Bond Yields Push Higher As GDP Weakens By 6.10% YoY

Esan Bolaji
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0
Bond Yields Push Higher As GDP Weakens By 6.10% YoY

KEY INDICATORS

Bond Yields Push Higher As GDP Weakens By 6.10% YoY

FGN Bonds

The FGN bonds market opened the week to the news of negative growth for Nigeria’s GDP (-6.10% YoY). This compounded an already weak market, still reeling from the previous week’s primary auction. We noted offers across the benchmark curve all session, but with no matching bids as investors continue to sit on the sidelines. Even offers at the long-end at 10.00% levels were not seen as enticing enough to bring client demand. Consequently, yields expanded by c.25bps on the average across the bond curve.

We remain cautious to label the current market weakness as bearish as we expect demand from local investors to improve in the coming weeks as their liquidity positions improve from OMO maturities and FGN Bond coupon payments start rolling in.

Benchmark FGN Bonds

Bond Yields Push Higher As GDP Weakens By 6.10% YoY

Treasury Bills

On the flip side, ample system liquidity pushed activities in the OMO bills in one direction as demand continued to outweigh supply. Bid/Offer spreads remained wide, around 50bps apart on the average across the benchmark curve. We noted bids for the short-dated papers (Nov.—Dec.) at 3.30% levels with offers at 3.00% while at the long end (Jun.—Aug. maturities) bids at 3.90% levels remained unmatched as offers were stable in the mid-3% range.

We expect activity to improve in tomorrow’s session as the bids should improve downwards to match the offer levels.

Bond Yields Push Higher As GDP Weakens By 6.10% YoY

Money Markets

The Money Markets resumed right where it left last week, as rates remained stable amidst ample system liquidity boosted by FGN Bon coupon payments of c.N49.89Bn. Consequently, OBB and OVN rates closed at 2.00% and 3.00% respectively.

With more liquidity expected later in the week via OMO maturities, we expect rates to remain stable in the low single-digit range.

FX Market

The FX market has slumped back into its lull, with not much activity recorded in today’s session. The I&E FX Market volumes closed at $7.19mio, an 88% decrease from last week’s close, while the rates close unchanged at N386.00/$. At the parallel market, the Cash market rate appreciated by N1.00k to close at N475.00/$ while the Transfer rate closed unchanged at N480.00/$.

Eurobonds

The NGERIA Sovereigns opened the week on a stronger note, amidst general positivity seen in the sub-Sharan sovereign space. Consolidated increase in global oil prices boosted the sovereign papers, as demand hit the streets mostly from offshore players. Yields contracted by c.4bps on the average across the curve by the close of trading. In the SSA space, ANGOLA and EGYPT sovereign papers led the rally, as prices gained +25cents each while the ZAMBIA papers were the day’s losers following the sack of a market-friendly central bank governor by President Lungu.

The NGERIA Corps tickers had a more quiet session, with offers for ACCESS 2021s, FIDBAN 2022s, and SEPLLN 2023s in the streets all day seeing a lack of interests. The ETINL 2024s paper continues to remain scarce with the market all out of supply for that paper.

Bond Yields Push Higher As GDP Weakens By 6.10% YoY

 

Nigeria Agriculture Sector GDP: Still resilient amid COVID-19?

Esan Bolaji
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0
Nigeria Agriculture Sector GDP: Still resilient amid COVID-19?

Yesterday, the National Bureau of Statistics (NBS) released Nigeria’s GDP report for Q2-2020. According to the report, the Agriculture sector which contributes c. 25.0% to real GDP was one of the 6 of 19 sectors to record y/y growth in Q2-2020. This was as the sector’s GDP growth slowed to 1.58% y/y in Q2-2020 (vs. 1.8% and 2.2% recorded in Q2-2019 and Q1-2020, respectively).

Notably, we suspect that restrictions in movement coupled with extension of planting season into Q2-2020 must have left an underwhelming imprint on the sector growth during the review period.

