Banking and Finance
Development Bank to Hold Fifth Annual Lecture Series …
The Development Bank of Nigeria Plc (DBN) has announced that it will hold the Fifth edition of its Annual DBN Lecture Series on the 25th of September 2024, in Abuja at the Transcorp Hotel. The lecture is a further affirmation of the Bank’s unwavering commitment to the needs and challenges of the Micro, Small and Medium Enterprises (MSMEs) in Nigeria.
The theme for this year’s lecture is, ‘Empowering Nigerian MSMEs in a Challenging Global Landscape” It has the Managing Director/CEO, of Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe, as the Keynote Speaker.
A panel of eminent industry and business leaders with rich backgrounds drawn from across key sectors of the economy have been invited to also share their wealth of experience and perspectives on the theme. They include the Managing Director/CEO of Rural Electrification Agency (REA), Abba Abubakar Aliyu; Managing Director, Founder Institute and Venture Partner at White Hibiscus Capital, Ajuma Ataguba; Chairman/CEO of Nord Automobiles Limited, Joshua Oluwatobi Ajayi; and CEO, Futuresoft, Nkemdilim Uwaje Begho.
Speaking on the importance of the lecture theme, DBN’s Managing Director/CEO, Dr Tony Okpanachi, said although MSMEs are the backbone of the Nigerian economy and major contributors to job creation and economic growth, local, regional and global challenges pose significant threats to their survival and prosperity.
He said the lecture would serve as a veritable platform for experts, leaders of businesses from across industries and sectors, as well as stakeholders to discuss the myriad of challenges faced by the MSMEs to channel a way forward for them.
“Access to affordable financing is a major hurdle for MSMEs as traditional loan options are often out of reach due to stringent obstacles. This is further exacerbated by disruptions in the global supply chain, causing delays and price fluctuations in raw materials and finished goods, impacting MSMEs’ production and profitability,” he noted.
Dr Okpanachi explained that the MSME sector, like other sectors of the economy, is also trying to adjust to the macroeconomic challenges currently being experienced in the country. He added, however, that the Federal Government is committed to addressing the issues and has rolled out many interventions that would help stimulate further growth of the MSMEs in the country.
According to him, the DBN Annual Lecture Series is also one of the many initiatives being deployed by the Bank to support the current administration’s efforts. He emphasised the need for all hands to be on deck to move the Nigerian economy into prosperity and abundance for all.
Dr Okpanachi further expressed his confidence that this year’s lecture would serve as a platform to think out of the box and explore creative ways of enabling the real sector to boost productivity. “This year’s lecture series like others before promises to be very engaging and rewarding to all stakeholders. Consequently, I am extending our warm invitation to all stakeholders in government, development partners, the private sector and the MSMEs to be part of the event.
Banking and Finance
Polaris Bank Clinches “Best Mobile App” Award at Digital Jurist Awards 2024
Lagos, Nigeria – November 4, 2024 – Polaris Bank’s commitment to digital innovation and excellence has once again been recognized, as the Bank was awarded the prestigious “Best Mobile App” award for its renowned digital banking platform, VULTe, at the Digital Jurist Awards held October 31 at Eko Hotel in Victoria Island, Lagos.
This honor comes less than a week after Polaris Bank was named Nigeria’s Digital Bank of the Year for the fourth consecutive year, further solidifying its status as a leader in Nigeria’s digital banking landscape.
At the event, attended by representatives from all nominated companies, Polaris Bank’s VULTe app stood out among its peers, winning the hearts of users and the recognition of industry experts.
The Digital Jurist Awards Committee had nominated Polaris Bank in three categories: Best Website, Best Web Portal, and Best Mobile App. The Bank’s innovative approach and customer-centric digital solutions have made it a formidable contender in each category, with VULTe’s win affirming the Bank’s continued drive to redefine digital banking in Nigeria.
Commenting on the the award, Polaris Bank’s Managing Director/CEO, Kayode Lawal expressed gratitude for the recognition and reiterated the Bank’s commitment to providing seamless, reliable, and secure digital solutions. “This award continuously shows our dedication to delivering the best digital experiences to our customers. We will continue to push the boundaries of innovation to ensure that our platforms remain intuitive, accessible, and impactful,” he said.
Polaris Bank’s VULTe app has gained widespread acclaim for its user-friendly design, robust security features, and diverse functionalities, enabling customers to manage their banking needs from the comfort of their devices. Winning the “Best Mobile App” award is yet another milestone in the Bank’s digital journey, reinforcing its position as a digital pioneer in Nigeria’s banking sector.
