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Tag: Remy Osuagwu

  • Stanbic IBTC Restates Commitment to Improve Multisectoral Nigerian Businesses

    Stanbic IBTC Restates Commitment to Improve Multisectoral Nigerian Businesses

    Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has expressed its unwavering commitment to improving and supporting Nigerian businesses across all sectors, the organisation said in an official launch and media briefing to unveil its proposition for businesses of different sizes and across different sectors

    The leading end-to-end financial services provider revealed a bouquet of offerings that cater to businesses in all sectors, locally and internationally. These offerings are innovative financial solutions across the agribusiness, education, engineering, trade, commerce, telecoms, manufacturing, healthcare, maritime, real estate, oil and gas financing, debt capital markets, equity capital markets, principal finance solutions, and equity capital markets, amongst other sectors, and are for businesses of all sizes from SMEs to national and multinational companies operating in these sectors.

    The unveiling ceremony showcased the need to partner Nigerian businesses and support them through their challenges and demonstrated the limitless solutions and possibilities via collaboration. The Executive Director, Business and Commercial Clients, Stanbic IBTC Bank, Remy Osuagwu, stated that the organisation is repositioning to reflect the Nigerian local and international business scene while creating solutions that address the growth challenges affecting Nigerian businesses.

    He said: “We know that some businesses struggle because they think they can grow alone, but the truth is no business can survive without the right partner.  We are glad that we are positioned as an experienced financial partner to support business growth”. 

    The main idea behind our launch is to showcase all the financial solutions, including advisory services that businesses can take advantage of to meet their growth aspirations, especially in the face of the current challenging operating terrain. Stanbic IBTC’s solutions are thoughtfully created to meet the needs of business across diverse sectors.”  according to Remy, “one of our solutions, the Africa-China Trade Solution (ACTS), facilitates trade dealings, imports, and exports with China. Our customers in that line of business are covered because it grants African enterprises access to new markets, expands their customer base, and creates a mutually beneficial relationship between the two countries and the rest of the Asian continent.”

    Speaking on strategic solutions for Corporates, Eric Fajemisin, Executive Director Corporate and Investment Banking, Stanbic IBTC Bank, said “We strive to be a valued and trusted partner to our clients, by offering opportunities and risk management strategies . As a member of the Standard Bank Group, we leverage our 160 years heritage, fit-for-purpose representation outside Africa, and a strategic partnership with the Industrial and Commercial Bank of China (ICBC) to provide tailored solutions to our clients. We connect our clients to opportunities across Africa and beyond through our proven experience in emerging markets, local insight and our on-the-ground presence in 20 countries in Africa”.

    He said, Our Global Markets team offers a range of trading and risk management solutions across different asset classes in the financial markets, including foreign exchange positions, interest rate protection, and hedges in the Equities and Commodities market. Our Investment Banking team provides a full suite of advisory and financing solutions, from term lending to highly structured and specialised products across the equity and debt capital markets. Our Transactional Products and Services team provides a range of transactional solutions, including cash management, international trade, and custodial and securities services, primarily across Africa. Our Client Coverage team is made up of specialist relationship managers that work to develop clients business and aspirations, and in turn link them to the full capabilities of Stanbic IBTC, and our specialist products. In this way, we provide all the operational support, insight, and personalised service needed to profitably scale the business”

    The TV commercials unveiled during the event spoke to the limitless possibilities of business solutions offered by the organisation to all its clients.

    Stanbic IBTC reiterates its dedication to equipping entrepreneurs and businesses with beneficial facilities for their growth and the expansion of the nation’s economy.

  • Stanbic IBTC Enhances Intercontinental Trade, Holds Africa-China Trade Expo

    Stanbic IBTC Enhances Intercontinental Trade, Holds Africa-China Trade Expo

    Stanbic IBTC Holdings, a member of Standard Bank Group, remained relentless in enhancing international trade between Africa and China. The financial institution recently hosted the Africa-China Trade Expo to promote trade relations and boost economic prosperity in the two regions.

    The two-day hybrid event, which was held on 10 and 11 August 2022, featured industry experts and professionals from Nigeria, South Africa, and China. The event, themed ‘Synergy for Growth’, focused on export enablement and import policies, bilateral trade relations, product exhibitions by Nigerian and Chinese businesses, and the various means through which Stanbic IBTC had facilitated trade between Nigeria and China.

