Connect with us

Business

#CustomerServiceWeek: Unity Bank Boss Restates Commitment to Customers, Rewards Frontline Staff

Published

on

In a bid to firmly entrench a customer-first attitude with enduring service culture, Unity Bank has launched a new service charter and Hall of Fame for staff. This is to create an exceptional customer experience as the Bank celebrates the 2021 Customer Service Week.

Unveiling the Service Charter, the Managing Director/CEO of Unity Bank Plc, Mrs Tomi Somefun applauded “customers and Frontline Staff who have promoted professional, courteous, positive and friendly environment; thus provided service that is personalised, empathic, competent, convenient and proactive”.

The Customer Service Week is a week-long celebration, which will hold across the Bank’s over 200 branches from Monday, October 4 to Friday, October 8, 2021.   This year’s Customer Service Week is themed “The Power of Service, which is to spotlight the imperatives of service as the world battles a global pandemic and the people on the frontlines who made a difference in the lives of their customers.

The Bank has lined up several activities. The Hall of Fame is the major highlight; to make the week exciting, memorable by rewarding staff who have created exceptional customer service experience in the Bank.   Restating the commitment of the Bank to providing excellent customer service, Mrs Somefun said the service charter will drive achieving the bank’s vision and guarantee customer satisfaction.

She said: “We celebrate all our customers for remaining loyal and devoted to us. You have choices of different institutions from which you can choose to do your transactions, but you chose us. Thank you for choosing Unity Bank.

“We appreciate you and remain committed to serving you better. We are not a perfect institution but take our word that we are committed to making sure that we delight you, by investing in continuous improvement and expanding our platforms to enhance service delivery efficiency’’, she reasserts.

“The last couple of months especially have been challenging, but we thank God that we are all alive, and we are still here to serve you and you are still available to be our customers. We believe that we will continue to ride the waves of the pandemic and come out even much better”, she reaffirms further.

The COVID-19 pandemic has led to evolving work culture, but the Bank has also evolved with the tide and deployed new customer service experience strategies to mitigate the impact that the new normal may bring to bear in access to its services.

The lender continues to maintain its focus on strategies for technological innovation through which it has evolved digital products such as the USSD banking *7799# in local languages, anti-fraud USSD channel, *7799*9# and mobile banking solution, UniFi which have boosted customers’ access to the Bank’s services, while facilitating convenience and security.

Also speaking, the Chief Customer Service Officer, Unity Bank Plc, Mrs. Titilayo Abraham said: “This year, as we inaugurate this Hall of Fame, we celebrate individuals and teams for their efforts in delivering excellent service to our customers. We will celebrate them particularly for their display of exceptional professionalism in providing great service without borders, going the extra mile to meet and surpass our customers’ needs.

In doing this, they have enhanced customer satisfaction thereby carving a niche for our brand in the industry.”

She added: “Becoming the retail bank of choice in Nigeria is a journey. We shall relentlessly strive to improve service and ensure our customers come first at all times.”

Continue Reading
Advertisement

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Seplat Denies ExxonMobil Deal Cancellation

Published

on

Seplat Energy, on Thursday, said it had not received any official notification from the Federal Government reversing its proposed acquisition of the entire share capital of Mobil Producing Nigeria Unlimited.

The company also said it was seeking clarification from relevant authorities regarding the claims that President Muhammadu Buhari, who doubles as Minister of Petroleum Resources, had withdrawn his ministerial approval for the deal.

“Seplat Energy has become aware of a news report claiming that ministerial approval of the company’s proposed acquisition of the entire share capital of Mobil Producing Nigeria Unlimited has been withdrawn,” the oil firm stated in a statement issued by its Chief Financial Officer, Emeka Onwuka.

It added, “Seplat Energy has received no official notification of such a decision and is seeking clarification from the relevant authorities.”

Buhari had, on Wednesday, reversed his authorisation of the acquisition of the entire share capital of MPNU by Seplat Energy Offshore Limited.

The move puts the Presidency on the side of the Nigerian National Petroleum Company Limited which had earlier declined the $1.3bn transaction.

A statement by the Special Adviser to the President on Media and Publicity, Femi Adesina, had announced on Monday that Buhari consented to the acquisition of Exxon Mobil shares by Seplat Energy.

According to the Presidency, Buhari authorised the move in his capacity as Minister of Petroleum Resources as a way to attract Foreign Direct Investment to the country.

This was, however, contested by the Nigerian Upstream Petroleum Regulatory Commission, as the Chief Executive, NUPRC, Gbenga Komolafe, said the regulator would not and did not endorse the transaction.

Reacting to the development on Wednesday, the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, stated that Buhari had reversed the decision and that the misunderstanding was because the “agencies involved in (the) decision had not coordinated well among themselves.”

Responding to claims on the reversal of ministerial approval, Seplat stated on Thursday that it had not received any official notification on the decision.

The oil firm, however, noted that it “will continue to work with all parties to achieve a successful outcome to the proposed acquisition and will provide an update in due course.”

It said the “announcement is made pursuant to Rule 17.10 of the Rulebook of the Nigerian Exchange, 2015 (Issuer’s Rule).”

The Punch

Continue Reading

Business

Wema Bank: Why We Are Delivering Value and Growing Our Numbers – Adebise

Published

on

The Managing Director/CEO of Wema Bank Plc, Mr. Ademola Adebise, has explained the facts behind the bank’s growing numbers during the half year ended June 30, 2022.

