Nigeria’s largest bank raked in a whopping N29.9 billion from its Channels and E-Business Income in 2020 representing a 37% growth from the same period in 2020. The bank reported a then-record N21.8 billion from its E-Business Income.
The bank’s E-business Income now contributes about 40.5% of Fees and Commission Income compared to 42% same period last year. The bank’s Fees and Commission Income were N73.7 billion in June 2021 compared to June 2020.
Nigerian banks raked in about N216 billion in E-Business Income in 2020 with Access Bank topping the chart with about N56.09 billion up from N36 billion in 2019. The bank is thus growing slower than it did in 2020, however, the numbers are staggering.
Access Bank became the largest bank in the country after it merged with Diamond Bank, a leading tech-focused commercial bank which was a major attraction for Access Bank when deciding the merger. Since the merger, the bank has seen its deposits rise to N7.7 trillion from about N3.5 trillion in 2018, when the merger was first revealed. The revenue base is perhaps the major driver for the growth of its E-Business Income.
Nigeria has been experiencing a massive boost in electronic-driven banking as increasing mobile phones adoption and viral social media lead to massive consumption of data and spending across several channels.
The banking sector is also benefitting massively from the wave of mobile phone adoption proving easy to use banking apps that are secure and operate seemingly like social media apps.
We believe mobile banking adoption will rise to become a significant source of revenue for Nigerian banks especially through data monetization, an aspect of revenue they are yet to leverage on.
1,587 total views, 3 views today
‘How Fake Zenith Bank Agent Stole N141,000 From My Account’, Hairstylist Narrates
Mary Ajah, a hairstylist in Osun State, has narrated how a fraudster posing as a Zenith Bank representative defrauded her of N141,000.
The hairstylist said the scammer succeeded in his scheme because she was desperate to resolve a problem she had with her current bank account.
She said she chatted with the bank to find out what she could do to receive alerts via text messages and her email address but she was told to reach out to them via their social media handles or email addresses as they were not receiving calls at the time.
According to Ajah, this problem of not receiving notifications from her account had been going on since October, immediately after creating a current bank account.
“I sent an email to Zenith Bank, but they didn’t respond on time, so I chatted with them via Twitter. I got a number from the Twitter account and was asked to chat with them on WhatsApp,” Ajah said.
“I didn’t realise on time that the number I received was from an impostor. While we were chatting, the scammer said he wanted to help me link up my savings account to my current account so I could start getting notifications.
“Then I got a number from Twitter to chat with on WhatsApp, but I didn’t realise that it wasn’t their number.
“He requested my card details, which I gave him. But immediately after that, I noticed that they withdrew N141,000. It was then that I had to tell my account officer what had happened.”
Ajah stated that she reached out to the bank after the ugly incident occurred but nothing could be done to salvage the situation.
2,166 total views, 2,166 views today
UBA Appoints Abiola Bawuah As First Female CEO For Africa Operations
…Announces Six Other Executive Appointments
…Samuel Oni Retires From The Group Board
The Board of Directors of the United Bank for Africa Plc, Africa’s Global Bank, today announces the appointment of Mrs. Abiola Bawuah, as Chief Executive Officer (CEO) of UBA Africa. Bawuah will also join the Group Board as an Executive Director, overseeing the Group’s operations across the African continent, outside Nigeria. UBA operates in 19 African countries beyond Nigeria, in addition to global operations in New York, London, Paris and the UAE.
Bawuah, a Ghanaian national, is the first female CEO of UBA Africa. Her appointment further demonstrates UBA’s commitment to diversity. The UBA Group Board now includes eight female Directors.
Prior to her appointment, Bawuah was Regional CEO, West Africa, supervising the Group’s operations in nine subsidiaries, including Benin, Burkina Faso, Cote d’Ivoire, Ghana, Guinea, Liberia, Mali, Senegal, and Sierra Leone. She previously held the role of CEO, UBA Ghana.
Speaking on the new appointment, the Group Board Chairman Mr Tony O. Elumelu said, “Abiola has contributed significantly to the growth of UBA Africa for close to a decade. She brings a wealth of experience in commercial banking, and stakeholder engagement. It also gives me great pleasure that with her appointment, the UBA Group Board has now become a majority female board.”
The UBA Group also announced the following executive roles:
Chris Ofikulu becomes the Regional CEO, UBA West Africa. Ofikulu, who has over two decades of banking experience spanning corporate, commercial, and retail banking.
