GCR Upgrades Rand Merchant Bank Nigeria’s Ratings; Outlook Stable

30 June 2021 – GCR Ratings (GCR) has upgraded the national scale long and short-term ratings assigned to Rand Merchant Bank Nigeria Limited to AA-(NG) and A1+(NG) respectively, with a Stable Outlook.

Rated Entity Rating class Rating scale Rating Outlook
Rand Merchant Bank Nigeria Limited Long Term issuer National AA-(NG) Stable
Short Term issuer National A1+(NG)

Rating rationale

The rating upgrade is underpinned by Rand Merchant Bank Nigeria Limited’s (RMBN) strong capitalisation, adequate funding and liquidity, and sound risk position characterised by nil non-performing loans (NPL) since inception to date. Further supporting the rating is the robust financial and technical support from its parent, FirstRand Group (FirstRand), one of the leading financial services groups in Africa.

RMBN is a wholly-owned subsidiary of FirstRand. Leveraging its membership of the Group, the bank has continued to harness the financial strength and global reach of the Group to support its corporate clients along the international trade value chains.

Rand Merchant Bank

Positively, the evolution of the bank’s fully owned subsidiary (RMB Nigeria Nominees Limited), which was incorporated in January 2019, provided additional impetus for service/product diversification and earnings accretions.

However, these strengths are counterbalanced by the bank’s moderate market share within the Nigerian banking industry in terms of total assets, customer deposits, and loan portfolio, which is estimated at 0.4%, 0.2% and 0.2% respectively at FY20. Management & Governance is a neutral rating factor.

RMBN’s strong capitalisation is a key rating strength, with the capital adequacy ratio (CAR) consistently exceeding the regulatory threshold by a significant margin. As of FY20, CAR was robust at 47.5% (FY19: 50.1%), relative to the regulatory minimum of 10%, thus providing adequate headroom for loss absorption.

Similarly, GCR’s computed core capital ratio stood at 40.9% at FY20 (FY19: 50.2%) and expected to remain within a strong range over the next 12-18 months on the back of the bank’s solid internal capital generation and cautious risk asset growth.

However, earnings quality is a rating constraint, reflected by revenue stability risk characterised by high source concentration and material exposure to market-sensitive income, which has historically constituted over 40% of total operating revenue. That said, we expect the bank’s increased value proposition, and operational scale expansion to further support earnings diversification and accretion over the short to medium term.

RMBN’s risk position is sound and well contained, as evidenced by the nil NPL recorded since inception till date. Credit losses have also remained moderate at 0.6% at FY20 and broadly compared favourably with the industry average of c.2%.

Conversely, loan book concentration is assessed at an elevated level, with the twenty largest obligors constituting 99.7% of the loan portfolio at FY20. While loan concentration is typical of merchant banks in Nigeria, management anticipates a somewhat diversified loan portfolio over the short to medium term on the back of its recent loan book expansion strategy.

GCR is also cognisant of the bank’s significant exposures to market risk in view of the substantial market-sensitive income realised in FY20.

The bank’s funding structure is adequate, with the GCR long term funding ratio and stable funding ratio registered at 98.8% and 74% respectively at FY20. Customer deposits increased by 14.4% at FY20, largely driven by the bank’s improved low-cost deposits mobilisation capacity via its transactional banking platform, as well as leveraging partnerships with fintechs.

As a result, the relatively cheaper current deposits constituted a higher 52.8% of customer deposits at FY20 (FY19: 18.7%), thereby leading to 420bps moderation in the cost of funds to 4% at FY20. Analysis of the deposits book reflects high concentration risk, with the twenty largest depositors constituting 86.8% of customer deposits at FY20.

Positively, the bank’s liquidity position remains strong, with the regulatory liquidity ratio of 130% at FY20 relative to the regulatory minimum of 20%. Going forward, we expect the bank’s liquidity metrics to remain strong on the back of its highly liquid balance sheet.

The national scale Issuer ratings benefit from parental support. The bank is wholly owned by FirstRand, which is headquartered in South Africa, delivering finance solutions across nine key African countries, the United Kingdom and India. We believe FirstRand has the capacity to support the bank based on its sound financial profile and good geographic diversification.