    In his opening remarks, the Chief Executive of Stanbic IBTC Bank, Wole Adeniyi, disclosed that Stanbic IBTC’s Africa China Trade Solutions (ACTS) had connected numerous Nigerians to over 16,000 Chinese suppliers, and thereby promoted valuable trade relationships between the two economies. He said: “Through our relationship with the Industrial and Commercial Bank of China (ICBC), we connect various businesses while we create opportunities to generate foreign exchange for the country.”

    The need for business-friendly import and export policies was extensively addressed at the event. Ade Otukomaya, Head, Africa China Banking, Stanbic IBTC Bank, stated that business-friendly import and export policies would facilitate increased intra-regional and international trade. “Policies, which are a deliberate system of guidelines to achieve rational outcomes, are key to improving trade relations. We want to encourage more trade and pursue open trade policies with other nations such as China, to catalyze the growth of Africa’s economy,” Ade said.

    In the same vein, Remy Osuagwu, Executive Director, Business and Commercial Clients, Stanbic IBTC Bank, said: “African businesses can now export agro commodities and other products to China at subsidized rates. Chinese clients can also import and export goods and services from their provinces to Africa at lower costs. This will increase revenue for both nations, encourage market diversification and foster better international economic cooperation between the two nations. Our trade partners, Zhejiang International Trading Supply Chain Limited, have simplified the processes to enable seamless trade transactions between clients in both nations.”

    According to Remy, improved trade relations between Africa and China will trigger business growth, which in turn will promote the development of commercial trade services, enhance import and export of commodities, and boost economic development.

    Remy highlighted that market diversification, would yield positive results. “The sole focus on the domestic market exposes clients to an increased risk from downturns in the economy, environmental events, or other risk factors. Less dependence on a single market helps to mitigate potential risks and can open avenues for new product lines or commodities across nations. The Africa-China Banking Conference and Exhibition will provide a new platform for economic cooperation, coordination of import and export of bulk commodities, trade promotion activities, and the sustained development of our foreign trade relations with China.”

    Seun Ogundolapo, Head Trade, Transactional Products and Services, Stanbic IBTC Bank, remarked that the RT200 FX Policy by the Central Bank of Nigeria (CBN) will encourage more businesses to go into export as well as prompt exporters to add value to the commodities they export.

    He said “The RT200 policy is designed to increase the nation’s earnings exclusively from non-oil exports to $200 billion in foreign exchange repatriation, within the next three to five years. This is also in line with our mandate to promote exports of agro commodities and semi-finished or finished goods to other countries.”

  • Stanbic IBTC Set To Host 2022 Africa-China Trade Expo

    Stanbic IBTC Set To Host 2022 Africa-China Trade Expo

    Stanbic IBTC Holdings PLC, a member of Standard Bank Group, would host the 2022 Stanbic IBTC Africa China Trade Expo as part of its efforts at promoting trans-regional trade and development between Nigeria and China. The trade expo would feature a panel discussion, masterclasses on trade, a presentation on the Stanbic IBTC Africa China Trade Solutions and a fully virtual exhibition.

    The two-day hybrid conference and exhibition-themed “Synergy For Growth’ is slated for 10 and 11 August 2022, and is geared at providing insights and opportunities for participants. The event would serve as an avenue to showcase Nigerian and Chinese exhibitors, and would as well provide opportunities to build relationships within the trade community.

    The physical conference is planned to feature keynote speeches and panel discussions by highly experienced subject matter experts and thought leaders in relevant industries and would be an opportunity for exporters and importers to engage and create a marketplace experience.

    Speakers slated for the event include Philip Myburgh, Head, Pan-African China Banking, Standard Bank Group; and Ade Otukomaya, Head, Africa China Banking, Stanbic IBTC Bank. Others are Remy Osuagwu, Executive Director, Business and Commercial Clients, Stanbic IBTC Bank; and Wole Adeniyi, Chief Executive, Stanbic IBTC Bank PLC.

    The panel discussion, with the theme ‘Promoting Export Activities through Synergy’, would have Samuel Oyeyipo, Deputy Director and Regional Coordinator, Nigerian Export Promotion Council, South West Regional Office, Lagos; Luthando Vuda, Head, Africa China Trade in Business and Commercial Clients, Standard Bank Group; Jane He, Business Manager, Pan Africa China Banking, Business and Commercial Clients, Standard Bank Group, Fola Abimbola, Analyst, Senior, Frontier Africa Equity Research, Stanbic IBTC; and Victor Ayemere, Chief Executive, Zeenab Foods Limited, Operators of the Nigeria Export Trade House China/Far East Region as panelists.

    Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Holdings, spoke on the rationale for the conference. He highlighted that the Stanbic IBTC Africa-ChinaTrade Expo hybrid Conference and Exhibition would be geared at showcasing Nigeria and China trade opportunities while emphasizing  the role of Stanbic IBTC in facilitating inter-regional trade.

    “China is Africa’s biggest trading partner by far and can foster strong trade routes and economies of scale, offering an incredible opportunity to do more than just import goods. With the emphasis on building strong synergy and relationship between China and Nigeria, the Stanbic IBTC Africa-China Trade Expo is expected to provide insights into Nigeria and China trade relations and the role of Stanbic IBTC as a facilitator of inter-regional trade, as well as provide advisory services, allowing trade partners access and unlock the opportunities in Nigeria-China trade,” Demola said.

    “The topics for discourse at the two-day hybrid conference and exhibition would centre on building synergy between Nigeria and China’s economies, building synergy between government agencies and driving export activities through policies and initiatives. Other topics would include building export activities in partnership with Stanbic IBTC and promoting competitive advantage for enhancing export.”

    “The exhibition would also showcase vendors who export from Nigeria to China and vice versa, spanning across agriculture, manufacturing, equipment, processing and packaging firms,” Demola added.

    The Chief Executive noted that through its Africa China Trade Solution (ACTS) and other networks of relations between Africa and China, the financial service provider continued to facilitate economic trade and development between Africa and the Asian country.

    Stanbic IBTC’s trade solutions such as Stanbic IBTC Africa China Trade Solutions (ACTS) continued to enable settlement of international transactions and mitigation of payment risk while providing regional solutions such as issuance of payment guarantees and letters of credit to Nigerian exporters.

    Click here to register for the event.

  • Stanbic IBTC Opens New Markets For MSME Operators, Builds Capacity

    Stanbic IBTC Opens New Markets For MSME Operators, Builds Capacity

    Stanbic IBTC Bank PLC, a member of the Stanbic IBTC Holdings PLC, has restated its desire to support the micro, small and medium scale enterprises sector in Nigeria through capacity building and enabling platforms to connect sector players with new markets.

    This the Bank hopes to achieve through its various programmes targeted at MSME in the country. To actualize this, the Bank conceptualized and commenced a capacity-building programme for small and medium-scale businesses a few years back. It also recently established Enterprise Direct, a platform that provides quick turnaround time for businesses as well as point them to new markets.  

    “The SME sector is pivotal to the economic growth and development of any nation and Nigeria is no exception. The capacity building training was conceived to avail SME operators’ the exposure to modern and innovative marketing, financial and management skills that are useful to their businesses and which will help them to attract the necessary funding for growth,” Executive Director, Business and Commercial Clients, Stanbic IBTC Bank, Remy Osuagwu, said.

    The capacity building seminar which is open to all interested entrepreneurs across the country, is a yearly event that helps to equip participants drawn from the small and medium scale enterprises sector with financial, marketing and management skills that they can readily deploy to nurture and grow their businesses.

    Remy stated that Stanbic IBTC Bank, backed by the rich heritage and know-how of the Standard Bank Group, is committed to building a strong SME base in Nigeria and one of the ways it hopes to achieve this is by empowering operators with the right business skills and adequate funding.

    “Stanbic IBTC Bank has a rich pedigree of building capacity for SMEs and providing much-needed support in terms of funding, skills acquisition, and connection to new markets because we understand the important linkages provided by SMEs to industries and employment generation,” the Executive Director added.

    One of such support was Stanbic IBTC’s partnership with the Kaduna State government to establish the Kaduna-Stanbic IBTC Entrepreneurship Centre (KADSEC). The centre, the Bank said, was in response to the needs and requirements of local entrepreneurs in the state, and serves as an incubator to nurture budding entrepreneurs and businesses to sustainable successes.

    At the launch of the centre in Kaduna, Stanbic IBTC stated that the centre will provide services such as capacity building programmes for interested business owners, entrepreneurs, mentorship, on-site business management counselling, financial advisory, market development assistance, networking opportunities, provision of patronage linkages, export assistance, and easy access to loans from Stanbic IBTC Bank, among other benefits. Stanbic IBTC Enterprise Direct was another platform established by the Bank to provide quality and timely information for SMEs on new business practices, new business opportunities or new markets.

