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Heritage Bank tasks youth on saving toward target goals

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Heritage Bank

Heritage Bank tasks youth on saving toward target goals

Heritage Bank

 

Heritage Bank Plc, Nigeria most innovative banking service provider has tasked the youth on the need to adopt approach of setting specific savings goal that would help them to set timeline to attain their goals.

The Nigerian youths were charged at the Elevate Conference in partnership with Heritage Bank, theme, “Express Me! Entertainment and me,” held in Lagos.

 

 

Speaking at the event, the Ag. Group Head, Corporate Communication of Heritage Bank, Ozena Utulu disclosed that the institution is at the forefront of preparing millions of young Nigerians towards achieving bigger goals, to understanding career opportunities and getting prepared for employment and entrepreneurship.

She disclosed that the bank has made it possible for the youths to increase their financial capability through connecting to Heritage Bank’s mainstream financial products, which give them additional motivation to actively work toward their savings goals.

 

 

 

One of such products, according to Utulu is the YNSPYRE Account, a product targeted specifically at the entertainment industry populated by mostly youths in video and film, and music, which leverage them the voice to express themselves.

“You begin your journey by opening Ynspyre account via the product website: https://ynspyreng.com/#/.

 

 

 

“Select ‘Open an Ynspyre Savings Account’ and enter your details. Ynspyre Accounts come in three variants: Ynspyre Classic Current Account (N5000 Minimum Account Opening Balance). Ynspyre Extra Current Account (N10,000 Minimum Account Opening Balance). Ynspyre Savings Account (N5000 Minimum Account Opening Balance). You gain access to a special N1,000,000,000 (One Billion Naira only) lending facility from Heritage Bank to fund your creative business,” she explained.

Meanwhile, Utulu further noted that setting goals and visualising what you are saving for can help you quickly reach your goal.
According to her, Heritage Bank has continued to champion wealth creation and financial inclusion especially among youth because this is the channel for advancement in today’s dynamic world.

 

 

 

 

Also speaking at the conference, Rev. Mavi Isibor expressed gratitude to Heritage Bank for the partnership and believing in youths and creating opportunities that would help them achieve targeted goals.

“I am elated at the level of intelligence of the youths in this generation (Gen Z) seeing that they are exposed to knowledge that the older generation cannot be able to cope with. The conference brought together youths to mentor, coach and give back to the upcoming generation to mark a difference,” she said.

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Sterling Bank Opens Vault To N5bn SMEDAN Fund With Databanc

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Sterling Bank Opens Vault To N5bn SMEDAN Fund With Databanc

 

Lagos, Nigeria, June 20, 2024 – One of Nigeria’s leading full-fledged commercial bank, Sterling Bank, and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), have launched a groundbreaking platform called Databanc.

The platform will serve as a single source of truth for data on businesses in Nigeria to guide personalized interventions and support from decision makers who serve the MSME ecosystem.

The platform will provide insights which will be utilized by SMEDAN to deliver its mandate on policy formulation, delivery of intervention programmes and other initiatives, including financing, that will support the growth of small businesses in Nigeria.

 

Photo caption:
L-R: Head, SME Products, Sterling Bank, Ms. Bolanle Tyson; DH Retail SME, Sterling Bank, Edward Ogunmekan; Director General and Chief Executive Officer, SMEDAN, Charles Odii; Chief Product Officer, Sterling Bank, Mustapha Otaru and Lagos State Office, SMEDAN, Dr. Bunmi Kole-Dawodu, at the Sterling and SMEDAN Unveiling Databanc in Lagos recently.

 

 

This platform will also provide unique identification for small businesses and their promoters as well as their business areas/sectors.

This platform and the Sterling/SMEDAN N5 billion single digit loan programme are some of the avenues through which Sterling Bank is working with SMEDAN to jointly grow the Nigerian economy by supporting the growth and expansion of small businesses.

Speaking at the launch of the platform, Executive Director of Commercial and Institutional Banking at Sterling Bank, Tunde Adeola, announced the platform and fund was a materialization of Sterling Bank’s commitment towards growing the real sector of the nation’s economy.

Adeola said “We are delighted to bolster the backbone of our economy with SMEDAN. This initial fund of N5 billion marks just the beginning of what has been and will continue to be a mainstay of our approach to funding businesses to grow at scale, and become the preferred financial partner for businesses, no matter their scale.”

