IITA Forest Center Prepares Trainers For Olokemeji School Conservation Clubs

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As the Olokemeji reforestation project swings into full gear, the IITA Forest Center held its first training for School Conservation Club (SCC) leaders held in Ibadan on 15 and 16 July.

This partially fulfills the project’s mandates to bring children on board as critical conveners of biodiversity conservation efforts for sustainable succession.

The two-day instructor-led course equipped the volunteer teachers with the required skills to engage school children as ambassadors of biodiversity conservation in fun yet educative ways.

In her welcome address, IITA Deputy Director-General, Corporate Services, Hilde Koper, expressed her pleasure at seeing the training participants and their interest in creating the clubs. She recognized them as ambassadors of IITA and biodiversity champions to promote reforestation and environmental conservation in their community and among school children. She stressed further that ‘’Our environment is important for the future of everybody.’’

In his lecture on Biodiversity Conservation, Ademola Ajayi, IITA Forest Center Environmental Education Officer, emphasized that we experience habitat degradation due to farming and urban development. He highlighted the forest’s role as the “lungs of the earth”, noting that we need our forest reserves to breathe clean air. He explained the difference between conservation and preservation: “Conservation does not mean ‘don’t touch’; it means ‘use sustainably’. To conserve, we raise awareness and contribute actively to conservation actions.”

Speaking on Child Rights’ Protection, the Head Teacher at the International School of IITA, Derek Smith, said: “We must not just prevent the abuse of children; we must take steps to report child abuse anywhere we see it occur.” He called on participants to observe Child Protection Policies as they raise young conservationists in school pupils.

Educational Consultant and Early Childhood Specialist Anu Akinola took participants on an exciting journey, giving valuable hints on creating their Conservation Club and making it the go-to club for school children. “A good conservation club coordinator must be knowledgeable about the environment, bring innovations to children in a fun way, be creative and hands-on, be internet savvy, and have impeccable communication skills,” she added.

In her address on risk management, the Head of Administration in IITA’s West Africa Hub, Sylvia Oyinlola, enumerated anticipated risks associated with reforesting Olokemeji and how to address them. The exercise elicited useful contributions from the participants and equipped them with skills to solve anticipated challenges during the School Conservation Club activities.

Representatives from Nigerian Breweries (NB) Plc, project partner and donor, gave participants an insight into the company’s reasons for committing to Olokemeji Reforestation. They said “it is their way of giving back to the community where they take 95% of their production resource—water.”

IITA Forest Center Prepares Trainers For Olokemeji School Conservation Clubs-Brand Spur NIgeria
Participants received trainer certificates-Brand Spur Nigeria

Jennifer Uchendu, Head of Sustainability and Regulatory Relations, said NB’s Brew A Better World Agenda takes community and stakeholder engagement seriously, as much as it commits to planting trees to reforest Olokemeji. The latter directly contributes to mitigating soil erosion and improving the water-retention capacity of the region’s underlying aquifers, while the former contributes to improving the quality of life of community members and ensuring the project’s sustainability.

The training participants were enthusiastic about converting all they had learned to raise pupils committed to conserving our natural resources in their different SCCs.

 

Unity Bank Grows 34% Pre-tax Profit, Records N23B Gross Earnings in H1 2021

Nigeria’s retail lender, Unity Bank Plc has declared a half-year result posting gross earnings of 23.6 billion Naira, which is a 3% increase compared with the corresponding period of 2020.

A review of the unaudited half year result (H1’2021) released to the Nigerian Stock Exchange, the Agric-focused lender showed notable improvement across key financial matrices. Unity Bank grew bottom-line by 34% as Profit before Tax (PBT) moved up significantly in positive territory to close at N1.50 billion from N1.12 billion recorded in H2 2020.

Similarly, the Profit After Tax, PAT closed at N1.38 billion within the period under review from N1.03 billion recorded in the corresponding period of 2020, a sign of a stronger recovery in the overall economy and the Bank’s key focus market segment after a disruptive pandemic year.

