banking - Afrikan Heroes

Nana Araba Abban Appointed Group Consumer Banking Head at Ecobank Transnational

August 7, 2019

Ecobank Transnational Incorporated, ETI, the Lomé-based parent company of the Ecobank Group, announce the appointment of Nana Araba Abban as Group Consumer Banking Head with immediate effect. Nana will be a member of the Group Executive Committee and report directly to the Group Chief Executive Officer.

Nana Araba Abban is a Chartered Accountant (FCCA) with over 25 years’ experience in the Financial Services industry. During her career at Ecobank, Nana Araba Abban has held several senior positions including Group Head of Direct Banking, Head of Client Engagement and Senior Group Manager for Personal Banking.

Commenting on Nana’s appointment, Ade Ayeyemi said- “We are happy to confirm Nana as Group Head, Consumer Banking. She has extensive experience in the consumer banking space in various areas.

Nana, who has been a senior member of the Consumer Banking team in the Group for some time will further grow our consumer business in line with our digital transformation agenda building on the successes we have had in the past. I convey hearty congratulations to Nana on this appointment.’

Mr. Ayeyemi continued: “We are particularly pleased with the effectiveness of our succession planning as we have been able to fill vacancies from within the Bank. We will continue to grow our talent pool.”

Before joining Ecobank, Nana Araba Abban held several senior positions with Standard Chartered Bank, Royal Bank of Scotland and other institutions in Product Portfolio Management, Product Accounting and Banking Operations.

Nana Araba Abban holds an MBA, in Business in Emerging Markets from the University of Liverpool and Bachelor of Science in Mathematics & Statistics from Queen Mary & Westfield College, University of London, UK.

She is also a Fellow of the Association of Chartered Certified Accountants Nana Araba Abban, the new Group Consumer Banking Head had been acting in that capacity prior to now, alongside her previous role of Group Head, Direct Banking.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

Facebook: https://web.facebook.com/Afrikanheroes/

Celebrating Africa’s Doyen Corporate Banking; Amr Kamel

July 27, 2019

Vice President, Business Development and Corporate Banking of the African Export-Import Bank (Afreximbank), Mr. Amr Kamel would be a credible chronicler of the advent and sustained the trajectory of the progress of Africa’s premier trade finance institution, having been at the Bank for all but two of its 26 years of existence.

Little wonder then, that Mr. Kamel currently oversees the Bank’s origination and business development, including Client Relations, Project Finance, Export Development, Syndication and Agency, Trade Finance, Guarantees, and Specialized Finance as well as Advisory and Capital Market departments. His experience spans many banking functions, including structured trade finance, documentary credits, operations, loan administration and agency, treasury, marketing, and business development.

For one who believes that more African entrepreneurs must be enabled to handle and benefit from businesses run within the continent, Mr. Kamel is leading the Bank’s team of business development experts to get as many as 700 commercial banks to provide financial services to Small and Medium-Sized Enterprises (SMEs).

Everyone agrees that SMEs are the true drivers of growth and employment in developing economies and Kamel believes that if Afreximbank’s services reach more of this category of businesses by this year’s end, the Bank’s mandate of promoting, financing, promoting and expanding intra-and-extra-African trade would be met as its founding fathers expect.

The goal for the teeming small businesses in Africa is to have access to finance, which traditional commercial banks and their international partners have denied them and continued to make inaccessible as global uncertainties rock the international financial landscape. The Bank hopes to pump $25 billion into the market to support intra-African trade in the five-year period ending 2021.

Already, according to Mr. Kamel, Afreximbank is helping the continent to survive the ongoing global trade war through the implementation of the African Continental Free Trade Area (AfCFTA) agreement, especially now that it is set for the launch of its operational phase. The inaugural Intra-African Trade Fair held last year in Cairo, Egypt attempted to connect buyers and sellers on the continent as never before.

