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Beyond Banking, Union Bank Launches Future-Forward Innovative Co-Creation Hub, SpaceNXT

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…reiterates commitment to innovation and technological advancement in Nigeria

…reiterates commitment to innovation and technological advancement in Nigeria 

Olushola Okunlade Writes 

A leading financial institution, Union Bank has launched a technological and innovation hub known as SpaceNXT.

Built to promote innovation and encourage collaboration within the tech ecosystem in Nigeria, SpaceNXT is a future-forward purpose-designed co-working hub for innovators, creators, and techpreneurs.

Located within the Union Bank Head Office in Lagos Nigeria, SpaceNXT was set up to provide an enabling environment where tech enthusiasts, visionaries, and creators can converge for the propagation of new ideas. It is a launching pad for innovators to collaborate, develop and improve on ideas around digital systems and technology.

Lola Cardoso, Executive Director and Head, Retail Banking and Digital, Union Bank, spoke on the benefits of SpaceNXT to the tech ecosystem. She said, “Globally, technology, and innovation are key drivers of growth, and here in Nigeria, the tech community is at the forefront of our ongoing digital revolution. To unlock the massive potential of the sector, we must create an enabling environment that promotes collaboration and fosters strong partnerships within the ecosystem, this is why we launched SpaceNXT – to serve and enable the growth of the tech community.” 

Beyond Banking, Union Bank Launches Future-Forward Innovative Co-Creation Hub, SpaceNXT

The launch event which was held on April 7th, 2022 had Special Guest of Honour, Mr. Tunbosun Alake, Special Adviser on Innovation and Technology to the Governor of Lagos State, in attendance. He officially opened the space alongside the executives of the Bank. Speaking during the ribbon-cutting ceremony, he said, “This is indeed a laudable moment for Union Bank. With the launch of SpaceNXT, Union Bank has established itself as a bonafide trusted partner for the future generation.

SpaceNXT is a sandbox for culture change and an enabling lever to drive innovation and technology in Nigeria. ”SpaceNXT was conceived as part of the Bank’s mission to enable success for the tech community in Nigeria by providing a space that would foster collaboration within the ecosystem. Union Bank’s Chief Executive Officer, Emeka Okonkwo, shared the Bank’s reason for launching SpaceNXT at this time.

According to him, “For us at Union Bank, we believe the best way to predict the future is to create it. This is why we are pushing beyond banking to take a strategic position as enablers of success within the tech and innovation industry. We are excited at the opportunity to enable the ecosystem and co-create a future that is brighter than we can imagine today”. Besides being a hub for sharing and generating innovative ideas, SpaceNXT will also serve as a venue for tech and innovation events, hackathons, training, and meetings. Union Bank remains committed to the acceleration of the technological landscape in Nigeria. 

Beyond Banking, Union Bank Launches Future-Forward Innovative Co-Creation Hub, SpaceNXT

Get To Know More About Union Bank Plc: The bank was established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank of Nigeria Plc. is a household name and one of Nigeria’s long-standing and most respected financial institutions. The Bank is a trusted and recognizable brand, with an extensive network of over 300 branches across Nigeria.

In late 2012, a new Board of Directors and Executive Management team were appointed to Union Bank and in 2014 the Bank began executing a transformation program to re-establish it as a highly respected provider of quality financial services.

The Bank currently offers a variety of banking services to both individual and corporate clients including current, savings, and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing, and trade finance. The Bank also offers its customers convenient electronic banking channels and products including Online Banking, Mobile Banking, Debit Cards, ATMs, and POS Systems.

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Access Bank Unveils Twice Bitten Campaign

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Access Bank Promotes 800 Employees as it Transitions to Holdco Structure

Olushola Okunlade Writes

Access Bank Plc, one of the topmost banks in Nigeria has unveiled a new creative slogan to drive its marketing, Twice Bitten Campaign

Twice Bitten? But not today, Block Your Account quickly. These statements decode a lot for Access Bank customers to understand what the bank is really communicating to them.

Online banking has really made financial transactions very convenient in Nigeria and across the globe. But the setback is the fraudsters operating online.

