Finance
SCO strengthening youth development for better future
By Zhang Bolan, People’s Daily
The Shanghai Cooperation Organization (SCO) carries forward the spirit of good-neighborliness, and advances equality, mutual learning, dialogue and inclusiveness between civilizations.
It calls for peaceful coexistence and harmonious development of different civilizations, and expands people-to-people and cultural cooperation. It has enhanced the popular support for state-to-state relations.
In recent years, the SCO has built sound platforms for youth exchanges to deepen mutual understanding among the younger generation and bring them closer together. The development of the SCO is highlighted by the constantly strengthened friendly exchanges among the youth of SCO member states.
Ilya Kryzhevich, a journalist with Belarus Today, has been reporting on the Chinese economy for nine years. He told People’s Daily that he goes to the Great Stone China-Belarus Industrial Park, a landmark Belt and Road cooperation project, for interviews almost every month.
“Drastic changes are taking place there. We sometimes joke that you’ll never enter the same China-Belarus Industrial Park twice,” Ilya Kryzhevich said.
He noted that young people in Belarus have benefited very much from the Belt and Road Initiative (BRI). “Many innovative enterprises in the medical industry from China have entered the Belarusian market, providing immense job opportunities for young Belarusians. Besides, many young people in Belarus have established innovative sci-tech firms in the industrial park,” he added.
Connectivity is key to Belt and Road cooperation. Islom Okhunov, head of the Division for the Development of International Cooperation and Ratings of the Ministry of Youth Policy and Sports of Uzbekistan, said that the construction of the highway network among Central Asian countries has made constant progress thanks to the development of the Silk Road Economic Belt, turning Uzbekistan from a landlocked country to a land-linked one.
“This has connected my hometown to the sea and ports. I’m looking forward to the early operation of the China-Kyrgyzstan-Uzbekistan railway,” he told People’s Daily.
From the release of the Declaration of the SCO Youth Council to the establishment of an SCO exchange base for young entrepreneurs, and from hosting the SCO Youth Campus to the solid progress made by the China-Russia Youth Entrepreneurship Incubator, the SCO is advancing youth development in an orderly manner.
Last year, an SCO forum on youth development was hosted at the Qingdao SCODA Pearl International Expo Center in the China-SCO Local Economic and Trade Cooperation Demonstration Area (SCODA), east China’s Shandong province, where youth representatives from SCO member states shared the experience and cases of youth development in their respective countries, renewing friendship and seeking for a better future through a collision of ideas.
Nikolai Zhdanov, a youth representative from Russia, has been involved in the youth work of the SCO since 2020. He believes that youth development has become an increasingly important topic for SCO member states.
“Youth exchanges are vital for maintaining good-neighborliness and friendly cooperation among SCO member states. During this event, I had the opportunity to communicate with young people from countries such as Belarus, Kazakhstan, Tajikistan, and Uzbekistan, and we agreed to launch many bilateral and multilateral youth exchange programs,” Zhdanov said.
“This is Geely, and that is BYD.” On a street in Qingdao, Taalaybek Dayirbekov, chairman of the Youth Public Council of Kyrgyzstan, effortlessly named the Chinese car brands as new energy vehicles (NEVs) passed by.
“In Bishkek, an increasing number of Chinese NEVs are running on the streets, which help alleviate air pollution and improve the urban environment. The BRI not only brings economic benefits but also improves the life quality for the people in partner countries,” Dayirbekov noted.
Jehangir Mushtaq, assistant director at the Prime Minister’s Office of Pakistan, hopes that the youth exchanges and cooperation among SCO member states can enable young people to better participate in public policymaking, access quality and equitable education, and enhance digital skills.
“With over 800 million young people living in SCO member states, pursuing better youth development is crucial for the future of the organization,” Mushtaq said.
Shapkat Wushur, secretary of the Secretariat of the Communist Youth League of China (CYLC) Central Committee and vice president of the All-China Youth Federation said that the development of the SCO fully demonstrates the guiding role of the “Shanghai Spirit” and the cohesion of true multilateralism.
In response to development challenges, the world is expecting young people to take on responsibilities, thus making youth development more important, he added.
He called on countries to further build consensus, strengthen cooperation, innovate youth development concepts, working methods, and cooperation mechanisms, and jointly lead the international agenda for youth development, so as to foster new growth drivers for global development.
Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has reaffirmed its dominance by emerging as the Overall Winner at the just-concluded Nigeria Bankers Game (NBG) 2024 Grand Finale. This remarkable achievement marks the bank’s third consecutive win at the prestigious sporting event.
With an impressive tally of 10 gold medals. Wema Bank clinched victories across various categories, including Table Tennis (Female Singles, Doubles, and Mixed Doubles), Volleyball, Scrabble, Video games, 100m Female, 200m Female, and the 4x100m Female Relay.
This year’s NBG also celebrated individual brilliance, with Bukky Olorunmaye, one of Wema Bank’s standout athletes, earning the title of Nigeria Bankers Game 2024 Female Athlete of the Year. Her outstanding performance across multiple disciplines underscores her dedication and resilience, making her a shining example of excellence.
The Nigeria Bankers Game serves as a platform to foster camaraderie, teamwork, and a spirit of healthy competition among Nigeria’s leading banks. It brings together athletes and staff across the financial sector to compete in various sports, showcasing the resilience, talent, and unity that define the industry.
For Wema Bank, this year’s stellar performance further solidifies its reputation as a champion both on and off the field. Through its success in sports, the bank highlights its commitment to promoting teamwork, discipline, and resilience—qualities that also define its daily operations and customer-first approach.
