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Banks Still Stable Despite COVID-19 Pandemic – CBN

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The Central Bank of Nigeria says banks in the country have remained “stable, robust, and resilient” in spite of the COVID-19 pandemic.

The Director, Banking Supervision of CBN, Mr Haruna Mustafa, said this at the 2021 Financial Correspondents Association of Nigeria workshop in Ibadan on Friday.

Mustapha, represented by Mr Adekunle Adeniji, the Assistant Director, Banking Supervision, CBN, said the Capital Adequacy Ratio (CAR) rose to 15.21 per cent as at August, Liquidity Ratio (LR) rose to 42.23 per cent.

He said the non-performing loan ratio improved from 6.58 per cent to 5.9 per cent as at August 2021, while banking system credit to the economy increased to 10.99 per cent between January and August.

Mustafa noted that the regulatory measures taken by CBN contributed to the growth.

He listed some interventions by the apex bank to lessen the impact of the pandemic to include reduction in interest rates to five per cent.

Others are 50 billion naira target credit facility for households and Small and Medium Enterprises (SMEs) and re-enactment of Banks and Other Financial Institutions Act (BOFIA 2020) to strengthen the regulatory and resolution architecture for banks and other financial institutions.

The director said CBN would continue to develop additional counter cyclical policy options that could be utilised in periods of stress.

Mustafa explained that macro-prudential regulation and supervision was more critical now than ever.

“We expect financial services to be provided more in a digital manner.

“We will continuously update and assess our prudential rule books and policy to strengthen responses to economic and financial shocks.

“We will continue to deploy effective stress testing methodologies to detect vulnerabilities early to enable appropriate pre-emptive action,” he said.

Mustafa explained that the banking sector had also sustained the growth of key economic activities, which were impacted by the pandemic in the agriculture, manufacturing, retail, healthcare, hospitality and tourism sectors.

(NAN)

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Fidelity Splashes NMillions on Youth Corps Members with GAIM 6

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Fidelity Bank Plc has reaffirmed its commitment to financial inclusion, youth empowerment, and promoting a healthy savings culture by rewarding nine National Youth Service Corps (NYSC) members with N500,000 business grants each.

The grants were awarded under the Get Alert in Millions Season Six (GAIM 6) promo, an initiative designed to reward loyal customers with cash prizes totaling N159 million. The promo, which runs from November 2024 to August 2025, targets various categories of customers, including NYSC members, students, and general customers.

Mr. Osita Ede, Divisional Head of Product Development at Fidelity Bank Plc, stated that this season of the GAIM promo aims to enhance the opportunities for loyal customers to win.

“When we launched the GAIM 6 promotion in November 2024, we unequivocally stated that this campaign season is intended to promote inclusivity. Consequently, we have increased the total prize money to N159 million and added additional draws, beyond the weekly and monthly draws featured in previous seasons.

“Now, we have specific draws catering to various segments of our customer base including women, students, youth corps members, and traders. It is important to note that these categories of customers also stand the chance to win millions of naira in the monthly and grand draws which we will be hosting till 20 August 2025,” explained Ede.

Nine NYSC customers were selected through a random electronic draw in the first quarter of the GAIM 6 campaign, from various branches nationwide. They are: Oluwatosin Emmanuel Olowolayemo and Ekpeno Aniekan George, both from Uyo 2 Branch; Derryk Chidubem Okafor from Trans-Ekulu Branch; Aliyu Idris Adamu from Tudun-Wada Kaduna Branch; Bomane-Aziba Koromo from Nanka Close, Wuse Branch; Asabe Grace Adamu from University of Maiduguri Branch; David Agbai Agwu from Oshogbo Branch; Abdullahi Opeyemi Olajuwon from Airport Road, Lagos Branch; and Eghosa George Orhue from Ado Ekiti Branch.

Expressing his gratitude and excitement, one of the recipients of the entrepreneurship grant, Chidubem Okafor, appreciated Fidelity Bank for the grant, noting that the funds will enable him to achieve his entrepreneurial dreams.

His words, “At first, I thought it was a scam when they introduced the initiative at our orientation camp, but today, I am truly honored to receive this support from Fidelity Bank. This grant will go a long way in helping me achieve my entrepreneurial dreams, and I promise to make the most of it.”

Similarly, David Agwu, who also emerged a winner in the draw, expressed his surprise at the unexpected win, saying, “When I received the call, I thought it was a prank. I never applied for anything, so it was hard to believe. But when they sent me proof, I realized it was real. I am truly grateful for this opportunity. My plan is to invest the money in vocational training and digital skills development, particularly in fashion and painting in order to establish a sustainable business.”