The Bank extends its gratitude to the Digital Jurist Awards Committee and its loyal customers for their continued trust and support. Polaris Bank is committed to advancing digital banking in Nigeria, creating convenient, modern, and secure solutions that cater to the evolving needs of its customers.
Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2024,2023, 2022 and 2021 and MSME Bank of the Year 2022, 2023 and 2024 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards.
Banking and Finance
Wema Bank Releases Q3 2024 Unaudited Results… Reports Profit Before Tax of ₦60.62billion, a 174% YonY Growth .
Wema Bank Nigeria (“Wema” or “the Bank”)) has released its unaudited Consolidated Financial Statements for the period ended September 30th 2024, to the Nigeria Exchange Group (NGX). The Bank reported profit before tax of ₦60.62bn, representing an increase of 174% over the ₦22.13bn recorded in the corresponding period in 2023.
Wema Bank’s balance sheet remained well structured with total assets growing by 38% to
₦3,084.27 trillion in Q3 2024 from ₦2,240.06trillion in FY 2023. The bank also grew its deposit base year to date by 23% to ₦2,292.30bn from ₦1,860.57bn reported in FY 2023. Loans and Advances grew by 25% to ₦1003.28bn in Q3 2024 from ₦801.10bn in FY, 2023. NPL stood at 3.19% as at Q3 2024.
The bank recorded an improved 3rd quarter performance as Gross Earnings grew by 91% to
₦288.32bn (Q3 2023: ₦150.90bn)). Interest Income was up 81% y/y to ₦229.11bn (Q3 2023:
₦126.67bn). Non-Interest Income up 144% y/y to ₦59.21bn (Q3 2023: ₦24.23bn).
Return on Equity (ROAE) of 38.62%, Pre-Tax Return on Assets (ROAA) of 2.64%, Capital Adequacy Ratio (CAR) of 14.06% and Cost to Income ratio of 60.47%, speak to the resilience of the brand.
The Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni said, ‘our Q3 2024 numbers speaks to our resilience despite a tough operating environment. We will sustain our growth trajectory into 2025. The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 174%. The growth of Gross Earnings by 91.07%, Total Assets by 38% and earnings per share at 328.1kobo shows the core improvements to our balance sheet. In addition, our cost to income ratio at 60.48% has witnessed significant improvement from the previous period.
Banking and Finance
Wema Bank Launches Export Trade Academy to Empower Nigerian SMEs in International Markets
In a bold step towards empowering Nigeria’s small and medium enterprises (SMEs), Wema Bank has launched the Wema Export Trade Academy, a groundbreaking initiative designed to enhance the global trade capabilities of local businesses. This forward-thinking program demonstrates Wema Bank’s commitment to empowering Nigerian businesses and supporting their international growth potential.
Navigating the complex landscape of export trade involves overcoming regulatory, financial, and logistical hurdles, which can often hinder small businesses from establishing a foothold, the Wema Export Trade Academy is designed as a solution to these challenges faced by Nigerian SMEs when entering international markets. The Academy specifically structured to address each critical aspect of global trade, providing SMEs with targeted guidance on compliance, documentation, financial planning, and risk management.
Participants in the Wema Export Trade Academy will benefit from sessions led by industry experts as well as mentorship opportunities with seasoned professionals. The academy goes beyond conventional training by offering real-world insights into international trade practices, such as export documentation best practices and navigating trade agreements, positioning Nigerian SMEs to confidently expand their presence in the global marketplace. Additionally, the program fosters a collaborative environment, encouraging participants to network with fellow Nigerian exporters, exchange ideas, and build connections with international trade facilitators. This supportive ecosystem is aimed at enhancing productivity and positioning Nigerian businesses as strong contenders on the world stage.
As a trailblazer in digital banking and business innovation, Wema Bank continues to set high standard within Nigeria’s financial landscape. The launch of the Wema Export Trade Academy marks a new chapter in the bank’s mission to support Nigerian enterprises, solidifying its role as an indispensable partner in their journey to international success.
The Wema Export Trade Academy embodies Wema Bank’s pioneering spirit and commitment to providing SMEs with practical, impactful solutions. With comprehensive training on export processes and access to strategic financial products, the program stands as a testament to Wema Bank’s role as an enabler of growth for Nigerian enterprises.
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