Outlook statement

The stable outlook reflects GCR’s expectation that RMBN’s capitalisation metrics would remain strong on the back of its good internal capital generation and cautious risk asset creation. Asset quality metrics are anticipated to be maintained at sound levels, albeit with the loan portfolio concentration by obligor remaining high. We also believe funding and liquidity will remain stable and adequate.

Rating triggers

The rating could be upgraded if RMBN maintains capitalisation and asset quality metrics at strong levels on a sustainable basis and achieves loan book diversification. Conversely, a downward rating movement could be triggered by material deterioration in capitalisation and asset quality metrics.

GCR Ratings Places CardinalStone’s Credit Ratings On “Review Extension”

GCR Ratings (GCR) has placed CardinalStone Partners Limited’s national scale long and short-term issuer ratings of BBB-(NG) and A3(NG) respectively on ‘Review Extension’. The rating process is ongoing and GCR expects to publicly release the updated rating results by 30 June 2021.

The ratings assigned in the last review are still in effect and remain unchanged until the review process is completed.

CardinalStone Partners Limited – Rating History

Rating class Review Rating scale Rating Outlook/Watch Date
Long Term Issuer Initial/Last National BBB-(NG) Stable Outlook June 2020
Short Term Issuer Initial/Last National A3(NG)

SALIENT POINTS OF ACCORDED RATING

GCR affirms that

  1. no part of the rating process was influenced by any other business activities of the credit rating agency;
  2. the ratings were based solely on the merits of the rated entity, security or financial instrument being rated; and
  3. such ratings were an independent evaluation of the risks and merits of the rated entity, security or financial instrument.

CardinalStone GCR Ratings

The credit ratings have been disclosed to the rated entity. The ratings above were solicited by, or on behalf of, the rated entity, and therefore, GCR has been compensated for the provision of the ratings.

The rated entity participated in the rating process via teleconferences and other written correspondence.

NESTLE, MTN Led Local Bourse to Close ‘H1 on a Positive Note, Gain N138.94B

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The Nigerian Bourse closed trading activities for today (Wednesday) in a northward direction, as the market extends the previous day’s gain by N138.94billion. The bullish performance was buoyed by investors’ bargain hunting on recently depreciated medium and large-scale stocks like NESTLE, MTNN and 18 others

Consequently, the market indicators (NGX-ASI) increased by 0.71%. Furthermore, the market breadth closed positively, recording 20 gainers as against 16 losers.

In summary, the All-Share Index (ASI) grew by 266.53 absolute points, representing an increase of 0.71% to close at 37,907.28 points. Similarly, the overall Market Capitalization value gained N138.94 billion, representing a surge of 0.71% to close at N19.76 trillion.

LOCAL BOURSE MTN & 19 others led equity market to sustain growth, gains N35.99bn Brandspurng Zenith Bank
Photo by Alec Favale on Unsplash

NESTLE emerged as the top gainer (by percentage points) for today, with a maximum price appreciation of +10.00 while BOCGAS emerged as a  top loser (by percentage points) with a maximum price depreciation of -10.00%.

Today’s market upturn was driven by price appreciation in large and medium capitalized stocks amongst which are; NESTLE (+10.00%), IKEJA HOTEL (+9.92%) OANDO (+9.67%), LINK ASSURE (+9.09%), BERGER (+9.09%), WEMA BANK (+8.62%), CHAMPION (+5.00%), JAIZ BANK (+3.64%), UAC-PROF (+3.61%), HONYFLOUR (+3.09%), VITAFOAM (+3.01%), FLOUR MILLS (+2.75%), UNILEVER (+2.32%), FBNH (0.68%), MTNN (0.61%) and UCAP (0.32%).

MARKET STATISTICS

CAP N19,760,386,772,978.61 One Day (ASI CHG) +0.71%
Index 37,907.28 One Week (ASI CHG) +0.27%
Volume 213,704,495.00 One Month (ASI CHG) -0.91%
Value ,N3,231,507,812.89 Six Months (ASI CHG) -4.06%
Deals 3,522.00 52 Weeks (ASI CHG) +54.85%
Gainers 20 Losers 16
Unchanged 70 Total 106
YTD Returns -5.87%

Source: Ngxgroup.comGTI Research 

Sector Performance

Security Change Percent
NGX30 0.85
NGXBNK -0.06
NGXCNSMRGDS 4.82
NGXINDUSTR 0.00
NGXINS -0.14
NGXLOTUSISLM 2.38
NGXOILGAS 0.74