Looking ahead, we expect the Agriculture sector to stay resilient through Q3 and Q4-2020.

Nigeria Agriculture Sector GDP: Still resilient amid COVID-19?
Sources: NBS, United Capital Research

Specifically, we are of the view that the lifting of the ban on inter-state movement since July-2020 ease some of the supply chain bottlenecks which dragged the Q2-2020 performance. Also, given that Q4 is a seasonally strong quarter in the Agriculture sector amid harvest, we expect economic activities to further improve through H2-2020.

The downside to the above outlook remains the possibility of an underwhelming harvest season, due to COVID-19 induced disruptions during the planting season and lack of rainfall.

Also, we reiterate the need for Nigeria to invest in training and education of farmers, storage facilities, transportation network to facilitate movement of crops from farm to market, as well as R&D to boost Agricultural yield.

Insider Dealing: Eterna’s CEO designate increases stake in Eternal Plc

Esan Bolaji
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0
Insider Dealing: Eterna’s CEO designate increases stake in Eternal Plc

Nnamdi Obiagwu, Executive Director/Chief Operating Officer – (CEO Designate effective 1st September 2020) of Eterna Plc, has acquired 200,000 shares (N1.90 per share) of the company in accordance with the Nigerian Stock Exchange policy on insider dealing.

This was issued in a statement signed by the Company Secretary, Bunmi Agagu released through the Nigerian Stock Exchange. According to the lender, the transaction took place on the Nigerian Stock Exchange floor, 19th August 2020.

Insider Dealing: Eterna’s CEO designate increases stake in Eternal Plc
Nnamdi Obiagwu

Q2 2020 Results

Recently, Eterna Plc released its Q2 2020 Unaudited results for the period ended June 30th, 2020. A glance at the company’s financials revealed that its revenue declined by -81.7% to N28.5bn from N155.8bn in the previous quarter.

Eterna declared N67m Loss in Q2 2020 while its profit before tax declined by 56.5% to N72m. Also, net Assets declined by -0.5% from N12.4bn to N12.3bn.

Transaction Details

Insider Dealing: Eterna’s CEO designate increases stake in Eternal Plc

Access Bank educates customers on ways to keep their accounts safe from scammers

Esan Bolaji
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0
Access Bank educates customers on ways to keep their accounts safe from scammers

Since the coronavirus pandemic began a few months back, fraudulent acts have spread like wildfire. There have been widespread reports of people who have either received an email, text message, or a phone call from scammers disguised as government officials. They claim to have been sent by the government to distribute COVID-19 relief funds and as such, request for the Bank Verification Number (BVN), OTP, PIN, and other personal bank details from unsuspecting people.

In a bid to protect account holders from the looming scam, the biggest retail bank in Africa, Access Bank, who has been at the forefront of the fight against fraud has swung into action, debunking such emails and claims and educating individuals on how to safeguard their accounts from any security breach.

Access bank, Scammers, accounts

The bank took to social media and other platforms to give insights on the scandalous activities of fraudsters. In order to stay safe at this time, Access bank has urged customers to do the following: Use strong passwords, not share their card number, password, PIN, BVN, OTP with anyone, be careful about using unsecured wifi connections, only use reputable websites when making purchases, check their account and bank statement regularly to ensure there are no unusual activities on it. For those who have lost their phones, they can following the following steps to keep their accounts secure:

  • Dial *901*911# from any phone
  • Input the registered phone number on the account to be blacklisted
  • USSD profile will be deactivated and blacklisted automatically

There is a high level of ease with online financial transactions but that ease is also accompanied by a high level of risk. When these measures are followed judiciously, it reduces the risk of being a victim of identity theft and will help one notice instantly if suspicious actions occur.

Access Bank is also encouraging customers to record fraudulent phone conversations and send them to stopfraud@accessbankplc.com in order for them to expose the scam patterns of these fraudsters. Remember that Access Bank will never ask for your confidential account details. Call the bank on 01-2712005 or mail contactcenter@accessbankplc.com to report any suspected scam. 