Wema Bank recently released its second quarter unaudited financial result for the period ended June 30, 2022, showing a 50 percent increase in its Gross Earnings from N39.82 billion recorded in 2021 to N59.59 billion H1 2022. The bank also grew its deposit by 43 percent from N968.17 billion reported in FY 2021 to N1.09 trillion in H1 2022.

Similarly, Wema Bank recorded a 43 percent increase in Profit before tax (PBT) from N4.30 billion over the same period last year to N6.13 billion for the period under review.

Speaking at the analyst’s conference and Investors’ call, Mr Adebise said: “Our digital channels remain a priority in meeting customer needs and closing the financial inclusion gap.

‘With a transaction value of N131.5 billion, USSD recorded over 58.6 million in transaction count (+55%), reaffirming our focus to grow channel usage.

“Mobile banking users completed over 42.8 million transactions within the review period, further driving the financial inclusion initiative.

“With over 50% growth in agent acquisition, our agency banking base increased to 140k accounts, at the end of the six months review period (H1 2021: >102k). This helps to further enhance performance across our financial inclusion initiatives. The value of agency funds transfer closed at N7.59bn in H1 2022, a 34% y-o-y growth. The stellar growth in agency transfer volume by 550k% was driven by signing-on of new partners”, he said.

According to the Wema Bank MD, the bank’s agency banking solutions will continue to provide support to customers mostly in the rural areas and hard-to-reach regions of the country.

“So far, we have over 21,000 agents attending to the financial service needs of these customers,” Mr Adebise added.

The bank’s Chief Finance Officer, Mr. Tunde Mabawonku, said the results point to the resilience and growth trajectory of the bank during the review period.

According to him, the bank has achieved efficiency in its balance sheet by managing growing deposits and rising interest rate. He also disclosed the bank has achieved an efficient mix of its deposit portfolio by bringing down the cost of funds.

Mabawonku hinted the bank’s N40 billion rights issue would open and be concluded during the year, a development he said would deliver more value to shareholders.

Continue Reading

Business

Nigeria Makes List of Four Top World Bank Debtors

Published

on

Rising debt has pushed Nigeria up the World Bank’s top 10 International Development Association borrowers’ list.

The World Bank Fiscal Year 2021 audited financial statements, known as the IDA financial statement, showed that Nigeria was rated fifth on the list with $11.7bn IDA debt stock as of June 30, 2021.

However, the newly released World Bank Fiscal Year 2022 audited financial statements for IDA showed that Nigeria has moved to the fourth position on the list, with $13bn IDA debt stock as of June 30, 2022.

This shows that Nigeria accumulated about $1.3bn IDA debt within a fiscal year, with the country taking over the fourth top debtor position from Vietnam.

This debt is different from the outstanding loan of $486m from World Bank’s International Bank for Reconstruction and Development.

The top five countries on the list slightly reduced their IDA debt stock except Nigeria.

India, which is still the first on the list reduced its IDA debt stock from $22bn in the previous fiscal year to $19.7bn, followed by Bangladesh from $18.1bn to $18bn.

It is followed by Pakistan which cut its debt from $16.4bn to $15.8bn, and lastly, Vietnam, which went down the list to fifth position, from $14.1bn to $12.9bn.

Nigeria has the highest IDA debt in Africa, as the top three IDA borrowers (India, Bangladesh and Pakistan) are from Asia. The World Bank disclosed recently that Nigeria’s debt, which may be considered sustainable for now, is vulnerable and costly.

The bank said, “Nigeria’s debt remains sustainable, albeit vulnerable and costly, especially due to large and growing financing from the Central Bank of Nigeria.”

However, the Washington-based global financial institution added that the country’s debt was also at risk of becoming unsustainable in the event of macro-fiscal shocks.

The bank further expressed concerns over the nation’s cost of debt servicing, which according to it, disrupted public investments and critical service delivery spending.

Economists have also raised concerns over the rising debt profile of the Federal Government.

The Fiscal Policy Partner and Africa Tax Leader of PwC, Mr Taiwo Oyedele, expressed his agreement with the World Bank on the high cost of debt servicing.

He said, “I agree with the World Bank. Although the debt to GDP ratio is not too high, if you think about the debt service cost to revenue ratio, it is already over 70 per cent. That’s when you know it’s costly.

“Nigeria borrows at double-digit, and even when we borrow in dollars, the rates are very high and then you devalue the naira and the cost of servicing the debt in naira goes up because it is dollar-dominated debt.

“Put all of that together, and you can easily say to yourself that even though our debt to GDP ratio is very low, our cost of borrowing is unsustainable because it is very high, and therefore, make it very costly.”

A former Deputy Governor of the Central Bank of Nigeria and former presidential candidate, Kingsley Moghalu, also criticised the increasing borrowing tendency of the government, urging the officials to re-consider other ways of generating revenue for the country.

According to Moghalu, it was also not reasonable to borrow for infrastructural development as the government could expand the public-private partnership options for such development.

In a document by the Director General of the Debt Management Office, Patience Oniha, recently obtained by our correspondent, the DMO stated that high debt levels would often lead to high debt services and affect investments in infrastructure.

According to the DMO DG, “High debt levels lead to heavy debt service which reduces resources available for investment in infrastructure and key sectors of the economy.”

The Punch

Continue Reading