FCMB Deepens Support for Small and Medium Enterprises (SMEs) with Business Finance Training
Leading financial services provider, First City Monument Bank (FCMB), organized the first in a series of free training programs for small and medium business owners. The initiative, led by FCMBs Training Academy and the Banks SME Segment Managers, was attended by existing and start-up firms in the SME sector as well as seasoned facilitators cutting across spheres of business development, accounting, marketing and strategy. The training, which focused on Business Finance Optimization for SMEs, covered various areas such as Budgeting, Cost Management in Challenging Times, Raising Capital for Businesses, Getting Businesses Ready for Loans or Investments, as well as Managing Credit Sales. Speaking at the opening of the programme, the Divisional Head, Corporate Services of FCMB, Felicia Obozuwa, stated that the Bank recognizes the role of entrepreneurs in the society and their capacity in driving economic growth. According to her, ‘’it is just one of the ways we support the growth of our SME customers. We realize that many small businesses can have the dedication to succeed, but without training and business experience, it can be a challenge to achieve results. Business acumen and day to day operational skills are essential for any small business owner to have when seeking out their next venture or sustaining their current business. In FCMB, we are passionate about helping our customers to be as educated as possible. Our comprehensive training programme for SMEs will establish a foundation for small business owners to develop themselves, learn new skills, better serve their customers, and stay relevant to their niche’’.
In addition, the Executive Director, Business Development of FCMB, Mrs. Bukola Smith, explained that the Bank realises that SMEs play critical roles in the growth of the nation’s economy. She added that, ‘’we understand that a number of factors combine to determine the success or failure of SMEs. We will continue to support our customers operating in this segment to overcome the challenges they usually face. We want to be part of their success story’’. Mrs. Smith listed some of the offerings of the Bank in the SMEs segment to include the e-invoicing platform – a unique solution, designed to help businesses monitor and control their cash management, especially as it affects payments, receivables, reconciliation and other financial transactions, through the internet and other mobile channels among others. In addition, the Bank offers free banking transactions for a period of three months for new-to-FCMB SME customers. In line with FCMB’s drive to partner with value content from the Fintech space, the Bank is also collaborating with Paystack to provide an innovative online collections platform to merchants and other businesses focused on enabling them to provide their customers with a seamless payment experience. The Bank is steadily building bridges between SMEs and investors, national and international developmental agencies to facilitate and unlock opportunities for SMEs.
The participants at the capacity training expressed gratitude to FCMB for living up to its value as a simple, reliable and helpful Bank that creates opportunities. A beneficiary, who is also the Managing Director of Festival Designs Limited, Mr. Shola Paul, had this to say: ‘’This training is very essential and a great initiative on the part of FCMB. I appreciate the efforts of the Bank to ensure customers succeed in their various businesses by providing tools that facilitate growth’’. In the same vein, the Managing Director of Honey Adeniyi Products, Mrs. Yemisi Ladejobi, stated that, ‘’what FCMB has done by putting together this capacity building programme is very encouraging. I have learnt a lot from this programme and kudos to the Bank’’.
FCMB Celebrates Customer Service Week, Commits to Excellent Service Delivery
First City Monument Bank (FCMB) has restated its commitment to attain the highest level of customer advocacy by leveraging on its solid business models, bespoke solutions, excellent service delivery, highly professional staff and technology to turn the aspirations of its customers to opportunities. Consequently, the Bank is set to further enhance the experience of its customers by rolling-out series of exciting and rewarding initiatives to celebrate this year’s international Customer Service Week, holding from October 2 to 6, 2017, across its branches in Nigeria. The theme of this year’s celebration is, ‘’Building Trust’’. The theme recognizes the importance of trust in forming strong, productive, and lasting relationships with customers and co-workers. The Customer Service Week, which started 33 years ago, is a unique period when service organisations and global agencies extol the patronage and loyalty of their esteemed customers by introducing several unique and special activities to appreciate them. It is celebrated annually during the first full week in October, and has grown into a global event.
In a statement, FCMB said that the celebration of this year’s Customer Service Week promises to be memorable as it offers another opportunity to connect and put a smile on everyone’s face to appreciate their loyalty and patronage over the years. The activities lined-up by the Bank include; a youth empowerment and internship competition with some partner organisations tagged #FCMBFlexxternship, a toll-free line for Customers to call and speak to the Managing Director, Mr. Adam Nuru, the reward of the bank’s oldest/loyal customers, visits to customers by the Management of the Bank, the hosting of the Igbo Community day at Coker OrileIganmu, and gifts to customers across all the branches. E-mailers and messages will also be sent to customers to appreciate them.
