*Wema Bank Launches Anti-Fraud Campaign to Protect Customers*
*….Takes Firm Action Against Fraudulent FINTECH Partners*

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital Bank, ALAT, has launched an anti-fraud campaign to protect its customers and other Nigerians against fraudulent activities perpetrated by some wallet accounts and fintech partners.

As the bank at the forefront of digital innovation and a top enabler in the FinTech landscape, Wema Bank powers a plethora of FinTechs across Nigeria, allowing them to operate seamlessly through Wema Bank’s 3rd Party Wallet Accounts. Due to the recent hike in fraudulent inflows into these wallet accounts, the bank has taken a firm action against fintech partners whose account activities have been found guilty of fraud.

Through the anti-fraud campaign launched recently, Wema Bank has successfully investigated, identified, and disengaged 3 FINTECHs partners for Fraud and suspended 4 FINTECHs partners from its platform in its ongoing efforts to ensure responsible partnership, adherence to regulatory procedures and conformance to CBN KYC guidelines. There are ongoing audit and review of FINTECH partners processes as part of the grand plan to ensure that we get the anticipated/desired results.

The Anti-Fraud Campaign targeted at creating awareness, educating, and equipping customers with necessary information needed to mitigate, detect and handle fraudulent activities on their bank accounts further underscore the bank’s commitment to safeguarding customers’ finances and personal data.

Wema Bank’s Chief Audit Executive, Oluwole Esomojumi, disclosed that the anti-fraud campaign is designed to protect customers from fraudulent activities and providing them with necessary information for detecting the evolving tactics of fraudster and to also solidify our position as the bank that stands fully against fraud.

According to him, “The antics of fraudsters are constantly evolving. To stay steps ahead, it is imperative that consumers have good understanding of what interaction or engagement are telltale signs of fraud and how they can handle suspicious fraudulent engagements, hence the launch of the Wema Bank Anti-Fraud Campaign. We are steps ahead on our end which is why we have taken time to investigate our fintech partners and those found culpable have been disengaged from our payment gateway platform.”

“As a bank that is resolute in our stance against fraud, we cannot compromise the safety of our beloved Nigerians, especially when these threats of fraud are emanating from Fintech who use our platforms. Rest assured, there is no room for fraudsters here. We have multiplied the frequency of our security checks and are committed to rooting them out one by one. No fraudster is safe with Wema Bank because at Wema Bank, customer safety is our priority and empowering the lives and businesses of every customer is our mission”, he concluded.

The fight against fraud is one that is clearly personal to Wema Bank and with the sturdy layers of security measures initiated and executed by the bank to sustain consumer protection beyond the direct responsibilities of the bank, Wema Bank is making its entire ecosystem inconducive to fraudsters.

To escalate fraud cases connected to any Wema Bank account(s), customers are to send an email to frauddesk@wemabank.com as the platform is live and active 24/7.

Nestlé’s Nutritionist, Cissoko, Provides Insights On Harmonious Transition To A Balanced Diet After Ramadan

The sacred month of Ramadan came to an end about 24 hours ago with Eid al-Fitr celebrations which mark the end of the fasting period.

This technically raises the issue of how to smoothly return to daily eating habits after the sunrise to sunset, no water or food long hours.

Then, breaking the fast at sunset, followed by one to two more meals before dawn. Meals during Ramadan are often more abundant and richer than usual, consumed at unusual hours of the night.

As the sacred month of Ramadan comes to an end with Eid al-Fitr, the celebration marking the end of the fasting period, many people wonder how to smoothly return to their daily eating habits. How can one make this transition without any hiccups and adopt behaviors that promote a healthy diet while avoiding post-Ramadan nutritional pitfalls?

To guide you in this process, Dr. Cissoko, Nutritionist at Nestlé, provides some insights for a harmonious transition to a balanced diet after Ramadan.

