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From
the Banks |
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| MTN
Partners With FCMB on WAN Solutions |
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Leading
telecommunications company, MTN Nigeria, has signed a five
year deal for the provision of a Wide Area Network solution
to support 89 up-country branches of First City Monument Bank
(FCMB).
FCMB, which was founded in 1982, was the first wholly owned
merchant bank to be established in Nigeria before it acquired
a universal banking license in 2001. Its pedigree and reputation
in the banking and financial industry was further demonstrated
in 2007, when it attracted over USD300 million in direct investments,
as well as on-lending facilities from leading international
institutions such as HCBC, CDC, OPIC and the IFC
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amongst others.
The wide area network solution provided by MTN will assist FCMB
to enhance its customer experience, product and human capital development.
Olayinka Oni, FCMB's head of Information Technology said the Wide
Area Network solution will improve the quality of services rendered
by the bank through the prompt provision of banking services and,
reduction on the time customers spend in the banking halls.
“The solution which is the first of its kind to be adopted
by any bank in Nigeria will reduce turn around time, improve transaction
speed, and enhance customer satisfaction. It will also impact on
long term increase in customer base and long term profit,”
Oni stated.
He also said, “This is an exciting development, and we look
forward to leveraging on the cutting edge ICT facilities provided
by MTN to offer our growing customers base the excellent services
for which we are known.”
Commenting on the partnership, Chief Executive Officer of MTN Nigeria,
Ahmad Farroukh said, “At MTN, we leverage on our expertise
in the area of telecommunications to provide cutting edge ICT solutions
to a wide range of customers including progressive corporations
such as FCMB. We design and deploy effective business solutions
and ensure that services are available to sustain excellent service
delivery on a consistent basis.”
It will be recalled that MTN Nigeria is the largest telecommunications
company in Nigeria with coverage in over 200 towns and more than
10,000 villages and communities across the 36 states of the federation.
MTN has built in excess of 3,400 bases stations in Nigeria, and
its 3,600 kilometres fibre optics Superhighway is the largest private
infrastructure of its kind in Africa.
The company is poised to consolidate its achievements in telecommunications
by offering superior ancillary products and services.
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FirstInland
Bank Now FinBank |
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First
Inland Bank Plc, one of the very successful banks in Nigeria
has adopted FinBank as its new brand identity.
Okey Nwosu, the bank's Managing Director, said that the new
identity is in line with the Bank's strategy of taking the
leading position in the delivery of financial services.
He said that the change is comprehensive and affects the various
Banks' corporate identity such as logo type, corporate brand
name, corporate interiors and exterior façade, visual
languages, corporate culture and service delivery.
According to him, the implications of these to the Bank are
manifold. On the part of the management and staff of FinBank,
the unveiling of the Bank's new brand identity, provides a |
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momentum to take pioneering strides in technology and excellent
services that engender customer engagement.
The Managing Director stated that the new brand identity will redefine
the Bank's position in the market place to meet ever-changing needs
of its customers. He posited that the Bank's tactical intention
is to illicit the right market growth which will launch it into
new markets and chart a new product direction.
The high point of the well attended event was the unveiling of the
new logo. The logo comes in four colours with v-shaped tear drops
expressing a vibrancy that is uncommon in the conservative financial
services landscape in Nigeria.
The Managing Director of Brand Union, Anthony Swart who explained
the new corporate identity said the Bank's new icon reflects energy
and flexibility while the symbolic convergence of the two great
Rivers in Nigeria; which was retained from the old logo, but now
expressed in a new progressive way, brings the memory of the bank's
legacy banks pre-consolidation, which had their spread across Nigeria.
Swart said that the Chevron-like lines in the new logo exude powerful,
energetic arrows that focus energy, indicating direction and purpose.
“In the icon, a new star , an African star is born and by
using elements of the icon in the ancient African tradition of partnering
to stimulate the senses and enrich the environment, the Bank demonstrates
our African nature, as well as its vibrant attitude”, he said.
It would be recalled that in a bid to meet its projected growth,
the Bank in January this year raised over N100bn from the Capital
Market which it has deployed to branch expansion, ICT infrastructure
upgrade, expansion into West African Sub region through the acquisition
of Arab Gambia Islamic Bank (AGIB) in Gambia, which is critical
as a result of the bank's Islamic Banking background.
The bank's Managing Director is optimistic that the bank is set
to take banking industry to another level owing to its bundle of
flexible and customer friendly offering coupled with its array of
competent staff.
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Afribank
Confirms Market Rating |
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Afribank
Nigerian Plc leadership role in the market rating as a fast
growing bank in Nigeria is no longer in doubt as it reported
N17.22 billion Profit Before Tax (PBT) for the half year ended
September 30, 2008.
The figure mark a 133 percent increase from the N8.1 billion
recorded in the corresponding period last year thereby surpassing
the last year's financial 12-month result. This is proof of
the bank's management prowess to maintain its success streak
of growing fundamentally above industry rate.