Commenting on the Customer Service Week, the Head, Continuous Improvement and Service Management of FCMB, Mr. Moshood Adelotan, said the Bank recognise the importance of the annual Customer Service Week and the contributions of its customers in making FCMB a success.‘’As an institution that is customer-focused, we have set high standards and always aim for continuous improvement in our pursuit of excellence. We will continue to celebrate our customers by offering them the very best in service delivery and lots of value-added solutions in a sustainable manner. We are determined to be the bank that everyone wants to bank with, do business with, and where opportunities are turned into realities’’, he added. FCMB has over the years introduced a number of initiatives to enhance customer experience. Among these are the strategic growth of its branch network, ATMs and PoS Terminals for accessibility to more people, a new addition to its contact centre numbers – 07003290000 – to make it easier for customers to reach the Bank. The lender has also initiated FCMB Microfinance Bank to provide simple banking solutions to the unbanked, under-banked and low income segments, especially women in the rural parts of the country. FCMB has in place a team of highly dedicated and professional staff that go the extra mile to give its customers a sustainable excellent customer experience.
First City Monument Bank (FCMB) Limited is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria, with subsidiaries that are market leaders in their respective segments. Following a successful transformation into a retail and commercial banking-led group, FCMB expects to continue to distinguish itself by delivering exceptional services, while enhancing the growth and achievement of the personal and business aspirations of its customers.
FCMB Excites More Customers with Cash, Gifts at ‘’Millionaire Promo Season 4’’ Third Draws
First City Monument Bank (FCMB) on September 20, 2017 delighted and empowered another set of 644 customers with cash and various exciting gifts at the third draws of the Bank’s ongoing bumper reward scheme tagged, ‘’FCMB Millionaire Promo Season 4’’. The electronic selection of the winners took place at the regional and zonal levels of the Bank across Nigeria and was witnessed by officials of the National Lottery Regulatory Commission, Consumer Protection Council, thousands of customers of the financial institution and other dignitaries.
While four lucky customers were rewarded with the sum of N1million each at the regional draws held in Abuja, Lagos, Enugu and Ogun states, 640 others smile home with LED televisions, generating sets, decoders, tablets, smart phones and other consolation prizes. At the Abuja & North Regional draw held in Abuja, Pindar Fatsuma Saidu won the star prize of N1million, while Sanusi Amadu was rewarded with the same amount at the Lagos Regional draw which took place at the Agege branch of the Bank in Lagos. In the same vein, Joy Ottonah Ben emerged winner of N1million at the South-East/South-South draw held at the Garden Avenue branch of the Bank in Enugu, Enugu State, just as Ayodeji Ogedengbe smiled home with N1million at the South-West regional draw in Ijebu-Ode, Ogun state.
The ‘’FCMB Millionaire Promo Season 4’’, which commenced in March 2017 and will end in November, has been designed to provide extra empowerment and create value for customers of the Bank, while encouraging financial inclusion and savings culture. It also forms part of the various initiatives of the financial institution to enhance customer experience and reward them for their loyalty and patronage over the years. The promo is targeted at all segments of the society and for existing as well as potential savings account customers. The eligible products or accounts for the promo include FCMB basic savings, kids account, Nairawise, e-savings and premium savings. The promo is targeted at all segments of the society, especially existing and potential savings account customers of the Bank. This however, excludes salary and domiciliary account holders.
Speaking on the latest draws of the promo, the Executive Director, Retail Banking of the Bank, Mr. Olu Akanmu, assured that, ‘’we will continue to appreciate and empower our customers to fulfil their aspirations. This is why we encourage them to save through programmes like our promo. The draws are unique because they take place in several cities and zones across our branches nationwide. The chances to win are therefore quite high for our customers, many of whom have been rewarded today. The fact that the lives of thousands of many of them have been positively changed through the promo speaks volume about its impact’’. He added that it is the desire of FCMB to ensure that more customers (both existing and potential) benefit from the promo. ‘’We therefore encourage Nigerians to partake in this exercise’’, he added
On how to participate in the ‘’FCMB Millionaire Promo Season 4’’, Mr. Akanmu, explained that all an existing or a new customer of the Bank needs to do is to increase his or her balance by N10,000.00 in any of the eligible savings account and maintain it for 30 days to qualify for the Zonal and Regional electronic selection of winners where the star prize of N1million and other fantastic prizes will be won. Multiple savings of N10,000.00 will increase the probability of winning. To qualify for the grand finale draws in November 2017, where four customers will win N2million each, existing and new customers are to increase their balances up to N50,000.00 and maintain it for 30 days. Multiple savings of N50,000.00 will also increase the chances of winning.