Mr. Kamel hopes that the biennial event will grow to become a living bazaar for building long-term relationship among Africa’s businesses and entrepreneurs. Mr. Kamel already looks forward to the expansion of the fair and the buy-in of more businesses in the coming years. Mr. Kamel’s managerial acumen has been largely influenced by his academic and professional background. He is an Economics graduate of the American University of Cairo and holder of an MBA in Financial Management from City University, New York.

He started his banking career in 1985, working variously for Bank of Credit and Commerce, Bank of America, and Chemical Bank, before joining Afreximbank in 1995 as a Senior Operations Associate. Mr. Kamel then progressed through the ranks to the position of Director, Banking Operations in January 2011 before he was promoted to his current position in 2016. Indeed, based on Mr. Kamel’s vast experience in the financial sector, some refer to him as the Doyen of corporate banking.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

Facebook: https://web.facebook.com/Afrikanheroes/

Banks In Nigeria Will No Longer Require Separate License To Operate Mobile Banking

July 16, 2019

Whether it is to reach for more financial inclusion or to open up the heavily regulated Nigerian banking sector, Nigeria’s apex bank is already facing the heat of global digital disruption in the financial services sector. From now on, banks in Nigeria would no longer be required to have a separate license to operate a mobile banking app.

Here Is Why This Change Is Significant

Before now, to operate a mobile money service in Nigeria, the operator shall, among other things be :
(a) Be licensed by the CBN on such terms and conditions as the Central Bank shall desire.

Such terms and conditions usually involve the presentation of evidence of the formation of the Consortium that will deploy the project (Certificate of Incorporation)
The Consortium’s profile and functional contact e-mails and telephone numbers
Securities features that will be put in place
3 years Financial projections for the company
Draft agreements with the following: a. Technical Partners b. Participating banks c. Switching company/(s) 24 d. Merchants e. Telcos f. Any other party
Tax Clearance Certificate for three (3) years of each party in the Consortium
Project Deployment Plan (time, location, operation, etc.)
Payment of non-refundable Application fee of N100,000.00 (One hundred thousand naira) made payable to the CBN
Evidence of Shareholders’ Fund of N2 billion before a license is issued
This document, and may be reviewed from time to time.
Be issued a unique Scheme Code by the NIBSS for managing interoperability.

But all that is about to change

Going forward, once the Central Bank of Nigeria is satisfied that your current license to provide financial services in Nigeria suffices, the need to procure an additional license for your business would be obviated.

“You do not need authorisation from the CBN to go into Wallet services or mobile money schemes. All you need is to notify the CBN your current license suffix,” CBN Department of Banking and Payment System said at the First Bank cross border seminar for Banking and Telecom Regulators from sub-Saharan Africa.

Banks Are Being Reluctant Investing In Mobile Money Because The Heavy Regulations Don’t Make Any Case For Profitability
Many institutions in Nigeria are using prepaid payment cards and the mobile phone as a means of providing financial services to the previously financially excluded.
While not a bank account in the traditional sense, mobile wallets, and prepaid card products provide individuals with a safe electronic store of value and electronically initiated and accepted payment transactions and funds transfers.
In 2015, the CBN published both a Regulatory Framework for Mobile Money Services in Nigeria and Guidelines on Mobile Money Services.
The Regulatory Framework makes provision for only two specific models, namely bank-led, or non-bank led (a corporate organization duly licensed by the CBN).
Mobile money was one of the major segments of the Nigeria e-payment ecosystem primed by the CBN to drive its financial inclusion vision, in which 80 percent of Nigerians will be established in the national banking system by 2020.
However, mobile money operators (MMOs) have had little success in supporting the country’s financial inclusion targets.
This is mostly due to a lack of proper understanding of the conditions of their licenses, limited funds, poor infrastructure in rural areas, and limited customer access due to limited agent network rollouts.
Most of the licensed Mobile Money Operators in Nigeria are believed to have remained inactive and many have yet to officially commence payment platform operations.
Consequently, the CBN took the decision to raise the capital requirements for licenses from N500 million to N1 billion at the end of December 2017 and now to N2 billion, with a caveat that any operator that fails to meet the 1 July 2018 deadline for the new capital requirements will have its licenses revoked, further reducing participation.
The implication of these for Nigerian banks is that from now on, they would no longer be required to have a separate license to operate a mobile banking app.
However, on the other hand, the situation of non-bank led organizations involved in mobile operation remain heavily uncertain, as they may be required to still apply for and obtain licenses.

