Finance
Fidelity Bank assures shareholders it’ll catalyse opportunities to deliver better returns
Fidelity Bank CEO, Mr. Nnamdi Okonkwo, says the bank will catalyse growing opportunities in the Nigerian economy, to deliver good returns to shareholders in 2018.
Speaking at the bank’s 30th Annual General Meeting (AGM) in Lagos last week, Okonkwo said the bank would continue to focus on redesigning its systems and processes to enhance service delivery, just as it will deepen cost optimisation initiatives to reduce operating expenses and cost-to-service.
Whilst shedding light on the evolving dynamics in the financial services industry, Okonkwo noted that the bank will continue to increase the adoption and migration of customers to its digital platforms and increase its retail banking market share through the delivery of innovative products and services. “We will enhance our robust electronic banking processes and products thereby deepening our hold on the retail and commercial markets, small and medium scale enterprises and niche corporate clientele” he stated.
Whilst business operations were challenged by limited foreign currency liquidity in the banking industry, low financing opportunities especially in the public sector space and high cost of business operations, Fidelity Bank delivered very strong results in 2017, a performance he attributed to balance sheet optimisation and a focused execution of its medium-term strategies “Clearly, our success in 2017 financial year has set a strong pedestal for sustained growth in revenue. We are optimistic about a favourable operating environment and we look forward to delivering decent set of numbers at the end of 2018 financial year,” Okonkwo said.
Meanwhile enthused shareholders at the AGM who spoke against the backdrop of the banks FY2017, which saw profits rise by nearly 100%, poured encomiums on the Board, Management and staff, acknowledging the tremendous strides it has made in strengthening its corporate governance policies and deepening its retail play with technology.
Dr. Faruk Umar, President of Association for the Advancement of the Rights of Nigerian Shareholders lauded the bank for declaring dividend of N3.1billion which translated to 11 kobo per share. He said this was very delightful coming at a time when a number of other institutions are unable to pay dividends.
On his part, Moses Ogundeji, Member Independent Shareholders Association of Nigeria, pointed out that shareholders appreciated the efforts of the Board, Management in the transformation that is on-going at the bank and assured of the continued support of the shareholders.
Also speaking to the enthused shareholders, Chairman, Fidelity Bank, Mr. Ernest Ebi, said the bank was strategically poised to successfully navigate the business environment in 2018. Ebi expressed optimism that the expected improvements in the global landscape would trickle down to the domestic economy to consolidate the comforting business climate witnessed towards the end of 2017.
Fidelity Bank is a full-fledged commercial bank operating in Nigeria, with over 3.9 million customers who are serviced across its 240 business offices and various other digital banking channels. The bank has in recent times won accolades as the Best SME Friendly Bank, Best in Mobile Banking and the Most Improved Corporate/Investment Bank among several industry awards and recognition. The bank was also ranked the 4th Best Bank in the Retail Banking Segment in the 2017 Banking Industry Satisfaction Survey conducted by KPMG.
Focused on select niche corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs), Fidelity Bank is rapidly implementing a digital-based retail banking strategy which has resulted in an exponential growth in savings deposits over the last three years, with 50 percent customer enrollment on the bank’s flagship mobile/internet banking products.
Finance
Flutterwave Powers Local Businesses in Ghana Through Pay With Bank Transfer
Reporter: Ikenna Ugwu
Flutterwave, a leading payments technology company in Africa, has broadened its reach in Ghana through the integration of Pay With Bank Transfer, done in partnership with Affinity Bank.
With over 115 million bank transfer payments recorded in Ghana in 2023, this move will ensure that Flutterwave businesses in Ghana can now receive payments seamlessly and securely through a rapidly growing payment method. While Mobile Money leads as the preferred payment type for everyday transactions in Ghana, the recent growth in transactions for Pay With Bank Transfer symbolizes the expanding payment options available for Ghanaian businesses.
Flutterwave has a track record of driving innovation in the African finance ecosystem, and this new development promises versatility, thereby expanding the pool of customers available to businesses. As a preferred payment method, it also promises faster payments while providing access to a more secure process of transacting which benefits both the sender and the receiver (business).
“We are excited to extend our services to the Ghanaian market” says Olugbenga Agboola, Flutterwave Founder & CEO“At Flutterwave, we are driven by the vision of building Africa’s economy. By making payment options like Pay With Bank Transfer available for everyday use, we are expanding access to payments and enabling local businesses to thrive in the economy”
By establishing this strategic partnership, Flutterwave aims to drive the adoption of the Pay With Bank Transfer option in Ghana, using virtual accounts to allow for secure and transparent payments. This will provide enterprises and small businesses with a simpler way to receive payments and give their customers a seamless process of making payments.
