CBN And SEC Approve Ecobank’s Custody Business Launch In Nigeria

CBN And SEC Approve Ecobank’s Custody Business Launch In Nigeria

RALD NEWS MEDIA Reports that Ecobank Nigeria limited has launched custody business operation in Nigeria. This follows the acquisition of regulatory approvals from Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN).

Ecobank Group has extensive expertise offering custody services in its other subsidiaries within the Central Africa, Francophone and Anglophone West Africa regions, with a combined asset size of over USD4Billion in Assets Under Custody.

The custody business in Nigeria will be provided through Ecobank Nominees Limited, the special entity set up to hold clients’ assets separate from the Bank’s assets

Announcing the launch in Lagos, Managing Director/Regional Executive, Ecobank Nigeria, Bolaji Lawal, stated that the new custody offering positions the Bank to offer more value-adding banking and investment solutions to its customers. He reiterated that Ecobank’s mandate in Nigeria is to deliver the brand promise as the platform of choice for convenient, affordable, and instant banking and investment services to customers in the country.

“As a Pan-African Bank with gateway into other African countries, there was an identifiable gap to offer custody services in Nigeria. We have therefore decided to provide a better way for Nigerian investors to protect their assets and to spread their business interests across the continent seamlessly, through our support”, he stated.

In her comment, Adebola Adedeji, Head of Custody/Managing Director of Ecobank Nominees Limited, disclosed that the custody business has fully commenced operations and is now in the market for business and already signing on customers.

She explained that “the custody business is set to position the Bank as a one-stop shop offering premium financial services and investor solutions to our valued customers. Custody services are already being offered in some other countries where Ecobank has operations, and expanding into Nigeria will further serve as inroad to the African and international markets for our customers”.

She added that “Ecobank custody offers an efficient post-trade service with the deployment of a world-class technology solution that will enhance client experience every stage of the investment cycle.

“Our comprehensive service offerings include settlements, fund administration, corporate actions processing, portfolio valuation, FX services, securities lending, cash management, escrow agency services, reporting, multi-market access through Ecobank Group affiliates, amongst others.”

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Nigerian Red Cross Society and Ecobank Nigeria Unite to Combat Hunger Crisis

 Nigerian Red Cross Society and Ecobank Nigeria Unite to Combat Hunger Crisis

In a groundbreaking initiative to address the severe hunger crisis sweeping across Nigeria, the Nigerian Red Cross Society (NRCS) and Ecobank Nigeria have forged a strategic partnership. The partnership aims to mobilize local resources and support the Nigeria Hunger Crisis Appeal, marking a pivotal moment in humanitarian response efforts.

The launch event, held at the Exclusive Serene Hotel in Abuja, brought together key stakeholders and leaders, including Dr. Abubakar Kende, Secretary-General of the Nigerian Red Cross Society. Dr. Kende emphasized the urgent need for collective action in light of the dire circumstances faced by approximately 26.5 million Nigerians in need of sustenance to prevent death and prolonged suffering.

Echoing Dr. Kende's sentiments, Bhupinder Tomar, Head of Delegation, Abuja Cluster of the International Federation of Red Cross and Red Crescent Societies (IFRC), stressed the importance of grassroots solidarity in overcoming the crisis. He highlighted the critical role of Nigerians in extending humanitarian aid to vulnerable communities, emphasizing unity as a powerful tool in adversity.

Rita Etomi Ademola, Regional Head FCT/North Central Ecobank Nigeria, underscored the significance of the partnership in combating food insecurity and malnutrition nationwide. She urged Nigerians to support the campaign, emphasizing Ecobank Nigeria's commitment to humanitarian principles and the welfare of citizens.

The campaign aims to raise funds locally to provide emergency relief and recovery efforts, focusing on health and care interventions, nutritional support, WASH initiatives, and livelihood programs. This collaboration underscores the vital role of corporate entities and citizens in contributing to humanitarian efforts and supporting vulnerable communities.

The press conference served as a crucial platform to raise awareness about the gravity of the hunger crisis and mobilize support for the campaign. Urgent action is imperative to save lives and alleviate suffering. The call to action resonates with the spirit of solidarity and compassion, urging individuals, businesses, and organizations to join hands in addressing this humanitarian crisis.

This campaign stands in solidarity with the Nigerian Red Cross Society (NRCS) appeal for Hunger Crisis, in partnership with the International Federation of Red Cross and Red Crescent Societies and Ecobank Nigeria, reflecting a united front in the fight against hunger and its devastating effects on communities across Nigeria.

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Ecobank Nigeria Launches MySME Growth Series ....to Empower Over One Million SMEs

 

RALD NEWS MEDIA brings you the latest development from Ecobank Nigeria, a key player in the pan-African banking sector. In an effort to empower small and medium enterprises (SMEs), the bank has unveiled a groundbreaking training initiative called MySME Growth Series. This ambitious program aims to impact over 1 million SME operators throughout Nigeria in 2024.

Osahon Akpata, Head of SME & Partnerships at Ecobank Nigeria, highlighted the program's significance, aligning it with the bank's dedication to fostering the success of SMEs across diverse sectors. He emphasized the pivotal role SMEs play in Nigeria's economy, contributing nearly 50% to the GDP and accounting for 90% of job opportunities. In pursuit of growth, Ecobank is unwavering in its commitment to the prosperity of SMEs.

The inaugural phase, named MySME Growth series, will kick off with a series of virtual bootcamps led by expert facilitators. The overall theme, "Scaling up your SME in 2024," reflects the forward-looking nature of the initiative. The first weekly webinar, scheduled for Thursday, February 1, will focus on 'Growing your business online,' with Ijeoma Arum, Chief Commercial Officer of Jumia Nigeria, serving as the distinguished facilitator. This insightful webinar series is set to continue every Thursday throughout the year.

Mr. Akpata delved into the comprehensive coverage of the MySME Growth series, outlining key topics crucial for small businesses. These include accounting, credit, sales & marketing, taxation, and inventory management. Furthermore, Ecobank is gearing up to launch an SME Mentorship program, fostering collaboration between budding entrepreneurs and seasoned industry leaders.

The bank is not stopping there – it plans to arm SMEs with essential tools for business success, offering budget templates, scenario simulators, and links to government forms. The training will encompass resources for starting a business, covering aspects such as registration processes, industry statistics, and essential considerations for business operations. Ecobank's commitment extends to providing informative articles on diverse topics, including sales enhancement tips, advertising ideas, business management practices, case studies, and guides to leveraging technology.

In essence, Ecobank's MySME Growth Series stands as a beacon of support for SMEs, offering not only training and mentorship but also practical tools and resources crucial for navigating the dynamic landscape of entrepreneurship. RALD NEWS MEDIA will keep you updated on the unfolding success stories and developments arising from this impactful initiative.

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