Top 7 Gainers

Security Previous Close Open Price Close Price Change Price % Change
NESTLE 1400 1400 1540 140         10.00
IKEJAHOTEL 1.21 1.21 1.33 0.12           9.92
OANDO 3 3 3.29 0.29           9.67
LASACO 1.37 1.37 1.5 0.13           9.49
LINKASSURE 0.77 0.77 0.84 0.07           9.09
BERGER 7.7 7.7 8.4 0.7           9.09
WEMABANK 0.58 0.58 0.63 0.05           8.62

Top 7 Losers

Security Previous Close Open Price Close Price Change Price % Change
BOCGAS 9.5 9.5 8.55 -0.95 –      10.00
SOVRENINS 0.28 0.28 0.26 -0.02 –        7.14
PZ 5.65 5.65 5.25 -0.4 –        7.08
REGALINS 0.49 0.49 0.46 -0.03 –        6.12
CHAMS 0.21 0.21 0.2 -0.01 –        4.76
COURTVILLE 0.21 0.21 0.2 -0.01 –        4.76
CHIPLC 0.63 0.63 0.6 -0.03 –        4.76

Top 7 Traders By Value

Security Close Price  Daily Volume   Daily Value 
MTNN 164       10,174,366         1,668,497,925.00
ZENITHBANK 23.75       11,156,097             265,133,042.20
NESTLE 1540             140,899             213,692,790.00
GTCO 29.9          6,830,461             203,188,201.65
FLOURMILL 29.85          5,664,204             168,095,071.85
ACCESS 8.45       13,743,056             116,548,539.10
UBA 7.3       13,559,074               98,945,123.20

Top 7 Traders By Volume

Security Close Price  Daily Volume   Daily Value 
WEMABANK 0.63       18,306,336               10,885,825.37
OANDO 3.29       15,619,056               47,760,633.90
MBENEFIT 0.43       15,101,033                 6,314,887.20
ACCESS 8.45       13,743,056             116,548,539.10
UBA 7.3       13,559,074               98,945,123.20
SOVRENINS 0.26       12,456,428                 3,287,545.16
HONYFLOUR 1.67       12,150,515               20,348,332.52

 

The overnight (O/N) rate closed at 12.00%, representing 5.25% depreciation against Tuesday’s position. while Open Buy-Back (OBB) rate closed at 11.50%, representing 5.25% depreciation against Tuesday’s position.

The Investors and Exporters (I&E) FX window opened at N411.21, traded high at N420.90, traded low at N387.67, and eventually closed at N411.50, representing 0.16% depreciation against Tuesday’s closing position. However, at the BDC, the naira remains unchanged at N500.00.

Nigeria’s foreign reserve weakened by $46.27 million to $33.37 billion on (29/06/2021) from $33.42 billion on (28/06/2021), representing a 0.14% decline.

The Brent crude increased by $0.14 to $74.28 on (29/06/2021) from $74.14 (28/06/2021), representing a 0.19% increase in price. While Bonny Light also grew by $0.37 to $74.61 on (29/06/2021) from $74.24 on (28/06/2021)

Flour Mills of Nigeria Reports ₦25.72B Profit, Up 126% On Revenue Of ₦772B

Flour Mills of Nigeria Plc (FMNPLC), leading integrated food business and agro-allied Group, and owners of the iconic brand, ‘Golden Penny,’ announced its 2021 Audited results for the period ended March 31st, 2021. The company recorded a revenue of N772 billion, an increase of 34% over N574 billion posted in the previous quarter.

Consequently, Profit After Tax (PAT) increased by 126%, growing from N11.38 billion to N25.72 billion in the period under review while its Profit before tax (PBT) grew by 116% to N37bn.

The cost of sales grew by 34% to N664.85 billion from N507.99 billion in the previous quarter. However, the company’s administrative expenses grew by 24%, from N29.05 billion in Q1 2021 to N23.34 billion.

Flour Mills of Nigeria Grows PAT By 68% To N9.9 Bn and Investments In Agro-Allied Yield Returns

Flour Mills of Nigeria’s net assets grew by 12% from N156bn to N175bn while its earnings per share of N6.38 Vs N2.25 YoY.

