Sterling Bank Makes Buying Solar Systems Easier - Business Post Nigeria

Sterling Bank Makes Buying Solar Systems Easier – Business Post Nigeria

In today’s world, access to financial services is rapidly becoming a major area of ​​interest for policy makers for the well-known reason that it has far-reaching economic implications. To this end, financial inclusion has gained a greater level of importance due to its perceived importance as a catalyst for economic growth as it is important for achieving inclusive growth in the economy.

In 2012 Nigeria took major steps in its journey by launching the National Financial Inclusion Strategy (NFIS). The main objective of NFIS is to ensure that 80 per cent of Nigerian adults are financially inclusion by 2020. Prior to that, the official use of financial services by the adult population was 36.3 per cent in 2010. To achieve the 2020 target, the Central Bank of Nigeria (CBN) introduced strategies To drive innovation in Nigeria’s financial services sector, by 2017, one of the achievements was that the Central Bank of Nigeria had granted more than 20 licenses to mobile money operators, which has currently grown to 21.

According to 2018 data from Enhanced Financial Innovation and Access (EFInA), 38.1 million of Nigeria’s 106 million adults (18 years and over) or 36 percent of Nigerians remain completely financially excluded.

In a recent Agusto & Co survey of consumer digital banking, only 34 percent of respondents said they had experienced a digital banking service. Only 17 percent of respondents over the age of 55 are aware of their services, while the awareness rate for people between the ages of 41 and 54 is 31 percent. This points to the need to deepen the financial inclusion campaign if Nigeria is to achieve the NFIS goal and accelerated economic growth.

The major bank may have missed the 2020 target of 80 per cent for financial inclusion, but it stands a better chance of meeting the 95 per cent target by 2024, as industry players have argued that to achieve the NFIS goal of inclusive economic growth, the financial sector must make strong use of technology (Mobile and Digital Channels) to enhance financial inclusion and enhance access to financial services for the unbanked and underserved segments of the population.

One of the financial institutions that has continued to leverage technology to revitalize the industry by deploying its vast resources and extensive networks to deepen financial inclusion in the country for inclusive economic growth is Heritage Bank Plc, the most innovative banking service provider in Nigeria.

Heritage Bank’s Managing Director/CEO, Ifie Sekibo, emphasized that banks cannot drive financial inclusion unless they also push for secured technology inclusion.

According to him, Heritage Bank has continued to drive financial inclusion across the board by creating access to accounts and other financial and savings products, mobile money transfer systems and payment systems that provide opportunities for financially excluded Nigerians and SMEs.

Introducing HB API Sandbox & Banking as a Service via One Pipe

The bank launched the API Sandbox to accelerate the ideas of technology entrepreneurs to build innovative and commercially viable products built through HB LAB. This platform provides a suite of financial and non-financial APIs geared to meet the needs of FinTech, tech SMEs, and communities. Our APIs give technology companies, third-party developers, and non-Fintech companies access to the multiple payments and financial services that their customers demand.

Following the launch of HB’s API Sandbox, the Bank partnered with API aggregators to expand the Bank’s API services to a wider audience, and positioned value-added services to deliver our BaaS platform. Banking as a Service (BaaS/Open Banking) is an end-to-end business process that allows FinTech and other third party service providers to provide basic financial services to their clients by integrating with the bank via our easily available APIs. This is an invoicing service that also provides relevant information on the data required to pursue aggressive acquisition of retail accounts by leveraging the robust retail pipeline of the aggregator.

Redefining the digital banking space with Octiplus

Sekibo promises that his bank will continue to drive financial inclusion with a powerful, innovative and advanced digital banking solution, its recently launched “Octiplus.”

Octiplus is an all-in-one digital banking app that knows no boundaries for banks, giving users access to a bundle of financial, lifestyle and social networking features with the added convenience of converging card-based payments in one app regardless of the issuing Nigerian bank. Ifie Sekibo stated that “With Octiplus, we are redefining the concept of digital banking for the discerning mobile user, as the app is equipped with many exciting features that underscore the bank’s commitment to expanding its digital infrastructure and modernizing its interactions with the banking audience, regardless of your preferred financial institution.”

Octiplus promises an intelligent multi-channel experience that leverages the usual transaction features including bill payment, money transfer, and airtime recharge with its unique ability to facilitate person-to-person/group interactions encouraging small businesses and thriving side business for young professionals. The app is now available for download on Google and iOS App Stores.

BATCH THEM BANNERS WITH HB BUD ACCOUNT

The HB Bud Account is a savings account for children and youth demographics aimed at introducing financial literacy and inclusion. The account can be opened as a trust for a child by the parent/guardian who will be the primary account holder with the responsibility to operate this account until their child reaches the age of majority and can only operate their own accounts or possibly transition to other age-appropriate products. This product was initially launched in 2014 as a unique offering to meet the educational needs of children and youth preparing and saving for further education as well as deepening the brand’s visibility and increasing the bank’s market share. However, some operational requirements and regulatory frameworks have necessitated the modification and modification of this product to optimally serve customers. Children and teens from 0 to 18 years old are the target market.

