As the job market welcomes a new wave of talent post NYSC, Access Pensions has announced the ‘Shape Your Future’ live empowerment webinar. This session is designed to prepare and equip young individuals as they transition into the business world or workforce, whether as employees or entrepreneurs. Scheduled for April 25, 2024, from 12:00 WAT, ‘Shape Your Future’ brings together industry experts and thought leaders to share invaluable insights and strategies for success.

The sessions will feature distinguished speakers including Joycee Awosika,
Founder/CEO Oriki Group who will speak on the topic ‘Getting Started – Your Entrepreneurial & Professional Journey,’ and Employability Skills Coach, Felicia Odumosu, who will address concerns on ‘Employability – How to Be the Candidate of Choice.’

Speaking on the initiative, Afolabi Folayan, Executive Director (Technical), at Access Pensions, stated, “As we welcome a new wave of talent into the job market post-NYSC, ‘Shape Your Future’ embodies our dedication to nurturing and empowering young professionals. Access Pensions is committed to sustainability and firmly believes in the potential of young Nigerians to grow wealth and become key contributors to the economy in the mid to long term. This initiative underscores our commitment to equipping them with the essential skills and insights needed to excel in their entrepreneurial and professional journeys.”

The digital training will also leverage the wealth of experience across the Access ecosystem as Olubusola Ogundipe, Team Lead, Women in Banking Segment at W Initiative of Access Bank will introduce participants to Youthrive, a transformative initiative by Access Bank designed to empower, uplift, and accelerate the next generation of MSMEs. The Youthrive program is set to impact over four million individuals by enhancing capacity, providing financial empowerment, and fostering invaluable business exchange programs. This online seminar promises to be an enriching experience, offering practical guidance, tips, and inspiration for young professionals embarking on their career journeys. Interested participants are encouraged to register here.

….Takes Firm Action Against Fraudulent FINTECH Partners

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital Bank, ALAT, has launched an anti-fraud campaign to protect its customers and other Nigerians against fraudulent activities perpetrated by some wallet accounts and fintech partners.

As the bank at the forefront of digital innovation and a top enabler in the FinTech landscape, Wema Bank powers a plethora of FinTechs across Nigeria, allowing them to operate seamlessly through Wema Bank’s 3rd Party Wallet Accounts. Due to the recent hike in fraudulent inflows into these wallet accounts, the bank has taken a firm action against fintech partners whose account activities have been found guilty of fraud.

Through the anti-fraud campaign launched recently, Wema Bank has successfully investigated, identified, and disengaged 3 FINTECHs partners for Fraud and suspended 4 FINTECHs partners from its platform in its ongoing efforts to ensure responsible partnership, adherence to regulatory procedures and conformance to CBN KYC guidelines. There are ongoing audit and review of FINTECH partners processes as part of the grand plan to ensure that we get the anticipated/desired results.

The Anti-Fraud Campaign targeted at creating awareness, educating, and equipping customers with necessary information needed to mitigate, detect and handle fraudulent activities on their bank accounts further underscore the bank’s commitment to safeguarding customers’ finances and personal data.

Wema Bank’s Chief Audit Executive, Oluwole Esomojumi, disclosed that the anti-fraud campaign is designed to protect customers from fraudulent activities and providing them with necessary information for detecting the evolving tactics of fraudster and to also solidify our position as the bank that stands fully against fraud.

According to him, “The antics of fraudsters are constantly evolving. To stay steps ahead, it is imperative that consumers have good understanding of what interaction or engagement are telltale signs of fraud and how they can handle suspicious fraudulent engagements, hence the launch of the Wema Bank Anti-Fraud Campaign. We are steps ahead on our end which is why we have taken time to investigate our fintech partners and those found culpable have been disengaged from our payment gateway platform.”

“As a bank that is resolute in our stance against fraud, we cannot compromise the safety of our beloved Nigerians, especially when these threats of fraud are emanating from Fintech who use our platforms. Rest assured, there is no room for fraudsters here. We have multiplied the frequency of our security checks and are committed to rooting them out one by one. No fraudster is safe with Wema Bank because at Wema Bank, customer safety is our priority and empowering the lives and businesses of every customer is our mission”, he concluded.

The fight against fraud is one that is clearly personal to Wema Bank and with the sturdy layers of security measures initiated and executed by the bank to sustain consumer protection beyond the direct responsibilities of the bank, Wema Bank is making its entire ecosystem inconducive to fraudsters.

To escalate fraud cases connected to any Wema Bank account(s), customers are to send an email to frauddesk@wemabank.com as the platform is live and active 24/7.

Wema Bank has announced its full Year 2023 Audited financial statement, recording profit before tax growth of 196 per cent from ₦14.75bn to N43.59 billion.

The bank also proposed a dividend per share of 50kobo; up from 30 kobo in 2022 and deposit growth of 60 per cent to ₦1,860.57bn from ₦1,165.93bn reported in FY 2022.

“Return on Equity (ROAE) of 39.28%, NPL of 4.31% and N40billion 1st tranche of Capital raise awaiting final regulatory approvals,” a statement from the bank said.

Commenting on the results, the MD/CEO, Mr. Moruf Oseni said, “2023 showcased a revitalised Wema Bank as evidenced by the considerable improvements in our numbers. The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 196%.”

He noted that the growth of Gross Earnings by 72%, Total Assets by 56% and earnings per share at 279.5 kobo shows the core improvements to the bank’s balance sheet.

“In addition, our cost to income ratio at 64.37% has witnessed significant improvement from the previous period.

“We also completed our N40bn Capital raise exercise (results awaiting final verification by regulators). This exercise actively positioned us for the new capital licensing requirements of the Central Bank of Nigeria. Wema Bank will accelerate its capital management plans and ensure we embark on the journey to raise the required capital as quickly as possible.

“The Bank will be proposing a dividend per share of 50 kobo to its shareholders at the next Annual General Meeting; this is in line with the Bank’s capital conservation strategy and to ensure that it continues to provide returns to its shareholders in anticipation of additional capital raises scheduled for later this year.

“We are satisfied with the bank’s performance in the first year of the new leadership team, as we move in a strong growth trajectory. Our target remains clear, we want to become a Top-Tier Bank in the industry powered by Digital excellence, we have carved a niche for ourselves with ALAT as a Retail platform, but we are now positioning the enterprise as the Intelligent platform for all financial services.

“We have partnered with the Federal Government on upskilling Two Million MSMEs, provided engagement platforms for all NYSC members and are now implementing partnerships in Health, Education, Women empowerment and in the green economy.

“In the months ahead, we would be developing platforms and supporting initiatives that prioritise the needs of our customers, leveraging technology in solving problems across all sectors.”