Economy

L-R: Divisional Head, Payment Business, Wema Bank, Damola Bolodeoku, CEO of enza, Hany Fekry, and Wema Bank's Executive Director of Retail and Digital Business, Tunde Mabawonku at the unveiling of the partnership on Thursday in Lagos enza’s innovative Payment Orchestration will enable Wema Bank to provide secure and reliable payment options at a reduced cost. enza, the acclaimed new disruptor in the African payments market today announced its strategic partnership with Nigeria’s most innovative bank, Wema Bank. Through this partnership, enza will engineer its innovative payment orchestration solution to expand...

Access Bank, a leading financial institution, has announced its readiness to reward customers with N135 million in cash prizes to over 800 lucky customers in its Season 15 DiamondXtra campaign. The bank also noted that in 15 years it had rewarded over 26,000 customers with N6.38 billion. The bank also emphasized that its commitment to encouraging savings and rewarding loyal customers remains unwavering, with this year’s goal aimed at reaching an even larger number of customers compared to previous years. Speaking at the launch of DiamondXtra season 15, the Group,...

ALAT by Wema, a trailblazing digital bank, has announced the launch of its eagerly anticipated Summer Internship Program which will not only serve as a remarkable learning opportunity for young talents but also highlights Wema Bank as an exceptional place to work. The initiative, according to the Divisional Head, Brands, People and Culture, Ololade Ogungbenro, is designed with a commitment to nurturing future leaders, offering a hands-on experience that bridges the gap between academia and the corporate world. She says participants will gain invaluable insights into the dynamic banking industry...

One of Africa’s fastest-growing companies and Nigeria’s leading financial institution, Sterling Bank, has joined forces with the Lagos State Government to expand the reach of its healthcare provision with the launch of the Ilera Eko Virtual Booth, designed to bring healthcare closer to the people and expand the reach of its health insurance scheme; Ilera Eko, across the state. This was made known by Mr. Obinna Ukachukwu, Divisional Head of Business Growth at Sterling Bank, during the inaugural Lagos State Insurance Summit held in Lagos recently. He said the bank...

It was double honours for Zenith Bank Plc at the London Stock Exchange as the bank was named the Best Commercial Bank in Nigeria for the third year running and Best Corporate Governance Bank, Nigeria, for a second consecutive year at the World Finance Awards 2023. These awards were presented to the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dr. Ebenezer Onyeagwu, at the London Stock Exchange recently. The recognitions celebrate the bank's tremendous feats and milestones in financial performance, financial inclusion, corporate governance, and sustainability. Commenting on...

It is no longer news that most Nigerians are experiencing severe economic hardship due to the recent FX policy and subsidy removal. The economic challenges arising from the opening up of the foreign exchange market and the removal of petrol subsidies have resulted in soaring inflation and a significant drop in the value of the Naira against the Dollar. This has led to skyrocketing fuel prices, affecting the costs of other essential commodities and services, including food items, transportation, education, and healthcare. This increased economic burden falls on the citizens....

...IPMAN APPLAUDS INITIATIVES The Independent Petroleum Marketers Association of Nigeria (lPMAN) has commended Polaris Bank, Nigeria's leading digital commercial Bank, and Emadeb Energy Services Limited, one of Nigeria's leading indigenous players in oil and gas, for their collaborative efforts and strategic partnership that resulted in the recent importation of 20,000 metric tonnes of premium motor spirit (petrol) into the country.  The National Operations Controller of lPMAN, Mr. Mike Osatuyi, speaking exclusively to PLATFORMS AFRICA, described the pioneering feat by Polaris Bank and Emadeb Energy as unprecedented, noting that they have...

Nestlé Nigeria PLC has announced a revenue of N 261.8 billion in the first half of 2023, an 17.7% increase compared to its performance in the same period of 2022. Gross profit is N 107.3 billion, an 34% increase over 80,205 earned in H1 2022. The Company posted a loss after tax of - N 49.9billion, a 280% decline over the same period in 2022. The detailed financial results are available online at https://www.nestlecwa.com/en/investors/nigeria Commenting on the results, Mr. Wassim Elhusseini, Managing Director and CEO of Nestlé Nigeria PLC, said,...

Wema Bank announces its unaudited results for Half Year ended 30th June 2023. The commercial bank achieved improved performance including Gross Earnings of ₦89.09bn, a y/y increase of 49% (H1 2022: ₦59.59bn). Interest Income up 53% y/y to ₦76.11bn (H1 2022: ₦49.75bn). Non-Interest Income up 32% y/y to ₦12.98bn (H1 2022: ₦9.85bn). Profit before Tax (PBT) was ₦12.05bn a y/y increase of 97% over the ₦6.13bn reported in H1 2022. Profit after Tax (PAT) also increased y/y by 97% to ₦10.48bn (₦5.30bn in H1 2022). The bank grew its deposit...

In the Nigerian banking industry, Wema Bank, Plc is widely acknowledged to be a leader in the realms of innovation and technology, and for constantly seeking to provide seamless financial services to its teeming customers, but is the financial powerhouse a champion of its employees' best interests? Yes, the most recent testament to Wema's commitment to establishing a thriving workplace culture is its announcement of a groundbreaking increase in salaries for its staff. This momentous decision not only showcases the bank's dedication to employee welfare and well-being but should also...