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FirstBank’s Adesola Adeduntan joins global industry leaders at the Annual Fintech & Insuretech Summit, Bulgaria

The CEO, First Bank of Nigeria Limited, Dr Adesola Adeduntan participated as a keynote speaker in the Annual FinTech & InsureTech Summit in Bulgaria on 27 February 2020.

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FirstBank’s Adesola Adeduntan joins global industry leaders at the Annual Fintech & Insuretech Summit, Bulgaria

The Chief Executive Officer, First Bank of Nigeria Limited, Dr. Adesola Adeduntan participated as a keynote speaker in the Annual FinTech & InsureTech Summit held at Sofia Event Center, Bulgaria on 27 February 2020. The FirstBank Chief delivered a keynote speech on the topic: “Banks and Clients, the New Story of Empowerment, Value Creation and Technologies.”

The summit served as a platform for in-depth knowledge sharing, networking, partnerships and collaborations amongst participants with a view to showcase products across various industries thereby promoting foreign investment amongst countries. The summit had over 700 global leading finance practitioners, decision-makers from the financial sector notably; banks, payment providers, insurance and pension companies, IT experts, founders of FinTech companies, government and regulatory associations from all over the world.

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FirstBank’s Adesola Adeduntan joins global industry leaders at the Annual Fintech & Insuretech Summit, Bulgaria

L-R: Mr. Tunde Oladele, CEO, Software Group; Mr. Olayinka Situ, Group Head, Corporate Transformation, FirstBank; Dr. Adesola Adeduntan, CEO, FirstBank and Filip Genov, Co-Founder & CEO, F27 at the Annual FinTech & InsureTech Summit held at Sofia Event Center, Bulgaria.

Deliberations in the course of the conference centred on various topical issues that would deepen financial inclusion and innovation capabilities, improve speed to market with digital innovation product and services and sustainable financial system where finance delivers positive ecosystem.

In delivering the keynote address, Dr Adeduntan highlighted that, “FirstBank is at the forefront of banking industry innovation, making sure that it leverages innovation to deliver shareholder value and improve customer experience with the latest FinTech innovations and new trends in the Financial Services space.  

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“In other to deepen innovation capabilities and improve speed to market with digital innovation product and services, FirstBank established its digital innovation lab to adopt agile development approach in its operations. The Bank has also developed a robust telco-agnostic mobile money wallet to potentially defend its business from the incursion of BigTechs and FinTechs into the core banking space. I believe that there is a significant opportunity for value-adding strategic cooperation and collaboration between the Nigerian and the Bulgarian Banking and FinTech communities.”

[READ MORE: FirstBank wins 2019 Oil and Gas Banker Award)

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 over 125 years.

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With over 750 business locations and 44,000 Banking Agents spread across 99% of the 774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of retail and corporate financial services to serve its over 15 million customers. 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.

The Bank has been nimble at promoting digital payment in the country and has issued over 10million cards, the first bank to achieve such milestone in the country. FirstBank’s cashless transaction drive extends to having more than 8.5million people on its USSD banking service through the nationally renowned *894# banking service and over 3 million people on Firstmobile platform.

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.

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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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Coronation Merchant Bank partners Union Systems to commence full automation of its Trade Finance Operations

Coronation Merchant Bank has continued to make giant strides in Trade financing.

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Leading financial institution in Nigeria, Coronation Merchant Bank, has partnered with Union Systems Limited  to fully automate its Trade Finance Operations.  The trade finance software, Trade-XTM comes with a front-end portal, OptimusTM that empowers corporate clients to initiate and manage their trade transactions from both web and mobile platforms from anywhere in the world.

Earlier this year, the Bank announced its partnership with IFC (a member of the World Bank Group) to provide a $40 million Trade Finance Guarantee facility. In addition to this, the Bank has continued to make other strides in Trade financing such as its recent appointment 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.

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Commenting on the partnership with Union Systems, Banjo Adegbohungbe, Managing Director/CEO of Coronation Merchant Bank stated that, “We are delighted to partner with Union Systems in providing an automated platform to help our trade clients achieve their business objectives. Leveraging this platform, we hope to further improve our clients’ end-to-end experience in their trade-related transactions”.  He further stated that, “the launch of the automated trade platform is in line with the Bank’s strategy of becoming a foremost financial institution in trade financing in Nigeria and across Africa”.

