Critical Rationale behind Heritage Bank’s repositioning Drive

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Heritage Bank PLC has affirmed that the on-going reform was part of its strategic efforts to enhance customer experience, drive a digital transformation and improve its productivity and creating synergy.
The bank embarked on this strategic move in a bid to enhance greater efficiency and resource optimization in line with its growth and industry innovative agenda designed to strengthen its business across all markets where it operates.
According to a statement from the bank signed by Fela Ibidapo, Group Head, Corporate Communications, "the restructuring process was to upscale the institution’s activities in the strategic sectors of the economy as well as deploying apt expertise and competences to specific business areas where the bank enjoys comparative business advantage".
The statement hinted that the decision came after a review of its staff composition, the Bank’s strategic direction vis-à-vis desired industry standards and service deliverables.
Under this restructuring, the bank has elevated some members of its workforce with higher responsibilities in line with its strategic direction to sustain enhanced performance while those were affected by the exercise had been adequately compensated.
There is no doubt that the banking industry like other sectors within the Nigerian economy is going through a challenging and seemingly downward trend, hence the move was part of the bank’s strategic plan to maintain an efficient workforce that will enable the bank achieve its vision of being the Nigerian most innovative banking of choice in service delivery, superior returns to its various stakeholders all in contributing to the growth and development of the nation’s economy.
This position is buttressed by the fact that the bank is well known for supporting small to medium sized businesses, which is amongst others is geared to harnessing the collective strength of these businesses in a bid to add value to MSME sector of the economy.
Heritage Bank has continually focused on the SME segment in a bid to support such businesses and entrepreneurs in a bid to create jobs and distribute wealth across the Nigerian economy.
One of its initiatives within the MSME sector is its partnership with the Central Bank of Nigeria (CBN) and the National Youth Service Corps (NYSC) under the N3billion CBN Youth Innovative Entrepreneurship Development Programme (YIEDP) which is targeted at youth, particularly current National Youth Corps members and Corp member post five years of service.
The bank has also launched a N500 million Young Entrepreneurs and Students (YES) Grant in Lagos. The initiative, which is in partnership with the Nigerian Youth Professional Forum (NYPF), will, according to the bank, support students and young entrepreneurs toward socio-economic freedom.
Also, in furtherance of its commitment to creating jobs and wealth, Heritage Bank in partnership with the Center for Value Leadership (CVL) developed various impact-driven programmes to empower the youths and women particularly in the under-developed communities in Lagos State and one of these is the Young Entrepreneurship Business Training Programme (YEBTP).
The YEBTP is a programme aimed at grooming, mentoring, and financing 100 aspiring and existing young micro entrepreneurs in Ajegunle, Lagos State. This will be achieved in the form of a grant scheme of about N8.5million, in which the funds will be used to purchase the equipment needed by the entrepreneurs to start their businesses.

1 Comment

  1. Emmix Manuel

    February 14, 2017 at 6:47 pm

    Hope the bank upgrade is successful and help the masses enjoy their services