Bank

Sterling Bank, SMEDAN To Create Nigeria’s Largest SME Database

Published

1 year ago

June 28, 2023

Sterling Bank, SMEDAN To Create Nigeria’s Largest SME Database

Sahara Weekly Reports That One of Africa’s fastest-growing companies, Sterling Bank, has recently signed an agreement with the Small & Medium Enterprises Development Agency of Nigeria (SMEDAN) to establish a comprehensive database of Small and Medium Scale Enterprises (SMEs) in Nigeria. This will help in scaling intervention programs and providing tailored solutions that truly contribute to the growth of SMEs.

The signing ceremony took place in Lagos, where the Chief Executive Officer of Sterling Bank, Mr. Abubakar Suleiman, expressed his optimism about the collaboration. He emphasised that genuine collaborations, driven by opportunity rather than regulation, often yield positive outcomes. He regarded this partnership as one of those promising ventures, highlighting that no external regulatory pressure compelled their cooperation.

Suleiman stressed the MoU’s significance while noting the critical role of data in economic development. He asserted that the agreement marks the beginning of a journey towards a formalised economy, enabling the government to intervene effectively when necessary. Suleiman also emphasised the importance of SMEs having access to capital based on their historical data. In order to do this, he stressed the importance of developing an atmosphere that motivates SMEs to self-report, even if it is just to be eligible for SMEDAN services. Furthermore, Suleiman emphasised that self-reporting is the initial step for small and medium businesses to become auditable institutions.

Sterling Bank is committed to dedicating its resources to the success of the MoU and will advocate for government support of SMEs. Suleiman noted that the outcomes of this collaboration would benefit the entire banking industry, not just Sterling Bank.

Mr Olawale Fasanya, Director General of SMEDAN, expressed his appreciation for the bank’s initiative and highlighted the MoU’s immense value to SMEDAN’s operations. Fasanya stressed the criticality of data to their activities, citing their recent online registration of SMEs. Despite registering approximately 3.8 million SMEs through this initiative, the data still requires cleaning. Fasanya emphasized that the availability of accurate data would enable SMEDAN to connect SMEs operating within the same market.

Mustapha Otaru, Chief Product Officer at Sterling Bank, described the bank’s approach to managing SMEs as an ecosystem and emphasised the federal government’s importance of collaboration with SMEDAN. He acknowledged that progress is impossible without such partnerships.

Otaru said that in addition to providing access to finance, Sterling Bank aims to nurture SMEs and support their growth from micro to corporate levels. The bank achieves this through innovative solutions such as its common facility for fashion entrepreneurs and special bundled offerings. Sterling Bank’s products, according to Otaru, are strategically designed to align with its HEART (Health, Education, Agriculture, Renewable Energy, and Transportation) strategy, which the bank adopted in 2018 to focus its investments on key sectors of the economy.

Bolanle Tyson, the Head of SME Products at Sterling Bank, underscored the integral role of SMEs in economic growth. She expressed her enthusiasm for the partnership with SMEDAN, envisioning a lasting collaboration that leverages combined resources to drive economic growth.

Related Topics:Featured SMEDAN Sterling Bank

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Business

Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

Published

2 days ago

December 20, 2024

Sahara Weekly

Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

In a show of solidarity, the Committee of Banks in Nigeria has extended a helping hand to victims of the September 2024 floods in Jigawa State. On Thursday, a high-profile delegation led by Dr. Oliver Alawuba, Chairman of the Committee and Group Managing Director/Chief Executive Officer of United Bank for Africa Plc (UBA), visited Dutse, the state capital, to present relief materials to the state government.

The donated items, worth several million Naira, included essential food supplies such as rice and cooking oil, along with mattresses and beverages. Dr. Alawuba highlighted that the gesture aimed to alleviate the hardship faced by flood victims and support critical institutions, especially public hospitals, in their efforts to assist those affected.

“We stand in solidarity with the people and government of Jigawa State during this difficult time. This donation is our way of expressing empathy and supporting those who have lost loved ones, properties, and livelihoods,” Dr. Alawuba stated.

The delegation included notable banking leaders such as Mr. Roosevelt Ogbonna of Access Bank Plc, Dame (Dr.) Adaora Umeoji of Zenith Bank Plc, and Dr. (Mrs.) Nneka Onyeali-Ikpe of Fidelity Bank Plc, among others. Their collective presence underscored the banking sector’s commitment to corporate social responsibility and national development.

Governor Malam Umar A. Namadi expressed profound gratitude for the donation, describing the visit as a rare and commendable act of compassion. He assured the delegation that the relief materials would be judiciously distributed to the intended beneficiaries, emphasizing the importance of partnerships in rebuilding lives and communities.