READ ALSO: Coronation Merchant Bank appoints Banjo Adegbohungbe as Acting Managing Director

Also commenting on the partnership, Chuks Onyebuchi, CEO Union Systems said, “We are very pleased to be the preferred partner to automate the bank’s trade operations using our products, Trade-XTM and OptimusTM. We will be bringing to bear our over 20 years’ experience of successful implementation of trade finance solutions across Africa. Our software will provide a seamless experience to the bank’s clients on all their trade finance activities from the comfort of their home and office.”

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About Coronation Merchant Bank

Coronation Merchant Bank was established in 2015 to provide wholesale banking to a long under-served market. The Bank offers Investment and Corporate Banking, Private Banking/Wealth Management and, Global Markets/Treasury Services to its clientele.

This year, the Bank has received numerous awards from international organizations for product innovation, sound corporate governance structures and commendable financial performance. Some of the international awards received by the Bank include Best Investment Bank in Nigeria by Global Finance Magazine, Best Investment Bank in Nigeria by World Finance, Best Investment Bank in Nigeria by Global Banking & Finance Review and Best Investment Bank by Global Business Outlook,

 

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About Union Systems Limited

Union Systems Limited (USL) is an Information Technology Company that provides financial software solutions and professional services to major banks in Africa. The company provides software solutions to financial institutions to enhance their software capabilities, effectively scale processes, improve compliance and drive operational efficiencies.

READ ALSO: Coronation Merchant Bank records 14% growth in earnings for 2019 FY

With headquarters in Lagos, Nigeria, the company has a deep understanding of the African market and has a team of highly qualified consultants that have real-world experience in the delivery of complex software solutions.  Top banks in Africa rely on Union Systems to deliver growth, profitability and regulatory compliance in financial software applications.

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Multichoice Nigeria: How investing $2.1 billion in Nigeria’s media and entertainment value chain impacts national economy

Multichoice’s commitment to enriching lives, as their mantra says, has never been in doubt.

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Through MultiChoice Nigeria’s socio-economic investment, for 27 years, the company has made significant contributions to the growth of the Nigerian economy. At the heart of this investment is entrepreneurship and employment opportunities through multiple channel distribution platforms and a commitment to the continuous growth of the sports, technology, film and video sectors through infrastructural development.

In 2015, when a set of big goals called the Millennium Development Goals that were set two decades ago reached their ‘expiry date’, with some of the key objectives still unmet, a new 15-year timeline was set for yet another group of goals, this time called the Sustainable Development Goals. From eight goals to seventeen new goals, five years in, the world can say that a major shift seems to be happening.

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One clear indication of this is in the way business operations for many organizations around the world have evolved. With many companies becoming more conscious of how their affairs affect the environment, how consumers interact with their products, and how much value they really add to society, corporate social responsibility or value, has moved from being an item on the checklist to become a business core.

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Now, while many businesses seem to be playing catch-up, there are others even in Africa, who unknowingly, but with great startup vision, had laid the foundation and built a template for what a socially responsible company should look like.

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Established in 1993, Multichoice Nigeria had a 7-year lead time, before the MDGs became a guide and used those years to build a solid business that combines profit and purpose. Today, that business represents what shared prosperity is, having created the right mix of opportunities for its people to grow, while helping to build an industry that ranks as the second-largest in the world and the most loved in Africa.

As people say, if content is king, distribution is definitely queen, and this thinking remains why Nollywood owes a lot of the accolades it gets today to Multichoice Nigeria. Between 2015 and 2019, Accenture in its new report for Multichoice, estimates that about $428million has gone into the local content production business of Multichoice, mostly in developing local creativity and building the production infrastructure to support it. To put this investment in more perspective, it directly translates to 117,459 hours of local content. That’s huge, on both an African and global scale, even huger given that it’s only from 5 years of enriching lives; definitely more if the organization’s 27 years is brought into view.

READ MORE: MultiChoice plans reduction in DSTV subscription fees across some African countries

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These sorts of investments rarely occur without a ripple effect on human capital development, but leaving things to chance isn’t the Multichoice way. The Multichoice Talent Factory further drives the local content goal for Multichoice, as they welcome a cohort of 20 students who after one year graduate, are better equipped to keep the African film industry innovative and constantly growing. It is an intentional play at giving equal opportunities to anyone with film and broadcast dreams to pick the skills they require to make a mark in the industry.