First City Monument Bank (FCMB) Limited is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments. Having successfully transformed to a retail and commercial banking-led group, FCMB expects to continue to distinguish itself by delivering exceptional services, while enhancing the growth and achievement of the personal and business aspirations of its customers.
Standard Chartered celebrate Liverpool FC’s 125th anniversary through the power of numbers
To commemorate Liverpool Football Club’s 125th anniversary, Principal Club Sponsor Standard Chartered is today launching a season-long digital campaign which celebrates the power of numbers. The bank will take Liverpool FC fans on a journey to understand the meaning of significant numbers in LFC’s history. This will be told through a series of films as well as a unique 360° audio match-day experience. It will also feature interviews with Reds Manager Jürgen Klopp as well as LFC Legends, current First Team players and fans from around the globe.
Beginning with Number 8, ‘The Captains’, this video will look at the significance of captaincy and how leadership makes a lasting impact, with a specific focus on Steven Gerrard and the impact he had as LFC Captain. Karen Fawcett, CEO, Retail Banking and Group Head of Brand & Marketing at Standard Chartered, said, “Liverpool FC have had some phenomenal players and moments during their 125 year history that have contributed to them becoming one of the most successful English football clubs of all time. This special anniversary is a great opportunity for us to celebrate that success with them.
With the launch of our #8 video, we want to highlight the power of leadership, showcasing how one person can make a positive impact on the people around them, and then go on to achieve success together as a team.”
Billy Hogan, Chief Commercial Officer and Managing Director at Liverpool Football Club, added, “This is a fantastic campaign that uses some really great content. Standard Chartered have really created something our fans will love and won’t have seen before, and we thank the bank for helping us celebrate our 125th birthday in such an exciting and innovative way.”
Useful links:
- #8 The Captains video: https://www.youtube.com/watch?v=URpbQJ4W8bA
- 125 Numbers Campaign trailer: https://www.youtube.com/watch?v=PjwGyu0AtMY
- 125 Numbers Campaign website: sc.com/lfc125
FCMB’s Partnership with Government Stimulates Economic Growth
As First City Monument Bank (FCMB) pushes its Agency Banking and Agribusiness agenda, our reporter, peeps into the Bank’s retail template to expound some of the directions currently being implemented in the examined subject areas………
The main task of governance all over the world is to provide social and economic infrastructure, protect life and property, and also create employment for the unemployed. The government is still expected to manage the economy by strategically formulating and implementing specific policies that can create opportunities for sustainable economic activities for the citizenry. The need for economic development, particularly in areas such as poverty reduction, employment generation and wealth creation focused on improving welfare and raising the general standard of living, has become a challenge that must be squarely guaranteed by government. But to what extent can this responsibility be left to government alone?
The 34-year old financial institution, First City Monument Bank (FCMB) says no, the responsibility, should not be left to government alone to shoulder. For the fact that Nigeria is a country blessed with favorable climatic conditions, ample arable land and fertile soils, some expert solution has been proffered. FCMB has taken a bold step towards empowering small holder farmers as well as micro, small and medium scale enterprises which industry watchers now define as the nucleus of developed economies’ action points. The same aspiration has been found in the heart of the present administration’s economic agenda. The Federal Government is said to have concluded plans to align its fiscal, monetary and trade policies to stimulate economic growth. Meanwhile, the Managing Director, First City Monument Bank (FCMB), Mr Adam Nuru has said that it is a conscious business objective of the Bank to partner with government in various clearly defined economic activities that directly impact positively on the people, particularly the micro, small and medium enterprise segment whose daily activities supply cohesion in the basic energy chain of the nation’s economy. In one of the economic outreaches championed by FCMB, he said,“the Bank has designed a group lending programme which aims at creating financial awareness and empowerment for financially active women through microcredits, procurement and deployment of POS and free mobile phones among these women. These women have been identified in self-organised and homogenous groups that provide support and peer pressure to reimburse loans. It is quite innovative in Nigeria. Our focus on this aspect with the accruing benefits, are the unbanked, under-banked and low income customer segments who are also being acquainted with financial inclusion”. The key objectives of First City Monument Bank (FCMB), it is reiterated, include to bring financial services closer to both urban and rural small income earners. This is to enable them access loans in groups to be able to drive inclusion. The scheme also offers more flexible financial services to small income earners in the market especially women to increase their work capital. It is another opportunity that enables small income earners expand their asset base to finance their household needs.
