974 before attending the then University College Ibadan (UCI) which was then a College of the University of London (now the University of Ibadan) where he obtained the B.Sc. degree in economics.

In 1965, he did a post-graduate diploma in public administration of the University of Ife, then located at Ibadan, and also holds a master’s degree in mathematical economics.

He earned his PhD in development economics under the supervision of Prof Samson Olajuwon Kokumo Olayide, a former vice-chancellor of the University of Ibadan.