Business
Ecobank Boss Advocates Synergy Among Super Brands to Solve Africa’s Problems
The Managing Director, Ecobank Nigeria, Patrick Akinwuntan has advocated a synergy between super brands in Africa to solve the multifarious challenges facing the continent. Akinwuntan, who made this submission at the International Advertising Association (IAA) Africa Rising 4 virtual conference, posited that recent happenings in the global arena such as covid 19 pandemic further reinforces the need for bigger brands on the continent to collaborate effectively to achieve sustainable solutions to challenges facing the continent.
According to him, “It is not just about digitization but understanding that life itself has deeper substance. What we have learnt in the past 18 months calls for common agenda for human race, an opportunity for collaboration to search for sustainable solutions to the myriad challenges facing the continent. This also reenforces the fact that until we are comfortable, no part of the globe is comfortable. This provides a completely new direction between developed worlds, developing worlds and whatever categorization that you want to bring to the table. With people having to stay at home because of the pandemic, we quickly saw that being disconnected from the economy fabric is much more dangerous than the health risk that we are trying to avoid from the social distancing and stay at home”.
On how Ecobank as an African Super Brand responded to the covid 19 pandemic, Mr. Akinwuntan noted that the bank’s success story in handling the outbreak and spread of Ebola disease in some parts of Africa came handing, adding that the bank’s investment in technology also paid off as it was able to provide financial services seamlessly to its customers in countries where the operates.
“We came out with strategies to ensure that small business and women enterprise leaders are able to learn to improve their capacity and source for labor without physical contact and able to access market without physical contact and be able to be financially strong without having to physically visit distant locations. For the small businesses, it is enabling them to have faith in themselves to be able to see that tomorrow has a brighter future. The covid-19 pandemic was a leveler and therefore everyone felt the impact. For a brand like Ecobank, we needed to demonstrate our ability to reach everyone at the same time. First is knowledge, people need to know, is this circumstance unique to my country, or to my own livelihood? if it is not, what has worked for other people and how have we leveraged it. That is quite a lot of learning that we focused on. We actually partnered with NEPAD and brought about leveraging on technology and capacity building for the small and medium scale business.”
Aligning with Akinwuntan’s submission, another speaker at the session, Group Executive for Marketing, MTN, Bernice Samuels said it was imperative super brands in Africa have a common platform to address and offer solutions to challenges facing the continent. The captivating session was moderated by Robyn Curnow, Anchor & Host of CNN Newsroom
Earlier in his welcome address, World President and Chairman, IAA, Joel Nettey said the 2-day virtual conference with the theme: ‘Africa To The World’ is aimed at projecting African brands to the world and bringing together the best on the continent to discuss trends and key developments. According to him, “as the most influential network of industry leaders with a broad spectrum of expertise, we help brands grow, strengthen, and forge new paths around the world through meaningful relationships with consumers. We use our thought leadership, initiatives in education and development, and world-class events to help our members navigate through the ever-changing worlds of business and technology. We are delighted to be able to put together this conference in such trying times to add value and bring together those who shape the industry’s future. The African continent is endowed with vibrancy, creativity, culture, its people, and strong brands weaving coherently into what makes the engines of economies move.”
The International Advertising Association’s (IAA) Africa Rising for Leadership Conference 2021 is first IAA virtual conference and it is congregating speakers and participants from across the globe – Nigeria, Kenya, south Africa, USA, Italy, Russia, Malaysia and several other leading countries where IAA has presence.
As part of President Bola Ahmed Tinubu’s state visit to France, the Chairman of UBA Group, in the presence of President Tinubu and the President of France, Emmanuel Macron, signed a landmark business cooperation agreement with the French Finance Minister, Antoine Armand. The agreement is a significant indication of support by the French Government for the development of UBA’s full banking operations in France.
Speaking at the signing ceremony, Tony Elumelu, the Chairman of UBA Group commented: ”This partnership reinforces our commitment to seamless international banking services for our customers, not just across the 11 Francophone African countries we serve, but Africa as a whole; and French and European customers transacting with Africa. Expanding into France is a natural progression, with Paris serving as our European Union hub, as we continue to bring Africa and the world together, through innovative financial solutions. Paris will join London, New York and Dubai, as a critical component of our unique global network.”
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.
In a bid to promote a savings culture and enhance financial literacy among young Nigerians, Unity Bank Plc has announced plans to launch a new app for children and teenagers designed to empower users to achieve their financial goals.
The announcement was made during the World Savings Day training held at Emerald Fields School, Calabar, Cross River State, as part of the Bank’s nationwide initiative to mark the global event.
World Savings Day is observed in Nigeria as an initiative of the Central Bank of Nigeria, Bankers Committee and Junior Achievement Nigeria to drive financial inclusion with the vehicle of Financial Literacy Training which is held in secondary schools across the country.
Speaking at the event, Unity Bank’s Managing Director/CEO, Mrs. Tomi Somefun, represented by the Chief Compliance Officer, Mrs. Patricia Ahunanya, emphasized the importance of instilling good financial habits early in life. She explained that the upcoming app would equip students with tools to set SMART financial goals, understand the power of compound interest, and build financial safety nets through savings and prudent money management.
