Unity Bank Champions Digital Literacy and Innovation for Youth Empowerment

In line with its commitment to supporting youth empowerment and technological innovation, and creating opportunities for Nigerian youths to thrive in the digital economy, Unity Bank Plc recently held a high-impact webinar to explore the role of digital technology in sustainable development.

The event drew participants from across Nigeria featuring the Telecommunications, Media and Technology, (TMT) ecosystem including start-ups, players in fintech, content creators, etc.

The event featured two Nigerian technology industry leaders including Mr. Gbolahan Salami, Senior Vice President, Growth, Product, and Strategy at WakaNow, and Mr. Micheal Ogundare, who is the CEO and Co-founder of Crop2Cash. Both speakers shared insightful perspectives on leveraging digital technology to empower the next generation and foster inclusive growth.

Commenting on the International Youth Week webinar, Unity Bank’s Head of Strategy and Innovation, Mr. Ibukun Coker, said that through youth-friendly products, special business grants from the Bank's youth-focused initiatives such as the Corpreneurship Challenge programme as well as other financing packages, the Bank will continue to accord priority to Micro, Small and Medium-sized businesses in technology. 

He added: "Empowering the youth through digital technology is key to unlocking sustainable development in Nigeria. At Unity Bank, we are committed to driving initiatives that bridge the digital divide and equip young people with the skills needed to thrive in today’s fast-evolving economy. This webinar is part of our ongoing effort to support the growth of a digitally inclusive society, ensuring that our youth are well-positioned to harness technology for positive change and economic progress."

The event provided an opportunity for participants to interact directly with the speakers, with many expressing renewed optimism about their potential to leverage digital technology for personal and societal advancement.

Recall that recently Unity Bank partnered with SkillPaddy in its “Count Her In” tech Programme focused on empowering no fewer than 1,000 female beneficiaries in Software Engineering Training. The IT skill development and empowerment initiative was intended to bridge talent supply gaps while providing individuals with the opportunity to meet their training goals and launch careers in the tech industry. About 40 young girls received full sponsorship from the Bank in the special training initiative, which was conceived as part of activities to commemorate this year’s International Women’s Day 2024.

Unity Bank-Providus Bank Merger: CBN Must Close Watch On Our Banks

 

The Central Bank of Nigeria (CBN) recently announced that it facilitated and approved the merger of Unity Bank Plc and Providus Bank Limited.

This came a few months after the liquidation of Heritage Bank Plc, which would have amounted to another catastrophe in the nation’s banking sector. The apex bank said that it had approved what it described as a pivotal financial accommodation to support the proposed merger. To further clarify the significance of its intervention, the CBN declared that the strategic move was designed to bolster the stability of Nigeria’s financial system and avert potential systemic risks.

The central bank said that the merger was contingent upon its financial support, which implied that without that bailout, the option would probably be to let Unity Bank go down. It further pointed out that the fund would be instrumental in addressing Unity Bank’s total obligations to the CBN and other stakeholders.

The regulator declared further that it is unequivocal to state that its action is per the provisions of Section 42 (2) of the CBN Act, 2007. Also, the bank said the arrangement is crucial for the financial health and operational stability of the post-merger organisation.

Furthermore, the CBN emphasised that no Nigerian bank currently faces a precarious situation comparable to that of Heritage Bank, which was recently liquidated.

It assured the public of Its commitment to safeguarding depositors’ interests and ensuring the smooth functioning of the banking sector through proactive measures and strategic interventions.

The CBN further assured that its decision underscores its dedication to maintaining financial stability and promoting confidence in the banking system during this transformation period.

However, while the bank said in its statement that it had just facilitated the merger between the two lenders, reports have subsequently revealed that it injected a whopping sum of N700 billion into the merger process to make it possible.

Part of the plan is a 20-year-term loan designed to ensure the operational stability of the new entity. The plan also requires Unity Bank to settle existing obligations of over N303.7 billion from the bailout fund, and N92 billion earmarked to settle Unity Bank’s exposure from First Bank of Nigeria related to clearing. There is also another N51.70 billion financial accommodation from the CBN’s N25.00 billion under the Anchor Borrowers Programme.

