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Airtel launches 4G LTE in Abuja

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Leading telecommunications services provider, Airtel Nigeria, at the weekend, launched its 4G LTE network in Abuja with an assurance that the latest technology would empower more Nigerians, stimulate economic activities across all sectors of the economy as well as provide unfettered access to affordable and reliable mobile broadband.

Airtel’s Managing Director and Chief Executive Officer, Segun Ogunsanya, while speaking during the event, said the 4G LTE is a technology that puts power in the hands of its users because it provides a super fast mobile broadband to Nigerians.

He said the telco has in the past seven weeks upgraded and modernised its network infrastructure in the nation’s capital to improve productivity, spread prosperity and help telecoms consumers in Abuja to fulfil their potential as well as realise their dreams.

“Ours is a 4G service that is not only fast and reliable but a 4G service that works. We are enabling mobile first, mobile only access to the internet. If you have only one TV in your household, you don’t have to argue over remote control. Your phone equals your TV.

“Already, I have started getting some positive reviews of the Airtel 4G service in Abuja. We pioneered GSM in Nigeria. First GSM call in Nigeria was made on our network in 2001. Now we are launching the best 4G network in Abuja. We keep connecting people and businesses,” he said.
Ogunsanya also noted that since the 4G was first launched in Ibadan in February this year, the positive feedback from users, friends and other stakeholders in Ibadan have been excellent attesting to the speed of the network.

He said the company plans to extend the technology to all over the country before the end of the year, making it the widest 4G network in Nigeria.
In his presentation, Airtel’s Chief Commercial Officer, Ahmad Mohkles, said the potential for 4G network in Nigeria is huge as only about 100 million of the 139 million mobile phone users have access to internet.

He said the 4G technology would be around for a long time, and urged Nigerians to swap their old Airtel SIM cards to the latest technology to enjoy super fast mobile internet. The Minister of Communications, Mr. Adebayo Shittu, applauded Airtel for deploying 4G in the Federal Capital City, Abuja. He said that it is a major milestone for Airtel in providing leadership in setting the technology standard for 4G services by rolling out its cutting edge network in line with its corporate vision of becoming a first class mobile internet service provider in Nigeria.

“The Federal Government is happy to celebrate with Airtel on this milestone and on other efforts aimed at achieving robust and extensive network coverage in Nigeria.”

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​Keystone Bank: Emerging whiz-kid on the banking block

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By: Felix Onajite

Since the financial crisis that enveloped the global market a decade ago, the profitability and reputation of banks has been under tremendous pressure worldwide, Nigeria inclusive. Whilst the banking industry is now regaining its health, the entrant of fintechs and neo-banks in the industry is posing a new threat. This digital disruption is changing the traditional way through which customers obtain financial services, hence putting more pressure on banks’ profitability.

However, a bank in Nigeria, Keystone Bank Ltd, is challenging the status quo by making transformation and profitability appear like a mere walk over as revealed in its achievements within a short time span. From the perspective of the results on ground, it appears to be a great time for Keystone Bank. In just one year of AMCON’s divestment, the bank has changed its narrative from “one of those banks” to a financial institution to be reckoned with and as a result is experiencing an influx of business minded customers.

Keystone Bank’s ambitious and holistic transformations have taken industry watchers by surprise, and the industry itself by storm. Besides the revamping of its branches across the nation and bolstering its workforce, it has invested substantially in technology and developed fully integrated service models that enable its customers enjoy banking services through a wide range of channels.

The bank’s journey to reckoning had been long and winding, which necessitated a takeover by the Asset Management Company of Nigeria (AMCON) in 2011.

However, its acquisition by Sigma Golf – Riverbank consortium seemed to trigger a turnaround as it precipitated a change in the management team to the one that holds the magic wand for the positive outlook it has been experiencing to date

On taking over, the new management team led by its Group Managing Director/CEO Mr. Obeahon Ohiwerei drew up a holistic and integrated approach to business modernization which elevated the bank to deliver a superior customer-centric experience.  The impact of this change reflected positive results in its Q1 report card, which, from all indications, is a restoration of customers’ trust in its system.