UNITY BANK

A major highlight of the result is the growth in the Bank’s loan book, which saw a 22% increase to N246.90 billion within the period compared to N202.08 billion recorded in H2 2020.

The lender also sustained a growth trajectory in its assets as total assets for the period rose by 11% to N547.37 billion from N492.02 billion as of December 31, 2020.

Other highlights of the financial statement include:

  • A 21% jump in fee and commission income to N3.07 billion from N2.54 billion in the corresponding period of 2020; and N9.87 billion upticks in net interest incomes, representing a 9% increase from the N9.06 billion recorded in the corresponding period of 2020.
  • Interest and similar income also rose though recording a marginal 2% growth to close at N20.27 billion compared to the N19.79 billion recorded in half-year 2020. Earnings per share rose by 3 kobo to close at 11.82 Kobo within the period compared to 8.82 Kobo recorded in the corresponding period of 2020.

The financial report also contained the details of the three months to June 2021 (Q2 2021) report showed that the Bank recorded a 17% leap in gross income to N12.32 billion from N10.50 billion recorded in the corresponding quarter of 2020.

Pre-tax profit for the period closed at N718.0 million, a 31% increased from N546.35 million recorded in Q2 2020, while Profit After Tax equally closed at N660.57 million from N502.65 million recorded in the corresponding review period.

Commenting on the result, the Managing Director/CEO, Unity Bank Plc, Mrs. Tomi Somefun noted encouraging trends in key performance indicators driving the numbers reported in the H1 result, in that the Bank is beginning to reflect greater consistency, steady outlook and resilience that places it on a performance pedestal ahead of the volatilities in the operating environment occasioned partly by the prevailing global pandemic and other market shocks that have far-reaching implications in the local and foreign economies.

The double digits growth recorded in both earnings and profits, she further added, was the result of a portfolio plan which the Bank set out at the beginning of the year to diversify its portfolio whilst incrementally pursuing asset creation in petrochemical downstream, consumer, healthcare and general commerce with agribusiness providing the bulwark for identified business and brand benefits.

She stated that the Bank will be looking to strengthen its balance sheet from the liability side as it continues to grow its brand franchise in many areas of the retail market by promoting and leveraging its Agriculture value chain businesses as an offshoot to achieve better performance ratios that enable it to expand the scope of business for an even greater outcome.

Analysts share the optimism on the growth trajectory achieved on the back of contributions from diverse portfolio investments which is a radical departure from the past.

Transcorp Half-Year Performance Shows Powerful Growth as Profit Leaps by 713%

Transnational Corporation of Nigeria Plc (Transcorp) has released its unaudited results for the half-year ended June 2021, recording significant improvement across its major income lines.

The Conglomerate with strategic investments in the Power, Hospitality, and Energy sectors, recorded a profit after tax of N6.5bn, rising by 713% up from N0.8bn recorded in June of the previous year. Other key highlights of the result include the following:

  • Revenue rose by 53%, from N35.0bn in June 2020 to N53.3bn in the period under consideration.
  • Gross profit grew by 60%, from N14.7bn in June 2020 to N23.5bn in June 2021.
  • Profit before tax rose by 689% from N0.9bn in June 2020 to N7.1b in June 2021.

Commenting on the performance, Transcorp’s President/Group CEO, Mrs. Owen Omogiafo, reiterated the Conglomerate’s commitment towards producing long-term value and sustainable impact. “We are pleased to see the sustained growth in our group performance, which was achieved as a result of the improved performance across all the sectors we operate in. The revenue achieved in our power business grew by 48%, as a result of improved gas supply and increased generation capacity”, she stated.

Commenting on the hospitality sector, Omogiafo stated that the company’s strategic actions have resulted in a growth in revenue of up to 84%, despite the ongoing impact of the COVID-19 epidemic on the Nigerian and global hospitality industries. She expressed confidence in the company’s recovery strategies, citing the recent official launch of Aura, the company’s digital hospitality platform, as a testament to that confidence.