The Directors are pleased to recommend shareholders at the forthcoming annual general meeting the declaration of a total of N6.77 billion (2020: N5.74 Billion) representing a dividend of NI.65 (2020: N1.40) per ordinary share of 50 kobo each. This dividend, if approved, is s subject to deduction of appropriate withholding tax. The total shareholders’ fund was N174.6 billion.

NBC, RecyclePoints Launch Plastic Recycling Bank In Lagos

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As part of its commitment to driving its global World Without Waste agenda, the Nigerian Bottling Company Ltd (NBC) in partnership with RecyclePoints, a waste recycling, and social benefit organization commissioned a Plastic Recycling Bank.

Brand Spur Nigeria learnt that the recycling bank, which is located at its Ikeja Manufacturing Plant in Lagos, will help ensure that post-consumer PET plastics are collected and recycled.

The company, along with its partner, Coca-Cola Nigeria Ltd, has been at the forefront of efforts to tackle the challenge of improperly disposing of plastic waste in the country; forging partnerships and alliances with waste collectors, industry leaders, governments, NGOs, waste aggregators, development agencies, and consumers to address the issue.

Speaking at the Recycling Bank launch event, Managing Director of NBC, Matthieu Seguin, said “The world has a packaging waste problem, and our ‘World Without Waste’ vision aims to help address it, and we want to help lead the way. Our position is, we want our bottles back. For every bottle we produce, we want it back.

“It has many advantages for the environment. We believe every package has value and life beyond its initial use and should be collected and recycled into either a new package or another beneficial use.”

He further highlighted some measures that the company has taken to support its World Without Waste agenda saying, “we have taken steps such as light-weighting our beverage packaging to conserve materials and reduce our packaging footprint, we have invested in redesigning all our primary and secondary packaging materials to be 100% recyclable. Recently we changed our Sprite Bottle from Green to a clear bottle to make it 100% recyclable and easier to recycle.

NBC, RecyclePoints Launch Plastic Recycling Bank In Lagos-Brand Spur Nigeria
NBC, RecyclePoints Launch Plastic Recycling Bank In Lagos-Brand Spur Nigeria

Thirdly, we are driving the Extended Producers Responsibility (EPR) initiative, in collaboration with other industry stakeholders under Food and Beverage Recycling Alliance (FBRA). We will be scaling up this intervention, with the establishment of more recycling banks in other parts of the country. This is the first of seven recycling banks which NBC will be commissioning this year alone”.

Seguin, who is the current chairman of the Food and Beverage Recycling Alliance (FBRA), an industry coalition dedicated to building a sustainable recycling economy for food and beverage packaging waste, also made a case for sustainable partnerships, noting that the collaboration with RecyclePoints is also helping to bridge the unemployment and gender inclusion gap in Nigeria. Seguin explained that, “our partnership with RecyclePoints, will create about 2,000 new jobs, the majority of which would mostly be taken up by women and youth in the society”.

Also speaking at the event, Managing Director, Coca-Cola Nigeria, Alfred Olajide, remarked on Coca-Cola’s plan to address the improper plastic disposal challenge. “Working in partnership with NBC, our bottling partners and the Coca-Cola Foundation we have made giant strides towards making sure that we help rid the world of the menace of plastic packaging problems”.

“We have invested directly and indirectly in initiatives that help drive a circular economy for plastics through investments in recycling banks, by enabling recyclers to expand their activities and so on. This all stems from our commitment that by 2030, we want to collect back an empty bottle or can for each one that we put in the market. What we are doing here today is a demonstration that this goal is possible,” Olajide said.

He commended NBC and RecyclePoints for the partnership which he noted will lead to a cleaner Nigeria. “What is delightful for me is that we are walking the talk with this initiative.

The Assistant General Manager, Special Duties, who represented the Managing Director, Lagos State Waste Management Authority (LAWMA), Kemi Sulaiman, echoed similar sentiments, saying that NBC’s efforts to rid the environment of plastic waste support the objectives of LAWMA.

“You are actually helping us to do our work. If we all separate and recycle PET plastics like this across our homes, the lifespan of our landfills will be increased and what will end up going into the landfills will be 50% less”.

In his presentation at the event, the Director, Sanitization Services Department, who represented the Permanent Secretary, Lagos State Ministry of Environment, Dr. Hassan Sanuth, highlighted the regulatory framework of the ministry and how it aligns with NBC initiative. “I have to commend the effort of NBC and Coca-Cola Nigeria for keying into the global sustainable strategy of Coca-Cola, promising to recycle 100% of their products packaging materials by 2030.”

