Bank PHB: Committed to customers’ satisfaction

Akin Adewakun, Lagos

Francis Atuche, MD,
Bank PHB In spite of scathing criticism and skepticism from some quarters when the Central Bank of Nigeria, through its governor, Professor Charles Soludo, announced its reforms of the banking sector and the need for the then 89 banks plying their trades in the nation’s financial landscape to recapitalise to the tune of N25billion as minimum working capital for them to be able to practise in the nation’s financial terrain, this is, no doubt, a period of chest beating for the apex bank governor.

With the recapitalisation of the banking industry putting paid to the era of mega banks’ domination of the smaller banks, and with all the nation’s 24 banks given a sound bill of health and ready to compete favourably with one another, for the same customers, the battle has therefore shifted to the boardroom where banks continue to strategise and develop products, designed to lure the increasingly-sophisticated nation’s banking public. And, the various exploits of the nation’s banks in both domestic and international financial markets are attestations to the fact that the reform is, no doubt, having its positive ripple effects on the sector.

For instance, one concrete justification of this reform is Bank PHB, a bank that has grown from obscurity to carve a niche for itself in recent times. A product of a seamless merger between Habib and Platinum Banks, the bank which currently ranks as Nigeria’s fastest growing banks with a brand adjudged by independent analysts as the most easily recognisable in the Nigerian banking landscape, has continued to astonish stakeholders with its bouquet of products, designed to bring succour to its teeming customers.

Recently, the bank churned out a bevy of assorted products, which include: Bank PHB/ Peugeot Automobile Nigeria Initiative, Salad Instanta, Easy Remit and Home Advertange. And, a common decimal that has continued to recur in all the products is that of a bank’s continued commitment to give its customers real value for their money, and at the same time, meeting them at the point of their needs.

For instance, while launching the Peugeot Ownership Made Easy product, which was part of its Good Life Loans Bouquet, Olu Akanmu, Divisional Director, Retail Banking, explained that the initiative was informed by the bank’s commitment to making sure Nigerians live a life they truly worth by being able to spend their future income today.

According to him, the bank’s decision to partner the motor giant, PAN, to market brand new Peugeot vehicles to the entire public via a special scheme that would entail the bank offering to finance these vehicles at lower rates than are available, would go a long way in eradicating the culture of second hand automobiles, occasioned by the inabilities of many Nigerians to afford a brand new car. Here, all the customer needs to contribute, he argued, is 20 per cent of the cost of the vehicle they desire while the bank funds the outstanding 80 per cent along with the full premium for the first year.

While its House Owners Advantage Scheme allows individuals to convert the locked values in their buildings to liquid cash, its Salad Instanta product is aimed at the Nigerian workers, who, due to the limited funds at their disposal, always face various challenges before the end of the month. The innovative product, which was instantly endorsed by the President, Nigerian Labour Congress (NLC), Abdulwahed Umar, offers instant “no frills” overdraft facility to all salary account holders of Bank PHB.

Its Easy-Remit product, a complete online payment application, is designed to enable Nigerians in the UK, Canada and the U.S.A transfer funds into a designated Bank PHB account from their credit/debit cards and bank accounts.

While it provides Nigerians abroad a convenient and secure way of sending money to Nigeria from the comfort of their homes or offices, using multiple payment options, it also provides Nigerians receiving money from relations abroad a convenient and secure way of receiving money from abroad as the money goes directly into his or her Bank PHB account.

“Money is transferred directly into recipients’ account, making it unnecessary for the recipient to physically visit the branch. The recipient is also notified of the money transferred to his or her account electronically by SMS or e-mail, while transferred funds can be monitored online real time to see its progress from when it is transferred to when it is received,” Olu Akanmu explained at the launch of the product.

Another innovative financial product launched by the bank to meet the needs of its growing clientele is the Naira Credit Card, an electronic customer card issued to Bank PHB Salary Account holders on request and which offers a revolving credit line that can be used for cash withdrawal as well as purchase goods and services.

The card is issued in Naira and is valid only for local transactions across the Inter-switch network. It can be used at any of the over 3,000 ATMs and more than 4,000 merchant locations nationwide. It can also be used on the web at InterSwitch enabled sites.