 

HEADLINES YOU MIGHT HAVE MISSED FROM BRAND SPUR

NNPC generates $4.60bn revenue from 19.104bn litres of crude oil, gas export in one year

The Nigerian National Oil Organization (NNPC), on Sunday, said it made a sum of $4.60billion from raw petroleum and gas sent out between June 2019 and 2020.

The shape of disruption in the retail space: how it works, how to respond to it, and why it matters

You won’t find too many jokes about ‘digital transformation’. It’s a serious business. And if you ask who is doing it, every corporate will raise their hands – but there’s little agreement around exactly what it is, the implications for the organisation, how to go about it. RMB’s recent retail client webinar, featuring Wits’ Prof Brian Armstrong, provided strong direction.

Nigeria’s GDP Shrinks by 6.10% in Q2 2020 – NBS

Nigeria’s Gross Domestic Product (GDP) decreased by -6.10% year-on-year) in real terms in the second quarter of 2020, ending the 3-year trend of low but positive real growth rates recorded since the 2016/17 recession.

Market Cap of the World`s Five Largest Automobile Manufacturers Plunged by $63bn in 2020

The COVID-19 pandemic has had a severe impact on the global automotive industry, causing supply chain disruptions and factory closures. All of this placed intense pressure on the market already coping with a downshift in global demand.

Digital Ticketing Sales to Grow 150% by 2022, as Passengers Return to Travel

Hampshire, UK – 24th August 2020: A new study from Juniper Research has found that digital ticketing transaction volumes will exceed pre-COVID levels by 2022; rising from 12.7 billion in 2020 to 32 billion in 2022. It anticipates that continued easing of global travel restrictions will drive increased demand for mobile ticketing in the rail, metro and bus sectors, as commuters return to work.

IITA empowers Ogoni youth on agribusiness for sustainable livelihoods

The Federal Government of Nigeria, through the Ministry of Environment in partnership with IITA, under the Hydrocarbon Pollution Remediation Project (HYPREP), commissioned a cassava processing factory in Korokoro Community, Tai Local Government Area of Rivers State.

Aruba Research: Network as A Service Adoption to Accelerate by 38% Within the Next Two Years as Businesses Adapt to COVID-19

74% of organizations reported moderate to significant impact to their employees due to the pandemic

Coronation Merchant Bank launches Mobile Banking App

Esan Bolaji
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0
Coronation Merchant Bank launches Mobile Banking App

Nigeria’s leading financial institution, Coronation Merchant Bank has once again blazed the trail in merchant banking with the launch of its mobile banking application. The App which is the first of its kind within the merchant banking space provides customers with easy access to their accounts as well as the ability to perform transactions seamlessly without the need for in-person banking.

In spite of the novel coronavirus, Coronation Merchant Bank has been at the vanguard of pioneering innovative solutions to enable its customers to achieve their strategic objectives.

Earlier this year, Coronation Merchant Bank announced its partnership with IFC (a member of the World Bank Group) to provide a $40 million Trade Finance Guarantee facility for its clients.

Coronation Merchant Bank launches Mobile Banking App

This was the first time in 5 years that IFC would approve such a facility in Nigeria. Furthermore, the Bank was recently appointed as a designated bank for the collection and remittance of all Revenue Payments (i.e. Import, Excise and other duties) by the Nigeria Customs Service.

Commenting on the launch, Banjo Adegbohungbe, Managing Director/CEO of Coronation Merchant Bank stated that, “We are delighted to be at the forefront of digital banking within the merchant banking space. We recognise that these are very difficult times and our customers are looking for a partner that can help them navigate the challenges induced by the COVID-19 pandemic. This is why we are constantly raising the bar and pushing the limits in service delivery by pioneering innovative solutions that make banking easier and faster for our customers”.

He further stated that “our goal is to consistently create value for our customers and to provide them with solutions that enable them to meet their strategic objectives. We remain committed to being there for our customers even in these difficult times”. 

