Nigeria’s largest retail bank, Access Bank Plc., has been named as one of the top 500 global banking brands by a leading business valuation and strategy consultancy, Brand Finance.
Access Bank has demonstrated growth since it was last ranked as the fifth most valuable Nigerian bank in the 2017 Banking 500 report. The Bank now ranks second with a valuation of $242 million.
The Bank’s valuation comes on the back of its successful merger with Diamond Bank in April 2019, and its recent expansion into the East African market. The nine-months post-merger financial results posted by the Bank showed gross earnings of N513 billion, an increase of 37% above the N375.2 billion recorded within the same time frame in 2018.
Further analysis of the results showed the Bank’s asset base remained strong and diversified, growing by 33% to N6.6 trillion as at September 2019, up from N4.95 trillion as of December 31, 2018.
The Group Managing Director, Access Bank Plc., talking about the Bank’s growth trajectory, said, “In the last twelve months, Access Bank has grown into a powerhouse in the Nigerian and indeed, African banking industry. We are happy with all the successes recorded so far, and we hope to reach and surpass other targets we have set for ourselves.
“Access Bank will continue on its journey to becoming Africa’s gateway to the world, through strategic expansion into new and emerging markets within and outside Africa and providing best-in-class customer experience.”
He went further to urge investors and other stakeholders to keep their faith in the Bank, reassuring that the Bank will stay true to its values of ethical and sustainable banking practices.
“Access Bank will continue to innovate and remain profitable while offering value to all investors and stakeholders. As we strive to expand our business operations, we will remain true to our core values of sustainable banking and adherence to global best practices,” Wigwe concluded.
Published in the United Kingdom, the Banking 500 Report is an annual ranking of the world’s strongest and most valuable banking brands.
Tech innovations driving businesses to new success
Here, we have mentioned some significant tech innovations that help businesses to get more success.
In the last few years, the development of new technologies has changed the way we function in our daily lives. The things that were quite impossible to think about a few decades ago can be done within seconds with the help of newly developed gadgets. New technologies have made easy and quick communication as well as it has transformed the way of thinking and processing information. This evolution of new techs is also creating a revolution in the business sectors. Most of the people are diverting to online businesses and these tech innovations are necessary to maximize the chances of getting success. The technological revolution has also impacted offline businesses as well. Here, we have mentioned some significant tech innovations that help businesses to get more success.
Innovative Business Management Systems
Whether it is an online business or the offline business, such business management systems help businesses to manage all the necessary information. They automate the information processes and simplify it. The management of finance, marketing, sales, purchase, and all the other important processes of any company to function have become easier thanks to ERP.
ERP (Enterprise Resource Planning) is in trend as well as a basic necessity for businesses. Such systems allow businesses to have a centralized database and make it easier to have proper control and the security of the products or the services. The proper arrangement of data and the information allow better decision power.
The introduction of mobile phones and similar devices with internet connectivity has impacted the behavior of people as well as businesses. In order to create a communication channel with potential buyers or customers, mobile applications are being developed by businesses. These days when people use the smartphone more than other devices, businesses are reaching their customers through such apps.
In this category, we can take the example of online gambling. Online gambling services were initially available for computer users, but now seeing the huge target market among smartphone users, they offer a mobile application for the services to offer a customized experience. For instance, sport888 bet online offers mobile applications for mobile platforms so, their customer can have access to their betting service anytime anywhere. However, there are various things that need to be considered while implementing the use of the app in businesses. For example, the design, objective, potential profit in the future, integration of multiple services, and enriching customer experience.
Customer is said to be king of the market and that is why relations have to be maintained with all the customers. With customer relationship management systems, even international businesses can maintain relations with customers from all parts of the world. This includes three main services that are related to the customers i.e. marketing, sales, and after services.
By incorporation these systems, businesses can adapt to the complication of the demands of the new customers while improving the services for the current as well as old customers.
Digital Marketing and Artificial Intelligence
These two things are interconnected and help businesses in many ways to maximize success. Nowadays, most people use a smartphone and the internet. So, digital marketing help businesses to approach customer where they are. However, one needs to account that not all the customers can be potential customers and that’s where artificial intelligence arrives. AI technology processes the data of the consumer and helps the businesses to reach their potential customers.
For instance, when a customer wishes to buy a shoe and searches various deals on the internet, with the help of artificial intelligence, such customers can be reached by the online/offline shoe store. Apart from selling ads, digital marketing, and help the businesses to understand the target market so it can be reached with proper blogs, tutorials, news, and many other things.
The internet has changed all the businesses. Now even a small store from one corner of the world can reach customers from all across the globe with the internet. The Internet has not only bridged the gap between business and customer, but the communication channel inside the businesses has improved. With one online platform, all the employees can be in touch and share all the information. This helps in smoother and quicker functions of the business operation which eventually leads to fast success of the business. The regular updates on the services and products lead to efficient management. Additionally, video conferences for conducting meetings, interviews, and online training has benefited the business in several ways. Thus, the latest communication technology helps businesses to reach their goals quickly.
Data Management Systems
Any business has to manage a bunch of data. Earlier, it was tricky to manage such big data on physical papers. The latest data management systems do not only store the big data without acquiring physical space, but they make it possible to sort this data in a way that it can be accessed and analyzed easily in the future.
Information/data is knowledge, and it can be accessed easily and quickly with the new data management system. The proper management system can help in making better decisions for businesses as well as customers in the future.