On the Group’s capacity to sustain its performance, Omogiafo said, “We do not plan to rest on our oars. We will continue to sweat our existing assets and explore new frontiers, as we continue to deliver on our purpose of Improving Lives and Transforming Nigeria.”

About Transcorp

Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate, with a diversified shareholder base of over 300,000. Our portfolio comprises strategic investments in the power, hospitality, and oil and gas sectors. Our businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Trans Afam Limited and Transcorp Energy.

GAIM Promo: Fidelity Bank Doles Out N39 Million To 15 Lucky Customers

In yet another show of its commitment to reward loyal customers for maintaining a savings habit, a leading financial institution, Fidelity Bank PLC has presented cash gifts worth N39million to lucky customers at the closing ceremony of the Fidelity Bank’s Get Alert in Millions (GAIM) Promo.

Held at Fidelity Bank’s head office in Lagos on Thursday, 29 July 2021, the well-attended event was conducted in the presence of relevant regulatory bodies including the National Lottery Regulatory Commission (NLRC), Lagos State Lotteries Board (LSLB), and Federal Competition and Consumer Protection Commission (FCCPC).

Speaking at the event, the Managing Director/Chief Executive Officer of Fidelity Bank, Mrs. Nneka Onyeali-Ikpe, ably represented by the bank’s Executive Director -Lagos and SouthWest, Dr. Ken Opara, reiterated the bank’s devotion to supporting initiatives that enrich the lives of its loyal customers even in times of economic uncertainties.

She said “Encouraging savings and financially empowering our loyal customers have been a long-standing heritage at Fidelity Bank. We are elated at yet another opportunity to dole out up to N39Million to 15 Nigerians even in this time of economic uncertainty”. She further stressed the bank’s intentional drive towards enhancing CBN’s financial inclusion goal. “As a bank, we continuously position ourselves as key drivers for financial inclusion. Beyond encouraging savings, we believe that our GAIM campaign is a suitable initiative to attract the unbanked to the banking side of life”, Nneka added.

At the event, the duo of Mr. SuGAIM Promo: Fidelity Bank Doles Out N39 Million To 15 Lucky Customers-Brand Spur Nigerianday Okechukwu and Mr. Justine Nwaozor, who won the star prize of N10 million each were credited with their winnings. 13 other winners were credited with N3 million, N2 million, and N1 million accordingly; while 18 lucky customers walked home with consolation prizes including TV sets, refrigerators and generators.

Expressing his delight, a star prize winner, Mr. Sunday Okechukwu said, “I am grateful for this reward and most especially, the initiative. It’s common knowledge that having a healthy savings culture is good for one’s financial wellbeing, however, staying true to savings is sometimes difficult given the times we are in. However, with initiatives like this, savings become easier as we stand a chance to win big. I am glad to have won big, so big enough to turn my life and business around. Truly, Fidelity Bank keeps their word”.

Launched in 2019, Fidelity Bank’s GAIM Season 4 promo is a savings initiative of the bank specifically aimed at promoting a savings culture among Nigerians. Through this campaign, a total of N120 million has been seeded to several Fidelity Bank customers.

As a bank, we are pleased with the outcome of this initiative so far. Having wound up the fourth season of this campaign, it is exciting to see the number of people whose fortunes have changed. Although GAIM Season 4 is over, we will continue to drive initiatives that will, directly and indirectly impact the lives of our customers and Nigerians at large”, disclosed the Head of Savings and Sales, Fidelity Bank Plc, Mr. Ukpai Ibe.

Over the years, the leading tier two Bank has continued to intensify its efforts and innovate ways towards ensuring customer and stakeholder satisfaction. Through this promo, Fidelity Bank has promoted financial inclusion through digital channels and enriched the lives of its customers.