Despite the revelations by the regulator, we feel that this development coming from the nation’s banking sector raises some pertinent issues. Why and how did Unity Bank get to the stage where it needed to be acquired by another bank, even a much younger entity? Why was it allowed to continue to wobble along until its case became intractable without an acquisition as it were?

It Is a well-known fact that over the years there has been a recurring transfer of Unity Bank from one shareholder to another set. This raises the question on why the owners failed to get the bank working. Also, why has the regulator not raised an alarm until this moment?

In view of this, Daily Trust calls for an urgent reform to strengthen the supervisory role of the regulator in order to avoid future catastrophe in the sector.

It Is pertinent to avoid a repeat of the dark days of the global financial crisis when about a third of the country’s banks were in bad shape, though many of them were still opening for business.

We note that the CBN has already initiated another round of recapitalisation in the banking sector.

The apex bank owes it a duty to Nigerians to ensure that all our banks and other financial institutions are healthy and operate within the ambit of the law. This is the only way to safeguard depositors’ funds, and ensure economic stability for the country

Just In: Unity Bank Merges With Providus Bank

The Central Bank of Nigeria (CBN) this Tuesday evening, August 6, 2024, announced that it “has granted approval for a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and Providus Bank Limited.” “This strategic move is designed to bolster the stability of Nigeria’s financial system and avert potential systemic risks,” the apex bank said in a statement signed by the Ag. Director, Corporate Communications,

The merger, according to the statement, “is contingent upon the financial support from the CBN. The fund will be instrumental in addressing Unity Bank’s total obligations to the Central Bank and other stakeholders.

“It is unequivocal to state that the CBN’s action is in accordance with the provisions of Section 42 (2) of the CBN Act, 2007. This arrangement is crucial for the financial health and operational stability of the post-merger organisation.

“Furthermore, it is important to emphasise that no Nigerian bank currently faces a precarious situation comparable to that of Heritage Bank, which was recently liquidated. The CBN remains committed to safeguarding depositors' interests and ensuring the smooth functioning of the banking sector through proactive measures and strategic interventions.

“The CBN’s decision underscores its dedication to maintaining financial stability and promoting confidence in the banking system during this transformative period.”

Iwd: Unity Bank, Nasme Partner To Empower Women-Owned Msmes

  

Unity Bank has received commendations for its commitment to women empowerment at the National Association of Small and Medium Enterprises, NASME’s International Women’s Day, IWD celebrations held in Alausa, Lagos recently to push the frontiers of sustainable and inclusive development in Nigeria.

The National Deputy President of NASME, Otunba Gbemisola Oduntan gave the commendation while addressing participants at the event.

She said the partnership with Unity Bank enabled NASME to roll out an engagement programme for women entrepreneurs in commemoration of the IWD, adding that the programme specifically targeted those in MSME sectors and provided a platform for corporate partners to join collaborative initiatives that will impact positively on the businesses of individual members of NASME in Lagos.

Delivering a keynote, the Managing Director/Chief Executive Officer of Unity Bank, Mrs. Oluwatomi Somefun, who was the Chairman of the occasion said Unity Bank Plc would continue to support pioneering efforts with genuine intent on inclusivity, removing biases and unlearning stereotypes, even as the Bank continues to introduce innovative banking solutions that support and empower Micro, Small and Medium Enterprises, MSMEs operated by women in Nigeria.

According to Somefun, Nigerian women continue to play a pivotal role in driving the growth of the Nigerian economy through their overwhelming involvement in economic activities as major operators of MSMEs in Nigeria as they account for 41 per cent of MSMEs in the country.

Referencing the Bank’s latest retail solution, Yanga Account, which is targeted at women-owned MSMEs, Somefun reiterated the Bank’s commitment to introducing innovative products and services that support and unlock the true potentials of Nigerian women entrepreneurs.

