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Access Bank drives growth with retail operations
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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President Trump Signs Executive Order To End Birthright Citizenship
United States President, Donald Trump, has signed an executive order attempting to end birthright citizenship — a right guaranteed by the US Constitution and affirmed by the Supreme Court more than 125 years ago.
On Monday, Trump issued a blitz of executive actions to start reshaping federal immigration and border policy, many of which are expected to face significant legal challenges.
“As commander in chief, I have no higher responsibility than to defend our country from threats and invasions, and that is what I’m going to do,” Trump said in his inaugural address.
CBS News reports that the US government has long interpreted the US Constitution to mean that those born on American soil are citizens at birth, regardless of their parents’ immigration status.
The 14th Amendment to the Constitution says, “All persons born or naturalised in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside.”
But Trump directed federal agencies to stop issuing passports, citizenship certificates, and other documents to children born in the US to mothers who are in the country illegally and fathers who are not citizens or legal permanent residents, or to mothers who are temporary visa holders (and fathers who are not citizens or legal permanent residents).
Trump said his edict, which would not apply retroactively, should be enforced in 30 days. But just hours after it was issued, the American Civil Liberties Union and other advocacy groups filed a lawsuit challenging the action in federal court.
He also cited extraordinary presidential powers to effectively suspend US asylum law, accusing migrants of staging an “invasion” at the southern border and endangering public health.
He authorised officials to “repel, repatriate, or remove” migrants, suspending their “physical entry” into the US through his constitutional powers. The far-reaching order essentially allows the U.S. government to stop adhering to American asylum law until Mr. Trump issues a “finding that the invasion at the southern border has ceased.”
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You’ll Soon Learn Your Lessons – Prof Akinyemi Tells Kemi Badenoch
How the daughter of a professor of UNILAG, her father who was a medical doctor, a girl who went to the international school at UNILAG would make it sound like she was selling groundnut and selling water in Lagos to advance her political career.
Former Nigerian Minister of External Affairs, Prof Bolaji Akinyemi, says Britain’s Conservative party and Nigeria-raised Kemi Badenoch will soon learn her lessons that “you don’t throw your people and your culture under the bus”.
Prof Akinyemi, a former Director General of the Nigerian Institute of International Affairs (NIIA), said Badenoch was making a mistake denigrating Nigeria on the global stage to “advance her political career”.
The foremost Professor of Political Science, who was a guest on Channels Television’s Politics Today programme on Monday, said the UK Conservative party leader should leave Nigeria alone and focus on strengthening her party in Britain.
The octogenarian said, “How the daughter of a professor of UNILAG, her father who was a medical doctor, a girl who went to the international school at UNILAG would make it sound like she was selling groundnut and selling water in Lagos to advance her political career.
“She would soon learn that you don’t throw your people and your culture under the bus to advance your career. She is making a mistake but she would soon learn.
“After all, right now, there is even Right Wing political party in the United Kingdom that is even to the right of the Conservative Party. So, what she should be focusing on is how to regain that rightwing profile of the Conservative Party and leave Nigeria alone.”
Days earlier, presidential spokesman Daniel Bwala said Badenoch’s scathing comments about Nigeria are targeted at gaining acceptance from her party members.
In December 2024, Nigeria’s Vice President Kashim Shettima criticised Badenoch for disparaging Nigeria, saying that she is entitled to her own opinions and has every right to remove the Kemi from her name.
In 2022, Badenoch, a UK member of parliament of Nigerian descent and then UK Prime Minister hopeful, accused Nigerian politicians of using public funds for their private matters.
After her election as UK Conservative Party leader in November 2024, the Chairman of the Nigerians in Diaspora Commission (NIDCOM), Abike Dabiri-Erewa, said her office reached out to Badenoch but received no response.
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NATCOMS To Challenge NCC’s 50% Telecom Tariff Hike In Court
The National Association of Telecommunications Subscribers (NATCOMS) has announced plans to contest the Federal Government’s approval of a 50% tariff hike for telecom operators in court.
This decision, according to NATCOMS, was made without adequate consultation with key stakeholders, including subscribers.
Mr. Deolu Ogunbanjo, President of NATCOMS, expressed dissatisfaction with the tariff increase approved by the Nigerian Communications Commission (NCC) in an interview with NAN.
He described the decision as burdensome, particularly for small businesses and individual subscribers.
“This will affect everyone from the biggest industry to the smallest company, such as the Point of Service (POS) operators. It will increase operational costs,” Ogunbanjo stated.
He acknowledged the financial challenges facing the telecommunications sector but emphasized that a marginal increase of 5% to 10% would have been more acceptable.
“We painfully agreed that, look, a moderate or marginal five per cent to 10% increase will be fine. We do not mind an increase if it is to salvage the industry that is helping us, that means so much to us and that is also contributing double-digit to Nigeria’s Gross Domestic Product,” he added.
Alternative funding options
Ogunbanjo suggested that telecom operators explore alternative funding sources, such as Initial Public Offerings (IPO), to raise capital instead of imposing a 50% tariff increase on subscribers.
“The industry operators can opt for an Initial Public Offer (IPO) for Nigerians to buy shares in their companies as a way of raising funds.
However, a situation where a whole 50% is granted for tariff hike is not cheap and it is a no! no! from us subscribers,” he insisted.
Ogunbanjo confirmed that NATCOMS would challenge the decision in court, citing the financial strain the hike would impose on subscribers already grappling with economic challenges.
NCC defends the tariff adjustment
The Nigerian Communications Commission (NCC), in a statement signed by its Director of Public Affairs, Dr. Reuben Muoka, justified the 50% tariff adjustment as a necessary measure to address rising operational costs in the industry.
“The NCC has prioritised striking a balance between protecting telecoms consumers and ensuring the sustainability of the industry, including the thousands of indigenous vendors and suppliers who form a critical part of the telecommunications ecosystem,” the statement read.
The commission noted that while some operators had requested a 100% tariff increase, it approved a maximum adjustment of 50% after extensive consultations with stakeholders.
“The NCC recognises the financial pressures faced by Nigerian households and businesses and remains deeply empathetic to the impact of tariff adjustments. To this end, the commission has mandated that operators implement these adjustments transparently and in a manner that is fair to consumers,” the NCC stated.
Benefits of the adjustment
The NCC assured subscribers that the tariff increase would enable operators to invest in infrastructure and innovation, leading to improved service quality.
“These adjustments will support the ability of operators to continue investing in infrastructure and innovation, ultimately benefiting consumers through improved services and connectivity,” the commission added.
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