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Stanbic IBTC Supports Digital Trade Payment Solution With First Outbound PAPSS Transaction

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assured them of the firm’s unwavering commitment to providing the best custodial services

Olushola Okunlade Writes

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings PLC, completed the first outbound and inbound transaction on the Pan-African Payment and Settlement System (PAPSS) platform in Nigeria.

PAPSS, the centralised Financial Market Infrastructure (FMI) that supports payment arrangements with the objective of expanding pan-African trade and driving the African Central Bank’s economic and financial integration agenda, was deployed for use in the West African Monetary Zone (WAMZ) in the following countries: Nigeria, the Gambia, Sierra Leone, Liberia, Ghana, and Guinea.

The first outbound transaction was completed on Friday, 30 September 2022 from Stanbic IBTC Bank to Ghana Commercial Bank (GCB), while the return inbound transaction was completed on Thursday, 06 October 2022.

Stanbic IBTC Bank’s Chief Executive Wole Adeniyi described the transaction as the organisation’s way of supporting intra-African trade while also supporting low-cost and risk-controlled payment, settlement, and clearing systems.

“This is a great opportunity for new and existing clients to take advantage of. The Pan-African Payment and Settlement System will enable interested individuals and businesses to make cross-border payments, thereby reducing, dependencies on foreign exchange and correspondent banks. Consequently, this will reduce requisite correspondent banking fees and mitigate central delays,” he added.

Jesuseun Fatoyinbo, Head, Transactional Products and Services, Stanbic IBTC Bank, also commenting on the rationale behind PAPSS stated that the Bank is focused on driving business growth for businesses and corporates.

“At Stanbic IBTC, we are dedicated to moving the African economy to the next level, because Africa is our home, and we drive her growth. We understand that the operating environment is fluid, but with our expertise and array of services, we have created innovative solutions such as equity capital raises, payment solutions, and a wide range of working capital and trade solutions to improve businesses.”

“These capabilities enable us to deliver world-class and cost-effective transactional banking solutions customised to meet our client’s needs. With PAPSS, we want to ensure that we provide an innovative solution that supports our client’s business growth while responding to changing business realities,” he added.

Mike Ogbalu III, Chief Executive Officer, Pan-African Payment and Settlement System (PAPSS), commended Stanbic IBTC for being among one of the first banks in Nigeria to do commercial transactions with PAPSS.

“I would like to congratulate the Management of Stanbic IBTC for achieving this significant milestone while recognising the ongoing efforts of their team in making the system operational for the benefit of their customers”.

“By using PAPSS, Stanbic IBTC customers will now be able to do fast and cost-effective cross-border payments across countries of the WAMZ region, and in the close future across the African continent. This is in line with our objective to boost intra-African trade with the implementation of the African Continental Free Trade Area (AfCFTA)”.

Stanbic IBTC Bank remains committed to upholding its high standard of service delivery and transparency while also providing bespoke services to its clients.

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Polaris Bank Promotes SMEs, Sponsors The Fashion Souk

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Valentine Season: Polaris Bank Excites Existing, Prospective Customers With Mouthwatering Rewards

…as The Fashion Souk holds December 3 and 4, 2022

Polaris Bank has reaffirmed its commitment to support the growth of Small and Medium Enterprises (SMEs) in Nigeria.

The Bank in a statement gave this assurance while disclosing plans to sponsor The Fashion Souk 7.0.

The statement further noted that 3 successful entrepreneurs who emerge winners in a business pitch at the event will go home with N1million, N500,000, and N250,000 for the overall winner, first runner-up, and second runner-up respectively.

The two-day event, which is organised in partnership with Nigeria’s foremost event management company, EVENTFUL Limited is scheduled to hold on Saturday 3rd and Sunday 4th of December 2022, at Harbour Point, Victoria Island, Lagos.

Speaking on behalf of Polaris Bank, the Group Head, Strategic Brand Management, Nduneche Ezurike, said that “Fashion and style enthusiasts can once again look forward to experiencing unparalleled fashion moments from Nigerian entrepreneurs.”

Mr. Ezurike noted that “As a SMEs-friendly Bank, it is always our delight to explore opportunities to grow Nigeria’s Small and Medium Enterprises. Polaris Bank’s lead sponsorship of the 7th edition of The Fashion Souk, underscores our acknowledgment of the SMEs as the catalyst for Nigerian’s economic growth.”

Continuing, he noted that “this year’s Fashion Souk is unique as it provides an opportunity for the yuletide holidaymakers with an unforgettable shopping experience as visitors will behold the creativity of the Nigerian entrepreneurs, especially in the beauty and fashion space.”

Mr. Ezurike further stated that Polaris Bank’s continued partnership with EVENTFUL Limited stimulates the entrepreneurial spirit of many Nigerians, especially the new-age innovators in the key sectors of the national economy. He commended Eventful Ltd for visibly showcasing the enterprise amongst Nigerians.

Commenting on the essence of the SOUK, Founder and Chairman of Eventful and Convener of the Fashion Souk, Yewande Zaccheaus, said: “Eventful Limited has been deliberate in using the platform of The Fashion Souk to create the much-needed road to market for budding fashion entrepreneurs whilst also expanding the target market of the more established designers. “We are proud to once again contribute to the growth of the nation’s economy,” she added.