This has given lots of banks a headache. Access Bank really cares about its customers. This crusade brought about this campaign, Twice Bitten, But not today, Block your account quickly.

It is to also alert Access Bank customers on what to do whenever they are in this situation, perhaps, your account has been hacked. Maybe you lost your ATM. Maybe the customer’s ATM was stolen etc.

Twice Bitten? But not today, Block Your Account quickly campaigns guides you on what to do abruptly.

However, this crusade was unveiled three days ago. And it has quickly gained ground in the South West of Nigeria. It is also spreading to the North West of Nigeria, findings. revealed.

Access Bank is working tirelessly to curb hacking of its customers’ accounts online as far as the Twice Bitten campaign is concerned.

However, Access Bank in its bid to enhance financial inclusion has noted its intentions to significantly increase its customer base and deepen the wallet share of the banking population riding on its agency banking platform.

Access Bank agency banking ‘Access Closa’ recently hit a milestone of having 100,000 agents currently spread across Nigeria as the bank further plans to increase its footprint by having a minimum of 50 agents in each of the 774 LGAs across the country.

The Group Head, Agency Banking, Access Bank Plc, Chizoba Iheme, in a chat with journalists noted that due to the limited number of financial institutions, especially in rural areas, Access Closa is Access Bank’s strongest retail channel used in providing banking services to a large population of unserved and underserved Nigerians.

She said: “Our plan is to bank one in two Nigerians as this will see us increase our customer base and deepen our wallet share of the banking population.”

“Going by the high youth and adult population, the resources of Nigeria’s financial institutions are being overstretched in providing physical and human resources and were unable to cope with gaps that existed in meeting banking needs of Nigerians hence the need for Agency Banking as envisaged by the Central Bank of Nigeria (CBN) in 2013.”

“Therefore, Agency Banking helps financial institutions decongest crowded branches by providing a matching and more often convenient channel for their customers. In instances where reaching customers in rural areas is often highly expensive for financial institutions because transaction numbers and volumes do not cover the cost of a branch, agency banking helps in serving them.”

Furthermore, she added that becoming an agent has become a means to empower and reduce unemployment in Nigeria.

“Our commission structure allows an agent to earn up to N500,000 and more monthly in commission including incentives and opportunities for agents to grow their business and partner with a reputable brand is an attraction to the Closa brand.”

Furthermore, on risks associated with agency banking in the country and how Access Banks moves to mitigate it, she added: “There are four major risks that we have identified. These are Technological, Legal, and Fraud/Reputational. Assets.

“Technological Risk, to prevent software and hardware failures, the bank is investing in new infrastructure with the capacity to absorb service disruptions that will have minimal impact. As part of our onboarding process, the bank’s agents are required to execute a service agreement that stipulates the roles and responsibilities of each party.

Also, agents are trained at the point of activation on Anti-Money Laundering (AML) and Terrorism Financing. This training also takes place every year to reiterate the dangers and consequences associated with fraudulent actions. Besides, the bank has set a maximum daily limit on the amount and frequency of transactions that can be performed by an agent. Lastly, a quarterly risk profiling exercise is carried out on all agents for effective management,” Iheme added.

Access Bank is the leading retail bank in Nigeria with over 600 branches and more than 40 million customers. The bank offers products and services tailored to suit the lifestyle of every Nigerian irrespective of age and demographic.

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Winners Emerge In Stanbic IBTC Reward4Saving Promo Season 2

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Stanbic IBTC Opens New Branch In Lekki Free Trade Zone

Winners Emerge In The Stanbic IBTC Reward4Saving Promo Season 2

Olushola Okunlade Writes

Stanbic IBTC Bank Plc, a subsidiary of Stanbic IBTC Holdings Plc has rewarded several of its new and existing customers with cash prizes of ₦100,000 in the maiden draw of season 2 of its savings promo, Reward4Saving.

