Money market
Winners emerge in Heritage Bank’s ‘YNSPYRE,’ cream platform promo
By Kayode Tokede
Winners have emerged at the Heritage Bank Plc, ‘YNSPYRE’ Cream Platform Promo held in Abuja.
CREAM Platform, Nigeria’s premiere creative reward platform officially kicked off its partnership with Heritage Bank’s YNSPYRE Initiative with the commencement of the CREAM Monthly draws on Friday – March 26th 2021, rewarding subscribers who dialed the *745*463# code, with lots of cash and other prizes.
The CREAM YNSPYRE Draw proper started off on a great note with random picking of numbers electronically and with some never-to-be-forgotten moments producing 5 winners who went home with the sum of N200, 000 each as well as a pledge by D’Banj to fully support their businesses and passion in a call session from D’banj to the lucky winners.
Recently, Heritage Bank doled out the sum of N1million to Damilola Adeyemi, a winner of an online giveaway competition to celebrate the bank’s product, Ynspyre ambassador, D’banj, which heralds launching of the Ynspyre Account set aside for talented young Nigerians in the different spectrum of the creative and entertainment industry.
At the draw held on Friday in Abuja, five winners were chosen from a pool of Heritage Bank’s customers that are currently on the Cream Platform and subscribers who dialed the *745*463# code for transactions.
The Cream Platform is chaired by popular Nigerian musician D-Banj (real name Oladapo Oyebanjo).
The event was attended by the Heritage Bank Regional Executive, Abuja and North, Mr George Okoh-Oboh; popular Nollywood Actress Tonto Dikeh; popular musician Mr Easi (real name Isaiah Ediae) and other top officials of the bank.
Speaking at the event, Okoh-Oboh described the partnership between Heritage Bank and Cream Platform as a game changer for the creative industry in Nigeria.
He said, “It’s been a smooth journey and the Bank has also set aside certain funds for the creative industry because we believe that is needed to support our youths.
“And so what we have done is to be able to put this out there so that we can select very talented youths working with D-Banj and once they meet certain criteria, we will be able to lend across to them as a bank.
“So the funds have already been set out and waiting this launch which we are having today. So it’s quite an interesting story for the bank and it’s a great day for us today.”
In his comments at the draw, D-Banj who was physically present at the event, said that the Cream Platform has built a strong reputation for producing some of the brightest talents in the country over the last couple of years.
He said the purpose of the platform was to have a creative hub for Africa where people can upload their contents, be discovered and get funding support from Heritage Bank.
He said the platform would enable Nigerians discover their talents in areas such as entertainment, entrepreneurship, music, arts and other areas in the creative industry value chain.
He expressed optimism that the creative industry, if properly harnessed, has the potential to reduce the level of unemployment in the country, boost wealth creation for the people and help the country generate the much needed foreign exchange.
He noted that with the creative industry accounting for one of the highest exports from Nigeria, time has come for operators in the sector to be supported with the finances.
He said, “This year will make it five years that the platform was launched and our main aim is to create a gateway to the creative hub of Africa. With so much talent in the country and the hub in the continent, we saw it as a platform for people to have that access to become whatsoever you desire.
“And it’s no news that Heritage Bank is our partner to provide the access and financial help that you will need.
The creative industry is one of the biggest exports in the last three years now whether you are looking at music, fashion, movies. But we need that financial help, that financial backing.
“So for a long time, we have been discussing with Heritage Bank to see how we can get the funds and get that help to the people.
“And today is going to be the first time that we are actually rewarding the customers. Heritage Bank went further to help us create the ‘YNSPYRE’ Product.
“This product is for the youths and the creative industry to help ease access to funding contents uploaded on the Cream Platform.”
In her comments, Dikeh urged D-Banj and the Bank to create more awareness about the product to enable many people to take advantage of the initiative.
She said as an advocate of youth empowerment, the initiative would help to harness the potentials if the youths and stimulate the much needed development of the creative industry.
Some of those that won at the digital draw such as Blessing (An Entreprenuer), Justice Isaac Precious (A footballer and musician) and John (A Caterer) expressed joy for emerging winners. They also commended the bank and D-Banj for the coming up with the initiative.
By Esther Agbo
The Federal Ministry of Finance and the Ministry of Budget and Economic Planning hosted a high-level delegation of Canadian investors in Abuja today, highlighting Nigeria’s commitment to fostering economic cooperation and attracting foreign investment.
The meeting was led by Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and Honourable Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu. Organised by the African Capital Alliance, the event aimed to highlight Nigeria’s economic reforms and investment opportunities to potential investors from Canada.
While at the meeting, both ministers facilitated discussions on key reforms by the Federal Government, investment prospects, and initiatives designed to enhance economic collaboration between Nigeria and Canada.
Furthermore, the event offered the Nigerian Government a stage to present its economic reforms and investment opportunities to the Canadian business community.
The ministers highlighted Nigeria’s potential and dedication to fostering a favourable business climate.
In Edun’s words, “This meeting demonstrates our commitment to fostering economic cooperation between Nigeria and Canada.”