Features are unique as shown: Get a cash backed loan by Parent/Guardian/School Fee Sponsor/Education Loan. You can access up to 70 percent of your bank balance as a cash loan. The customer must have operated a BUD account for a minimum of 6 months to access the cash backed loan. Easy savings through standing order instructions. Access to exclusive events. Free participation in BUD MINI career guidance and counseling sessions once a year. An opportunity to serve as a member of the Executive Committee of Heritage Bank for one day.

Catering to unbanked people with HB Starter

This is the bank’s flagship CBN KYC Tier 1 savings account for the needs of the unbanked. It is a Tier 1 entry in the Nigeria Savings Account category, which an individual can open without having the mandatory requirements/documents to open a Standard or Standard Account in Nigeria. This is a way to ensure that all Nigerians are financially included as the account can be opened with or without a smartphone at the bank or online. Basically, this type of savings account doesn’t require any utility bills, or even an ID to open.

Most people who fall into this category usually do not see the need to open an account because they find it easier to save whatever money they have in their homes. This category of people want to avoid the huge manual account opening process and have better time management. This product is very accurate and requires minimal account opening documentation, and can also be done in the complete comfort of home. Additionally, clients can be assisted by the bank’s relationship managers and sales teams. Also, customers can enter the bank’s website to start the process of opening a new account from the beginning and receive the account number at the end of the process.

A product aimed at individuals in all market segments

Known as the HB Single Current Account product, this is a current account for all individuals across market segments over the age of 18. This account is made seamless with unique features for individuals access to loan products, minimum balance of N0.00, no COT on all transactions, account opening balance of N5,000 and access to clearing check book.

Customize Payment Gateway on HB CheckOut and Virtual Accounts

Heritage CheckOut is a fully integrated payment processing platform with digital payments infrastructure across Africa. Olusola Longe-Okenimkpe, Head of E-Business and Collections, revealed that the platform provides a core technology platform that allows businesses to receive and issue payments from anywhere in the world, with powerful fraud management, compliance and security applications.

It also defined virtual accounts as a series of unbalanced accounts whose total balance reflects the balance in the pool account. According to Olusola, the accumulator account is associated with all virtual accounts and the balance in the pool account reflects the total balance in the virtual accounts.

Financially Excluded Opportunities with HB Business Account

Heritage Bank Business Account is a cost-effective checking account that offers a flexible, transparent and affordable pricing network based on the charter of monthly debit turnover. The product is intended for all small and micro enterprises from the small and medium enterprises and the retail sectors.

Ensure smooth transactions with HB . transfer code

Heritage bank’s transfer code *745# ensures smooth use and reduces the stress of going to a Heritage bank branch to make a payment. Just like other banks, you can use the Heritage Bank mobile banking code *745# to check your account balance, transfer money to Heritage Bank or other banks, pay utility bills and cable subscriptions, and pay for church services wherever you are using your phone mobile.

Acquisition of the educational sector through alumni banking service, akaada portal solution

To further attract individuals in the educational sector to the financial inclusion space, Heritage Bank unveiled its Alumni Banking Service and Acada ​​Portal Solution which are web-based solutions that seamlessly integrate the school’s portal and alumni platforms that benefit various stakeholders and complement efforts to achieve global best practices in school management. Alumni Banking is an educational service provided by Heritage Bank that seeks to benefit from, track, engage, grant and invest in a model to help secondary and university educational institutions create modern graduate systems that contribute to their financial stability just as senior graduates do in the best international schools.

Inclusion of the creative industry and esports games in the HB YNSPYRE account

The YNSPYRE account is a product aimed specifically at the creative economy inhabited not only by young people in the field of video, film and music. It goes into much more than that because it includes people in the technology, creative industry and games as part of the creative industry.

Speaking to the press about the gaming initiative as a creative endeavor, Dick Demere, Regional Executive Director of Heritage Bank, Lagos, and Southwest explained that the bank’s involvement is to identify income-earning opportunities for certain people in the economy.

According to him, “HB has designed a product that identifies and finds a mechanism that guides Nigerians in gaming or esports. The bank is set to revolutionize esports by bringing it to an acceptable level reached by football, tennis and other crowd-pulling games.”

Heritage Bank is rapidly changing the narratives of the banking landscape by adopting more secure technology (products and channels) for seamless services that ensure that the greater part of the population is engaged in economic activities as well as being financially included.

For this to be effective, Sekibo emphasized that residents must have access to financial services and products that ensure that families and businesses regardless of income levels have access to the appropriate financial facilities they need to improve their lives, increase their savings and investments, and use them effectively. .


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