He urged other players in the industry to replicate the initiative across the country, to create commercial value for plastic wastes aggregators who will be tapping into the opportunities therein.

The launch of the Recycling Bank is one of the ways NBC is deepening its World Without Waste agenda in the country, leveraging valuable partnerships while promoting a more sustainable approach to handling wastes.

From 30 Million Cases To Zero: China Certified Malaria-Free By WHO

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Following a 70-year effort, China has been awarded a malaria-free certification from WHO – a notable feat for a country that reported 30 million cases of the disease annually in the 1940s.

“Today we congratulate the people of China on ridding the country of malaria,” said Dr Tedros Adhanom Ghebreyesus, WHO Director-General. “Their success was hard-earned and came only after decades of targeted and sustained action. With this announcement, China joins the growing number of countries that are showing the world that a malaria-free future is a viable goal.”

China is the first country in the WHO Western Pacific Region to be awarded a malaria-free certification in more than 3 decades. Other countries in the region that have achieved this status include Australia (1981), Singapore (1982) and Brunei Darussalam (1987).

“Congratulations to China on eliminating malaria,” said Dr Takeshi Kasai, Regional Director, WHO Western Pacific Regional Office. “China’s tireless effort to achieve this important milestone demonstrates how strong political commitment and strengthening national health systems can result in eliminating a disease that once was a major public health problem. China’s achievement takes us one step closer towards the vision of a malaria-free Western Pacific Region.”

Globally, 40 countries and territories have been granted a malaria-free certification from WHO  – including, most recently, El Salvador (2021), Algeria (2019), Argentina (2019), Paraguay (2018) and Uzbekistan (2018).

From 30 Million Cases To Zero: China’s Elimination Journey

Beginning in the 1950s, health authorities in China worked to locate and stop the spread of malaria by providing preventive antimalarial medicines for people at risk of the disease as well as treatment for those who had fallen ill. The country also made a major effort to reduce mosquito breeding grounds and stepped up the use of insecticide spraying in homes in some areas.

In 1967, the Chinese government launched the “523 Project” – a nation-wide research programme aimed at finding new treatments for malaria. This effort, involving more than 500 scientists from 60 institutions, led to the discovery in the 1970s of artemisinin – the core compound of artemisinin-based combination therapies (ACTs), the most effective antimalarial drugs available today.

“Over many decades, China’s ability to think outside the box served the country well in its own response to malaria, and also had a significant ripple effect globally,” notes Dr Pedro Alonso, Director of the WHO Global Malaria Programme. “The Government and its people were always searching for new and innovative ways to accelerate the pace of progress towards elimination.”

In the 1980s, China was one of the first countries in the world to extensively test the use of insecticide-treated nets (ITNs) for the prevention of malaria, well before nets were recommended by WHO for malaria control. By 1988, more than 2.4 million nets had been distributed nation-wide. The use of such nets led to substantial reductions in malaria incidence in the areas where they were deployed.

By the end of 1990, the number of malaria cases in China had plummeted to 117 000, and deaths were reduced by 95%. With support from the Global Fund to Fight AIDS, Tuberculosis and Malaria, beginning in 2003, China stepped up training, staffing, laboratory equipment, medicines and mosquito control, an effort that led to a further reduction in cases; within 10 years, the number of cases had fallen to about 5000 annually.

In 2020, after reporting 4 consecutive years of zero indigenous cases, China applied for an official WHO certification of malaria elimination. Members of the independent Malaria Elimination Certification Panel travelled to China in May 2021 to verify the country’s malaria-free status as well as its programme to prevent re-establishment of the disease.

Keys To Success

China provides a basic public health service package for its residents free of charge. As part of this package, all people in China have access to affordable services for the diagnosis and treatment of malaria, regardless of legal or financial status.

Effective multi-sector collaboration was also key to success. In 2010, 13 ministries in China – including those representing health, education, finance, research and science, development, public security, the army, police, commerce, industry, information technology, media and tourism – joined forces to end malaria nationwide.

