Category: Business

Ecobank Nigeria, a subsidiary of the Ecobank Group, the leading pan-African banking group has announced an interest rate of up to 9 percent to its SuperSavers Account holders.

A statement by the financial institution explained that the SuperSavers Account is a high-yield savings account type tailored for customers who wish to maximise their returns on savings, while benefiting from a customer-focused banking experience, adding that the six-month reward package will run from January to June 2024

Head of Premier Banking and Wealth Management, Ayodele Osolake, said the programme is part of the bank’s strategic initiatives to continuously encourage a savings culture that would enable its customers to earn more money to safeguard a better financial future.

“At Ecobank, we make it easy for our customers by providing a special high-yield account type to warehouse their funds securely instead of them falling prey to speculative and windy investment windows.  Beyond the high yield and financial safety, our clients retain the flexibility to access their funds when required,” she said.

Speaking further, she said: “Ecobank is mindful of the economic challenges and will constantly encourage our customers to hedge against possible future financial downturn enabling them to meet demands like tra

The SuperSavers Account, which comes in local and foreign currency variants, encourages them to save and build their wealth simultaneously. It is packaged in such a way that customers would benefit immensely. I want to encourage our new and existing customers to make the best of this opportunity.”

Osolake also explained that to qualify for the additional interest rate, customers need to open and fund their SuperSavers Naira Account, with a minimum deposit of N500,000, while building the account up gradually, adding that customers could still retain access to their funds being entitled to two  withdrawals per month without losing the benefit of the SuperSavers interest rate.

Operators of Small and Medium Enterprises (SMEs) in the country have been advised to leverage on eCommerce to boost sales and grow their businesses in a sustainable and profitable manner.

Chief Commercial Officer of Jumia Nigeria, Ijeoma Arum, stated this in her presentation at a Webinar titled: Growing Your Business, which she presented at the maiden edition of Ecobank Nigeria’s MySME Growth Series.

The MySME Growth Series is an innovative training programme of Ecobank Nigeria targeted at empowering SMEs operators in the country. Under the initiative, the bank aims to train over one million SME operators across the country in 2024.

Arum observed that small and medium-sized businesses in Africa are faced with challenges such as access to limited financing, stiff competition from established brands and regulatory compliance, noting that technology has the potential to transform the subsector.

She stressed that eCommerce increases reach and awareness of products and services, allows businesses to gain valuable insights into customer behavior and could be used to create targeted marketing campaigns and personalised experiences.

Insisting that eCommerce allows customers to shop at their convenience, day or night, she added that small businesses could also streamline their sales processes to reduce overhead cost and achieve greater profitability.

She further noted that the eCommerce experiences constant disruption with social media platforms and other sites competing for wallet share and purchase frequency, inconsistent stock supplies and lack of trust, stressing that “overall, quality, price, delivery fee, and delivery waiting time are found to be some of the most important factors for consumers when choosing a shopping experience.”

Speaking earlier, Head, SMEs and Partnerships, Ecobank Nigeria, Osahon Akpata, said the Webinar series is in line with the bank’s commitment to power the success of SMEs in different sectors of the economy.

His words: “Ecobank aims to train one million SMEs in Nigeria to improve their capabilities and stimulate growth. We are launching the first phase of our training programme–MySME Growth Series, a selection of virtual bootcamps led by facilitators who are experts in their various fields.

“SMEs are the growth engine of Nigeria’s economy contributing almost 50 percent of Gross Domestic Product (GDP) and 90 percent of jobs. As a bank that is focused on growth, Ecobank is committed to the success of SMEs in different sectors of the economy.”

He also disclosed that with an overall theme: Scaling Up Your SME in 2024, the Webinar will hold every other Thursday throughout the year. In addition, Akpata explained that the series will dwell on various topics that cover key areas of concern for small businesses such as accounting, credit, sales and marketing, taxation and inventory management, adding that the Bank is also planning to launch an SMEs Mentorship programme to collaborate with successful entrepreneurs.

“We will also equip SMEs with tools to help their business such as budget templates, calculators for simulating scenarios and links to government forms. They will be trained on resources for starting a business including how to register, market opportunities and key points to consider when running a business.

“We will also provide articles on key topics including tips to increase sales, advertising ideas, business management practices, case studies and guides to leveraging technology, among others,” he concluded.

Operators of Small and Medium Enterprises (SMEs) in the country have been advised to leverage on eCommerce to boost sales and grow their businesses in a sustainable and profitable manner.

