FLYCOMNEWS

  FBN HOLDINGS ANNOUNCES N25 BILLION CAPITAL INJECTION INTO FIRSTBANK  August 10, 2020 THE FRESH EQUITY CAPITAL INJECTION IS COMING ON THE HEELS OF FBN HOLDINGS’ RECENT DIVESTMENT FROM FBN INSURANCE. N25 billion worth of equity capital has been injected into First Bank of Nigeria Limited by its parent company, FBN Holdings Plc. The move is coming on the heels of FBN Holdings’ recent divestment from FBN Insurance Ltd. A statement signed by FBN Holdings’ Company Secretary, Seye Kosoko, as seen on the Nigerian Stock Exchange’s website, noted that the N25 billion is part of the net proceeds from the recent divestment from FBN Insurance Limited. Following this N25 billion capital injection, First Bank of Nigeria Limited’s Capital Adequacy Ratio (CAR) has increased to 16.53%. This is before capitalising year to date profit for half-year 2020. More details: While commenting on this development, First  Bank of Nigeria Holdings’ Chief Financial Officer, Oyewale Ariyibi, said that ...

  Customers of Ecobank can now make cash withdrawals at all its ATMs without a card, its Head of Consumer Banking, Mrs Olukorede Demola-Adeniyi, has confirmed. Mrs Demola-Adeniyi, in a statement, stated that the Ecobank cardless withdrawal concept, Xpress Cash, enables users to withdraw cash from ATMs using only a mobile phone as no ATM card is required. The solution is said to be seamless, secure and driven by the generation of a code (e-token) by an account holder via the bank’s USSD code *326# or mobile app, Ecobank Mobile. The e-token can be sent to customers, non-customers and even people without bank accounts for cash withdrawal at all Ecobank ATMs nationwide. “Digital payments are fast evolving. Customers want a seamless experience across channels. We are committed to providing suitable options for our customers. Forgetting your card at home should not be a showstopper when you need cash,” Mrs Demola-Adeniyi said. She explained further that the concept recognises the needs o...

  Why FCMB Sustains New Strenghts In Q2|FLYCOMNEWS by Flycomnews       First City Monument Bank [FCMB] sustained new strengths in operations in the second quarter despite the challenges of the Covid-19 economic lockdown. The bank kept all the growth levers up from the closing levels in 2019. The addition of new strengths and retention of some key capabilities of the preceding year constitutes the operating advantage for the bank this year. It is maintaining the elevated revenue outlook seen in the first quarter, which is happening for the first time since 2017. Both interest and non-interest incomes are contributing to revenue improvement but non-interest earnings keep leading the way. Against a drop of 11 percent in 2019, non-interest income grew by 13 percent year-on-year at half-year ended June 2020. Interest income is still accelerating from 4 percent at the end of last year to 8 percent at half-year though slowing down from 15 percent growth in the first quarter...

Wema Bank Set to Build New Training Academy to Enhance Innovation and Superior Staff Performance   Wema Bank, Nigeria’s foremost innovative bank, has built a new training school, Wema Purple Academy, with the multi-purpose function of providing quality training for staff as well as a space for innovators to collaborate. Wema Purple Academy, formerly at Oba-Akran Ikeja is now located at Town planning way Ilupeju Lagos and serves as a pathway for new staff to join the bank as well as a learning centre for current staff to increase individual and organizational productivity. It assists the Bank to identify and develop talents and prepare a structured career progression for the superior performers thereby guaranteeing a sustainable performance culture in the future. The newly built Academy will also house an innovation hub which will bring together technologists, tech enthusiast and creators alike to collaborate and create innovative solutions targeted at critical business a...

Wema Bank Plc, Nigeria’s leading innovative bank, has urged customers to beware of fraudsters and impostors seeking to take advantage of the current economic situation to defraud unsuspecting victims. In line with the regulatory requirement from the Central Bank of Nigeria, the bank has sent out series of Scam Alerts stressing the need for customers to be mindful of fake sites on the web and all social media channels posing as Wema Bank. Through its social media channels, the Bank has consistently warned customers to carry out background checks before paying for purchases from social media vendors and apply two-factor security measures on their social media accounts to protect themselves from hackers. The Bank’s Chief Information and Security Officer, Mr Adeoluwa Akomolafe, in a statement, encouraged individuals to be mindful of fraudulent tricks and pyramids schemes that promise instant returns. “One of the ways by which customers get swindled is by getting enticed by quic...