  • Stanbic IBTC Set To Boost Nigeria’s Health Sector

    Stanbic IBTC Set To Boost Nigeria’s Health Sector

    Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings has demonstrated its commitment to support the Nigerian health sector by making available special financing solutions for healthcare providers to effectively render services to Nigerians.

    As one of its key initiatives, the financial institution announced that it has made available flexible loan facilities to stakeholders in the Nigerian healthcare industry to enable them to purchase equipment and improve healthcare services.

    Speaking on the solutions, Remy Osuagwu, Executive Director, Business and Commercial Clients, Stanbic IBTC Bank said the loans were created to make available world-class healthcare and reduce the pressure on the limited health services in the country.

     “Healthcare is a basic need that everyone should be able to access easily. The pandemic has increased the pressure on the health sector and there is a need to adequately equip healthcare facilities to enable hospitals and laboratories deliver quality service and boost the confidence of Nigerians in that sector” he said.

    Nigeria’s health care system is underfunded and the least robust in Africa. Stanbic IBTC has decided to provide capital that will enhance the health frameworks and bridge the gaps in healthcare.

    “From health insurance cover to funding for quality medical equipment, we have product offerings tailor-made to serve our clients in this space” Remy added.

    According to the Business and Commercial Clients Executive Director, the scheme will contribute to the overall development of the Nigerian healthcare system while highlighting that the term loan offers a maximum loan amount of N2 billion naira.

    Furthermore, the financial organisation also offers loans for asset finance to purchase equipment required to provide optimum healthcare service.

    Remy noted that the institution’s team of experts are available to offer expert advice to its customers and the loans are available to key players in the health sector such as pharmaceutical and medical product manufacturers, logistics and healthcare service providers.

    Stanbic IBTC remains committed to the expansion and delivery of excellent healthcare services to all Nigerians through various initiatives.

  • Stanbic IBTC Holds 2022 Economic Outlook Webinar

    Stanbic IBTC Holds 2022 Economic Outlook Webinar

    Stanbic IBTC Holdings PLC, a member of Standard Bank Group, recently hosted a webinar titled “2022 ‘Virtual Economic Outlook- Investing and planning in an election cycle”. The event which aimed at reflecting on economic trends that shaped 2021 and projecting into 2022, held on Monday, 14 February 2022.

    According to the financial services provider, the webinar affords participants the opportunity to learn directly from economic experts on the importance of planning and investment.

    Bismarck Rewane, Managing Director and Chief Executive Officer, Financial Derivatives Company Limited, and Muyiwa Oni, Head, Equity Research, Stanbic IBTC Holdings PLC, led deliberations at the virtual event.

    Other speakers at the webinar were Eric Fajemisin, Executive Director, Corporate and Investment Banking; Remy Osuagwu, Executive Director, Business and Commercial Clients; Executive Director Client Solutions – Bunmi Dayo-Olagunju and Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers.

    Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Holdings, set the tone for the event by appreciating the customers for the confidence and trust reposed in the organisation through their patronage. He assured Nigerians of valuable and exciting opportunities despite the likely headwinds as the nation prepares for its general elections.  

    Bismarck, who enumerated the current state of the Nigerian economy, noted that Nigeria’s expenditure currently stands at N19.63 trillion while its revenue stands at N10.71 trillion. This, he said, represented a fiscal deficit of N8.92 trillion, which translates to an increasing level of poverty, inflation, unemployment and the number of out-of-school children. He noted that the number of fully employed Nigerians had dipped by 54.41 percent in the last five years and the working population grew by 18.45 per cent, while 50 per cent of Nigerians remain idle.

    Highlighting Nigeria’s fiscal position in five years, he noted that while oil prices increased by 62.36 percent; currency and balance of trade weakened by 239.76 percent and 35.95 percent respectively, with gross external reserves gaining 39.29 percent.

    According to him, sustained supply concerns have helped to shore up global oil prices above $80 per barrel while the Central Bank of Nigeria has continued to step up its intervention programme in the forex market as the nation’s gross external reserves continue to dwindle. Also, he said, the naira has continued to witness increased pressure due to excess liquidity.

    “The nation’s economy is expected to continue its rebound as witnessed in the last quarter of 2021 while oil prices are likely to remain high as major economies re-open fully and oil demand picks up. Furthermore, the advent of COVID-19 vaccines has continued to discount the impact of Omicron on oil demand while the effect of the Iran nuclear deal is expected to push up the nation’s oil supply to the global market. This is expected to provide more support to Nigeria’s earnings,” said Bismarck.