Chief Commercial Officer of Jumia Nigeria, Ijeoma Arum, stated this in her presentation at a Webinar titled: Growing Your Business, which she presented at the maiden edition of Ecobank Nigeria’s MySME Growth Series.

The MySME Growth Series is an innovative training programme of Ecobank Nigeria targeted at empowering SMEs operators in the country. Under the initiative, the bank aims to train over one million SME operators across the country in 2024.

Arum observed that small and medium-sized businesses in Africa are faced with challenges such as access to limited financing, stiff competition from established brands and regulatory compliance, noting that technology has the potential to transform the subsector.

She stressed that eCommerce increases reach and awareness of products and services, allows businesses to gain valuable insights into customer behavior and could be used to create targeted marketing campaigns and personalised experiences.

Insisting that eCommerce allows customers to shop at their convenience, day or night, she added that small businesses could also streamline their sales processes to reduce overhead cost and achieve greater profitability.

She further noted that the eCommerce experiences constant disruption with social media platforms and other sites competing for wallet share and purchase frequency, inconsistent stock supplies and lack of trust, stressing that “overall, quality, price, delivery fee, and delivery waiting time are found to be some of the most important factors for consumers when choosing a shopping experience.”

Speaking earlier, Head, SMEs and Partnerships, Ecobank Nigeria, Osahon Akpata, said the Webinar series is in line with the bank’s commitment to power the success of SMEs in different sectors of the economy.

His words: “Ecobank aims to train one million SMEs in Nigeria to improve their capabilities and stimulate growth. We are launching the first phase of our training programme–MySME Growth Series, a selection of virtual bootcamps led by facilitators who are experts in their various fields.

“SMEs are the growth engine of Nigeria’s economy contributing almost 50 percent of Gross Domestic Product (GDP) and 90 percent of jobs. As a bank that is focused on growth, Ecobank is committed to the success of SMEs in different sectors of the economy.”

He also disclosed that with an overall theme: Scaling Up Your SME in 2024, the Webinar will hold every other Thursday throughout the year. In addition, Akpata explained that the series will dwell on various topics that cover key areas of concern for small businesses such as accounting, credit, sales and marketing, taxation and inventory management, adding that the Bank is also planning to launch an SMEs Mentorship programme to collaborate with successful entrepreneurs.

“We will also equip SMEs with tools to help their business such as budget templates, calculators for simulating scenarios and links to government forms. They will be trained on resources for starting a business including how to register, market opportunities and key points to consider when running a business.

“We will also provide articles on key topics including tips to increase sales, advertising ideas, business management practices, case studies and guides to leveraging technology, among others,” he concluded.

Against the backdrop of the migration of Nigerian professionals, commonly regarded as the ‘japa syndrome’ to developed countries of the world, a human resource expert and Chief Executive Officer (CEO) of the African Talent Company, Hilda Kabushenga, has said although the factors are beyond organisations, managing talents within the context of new work realities would check the trend.

Kabushenga, who made this assertion in her presentation titled: Finding Skilled Labour In The Japa Era at Ecobank Nigeria’s MySME Growth Series recently, pointed out that people were no longer looking for physical employment contracts, but “psychological contracts of experience,” adding that employers who want to hold on to their competent and highly productive employees will have to embrace what she described as “the future of work.”

The MySME Growth Series is an innovative training programme of Ecobank Nigeria targeted at empowering SME operators in the country. Under this initiative, the Bank aims to train over one million SME operators across the country in the 2024 fiscal year.

According to her, organisations should initiate staff retention from the recruitment stage by having a candidate pipeline for critical departments and have an honest conversation about long term career plans during the interview process.

“If possible, hire an ‘heir and a spare’ – somebody to shadow critical talent and learn the ropes from them.” Stay engaged between when the offer is made and when talent is to resume-a lot can happen in a very short period. Focus on gaining buy-in to your company vision during onboarding and lay out a clear path for growth and development internally,” she stated.

Kabushenga further urged organisations to set up better reward systems such as profit sharing and milestone bonuses to entice employees and increase overall job satisfaction; incorporate flexible work modes; create a sense of belonging; prioritise initiatives like open communication and foster connections between the leadership teams and the entire workforce.

To manage strategic staff effectively, she opined that firms deepen their talent bench by “building not buying” personnel, tailor learning and development initiatives that are a win-win for all, have a solid succession planning system, be open to negotiations and maintain an enduring relationship.