FCMB’s commitment in the partnership was responsible for the choice to make its operation simple when it comes to reaching out and giving access to the fund-deserving population. For the upcoming, small and medium sized businesses to benefit, prospective participants must be 18 – 60 years of age and also belong to a group. The group’s size must be 5-25 members who enjoy mutual trust, confidence and respect, and live or work in close proximity to one another. The customer must have an income generating activity or business which has been in existence for at least 6 months. The borrower must exhibit the potential to save. And Group members are expected to be residing within a radius of 1km. FCMB is also offering free four weeks of training organised for borrowers before loans’ disbursement Vice-President, Professor Yemi Osinbajo, gave some hints. According to him, “government’s effort to restore growth depends very much on improved macroeconomic conditions. Accordingly, fiscal, monetary and trade policies are being aligned to stimulate the economy and support growth while preventing overheating”.He confirmed that sectoral policies were being implemented by the Federal Government of Nigeria to diversify the economy by boosting investments in agriculture, manufacturing, mining, construction and the digital economy. The Deposit Money Banks, Osinbajo noted, were vital to the implementation of the government’s Economic Recovery and Growth Plan. At the donation of a robust Home Grown School Feeding (HGSF) programme web portal developed by FCMB for deployment nationwide to the Federal Government, its Managing Director,Mr. Nuru informed the Vice President that the Bank, as one of the top lenders in Nigeria, is already providing financial and technical advisory support to several operators in various sectors. He listed these to include power sector projects, export trade, Small and Medium Scale Enterprises (SMEs), among others. ‘’We will continue to intervene and offer support as well as solutions in developmental areas that would fast-track the growth of the aspirations of individuals, businesses and the country in general’’, he added. FCMB’s Microfinance project from inception, set the pace for rural and semi-urban economic prosperity and the resultant effect, has been profound. The Microfinance Bank also developed a robust software application for online real time transaction and reporting. Establishing a centralized system of operations and loan review process, it has also commenced BVN registration for MFB clients with credit check on customers for improved loan assessment process. The Microfinance’s operation is already berthed in 53 branches covering 11 states in 5 geopolitical regions. The FCMB Group Lending and Agency Banking projects are a digitized credit and savings solution which facilitates instant account opening with debit card issuance for online real time transactions driven by point of sale (POS) and mobile devices.
Mr. Ladi Balogun, the Group Chief Executive of FCMB Group Plc is quoted to have said, “the bank’s project is driving financial inclusion in Nigeria through the deployment of agents in communities without financial service providers. The project is highly driven by technology to create a distinct offering from other existing micro lending businesses. The automation of loan processing, disbursement, and repayment via POS and/ or mobile solutions ensures an efficient and swift loan disbursement and collection process’’. In the area of agriculture, it is a concern however that as desirable as agriculture is to economic well-being, Nigeria is yet to maximize its potential. This is as a result of a combination of various factors, some of which include the relegation of agriculture to subsistence farming; non-prioritisation of agribusiness at different levels of governance; the state of infrastructure such as research and storage facilities, extension and disjointed value chains and of course, the distraction occasioned by oil fully conscious of the important role of key stakeholders in the agribusiness chain and as a strong believer in the potential of agribusiness in Nigeria, FCMB’s intervention in the sector has left a far-reaching impact on this crucial part of the economy. This has been attested to by the Chairman of Tractor Owners and Hiring Facilities Association of Nigeria (TOHFAN), Alhaji Danladi Garba, when he commended FCMB for its support to the agric sector and farmers in Lagos. FCMB had provided funding worth N300 million to TOHFAN for the acquisition of tractors that were distributed to operators and benefiting farmers throughout Nigeria.