He emphasised the Federal Government’s dedication to creating a conducive environment for investors and promoting economic growth.
Senator Bagudu however echoed these sentiments, highlighting various initiatives aimed at improving the business environment in Nigeria.
Similarly, the Chairman of African Capital Alliance, Mr. Enelamah expressed his satisfaction with the engagement, noting that it aligns with the African Capital Alliance’s mission to promote private sector investment in Africa.
He said, “African Capital Alliance is pleased to facilitate this engagement, which aligns with our mission to promote private sector investment in Africa.”
The meeting ended with the Canadian delegation, which included top executives from prominent companies, expressed interest in exploring investment opportunities in Nigeria.
The delegation members were: the President of CIBC Group, Victor Dodig, the CEO of Mattamy Asset Management, Peter Gilgan, President of OMERS, Blake Hutcheson, President of Cameco, Tim Gitzel, President of Garda World Security Corp, Stephan Crétier, President of the Business Council of Canada, Goldy Hyder, Co-Founder of BKR Capital, Isaac Olowolafe and the High Commissioner of Canada to Nigeria, James Christoff.
By Seun Ibiyemi
The Central Bank of Nigeria has warned authorised forex dealers against defacing/stamping US Dollar banknotes and continued rejection of old series and lower denominations of the United States of American dollars by its regulated entities in Nigeria.
This is even as the apex bank threatened to sanction lenders that rejected the currencies.
This was contained in a circular dated June 27, signed by the acting director of the currency operations department, Solaja Olayemi, which was recently released on the website of the apex bank.
The circular directed at Deposit Money Banks, Bureau De Change operators and the general public cautioned against the continued rejection of the old series and lower denomination of the American greenback.
CBN said the fresh circular followed the outcome of its consumer market intelligence, which revealed the continued rejection of old/lower denominations of dollar bills by banks and other authorised forex dealers.
The circular also warned authorised forex dealers against defacing/stamping US Dollar banknotes as such notes always fail authentication tests during processing/sorting.
“Kindly be reminded that the Central Bank of Nigeria circular referenced COD/DIR/INT/CIR/001/002 and dated 9th April 2021, which explicitly frowned at this selective acceptance of deposit, is still in force and must be adhered to and complied with by all relevant parties.
“For the avoidance of doubt and further guidance on the circular, the content is hereby reissued as follows for strict compliance: All DMBs /authorised forex dealers should henceforth accept both old series and lower denominations of United States Dollars that are legal tender for deposit from their customers.
“The CBN will not hesitate to sanction any DMB or authorised forex dealers who refuse to accept old series/lower denominations of US Dollar bills from their customers,” the circular partly read.
CBN first issued the warning in a circular signed by then director of the currency operations department, Ahmed Umar, on April 9, 2021.
Wema Bank, the pioneer of Africa’s first fully digital bank, ALAT, has charged stakeholders to prioritise digital empowerment for MSMEs as a measure for championing a sustainable MSME ecosystem in Nigeria.
The charge was made at the International MSMEs Day and MSME Awards Night 2024; a two-fold event organised by the Federal Government through the Office of the Vice President in commemoration of World MSME Day 2024 recently in Abuja.
The event was themed ‘Call to action: Provision of sustainable single-digit loans for MSMEs,’ and featured entities, including Wema Bank, who brainstormed and proffered financial solutions to provide affordable loans and funding for MSMEs.
The Chief Executive Officer of Wema Bank, Moruf Oseni, represented by the bank’s Executive Director of Retail and Digital Business, Tunde Mabawonku, emphasised the pressing need to prioritise technology and digital empowerment to complement capacity development, financial empowerment, and collaborative efforts, towards building a supportive ecosystem for MSMEs to thrive.
He said, “At Wema Bank, our approach embodies the saying, ‘Give a man fish, he will come back but teach a man to fish, he will learn to fend for himself and others.’ Technology and digital are the future, and intelligence is here to stay. What we are doing for these MSMEs is beyond providing the finances they need.
“We are also focusing on empowering them with relevant and transferrable digital skills to ensure they are not left behind in this digital evolution. What are the skills they need to sell in this fast-growing digital world? To operate effectively? To compete? To maximise the resources at their disposal? These are the questions that drive us at Wema Bank,” he said.
According to Oseni, the goal is digital empowerment for scale and to maximise the bank’s impact.
“We continue to partner with several esteemed bodies and institutions across the world, from banks to agencies, regulatory organisations, etc.
“Collaboration for us is continuous, from small alliances that allow us to empower smaller businesses through significant platforms within their ecosystem to bigger partnerships like the FGN-ALAT Digital Skillnovation Programme.
“We will continue to combine efforts and pool resources where ideal to create an enabling environment for businesses to thrive, provide financial support and other resources that these businesses need and empower them to skillfully utilise the resources available to them for maximum impact and growth,” Mabawonku concluded.
Micro, Small, and Medium Enterprises Day is celebrated globally to raise awareness of the tremendous contributions of enterprises to the achievement of the United Nations Sustainable Development Goals.
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