Five Reasons To Use Instagram Reels Ads

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If you want to learn how to increase your reach and engagement with your Instagram content, this article will show you why and how you can use Instagram Reels to do just that.

Reels are perfect for sharing fun, interactive, and engaging short-form videos that allow you to reach greater audiences. Using our sophisticated editing and video processing tools for AR-filters and effects like green screen opens up an unlimited limitless number of possibilities. Brands and content creators can now leverage the power of Reels through the use of Reels Ads.

With the introduction of the Reels Ads, you can showcase what makes your business different by producing Reels for the products or services your business offers. To get you started, here are five reasons why you should use Instagram Reels Ads to grow your reach and reel in your engagement.

Promote your products & services

Odds are, there are a ton of brands out there doing what you do.  Using Instagram Reels Ads, SMBs and content creators can promote product videos, highlight services and amplify special offers in engaging ways. Whether your product is complicated and needs a thorough explanation, or you want to show off cool features, Reels Ads are a fun way to show off what makes your product great.  This also allows customers to be more inclined to purchase from you instead of your competitors. You can offer a fresh perspective here and position yourself to be in front of a much wider (and new) audience, generating tons of additional exposure with every Reels ads you promote.

Share your content with a new and diverse audience

With the wide adoption of Instagram Reels, users can now reach a wider and more diverse audience. The Reels ads algorithm is intuitive and powerful, ensuring businesses and creatives can benefit by leveraging the new ads feature on Reels to reach more people.

This means that whether you have a large-sized audience or not, your Reels can be discovered by the wider community – purely based on engagement. It is a golden opportunity for brands and content creators to grow their audience and get more followers. Instagram Reels is a huge opportunity for brands and businesses looking to drive awareness and sales from the platform.

Create unique content using interesting features

With Reels, you can boost your engagement rates to an all-time high by experimenting with cool video features and editing tools like sound effects augmented reality, timer and alignment to create seamless clips. You can also overlay music, speed things up or slow them down, add special effects, and more.  Users who like your ads will be able to engage with the ads through likes, comments, and shares.

Showcase your brand’s personality

People want to get to know the person (or the people) behind the business. Instagram Reels Ads provides a simple and effective way to humanize brands and express brand personality in a fun way. By using Instagram Reels ads, SMBs and content creators can successfully craft an authentic tone of voice that resonates with their target audience.

Some effective ways to showcase brand personality to Reels watchers are by latching onto trends and “rewarding” viewers with discounts and exclusive opportunities. In addition, Reels ads are perfect for sharing corporate videos and/or “behind the scenes” content, whilst taking the time to introduce work environment and business collaborators.

Access Reels through multiple points

The visibility on the Reels for the Instagram audience is highly beneficial for brands, businesses and creatives alike. The potential to get discovered on Reels ads is high, as Instagram users can assess reels from four different entry points:

a) Reels in Stories

b) A dedicated Reels Explore Tab

c) Reels in Explore

d) Reels In-Feed Unit.

Reels Ads can be used by big brands, small brands, and content creators who are interested in growing reach and reeling in engagement.

They offer fresh perspectives and breathe new life into your Instagram account to help you build your following. However, make sure you aim to use reels ads strategically and with purpose before you get started.

GIGL Partners JET Motor To Launch First Electric Vehicle For Deliveries In Nigeria

GIG Logistics has partnered with JET Motor Company to launch its first electric vehicle (EVs) for deliveries in Lagos.

As GIG Logistics takes a pioneering step into the world of electric vehicles for deliveries in Nigeria, it’s worth considering the broader impact of electric mobility. While the focus here is on delivery vans, electric vehicles come in various forms, from delivery vans to 30 mph electric scooters, which are becoming increasingly popular for urban commuting. If you’re interested in exploring the world of electric scooters

Speaking at the launch, the Director of Operations Services and Hubs at GIG Logistics, Ocholi Etu, expressed that the new EV fleet stemmed from an agreement that was made about 2 years ago to push the company’s free carbon initiative.