The Bank also collaborated with Doreo Partners, an impact investing firm with a proven track record of exclusively investing in profitable, high growth, early stage businesses that improve the livelihoods of Nigerian smallholder farmers,to launch a support programme for farmers, known as BabbanGona (or ‘’great farm’’). This is an agricultural franchise model, where farmers are trained, provided end-to-end support, and offered specially packaged loans to carry out their farming activities. In line with its commitment to financial inclusion which entails bringing the underbanked and unbanked population into the financial system, a drive which the CBN has been pursuing actively, FCMB selected a region with a high degree of financial exclusion, bringing on board farmers in the Gimba, Soba and Maigana communities. The franchise has about 18000 farmers, developed by Doreo Partners and has a vision of reaching in excess of a million farmers in the near future another testimony associated with FCMB is the success of Psaltry International Farm in Ado-Awaye, Iseyin in Oyo State, whose achievements in cassava business and agric value chain management have assumed international dimension. Managed by Mrs. Yemisi Iranloye, a biochemist and agric entrepreneur, the business has a farming base of over 10,000 hectares of land with about 2,000 out-growers. It also has a factory that processes cassava to food grade starch for supplies to large corporates in the food and beverage industries.
FCMB’s facilitation of nearly N1billion for Psaltry Farm under the Central Bank of Nigeria (CBN)’s funding schemes for the sector has given the Iseyinagriccommunity the much-needed economic boost. Apart from FCMB’s relationship with Psaltry, the Bank partnered with the farm to provide basic agricultural training for its farmers to understand the technical details of growing their produce for higher yield and improved income FCMB distinguishes itself by its extraordinary people and culture, a customer-focused and performance-driven environment. Its unique retail lending capabilities enables it to offer valued services to millions of underserved Nigerians directly and indirectly, whilst supporting its portfolio diversification objectives to deliver sustainable growth. Its investment and transaction banking services further distinguish it as a bank for companies, doing business within and outside Nigeria, with customers in need of value-added solutions. The Bank’s distinctive capabilities and culture provide it with the critical elements for sustained growth and the competitiveness to fulfil its mission. With these, among other economic activities, the Federal Government of Nigeria, has called other financial institutions as well as other patriotic individuals to join FCMB to add value for national empowerment and economic development.
Is Your Strategic Vision Visionary or Boring? By Jeffrey Baumgartner
Probably the most important sentence your company ever puts to paper is your strategic vision statement. It defines your organisation, your goals and the paths you take. A bold, visionary statement is the first step in establishing your firm as a bold, visionary leader. A mediocre statement keeps you on a path of mediocrity, trailing behind the visionary leaders. A lack of any vision leaves it to your customers and employees to assign a mediocre vision statement to your company. And they will.
Whether yours is a global organization or a one-woman business operating out of Poughkeepsie, your strategic vision statement should be but a few words, but those words are vitally important to where your company is going and how it is going to get there. Think about the leading company or two in any field and you probably have a good idea of their strategic visions. Think about Apple, Walmart, Facebook, Versace, Porsche, Victoria’s Secret.
In short, success for your business starts with a strategic vision statement and then flows through communication to your employees, customers, future customers, business partners, other stakeholders and your community.
Moving Goal
A vision statement is essentially a moving goal that you aspire to chase after. The moving bit is important. You do not ever want actually to achieve the goal defined in your vision. If your vision is to sell 100 coffee mugs by next Wednesday, you’ll be lost come Thursday. On the other hand if your vision is to create unique, designer coffee mugs in limited batches of 100 which will only be sold for one week, you’ve got something that will keep you busy indefinitely.
Avoid Being Best Like the Plague
Amazingly, in view of the critical importance of a strategic vision statement, a large number of companies either have no defined vision or a vague, meaningless one. The worst thing you can do in crafting a strategic vision statement is to use the word “best” − it is almost certainly an indication of mediocrity and lack of vision. To understand why, the next time you are with a group of friends, ask everyone who makes the best pizza (or any popular food) in your city. The chances are you will get several different answers and a few disagreements. That’s because best is a meaningless word unless precisely defined − and even then it is dubious.
Or, look at it this way, you are visiting a new city and see three pizzerias. One claims to be the best pizzeria. The other makes no claim and the third claims to be a family owned restaurant specialising in novel pizzas made with fresh locally sourced ingredients. Which is likely to get your business?