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On one hand, as Multichoice continues to build more credibility for the entertainment and media industry in Africa, through its investment in local content, future talents, even award shows, it is also ensuring the market for the content they produce grows on the other hand. This process has required a strong supply chain and Multichoice Nigeria has proven equal to the task investing over $1 billion in their distributor, supplier, even installer network in just the last 5 years. With further investment in their 961 employees, in the areas of training and other benefits, it is safe to say they have gone beyond building a business, to building an ecosystem.

READ ALSO: Andela to expand presence to all African countries

Whether this ecosystem model works is a question their recently released socio-economic value report put together by Accenture and covering the last five years of operations answers perfectly. The contribution of an estimated US$2.1bn to the Nigerian economy between that 5-year period, shows that they understand the role they play in achieving a prosperous Africa based on inclusive growth and sustainable development.

In Multichoice’s 27 years of operating in Nigeria, their commitment to actually enriching lives as their mantra says, has never been in doubt. Beyond the strides their video content business has made in employing people directly, creating jobs for even more people in adjacent industries, training talents and building infrastructure; the company has always still found a way to give back to the different communities where they operate.

With a portfolio of grassroots sporting programs, various awards that recognize great work from inspiring Africans, essential care for people with sickle cell disorder and investments in education and educational content, Multichoice Nigeria shows it is more than just business.

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Cowrie Integrated Systems and COINQVEST announce payment processor partnership

Allowing Nigerian online merchants to accept BTC, ETH, XLM, or other cryptocurrencies and settle directly in naira.

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July 9th, 2020, COINQVEST and Cowrie Integrated Systems today announced a partnership to allow Nigerian merchants to add major cryptocurrencies such as Bitcoin and Ethereum to online payment options in online shops and e-commerce businesses. The cooperation between Cowrie and COINQVEST enables these funds to be settled to Nigerian Naira (NGN) bank accounts, in minutes.

Nigerian online merchants can now process payments using any of the major cryptocurrencies their customers use. This financial flexibility and speed can be a game-changer for large and small merchants alike.

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The Cowrie and COINQVEST partnership promises a range of positive impacts for enterprises wanting to update their payment processing infrastructure. The COINQVEST platform provides all of the user experience merchants seek and require.

COINQVEST’s software development kits make integration easy for developers. Merchants unfamiliar with coding can opt for COINQVEST’s turnkey checkout solutions for WordPress, Shopify and Magento. Once set up, merchants have a valuable financial toolbox.

They’re able to accept cryptocurrencies (or any supported currency), convert it to their national currency, and withdraw funds to their bank accounts. Merchants have access to customer transaction analytics to tailor their businesses as needed. Also included are compliant and accountant-friendly tax records, useful during tax season.

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“Bitcoin is exchanged, and NGN immediately transferred to a bank account, offering a modern and internet-based payment option for customers”, says COINQVEST co-founder Marcin Olszowy. He continues, “We eliminate credit card processor fees, payment delays, chargebacks. Immediate transaction settlement also improves financial monitoring and business turnover.”

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Cowrie co-founder Gbubemi Agbeyegbe explains, “Bitcoin is extremely popular in Nigeria, with the highest adoption rate in Africa. This solution lets online merchants embrace digital payments and gives customers an option to use their Bitcoin in everyday lives.”

COINQVEST co-founder Stefan Schneider adds, “COINQVEST offers the most efficient way to accept Bitcoin compliantly. This is why Nigerian businesses, such as leading online fashion store PayPorte and others, already embrace digital currency payment processing via COINQVEST.”

About COINQVEST

COINQVEST is a safe and seamless enterprise payment gateway and API between fiat and digital currencies. Processing is secure and automatic, with beautifully designed back-end analytics like invoicing and transaction history to serve enterprise business needs. COINQVEST’s developer-centric API can assist merchants or B2B candidates to accept a variety of digital payment options alongside their current methods. Website: www.coinqvest.com

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About Cowrie Integrated Systems

Incorporated in the UK and Nigeria, Cowrie Integrated Systems is a fin-tech company that provides value-added services over electronic payment networks. Cowrie Integrated Systems is a well-established Nigerian payment processor and fiat to crypto payment platform and exchange. Website: www.cowrie.exchange

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