The Committee of Banks also reiterated their commitment to supporting Nigerians during emergencies, drawing attention to previous interventions, including relief efforts during the 2011 and 2013 floods, the COVID-19 pandemic, and security initiatives like the Lagos State Security Trust Fund.

This humanitarian gesture reflects the collective resolve of Nigeria’s financial institutions to foster social and economic growth, making a meaningful impact in times of need.

Bank

Polaris Bank Clinches SERAS Award for Excellence in Sustainability and CSR

Published

2 days ago

December 20, 2024

Sahara Weekly

Polaris Bank Clinches SERAS Award for Excellence in Sustainability and CSR

Polaris Bank has once again cemented its position as a leader in corporate social responsibility (CSR) by winning the prestigious Sustainability, Enterprise, and Responsibility Awards (SERAS), Africa’s foremost recognition for impactful community and sustainability initiatives.

The bank was honored at the 18th edition of the SERAS Awards, held at the Oriental Hotel in Lagos, for its unwavering dedication to sustainable development and critical community interventions across Nigeria. The organizers commended Polaris Bank for its consistent efforts to improve lives and foster growth in underserved areas.

The SERAS Awards, often regarded as the gold standard in sustainability and CSR, celebrate organizations that drive innovation and create lasting societal and environmental benefits. Polaris Bank stood out this year for its extensive portfolio of impactful projects, earning the “Best in Rural Population Integration” award.

Some of the bank’s notable initiatives include:

Sponsoring the planting of 2,000 economic trees in communities like Ajingi, Kano State.
Renovating the Ibeju-Lekki Skill Acquisition Centre and donating essential equipment.
Installing boreholes in underserved rural areas to provide clean water access.
Supporting over 15,000 indigent students in public schools with educational resources, including uniforms, sandals, and books.
Providing free breast cancer screenings to 20,000 women over a decade and supporting survivors through retreats.
Establishing hospitals and rehabilitation centers for victims of sexual violence and vocational centers for women.
Donating ICT labs to skill acquisition centers and promoting financial literacy among students.
Organizing medical outreach programs and aiding Internally Displaced Persons (IDPs).
These initiatives have not only improved living conditions but also reduced rural-to-urban migration by making communities more self-reliant and livable.

Rebuilding Community Resilience
Polaris Bank recently demonstrated its commitment to resilience by rebuilding its Sagamu branch, which was destroyed during the cash crunch riots following the Naira redesign policy. The bank fully reconstructed and re-equipped the branch, restoring critical banking services and supporting economic recovery in the community.

Commitment to Sustainability
Speaking on the award, Polaris Bank’s Managing Director, Kayode Lawal, emphasized the institution’s dedication to sustainability. “This recognition underscores our deliberate efforts to drive impactful socio-economic interventions and address the effects of climate change on our environment, economy, and people,” he said.

Lawal reiterated that for Polaris Bank, sustainability is not just a destination but a continuous journey of creating positive change.

Celebrating Africa’s Sustainability Leaders
The SERAS Awards brought together policymakers, business leaders, and global sustainability experts to celebrate organizations shaping Africa’s future through innovative solutions. Attendees used the event to connect with like-minded professionals and reaffirm a shared vision of lasting positive change across the continent.

As a trailblazer in sustainability and CSR, Polaris Bank remains steadfast in its mission to uplift communities, foster economic growth, and champion solutions to pressing societal challenges.

Business

Holiday Relief: Dangote Refinery Lowers PMS Price to N899.50, Introduces Special Credit Offer

Published

3 days ago

December 19, 2024

Sahara Weekly

Holiday Relief: Dangote Refinery Lowers PMS Price to N899.50, Introduces Special Credit Offer

In a bid to ease financial burdens during the holiday season, Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit (PMS) to N899.50 per litre. This follows a previous price cut to N970 per litre on November 24. The move is aimed at reducing transportation costs for Nigerians as they prepare for festive celebrations.

Anthony Chiejina, Group Chief Branding and Communications Officer of Dangote Group, disclosed the development in a statement, highlighting additional benefits for consumers. Beyond the price reduction, the refinery is introducing a special credit offer. For every litre of PMS purchased on a cash basis, consumers can buy an additional litre on credit, supported by a bank guarantee from Access Bank, First Bank, or Zenith Bank.

“To help reduce transport expenses this holiday season, we’re offering PMS at N899.50 per litre and providing a credit option for additional purchases. This is part of our commitment to making high-quality petroleum products accessible to Nigerians,” Chiejina said.

The refinery also reaffirmed its commitment to providing premium-quality, environmentally-friendly fuel, while ending Nigeria’s dependence on substandard imported products.

With a capacity of 650,000 barrels per day, the Dangote Refinery is the largest single-train refinery in the world, capable of meeting Nigeria’s entire refined petroleum product demand and generating surplus for export. As the festive season approaches, the company expressed gratitude to Nigerians for their support and pledged continued efforts to ease their economic burdens.