Readjusting Your Digestive System without Rushing:

To avoid potential stomach discomfort, bloating, constipation, or diarrhea, it is recommended to opt for easily digestible foods. Fish is preferable to meat as it is lighter and easier to digest. Cooked vegetables with low fat content are also gentler on the digestive system compared to raw vegetables. Whole or semi-whole grains are rich in fiber and promote a healthy intestinal transit. Fully ripe fruits are also easier to digest than unripe ones.

Water, on the other hand, is your best ally for a smooth transition before returning to a normal diet. In addition to maintaining the body’s water balance, it plays an essential role in digestion by facilitating the process and helping eliminate toxins. Water remains the best beverage.

Lastly, prioritize small portions and take the time to chew your food well, which allows for better digestion and optimal nutrient absorption.

Opt for Gradual Changes, the Key to Dietary Rebalancing:

For a smooth transition after Ramadan, it is recommended to adopt a measured and thoughtful approach, whether in introducing different food groups or in the frequency and intensity of physical activities. Take the time to gradually introduce foods in a balanced manner, ensuring to include all necessary food groups for a healthy diet. It is important to note that physical exercise is of paramount importance in the context of a balanced diet. Light activities such as walking are particularly recommended at the beginning. They stimulate the body without subjecting it to excessive efforts. Over time, you can gradually increase the intensity of these physical activities according to your abilities. This gradual approach is the key to regaining dietary balance after Ramadan.

Avoiding Post-Ramadan Nutritional Pitfalls:

It is important to remain aware of potential nutritional pitfalls that could hinder a balanced diet.

Excessive Sugar Intake: After a period of fasting, it can be tempting to indulge in excessive sweets and desserts. It is essential to limit the consumption of added sugar and prioritize natural sources of sugar, such as fruits.

Excessive Portions: After fasting, it is common to want to compensate by eating larger portions. However, this can lead to overeating and calorie imbalance. It is important to maintain moderate portions and eat slowly to better feel satiety.

Ensuring a Good Variety of Foods: After Ramadan, it is essential to maintain a balanced diet by ensuring the inclusion of a variety of foods to guarantee an adequate intake of essential nutrients. Make sure to include a wide range of fruits, vegetables, lean proteins, whole grains, and sources of healthy fats in your meals.

Maintaining Proper Hydration: After a period of fasting, it is important to ensure adequate hydration. Make sure to drink enough water throughout the day to maintain good hydration. It is recommended to consume at least 2 liters of water per day.

Being Mindful of Snacking: Prioritizing structured meals over snacking helps maintain a healthy weight and avoid unnecessary calorie intake.

Listening to Your Body: Relearning to listen to hunger and satiety signals is a valuable skill to adjust your diet to your true needs.

Planning to Avoid Slip-Ups: Anticipating and preparing meals is an effective strategy to stick to a balanced diet and avoid impulsive food choices.
The period following Ramadan is an opportune time to establish or reinforce healthy and sustainable eating habits. By taking conscious steps, each individual can make the most of this transition to nourish their body and mind.

At Nestlé, we encourage and support this journey by offering a variety of products and tips to accompany you in your quest for a balanced diet.

ZENITH BANK ACHIEVES HISTORIC MILESTONES IN 2023 WITH STELLAR TRIPLE-DIGIT TOPLINE AND BOTTOM-LINE GROWTH 

Zenith Bank Plc has announced its audited results for the year ended December 31, 2023, achieving a remarkable triple-digit growth of 125% in gross earnings from NGN945.6 billion reported in 2022 to NGN2.132 trillion in 2023. According to the audited financial results for the 2023 financial year presented to the Nigerian Exchange (NGX), this impressive triple-digit growth in gross earnings resulted in a Year-on-Year (YoY) increase of 180% in Profit Before Tax (PBT) from NGN284.7 billion in 2022 to NGN796 billion in 2023. Profit After Tax (PAT) also recorded triple-digit growth of 202% from NGN223.9 billion to NGN676.9 billion in the period ended December 31, 2023.