Represented by Head, Personal and SME Banking, Dr. Opeyemi Ojesina, Somefun said the bank’s quest to grow retail segment “has enabled us to pay extra attention to women-led businesses more than any other financial services provider in Nigeria”.

She said: “Just recently, we launched the Yanga account, which is a new retail product designed to deepen beneficial impact on Micro, Small and Medium Enterprises, MSMEs operated by women in the mass market retail space.

The Yanga account targets businesses of women mainly in farmers’ cooperatives, fashion design, tailoring, frozen food, pastry and baking, cosmetics, jewellery designs and making, skincare, eateries and restaurants, etc. living in the communities or cities.”

She explained, “The Yanga Account is conceived and designed for the financial literacy and empowerment of Nigerian women. It is about making sure that our women who make up 55% of the financially excluded Nigerians have access to basic and life-changing financial services.”

She added, “The Yanga account will also be incorporating an affordable Health insurance scheme not only as a part of the product bouquet underpinning the Bank’s belief in health and wellness which translate to wealth creation but also to drive insurance penetration which is presently at 2% in Nigeria. We, therefore, believe that this will provide essential ingredients to growing a business as well as adding greater value for Yanga account holders.”

Over 200 women and members of NASME participated in the NASME IWD engagement programme featuring exhibitions of various businesses and it was, therefore, a platform for the Bank to on-board participants onto the Yanga Account Experience.

Unity Bank Holds 7th Edition Of Corpreneurship Challenge, Doles Out N10M Grant To Corp Members

Nigerian lender, Unity Bank Plc has handed out a total of N10 million in prize money as business grants to 30 NYSC members in the latest edition of its flagship Youth entrepreneurship and empowerment initiative, Corpreneurship Challenge held across ten states recently.

The competition, already in its 7th edition, produced the 30 winners during the final business pitch for the 2021 Batch C Stream I corps members, which took place simultaneously across 10 NYSC camps in Lagos, Bayelsa, Ogun, Benin, Enugu, Sokoto, Akwa Ibom, Osun, Kano and Abuja.

Conceived as an Entrepreneurial Development Initiative in 2019, a part of the lender’s strategic drive to penetrate the youth market, the Bank doles out cash prizes of N200,000 as a business grant for each of the second runner up, N300,000 business grant for the first runner ups and a star prize of N500,000 for each of the Corpreneurship Challenge winners.

Unity Bank Posts N36.18 Billion Gross Earnings in Nine Months; Records 23% Growth in Profit

Unity Bank Posts N36.18 Billion Gross Earnings in Nine Months; Records 23% Growth in Profigerian lender, Unity Bank Plc has declared gross earnings of N36.18Billion for the nine-month period ended September 30, 2021, and a 23% growth of PAT totalling N1.94Billion for the same period.  

A review of the unaudited results for the 3rd Quarter of 2021 released to the Nigerian Exchange Group Limited showed that the Bank’s gross earnings of N36.18Billion represents a moderate 7% growth from N33.9 Billion recorded in the same period in 2020.  

Also, with the strong performance recorded during the period under review buoyed by a 31% growth in its loan book to N265.32Billion from N202.08Billion recorded in 2020, the lender also grew its asset base by 17% to N574.56Billion from N492.02Billion recorded in December 2020.  

The Bank’s Profit Before Tax for the period under review grew by 23% to N2.11Billion from N1.71Billion in the corresponding period in 2020.  

This sterling performance comes amid fragile recovery and volatilities in the operating environment and key macroeconomic indicators following the global Covid-19 pandemic, weak market sentiments and inflationary trends, as well as tough regulatory headwinds that have impacted severely on economic activities.  

The lender also substantially grew its net interest income to N14.63Billion from N12.67Billion in the same period in 2020; creating a 15% uptick from the value of the Bank’s rising loan portfolio and an improvement in its transaction banking activities with its customers, achieved through excellent service delivery.  