Ecobank, Chapel Hill Denham, DBN and BOI partner on Lions’ Den to support SMEs
Ultima Limited brings the world’s number 1 business reality TV show, Lion’s Den to Nigeria.
The worlds of Business and Entertainment are set to collide as Ultima brings the world’s number 1 business reality TV show to Nigeria.
Ultima Limited, the studio behind magical shows like Who Wants to Be a Millionaire and Project Fame West Africa, is bringing another exciting reality show to Nigeria with Lions’ Den.
Lion’s Den, which is set to air in 2021, will see Nigerians across the country seek to make their dreams come alive by pitching their businesses and/or ideas to prospective and willing Nigerian investors.
The business reality TV show, Lions’ Den will be brought into the homes of millions of Nigerians with the support of Gold Sponsors, Ecobank Nigeria; Silver Sponsors, Chapel Hill Denham; and Bronze Sponsors, Development Bank of Nigeria (DBN), and the Bank of Industry.
The registration portal for entrepreneurs with businesses seeking investments is open and can be found here.
Got questions? Visit the FAQ page for more information!
Hope PSBank To Deliver Digital Banking Experience To Customers
Hope PSBank offers a competitive edge among the lot as it delivers financial services to customers with ease, convenience, affordability and access unhindered.
The management of Hope PSBank-a subsidiary of Unified Payment Services Limited and Nigeria’s premier digital-first bank has assured customers-unbanked, underserved and banked of its readiness to deliver seamless digital banking experience to them as part of efforts targeted at promoting and driving financial inclusion in the Nigerian banking ecosystem.
The assurance came during the launch of the company’s brand identity on Tuesday, November 24, 2020, in Lagos following the approval of license as a Payment Service Bank by the Central Bank of Nigeria (CBN) in August 2020.
In his opening remarks at the occasion, the Chairman, Hope PSBank, Alhaji Shehu Abubakar described the launch of Hope PSBank as one that would not only revolutionalize the banking sector but help a great deal in shaping and advancing the future for financial services generally in Nigeria.
Abubakar noted that it was heartwarming that a new bank like Hope PSBank was stepping into the fold to give banking access to millions of Nigerians including those that are unbanked.
He explained that the setting up of the bank was largely driven by the need to ensure that a vast majority of Nigerians have access to financial services.
The bank Chairman noted that its logo represents the optimism and dependability which the brand espouses.
“It is not just semantics that the name of our bank is ‘Hope’, rather this is symbolic as we bring the message of hope to millions of Nigerians that are unbanked or underserved,”, Abubakar explained.
He revealed that the payment service bank offers a unique and unparalleled experience for customers as the wallets/accounts are opened end to end without any human intervention.
Also speaking, the Managing Director, Hope PSBank, Mr. Ayotunde Kuponiyi expressed the company’s aspiration to give hope to Nigerians.
He stated that the bank is ready to redefine financial and payment services by driving inclusion through the leverage of digital technologies.
Kuponiyi added that the setting up of the bank was in line with the objective of the Central Bank of Nigeria to enhance financial inclusion
“When the inclusion rate in an economy is high, the citizens of that economy will have access to credit/finance, will be able to save, have access to insurance, grow cottage industries, employ more staff, unemployment rate is reduced, the employed citizens are able to pay tax, Government will have more revenue to provide infrastructure and this will generally improve the standard of living of the citizens,” he said.
He explained further that beyond financial inclusiveness which the bank hopes to achieve, it would serve as a platform to empower the people with many becoming agents thus leading to job creation and alleviation of poverty.
“We support Medium Small and Medium Enterprise(MSME) and Small and Medium Enterprise(SME) with our Hope Market Place by giving them an “online real estate” to display their shops thus giving them more visibility and exposing them to more consumers,” Kuponiyi said.
“At Hope PSBank, we have redfined the concept of open banking and the boundaries of competition by offering our unique financial and payment services and solutions to customers of other banks who are not required to open or maintain account with our bank. All transactions on our platforms are gladly settled into accounts of our community of users and customers with any bank of their choice”
According to him, Hope PSBank offers a competitive edge among the lot as it delivers financial services to customers with ease, convenience, affordability and access unhindered.
“This is a bank that leverages technology by bringing financial and payment services as well as tailor-made solutions closer to everyone across different channels regardless of economic or social status and location,” he added.
Also speaking, the Chief Marketing Officer, Hope PSBank, Mrs Kathleen Erhimu said the bank is unique from other players in the market “At Hope PSBank, every mobile telephone user can easily enjoy instant digital financial and payment services with his or her phone number as account number and also a means of payment across all channels – person-to-person on personal devices, web, merchants’ points of sale, automated teller machines and agency outlets. No cheque-book is required, no payment card of form factor.”
About Hope PSBank
Hope Payment Service Bank Limited (Hope PSBank), Nigeria’s premier Digital-first Bank was incorporated in September 2019 to leverage digital technologies to deliver inclusive financial services. The company believes that everyone irrespective of education, social or economic status and location should have access to financial and payment services with ease and convenience. We seek to provide the 4As – Accessibility, Affordability, Availability and Awareness of Digital Financial Services.
With Hope PSBank, every mobile telephone user can easily enjoy instant digital financial and payment services with his or her phone number as account number and also a means of payment across all channels – person-to-person on personal devices, web, merchants’ points of sale, automated teller machines and agency outlets.