In recent years, the country further reduced its malaria caseload through a strict adherence to the timelines of the “1-3-7” strategy. The “1” signifies the one-day deadline for health facilities to report a malaria diagnosis; by the end of day 3, health authorities are required to confirm a case and determine the risk of spread; and, within 7 days, appropriate measures must be taken to prevent further spread of the disease.

Keeping Malaria At Bay

The risk of imported cases of malaria remains a key concern, particularly in southern Yunnan Province, which borders 3 malaria-endemic countries: Lao People’s Democratic Republic, Myanmar and Viet Nam. China also faces the challenge of imported cases among Chinese nationals returning from sub-Saharan Africa and other malaria-endemic regions.

To prevent the re-establishment of the disease, the country has stepped up its malaria surveillance in at-risk zones and has engaged actively in regional malaria control initiatives. Throughout the COVID-19 pandemic, China has maintained trainings for health providers through an online platform and held virtual meetings for the exchange of information on malaria case investigations, among other topics.

Zenith Bank Appoints Omobola Ibidapo-Obe Ogunfowora as Non-Exec. Director

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The Board of Directors of Zenith Bank Plc is pleased to announce the appointment of Dr. Omobola Ibidapo-Obe Ogunfowora as an Independent Non-Executive Director of the bank. The appointment has been confirmed by the Central Bank of Nigeria (CBN).

Omobola Ibidapo-Obe Ogunfowora (PhD) Profile

Dr. Omobola Ibidapo-Obe Ogunfowora, a Legal Practitioner and Corporate Governance Practitioner, graduated LLB (Hops) from the Cardiff Law School, United Kingdom and obtained LLM from the same University in 2002.

Zenith Bank Emerges Best Bank in Nigeria in the Banker's Bank of the Year Awards 2020

She obtained a Master’s degree (MRes) from the Queen Mary University of London, the United Kingdom in 2010 and subsequently advanced to the Middlesex University, London, United Kingdom for her Doctorate degree and graduated with a PhD in Competition Law.

Dr. lbidapo-Obe Ogunfowora was a Law Lecturer at the University of Lagos, Nigeria where she lectured at the Department of Commercial and Industrial Law.

She has been a Dispute Resolution Compliance Specialist with Ombudsman Services, United Kingdom for almost a decade and has also been a Legal Counsel with Olusola Ibidapo-Obe Et Co., Legal Practitioners.

She had previously worked as a Research Assistant with the Lagos State Judiciary between February 2003 and August 2004.

She is Non-Executive Director with Barton Schools, Lagos, Nigeria, where she is responsible for overseeing the long term development of the schools and provide strategic advisory services to ensure the sustainability of schools.

Ecobank Group Named 2021 African SME Bank Of The Year

The Pan-African banking group, the Ecobank Group wins African Banker’s 2021 African SME Bank of the Year.

Ecobank beat a host of other banks in the African Banker Awards 2021 to take home the SME Award in a 2020 tumultuous year characterised by the Covid-19 pandemic which continues to ravage many African economies, with Small and Medium Enterprises (SMEs) taking the greatest hit.

Among other criteria, the African SME Bank of the Year award 2021 recognises the bank which has significantly contributed to the development of the SME sector, thus helping them to build the economic backbone of the continent. Part of the entry criteria required that the winning bank has significantly catalysed funding into the private sector in Africa and promoted enterprise development by facilitating credit and access to finance for SMEs.

Since the onset of Covid-19, the Ecobank Group has considerably ramped up investments in programmes targeting SMEs by expanding SME-focused lines of credit, providing technical assistance to SME development institutions and building SMEs’ capacity via linkage programmes in partnership with its strategic partners.

The Group has been at the forefront of promoting gender inclusion and closing the gender finance gap through innovative initiatives such as ‘Ellevate by Ecobank’ that targets women-led and women-focused businesses across the continent.

Ecobank Group Executive, Commercial Banking, Josephine Ankomah, said “2020 was a year of unprecedented challenges on account of the Covid-19 pandemic. It required resilience and innovation. We needed to rethink our business and provide innovative ways to assist our SME customers to help them to survive the difficulties brought about by the pandemic. We are truly honoured to receive this recognition. Our immense gratitude goes to our staff, customers and partners who have made this possible.”