The lender’s fees and commissions averaged 16% to report an increase of N4.56Billion from N3.92Billion within the period under review, attributable to a dividend of the Bank’s strategic retail play which has boosted transaction volume.  

Commenting on the result, Unity Bank’s Managing Director/CEO, Mrs. Tomi Somefun expressed satisfaction with the performance indices of the Q3/2021 financials. Particularly inspiring are the growing loan book and quality of assets (31% growth), cash and balances with the CBN (24% growth) and PBT (23% growth), altogether adding to the consecutive growth of the balance sheet in the last couple of years.  

In her overall assessment, she stated that “the market is increasingly beginning to see the efforts in the strategic refocussing of our business and diversification of our earnings base which is translating into tangible results even as we strive to meet the expectations of our esteemed customers and cherished stakeholders.  

“In addition, she said that while the Bank’s focus on agribusiness has provided both brand and business benefits while the institution has also made significant investment in the development of the retail market in order to grow its market share in various target segments by scaling up operations in the niche market.”  

Somefun also stated that the Bank shall remain dynamic by embracing current and emerging market trends in technology, effectively targeting the youth market, driving financial inclusion in the women segment, developing robust product marketing to create value through a focus on digital strategies to facilitate transaction and e-banking channels.  

Looking ahead, Mrs. Somefun stated: “We are optimistic that nothing will threaten to upend the current COVID-19 recovery, especially as the Bank is poised towards building an increased momentum to ride the wave of the economic headwinds, even as the growing inflationary pressures and the soaring energy prices still remain a concern.  

According to the Unity Bank’s boss, “Ours is a continuous balancing act and revolutionary performance towards repositioning the business nationwide via tapping into emerging opportunities across the banking space, including the digital financial services spheres”.  

Analysts believe that the consistent growth trajectory in the Bank’s balance sheet as shown in Q1, H1 and Q3, 2021 results continue to reinforce growing market confidence as well as demonstrates the commitment and drive of the management to enhance shareholder’s value.

Unity Bank Boosts Capacity Building on Blue Economy, Empowers 3,000 Girls

No fewer than three thousand girls drawn from Senior Secondary Schools across Nigeria have benefitted from a 3-day capacity building initiative on maritime commerce and National Virtual Maritime Quiz powered by Unity Bank Plc.  

The capacity building initiative, which focused on Information Communication Technology, ICT, maritime transportation and logistics ecosystem, was hosted by Ocean Ambassadors Foundation to promote the participation of Indigent Girl-Child in maritime commerce.  

Unity Bank partnered the programme as part of the Bank’s Corporate Social Responsibility initiatives targeted at the education sector and to draw attention to the imperatives of training the girl-child to participate actively in the relevant sectors of the economy.  

This is coming against the backdrop of the negative impact of COVID-19 on the education sector which has affected millions of girls across Nigeria, resulting in “many girls being unable to return to schools and many others becoming child brides,” according to a recent report by the Economist.  

The programme coincided with the International Day of the Girl-Child which was marked to highlight how “the pandemic has accelerated digital platforms for learning, earning and connecting, while also highlighting girls’ diverse digital realities”.  

The Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun represented by the Chief Customer Service Officer, Mrs. Titilayo Abraham officially opened the event. Commenting on the initiative, she stated that: “Unity Bank has maintained its commitment to supporting the girl child by supporting several advocacy initiatives and investing in the education sector. The National Maritime Quiz is yet another opportunity to contribute to the movement to encourage, educate and empower the Girl-Child to participate in the economy while driving access to education.”  

“We commend the Ocean Ambassadors Foundation for their initiatives aimed at bridging the gender gap in the ICT, maritime, transportation, and logistics sectors in Nigeria.”  

Unity Bank has in time past demonstrated commitment to supporting the education sector, especially for initiatives targeted at children. One of the Bank’s flagship initiatives - One Minute Genius (OMG) and others such as Unity Bank Spelling B Competition, One Day CEO, are annual educational platforms of the Bank aimed at boosting financial literacy among Nigerian children.  

