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Financial Inclusion: ‘How First Bank, Others Are Empowering Women’

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Unarguably, women play an important role in the economic growth and development of any nation.
From retail business to entrepreneurship, women make significant contributions to financial transactions, as recently acknowledged in a World Bank study, which noted that women controlled over 20 trillion dollars transactions worldwide.
However, the study titled, “Unrealised Potential: The High Cost of Gender Inequality in Earnings,” revealed that several countries were losing 160 trillion dollars due to differences in lifetime earnings between women and men.
The bank’s Vice President and Treasurer, Ms Arunma Oteh, explained that the figure represented an average of 23,620 dollars lost per person in the 141 countries captured by the study due to inequality in earnings between women and men.
According to Oteh, the study revealed that globally women accounted for only 38 per cent of human capital wealth as against 62 per cent for men.
“In fact, in low- and lower-middle income countries, women account for a third or less of human capital wealth. The losses in wealth from inequality in earnings between men and women vary by region.
“The largest losses, each between 40 trillion dollars and 50 trillion dollars, are observed in East Asia and the Pacific, North America, and Europe and Central Asia,” she said.
Oteh noted that women were important for economic development and were the economic powerhouse for society today, hence the need for concerted efforts for women empowerment.
The shortfall in earnings between women and men, and the need to bridge the gap, is said to be a concern in many countries around the world, particularly as governments are also facing funding challenges.
In Nigeria, some financial institutions have risen to the occasion by proving financial products tailored toward empowering women, as a component of the general financial inclusion drive.
For instance, First Bank of Nigeria Limited, realising that women are the most dynamic and fastest growing economic force in the world, launched an initiative tagged FirstGem to provide financial solutions to women.
The managing director of the bank, Dr Adesola Adeduntan, Chinyere Hoel-while marking the second anniversary of the scheme recently, said over N57.067 billion was given to 81, 687 individuals and businesses owned by women in Nigeria.
He said FirstGem was a product suite that cut across women of all generations irrespective of age, location and social status.
He explained that it was created with an understanding of the uniqueness of women and the need to bridge the identified gaps in their lives, both in corporate Nigeria and in the entrepreneurial space.
To him, the focus of the scheme is to harness and financially mobilise the growing percentage of women in the country by creating an attractive and convenient product that suits their business aspirations, lifestyles and expectations.
Adeduntan said FirstGem had provided opportunities for women to create a savings plan and culture that guarantees them financial freedom and safety for the future; enabling them to save towards specific targets.
“FirstGem was launched to drive financial inclusion and all-round development of women through gender-advancement programmes wrapped around savings culture, financial literacy, loan management and building Investment portfolio.
“FirstGem has created an avenue for women to have access to soft loans to support their aspirations and economic development in their different fields of endeavour.
“It has enhanced women’s lifestyle needs – FirstGem account holders enjoy tremendous discounts from retails stores and life-style improvement outfits in strategic partnership with FirstBank,” he said.
Adeduntan said the bank had continued to use the platform of FirstGem to organise and participate in many women empowerment programmes due to the impact of women’s contribution to economic development.
The managing director said the bank also created FirstGem Online Community, an online platform that provided information on a wide range of issues affecting women from lifestyle, politics, business ideas, skills acquisition, among others.
He said the online community also featured blogs and videos of high-profile women of influence, providing mentorship nuggets and answers to a variety of life, career and business/social issues as guides for women.
In all, he said the bank would continue to put its customers and stakeholders at the heart of its business with the introduction of products and services that would withstand the test of time.
“For over 124 years of our existence, we have focussed on providing excellent financial services to meet the needs of our esteemed customers.
“We continue to improve on our products and also create new ones that suit their specific financial needs.
“The reason why we have been successful is our ability to invent, reinvent and reinvent ourselves.
“You can only be successful like that when you put your customer at the centre piece of all your actions. That is the secret of our success,” said Adeduntan.
Access Bank similarly introduced the ‘W Initiative’ to empower and inspire women in business. The bank said empowering women was truly at the heart of its strategy.
Group Head, Product Sales of Access Bank, Mrs Ope Wemi-Jones, recently said the bank trained 75,000 women in 81 locations in 19 states on finance, education, SMEs, event planning among others.
She said the bank had continued in its commitment to help women overcome the cultural and financial barriers toward harnessing their potential both as women and business owners in Nigeria.
Also, Polaris Bank, formerly Skye Bank, as part of its commitment to empower retail business women in the country, launched Webnar 2.0 for Polaris Pearl subscribers.
Pearl Initiative is a-best-in-class programme which offers women real value-added beyond finance, taking into account the holistic needs and concerns of women in their quest to actualise their potential either as entrepreneurs, professionals or stay-at-home mums.
Such interventions have fueled the hope that, indeed, women, particularly Nigerian women, would in no time make significant contributions to the nation’s growth and restore it to the path of development.
Joel-Nwokeoma writes for News Agency of Nigeria (NAN)