The bank for the half-year ended June 30th, 2018 recorded a profit before tax of N5.83bn, compared to a loss of N6.78bn over the same period in 2017. Deposit grew by 51%, from N206bn to N312bn between June 2017 and June 2018

From evolving technologies to changing customer expectations to new regulatory demands – it has never been more important for banks to come up with the right strategies for digital transformation and innovation; the Ohiwerei team nonetheless made this a reality at Keystone Bank. This entailed initiating partnership processes with foremost technology-enabled concerns to drive its digital revolution.

Its partnership with CeLD Innovations Limited to launch a ground-breaking loyalty reward initiative which involves the gifting of ‘CashToken’, is one of such moves. This innovative gift commodity, Cash Token, which was formally launched in Lagos on Thursday April 19, 2018 at a conference tagged “500 Top CEOs Conference – Unleashing – The Age of Hyper Consumer Centricity, is an electronic reward and celebratory gift commodity which costs only N30.

The initiative, according to CeLD, creates a chance for every customer in Nigeria to win life-changing cash rewards every Friday night on the National CashToken draws which is monitored by Alexander Forbes and audited by Deloitte. This initiative is designed to optimize customer loyalty investment for business, celebratory gift value optimization and public emotional equity for government.

The bank has also launched its revamped mobile banking application upgraded with new and exciting user-friendly features for a more convenient banking experience. Customers can now enjoy many benefits & access self-service options, such as, easy account opening, convenient self- booking and liquidation of fixed deposits, an expanded list of bill-payment options and easy activation of standing instructions & recurrent future payments.

Other notable features of the mobile App are, a “Switch Card ON/OFF option” which allows users to disable their cards temporarily if missing & re-enable at the click of a button, the “Hide Balance Feature” safeguards against third-party viewing and the “Meet Your Relationship Manager Option” allows users to call or email their account officers right within the app.

In addition, the Bank was the first in the sector to introduce the Chat-bot feature called OXYGEN which enables banking on Telegram and Facebook. It guides users through a whole range of desired transactions step-by-step.

Another first from the Bank is the Zero Data Banking feature that enable customers transact on their phones without data. Keystone Bank has remained the only Bank with this feature on its Banking App.

And for the first time in its operations, Keystone Bank also introduced a new SMART number for customer support, this eliminates the need for customers to remember multiple numbers while removing the uncertainty as to which of the lines are actively engaged.

These and many other moves leveraging technology and building a culture of innovation is fast repositioning the bank as a new whiz kid on the banking block, which, according to its group managing director, Mr. Obeahon Ohiwerei is a proof of the hard work and resilience of the board, management and staff of the bank.

Today, Keystone Bank’s branches are fast becoming a hub for transactional activities witnessing a huge footfall of customers trooping in to carry out transactions, open bank accounts and experience the innovative trends that the bank has introduced to its business. This overall experience has also been boosted by the enhancement of staff morale which inherently drives the commitment to serve their customers better.

From the look of unfolding events at Keystone Bank, it’s clear to see that, it’s just a matter of time before the bank starts operating in the first tier again.

– Felix Onajite, a financial analyst writes from Lagos, Nigeria.

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Forex: CBN boosts wholesale market, others with fresh $210m

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The Central Bank of Nigeria (CBN) has sustained its intervention in the inter-bank foreign exchange market by injecting yet another sum of $210,000,000 into various sums of the market on Tuesday, August 14, 2018.

At Tuesday’s trading, the Bank offered the sum of $100,000,000 as wholesale interventions and allocated the sum of $55,000,000 each for Small and Medium Enterprises (SMEs) forex window and the invisibles sector, for customers requiring forex for Business/Personal Travel Allowances, tuition and medical fees, among others.

Confirming the figures in Abuja, the Acting Director, Corporate Communications at the CBN, Mr. Isaac Okorafor, said the Bank was pleased at the performance of the naira, noting that the currency had continued to enjoy stability against the dollar and other major currencies of the world in recent times.