“This started about two years ago when we reached out to Jet Motors to help us push our carbon-free initiative. By carbon-free, I mean we are looking at having total electric vehicles do our deliveries all around Nigeria”

Ocholi Etu, the Director of Operations Services and Hubs at GIG Logistics

He added that GIGL is the first African logistics company to make this bold move.

The new electric vehicles are 100% electric delivery vans well suited for Nigerian roads.

Oluwemimo Joseph, the strategy and projects head and chief financial officer of JET Motor Company, explained that the van can cover a distance of about 240KM, easily factoring in the heavy traffic in the Lagos metropolis. He, however, added that under normal circumstances the van can cover up to 300 km.

GIGL Partners JET Motor To Launch First Electric Vehicle For Deliveries In Nigeria-Brand Spur Nigeria
GIGL Partners JET Motor To Launch First Electric Vehicle For Deliveries In Nigeria-Brand Spur Nigeria

Because of the issues with charging infrastructure, GIGL revealed that they will be starting with Intra-state deliveries. According to Ocholi, the 240 KM per charge was enough for a full day’s work in the state.

Asked if the Van won’t be run out of power in heavy traffic, Joseph explained that it won’t as the discharge rate in traffic goes as low as 2%.

“People have asked me, what if you spend 10 hours in traffic, My reply was that the battery will not discharge at that same rate when the vehicle is stationary. So it means even of you spend 10 hours in traffic the rate of discharge will be like 2%. So you can easily cover 240 kilometres if the battery is fully charged”

Oluwemimo Joseph, strategy and projects head and chief financial officer of JET Motor Company

In terms of charging infrastructure, a state of the art charging facility has been built within GIG logistic digital hub in Gbagada which can charge the van to full charge in 2 hours.

The GIGL Director revealed that 4 electric vans have already been delivered and will be used for last mile delivery within Lagos.

As part of the partnership, GIGL will also receive 1 year maintenance of the vehicles and proper training of personnel in use and maintenance.

Speaking of the benefits of the new EV, Ocholi revealed that the van will help the company serve its customers better by providing better services at affordable rates.

Lagos to see more EV delivery vans
The new partnership, according to the company, is long term with no set date of termination. Ocholi revealed that the EV unit received is just the first of many.

He explained that GIG logistics has plans to phase out the ICE and make their fleet completely electric in the future

However, he didn’t give a timeline. According to him, this is because the goal is a continuous process plagued with so many challenges like infrastructure that needs to be solved.

Speaking on its ability to provide local EVs, JET Motor’s project head revealed that they have a plant along Epe.

The company’s Director of Sales and Marketing, Rupani Sanjay added that the plant currently has the capacity to produce between 5 to 7 vehicles in a day.

GIGL partners JET Motor Company to launch Nigeria's first electric vehicle for deliveries - Ouut - Startup news and analysis for emerging markets

Sanjay revealed that since its founding in 2018, the Nigerian automobile company has produced about 500 units.

He explained that the EVs have a European design with Asian technology in the mix. It also uses a lithium-ion battery that has a lifetime of about 5 years

Electric Vehicle, A Giant Step for the country

The launch of the locally made electric vehicle is a major step for the country. Mr Ocholi Etu commented that the new EV tech is an appeal to the government to meet halfway in the drive for a greener Nigeria.

He explained that the government can help significantly by providing infrastructure like charging points, assisting with taxes on parts and investing in the space.

He was not alone as Wemimo also highlighted that government support is very important because of the poor infrastructure in the country.

He particularly pointed out that the production of charging machines and establishing charging stations across the country was important

The future is to go green

Carbon neutrality has been the main focus of the global business world in the last five years. The logistics space has been attributed as one of the largest contributors to carbon emission which leads to ozone layer depletion.

As a company that is also very focused on technology, GIGL believes that the future is to go green.

