The global banking community was pleasantly surprised last year, as Access Bank and Diamond Bank officially announced a merger, which has also led to a transfer of all Diamond Bank’s assets, liabilities and undertakings to what is now the continent’s largest bank by customer base, Access Bank.
With the successful completion of the first stage (Day-1) of the integration process, the Bank announced the commencement of the second phase (Day-2), which will end on the 21st of October. While it continues to work on delivering excellent and convenient services, the Bank has also explained that a few customers will experience some changes with occasional service disruptions during the process.
Here are 6 things Access Bank’s customers should expect during and post the integration process:
1. Intermittent downtime in banking services. Pending the completion of the upgrades to the Bank’s platforms by the 21st of October 2019, customers are likely to experience an occasional slowdown of banking services, particularly for online transactions. The communicated timelines for these disruptions include 1:00am – 7:30am (Saturday, 19 October); 2:00am – 6:00am (Sunday, 20 October).
2. Account holders may be required to change their account names when two or more individuals from both banks (Access Bank and Diamond Bank) have the same names. However, the bank will reach out to them directly to resolve this and will not require them to divulge any personal information via phone calls. Hence, all Bank customers are urged to ‘Shine Your Eye’ and beware of fraudsters who may try to take advantage of this process.
3. The account numbers of former Diamond Bank customers may be changed to align with the current CBN directives. However, this will not prevent affected customers from transacting with their old account numbers during the period.
4. Merged transfer option. Upon completion of the integration, the description of transfers made from other banks to Access Bank or former Diamond Bank accounts will only read ‘Access Bank’, rather than the ‘Access (Diamond)’ option the public may have been accustomed to.
5. All interbank transfers will be truly and fully free! Following complaints about customers incurring charges when performing transfers between Access bank and former Diamond Bank accounts, Access Bank has assured that all transactions between such accounts will be at NO COST to the customers. This is a real win
6. Lightening quick transactions on all mobile platforms. Access Bank has confirmed that following the integration process, transactions performed via its mobile banking platforms will be completed at a blinding speed of about 0.35 seconds. This puts Access Bank ahead of others in combining speed and convenience to banking activities. I doubt there’s any current banking platform that will be able to match this in the near future. The gauntlet has been laid down.
According to the Group Head, Consumer Banking, Access Bank Plc., Adaeze Ume, the Bank is committed to providing solutions for long term prosperity, and the management is working tirelessly to ensure that the second stage of the post-merger integration is as seamless as the first.
VFD Group Plc has approved N251.5 million as dividend, translating to N2.20 per ordinary share held for the financial year ended December 31, 2018.
Impressed by the move, the shareholders, at its third yearly general meeting in Lagos, commended the board, management and staff of the financial services group for the result amid the challenging macroeconomic and regulatory environment.
The company grew its profit before tax by 1,034 per cent to N687.39 million, against N60.62 million achieved the preceding year, while gross earnings leaped by 394 per cent to N2.9 billion from N445.01 million for the same period in 2017.
The Chairman, Olatunde Busari, said: “In 2018, we focused on strengthening our corporate governance structure by the expansion of the board to 13 members and appointment of notable directors with requisite pedigree and experience to drive the long-term objectives of the group.”
“The equity rise in December 2018 reflected investor confidence in the group, its board of directors and growth trajectory.”
The Group Chief Executive, Nonso Okpala, added: “The group is poised to commence phase II (2019 – 2023) of its 13 year growth strategy, wherein it will focus on gaining significant investment in a commercial bank and insurance company while significantly growing total shareholders’ funds to N100 billion and listing the group on the Nigerian Stock Exchange.”
A shareholder, Segun Faloye, said: “This is an excellent result achieved by VFD Group and we are delighted with the performance of the board and management of the company.”
Stanbic IBTC Group has announced the renewal of its sponsorship of the Higher Institutions Football League (HiFL), which was established last year. The renewal, which will run for five years, till 2023, was announced at the sponsorship MoU signing ceremony held at Stanbic IBTC head offices in Lagos. Stanbic IBTC said the sponsorship is in tandem with the company’s determination to help grow and develop a vibrant and productive youth population.
Stanbic IBTC said its involvement is informed by the need to engage the youth and help foster unity among them as the future leaders using sports, a major passion point for that segment, as a platform.
Head, Global Markets, Stanbic IBTC Bank, Mr Sam Ocheho, who signed on behalf of Stanbic IBTC, said the financial institution was very impressed with the organization of the maiden edition of the league hence the renewal. “We were very impressed with the organisation of the league last year. We saw great promise and are proud to have been a part of the success story. That is why we have decided to continue with the sponsorship,” Ocheho said.
“We want to be there for the long haul and we remain determined to contribute to the growth and development of the youth through the development of campus sport, with football as the lynchpin,” he added. According to Ocheho, it is expected that Stanbic IBTC’s involvement will also help in talent-moulding and character-building.
Responding, Director, PACE Sports and Entertainment Marketing, owners of the HiFL franchise, Sola Fijabi, thanked Stanbic IBTC and its leadership team for the sponsorship of the league in 2018 and the renewal for 2019 and beyond. According to Fijabi, Stanbic IBTC showed great leadership and a passion for youth development when it supported the league last year, a new and untested initiative. “We want to thank Stanbic IBTC and its leadership for showing faith in us. It is very unusual to start something new and have a global brand willing to support it. Stanbic IBTC’s support, which it has reiterated through this sponsorship renewal, merely showed its passion for the youth,” Fijabi said.
The director said Stanbic IBTC’s sponsorship is invaluable to the success of the varsity league. He assured that this year’s league is going to be a great improvement on the maiden edition and that PACE Sports and Entertainment Marketing will not disappoint its sponsors, particularly Stanbic IBTC.
The maiden edition of the league, which was won by the University of Agriculture Makurdi, Benue State, featured 16 universities from across the country.
Stanbic IBTC Holdings PLC is a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Stanbic IBTC belongs to the Standard Bank Group, the largest African financial institution by assets and market capitalization. It is rooted in Africa with strategic representation in 20 countries on the African continent. Standard Bank has been in operation for 155 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.