Okorafor reassured the public that the Bank would continue to intervene in the interbank foreign exchange market in line with its resolve to ensure liquidity in the forex market and maintain stability. He reiterated that the steps taken by the CBN in forex management had resulted in further reduction in the country’s import bills and accretion to its foreign reserves.

It will be recalled that the CBN last Friday, August 10, 2018, intervened in the Retail Secondary Market Intervention Sales (SMIS) to the tune of $327 million in the agricultural and raw materials and CNY 69 million in the spot and short-tenored forwards.

The naira continued to maintain its strong stand against major currencies around the globe, exchanging for N360/$1 in the BDC segment of the market on Tuesday, August 14, 2018.

Meanwhile, the CBN will on Wednesday, August 15, 2018, sensitize stakeholders in Abuja and the adjoining States on the Bilateral Currency Swap Agreement between the CBN and the People’s Bank of China (PBoC) signed on April 27, 2018.

 

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Over 5000 entrepreneurs for 4th Tony Elumelu Foundation entrepreneurship forum in Lagos

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Africa’s leading entrepreneurship-focused philanthropic organisation, the Tony Elumelu Foundation (TEF), has announced October 25, 2018, as the date for its 4thannual TEF Entrepreneurship Forum.

The largest gathering of African entrepreneurs and the broader entrepreneurship ecosystem will unite over 5,000 entrepreneurs, global investors, leaders from the African public and private sectors and developmental organisations at the Federal Palace Hotel, Lagos.  The event is a unique opportunity to generate ideas, forge networks and bring policymakers and the private sector together, in a spirit of robust debate and interaction. The 2018 cohort from the Tony Elumelu Entrepreneurship Programme, as well as mentors and partners, will be present, as the culmination of their intensive twelve-week induction.

In keeping with the Foundation’s track record―most recently with President Macron of France―of bringing politicians face to face with the new generation of young business women and men shaping Africa, the Forum will include an interactive session with President Uhuru Kenyatta of Kenya and President Nana Akufo-Addo of Ghana, moderated by TEF Founder, Tony O. Elumelu.

The Forum will also feature the launch of the TEFConnect, the world’s largest digital platform for African entrepreneurs, dedicated to connecting African entrepreneurs and the entrepreneurship ecosystem.

Founder, Tony O. Elumelu, CON, stated: “In just four years, we have directly impacted 4,460 entrepreneurs, and we are beginning to see the results – job creation, ripple effects, but most importantly a recognition that Africa’s economic well-being is driven by entrepreneurs: female and male, large and small – they are the engine of our continent’s transformation. We will be championing and celebrating them. This year, we are truly achieving scale and impact; we received over 150,000 applications in 2017 alone, up from 20,000 applications in 2015. We are now calling on the current generation of African success stories and others to partner with us to see how we can all further create impact, genuinely transform millions of lives and increase the number of inspiring stories we will be hearing in Lagos”.

TEF CEO, Parminder Vir OBE stated: “The TEF Entrepreneurship Forum is the only event across the continent that brings together the complete African entrepreneurship ecosystem, demonstrating our commitment to capturing the whole continuum – from the entrepreneurs themselves, governments who must provide enabling environments, to capital, advice and perhaps most importantly access and network”.

Inspired by Tony Elumelu’s economic philosophy of Africapitalism and his vision to institutionalise luck and democratise opportunity for a new generation of African entrepreneurs, the Tony Elumelu Foundation has implemented one of the most ambitious entrepreneurship programmes globally.

The Programme is a 10-year, $100 million commitment to identify, train, mentor, and fund 10,000 entrepreneurs. Its goal is to invest in businesses that will generate at least 1,000,000 new jobs and contribute at least $10 billion in new annual revenues across Africa. In its 4th year, TEF Entrepreneurship Programme has empowered 4,460 entrepreneurs with a total investment of USD20million; 4,000 funded directly by the Foundation and 460 have been funded by partners.

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