Ocholi revealed that adopting EVs aligns with the company’s goal of becoming a 0 carbon company. He highlighted that EVs are eco-friendly, noiseless and efficient in terms of maintenance cost.

Electric vehicles have 70% lower maintenance cost compared to the internal combustion engine (ICE)

Ocholi Etu, the Director of Operations Services and Hubs at GIG Logistics

EVs are the Future. In some part of the world like the EU and the US, they are already considering the possibility of phasing out the internal combustion engine.

The GIG director believes that in no distant time it’s also going to happen in Nigeria

Mr, Joseph however called for urgency. According to him, by 2050, the manufacturing of ICE would have been completely discontinued.

Milk Production: Bowen University To Partner FrieslandCampina WAMCO

The Vice-Chancellor of Bowen University, Prof. Joshua Ogunwole, has said the university is ready to partner with FrieslandCampina WAMCO on milk production.

Ogunwole said the aim of the university was to change the way herders in communities around the university rear livestock and produce milk.

There are many pastoralists in Iwo and its environs where the university is located and the vice-chancellor said the university was set to transform the economy of the town and its residents.

Ogunwole, who said this at the 20th-anniversary lecture of the Bowen University in Iwo stated the university was set to have positive impact on the economy of the town, saying many would benefit from this.

Ogunwole said the university must be on the cutting edge of some technology if it must survive in the generations to come.

He said, “We will teach people to produce milk and we will purchase the milk from them. We will guide people on how to grow grasses for animals.

“We are not going to use the cattle you already know. We will use artificial insemination to develop the ones we want.

“We are doing that with the industry, with the makers of Peak milk, FrieslandCampina, and we are starting by the grace of God by the end of August.”

He explained that he had a dream to turn the university to a technology hub where experts in various technology fields would mentor the students and which would attract many students to come and learn the available skills for the future.

A former Pro-Chancellor and Chairman, Governing Council of Bowen University, Prof. Adebisi Adebowale, who delivered the anniversary lecture said the university should chart a clear course to make its internally generated revenue outstanding.

Governor Abiodun Commissions Intravenous Fluid Manufacturing Company

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Governor of Ogun State, Dapo Abiodun, has officially commissioned the Med-In Pharmaceutical Limited, an intravenous fluid manufacturing company, Sagamu, Ogun State.

The governor called for more collaboration between the private sector and government to develop the country’s health care sector with a view to reducing medical tourism.

Governor Abiodun Commissions Intravenous Fluid Manufacturing Company-Brand Spur Nigeria 2
Governor Abiodun Commissions Intravenous Fluid Manufacturing Company-Brand Spur Nigeria

He described the establishment of the medical company as another veritable investment in the health sector, noting it would go a long way in reducing importation of medical consumables.

While commending Med-In Pharmaceuticals for expanding its facility from 400 to 4,000 capacity intravenous fluid manufacturing per hour, the governor said his administration would continue to put measures in place to enhance ease of doing business in Ogun.

The governor noted further that existing businesses in the state have continued to thrive and new ones are being attracted, to increase the socio-economic development of the state.

Governor Abiodun Commissions Intravenous Fluid Manufacturing Company-Brand Spur Nigeria
Governor Abiodun Commissions Intravenous Fluid Manufacturing Company-Brand Spur Nigeria

In his remarks, the governor of Lagos State, Babajide Sanwo-Olu, noted that the commissioning of the pharmaceutical plant was an opportunity to improve on the demand and supply in the health sector, declaring that the country has to be less vulnerable to market forces.

Represented by the State Commissioner for Health, Prof. Akin Abayomi, Sanwo-Olu also noted that the third wave of the COVID-19 is currently being felt around the globe and enjoined Nigerians to continue to adhere to the pandemic regulations.

The Managing Director of the Company, Tola Awosika, thanked Governor Abiodun for the role he played to ensure that the company got another land when it was asked to leave its previous site by the immediate past administration, even while he was yet to become governor.