Cold Feet On Digital Currencies

Expecting Nigeria’s apex bank to adopt cryptocurrencies? This still remains a dream.

The apex bank’s position on the adoption of digital currencies still remains that:

“We [CBN] have not made up our mind on what steps to take but I am not sure or believe that the CBN will ever go crypto.

“We know what they are doing in Sweden and China. We are not running on the same parameter and so based on financial inclusion, adopting digital currency will mean a number of our population will be excluded.”

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.

Facebook: https://web.facebook.com/Afrikanheroes/

Temenos to Deliver Personalized Digital Customer Experiences

July 12, 2019

Temenos, the banking software company, today announces that Barko Financial Services selected Temenos software to replace its legacy systems, in both core and front office, to offer a compelling and personalized customer experience.

The microfinance institution will use cloud-native, cloud-agnostic Temenos T24 Transact, the next generation in core banking, and Temenos Infinity, the breakthrough digital banking product.

Barko Financial Services is in the process of applying for a banking license with the ambition to launch a retail bank that will challenge the status quo in South Africa by offering financial products aimed at better meeting the needs of lower-income South African consumers – Temenos will provide the technology to enable this strategy.

The microfinance institution has over 170 branches and caters for millions of modest-earning, but salaried South Africans such as government employees, mineworkers, and civil servants. Currently, it takes Barko Financial Services 25 minutes to onboard a client and 10 to 15 for a new loan application.

With Temenos’ packaged, integrated software, Barko Financial Services will dramatically reduce the time to originate loans, targeting re-loan applications to be completed in under two minutes and new loan completion in under seven minutes. The aim is to give customers, who are mostly located in rural areas, a compelling digital experience using mobile devices, thereby eliminating the need to visit a branch.

By selecting Temenos’ end-to-end digital banking platform, Barko Financial Services will benefit from accelerated project timelines and drastically reduced the cost of deployment. The microfinance institution is expected to go live in six months. Cloud-hosted Temenos Infinity will allow Barko Financial Services to gain product agility and take new products and services to market faster. Temenos T24 Transact will enable the business to benefit from operational efficiencies at a lower cost of ownership.

Temenos has more than 25 years of global banking expertise and a local presence in Africa. Temenos consistently invests over 20% of its revenue into continually enhancing its packaged software, to develop the richest and deepest functionality in the industry.

Kobus de Wet, Chief Executive Officer, Barko Financial Services, said: “We are delighted to be working with Temenos as our strategic technology partner. Temenos has a worldwide reputation for robust, scalable banking software and an extensive presence in the African region.

We selected Temenos’ packaged and open banking software to transform our customer experience, offer personalized products and services and drastically lower our total cost of ownership. With Temenos, we will be able to launch capabilities faster, if we get approval to establish a bank, and provide innovative products which are simple to use and tailored to add value to our target customers. We wish to offer lower-income customers a personalized experience that is typically reserved for private clients.”

Jean-Paul Mergeai, Managing Director – the Middle East and Africa, Temenos, said: “Technology is playing a pivotal role in making financial inclusion a viable option for everyone. We are delighted to partner with Barko Financial Services, which joins the Temenos family, and it can leverage our experience of serving over 220 microfinance institutions as well as our expertise in helping new banks to launch.