The Naira Credit Card, which offers three different options to its holders, allow the bank’s Customers to enjoy any of these options which come with extra pecks like a 40-day grace period during which card holders can enjoy interest free period, a flexible repayment plan on any amount utilised on the credit card, among others.

The introduction of these products, no doubt, has confirmed the bank’s rapid emergence as a “Thinking Bank” and a leading player in Nigeria’s retail banking market. Ranked as the eight biggest bank in assets and seventh biggest in deposits and profitability, Bank PHB is the current sponsor of Apprentice Africa, fashioned after “The Apprentice,” the world’s leading business TV reality show.

Access Bank and tourism development in Nigeria

Odidison Omankhanlen, Lagos

Alhaji Saidu Usman Na Samu (Dakin Gari),
the Executive Governor, Kebbi State [left]
receiving the N10 million cheque donated
by Access Bank to Kebbi State for the
hosting of the Argungu International
Fishing and Cultural Festival, held in Kebbi
State, from Obeahon Ohiwerei, Executive
Director, Consummer and Commercial
Banking, recently. When the Governor of Central Bank of Nigeria (CBN), Professor Chukwuma Soludo, initiated the recapitalisation of the banking industry, not many people knew the direction of his thoughts. Today, banks corporate social responsibility (CSR) portfolios have improved tremendously.

Banks have taken CSR to higher level. They now embark on various sponsorships running to several millions of naira, a development which was not possible pre-consolidation. One of the banks at the forefront in this direction is Access Bank Plc. Overtime, the bank has taken corporate philanthropy to another level. A development that has attracted various awards and accolades from individuals, corporate organisations and several communities across the country.

That which readily comes to mind is last week’s donation to the Argungu Fishing Festival in Kebbi State. According to a statement from the bank, its support was in recognition of the historical and cultural significance of the event to Northern Nigeria and the huge economic potentials it holds for the development of the nation’s economy, adding that overtime, the Argungu fishing festival has served as veritable tool of tourist attraction to Nigeria and has been globally acknowledged for its attraction and tourism potential.

As a socially responsible organisation, it noted, the bank strived to positively impact every sphere of life in its operating environment and was genuinely committed to promoting the wellbeing of its neigbours. The bank, as a matter of fact, has remained a vociferous voice in issues of social and environmental wellbeing and development.

“The huge support for the Argungu cultural and fishing festival is a further demonstration of the bank’s love for its operating environment. The gesture is aimed at preserving the culture of the people while providing a platform for reaping the economic gains inherent in our culture and still projecting the image of our country to the world through the event.“

In his reaction, the publisher, ‘Culture and You,’ Mr. Ositadebe Nwosu, said the bank has demonstrated a high sense of commitment to the development of tourism and culture in Nigeria, urging other financial institutions to emulate the bank.

He opined that the role of tourism and culture in national development cannot be over emphasised; adding that the Argungu fishing and cultural festival has taken international dimension which must be encouraged by both public and private organisations.

Also, a Tourism expert and a university don, Dr. Ismail Yusuf, acknowledged the role of banks in tourism development, especially in Cross River State.

He advised that the role of banks in the development of the sector could not be over emphasised, urging banks to sponsor the development of various tourism sites in the hither lands across the country.

He was optimistic that the industry would soon become a source of foreign earnings. Some of the recent CSR initiatives of Access Bank include N50million sponsorship of the Nigeria-Lesotho Nations Cup Qualifying match, N5million donation to Team Nigeria, N50million donation to Lagos State Security Trust Fund, N1million support for the Little Saints Orphanage, N1milion donation to the Indo- Nigeria Eye Centre, N5million donation to I-care, an NGO that addresses the needs of the widows and children, and other initiatives that have positively impacted the quality of life of the people and upgraded our society to a more desirable habitat for humanity.

To enhance the impact of its corporate philanthropy activities on the environment, the bank has also extended the scope of its CSR initiatives to addressing major problems facing the African continent and its people. This mission necessitated its membership and huge support for Friends of Africa and Global Business Alliance Against HIV/AIDS, Malaria and Tuberculosis.