The App is available for Download HERE

 

HEADLINES YOU MIGHT HAVE MISSED FROM BRAND SPUR

NNPC generates $4.60bn revenue from 19.104bn litres of crude oil, gas export in one year

The Nigerian National Oil Organization (NNPC), on Sunday, said it made a sum of $4.60billion from raw petroleum and gas sent out between June 2019 and 2020.

The shape of disruption in the retail space: how it works, how to respond to it, and why it matters

You won’t find too many jokes about ‘digital transformation’. It’s a serious business. And if you ask who is doing it, every corporate will raise their hands – but there’s little agreement around exactly what it is, the implications for the organisation, how to go about it. RMB’s recent retail client webinar, featuring Wits’ Prof Brian Armstrong, provided strong direction.

Nigeria’s GDP Shrinks by 6.10% in Q2 2020 – NBS

Nigeria’s Gross Domestic Product (GDP) decreased by -6.10% year-on-year) in real terms in the second quarter of 2020, ending the 3-year trend of low but positive real growth rates recorded since the 2016/17 recession.

Market Cap of the World`s Five Largest Automobile Manufacturers Plunged by $63bn in 2020

The COVID-19 pandemic has had a severe impact on the global automotive industry, causing supply chain disruptions and factory closures. All of this placed intense pressure on the market already coping with a downshift in global demand.

Read Also:  Dun & Bradstreet assists the public and private sectors during COVID-19 pandemic

Digital Ticketing Sales to Grow 150% by 2022, as Passengers Return to Travel

Hampshire, UK – 24th August 2020: A new study from Juniper Research has found that digital ticketing transaction volumes will exceed pre-COVID levels by 2022; rising from 12.7 billion in 2020 to 32 billion in 2022. It anticipates that continued easing of global travel restrictions will drive increased demand for mobile ticketing in the rail, metro and bus sectors, as commuters return to work.

IITA empowers Ogoni youth on agribusiness for sustainable livelihoods

The Federal Government of Nigeria, through the Ministry of Environment in partnership with IITA, under the Hydrocarbon Pollution Remediation Project (HYPREP), commissioned a cassava processing factory in Korokoro Community, Tai Local Government Area of Rivers State.

Aruba Research: Network as A Service Adoption to Accelerate by 38% Within the Next Two Years as Businesses Adapt to COVID-19

74% of organizations reported moderate to significant impact to their employees due to the pandemic.

Nigerian equity market sustains positive momentum, gains 0.03%

Esan Bolaji
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0
Nigerian equity market sustains positive momentum, gains 0.03%

The Nigerian equity market today (Monday) began the trading week on a positive note as the All-Share-Index appreciated by 0.03% to sustain the previous positive momentum to five consecutive trading days in a row. The uptrend was supported by value appreciation on some bellwether stocks like ZENITHBANK, GUARANTY, GUINNESS and 13 others.

Consequently, the market breadth closed at par, recording 16 gainers as against 16 losers.

In summary, the All-Share Index (ASI) increased by 7.25 absolute points, representing a growth of 0.03% to close at 25,229.12 points. While the overall Market Capitalization size gained N3.78 billion, representing an increase of 0.03% to close at N13.16 trillion.

The market upturn was paired with strong trading activity, as total volumes and values traded on the local bourse gained by 58.36% and 34.56% respectively, to a total of 251.19 million shares valued at N2.36 billion, in 3,737 deals.

UPL emerged as the top gainer while GREENWETF emerged as the top loser.

The upturn was impacted by gains recorded in large and medium capitalized stocks, amongst which are; JAPAULOIL (+5.00%), INTBREW (+4.17%), GUINNESS (+0.40%), GUARANTY (+0.40%) and ZENITHBANK (+0.30%).