Be Different
No company ever became the market leader by being the same as everyone else in the field. Think about it. In order to have a field in which everyone is the same, there had to have been a visionary who defined normal behaviour in that field.
Your strategic vision statement should be unique. It should carve out your niche in the market place and allow you to own that niche. That can be scary. For most organisations, like people, it feels safer to follow the leader than to go off in your own direction. But you will know you have succeeded when you look back and find other companies following your lead.
- Published in Blog
FCMB Restates Commitment to Tourism, Felicitates with Ijebuland on Ojude Oba Festival
PRESS RELEASE
First City Monument Bank (FCMB) Limited has reiterated its commitment to support activities that promote and add value to Nigeria’s culture and heritage which are alsocapable of boosting tourism and other non-oil sectorsin line with the Federal government’s ongoing drive to diversify the country’s economy. According to the Bank, this is the rationale behind its decade long support for the annual Ojude Oba Festival, a carnival-like celebration of the traditional, cultural, spiritual, economic and other accomplishments of the people of Ijebuland in Ogun state. Consequently, FCMB has assured its stakeholders that its participation in this year’s Festival, which holds in Ijebu-Ode on September 3, 2017 will be grand, exciting and rewarding for the thousands of people within and outside the country that would grace the fiesta. The Group Head, Corporate Affairs of FCMB, Mr. Diran Olojo, gave the assurance at a press conference held on August 22, 2017 at Ijebu Ode, to kick-off activities for the Festival. FCMB has over the years been a major sponsor of the Ojude Oba Festival and has continued to play a significant role in ensuring its success.
The Ojude Oba (which in Ijebu dialect means, the king’s fore-court or frontage) is a major festival in Nigeria that began over 100 years ago. It brings together all sons and daughters of Ijebuland in Nigeria and diaspora. During the Festival, various age groups (popularly known as the Regberegbes), indigenes, their friends and associates from far and near – all in their colourful costumes and riding on horses – throng the palace of the Awujale and Paramount Ruler of Ijebuland to pay homage to him amidst prayers, songs, tributes and other fun-filled activities. Apart from serving as a distinctive platform to reconnect with the values that sustain the town’s rich history, heritage and industrious uniqueness, the festival also goes a long way to boost business activities, tourism and the general hospitality sector in the area.
In a goodwill message to the Awujale of Ijebuland, Oba (Dr.) Sikiru Adetona, the Group Chief Executive of FCMB Group Plc, Mr. Ladi Balogun, congratulated the monarch, sons and daughters of Ijebuland for promoting the values of the ancient city through the festival and other socio-economic activities. He stated that FCMB is committed to the longevity of the Ojude Oba Festival and the economic prosperity of Ijebuland, just as he urged the people to see the Festival as a fulcrum to inspire individuals and businesses for heightened creativity and increased productivity. According to him, ‘’over the years, the Ojude Oba Festival has grown to become the most popular gathering of the people of Ijebuland and a significant tourist attraction. With her large diaspora population, talented artists and rich cultural diversity, Nigeria is well positioned to reap the opportunities that globalisation presents to showcase her artistry and festivals, whilst bringing increased economic activity to communities that host such, such as Ijebu Ode. As we seek to diversify our economy, tourism and culture represent a low hanging fruit that must not go untapped’’.
In the same vein, the Founder of FCMB Group who is also the the Olori Omo-Oba Akile Ijebu, Otunba (Dr.) Michael Olasubomi Balogun, CON, in a goodwill message to the paramount ruler of Ijebuland expressed his gratitude to the Awujale, especially the paramount ruler’s selflessness in attending to the different requests and yearnings of the people of Ijebuland. In a message delivered on his behalf by Mr. Diran Olojo, the Bank’s Head of Corporate Affairs, Otunba Balogun commended Oba Adetona for his distinguished and exemplary leadership over the years. ‘’I for one continue to be proud as your Olori Omo-Oba to lead the way in showing our appreciation by being very close to you and showing unflinching loyalty. Let me thank you and the good Lord, our Maker that you have been unrelenting in showing that you appreciate my regular homage and tribute to you. I can say without fear of anybody gainsaying it that from year to year, on a daily basis, the appreciation of all Ijebus for the way you extend yourself to their different requests and yearnings, is such that the annual paying of homage, is not just the only occasion we would want to be showing our appreciation because you continuously earn our affection and our adulation’’, Otunba Balogun emphasised. while congratulating the entire indigenes of Ijebuland, the FCMB Founder also prayed that the monarch’s reign would continue to bring joy and prosperity in abundance to the entire Ijebu race, at home and in the diaspora.