    “To boost the manufacturing sector, the Central Bank of Nigeria (CBN) is likely to intensify its forex intervention as it seeks to increase supply to manufacturers, Also, the CBN is expected to step up efforts towards exchange rate convergence, increase its intervention in the forex market while the postponement of the fuel subsidy removal will dampen the anticipated spike in inflation for the year as trade policies are expected to become less protectionist.”

    Eric Fajemisin, Executive Director, Corporate and Investment Banking, Stanbic IBTC Bank noted that Stanbic IBTC, through its business advisory services, has continued to help its customers make good investment decisions and provide them with business financing. Remy Osuagwu, Executive Director, Business and Commercial Clients also of Stanbic IBTC Bank said the organisation has continued to partner with the CBN in its various intervention programmes such as the Real Sector Fund, Anchor Borrowers Fund, and the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), amongst others.

    Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers said that Stanbic IBTC, through its investment management vehicle, has continued to provide avenues for investors to profitably invest their funds short and long term while ensuring the safety of invested funds.

    Bunmi Dayo Olagunju, Executive Director of Client Solutions, Stanbic IBTC in her concluding remarks, stated that the economic ecosystem can improve during the election cycle if digital technologies can be leveraged effectively.

  • Promo: Stanbic IBTC Bank to reward customers with N30m cash prizes

    Promo: Stanbic IBTC Bank to reward customers with N30m cash prizes

    …As 60 customers Win N6m in September Draws

    Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC has rewarded 60 of its new and existing customers with the sum of N6m for the September draws in its Reward4Saving Promo where the bank’s customers are expected to win cash prizes worth N30 million by the end of the promo.

    The draws which took place at the Stanbic IBTC Headquarters on Walter Carrington Crescent, Victoria Island, Lagos saw 60 customers win cash prizes of N100,000 each at the first draws.

    Speaking at the event, Olufunke Isichei, Head, Established Markets, Stanbic IBTC Bank PLC said over 109,000 new and existing customers qualified for the promo for the month of September, noting that the 60 winners at the draws were selected from the six geo-political zones of the country with 10 winners coming from each zone.

    Olufunke said: “There are going to be two more draws – one for October, happening the first week of November and one for November, happening the first week of December and then the grand finale in December.”

    Olufunke explained that a total of 180 winners are expected to win the sum of N18 million in the months of September, October, and November, while 12 winners will win N1 million each at the grand finale in December to make up the N30 million that Stanbic IBTC Bank PLC will reward its customers within the period of the Reward4Saving Promo.

    According to her, apart from the cash prizes, over 2,000 customers who opened accounts and funded it with a minimum of N5,000 have been rewarded with N500 Free airtime, adding that a total of 20,000 customers who open a new Stanbic IBTC savings account or @ease wallet and deposit a minimum of N5,000 will be rewarded with N500 Free airtime throughout the period of the Stanbic IBTC Reward4Saving promo.

    Speaking in the same vein, Remy Osuagwu, Executive Director, Business and Commercial Clients pointed out that the Reward4Saving promo seeks to encourage customers to develop a savings culture. He also encouraged customers to take advantage of Stanbic IBTC’s end-to-end digital services to access diverse financial products and services.

    On the rationale behind the campaign, Remy said: “We recognise that saving is an important aspect of an individual’s journey to financial freedom so this is an avenue to encourage our customers as well as reward them for their dedication towards building a savings culture. We will be rewarding more customers with cash prizes ranging from N100,000 to a whooping N1 million”.

    Stanbic IBTC Bank PLC remains committed to its corporate purpose of serving it numerous customers and stakeholders by offering bespoke financial products and services while rewarding them for their loyalty over the years.

  • Stanbic IBTC Partnership with EDC Yielding Results, over 3,500 Entrepreneurs trained

    Stanbic IBTC Partnership with EDC Yielding Results, over 3,500 Entrepreneurs trained

    As part of its commitment to help stimulate and grow a solid and active small and medium scale enterprises sector in Nigeria, Stanbic IBTC established the SME Capacity Building series, which has trained over 3,500 entrepreneurs in the country.