MARKET STATISTICS

CAP N13,161,793,393,414.14 One Day (ASI CHG) +0.03%
Index 25,229.12 One Week (ASI CHG) +0.38%
Volume 251,188,123 One Month (ASI CHG) +3.28%
Value N2,360,422,200.49 Six Months (ASI CHG) -6.70%
Deals 3,737 52 Weeks (ASI CHG) -8.69%
Gainers 16 Losers 16
Unchanged 71 Total 103
YTD -6.01%

Source: NSE, GTI Research

FOREIGN EXCHANGE

The Naira at the official window today (Monday) closed at 381.00/$1, unchanged against the previous day’s position.

The Investors and Exporters (I&E) FX window opened at N386.38, traded high at N386.00, and eventually closed at N386.00, unchanged against the previous day’s closing position. A total of $59.34 million was transacted through the I&E window today.

MONEY MARKET

Overnight(O/N) rate today (Monday) closed at 3.00%, representing a 0.38% appreciation against the previous day’s closing position, while Open Buy-Back (OBB) rate closed at 2.00%, unchanged against the previous day’s position.

FIXED INCOME
Securities Close P. Close Change
Bond 353.50 355.93 -2.43 bps
T.Bills 127.05 131.28 -4.23 bps
Note: BPS=> Basis Points

Source: FMDQ, GTI Research

NASD OTC MARKET

The NASD OTC market today (Monday) closed on a positive note as the Unlisted Securities Index (USI) closed at 711.15, representing a 0.28% appreciation against the previous day’s closing position. Similarly, Market Capitalization close at N522.39 billion, representing a 0.28% appreciation against the previous day’s closing position. Consequently, the aggregate volume and value decreased by 450.44% and 30.13% respectively, as investors traded a total of 8,632 shares, worth N803.598.68 in 5 deal.

Standard Chartered: The Evolving Model of Wealth Management

Esan Bolaji
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0
Standard Chartered: The Evolving Model of Wealth Management

Dr. Owen Young, Regional Head of Wealth Management, Europe, Middle East and Africa, Standard Chartered Bank

Introduction

It would be a strong, yet fair claim to make, that banks have had to change their business models more than any other industry. New technology and capabilities which have been accelerated through the COVID pandemic have further disrupted banking including the hitherto slow-moving wealth management business.

This has shown the importance and growth of digital banking, but with change comes caution and fear so it still remains key for banks to maintain the human, trusted side of advising on wealth. The question is whether financial institutions will remain committed to the new models which have evolved during the crisis?  

COVID-19 has required a “double down” on technology solutions

The Covid-19 pandemic has required changes in behaviour from both clients and their advisors – and placed greater emphasis on digital solutions enabling remote engagement rather than face to face interactions. No longer can digital projects be postponed. Medium to long term plans has been re-evaluated to meet the current needs of clients.

Wealth managers need to look through the cycle to manage what the uncertain future will look like. Clients expect tailor-made services suited to their individual needs whether its easily accessible financial management platforms or face-to-face meetings.

The adoption rate for digital wealth management solutions has increased dramatically during the pandemic. Standard Chartered launched a mobile fixed income platform in selected African markets at the beginning of 2020.  By July, up to 50% of fixed income transactions were completed using the mobile app.

The diversification of digital product offerings in investments has given clients the option to choose where to invest based on market volatility during the COVID-19 situation. However, customers still care for an experienced professional who will translate and explain the strategies proposed by the systems, while offering support in the decision-making process.

The classic, relationship-driven business model with its communication channels such as telephone, email, and face-to-face meetings will not become obsolete, but there will be a shift from personal interaction to digitally-enabled client interactions via intelligent solutions and social media.[1]

We are now moving toward a hybrid model of people and technology. Whilst there is a place for automated services, Standard Chartered Wealth Management believe that our customers still appreciate banking with a human element, offering a personal touch and creating strong relationships.

Clients can engage with their Relationship Managers and complete investment transactions at a time, place and channel where it is convenient for them.

Increased digital capabilities have given clients greater flexibility to choose where to invest. In June 2020 alone, product sales rose to an all-time high as a result of the increased accessibility through digital channels. The bank has seen a 65 percent digital adoption in online mutual funds throughout our African markets.