May be an image of 2 people, people standing, balloon and outdoors

Awosika explained that the company aside from expanding from its production capacity, was also planning to go into intravenous medication.

SWIFT Launches SWIFT Go For SMEs, Others

SWIFT has launched new, faster and strong security with SWIFT Go, a key building block in the co-operative’s strategy to enable instant and frictionless cross-border transactions; Seven leading global banks already live with the service.

SWIFT today announces the launch of SWIFT Go, a transformative new service that enables small businesses and consumers to send fast, predictable, highly secure, and competitively priced low-value cross-border payments anywhere in the world, direct from their bank accounts. Seven global banks, which collectively handle 33 million low-value cross-border payments per year, are already live with the service.

SWIFT Go enables financial institutions to offer a seamless payments experience for low value transactions often initiated by small- and medium-sized enterprises (SMEs) to pay suppliers overseas and by consumers sending money to friends and family internationally. Using tighter service level agreements between institutions and pre-validation of data, SWIFT Go enables banks to provide their end customers a fast and predictable payments experience with upfront visibility on processing times and costs.

The SWIFT Go service builds on the high-speed rails of SWIFT gpi, which have transformed the speed and predictability of high-value payments. The service marks another milestone in SWIFT’s strategy to enable instant and frictionless transactions from one account to another, across SWIFT’s network that connects more than 11,000 institutions, and 4 billion accounts across 200 countries worldwide. It will further strengthen the capabilities of banks to serve their customers in the high-growth small business and consumer payments segments.


Stephen Gilderdale, Chief Product Officer, at SWIFT said: “SWIFT Go is a further step towards achieving our vision of enabling anybody, anywhere, to send money instantly and securely around the world. The new service is a direct response to the needs of small businesses and consumers for fast, easy, predictable, secure and competitively priced cross-border payments. Our new service will allow banks to compete effectively in one of the fastest-growing segments of the payments market, delivering a seamless experience for their customers.”

SWIFT Launches SWIFT Go For SMEs, Others

SWIFT Go was developed in close collaboration with the global SWIFT community and is underpinned by several key pillars:

  • Speed: Tighter service levels between banks increase speed. A single payment format increases straight-through processing, while services such as pre-validation remove frictions that cause delays.
  • Predictability: The amount, time, fees and FX rate of a payment are known in advance. The sender and receiver of a payment can track the status in real-time.
  • Easy to use: The user experience is simple and streamlined, with data requirements known upfront. Strict network validation provides for easy initiation and processing of SWIFT Go payments
  • Competitive prices: Processing fees are agreed between financial institutions upfront so they can provide their customers with full transparency; increased straight-through processing further reduces processing costs.
  • Security: Senders and receivers have peace of mind that payments are underpinned by the strong security of the SWIFT network. Seven leading global banks are now using SWIFT Go live: BBVA; Bank of New York Mellon; DNB; MYBank; Sberbank; Société Générale, and UniCredit.Raouf Soussi, Head of Enterprise Payments Strategy of Client Solutions, BBVA said: “BBVA is very excited to be one of the first banks to sign up to SWIFT Go and we recognise the potential of this solution to revolutionise the way SMEs and consumers move money around the world. We have listened closely to our customers and we know how much they value a secure service that ensures payments reach their destination quickly and seamlessly.”

    Isabel Schmidt, Head of Direct Clearing and Asset Account Services Products, Bank of New York Mellon said:  “It’s no secret that for many years consumers and small businesses have been running into varying pain points when transacting international payments. These challenges have included opaque costs and lack of certainty on how quickly funds are delivered to the final beneficiary. This is why BNY Mellon is pleased to be the first US bank to go live with SWIFT Go, a new service that overcomes all of these challenges and assists financial institutions in delivering a competitive, seamless, fast and predictable payments experience to their customers.”