The organisers, Ocean Ambassadors Foundation commended Unity Bank, adding that “the sensitization for the Girl-Child to take advantage of career opportunities in the ICT and maritime cannot be over-emphasized.  

According to the Group, this also amplifies the “Global Advocacy of the Sustainable Development Goal’s 4, 5, and 14” stating that “Gender equality and women empowerment require deliberate transformative shifts, new technological solutions and integrated approaches”.

Unity Bank Corpreneurship Challenge Produces 30 More Winners in 6th Edition

(From left: Mr. Kabir Mashi, Regional Manager, North West, Unity Bank Plc, Omolola Kehinde, 2nd runner up, Aisha Tata Mohammed, Kano State NYSC Coordinator, Yahaya Muhammad, the overall winner, Mr. Mustapha Idris Baba, Zonal Head, North West, Unity Bank Plc and Alade Ayinde, the first runner up in the 6th edition of the NYSC Corpreneurship Challenge held in Kano last week.)

A total of thirty members of the National Youth Service Corps, NYSC, have won cash prizes and business grants totalling N10 million in the 6th edition of the expanded Unity Bank flagship business plan competition known as Corpreneurship Challenge.  

Unity Bank is currently in 10 states of the federation where three winners each emerged from the Batch B Orientation course in  the Corpreneuship competition held last week.  

The states that the winners emerged included Lagos, Ogun, Benin, Abuja, Akwa Ibom, Kano, Sokoto, Enugu, Osun and Kwara.  

As in the previous editions, the cash prizes included a N200, 000 business grant for third place winners; N300, 000 business grant for the second place and a star prize of N500, 000 for the winners.  

Some of the winners included Yahaya Muhammad, Alade Ayinde and Omolola Kehinde in Kano NYSC camp, while Chiamaka Nweke, Nduke Oduobuk and Victoria Adesope emerged as the winners in the Enugu State camp.  

In Lagos, Aliu Haira Abimbola, Uzoechi Ihuoma Augustus and Adesanolu Lukmon Abiodun emerged winners to claim the cash prizes.  

One of the winners in Abuja, Ebingha Ogbe John appreciated Unity Bank for the opportunity, which she said, has helped her to showcase her business to the world. “I thank Unity Bank for making my project, Mama’s Ally Crashfish to come alive in this Abuja,” She said.  

The initiative continues to attract increasing interests among the corps members, as over 2000 applications were received but only 100 were shortlisted for the pitching sessions from where the thirty winners emerged.  

The contestants’ business plans which ranged from software solutions, fashion, fish production, poultry farming, bee farming, retail chains, piggery to beverages were assessed on originality, marketability, future employability potential of the product and knowledge of the business.  

Recall that Unity Bank started the Entrepreneurial Development Initiative in 2019, to specifically target corps members, as part of efforts to contribute to job creation in Nigeria. It continues to gain traction, growing bigger and better in grooming corps members having successfully ran several editions of the scheme in partnership with the NYSC Skill Acquisition and Entrepreneurship Development, SAED.  

The Bank has invested overN80 million in the initiative, which has now produced 58 winners since it was launched.  

Speaking during the finale in FCT NYSC camp, the Divisional Head, Retail, SME Banking and E-Business Directorate, Unity Bank Plc, Mr. Olufunwa Akinmade, said the competition has proved to be a great tool for empowering fresh graduates in the country.  

“The corpreneurship challenge is a creative entrepreneurial development initiative by Unity Bank in conjunction with the National Youth Service Corps, NYSC. It is aimed at driving job creation through entrepreneurship.  

“With rising youth unemployment in the country, it is just common sense to consider the entrepreneurship alternative”.  

“As the corps members join the labour market after their youth service, not every one of them will get the opportunity for a paid employment. But with what Unity Bank is doing, many of them will get the support they need to start a small business and even become employers of labour”.  