Diversification of digital products offering can extend beyond helping clients to grow their wealth to also enabling clients to protect their wealth.  We saw a 94 percent digital adoption rate in general insurance throughout our African markets.

Through our SC Mobile App, we saw a 250% increase in wealth management transactions booked between March and April, when COVID-19 hit the African markets. Whilst Digital Transactions have increased during COVID-19 for Mobile Motor and Home Insurance.

On a monthly average, the transactions were 160% higher in 2020 on the Mobile App in Kenya compare to 2019 monthly average sale.

Clients have grown increasingly interested in protecting their wealth.  In the UAE, our life insurance business had the highest demand for the last three years. During the crisis, and without the luxury of face-to-face meetings, Standard Chartered has conducted numerous webinars reaching over 17,500 clients in Africa and the Middle East.

The webinars were conducted by the Bank’s investment strategists, economists and investments specialists keeping clients abreast of market developments and investment strategies without the need to meet face to face. 

Adapt to new business models

Based on current trends, over the next few years, the wealth management provider model will expand and refocus, with divides between people and machines fading. As client needs shift, services and interactions will evolve in multiple ways. For years, wealth management advice meant a client paired with a dedicated human advisor.

More recently, as algorithms have become today’s trending topic, many have chosen the technology-only route, citing the lower cost and around the clock access, it provides. However, for clients that have material assets to invest, neither alone constitutes the future of the wealth management industry. The COVID-19 pandemic has revealed the importance of pairing the human relationship with the support of technology.

It is becoming more apparent that firms that can provide an automated platform with periodic access to a human advisor rank as the most preferred scenario across a range of investor profiles, combining the best of both worlds for clients.

In this age of information overload, Standard Chartered curates the most diverse market research and combine this with our own expertise to help clients navigate financial markets and make the most of investments.

Through the bank’s digital channels, our customers have the ability to discuss investment and life insurance needs, review their portfolios and receive guidance on personal investment plans, execute investment and life insurance transactions, as well as updating or creating a Customer Investment Profile via the SC mobile app. 

Conclusion

Wealth managers have been quick to adapt, making tough decisions like never before, yet clients should take more comfort in knowing they are supported by dynamic individuals and cutting-edge technology.

The need for different strategies around innovation in the wealth management industry was clear before the pandemic and people are now embracing the much-needed advancements.

There will always be a balancing act for wealth management between the importance of 24-7 access to information digitally, along with the role of human interaction which reinforces trust, especially during times when people have questions and doubts for the future.

The biggest learning is that banks and wealth management have shown not only capabilities to adapt, but a willingness, which will only benefit the industry and clients for the long-term future.

[1] https://www2.deloitte.com/content/dam/Deloitte/de/Documents/financial-services/Wealth%20Management%20Digitalization.pdf

Insider Dealing: Nestle S.A Increases Stake in Nestle Nigeria

Esan Bolaji
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0
Insider Dealing: Nestle S.A Increases Stake in Nestle Nigeria

A substantial shareholder of Nestle Nigeria Plc, Nestle S.A, has increased its stake in its Nigerian subsidiary with the purchase of 636,384 additional shares on August 20, 2020.

In a statement signed by Bode Ayeku, Company Secretary, Nestle Nigeria Plc, Nestle S.A purchased additional 636,384 shares at an average price of N1,174.67 per share on August 20, 2020. This amounts to a total sum of N747,541,193.3

Nestle S.A. is a multinational packaged food company, that manufactures and markets a wide range of food products. The Company’s product line includes milk, chocolate, confectionery, bottled water, coffee, creamer, food seasoning and pet foods.

Based on its last financial statement: “Apart from Nestlé S.A, Switzerland, with 524,559,457 ordinary shares (representing 66.18%) and Stanbic IBTC Nominees Limited with 7.22%, no other shareholder held 5% or more of the paid-up capital of the Company as at 30 June 2020.”