The increase in gross earnings is primarily due to growth in interest and non-interest income. Interest income increased by 112% from NGN540 billion in 2022 to NGN1.1 trillion in 2023. Non-interest income grew by 141% from NGN381 billion to NGN918.9 billion in the same period. The increase in interest income is attributed to the growth in the size of risk assets and their effective repricing, alongside the rise in the yield of other interest-bearing instruments over the year. Growth in non-interest income was driven by significant trading gains and an increase in gains from the revaluation of foreign currencies.

The cost of funds grew from 1.9% in 2022 to 3.0% in 2023 due to the high interest rate environment while interest expense increased by 135% from NGN173.5 billion in 2022 to NGN408.5 billion in 2023. Notwithstanding the 32% growth in operating expenses in 2023, the Group’s cost-to-income ratio improved significantly from 54.4% in 2022 to 36.1% in 2023 due to improved top-line performance. Return on Average Equity (ROAE) increased by 118% from 16.8% in 2022 to 36.6% in 2023, underpinned by improved gross earnings, as the Group sought to deliver better shareholder returns. Return on Average Assets (ROAA) also grew by 95% from 2.1% to 4.1% in the same period.

The Group has continued to deepen its market leadership in key corporate and retail deposit segments as customer deposits increased by 69% from NGN9.0 trillion to NGN15.2 trillion in 2023. Its retail drive continues to yield dividends as retail deposits now constitute 46% of total deposits (compared to 44% in 2022) and grew by 77% from NGN3.97 trillion in 2022 to NGN7.04 trillion in 2023, also reinforcing increased customer confidence in the Zenith brand.

Total assets increased by 66% from NGN12.3 trillion in 2022 to NGN20.4 trillion in 2023, largely due to growth in total deposits and the revaluation of foreign currency deposits. Gross loans grew by 71% from NGN4.1 trillion in 2022 to NGN7.1 trillion in 2023 due to the revaluation of foreign currency loans and the growth in local currency risk assets. As a result of the disciplined and diligent approach to risk assets creation and management, the loan growth did not significantly impact the Non-Performing Loans (NPL) ratio, which increased marginally from 4.3% to 4.4% despite the heightened risk environment and challenging operating environment, an attestation to the Group’s resilience despite headwinds and a challenging macroeconomic environment. Also, the prudential ratios remain within regulatory thresholds, with the Capital Adequacy Ratio (CAR) and liquidity ratio at 21.7% and 71.0%, respectively, at the close of 2023.

As a demonstration of its commitment to shareholders, the bank has announced a proposed final dividend payout of NGN3.50 per share, bringing the total dividend to NGN4.00 per share.

In 2024, the Group will complete the transition to a holding company structure, which is anticipated to position it advantageously for exploring emerging opportunities in the Fintech space while bolstering its digital and retail banking initiatives. Furthermore, the Group is undertaking urgent necessary actions to meet the new minimum NGN500 billion equity capital requirement to maintain its international authorisation within the timeframe stipulated by the Central Bank of Nigeria (CBN). This will strengthen its presence in key markets to continue positioning for sustainable growth and value addition for stakeholders.

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as Best Bank in Nigeria, for the fourth time in five years, from 2020 to 2022 and in 2024, in the Global Finance World’s Best Banks Awards; the Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023, being listed in the World Finance Top 100 Global Companies in 2023; being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 14th consecutive year, in the 2023 Top 1000 World Banks Ranking published by The Banker Magazine; Best Commercial Bank, Nigeria, for three consecutive years from 2021 to 2023, in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022 and 2023; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best in Corporate Governance’ Financial Services’ Africa, for four successive years from 2020 to 2023, by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria in the International Banker 2022 Banking Awards.

Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021; Bank of the Year 2023 and Retail Bank of the Year for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. Similarly, Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.