More than 160 SMEs in Nigeria’s fashion industry, ranging from manufacturers to designers and retailers in clothing, kids’ fashion, textiles, jewelry, accessories, hats, bags, shoes, and lingerie, are billed to showcase their creativity and product lines at the Fashion Souk.

According to December 2021 industry report, the Sub-Saharan African fashion market is worth $31 billion, with Nigeria holding an expanding share of 15 percent.

In line with its SME focus, Polaris Bank has partnered with and supported businesses in critical sectors of the Nigerian economy, including health, education, manufacturing, agriculture, export, and others. The Bank has advanced credits and indeed, provided close to N70billions to Micro, Small, and Medium Enterprise (MSMEs) from January 2021 till date.

Following the Bank’s recent strides in supporting SMEs and MSMEs, the prestigious BusinessDay’s Banks and Other Financial Institutions (BAFI) Awards named Polaris Bank the MSME Bank of the Year 2022.

Polaris Bank, adjudged Digital Bank of the Year 2021 and 2022, is a future-determining Bank committed to delivering industry-defining products for individuals and businesses

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Union Bank Unveils Brand New Sonic Identity – The Sound Of Union

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Union Bank Unveils Brand New Sonic Identity – The Sound Of Union

By Moninuola Sulaiman

Union Bank of Nigeria launched a sonic identity tagged ‘The Sound of Union. At 105 years, the Bank is now leveraging the universality of music to engage with new and existing audiences through this unique sound identity.

The Bank tapped prolific and award-winning music producer Tee-Y Mix, to create a timeless sound and interpret it across multiple genres for today’s and tomorrow’s generations.

Speaking about The Sound of Union during the official Twitter Space unveiling, Ogochukwu Ekezie-Ekaidem, Chief Brand and Marketing Officer, at Union Bank, spoke about why the Bank is unveiling the sound identity at this time. She said: “Over the past couple of years, Union Bank has gone through significant evolution, and as a team, we are constantly thinking of ways to connect with our audiences – new and existing.

At 105 years, we are entering a new era of identity and the Sound of Union represents a milestone for us. We have produced a distinct tone and instrumental melody spanning five music genres drawing on our local culture to connect with audiences across different geographical zones. We believe we are the first Nigerian bank to create an identity using sound, and not just a one-off jingle or payoff. This launch underscores our commitment to providing the simplest and smartest solutions while offering the best experience for our customers.”

Union Bank Unveils Brand New Sonic Identity – The Sound Of Union

To launch the sound identity, Union Bank has partnered with Boomplay to release an EP that will include the melody’s five genres, making the EP available exclusively to Boomplay subscribers for a period before it is available on other platforms.

Also commenting during the Twitter Space, about the audio distribution partnership between Union Bank and Boomplay, James Afuwape, Marketing Manager at Boomplay said: “Boomplay is the largest and fastest-growing streaming platform in Africa, and we are passionate about building and sustaining the music culture and consumption in Africa. We do this by leveraging partnerships and collaborations and this one with Union Bank was one we couldn’t pass up on. The Sound of Union is a unique project, and we are honoured to use our platform to help amplify the sound.”

The Sound of Union EP is now streaming exclusively on Boomplay. Click here to listen

Know More About Union Bank Plc: Established in 1917 and listed on the Nigerian Stock Exchange in 1971 now Nigerian Exchange Limited (NGX), 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.

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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Stanbic IBTC Bank Nigeria PMI® – New Order Growth Hits Six-Month High In November

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By Moninuola Sulaiman

…Faster rises in output and new orders

…Inflationary pressures remain elevated

…Business confidence at a survey-record low

By Moninuola Sulaiman

Business conditions continued to improve markedly in the Nigerian private sector during November amid improving demand and higher customer numbers.

In turn, firms expanded their purchasing activity and employment. That said, business confidence dropped to the lowest since the survey began in January 2014. Meanwhile, inflationary pressures remained elevated, often reflecting currency weakness.

The headline figure derived from the survey is the Purchasing Managers’ Index™ (PMI®). Readings above 50.0 signal an improvement in business conditions in the previous month, while readings below 50.0 show a deterioration.

The headline PMI rose to 54.3 in November from 53.6 in October, pointing to a solid monthly improvement in business conditions in the Nigerian private sector. The health of the private sector has now strengthened in 29 successive months, with the latest improvement the most pronounced since April.

New business increased at the fastest pace in six months amid reports of stronger demand and higher customer numbers. Companies responded to rising demand by increasing their business activity accordingly. Output has now risen in each of the past five months.

Marked increases in activity were seen across each of the four broad sectors covered by the survey. New order growth also encouraged companies to expand their employment and purchasing activity midway through the final quarter of the year.

Staffing levels increased for the twenty-second month running and at the fastest pace since August. Meanwhile, the rate of growth in purchasing activity was the steepest in four months. Similarly, inventories also expanded at a marked pace.

Purchase costs rose at a sharper pace as the weakness of the Nigerian naira against the US dollar exacerbated rising raw material prices. Staff costs were also up, linked both to higher staffing levels and efforts to motivate workers by increasing wages.

The passing on of higher input costs to customers meant that output prices also increased markedly, with the rate of inflation quickening to a three-month high.

Despite the generally positive picture for output and new orders in November, business confidence continued to decline. Optimism dropped for the fourth successive month and was the lowest since the survey began in January 2014. Those firms that were confident in the year-ahead outlook for output mentioned business expansion plans and hopes for a further strengthening of demand.

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