Check out the transaction details below:

 

Insider Dealings: Nestle S.A Increases Stake in Nestle Nigeria
Source: NSE | www.brandspurng.com

Company Financials

Nestlé Nigeria Plc recently announced in its unaudited financial results for the half-year ended June 30, 2020, recording revenue of N 141.0 billion for the period January to June 2020.

The company reported a profit after tax of N 21.8 billion during the first half of 2020 representing a 16.84% decline.

  • Gross Revenue declined by -0.62% to N141.02bn from N141.90bn in the previous quarter.
  • Profit before tax declined by -16.26% to N33.86bn.
  • Profit after tax declined by -16.84% to N21.82bn.
  • Net Assets declined by -30.49% from N45.55bn to N31.66bn.

What did Nestlé Nigeria say?

Mauricio Alarcon, Managing Director of Nestlé Nigeria said:

“These results illustrate the resilience of our company.

“Amidst the on-going COVID-19 pandemic, Nestlé Nigeria has delivered consistent results in terms of revenue while exchange rate variations and an increase in the price of some key materials have affected profitability.

“While it is still early to assess the impact of this crisis, we are fully confident in our people’s agility and deep commitment to overcome challenges and continue to deliver value for our shareholders and society.

“Going forward, we will remain focused on three key priorities which include safeguarding the health and wellbeing of our people, ensuring business continuity to meet consumer needs and supporting our communities,’’

“We will achieve this by unlocking the power of food to enhance the quality of life for everyone today and for generations to come,’’.

Nestlé Nigeria is one of the largest food companies in Africa to unlock the power of food to enhance the quality of life for everyone today and for generations to come.

Evercare Hospital Lekki launches Telemedicine Platform in Nigeria

Esan Bolaji
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Evercare Hospital Lekki launches Telemedicine Platform in Nigeria

…aims to provide quality accessible healthcare

Evercare Group, a leading healthcare delivery platform that operates hospitals, clinics, and diagnostic facilities across Africa and South Asia will soon be unveiling its new Multi-Specialist Hospital in Lagos, Nigeria. Evercare Hospital Lekki is purpose-built as a state-of-the-art private hospital offering advanced care across a range of speciality medical services.

Ahead of commissioning of the Hospital, Evercare is launching its Ecare telemedicine platform. This initiative is in line with the Hospital’s vision to provide quality and accessible healthcare services, harnessing technology to accelerate healthcare delivery in the country.

Evercare Hospital Lekki launches Telemedicine Platform in Nigeria
Evercare Hospital Lekki | www.brandspurng.com

The Ecare platform offers tele and video consultations with general practitioners and Specialist Doctors in various fields of Medicine. This platform brings about a change in the Outpatient consultation model as it allows Clinicians to reach out to their patients remotely via a video conferencing model to be able to address their healthcare needs. It gives the patient the confidence of being able to have access to their Clinician in their time of need.

The platform has a two-way add on feature that allows the patient to invite a friend or family member on the consultation and at the same time permits the Clinician to invite a colleague in case of a multi-disciplinary or complicated consultation.

It provides the flexibility of choosing the speciality or Specialist and the preferred appointment time. It is modelled in such a way that it costs less than a physical visit, and therefore gives better value for patients as it allows for continuity of care. It is particularly advantageous to the elderly who face mobility challenges.

With this platform, patients will be receiving prompt care from the comfort of their homes.

Ecare’s telemedicine platform will be embedded into Evercare’s website which integrates collaborative communication seamlessly, enabling efficient and more convenient models of service delivery.

This allows patients to schedule appointments, process payments, manage existing Doctors, and access Ecare services via mobile and desktops with no installation or app download required. Furthermore, the platform is completely end-to-end encrypted, meaning patient’s information cannot be accessed by any intermediaries, ensuring a private and secure experience for Evercare’s patients.

Ecare will offer speciality services such as Family Medicine, Neurology, Nephrology, Neonatology, Pediatrics, Urology, Obstetrics and Gynecology, Radiology, Neurosurgery, Pediatric Surgery, and General Surgery.