Some of the measures taken by the Bank to support SMEs in 2020 include:

  • Proactively instituting mitigating actions, including tenor extensions and moratoriums on interest, to assist SMEs to manage their loan repayments;
  • Increasing the utilisation of digital channels, such as Ecobank Omni Lite, to provide customers with capabilities to make payments remotely and conveniently;
  • Upskilling staff to ensure their capacity to help develop the SME sector;
  • Collaborating with existing risk-sharing partners, particularly Development Finance Institutions (DFIs), to share a portion of the risk associated with our lending to the SME sector;
  • Partnering with tech giant Google to provide SME customers with the means to develop free online presence through the Google My Business platform;
  • Collaborating with the African Union’s Development Agency – AUDA-NEPAD – to focus on strengthening Africa’s support for micro, small and medium enterprises (MSMEs) and assist their recovery from the impact of the pandemic by empowering MSMEs with access to capabilities, markets and finance, so that they can play a pivotal role in restarting Africa’s economies;
  • Launch of ‘Ellevate by Ecobank’ which is a women-owned and women-focused product offering women an end-to-end partnership, through which they gain access to both financial and non-financial services such as financial education, product information, networking and recognition; and

 

Growing the number of merchants using Ecobank’s point-of-sale (POS) terminals from 5,571 to 15,878, in addition to attracting significant onboards onto EcobankPay, our flagship QR collections platform, from 180,060 to 248,664.

Chivita Unveils Chivita With Meals Campaign

Nigeria’s leading fruit juice brand, Chivita, has launched a new communication campaign tagged Chivita with Meals. The campaign is designed to inspire consumers to continue enjoying the quality nourishment Chivita juices provide, and to associate Chivita with everyday meal moments through consumption of Chivita with their meals in-home or out of the home.

The range of Chivita juices (Chivita 100%, Chivita Active, Chi Exotic, Happy Hour by Chivita, and Chivita Ice Tea) are a great combination of taste and nourishment which complement your everyday meals. The Chivita with Meals campaign, therefore, aligns with the popular trend amongst Nigerians who enhance their everyday dining experiences by complementing great tasting meals with nourishing beverages.

CHIVITA WITH MEALS

Complementing Chivita fruit juices, specifically anyone of the range of Chivita 100% healthy variants, with your breakfast meals is a good way to kick-start your mornings, as these products are packed with essential vitamins and minerals to boost your overall health. Drinking any of the Chivita fruit juices, for example, Chivita Active or Happy Hour by Chivita is a great way to finish off your meals & snacks.

Deployed across different communication channels including Print, Digital, and Out of Home, the Chivita with Meals campaign will be executed in different cities and regions across the country. The visually stimulating images showing different, familiar meals which appeal to and connect with the culture, traditions and ethnicity of the diverse Nigerian population.

The Chivita with Meals images has been mostly paired with 2 favourite products from the Chivita family – Chi Exotic and Chivita Ice Tea. According to Brand Manager, Mr. Oladapo Olanrewaju, “we developed our exciting communication in response to consumer feedback that tells us these 2 flavours are consumer favourites for pairing with meals, which gives them that great, pleasurable meal experience every day.”

Chivita range of fruit juices – Chivita 100%, Chivita Active, Chi Exotic, Happy Hour by Chivita, and Chivita Ice Tea – is the number one choice of fruit juices for Nigerian consumers. Not only are Chivita juices great tasting fruit juice beverages, they are also a daily source of nourishment, rejuvenation and refreshment, to individuals and Nigerian families.

Speaking on the newly launched campaign, CHI Limited Marketing Director, Mrs. Toyin Nnodi, stated that,

“The Chivita With Meals campaign aims to reinforce the fact that Chivita is the perfect fruit juice complement for your daily meals.”

“The Chivita with Meals campaign reminds health-conscious consumers that Chivita has a range of healthy and nutritious fruit juice options that complement their daily meals and snacks. Any one of our Chivita fruit juices with your meal not only delights your taste buds but also contributes to boosting your immunity and supporting your goal towards achieving good optimum health.”

Gates Foundation Commits $2.1Billion to Advance Gender Equality Globally

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Commitments at the Generation Equality Forum will advance women’s economic empowerment, strengthen health and family planning, and accelerate women in leadership as women suffer disproportionately from the pandemic

30 June 2021 – As part of the Generation Equality Forum convened by UN Women and co-hosted by the governments of Mexico and France, the Bill & Melinda Gates Foundation today announced a commitment of $2.1 billion over the next five years to advance women’s economic empowerment, strengthen women and girls’ health and family planning, and accelerate women’s leadership.