The Executive Director said that over 20,000 SMEs have enrolled on the Databanc platform, with over 80 beneficiaries of the single-digit loan program and further disbursements ongoing. He encouraged all MSMEs in the country to enrol on the platform.

SMEDAN’s Director-General, Mr. Charles Odii, represented by the Director of Agribusiness Development and Access to Finance, Levi Anyikwa, highlighted the programme’s alignment with SMEDAN’s mission to democratize credit access for nano and micro-enterprises. Anyikwa affirmed that “access to finance remains a significant hurdle for SMEs, and we are committed to removing that barrier.”

Anyikwa emphasized the November 2022 Memorandum of Understanding (MoU) between SMEDAN and Sterling Bank as a pivotal step towards digitalizing and streamlining loan processes.

Bolanle Tyson, Head of SME Digital Products at Sterling Bank, emphasized Sterling Bank’s strategic focus on critical sectors encapsulated in the HEART of Sterling forward strategy: Health, Education, Agriculture, Renewable Energy, and Transportation.

Tyson outlined the innovative support package, including access to capital at single-digit interest rates, alongside essential resources such as capacity building, marketing support, and infrastructure development. “We are leveraging data to empower SMEs like never before,” she added.

“Our commitment to SMEs is steadfast,” Tyson asserted. “We recognize their pivotal role in driving Nigeria’s GDP and employment. This partnership with SMEDAN underscores our shared dedication to their success.”

The launch of the Databanc platform chronicles another major milestone in the
ongoing strategic partnership between Sterling Bank and SMEDAN, dating back to June 2023 when both entities signed a partnership to create Nigeria’s largest SME database, which was followed closely in November 2023 with the signing of the memorandum for the N5 billion loan portfolio.

Interested applicants can easily apply for the loan by first registering on the SME Databanc Platform to generate their unique promoter and business IDs at sterling.ng/databanc, and apply for the loan by downloading the Banca by Sterling mobile app from Google Play or the iOS App Store.

//Ends.

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Africa needs to be competitive, says Chike-Obi, Fidelity Bank’s Chairman

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Africa needs to be competitive, says Chike-Obi, Fidelity Bank’s Chairman

 

Africa needs to be competitive and efficient in its area of strength, according to Mustafa Chike-Obi, the Chairman of Fidelity Bank, who spoke with CNBC Africa’s Kenneth Igbomor on the sidelines of the AFREXIMBANK Annual meetings in Nassau, the Bahamas.

Chike-Obi emphasized the importance of focused and sharp leadership in harnessing the continent’s strengths to achieve prosperity. He highlighted the need for Africa to identify areas of competitive advantage in producing goods and services efficiently to unlock its full potential.

He pointed out that success stories in areas like sports demonstrate Africa’s potential when leveraging advantages. However, he stressed the crucial role of collaboration and seamless interaction among African nations and regions for sustainable development.

The chairman urged for enhanced integration to facilitate the movement of goods and services across the continent, emphasizing the necessity to work collectively towards common goals.

Chike-Obi also addressed the importance of prioritizing Africa’s strengths, such as power supply, through cohesive policies and agreements to drive economic growth. He emphasized the need for coordinated banking policies to promote financial integration within Africa and with external partners, emphasizing the significance of streamlined banking services and transactions.

The Chairman highlighted the African Continental Free Trade Area (AfCFTA) as a significant opportunity for economic advancement but called for more practical implementation to ensure its effectiveness. He underscored the importance of execution in translating policies into tangible outcomes for the African people.

Reflecting on the annual meetings and the discussions on trade and investment, Chike-Obi reiterated the critical importance of collaboration for Africa’s progress, emphasizing that unity and concerted efforts are essential for realizing the continent’s potential.

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Fidelity Bank Chairman, Chike-Obi Advocates for Continental Unity and Economic Integration

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Fidelity Bank to boost Schools’ Profitability with Value-adding Products
Fidelity Bank Chairman, Chike-Obi Advocates for Continental Unity and Economic Integration
In a conversation with Kenneth Igbomor of CNBC Africa, Mustafa Chike-Obi, Chairman of Fidelity Bank Plc, emphasized the need for Africa to unite and collaborate for economic prosperity.
“Africa must work together, leveraging our collective strengths to compete globally,” Chike-Obi asserted.
He highlighted the significance of the African Continental Free Trade Area (AfCFTA) in driving sustainable development, stating, “True economic growth will only come from integration and shared efforts.”

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