The first draw of this season, which took place at the Stanbic IBTC Head office on Walter Carrington Crescent, Victoria Island, Lagos State, saw 70 customers win cash prizes of ₦100,000 each. The Bank aims to maintain this throughout the 12-month promo time by which a total of 840 customers would have been rewarded with ₦100,000 during the monthly draws.

The Bank also aims to reward 28 customers with ₦1 million each in the quarterly draws, and seven customers with ₦2 million each in the grand finale draw.

Speaking at May 2022 draws, the Chief Finance Officer of Stanbic IBTC Holdings, Kunle Adedeji, said the bank recognizes saving as an important aspect of its customers’ journey to financial freedom, and it is for this reason that Stanbic IBTC has decided to continue with the second season of the Reward4Saving Promo to reward and inspire more customers to reach for their dream of financial freedom by improving their savings culture.

“Our aim is to promote a savings culture by rewarding our existing and potential customers as they save for the future. As an end-to-end financial solutions provider, Stanbic IBTC is committed to creating channels and means of financial empowerment for its millions of customers while rewarding them for their dedication. Simply put, we put our money where our mouth is.

Reward4Saving 2.0, as we like to call it, is themed “Bigger and Better”. This is because we have increased the expected wins to allow more customers from across the geo-political zones of the country to walk away with cash prizes worth a total of N156 million, with individual wins ranging from N100,000 to a whooping N2 million.,” he added.

The Chief Finance Officer further stated that existing and prospective customers can take advantage of this opportunity by saving a minimum of ₦10,000 in their savings account or @ease wallet, for at least 30 days. One electronic raffle ticket is issued for every N10,000 saved, thereby increasing the chances of winning. New customers would also be rewarded with ₦500 worth of airtime and three months of free interbank transactions when they open a Stanbic IBTC Bank account. Stanbic IBTC Bank is a subsidiary of Stanbic IBTC Holdings and a part of the almost 160-year-old Standard Bank Group.

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100 Undergraduate Candidates Set To Benefit From Stanbic IBTC’s University Scholarship

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Stanbic IBTC Opens New Branch In Lekki Free Trade Zone

Stanbic IBTC Holdings PLC, a member of Standard Bank Group, awarded scholarships to 100 Nigerian youths who had excelled in University Tertiary Matriculation Examination (UTME) and had gained admission for the 2021-2022  academic session.

The grants, which would provide the students with the financial aid needed to fulfill their educational needs and pursue their dreams, demonstrated the financial institution’s commitment to the growth of the Nigerian education sector.

Each of the successful candidates, who had recently gained admission into universities, would receive scholarships valued at N400,000. The grants would be disbursed in tranches of N100,000 across four academic years.

The financial institution stated that it focused on empowering bright-minded individuals with the capacity to gain adequate knowledge needed to become great men and women in life.

The initiative which commenced in 2019 now has had almost 200  recipients. The beneficiaries were chosen across the six geo-political zones in Nigeria through fair screening processes.

According to Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Holdings, the scholarship was borne out of the need to empower hardworking and diligent young Nigerian undergraduates, who aspired to pursue their tertiary education in any state or federal university in Nigeria.

“We believe that everyone deserves a chance to access quality education and we believe in rewarding students who have shown remarkable academic excellence. This initiative will go a long way in easing the financial burdens of these undergraduates who participated in the UTME and gained admission into various Nigerian state and federal universities for the 2021-2022 academic session. We are pleased to announce the 100 winners of this year’s scholarship scheme for undergraduates in 33 universities across the 36 states and the FCT. We wish them great success in their academic journey” he said.

Asides from the first tranche of disbursement, subsequent disbursements would be subject to beneficiaries maintaining their enrolment in their respective universities and degree programs they were admitted into, adhering to the academic and administrative policies of the university, and the provision of a letter of good conduct issued by their respective departments. Beneficiaries would also be required to maintain a Cumulative Grade Point Average (CGPA) of at least a second class upper range, among other requirements.

Demola further added that education remained one of the keys to facilitating a nation’s prosperity, hence the introduction of the scholarship initiative. Stanbic IBTC remains committed to driving value-added initiatives like the University Scholarship program to contribute to the educational development of the Nigerian youth.

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