The forum takes place in Paris from June 30 to July 2, 2021, bringing together governments, the private sector, and civil society partners to commit to specific actions and announce financial, political, and programmatic commitments that will accelerate gender equality and advance women’s rights.

Gates Foundation Gender Equality
Photo by Tim Mossholder

Not since the Fourth World Conference on Women in 1995, when 47,000 participants and activists travelled to Beijing, has the world come together to take ambitious action that will have a transformational impact for women and girls.

“The world has been fighting for gender equality for decades, but progress has been slow. Now is the chance to reignite a movement and deliver real change,” said Melinda French Gates, co-chair of the Gates Foundation. “The beauty of our fight for gender equality is that every human being will gain from it. We must seize this moment to build a better, more equal future.”

The forum takes place at a critical inflexion point. While we have seen progress over the past quarter-century, nowhere on Earth are women on equal footing with men. Waves of opposition to women’s rights have emerged, and structural barriers to gender equality and women’s health still exist.

The foundation’s $2.1 billion commitment over the next five years will advance activity in three areas: economic empowerment, health and family planning, and accelerating women in leadership.

Funding includes:

  • Economic Empowerment: $650 million over five years: An expansion of the foundation’s existing work on women’s economic empowerment, this funding will support women’s empowerment collectives, strengthen the care economy, improve women’s financial inclusion, and reduce barriers to paid work.
  • Family Planning and Health: $1.4 billion over five years: This reaffirms and expands the foundation’s commitment to family planning and women’s health, with a focus on increasing options and access to contraceptives and support for a network of family planning partners, including UNFPA Supplies Partnership, Family Planning 2030, the Global Financing Facility, and the new Shaping Equitable Market Access for Reproductive Health initiative.
  • Accelerating Women in Leadership: $100 million over five years / $230 million over 10 years: This is an all-new funding commitment to accelerate women’s inclusion in leadership roles, primarily in health, law, and economics. It includes a contribution to a new fund by Co-Impact that aims to dismantle systemic barriers to gender equality and women and girls’ leadership around the world.
“Gender equality must be at the centre of the world’s efforts to make progress toward the Sustainable Development Goals,” said Bill Gates, co-chair of the Gates Foundation. “Prioritizing gender equality is not only the right thing to do, it is essential to fighting poverty and preventable disease. The Generation Equality Forum is an opportunity to hold leaders accountable so that we can ensure that all people, everywhere, have the opportunity to live healthy, productive lives.”
Today, the Gates Foundation also released new data that show pandemic-driven inequality is growing at an alarming pace, driven by disruptions to women’s health services, job losses in sectors where women are overrepresented, and a sharp increase in caregiving needs and other unpaid work. “Ripple effects of the pandemic have conspired to rob women and girls of opportunity,” said French Gates.

According to the International Labour Organization:

  • Unemployment for women rose by 9 million in 2020 compared to 2019 and is projected to increase by another 2 million in 2021. This pattern is not true for men, who are projected to see unemployment decrease in 2021.
  • Total global female employment in 2021 is expected to remain 13 million below its 2019 level. By contrast, total male employment is expected to return to close to its 2019 level, exacerbating existing inequalities in the workforce.

New data by Eurasia Group also highlight that gender-equal policy can fuel the global economic recovery from the COVID-19 pandemic:

  • Providing access to childcare for women around the world who currently lack it could deliver up to $3 trillion of additional GDP each year by enabling them to participate in the labour force.
  • Instituting cash transfer programs globally could lift up to 100 million women out of absolute poverty, which is defined as living on less than $2 per day.
“Women and girls already faced unique barriers to their full participation in social and economic life, and the latest data show that the pandemic has only sharpened gender disparities,” said Mark Suzman, CEO of the Gates Foundation. “Each data point represents a woman fighting for a better future, and this funding reflects our longstanding commitment to supporting all women in their fight for a fairer and more equal world.”
The foundation has been committed to family planning and women’s health since it began more than 20 years ago. For almost a decade, it has been supporting partners around the world to break down structural barriers that women and girls face and to advance women’s economic empowerment. Gender equality is core to the foundation’s work, and the Gender Equality division is focused on accelerating progress toward a more gender-equal world.