 

Chinyere Joel-Nwokeoma

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NSIB, AAAU Sign MoU On Air Safety Training

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As part of efforts to curb mishaps in the aviation industry, the Nigerian Safety Investigation Bureau (NSIB) has signed a Memorandum of Understanding (MoU) with the African Aviation and Aerospace University (AAAU) to deepen training on preventing and reducing accidents in Nigeria’s air transport.
Director, Public Affairs and Consumer Protection of NBIS, Mrs Bimbo Olawumi Oladeji, in a statement, said NSIB granted AAAU access to its facilities to facilitate an efficient exchange of resources and expertise.
According to the statement, the Director-General/Chief Executive Officer of NSIB, Captain Alex Badeh, who spoke at the ceremony held at the NSIB Training School, noted that the MoU sets the stage for facility sharing, capacity building, and collaboration between the Bureau and AAAU.
“I am confident that this MoU will enhance the effectiveness of our collaboration and commitment to promoting safer skies and operational excellence in the aviation industry in Nigeria and beyond”, Badeh said.
Registrar of AAAU, represented by the Director of Physical Planning and Works, Engineer Masud Aliyu Yerima, was also quoted in the statement, saying, “The journey of AAAU’s establishment and progress would have faced considerable challenges without NSIB’s generous support”.
He commended Badeh for his exemplary leadership and steadfast dedication in propelling NSIB to greater heights, and affirmed AAAU’s readiness to engage in mutually beneficial endeavours with NSIB.
“This partnership marks a significant milestone in fostering a culture of safety and excellence within Nigeria’s aviation sector, and both NSIB and AAAU are poised to leverage this synergy for the benefit of the industry and the nation at large.
“The African Aviation and Aerospace University, AAAU, is the first Pan-African university dedicated to aviation, aerospace, and environmental science.
“Addressing two critical needs within the continent’s industry, AAAU tackles the research and development gap in Africa’s aviation and aerospace sector while simultaneously cultivating a skilled workforce to propel it forward”, the statement added.

By: Corlins Walter

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Naira Rebound, Air Peace’s Expansion Deepens International Route Competition 