Uzoechina Molokwu will take on the role as Deputy Managing Director (DMD) of UBA Ghana, subject to local regulatory approvals. He was previously the Executive Director, Business Development – UBA Côte d’Ivoire and has over 23 years banking experience.
Ayokunle Olajubu will be the Managing Director/CEO UBA Liberia, subject to local regulatory approvals. He currently drives compliance across Africa subsidiaries andcomes with 30 years banking experience in Nigeria and other African countries,includingSierra Leone, Cote D’Ivoire and the Gambia.
Theresa Henshaw has been appointed as CEO of UBA UK, subject to local regulatoryapprovals. She was previously the DMD, Business Development, UBA America and joined the Group as ED, Business Development at UBA UK.
Usman Isiaka, currently CEO, UBA Sierra Leone, will be the Deputy CEO in UBA America, subject to local regulatory approvals.
Adeyemi Adeleke, the former CEO of UBA, UK is now the Group Treasurer. Adeleke will be working to unlock the immense value in the Group’s multi-jurisdictional balance sheet, leveraging on its presence in 24 countries within and beyond Africa.
In addition to the executive appointments, UBA has announced the retirement of High Chief Samuel Oni, an independent non-executive Director, from the Board following the expiration of his tenure. He joined the UBA Group in January 2015 and served on the Board of the Group for eight years.
The Group Chairman Mr Elumelu expressed his appreciation to High Chief Oni, for his commitment, leadership and extensive contributions to the UBA Group and on behalf of the Board, wishes him the very best in all his future endeavours.
Operating in twenty African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, United Bank for Africa provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology. UBA is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 37 million customers globally
1,126 total views, 189 views today
‘Big Relief’, Nigerians React To CBN Extension Of Deadline For Old Naira Notes
Some Nigerians on Twitter have reacted to the Central Bank of Nigeria (CBN) extension of the deadline for the swapping of old naira notes.
The CBN on Sunday afternoon announced that it has extended the deadline for swapping old naira notes to February 10, 2023.
The apex bank said it added, “a 10-day extension of the deadline from January 31, 2023, to February 10, 2023, to allow for the collection of more old notes.”
This is according to the CBN governor, Godwin Emefiele.
Enefiele also noted that Nigerians would still be able to deposit their old notes directly with the CBN until February 17, 2023, described as a “grace period.”
There has been pressure from many Nigerians and groups concerning the initial January 31 deadline for the old notes, as the scarcity of the newly designed 200, 500, and 1000 naira notes prevailed in the country.
Reacting to the announcement by CBN for an extension of the deadline for the swapping of old naira notes, some Nigerians have taken to their various Twitter handles to express divergent views on the issue.
Below are some of the reactions of Nigerians on the matter.
“Even with this deadline extension, some people will still be clamouring for the Central Bank of Nigeria to extend the deadline by another few months. Meanwhile, most folks are unaware that CBN under the guidance of the President is trying its best to prevent vote buying.”
“They should have extended by 5 days. The 10-day extension is just too much.”
“Bankers inside the bank hall on a Sunday, after realizing the CBN has extended the deadline.🤣🤣🤣
#The central bank of Nigeria.“
“The central bank of Nigeria is giving you an opportunity to deposit your old naira notes. Don’t expect new notes in surplus because that will eventually defeat the aim of the whole process. Corrupt politicians are the target don’t be a victim of their war. Go deposit your old notes.”
“The mere thought of Emefiele putting d whole nation through hell over d new naira these last few days only to extend it at the last hour is sickening. Dear Emefiele and cohort, only God can judge you all.”
“The Central Bank Of Nigeria and the FG better come in agreement to postpone the ban of the old naira notes…
I hope the CBN Governor has watched this.
The new notes ain’t in circulation yet, we need more time.”
“I’m so Nigerian that I never doubted for one second that the date would be extended😅
The Central Bank of Nigeria Cowgirl.”
“The Central Bank of Nigeria @cenbank is a reflection of the failed @MBuhari administration. BAT @officialABAT and @atiku have been given enough time to get more cash to ring the 2023 elections.”
“The Central Bank of Nigeria has bowed to pleasure and extends the swapping of old naira notes to February 10. Nigeria is hot indeed. @cenbank.”
“Extension of Naira notes by the Central bank of Nigeria for another 10 days reminds me of my school days. When you are in an exam hall, writing one difficult exam and the invigilator says “10 extra minutes”…Me:10 minutes for what when I am already counting time 😆.”
“Slight Extension” as demanded by one of the Presidential Candidates has been announced by the Central Bank of Nigeria 😂”
1,343 total views, 137 views today
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