Beyond the N500,000 entrepreneurship grant, the winners will also enjoy free business advisory and training sessions at the newly launched Fidelity SME Hub, located at 22, Lanre Awolokun Street, Gbagada Phase 2, Lagos.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 251 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

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UBA Accelerates Gender Inclusion with 58% Female Representation in Fresh GMAP Intake

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As the world celebrates International Women’s Day 2025, Africa’s Global Bank, United Bank for Africa (UBA) continues to reinforce its unwavering commitment to gender diversity, equality, and empowerment.

This year’s IWD global theme, “Accelerate Action”, aligns perfectly with UBA’s drive to champion inclusion and create meaningful opportunities for women in the workplace.

On Wednesday, the bank graduated its latest cohort of 1,138 Graduate Management Accelerated Programme (GMAP) trainees, out of which 666, representing an impressive 58% were women.

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who pointed this out during the graduation ceremony which was held in Landmark Event Centre, said the milestone is a testament to UBA’s continued efforts in fostering a workplace where talent thrives – regardless of gender, background, or status.

He maintained that UBA stands out as a financial institution that does not just talk about inclusion but lives it, adding that “With a female-dominated Board and Executive Management team, UBA has consistently demonstrated that gender parity is a key pillar of its success. Our commitment goes beyond policies – it is evident in the tangible opportunities we create for women at every level of the organisation.”

While celebrating the womenfolk for their contribution to the bank’s growth and success over the year, Alawuba stated “At UBA, we do not just celebrate women- we amplify them. We believe that an inclusive workforce drives innovation, excellence, and long-term success. The fact that the majority of our new graduate trainees are women underscores our commitment to nurturing female talent and accelerating their progress in the corporate world.”

UBA has long been a champion of gender empowerment, investing in initiatives that support female professionals, entrepreneurs, and communities. From its mentorship and leadership programs to its women-focused financial services, the bank continues to set the pace for gender inclusion in Africa’s financial sector.

UBA’s Group Head, Human Resources, Modupe Akindele explained that the bank is passionate about helping its staff grow, regardless of their gender. According to her, UBA celebrates the resilience, strength, and contributions of women everywhere and remains committed to ensuring that every woman has the support, resources, and opportunities needed to thrive.

She said, “Our goal with GMAP is to show young professionals that their dreams are valid right here in Africa. We are not just providing jobs; we are creating pathways to leadership, innovation, and impact. This programme ensures that young people whether male or female, see the immense possibilities that exist within UBA and the African financial sector at large.”

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.

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UBA Invests in Future Leaders, Inducts 3200 Young Professionals under GMAP Initiative

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Africa’s Global Bank, United Bank for Africa (UBA) Plc, continues to make significant impact in birthing the next generation of banking and finance professionals on the continent through its Graduate Management Acceleration Programme (GMAP) which to date has produced over 3,222 young professionals across Africa.

Since inception three years ago, the GMAP, designed to equip entrants with the necessary skills and knowledge, has provided mentorship, training, and hands-on experience to young graduates for leadership roles in UBA.

On Wednesday, a ceremony was held at the Landmark Event Centre to induct another cohort of 1,138 successful graduates who were absorbed by the bank following intensive training spanning several months of rigorous learning, testing the entrants’ dedication and resilience.

The momentous ceremony was graced by the UBA Group Chairman, Tony Elumelu, the Group Managing Director/ CEO, Oliver Alawuba, and other Board Members, Executive Management, faculty members, mentors, families, and friends of the graduates.

Elumelu, who expressed his excitement over the new graduates, highlighted the bank’s passion for youth empowerment in Africa while bridging the unemployment gap, which according to him, remains one of the greatest challenges in the continent,

He said, “At UBA, we believe that Africa’s transformation is in the hands of young, dynamic, and ambitious professionals such as you. Through GMAP, we are not only shaping future leaders but also reinforcing our commitment to excellence and impact. To our graduands, remember that success is built on hard work, resilience, and a commitment to continuous learning. The world is waiting for you to make your mark.”

Speaking earlier at the event, UBA’s Group Managing Director/CEO, Oliver Alawuba, expressed immense pride in the graduands and reiterated the bank’s unwavering commitment to human capital development.

“This moment marks the beginning of a transformational journey that will shape your careers, your contributions to society, and Africa at large. The GMAP is a testament to our vision of empowering the brightest minds with the skills, knowledge, and mind-set required to navigate the ever-evolving financial landscape,” Alawuba stated.

He pointed out UBA’s commitment to gender diversity and inclusion, highlighting that of the fresh 1,138 graduands, 666 (representing 58%) are women, a reflection of the bank’s dedication to fostering an equitable and inclusive workplace.

Encouraging the graduands, Alawuba charged them to uphold UBA’s core values of Excellence, Enterprise, and Execution, while embracing the bank’s Persona of Simplicity, Responsiveness, and Goal-oriented (SRG).

The ceremony featured inspiring testimonies from GMAP alumni who have made significant strides within the bank.

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-edgetechnology.

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