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he commencement of flights operations on the London route by an indegenous Carrier, Air Peace Airline, and the recovery of the local currency have sparked fresh competition on international routes.
Air Peace, Nigeria’s outstanding indigenous airline, may face a prolonged market battle with many foreign airlines with decades of experience in the industry following its entrance on the Nigeria-London route.
Some of the industry’s experts say the airline required support from the government and a strategic approach to stay competitive.
Analysts have also stated that the strategic move has garnered high praise from stakeholders in the aviation sector, considering that Nigerians were paying exorbitant prices to travel from Nigeria to London, but that sustaining this momentum will require more than just offering low prices.
On March 31, 2024, the 11-year-old airline made a bold statement with its inaugural flight, using a Boeing 777 aircraft, offering a capacity of 274 seats and carrying 260 passengers from Lagos to London.
It sold its tickets for N1.2m, a price way lower than the rates offered by most foreign airline operators plying the same route.
Just two weeks after entering the market, Air Peace’s Chief Executive Officer, Allen Onyema, complained on Arise TV that foreign airlines were undercutting prices in an attempt to push Air Peace out of the market.
Onyema said, “We are aware that there are devilish conspiracies. All of a sudden, airlines are pricing below the cost. One airline is advertising $100  and the other $350. If you peel up your entire aircraft and carry people on the wings, it is not even enough to buy fuel.
“Why are they doing that? Their government is supporting them because Nigeria has been a cash cow for everybody. The idea is to take Air Peace out, and the moment they succeed in taking Air Peace out, Nigerians will pay 20 times over. It would happen, God forbid, if they were able to take Air Peace out”.
It was gathered that an economy ticket for a flight scheduled for April 29, 2024, from Lagos to London costs about N679,375 on Ethiopian Airlines, an operator with 75 years of experience.
Air Peace priced the same ticket at N1,090,750. The difference is that on Air Peace, it will be a 6-hour non-stop flight, while on Ethiopian Airlines, it will take 16 hours with one stopover.
Last Friday, Ethiopian Airlines reduced the price of its London ticket by 0.77 per cent to N1,628,660 from  N1,641,249 two weeks ago.
In the same period, Air France’s price dropped to N1,687,824, nearly halving from last month’s N2,482,138.
On March 4, 2024, Lufthansa offered the Lagos-London route for N1,966,165. Qatar Airways provided the same ticket for N2,016,824, and KLM priced it at N2,448,740.
This continuous decline in air ticket prices was also driven by the strengthening of the naira against the US dollar and the payments of airlines’ trapped funds by the Central Bank of Nigeria.
Minister of Aviation and Aerospace Development, Festus Keyamo, had confirmed that the Federal Government, through the CBN, had cleared all the trapped funds (foreign exchange backlogs) to the tune of about $160m.
Beyond the ongoing price war, the Air Peace Chairman had also lamented the challenges with ground handling and space allocation at the London Gatwick Airport, adding that no airline has faced such obstacles before.
He noted, “On the inaugural flight out of London, 24 hours before departure, the management of Gatwick Airport moved us to another checking area instead of the designated one.
“The area they provided had a malfunctioning carousel, forcing us to manually transport luggage 50 meters away, causing delays”.

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PH Airport Users Lament Down Turn In Flight Operations 

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Users and business operators at the Port Harcourt International Airport, Omagwa, have decried the downward trend in flight operations at the airport.
Some of the users and operators told The Tide that flight operations at the airport, rather than go upward, have steadily been irregular, and diminishing steadily.
A regular air passenger of the airport, Simeon Echeonwu, in a chat with The Tide, said many airlines, both domestic and international operators, that usually operate at the Port Harcourt airport, have stopped operations, whereas others that are still operating are no longer very stable as before.
Echeonwu noted that airlines such as Aero Contractors, United Nigeria, and Green Africa airlines, now operate about one flight, twice a week, unlike before that they flew every day on Lagos and Abuja to Port Harcourt.
Also speaking, former Chairman of the FAAN Accredited Car Hires Association, Clifford Wahunoro, lamented that the down turn in Operations has affected the business of car hires.
“If you have noticed, I have not been regular at the airport for some time now, because business is no longer flowing at the airport as before. I will not fold my hands and be sitting down doing nothing, so I have to look for other things, so I come when I think there will be something.
“You can see that between 12noon and 1pm, after that segment of flights, when you have few flights arrival, many people will close for the day, and when you wait till evening, flight like Dana may come very late at night, and sometimes, it will not arrive, and by that time, many people will not like to book for commercial vehicle”, he said.
Meanwhile, a travel agent, who wished to be anoyimous, decried the rate at which the airport is going down in terms of flights operations, noting that Port Harcourt airport ought to be competing with the other major airports like Lagos and Abuja.
He queried if such was a calculated attempt to bring the airport to its kneel in terms of flight operations, while other major airports have steady flow of flight operations both for domestic and international.
TheTide observed a continuous distortions in flight movement at the airport. Some of the airlines, like Max air, which many passengers patronize, have completely stopped operations, and no new airline has been added.
Apart from the Air Peace Airline that has maintained some level of stability in operations, other few operators have been involved in either steady rescheduling of flights, cancellation and regular delay, resulting in poor and unpredictable flight movement, which affects or determine other businesses in the airport.

By: Corlins Walter

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