“We encourage the corps members to take seriously the opportunity that the Unity Bank Corpreneurship has provided. And to those that have emerged the winners today, we ask them to utilise their grants judiciously. Unity Bank remains committed to empowering the youth through initiatives such as this, as we know that the bedrock of the economy is entrepreneurship.”   

The Zonal Head, North West, Unity Bank Plc, Mr. Mustapha Idris Baba, implored the winners to judiciously utilise the funds to support the business venture that got them the grant.  

This edition follows the expanded Corpreneurship Challenge which started in the 5th edition in June this year. The programme looks set to expand nationwide, empowering corps members to explore entrepreneurship alternatives in the face of rising youth unemployment in the country.  

Unity Bank Commits Over N30m To Empower NYSC Members

Nigerian lender, Unity Bank Plc has committed over N30 million to empower National Youth Service Corps  (NYSC) members through the Bank’s flagship Youth entrepreneurship development initiative known as Unity Bank Corpreneurship Challenge.

The sum includes N4 million won by beneficiaries on four separate editions across four states and N10 million won by beneficiaries across the ten states in the latest edition.

The Corpreneurship Challenge, specially designed to targets corps members has produced no fewer than 48 winners across 14 NYSC camps in 13 States and the Federal Capital Territory since inception in 2019.

The Director-General of the NYSC, Brig.-Gen Shuaibu Ibrahim in a recent meeting with the Managing Director of Unity Bank Plc, Mrs. Tomi Somefun commended the bank for providing financial grants to the corps members.

He said the pilot project of the “Corpreneurship challenge” had created opportunities for self-employment and wealth creation and would reduce the number of unemployed graduates.

“My appeal to you is to be determined, remain focused and fan into flame the training that you have acquired for your empowerment, as it would later translate to societal development,” the DG has said. “Be prudent in your spending, avoid indolence and be committed to what the Unity Bank has done for you,” he added.

The initiative was piloted across four locations – Lagos, Ogun, Edo and Abuja – but has now expanded to six other locations including Akwa Ibom, Kano, Sokoto, Enugu, Sokoto and Osun. 

Each of the locations produce winners of business grants of N200,000 for the second runner ups; N300,000 business grant for the first runner ups and a star prize of N500,000 for the overall winners.   

The initiative has attracted massive interests and participation among the corps members, as over 10,000 applications have been received over the period.

The contestants’ business plans which usually come from any sector such as fashion, fish production, poultry farming, retail chains, piggery, beverages, etc. are assessed on originality, marketability, future employability potential of the product and knowledge of the business.    

Speaking during the last edition which held across ten locations, the Divisional Head, Retail, SME Banking and E-Business Directorate, Unity Bank Plc, Mr. Olufunwa Akinmade, said the competition has proved to have a great impact on youth empowerment in the country.   

“The Unity Bank Corpreneurship Challenge has a very positive impact, not only for the corps members but for the entire youth population in Nigeria. It is a way to support the young men and women who are just graduating from university to grow.  

“You will agree that it is not easy today to come out of the university and get a paid job, and so at this stage, it is good that the corps members imbibe that culture of entrepreneurship, and then with the financial support that they get from Unity Bank and the knowledge that they have acquired through the competition, they will be able to grow from job seekers to employers of labour.”  

Mr. Akinmade reiterated that “The grants are not a loan and the winners are expected to channel the funds to profitable ventures to achieve the objectives of the scheme.”  

Going down memory lane, Mr. Akinmade recalled that what started in 2019 with a pilot in four states have now expanded to six additional states and is well on its way to achieving national coverage.   

He said: “We started Corpreneurship Challenge in 2019, with a launch in Lagos and in three other states which included Edo, Ogun, and Abuja. So, today we have expanded it to ten locations, and it has been hugely successful.  

“This is a programme that will stand the test of time, but all we are doing is to support NYSC corps members to start their own business no matter how small and then grow with it. Unity Bank will continue to be part of their journey, to offer them a start-up capital as well as business mentorship.”