    To further strengthen the initiative, the Bank, in 2019, entered a partnership with the Enterprise Development Centre (EDC) of the Lagos Business School. This partnership aims at equipping small and medium enterprises (SMEs) with skills and competencies needed to manage their businesses profitably, develop and pitch viable business proposals, maximise their business funds, trade and prepare them for easy access to finance.

    Head, Enterprise Banking, Stanbic IBTC Bank Plc, Emeka Obasi, while speaking on the training, reiterated the Bank’s commitment to providing the proper support and solutions for individuals and businesses to achieve their goals.

    “Stanbic IBTC’s commitment to building capacity among enterprises stems from our deep understanding of the important role these enterprises play in providing linkages to industries, employment generation and driving growth of the Nigerian economy,” he stated.

    He added that participants are trained in essential topics such as Understanding your Market (Competition Analysis, Marketing Plan, Segmentation); Operation and Business Model; Business Plan (Template review and Development); Taxation; and Marketing, Business Management; among other relevant topics.

    He said Stanbic IBTC Bank boasts of highly trained and motivated staff with the requisite expertise in enterprise financing and support.

    Executive Director, Business and Commercial Clients at Stanbic IBTC Bank, Remy Osuagwu, reaffirmed the Bank’s commitment to supporting enterprises.

    According to Remy, “Our key mandate of financial intermediation ensures that we are mindful of providing the right support and solutions for individuals and businesses to achieve their goals and this workshop series represents another opportunity for Stanbic IBTC Bank; to help develop and sharpen participants’ business skills.”

    He explained that as part of its support for small and medium scale enterprises, Stanbic IBTC regularly organises training for enterprise operators. This is among other benefits, and the trainings seek to equip enterprise operators with financial, marketing, and management skills that they can readily apply to transform their businesses to grow their bottom lines and ensure business continuity.

  • Stanbic IBTC: Empowering Female-Led Start-Ups

    Stanbic IBTC: Empowering Female-Led Start-Ups

    Michelle Obama, the former United States first lady, once said: “No country can ever truly flourish if it stifles the potential of its women and deprives itself of the contributions of half of its citizens.”

    This speaks to the incredible potential that can be brought to bear in a society that promotes female tech-led initiatives.

    Stanbic IBTC, known for its commitment to driving Africa’s growth, is focused on fostering inclusive education, the empowerment of small and medium scale enterprises, and gender equality.

    Through its empowerment initiative, the Stanbic IBTC Fellowship, it is actively playing an advisory, mentorship, and guidance role while creating an investment opportunity to aid in the development of female tech startups.

    The organisation’s partnership with the largest pre-seed accelerator, The Founder Institute, supports female entrepreneurs in setting up business goals and upscaling operations in the Nigerian educational ecosystem.

    The Founder Institute is developed to help tech-enabled startups, at the pre-seed stage, to build and expand their ecosystem. The institute also aims to empower communities of talented people in creating impactful tech businesses.

    The programme, which runs for 16 weeks, empowers high achiever business founders with the right tools to excel in their endeavours and be a part of the story of change in Africa.

    According to a report, Stanbic IBTC prioritises innovative solutions and sees a growth pattern in the tech industry, which is why it is leveraging its partnership with The Founder Institute to create success stories in female tech startups.

    The firm registered two female-driven startups, The KNOSK N100-a-day Secondary School and the KidsReadArt, into this year’s Cohort III programme, to underscore its desire to empower women.

    The programme has impacted these startups with the right tools and skillset they would need to grow their businesses in these economically challenging times caused by the COVID-19 pandemic.

    Speaking on the rationale for investing in these female-led businesses, Executive Director, Personal and Business Banking, Stanbic IBTC Bank, Remy Osuagwu, said this was driven by the organisation’s sustainability approach, which aims to identify and support female startups that are working towards having a more sustainable future and providing positive solutions to communities around them.

    According to him, “we have provided these EduTech startups with unique opportunities to garner knowledge in business structure, increase their business capital, as well as grow a strong network.

    The startups’ success stories would not be complete without the robust learning garnered at The Founder Institute through the Stanbic IBTC Fellowship.”

    “Through the Stanbic IBTC Fellowship, we are encouraging the participation of women in the Africa educational startup ecosystem by facilitating equal access to tech accelerators, funds and networks,” he said.

    Narrating their experiences, the two Stanbic IBTC Fellowship beneficiaries, Irene Bangwell and Ogechi Ogaragu, offered insights into The Founder Institute Cohort III programme.

