Bank
Heritage Bank, others canvass adequate Agric Financing for finance services repositioning
Heritage Bank, others canvass adequate Agric Financing for finance services repositioning
Heritage Bank Plc has affirmed that adequate agricultural financing is critical in defining Nigeria’s trade competitiveness, which guarantees sustainable agricultural systems, generates foreign exchange – a critical aspect that equips the financial sector to respond to changing market requirements and address critical sector needs for global competitiveness.
The Executive Director of Heritage Bank Plc, George Oko-Oboh disclosed this, during the Chartered Institute of Bankers of Nigeria’s (CIBN)15th Annual Banking and Finance Conference, tagged: “Repositioning the Financial Services Industry for an Evolving Global Context” in Abuja.
He disclosed that Heritage Bank has been at the forefront of financing Agric value chains that have upped its competitiveness in the global market and helping to boost local production, conserve scarce foreign exchange and enhance food security, and ultimately result in the creation of hundreds of new jobs.
According to Oko-Oboh, the bank’s involvement in the sector dated back to many years ago and it has always been at the forefront of ensuring overall growth and development of commodities products in Nigeria. For these feats, Heritage Bank disbursed the CBN’s N41billion intervention in wheat production in Nigeria for commodity associations and anchor companies.
“We have continued to create market linkages between smallholders’ farmers and Anchors/Processors, create an ecosystem that drives value chain financing, improve access to credit by the smallholders’ farmers by developing credit history through the scheme and many more.
“As a Bank, we partnered CBN and other stakeholders such as wheat farmers association of Nigeria, wheat farmers, processors and marketers’ association of Nigeria, Lake Chad Research Institute and other development partners, flour mills of Nigeria and several seed companies and others to support over 100,000 farmers in wheat production.
“Also, Heritage Bank further factored consideration of value addition of financial services and products flowing to and/or through value chain participants to address and alleviate constraints to growth that have distorted product financing, receivables financing, physical-asset collateralization, risk mitigation products and financial enhancements,” said the executive director.
Also, the Chairman, Union Bank of Nigeria Plc, Farouk Gumel has said Nigerian banks must invest in modernising agriculture, helping it to be more resilient, more dynamic and better able to adapt for the banking sector to favourably compete in the evolving global context. “Modernisation means much more than technology alone. It is also about farming techniques, he said.
Gumel noted, “to reposition the industry for a ‘Glocal context, we need also to look more inwards,” saying repositioning is not an option. It is a necessity Nigerian has begun an agricultural renaissance over the past seven years. To be truly Glocal, we must commit the same resources and investments to rural-local customers as we have done to urban global clients.”
He agreed that the local players must keep an eye on what global happenings to stay in tune with international best practices, while asking that local/rural farmers should never be forgotten.
President/chairman of council for CIBN Dr. Ken Opara said the financial services industry needs to adapt to much faster pace of change in advancement in technology and innovation, saying services, products, and technologies that were new and useful in the past will not necessarily be so soon.
Opara said advancement in technology and innovation is bringing about another wave of revolution that will change the landscape of the financial services sector more than ever.
UBA, Mastercard Introduce 75th Anniversary Card with Exclusive Benefits, Discounts
As part of activities to mark its 75th anniversary, Africa’s Global Bank, United Bank for Africa (UBA) Plc, has teamed up with Mastercard to introduce a special commemorative Debit Card.
This exclusive card offers UBA customers exciting deals and attractive discounts across multiple platforms, enhancing their banking experience in a memorable way.
The commemorative card which was unveiled at the bank’s corporate head office in Marina, Lagos, on Wednesday, is a custom-built card created with the intention of appreciating customers and other users for their loyalty throughout the seven and half decades of impactful journey.
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who spoke at the unveiling, emphasised that the card, comes loaded with irresistible benefits aimed at impressing customers, including 25% off purchases on Jumia and $75 cashback on transactions made through AliExpress.
This according to him, symbolizes the shared vision between UBA and Mastercard towards empowering Africans by enhancing customer experience through secure and convenient transactions.
He said, “This new card represents the deepening of our relationship and our shared mission to empower millions of Nigerians and Africans, providing them with access to secure transactions and new opportunities across the continent.
The GMD also disclosed the bank’s plans to unveil similar products across all its subsidiaries, adding, “We are proud of this collaboration, and we are confident that Mastercard’s role in Africa will only grow stronger in the coming years.”
The President, Africa, Mastercard, Mark Elliot, who expressed gratitude to the management of the bank on the partnership, emphasised the importance and potential of the partnership with UBA.
“We are thrilled to be partnering with UBA, which we know is one of the best banks in Africa. For us, it is a privilege to work with a partner that shares our commitment towards digitizing the continent and enhancing customer experience through secure and convenient transactions.”
Elliot who noted the immense opportunities in the African payment ecosystem, said the organisation looks forward to exploring them with UBA. “Africa is currently one of the most attractive payment markets worldwide, and it’s clear that by 2030, the continent will likely become the fastest-growing equity market,” he said.
“Meeting the UBA management is always inspiring, as we always come up with bold and strategic ideas, and today is no exception. We are excited to match our shared ambitions,” Elliot stated.
United Bank for Africa Plc is a leadi
ng Pan-African financial institution, offering banking services to more than thirty-five million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.
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