    Feng Liang, Deputy CEO, MYBank said: “SWIFT gpi has become the benchmark for high-value cross-border transactions and we are confident that SWIFT Go will be equally as transformative for SME payments. By providing for instant, seamless transactions within one of the highest growth areas of our industry, we expect that adoption of SWIFT Go will be widespread and that it will quickly be established as the industry standard for lower value transactions.”

    Jean-François Mazure, Head of Cash Clearing and Correspondent Banking, Société Générale said: “As customer expectations for faster payments evolve, the correspondent banking industry requires a solution to more competitively process SME and consumer payments. SWIFT Go fits perfectly with it, allowing us to provide an outstanding experience to our customers with predictable, seamless, and frictionless low-value cross-border transactions reaching beneficiaries accounts quicker than ever.”

    Raphael Barisaac, Global Head of Cash Management, Global Co-Head of Trade, UniCredit said: “UniCredit has long been a keen supporter of innovations within payments that deliver excellent outcomes for end-customers, and as such we are very proud of our involvement in SWIFT Go. This is a service that will lead to real benefits for SMEs and consumers, allowing them to enjoy the speed, predictability and transparency that SWIFT gpi has brought to high-value transactions.”

Two New Non-Executive Directors Join Wema Bank

Wema Bank has announced the appointment of two Non-Executive Directors to its Board of Directors following the approval of the Central Bank of Nigeria.

The two new directors are Prince Olusegun Adesegun and Mr Adeyemi Adefarakan, both of whom are bringing a wealth of corporate administrative experience to the bank. Prince Olusegun Adesegun is a Psychologist with a Masters’ Degree in Industrial Psychology from the University of Ibadan.

He worked in Pyramid Products Limited, starting as Manager in Training and rose to become the General Manager of the then Eastern Zone in 1988. Upon retirement, he engaged in private business and has over time garnered experience in marketing administration, management, and supply chain logistics solutions.

He eventually became the CEO of Pecol Ventures Limited – a cash crop export and paper products company which he helped grow from a small producer to a large, world-class Agric-Export firm.

Between 2011 – 2015, Prince Olusegun Adesegun served as the Deputy Governor of Ogun State. He is currently a Career Counsellor and Consultant for high-quality investment decisions. In a career that spans 20 years, Adeyemi Adefarakan joins Wema Bank’s Board of Directors with valuable experience in global investment banking, portfolio risk, asset, and financial management exposure.

He graduated with a BSc (Hons) in Economics & Accountancy from the prestigious City University, London, and holds a master’s degree in International Securities, Investment & Banking from the acclaimed ICMA Centre at the University of Reading, U.K. He is also an alumnus of the Emerging CFO: Strategic Financial Leadership Programme at Stanford Graduate School of Business, USA, and currently pursuing a Global CEO Africa Programme in the triumvirate of business schools comprising Lagos Business School, Strathmore Business School (Nairobi, Kenya) and Yale School of Management (Connecticut, USA).

He forged his career on the trading floors of some of London’s financial powerhouses including State Street Global Markets, DRW Investments, JP Morgan Chase, Deutsche Bank and HSBC Global Asset Management. In his years in London, he traded both vanilla and complex instruments and risk-managed multi-billion-dollar multi-asset portfolios.

Mr Adeyemi currently serves as the Group Chief Financial Officer and an Executive Director on the board of CBSL (Continental Broadcasting Service Limited) alongside other board positions where he creates and extracts shareholder value through active board engagement.

Speaking on the appointments, Mr Ademola Adebise, MD/CEO of Wema Bank said: “It thrills us to welcome the new appointees to the Board of Wema Bank. The decision to appoint Mr Yemi and Mr Olusegun is because of their wealth of experience in corporate and public administration which is key to the success of the Board of Wema Bank.

We believe their skills and industry will be valuable to the bank as we work to actualize our goals of becoming the Most Dominant Digital Banking Platform in Nigeria.”