Geoffrey Fiador, Manager, Country Operations and Partnerships, at Flutterwave stated: “By delivering essential payment options like Pay With Bank Transfer for businesses in Ghana, we’re providing an easy way for them to increase their revenue opportunities to grow their businesses. ”
This announcement comes at the heels of Flutterwave’s recent approval by the Bank of Ghana to provide inward remittance services. With a track record of success across Africa, Flutterwave continues to be a trusted partner for businesses in over 34 countries, providing the tools and expertise necessary for success in the dynamic African market.
Finance
Stanbic IBTC Capital leads Presco PLC’s ₦82.9 Billion Bond Issuance to drive West African market growth
Reporter: SANDRA ANI
Presco PLC (Presco or the “Company”), has achieved a significant milestone with the successful issuance of its ₦82,896,000,000 7-year 23.75% senior unsecured fixed rate Series I Bonds under its ₦150 billion bond issuance programme (the “Transaction”) with the Securities and Exchange Commission (“SEC”). Stanbic IBTC Capital Limited (“Stanbic IBTC Capital”) acted as the Lead Issuing House on the Programme.
The proceeds from the Transaction will enable the Company fund its acquisition of a 100% equity stake in Ghana Oil Palm Development Company (GOPDC), further supporting its strategic expansion objectives.
Speaking on the transaction registration, Mr Reji George, Managing Director / CEO, Presco PLC commented:
“The successful completion of our Series 1 Bond issuance solidifies Presco’s foundation for continued growth and expansion. Aligned with our strategic objectives of increasing our planted area of palm oil and, to lead Africa in the fully integrated edible oil and fats business in the nearest future, the proceeds from this issuance will be primarily directed towards the acquisition of a majority equity stake in the Ghana Oil Palm Development Company (GOPDC).
This not only enhances our operational efficiencies, It also solidifies our market presence and competitive advantage in the palm oil sector beyond Nigeria. Most importantly, this will enable us to better serve our valued customers and deliver sustainable value to our shareholders. We extend our sincere gratitude to Stanbic IBTC Capital and all our advisors for their support throughout this process.”
Also speaking on the transaction registration, Oladele Sotubo, Chief Executive, Stanbic IBTC Capital, said:
“Stanbic IBTC Capital is proud to have advised Presco PLC on the successful issuance of its ₦82.9 billion Series 1 bond. As the largest local currency corporate bond issuance in the Nigerian market in recent years, this milestone underscores our deep expertise in capital markets and our commitment to delivering innovative, high-impact financial solutions.
Beyond reinforcing Presco’s strategic growth, this transaction enhances funding diversification within the agricultural sector, driving sustainable industry expansion. We appreciate Presco PLC’s trust in Stanbic IBTC Capital and the consortium of advisors who contributed to the successful execution of this landmark deal.
Flutterwave, Africa’s leading payments technology company, has announced today that its online merchants in Nigeria can now accept American Express payments.
American Express Card Members – with consumer, business, or corporate cards – will be able to make payments directly to e-commerce businesses using Flutterwave in Nigeria.
This service will also be available to Flutterwave merchants in other countries including Tanzania, Rwanda, Ghana and Uganda in the near future.
This collaboration facilitates online transactions and offers a range of benefits for both merchants and online shoppers:
- Flutterwave merchants can attract business from a new customer base of American Express Card Members in Africa and around the world. This includes consumers with personal cards and spenders with business or corporate products. Terms and conditions apply.
- For shoppers, there is more choice when it comes to being able to select their preferred method of payment when transacting with Flutterwave merchants. This collaboration strengthens the American Express global network and increases the number of locations across Africa that can be used by American Express Card Members to purchase a range of different goods and services.
Speaking on the development, Olugbenga ‘GB’ Agboola, Founder and CEO, Flutterwave, said:“At Flutterwave, we’re always looking for ways to connect the world to Africa through payments. This is one of our initiatives to ensure that more people across the world can pay using Flutterwave in Africa. We understand the value of providing shoppers with payment methods that work for them, as well as helping businesses to expand their customer bases. This collaboration also provides more options of where to shop and what to buy to American Express card holders across the globe. By offering American Express as a method of payment, Flutterwave will make the payment process faster and simpler for American Express card holders, and improve the experience for e-commerce businesses using Flutterwave, helping them to start locally and sell globally.”
On his part, Briana Wilsey, Vice President and General Manager of Global Network Services EMEA at American Express, said: “American Express continues to expand in Africa to enable greater payment choice for businesses and consumers. Through the agreement with Flutterwave, a trusted payment provider, we are giving e-commerce merchants in Nigeria the opportunity to reach American Express Card Members around the world. The collaboration is a win-win because it also increases the number of places where our Card Members can use their Cards in Nigeria.”
Flutterwave and American Express share similar visions; to enable businesses across the world to expand their operations in Africa and other emerging markets through a platform that enables local and cross-border transactions via one Application Programming Interface (API).
Flutterwave has processed over 630M transactions in excess of USD $31B, serves global and African customers like Uber, Air Peace, Bamboo, PiggyVest, and across various industries. On the other hand, American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success.
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