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FirstBank’s Adesola Adeduntan joins other Global Finance Practitioners at Ethical Finance Conference, Edinburgh

The CEO, First Bank of Nigeria Limited, Dr. Adesola Adeduntan participated in the 2019 Global Leaders Interactive panel session of the 2019 Ethical Finance Conference.

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FirstBank’s Adesola Adeduntan joins other Global Finance Practitioners at Ethical Finance Conference, Edinburgh

As part of the Bank’s financial inclusion and global thought leadership drive, the Chief Executive Officer, First Bank of Nigeria Limited, Dr. Adesola Adeduntan participated in the 2019 Global Leaders Interactive panel session of the 2019 Ethical Finance Conference held on 8 – 9 October 2019 at RBS Conference Centre, 175 Glasgow Road, Gogarburn, Edinburgh. The event had in attendance over 500 leading finance practitioners from all over the world.

The Bank’s CEO, Dr. Adesola Adeduntan, with other thought leaders, policy influencers and leading finance practitioners across the world deliberated on various topical issues that would help define and shape the transition of the global financial climate to a sustainable financial system where finance delivers positive change.

Dr. Adesola Adeduntan, along with Sarah Breeden, Bank of England; Dame Susan Rice, Banking Standards Board; Gary Gillespie, Chief Economist, Scottish Government spoke on the topic “Financing Sustainability: Designing for A Future on Earth” in the first panel session held on 8 October 2019.

Speaking on his participation at the event, Dr. Adeduntan said, FirstBank is committed to exploring innovative opportunities that drive financial inclusion in Nigeria whilst harnessing widespread mobile-phone coverage to create low-price banking offerings across groundbreaking distribution channels, especially for the unbanked.”

“Our participation in the 2019 Ethical Finance Conference is a platform we are honoured to be in as shared knowledge with other global thought leaders and policy influencers is pivotal to promote inclusive growth in the global financial ecosystem, whilst contributing to economic growth, development and importantly, reducing poverty,” he concluded.

About FirstBank

First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading banking services solutions provider in Nigeria for 125 years. With some 15 million customer accounts, FirstBank provides a comprehensive range of retail and corporate financial services with over 750 business locations. The Bank has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.

Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership. Over the years, the Bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialisation schemes. With its global reach, FirstBank provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner.

FirstBank has been named “Most Valuable Bank Brand in Nigeria” six times in a row (2011 – 2016) by the globally renowned “The Banker Magazine” of the Financial Times Group; “Best Retail Bank in Nigeria” for seven consecutive years (2011 – 2017) by the Asian Banker International Excellence in Retail Financial Services Awards and “Best Bank in Nigeria” by Global Finance for 15 years. Our brand purpose is to always put customers, partners and stakeholders at the heart of our business, even as we standardise customer experience and excellence in financial solutions across sub-Saharan Africa, in consonance with our brand vision “To be the partner of first choice in building your future”. Our brand promise is to always deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on our inherent values of passion, partnership and people, to position You First in every respect.

Folake Ani-Mumuney

Group Head, Marketing & Corporate Communications

www.firstbanknigeria.com

 

 

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Pension transfer window is open but not all PFAs are good for you…

The Transfer Window now opened by PENCOM gives you the opportunity to jump ship.

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Just like birthdays remind us of how old we are getting; it should also remind us of how close we get to retirement.

Many young people have vigorously started saving for their retirement with their referred or prefered choice of Pension Fund Administrators (PFA), but if you are one of them, are you sure that PFA is good for you? PENCOM has opened a Transfer Window so you can freely change your PFA if you feel they are not doing well or if they are not right for you.

Now comes the next questions, “Is my pension safe? how do I know which PFA is good for me?”. Don’t fret, this short article and chart from http://naijapension.com/ was written to help you.

The list contains the performance of the retiree fund of key PFAs. If your PFA is currently lagging on this list, you have nothing to worry about. You can easily switch to a better PFA and avoid stress later on; the Transfer Window now opened by PENCOM gives you the opportunity to jump ship. Funds to note are Funds II which is the default fund for RSA holders of 49 years and below and Fund III which default fund for RSA holders of 50 years and above.

Other Funds like Fund IV are only for retirees while Fund 1 is request based only however NOT accessible to Retirees and active contributors of 50 years and above

Your preference may differ, but we’d love to know what you think of the list.

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Ecobank to pay customers N5 for every dollar received 

Ecobank will pay N5 on every Dollar so beneficiaries will not only get the foreign currency sent from their family and friends abroad, they will also get extra Naira.

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Ecobank, Ayo Adepoju's appointment, Ecobank Transnational Inc. records 24% increase in Profit After Tax for Q4 2020.

Ecobank has implemented the CBN scheme which offers N5 for every Dollar received into domiciliary accounts or as cash over the counter.  Korede Demola-Adeniyi; Head, Consumer Banking, Ecobank Nigeria, who announced this in Lagos stated that the decision is in line with the CBN directive and fully aligns with efforts to encourage the inflow of diaspora remittances into the country. She noted that the “CBN Naira 4 dollar scheme” is an unprecedented incentive for senders and recipients of international money transfers.

Korede Demola-Adeniyi said that the scheme takes effect from 8th March and will run till 8th May, 2021. “Ecobank will pay N5 on every Dollar so beneficiaries will not only get the foreign currency sent from their family and friends abroad, they will also get extra Naira”, she stated.

Only recently, Ecobank had a first of its kind virtual Diaspora Summit to discuss opportunities for Nigerians living abroad and the various platforms available to assist them with their investment decisions and remittance needs. The event had major players in the remittance space, diaspora audience, government officials and notable stakeholders in attendance.

Further, the Managing Director, Ecobank Nigeria, Patrick Akinwuntan has disclosed that apart from consistent engagement with Nigerians in the diaspora, Ecobank is leveraging its digital technology to make remittances to Nigeria and Africa easy, convenient and affordable.

Mr. Akinwuntan stated that growing evidence has shown a positive relationship between diaspora remittances and economic growth. “Ecobank will continue to pursue its mandate of helping to enhance the economic development and integration of Africa, through the 33 countries where the bank operates on the continent. Ecobank’s Rapidtransfer and mobile app (Ecobank Mobile) enable Africans, wherever they are,  to easily and instantly send money to bank accounts, mobile wallets and agent locations across 33 African countries”, he stated.

Ecobank Nigeria, a member of the Pan African Banking Group is committed to supporting Africans in the diaspora by providing advisory services, remittance solutions, investment options and financial planning schemes. The bank also offers mortgages, treasury bills, capital market instruments, among others.

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