Stanbic IBTC continued to champion the job creation drive in Nigeria through initiatives such as its graduate trainee programme and various entrepreneurial programmes, which had created job opportunities for Nigerians.
Dr Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC commented on the financial institutions’ role as a job provider in Nigeria. He said the financial services provider was always at the forefront in bridging Nigeria’s unemployment deficit through its various programmes and provided necessary tools for its graduands to navigate through the 21st-century job environment.
“As a financial institution that placed much value on job creation, Stanbic IBTC continued to provide various employment opportunities geared at bridging the nation’s unemployment gap. Through our various graduate trainee programmes, we had ushered successful candidates out of the despair of unemployment and economic instability. Unemployment figure released by the National Bureau of Statistics was quite high, at 33.3 per cent,” Demola said.
“Graduates under our trainee programmes were exposed to seasoned subject experts in artificial intelligence and machine learning, financial management, data, cloud and blockchain technology. Stanbic IBTC has enabled numerous graduates to be prepared for the future,” he added.
The Chief Executive noted that Stanbic IBTC would continue to provide opportunities for Nigerians to achieve their dreams and contribute to bridging the nation’s unemployment deficit.
“At Stanbic IBTC, we strongly believe in the dreams and aspirations of every Nigerian and we remain committed to providing avenues for fulfilling these aspirations,” Demola said.
Funke Amobi, Country Head, People and Culture, Stanbic IBTC Holdings PLC commented on the role Stanbic IBTC played in bridging Nigeria’s unemployment deficit. She said the financial services provider had taken the lead to provide job opportunities for Nigerian youths despite the economic challenges that plagued business organisations.
“The importance of job opportunities cannot be overemphasised in Nigeria. As a corporate entity, we have lived up to these responsibilities, and have provided opportunities to Nigerians through our trainee programmes. Also, our entrepreneurial programmes are geared at equipping beneficiaries with the required skills to run successful businesses, thus enhancing employment generation. ,” Funke said.
She further assured Nigerians that the organisation would continue to provide opportunities for citizens to achieve their aspirations.
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By Aduragbemi Omiyale
The Federal Competition and Consumer Protection Commission (FCCPC) has reacted to reports alleging Wema Bank Plc of engaging in illegal banking practices.
The bank was accused of opening accounts without the consent of customers and for FCCPC, this is a serious issue that must not be swept under the carpet.
The agency has asked the financial institution to explain why the information of Nigerians was allegedly harvested from the Bank Verification Number (BVN) by its agents and employees to open the unauthorised accounts.
According to reports, some persons discovered that their data on Wema Bank’s digital banking platform, ALAT, was used without their knowledge to open the illegal bank accounts to celebrate the platform’s 5th anniversary.
Worried about the negative impact this action may have on the financial system and to protect the interest of banking consumers, the FCCPC asked the lender to react to the matter.
The issue started after a social media user on Twitter with the handle, @cute_pecky wrote on Thursday, “I don’t own a Wema Bank acct, never owned one. The other day, I got an OTP, and now I got emails like I’m a customer.
“I have also read some fraudulent activities in your bank. This is a violation of data rights with CBN, I need a lawyer!” She later tagged FCCPC, the Central Bank of Nigeria (CBN) and others in the post.
While reacting, the bank said, “Hello, we are concerned about your post and we will like to address any complaints. Kindly send us a DM, so we can help.”
The FCCPC, in a response on Friday, asked “can Wema Bank comment publicly on the message that consumers without Wema Bank accounts are receiving across the country, allegedly from the bank? This situation is widespread and cannot be a DM issue anymore. Wema Bank has to come clean.”
By Adedapo Adesanya
In a new directive, the Central Bank of Nigeria (CBN) has asked commercial banks and Payment Service Providers (PSPs) to request from their customers an indemnity for online transfers to the tune of N1 million and above for individuals and N10 million and more for corporate customers.
An indemnity is a contract absolving someone from any financial loss incurred. It means if a customer making online transfers above the cap suffers a financial loss in the course of the transaction, the bank will not be held responsible as the loss would be solely incurred by the customer and would not be compensated.
The latest directive was contained in a circular signed by the Director of Payments System Management Department at the CBN, Mr Musa Jimoh. The notice directed deposit money banks (DMBs) to accept indemnity from customers for “highly secured online funds transfer” above N1 million for individuals, while the sum was capped at N10 million for corporate, subject to a maximum of N25 million (individual) and N250 million (corporate).
Furthermore, it directed lenders to provide their customers with the option of electronic or paper indemnity based on the customer’s preference.
It also directed commercial banks to implement electronic indemnity with stricter controls requiring biometric verification of identity.
In addition, it directed banks to adhere to multi-factor authentication (MFA) for highly secured online funds transfers.
The lender also directed banks to inform and educate their customers on the use of indemnity to increase transaction limits where applicable.
“Implement electronic indemnity with stricter controls requiring biometric verification of identity.
“Adhere to multiple factor authentication for highly secured online funds transfer.
“Inform and educate customers on the use of indemnity to increase transaction limits where possible,” the circular further stated.
In recent times, there have been reports of customers experiencing fraudulent activities from online transactions and the banks being called out. In some cases, the lenders have had to compensate their customers for the financial losses.
By Dipo Olowookere
Guaranty Trust Holding Company (GTCO) Plc has launched its financial technology (fintech) unit called SquadCo and it plans to use the platform to disrupt the payments ecosystem in Nigeria and be a leading player.
At the unveiling of the new business venture on Wednesday in Lagos, GTCO said SquadCo is a product of one of its subsidiaries, HabariPay Limited, which has been in existence in the payments landscape.
The financial institution, which changed from a pure banking organisation into a holding firm some months ago, disclosed that SquadCo will offer quality services to customers. Some of these offerings are payment, payment gateway, PoS, and e-commerce.
It was stated that merchants will be charged a fee of one per cent on the transaction amount plus N50, though exceptions may apply in respect of travel and entertainment merchants, including but not limited to hotels, restaurants, airlines, etc.
“At SquadCo, we provide business owners with the tools they need to thrive in a digital economy while also promoting their business and introducing them to a market beyond their current reach.
“We have built a reliable, secure, and affordable payment platform that will make receiving in-person and online payments simpler,” the company stated on its website visited by Business Post.
SquadCo, which emphasised that merchants do not incur hidden charges apart from the fees listed on its pricing page, disclosed that “money would be credited to your merchant wallet within 24 hours after payment is made into your account.”
The firm, which has a vision of “an Africa where every payment is digital,” stated that its mission is to empower “Africans with the payment solutions they need to thrive in a digital community”, especially with a team headed by Ms Eduofon Japhet as Managing Director and Mr John Babawale as the Chief Technical Officer (CTO).
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