First City Monument Bank (FCMB) is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments. Having successfully transformed to a retail and commercial banking-led group, FCMB expects to continue to distinguish itself by delivering exceptional services, while enhancing the growth and achievement of the personal and business aspirations of its customers.
Actually, Criticizing Ideas Is Good for Creativity By Jeffrey Baumgartner
Ever since it was first invented by Alex Osborn in the 1950s or so, the fundamental rule of brainstorming, and just about every creative thinking method, has been, “Though shalt not criticise ideas.”
Mr Osborn never made it entirely clear why it is so bad to criticise ideas, though it is implied that you might hurt people’s feelings, inhibit creativity and possibly emotionally scar someone for life. Clearly then it is best to welcome all ideas with compliments, even if they are stupid, and never, ever criticise an idea. At least, that was the assumption
No one dared question this assumption for more than half a century − until 2008 when a couple of bright sparks at Berkeley University, Matthew Feinberg and Charlan Nemeth*, decided it was time to ask some questions. They conducted a study in which they put volunteers into teams and divided those teams into three three groups. One group followed traditional brainstorming rules. The second group were also told to follow brainstorming protocol with the exception that they were actively encouraged to criticise ideas. The third group was the control group. They were just told to come up with ideas any way they wanted to do.
So, what happened?
The control group’s outcome was the least creative. Only moderately better were the traditional brainstormers. By far the most creative group was the group that had been encouraged to criticise ideas.
This surprised a lot of people, especially people involved in creative facilitation. Their fundamental rule had been proven to be, well, completely wrong. Many professional brainstorming facilitators simply denied the results rather than accept their method might be flawed.
Others tried brainstorming and other ideation methods in which we actively encourage criticism during the ideation. I certainly did. And, I found it was surprisingly effective. In my experience, results are far better than when criticism is forbidden.
I believe there are several reasons why this is so.
- Blindly praising every idea encourages mediocrity. Why be bold when your boring ideas get praise?
- Criticising an idea starts a conversation about the idea as well as your needs, restrictions, assumptions and more. When ideas cannot be criticised, you cannot delve into them. You cannot really discuss them. You certainly cannot build upon them until you’ve discovered the weaknesses that need improving.
- Criticising an idea gives it importance. When all ideas are “great” the compliment becomes meaningless. When someone stops to listen to an idea, thinks about it and addresses its weaknesses, she is saying, “this idea has meaning to me. I want to talk about it.”
- Criticising ideas gives guidance. If an idea is criticised, debated and rightly found not to be viable, this tells people to think in a new direction.
No Downward Spiral
Brainstorm fans often worry that allowing criticism of ideas will lead to a downward spiral where everyone is negative and no new ideas are developed. In my experience, this does not happen. I believe it is because when a group of people in an organisation are trying to build ideas, they have a common goal in building a relevant idea that achieves their needs. Bring relentlessly critical will not get them to their goal. Being productively critical will.
Three Rules
In anticonventional thinking (ACT), an alternative to brainstorming that encourages criticism, there are three rules.
- Always criticise boring, conventional ideas. You do not want them.
- Criticises the idea is OK; criticising the person is not OK.
- Once you have criticised and idea, shut up and let the originator of the idea, or anyone else, defend it.
I have found these rules, together with encouragement to criticise ideas, ensures that critical discussions are meaningful and feelings are not hurt. Ironically, several people have told me after ACT sessions that criticism of ideas makes them feel freer and less constricted than when they cannot criticise ideas.
Go On, Give It a Try
If you run brainstorms and have always adhered to Mr Osborn’s rule that you must withhold criticism, I suggest you experiment with ideation that welcomes crticism and see what happens. Mr Osborn surely would not mind. After all, he was a fan of creativity and trying out new ideas. Moreover, I believe you will be pleasantly surprised by the results.