Moruf Oseni, Managing Director/CEO of Wema Bank, expressed his pride in the achievement, stating:
“Winning the Nigeria Bankers Game for the third time in a row is a remarkable accomplishment that reflects the resilience, teamwork, and dedication of our staff. At Wema Bank, we are not just about financial innovation; we are enablers of dreams and champions of holistic development. This victory underscores our belief in empowering our people to excel in every aspect of life. Congratulations to all our athletes for their exceptional performance. We remain committed to fostering excellence in every endeavor.”
Reacting to her recognition as the Female Athlete of the Year, Bukky Olorunmaye shared:
“I am incredibly honored to receive this recognition. Competing alongside so many talented individuals and representing Wema Bank has been a humbling and fulfilling experience. This award is not just mine—it belongs to my teammates and everyone who supported us. Together, we demonstrated the power of teamwork, and I am grateful to Wema Bank for giving us this platform to shine.”
- Receives Best SME Bank in Nigeria and Excellence in Digital Innovation Awards*
Wema Bank, recognized as Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has been awarded Best SME Bank in Nigeria and Excellence in Digital Innovation at the recently held 2024 Global Retail Banking Innovation Awards. These awards underscore the Bank’s commitment to empowering businesses and delivering transformative digital solutions that cater to evolving customer needs.
The Global Retail Banking Innovation Awards celebrate institutions that are reshaping the financial services landscape through impactful innovations and customer-centric approaches. Wema Bank’s Best SME Bank in Nigeria award highlights its exceptional support for small and medium-sized enterprises (SMEs), while the Excellence in Digital Innovation award recognizes the bank’s success in pioneering digital experiences that redefine convenience and accessibility.
Commenting on the awards, Moruf Oseni, MD/CEO Wema Bank, expressed pride in the recognition. According to him, “receiving these awards is a testament to Wema Bank’s dedication to innovation and our unwavering support for Nigerian SMEs. We are committed to delivering world-class banking solutions that empower our customers. These recognitions inspire us to keep leading the way in digital transformation, helping Nigerian businesses thrive in a competitive world.”
Through initiatives like accessible SME loans and tailored training programs, Wema Bank strengthens the backbone of Nigeria’s economy by providing SMEs with essential resources to grow and compete effectively. These efforts affirm Wema Bank’s role as a leader in SME support, enabling businesses to contribute meaningfully to national development.
On the digital innovation front, Wema Bank has transformed the banking experience through ALAT, Africa’s first fully digital bank, bringing seamless banking solutions to the fingertips of Nigerians. Coop Hub – First digital solutions for Corporative Societies in Nigeria to manage their operations and recently, the launch of ALAT Xplore—Nigeria’s first licensed mobile banking app designed for teenagers—introduced financial literacy and secure banking to young Nigerians, equipping the next generation with essential skills for a financially responsible future.
As Wema Bank celebrates this achievement, the Bank remains focused on its mission to support sustainable growth for all customers. With a vision centered on progress and innovation, Wema Bank continues to set new benchmarks in Nigeria’s financial landscape, dedicated to fostering prosperity and enhancing the banking experience for every user.
- ……Reports Profit Before Tax of ₦60.62billion, a 174% YonY Growth
Wema Bank Nigeria (“Wema” or “the Bank”)) has released its unaudited Consolidated Financial Statements for the period ended September 30th 2024, to the Nigeria Exchange Group (NGX).
The Bank reported profit before tax of ₦60.62bn, representing an increase of 174% over the ₦22.13bn recorded in the corresponding period in 2023.
Wema Bank’s balance sheet remained well structured with total assets growing by 38% to ₦3,084.27 trillion in Q3 2024 from ₦2,240.06trillion in FY 2023. The bank also grew its deposit base year to date by 23% to ₦2,292.30bn from ₦1,860.57bn reported in FY 2023. Loans and Advances grew by 25% to ₦1003.28bn in Q3 2024 from ₦801.10bn in FY, 2023. NPL stood at 3.19% as at Q3 2024.
The bank recorded an improved 3rd quarter performance as Gross Earnings grew by 91% to ₦288.32bn (Q3 2023: ₦150.90bn)). Interest Income was up 81% y/y to ₦229.11bn (Q3 2023:₦126.67bn). Non-Interest Income up 144% y/y to ₦59.21bn (Q3 2023: ₦24.23bn).
Return on Equity (ROAE) of 38.62%, Pre-Tax Return on Assets (ROAA) of 2.64%, Capital Adequacy Ratio (CAR) of 14.06% and Cost to Income ratio of 60.47%, speak to the resilience of the brand.
The Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni said, ‘our Q3 2024 numbers speaks to our resilience despite a tough operating environment. We will sustain our growth trajectory into 2025. The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 174%. The growth of Gross Earnings by 91.07%, Total Assets by 38% and earnings per share at 328.1kobo shows the core improvements to our balance sheet. In addition, our cost to income ratio at 60.48% has witnessed significant improvement from the previous period.
China’s new chapter in global innovation
Chinese democracy in action:a village bench meeting shapes national law
Chinese modernization: blueprint for global progress
-
News15 hours agoN10bn Alleged Loot: EFCC Probes SGF Akume’s PA ,Torhile Uchi
-
Foreign13 hours agoSmall packages, big Momentum: how logistics reflects China’s economic strength
-
Foreign12 hours agoChina’s meteorological early warning solutions benefit the world
-
Foreign12 hours agoChina’s economic resilience: overcoming challenges, advancing with confidence
-
Foreign12 hours agoHigh-quality Belt and Road cooperation create opportunities for global growth
-
Foreign11 hours agoChinese democracy in action:a village bench meeting shapes national law
-
Foreign11 hours agoChinese modernization: blueprint for global progress
-
Foreign11 hours agoChina’s new chapter in global innovation