Commenting on the launch of the Ecare telemedicine platform, Dr. Ayo Shonibare, Chief Medical Officer, Evercare Hospital Lekki noted, “We are living in unprecedented times where patients avoid physical consultations in hospitals, and rather prefer virtual interactions with clinicians, with remote care and monitoring, from the comfort of their homes. It has become important for the healthcare industry to reach out to their patients and introduce them to an all-new way of consulting with their Clinicians.

On this premise, therefore, we have launched the Telemedicine platform, Ecare to help fill the gap by providing you with the ability to consult remotely and also give you the satisfaction of having the Clinician interact with you face to face”.

Speaking further, Dr. Shonibare said, “Evercare exists to serve growth markets like Nigeria that need access to quality, comprehensive care that seeks to improve patient outcomes while reducing costs and increasing efficiency.

As we seek to improve health outcomes for patients, we will provide the expertise and resources required to strengthen our model and drive enhanced multidisciplinary care delivery system. We aim to strengthen the healthcare infrastructure by providing premium care via our state-of-the-art facility and enhanced patient experience”.

Evercare Group (“Evercare”) is an integrated healthcare delivery platform operating in emerging markets across Africa and South Asia, including India, Pakistan, Bangladesh, Kenya and Nigeria. Evercare helps communities thrive by improving healthcare and leveraging technology and integration to increase the quality of care.

Evercare Hospital Lekki is building a foundation for continuous quality improvement and standardized care to improve clinical outcomes and patient safety.

Evercare Hospital Lekki portfolio includes 30 hospitals, 16 clinics, >50 diagnostics centres and two brownfield assets. Evercare is wholly owned by the Evercare Health Fund, a US$ 1 billion emerging markets healthcare fund managed by The Rise Fund, the impact investment platform of global alternative asset manager TPG Capital.

With a team of +10,500 employees including +1,000 doctors, +3,200 nurses and +5,300 paramedical and support personnel. Evercare Hospital Lekki is investing in a community of diverse, qualified, and service-driven people to provide the best quality affordable care to its patients.

Facebook launches grants programme to over 700 eligible Nigerian SMBs to help cushion effects of COVID-19 

Esan Bolaji
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0
Facebook launches grants programme to over 700 eligible Nigerian SMBs to help cushion effects of COVID-19 

Facebook today announced a ₦500m grant to support 781 small businesses in Nigeria, as part its $100m Global Grants Programme announced earlier this year, which aims to support 30,000 SMBs in over 30 countries. Aimed at stimulating economic recovery following the effects of COVID-19, this will help empower and extend a lifeline to local small business owners who have been most affected.

Facebook

The grants will be administered and managed by Deloitte in partnership with FATE Foundation and Afrigrants. It will be provided as a combination of cash and ad credits to help small businesses as they rebuild, re-engineer and recover operations during this challenging year. Available to qualifying SMBs in Nigeria, applications will be open from 24th August 2020 for the North East, North West and South East regions and 26th August 2020 for the South West, South-South and North Central regions. SMBs can check to see whether they’re eligible as well as apply and find out more details about the programme.

In the recent State of Small Business Report, published by Facebook in partnership with the OECD and the World Bank, the many challenges faced by SMBs during this COVID-19 crisis were laid bare, specifically with over 37% of SMBs in Nigeria saying that cash is a concern.

“We know small businesses are the engine of the Nigerian economy, the COVID-19 pandemic has extended beyond a public health crisis to an economic emergency, with these small businesses most affected. We’re listening to the challenges these small business owners are facing right now and want to provide useful resources for them during this difficult and uncertain year” said Nunu Ntshingila, Regional Director, Facebook Africa.

Recognising that SMBs need training, digitalisation assistance and improved social connection infrastructure as consumer behaviour shifts online, Facebook has also rolled out virtual versions of its in-person training – Boost with Facebook across Nigeria. These free webinars and online resources cover a range of topics from how to take your business online, build resilience, stay connected with customers and adapt in real-time.

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