    Bangwell is the co-founder of The KNOSK N100-a-day Secondary School, a startup initiative which is Nigeria’s first crowd-funded subsidised school. Bangwell said the startup is aimed at helping to break the poverty cycle in Africa by giving every child access to quality education through technology.

    The N100-a-day, pay-what-you-can enterprise provides children with sound and quality action learning educational experience, while imparting them with the right knowledge and skills that prepare them for the future of work.

    The children also have access to school uniforms, books and lunch, while girls are provided with sanitary pads on monthly basis.

    Bangwell stated that her interest in the educational sector in Africa was borne out of the need to introduce an effective classroom learning experience for young children, and to redress the poor educational system in the country.

    She stated that the learning experience was fundamental to the growth of her initiative, as it has helped her to evaluate the vital aspects of starting a business and company building.

    Ogaragu, Founder of KidsReadArt, described her learning experience as intensive, life-changing, and impactful.

    KidsReadArt is a literacy solution provider designed for young African kids aged 2 to 7 years old. It serves to reduce the increasing rate of illiteracy among young African kids, thereby aligning with the UNICEF SDG4 goals.

    According to Ogaragu, knowledge could be imparted online with the same effectiveness as it could in a physical class. This trend has impacted the educational system positively as kids now enjoy learning.

    She disclosed that her motivation for establishing the business was to help struggling kids overcome their studying problems while providing an easy solution for parents. She added that the poor teaching techniques in the educational system have led to kids cramming rather than understanding.

  • Stanbic IBTC Bank Partners United Nations On Women Empowerment In Nigeria

    Stanbic IBTC Bank Partners United Nations On Women Empowerment In Nigeria

    Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has partnered the United Nations on an initiative to provide seed funding for women across the six geopolitical zones of Nigeria and the Federal Capital Territory. This is in furtherance of the organisation’s commitment to enhancing food security and providing employment for women in Nigeria across the agricultural value chain.

    The UN initiative, tagged ‘The UN Women Project’, was borne out of the need to provide economic empowerment for women and close the gender gap in agricultural productivity and incomes while increasing their access to resources and markets. With a total budget of $40,000,000 for five years from 2019 to 2023, the initiative targets six states namely Ogun, Ebonyi, Cross River, Niger, Bauchi and Sokoto, as well as the FCT.

    In line with the objectives of the Federal Government’s Economic Recovery and Growth Plan (ERGP 2016-2020), the UN Women collaborated with three sister UN agencies which are the Food and Agriculture Organization, International Labour Organisation and United Nations Industrial Development Organization (UNIDO). 

    Key mandates of the programme include restoring growth, skills acquisition and building a globally competitive economy, through investments in the agricultural sector. 

    To pilot the flagship programme, Stanbic IBTC Bank PLC provided seed funding to support women working in the shea nut and rice value chains in Niger and Ebonyi States, respectively. The pilot programme is expected to reach at least 30 women-owned agribusiness organisations and cooperatives in five Local Government Areas (LGAs) in the two states.

    The beneficiary LGAs include Mashegu, Munya and Katcha in Niger State as well as Ezza South and Ohoazara in Ebonyi State.

    Speaking on the role of the financial institution in the project, Remy Osuagwu, Executive Director, Personal and Business Banking, Stanbic IBTC Bank PLC, said: “The impact of women in the society is visible in every ramification. Being an organisation that celebrates gender balance, we recognise the call to keep empowering women, and we take advantage of every opportunity to support their endeavours.”

    Wole Oshin, Head, Agribusiness Banking, Stanbic IBTC Bank PLC, said that the key objective of the project is to create resource centres in both states for capacity building, data creation and management. This is aimed at supporting women in undertaking climate-smart agricultural practices for their economic development.

    He further reiterated that the bank is committed to providing an enabling environment for women to thrive and get access to developmental opportunities. “It cannot be overemphasised that investing in the agricultural sector is very key to nation-building. We have to keep providing entrepreneurial and financial capacities as well as an affordable technology for value addition. Using information and communications technology to increase access to finance and markets will support the advocacy for women’s secured rights to land,” he said.

    He further disclosed that this project is in tune with the #HeforShe initiative of Standard Bank Group, the parent company of Stanbic IBTC Holdings PLC. 

    ‘HeForShe’ is a global solidarity movement for gender equality initiated by the UN. Its goal is to achieve balance by encouraging all genders to partake as agents of change and take action against negative stereotypes and behaviours.