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Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has urged small and medium size enterprises (SMEs) in Nigeria to digitise their products and services to drive business efficiency.

 

The call was made during the 2022 Enterprise Banking webinar organised by Stanbic IBTC, Themed ‘Your Business, Our Business: Accelerating Business Growth’, the webinar featured seasoned experts such as Muyiwa Oni, Head, Research, Stanbic IBTC Bank; Remilekun Ishola, Team Lead, Enterprise Banking, Stanbic IBTC; Philip Egbetho, Solutions Manager, inq. Digital Nigeria; Ayodele Ojosipe, Head, Enterprise Business Development, Stanbic IBTC; and Steve Harris, Business Strategist.

 

Speaking on the need for SMEs to digitise products and services, Wole Adeniyi, Chief Executive, Stanbic IBTC Bank PLC, stated that the integration of digital technology into businesses would help SMEs achieve greater business efficiency.

 

He said: “The position of SMEs in the society has been identified as one of the most important catalysts in a nation’s development. In fact, it is the major propeller of development of any nation. A country that needs fast and rapid development should not neglect the crucial role of small-scale industries. However, to attain optimal business efficiency, digitisation of the products and services SMEs provide must be adopted immediately, across all enterprise business sectors.”

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Highlighting the economic overview of the nation, Muyiwa Oni, Head, Research, Stanbic IBTC Bank noted that although Nigeria’s gross domestic product is gradually recovering, 2022, in its third month, comes with heightened political activities, increase in cash flow systems and some uncertainties due to the forthcoming 2023 elections, which is a pattern with electioneering in Nigeria. He advised SMEs to switch to digital platforms to conduct their businesses, and to look for innovative ways to serve their own customers.

 

Steve Harris, Business Strategist, stated that for small and medium sized enterprises to experience growth, there must be an emphasis on branding and packaging to effectively market their products and services. He also mentioned branding strategies for businesses to apply to accelerate their growth alongside worst strategies that businesses should avoid in 2022.

 

Addressing the issue of business growth, Remilekun Ishola, Team Lead, Enterprise Banking, Stanbic IBTC, said “One of our key objectives in the Business and Commercial Clients Division at Stanbic IBTC is to actively help businesses with financial solutions and funding that will accelerate their business and expand their capital base. We provide smart loans, SME advances, EZ loans and other credit facilities to augment the working capital of entrepreneurs, who need instant funding to meet up their day-to-day short-term obligations or commercial needs.”

 

Philip Egbetho, Solutions Manager, inq. Digital Nigeria, advocated for more businesses to digitise their products and services for better returns on investment.

 

According to him, “With a click on a computer or tablet, you can order food, purchase items online, buy gadgets, etc. Nowadays, drycleaners even have websites to advertise their services, and many SMEs have POS machines at their shops and stores. No need to go physically to a store to purchase items. This is because Nigeria is gradually transitioning from a traditional position to a modern viewpoint on conducting business activities, a shift to a digital economy. However, the pace at which this transition is taking place is slow, hindered by several impediments. If more SMEs were to digitise their products, more profit will be made and these businesses will be more efficient.”

 

Babatunde Akindele, Head Commercial Client Coverage, Stanbic IBTC Bank, while giving the closing remark, urged all SMEs to embrace digitisation, as that is the future of business.

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Fidelity Bank Wins Best SME Bank Nigeria at Global Banking & Finance Awards 2022

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Fidelity Bank Plc, has been announced as the 2022 Best SME Bank in Nigeria by the Global Banking & Finance Review at its Annual Global Banking & Finance Awards which held in London, UK recently.

 

Global Banking & Finance Review is the leading online, digital, and print magazine for the banking and financial sector. The website receives over 7 million page views each year thanks to its balanced views and informative, independent news centered on the financial sector. The Global Banking & Finance Awards was created to recognize companies of all sizes that are prominent areas of expertise and excellence within the global financial community.

 

“Global Banking and Finance Review is privileged to honor those financial institutions that have achieved outstanding results and who stand out in their particular area of expertise in the banking and finance industry. Global Banking & Finance Review would like to congratulate the award winners and look forward to their continued success.

 

“The awards were created to recognize companies of all sizes that are prominent in particular areas of expertise and excellence within the financial community. They reflect the involvement of leading financial organizations and recognize the accomplishment, achievement, innovation, strategy, and progressive and motivating changes taking place within the financial sector”, reads a statement on the Global Banking and Finance Awards website.

 

Commenting on the award, MD/CEO Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe said, “We are grateful for this recognition and dedicate the award to our customers who rely on us to provide the right support for scaling their business. Receiving this award at the beginning of the year, provides us with increased motivation to do more in helping our clients achieve their strategic business goals.”

 

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 7.2 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best Private Bank in Nigeria and Best Private Bank Digital Solutions for Clients in Africa in the Global Finance’s World’s Best Private Banks 2023 Awards; as well as the Best Commercial Banking Brand in Nigeria by the Global Brands Magazine Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

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Buhari Will Commission Dangote Refinery Before May 29 -Dangote Group

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The attention of Dangote group has been drawn to some misleading reports regarding the commissioning of its Dangote Refinery during the present working visit of President Muhammadu Buhari GCFR to Lagos State.

 

In a terse statement signed by the Group Chief, Branding & Communications Officer, Dangote Industries Limited, Mr Anthony Chiejina, the Group averred that “We want to state categorically that our 650,000 barrels per day (bpd) Refinery project was never part of the President’s programme on projects to be commissioned.

 

“For the record, the projects slated for commissioning in Lagos State by President Muhammadu Buhari GCFR include: Lekki Deep Sea Port; 32-Metric Tonnes Lagos Rice Mill, Imota; 18.75km Eleko to Epe T Junction Express road; John Randle Centre for Yoruba Culture and History, Onikan, Blue Line Rail (Phase 1) commissioning (Marina to Mile 2); Groundbreaking for the Blue Line Rail Phase 2 (Mile 2 to Okokomaiko), and MRS Lubricant, a private project in Apapa.

 

However, our Refinery will be commissioned before President Muhammadu Buhari GCFR formally leaves office in May, 2023, and the public will be duly informed and invited to the epic event.”

Before this statement today, Business Hilights recalls that there had been a fake news in an unverified twitter handle saying President Buhari will among other things commission the refinery which the company debunked and described as fake.

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