By selecting our cloud-native, cloud-agnostic packaged software Barko Financial Services will benefit from a fast implementation. Barko Financial Services will be best positioned to leverage technology innovation to offer an outstanding customer experience at a reduced cost. We look forward to working with Barko Financial Services as it transforms the services that it offers to its customers.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

Facebook: https://web.facebook.com/Afrikanheroes/

Standard Chartered accelerates momentum of its digital strategy across Africa

July 1, 2019

Standard Chartered announces the launch of social banking solution for Africa in Kenya, Uganda, Ghana, and Tanzania

Standard Chartered has announced yet another multi-market launch of its digital bank in Botswana, Zambia, and Zimbabwe as part of its digital transformation strategy in Africa. The next wave of digital-only banks follows launches in Uganda, Tanzania, Ghana and Kenya in the first quarter of the year and Côte d’Ivoire in 2018.

The expansion in Africa comes at a time when the continent, with a growing economy and population, is demanding wider access to digital services. The digital banking solution provides Standard Chartered customers across the eight markets with affordable, convenient, fast and easily accessible banking services.

The first-of-its-kind digital bank in Botswana and Zambia offers a truly end-to-end digital account opening experience which has been developed following client feedback to offer a convenient platform to service all their banking needs.

Commenting on the launch, Sunil Kaushal, Regional CEO, Africa, and the Middle East said: “This is a significant achievement for the Bank having now launched digital banks in 8 markets in 15 months of our initial launch in Côte d’Ivoire. The growing population of Africa is demanding faster and more convenient banking and it has been very rewarding to witness increased acceptance and growing demand for our digital products across the continent. We have an exciting pipeline of product launches on this platform which will position us as the premier digital bank in our markets of choice.”

By digitalizing the entire banking experience, customers will be able to enjoy simple, secure, and affordable banking anytime, anywhere. Active customers of the digital bank will also be eligible to receive loyalty benefits and promotions.

In just under 15 months, Standard Chartered has launched its digital banks in eight markets across Sub-Saharan Africa with impressive results. In Côte d’Ivoire the digital bank has exceeded initial expectations with 18,000 new account openings, in Uganda the Bank has seen an eight-fold increase in new account openings, whilst in Tanzania, the Bank has signed up more new customers since launching in March this year than in the whole of 2018.

The Bank is expected to continue its digital expansion in African markets with another launch planned in September for Nigeria.

Launch of social banking with SC Keyboard

In its continued efforts to meet the rising demands of Africa’s young and digitally-savvy population, Standard Chartered has also launched SC Keyboard, which allows customers to access a variety of financial services from within any social or messaging platform without having to open the Banking app. Initially launched in Kenya, Uganda, Ghana, and Tanzania, the solution is a first for the Bank in Africa and will be rolled out to Botswana, Zambia, Zimbabwe and Nigeria throughout the rest of the year.

The keyboard-based banking solution allows clients to transfer money in real-time, pay utility bills and instantly check balances from within any social or messaging platform. The unique digital solution can be configured as the default keyboard on any smartphone, making banking quick and seamless for customers who no longer need to log into their SC Mobile app for basic banking services.

The solution is ideal for the African market, which continues to see a rising number of social media users. According to the Hootsuite and We Are Social Global Digital Report 2019 (https://bit.ly/2GcsJhM), in 2018 alone the African continent saw a 12 percent increase in active social media users and a 15 percent increase in active mobile social media users. This is not surprising given that 82 percent of the population have mobile connections.

According to Jaydeep Gupta, Regional Head of Retail Banking, Africa and the Middle East, “Following the additional rollouts of our online retail banks across Africa, SC Keyboard is an important milestone in our digital journey. SC Keyboard was designed with our clients in mind, as users can now pay their bills, view their account balances and transfer money to their friends or family through any social or messaging platform. Increased prosperity has made the African population more financially savvy and many users seek new and easy ways to handle their money. We want our interactions to be simple, intuitive and seamless – with, we will remain committed to leveraging the best technology to bridge digital and human channels and enhance customer centricity and service delivery.”

To enjoy the seamless and easy access to banking by SC Keyboard, clients need to:Have an Android or iOS smartphone phone with fingerprint support
Install SC Mobile app and enable SC Keyboard in the device settings
Select SC Keyboard as your default keyboard and start using it

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.