“Financial literacy is the foundation of a secure future. By teaching students to distinguish between needs and wants, budgeting, and embracing delayed gratification, we empower them to take charge of their financial journeys. The new app will serve as a practical tool to support these lessons and help young Nigerians build a culture of savings,” Mrs. Somefun stated.
The training session in Calabar, one of 16 held simultaneously across secondary schools in Nigeria, aimed to instil essential money management skills. Participants were exposed to simulations on earning, budgeting, spending wisely, and understanding the principles of borrowing and saving. Unity Bank’s representatives guided the students through interactive discussions, encouraging them to set financial goals and cultivate habits that support long-term financial stability.
World Savings Day, celebrated annually on October 31, aims to promote the importance of savings and financial awareness globally. In Nigeria, the Central Bank of Nigeria (CBN), in collaboration with the Banker’s Committee, Deposit Money Banks, and Junior Achievement Nigeria, coordinated activities to engage students nationwide.
Unity Bank’s initiative aligns with the CBN’s financial inclusion strategy by encouraging young Nigerians to embrace financial literacy early. The Bank’s upcoming app, designed specifically for children and teenagers, will complement this effort by providing an engaging platform for setting savings goals, tracking progress, and building healthy financial habits.
With financial literacy training held in six geopolitical zones, Unity Bank reinforces its commitment to youth development and capacity building.
FirstBank, the premier West African financial institution and financial inclusion service provider has announced its hosting of the first-ever China-Africa Interbank Association (CAIBA) Forum to strengthen economic ties and investments between China and Africa.
The forum, themed “Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialization and Economic Diversification,” will take place on November 27, 2024, at the Fraiser Suites Abuja.
Established in 2018, CAIBA marked a significant milestone in fostering financial cooperation between China and Africa, comprising 16 African banks, including FirstBank, and China Development Bank (CDB) as well as ABSA Bank, West African Development Bank, Central African States Development Bank, Eastern and Southern African Trade and Development Bank, Development Bank of South Africa, Ecobank, United Bank for Africa, RawBank with the aim to enhance partnerships in various spheres, such as infrastructure interconnection, international cooperation, and cultural exchange. This initiative was driven by the need to address the funding gap in Africa for industrialization, infrastructure, and poverty alleviation.
The CAIBA Forum which will be co-hosted by China Development Bank offers a unique opportunity for knowledge sharing, networking and deal making, for the purpose of fostering a win-win cooperation and promote joint development among member-banks. Formerly convened only in Beijing, the Forum will now provide a unique platform to spotlight Nigeria’s pivotal role in the growing China-Africa economic relationship as the host country.
Intrinsically woven into the fabric of the society and with its extensive network across Sub-Saharan Africa, UK, and China, FirstBank provides unparalleled access to markets, to facilitate trade and investment flows between China and Africa.
Additionally, FirstBank’s expertise in financial inclusion, trade finance, corporate and investment banking positions it as an ideal partner with China Development Bank with key strengths in inclusive and sustainable financial solutions in driving this important initiative to support Chinese and African businesses.
Speaking about the forum, the CEO of FirstBank Group, Mr. Olusegun Alebiosu, said, “We are honoured to host this pivotal event that fosters dialogue and collaboration between Chinese and African financial institutions. This forum reinforces our commitment to bridging the gap between Africa and China, catalyzing economic growth and development. The selection of FirstBank as the host is a testament to our rich legacy, deep expertise in African markets, and an impressive 130-year history of empowering businesses and communities to thrive. We are proud to support the continent’s economic transformation and growth and remain dedicated to exploring the partnership opportunities this forum will bring for the mutual benefit of China and Africa.”
Participants will have the chance to engage with government officials, business leaders, and financial experts from both regions. Expected guest speakers include His Excellency, the Vice President of Federal Republic of Nigeria, the Governor of the Central Bank of Nigeria, Minister of Trade, Industry & Investment, MD of China Development Bank, Federal Capital Territory (FCT) Minister, Governors of Lagos, Kano and Anambra States; Ambassadors from countries of CAIBA members, President and Chairman of the Board of Directors of the African Export–Import Bank, Representatives from the China-Africa Development Fund, and many industry leaders, policymakers, and experts to explore opportunities for cooperation and mutual growth.
In addition, the CAIBA Forum will feature a plenary session which include Dr. Abiodun Adedipe – Founder & Chief Consultant BAA Consult, David Ofosu-Dorte – Senior Partner, AB & David Africa, A Pan-African Law Firm, Ugo (UgoDre) Obi-Chukwu – Publisher Nairametrics, Wole Adeniyi- CEO, Stanbic IBTC, Bamidele Abu- CEO, ABSA Nigeria Capital Markets, Mrs Kouassigan Dovi Eliane Khady – Head Financial Institutions West African Development Bank (BOAD). Other exciting line-ups include a trade exhibition, keynote speeches, and networking events that will explore the latest trends and opportunities in China-Africa cooperation.
The establishment of CAIBA is a positive development that has the potential to significantly impact the economic landscape, actively shaping economic future and fostering partnerships that drive sustainable growth and prosperity of both China and Africa.