First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider, has announced that its all-female online community  www.firstgem.com.ng  , offers mentoring, support and capacity building opportunities for all to create a new generation of financially literate women. With the aim to increase its engagement and reach a wider audience, an online repository for its FirstGem product was created and designed to provide a virtual online community where like-minded women irrespective of where they are in Nigeria and abroad, gather to connect, grow and share knowledge on everything about lifestyle, parenting, career development, entrepreneurship, health, work and family. Financial empowerment and wealth creation ideas are shared to encourage women to play their part in providing financial support for their families. The portal provides varied contents ranging from Blog stories to Vlogs, Newsletters, Chat rooms which are built on 6 pilla...

The zero charge for mobile money transfers by Ecobank commenced in March as part of the bank’s corporate action to cushion the rising spread of Coronavirus. Ecobank has extended its zero-charge fee for digital money transfers below N5,000 till the end of September this year. In addition to the free USSD session fee currently enjoyed by Ecobank customers, users of Ecobank Mobile, Ecobank Online, USSD – Ecobank *326# can continue to enjoy zero fee charge for digital money transfers below N5,000. New customers can also benefit from this by opening an Xpress account from the comfort of their homes by simply dialling *326#. The zero charge for mobile money transfers by Ecobank commenced in March as part of the bank’s corporate action to cushion the rising spread of Coronavirus. The decision to extend the zero-charge policy is hinged on the bank’s drive to continuously encourage citizens to adopt digital banking particularly with the ongoing social distancing campaign target...

  Wema Bank, Nigeria’s leading innovative bank, is urging customers to continue to bank safely by using ALAT and its USSD platform, *945#. Following increasing reports of positive COVID-19 cases, the bank has encouraged its customers to take advantage of alternative banking channels (ALAT and *945#) to carry out bank transactions rather than risk going out to branches. With ALAT, Nigeria’s first digital bank, customers can pay bills, transfer funds, buy airtime and data and perform other financial transactions. The USSD code *945# provides a quick and easy means to carry out bank transactions even without data. It is the go-to option in areas where the internet network is not so strong or where transactions need to be done urgently. Funmilayo Falola, Head of Brand and Marketing Communications, Wema Bank explained that “although the lockdown has been lifted and most businesses have resumed, individuals need to continue to observe precautionary measure...

  First Bank of Nigeria  Limited, the nation’s leading financial services provider, has announced that its all-female online community  www.firstgem.com.ng  , is offering mentorship support and capacity building opportunities for all to create a new generation of financially literate women. With the aim to increase its engagement and reach a wider audience, an online repository for its FirstGem product was created and designed to provide a virtual online community where like-minded women irrespective of where they are in Nigeria and abroad, gather to connect, grow and share knowledge on everything about lifestyle, parenting, career development, entrepreneurship, health, work and family. Financial empowerment and wealth creation ideas are shared to encourage women to play their part in providing financial support for their families. The portal provides varied contents ranging from Blog stories to Vlogs, Newsletters, Chat rooms which are built on 6 pillars –...

Ecobank Nigeria says its agency banking scheme, also known as  Xpress Points , is building entrepreneurs and pushing financial inclusion to the large unbanked and under-banked population in Nigeria. The lender says its Xpress Points enables eligible Agents to carry out financial transactions on behalf of the bank and earn commission on every transaction processed. The consumer experience is very good as customers can do simple deposits, payments and transfers in their own neighbourhood rather than travel for hours to a bank branch said Nike Kolawole, Head, Agency Banking,  Ecobank Nigeria . According to her, the aim of the Xpress Point is to let every Nigerian household have access to Ecobank services within their neoghbourhood to provide easy banking services. Further, Kolawole, noted that unemployed and retired persons should avail themselves with the opportunity to earn extra income by keying into services offered by the bank as Xpress point agents. Accord...

As businesses around the world resume despite the COVID-19 pandemic, ALAT for Business is set to offer more value to businesses through its digital solution. The application, which is the corporate version of ALAT, has a broad transaction limit of up to 2 Billion Naira, allowing businesses to carry out as many transactions as they require. Speaking on its most notable features, Samuel Robson, Head, ALAT for Business disclosed that the application allows account holders with single and multiple signatories operate their account virtually, without stepping into the banking hall to authorize transactions. “This is a time for businesses to leverage secure platforms that allow them to get on with their businesses virtually as this will help to keep their businesses afloat and keep them safe,” he advised. Speaking further, he disclosed that with ALAT for Business, entrepreneurs can now, schedule payments to as many as 5,000 beneficiaries at once. “This will free up their much n...