Wema Bank Moves to Boost Trade

By Nosa Alekhuogie

As part of efforts to promote trade between Nigeria and other countries, Wema Bank Plc yesterday organised a forum for its customers involved in international trade.

Speaking to journalists on the sidelines of the forum on trade and structured finance, the Managing Director/Chief Executive Officer, Wema Bank, Mr. Segun Oloketuyi noted that the forum is going to be an annual event.

He said the event was organised to fill the gap that exists between consumers and suppliers.

“We come in between them and we ensure that the relationship between the two parties is seamless.  Our customers are the users of these services and most importantly, this forum was targeted at bringing the two parties, and those who regulate trade finance transactions in Nigeria, like the Central Bank of Nigeria (CBN) and the Nigeria Customs Service.
“We want to make trade finance in Nigeria seamless and painless experience for customers, affords regulators to hear from customers which would help in further policy review and policy formulation in future.

“For us as a bank, it enables us to provide better services to our customers. They would know they have to comply with these regulations. As a bank that has gone through a transformation phase, growing our business  is paramount  to us so this conference is part of our initiative in growing the business.”

Also, the Director, Trade and Exchange Department, CBN, Mr. Gbadamosi I.O., who was represented at the conference by CBN Deputy Director, Trade and Exchange, Mrs. Onyinye Ahuchiogu said there are new guidelines that the central bank is promoting. According to him, these set of guidelines entails that banks fund their dealing account, two days before the bid date.
“The structure of our market is that we have the official window, and the interbank. As a business man, you can source fund from any segment, depending on the transaction you want to execute.

“In Nigeria, we have a list of eligible bank transactions, which we expect that importers chose only from this list. It is also our expectations that banks educate their customers about these transactions, and the supporting documents needed to be issued,” he said.
Furthermore, in order to ensure easy facilitation of businesses, he said the CBN has in collaboration with the Nigeria Customs Service, automated the ‘Form M’.

“It is our expectation that anyone doing business in our environment will complete our ‘Form M’. It helps the CBN to know who is buying what, and what needed to be done to meet customers’ needs”, he stressed.


Culled from www.thisdaylive.com