- Published in Blog
A.M. BEST UPGRADES RATING OF AXA MANSARD INSURANCE PLC TO BBB-
AXA Mansard Insurance plc. has today announced the upgrade of its rating by the global insurance rating agency, A.M. Best, from “bb+” (Fair) to “bbb-” (Good) for the Issuer Credit Rating (ICR) and “B” (Fair) to “B+” (Good) for Financial Strength Rating (FSR). The rating agency also assigned a positive outlook to the rating.
A.M. Best in its press release stated that “the positive outlook reflects AXA Mansard’s consistent excellent underwriting performance, as demonstrated by the five-year average non-life combined ratio of 83%”. The agency further stated that “A.M. Best expects AXA Mansard’s underwriting earnings to remain strong, supported by its solid competitive position as a top five composite Insurer in Nigeria, the benefit of its wide and expanding distribution network, as well as effective risk management”.
This rating remains the highest rating received from A.M. Best by any Nigerian Insurer and second highest received by any Insurer in sub-Saharan Africa. AXA Mansard Insurance remains an outstanding Insurer with strong financial strength and excellent underwriting capabilities. The organization has demonstrated this over the years through its superior financial and technical competencies.
In the first half of 2015, AXA Mansard reported a 7% increase in Net Premium Income, 18% growth in Profit Before Tax, whilst sustaining significant growth in the Health Insurance and Investment segments. AXA Mansard has achieved measurable results through the effective implementation of sound risk management principles which reflect in the Company’s recognition at the recent Nigerian Risk Awards. The company has also received several other awards including the Award for Promptness in Claims Settlement by LCCI and was also recently adjudged one of the top 50 Brands in Nigeria.
Commenting on the rating, Mr. Tosin Runsewe (Chief Client Officer) said “We are delighted that our quest to build a world class insurance company with global expertise and local competence has not gone unnoticed. The upgrade of our A.M.Best rating to an amazing BBB- clearly emphasizes our leading position and further validates our capacity to provide superior security for our discerning customers, both local and multinational”.
A.M. Best Company is a global credit rating agency with over 100 years history of providing quantitative and qualitative assessment for Insurance companies, with its “Best’s Credit Rating Methodology” used to determine the financial strength and creditworthiness of Insurance companies. A.M Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
Inclusion of renminbi into IMF’s Special Drawing Rights basket
The official recognition of the renminbi as a global reserve currency is more than just an important milestone for the Chinese currency; it has significant, game-changing effects on the rest of the world’s markets, Standard Chartered said.
Within slightly over a decade, China’s extensive reforms have propelled the renminbi from being non-existent on the world stage to becoming a currency in the International Monetary Fund’s (IMF) Special Drawing Rights (SDR) basket.
Bill Winters, Group Chief Executive, Standard Chartered, said: “The inclusion of renminbi into the SDR speaks volumes about how much China has accomplished since it embarked on its reforms in 2004. The speed of development has been striking and today marks the beginning of another new chapter.”
Benjamin Hung, Standard Chartered’s Greater China and North Asia Chief Executive Officer, also noted: “We are expecting further steps to include flexible cross-border investments and remittance, expansion of free trade zones and greater opening up of capital account. We are confident that China will remain committed in promoting its currency in a steadfast and well-paced manner, on track to meet our forecast of becoming a G3 currency by 2020.
Benjamin Hung added: “In the interim, there will inevitably be uncertainties and volatilities across financial markets, be it greater two-way USD-CNY variability or financial flows as international investors and reserve managers adjust their portfolio over time. It is important to brace ourselves for these developments as it takes time for market participants to rebalance against a new reserve currency, which will eventually bring positive changes to global financial markets across FX, rates, fixed-income and other asset classes.”
After the SDR review, Standard Chartered expects a gradual pick-up of diversification inflows into renminbi assets from international investors and reserves managers, of which the latter would be a critical underlying support for the CNY in the coming years. Global central banks may reallocate 1 per cent of their reserve investments into Renminbi assets annually. Standard Chartered expects inflows of US$85 billion-US$125 billion from global central banks in 2016, with at least 5 per cent of global reserves being denominated in renminbi by end-2020.
Central banks are likely to favour products such as renminbi bonds issued by the Chinese government, Policy Banks, high quality corporate bonds and Supranationals; and at the shorter-end of the curves, T-bills and bank deposits. Standard Chartered expects rising usage of the renminbi by corporates, financial institutions, and investors alike. From trade to investment to now becoming a global reserve currency, the renminbi has embarked on an irreversible journey.