The aggressive change initiatives, market deepening and business
expansion of the bank also resulted in the growth of its half-year
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gross earning from N19.48 billion in September 30, 2007 to N43.43
billion this year, an increase of 123 per cent Profit after tax
rose by 121 per cent from N5.51 billion in September 2007 to N12.16
billion in September 2008.
Shareholders' funds increased phenomenally from N32.53 billion to
N140.57 billion a record of 332 per cent leap.
Analysts and sector watchers are of the view that with the good
scorecard mid-year the bank is set for a robust financial year end
in March 2009. Afribank has shown strong fundamentals in the area
of business focus, IT platform, and risk management structure, growth,
spread and market niche.
Operators may not have been shocked at the brilliant success of
the bank owing to the afore-mentioned indicator and also because
the bank has continually insisted in reclaiming its top position
among the Nigerian banks.
In order to consolidate on its growth drive, the bank has made huge
investments in its infrastructures upgrade and made strategic appointments
of highly experienced and skilled personnel who now occupy executive
and top management positions within the bank to champion delivery
of the bank's new vision.
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| World
Bank Warns Nigerian Banks |
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The World Bank's Managing
Director, Dr. Ngozi Okonjo-Iweala, has warned Nigerian banks
to avoid too much exposure to foreign fund. She said such attitude
could make them vulnerable to global crisis as is being witnessed
presently.
Speaking from Washington DC, USA, the World Bank Managing Director
ruled out the possibility of Nigerian banks being affected by
the global crisis, this she said is because there was limited
foreign ownership in Nigerian banks. “It looks like our
banks are relatively in good condition. Ownership of our banking
system is more internal; there is not much foreign ownership. |
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system is not much tied to what is going on abroad. To that extent
it is okay,” she said.
Okonjo-Iweala, however, warned the banks against frequent recourse
to foreign funds, saying that such funds would expose them to external
risks.
She made her point clearer by saying “I do think they have
to watch the amount of foreign borrowing they do. If you borrow
in foreign currency to finance things domestically, then you are
exposed to foreign currency risks. So the amount of foreign financing
they undertake I think should be watched.
“They have other internal issues that have nothing to do with
the present crisis that they have to watch. I heard that there are
many states floating bonds, a lot of internal lending going on,
internal borrowing by sub-national entities.
“Well, I am sure they have requirements restraining them a
bit, but they need to watch the extent they expose themselves to
different types of lending. But it looks that as far as the present
crisis is concerned, that the link to the toxic commodities out
here that are undermining banks is relatively limited.”
She explained that the country has huge foreign reserves which is
a sign of healthy situation but warned against complacency. “I
wouldn't say the rainy day has come and so we pull out all the money
and start using it. Not yet. I still think that the money we are
getting in the budget should be used in a much broader and efficient
fashion, and I think that the government from what I hear is planning
to look at the roads, look at the electricity, they are investing
more in the electricity system,” she said.
On the effect of the current global crisis on the continent, she
said that it might manifest through the following channels: drying
up in liquidity and in capital flows, inward flow of capital (remittances
from abroad), decline in the demand and prices of commodities.
According to her, “If the developed countries go into a recession
and emerging market countries like China and India also experience
the same thing, then you are bound to see impact on our exports
because commodity exports that we have will begin to see their prices
trending and demand will be falling. That means that we will be
getting fewer revenues than we used to get.” |
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CBN
Threatens N10m Fine On Erring Banks |
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| Nigeria's
apex bank, the Central Bank of Nigeria said it will impose a fine
of N10 million on any bank found de-marketing another while any
bank staff involved in such would be dismissed and blacklisted.
In a circular to all banks titled “De-Marketing of Banks by
Other Banks”, and signed by the Director Banking Supervision,
Ignatius Imala, the CBN stated, “it will be recalled that
the CBN had earlier issued a circular reference BSD/08/2006 on the
above subject titled “The Unethical and Unprofessional Practice
of De-Marketing Colleagues/Other Banks in the Industry by Spreading
False Rumours”, dated April 12, 2006.
The CBN has again noted with serious concern the recent practice
whereby some officers of deposit money banks engage in the de-marketing
of other banks through disparaging comments and the use of negative
text messages.
This development, which constitutes a threat to the safety and soundness
of the banking system, is unprofessional, unethical and unacceptable.
Banks and their staff are by this circular reminded that the responsibility
for ensuring the safety and soundness of the banking system is a
collective one for all stakeholders.
Banks are therefore, advised to caution their staff on this practice
as henceforth, any staff of a bank found to be involved in such
an act will be summarily dismissed and blacklisted. Also, if another
staff of the same bank is involved in such a practice, the institution
will face severe sanctions including but not limited to a monetary
fine of N10 million (Ten Million Naira only).
Appropriate channel will be opened by the CBN for the report of
such unwholesome practice by banks' customers and the general public.
Furthermore, in the overall interest of the banking system, all
banks are advised to enthrone an appropriate corporate culture that
would guide against such practices in the future.”
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