Tag: banking

CBN Nigeria injects money into the market

ABUJA, April 18 (Reuters) – Nigeria’s central bank said on Wednesday it had injected $210 million into the interbank foreign exchange market, extending efforts to boost liquidity and alleviate dollar shortages. The bank said in a statement it had released $100 million earmarked for the wholesale market, $55 million for small businesses and individuals, and […]

Business & Economy

NSE to migrate Access Bank, Lafarge, Seplat and UBA to Premium Board

The Nigerian Stock Exchange is set to migrate Access Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa Plc to its Premium Board, 2018 sequel to them applying and meeting the Exchange’s listing requirements for the board. The Premium Board is the listing segment for the elite group of […]

Business & Economy

MTN, Ecobank announce mobile banking partnership

Telecommunication company MTN has announced its collaboration with Ecobank to offer more value to their respective customers by expanding the scope of their partnership, enabling both companies to leverage each other’s assets. MTN’s large subscriber base, comprehensive distribution, innovative digital products and drive for mobile financial services are being linked with Ecobank’s digital banking products […]

Business & Economy

FCMB partners with Etihad, gets cheap deal for customers

Customers of First City Monument Bank Limited (FCMB) who plan to travel abroad for personal or business purposes at very affordable fares now have an opportunity to do so. This is because, the Bank and Etihad Airways have launched a partnership that offers discounted, highly affordable and convenient travel packages, including flight tickets, to existing […]

Business & Economy

FCMB Group announces N170bn gross revenue – Daily Trust

FCMB Group Plc has released its financial results for the year ended December 31, 2017, reporting a gross revenue of N169.9 billion. Going by the audited results, the group recorded a profit before tax (PBT) of N11.5 billion, while profit after tax (PAT) was N9.4 billion. Deposits grew to N689.9 billion as at the end […]

Business & Economy

UBA declares profit before tax of N105.3 billion

United Bank for Africa has announced its audited results for the financial year ended December 31, 2017, showing significant growth in the contribution and market share from its pan-African subsidiaries, among other positive trends in the financial performance. The pan-African financial institution’s audited results showed that gross earnings grew substantially to N462 billion, up by 20 […]

Business & Economy

CBN brain-minds to gather for 2018

The Nigerian central bank’s monetary policy committee will finally meet on Wednesday to set interest rates for the first time this year. Interest rates have been stuck at a record high of 14 percent since July 2016. However, the committee had to cancel its January meeting due to an inability to form a quorum following […]

Business & Economy

Bank of Ghana cuts MPC rate to 18%

The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has reduced the Monetary Policy Rate (MPR) by 200 basis points to 18.0 per cent, citing plummeting inflation and stability of the cedi. This is the first time in the year the MPC has reduced the MPR since it was reduced to 20 per […]

Business & Economy

Zimbabwe: Afreximbank to arrange up to $1.5b for investment promotion

The African Export-Import Bank (Afreximbank) will arrange between $1 billion and $1.5 billion of funded and guarantee facilities to support businesses interested in investing in Zimbabwe, Dr. Benedict Oramah, President of the Bank, has announced. Speaking on Tuesday during a special session on “Doing Business in Zimbabwe” at the Africa CEO Forum in Abidjan, Dr. […]

Business & Economy

Africa’s premier investment marketplace to accelerate economic transformation

To help Africa find the path to its long-deserved economic fortune, the African Development Bank is championing the region’s premier investment market. The Bank is providing collaborative leadership for a new 100 per cent transactional initiative – the Africa Investment Forum (AIF) – which provides Africa’s best opportunity so far to encourage accelerated economic transformation. […]

Business & Economy

AfDB pledges full support towards success of Continental Free Trade Area

The African Development Bank celebrates with Africa and pledges its full support to achieve the success of the recently launched Continental Free Trade Area, as part of its strategy to help Integrate Africa. To accelerate trade facilitation, the Bank has invested more than $20 million over the past five years in trade agreement support, and […]

Business & Economy

Afreximbank pledges $25 billion for intra African trade

The African Export-Import Bank, Afreximbank, will disburse about $25 billion dollars in support of intra-African trade during the five years ending in 2021 under an Intra-African Trade Strategy it launched in 2016 in anticipation of the African Continental Free Trade Area (AfCFTA), Dr. Benedict Oramah, President of the Bank, has announced. Speaking during a special […]

Business & Economy

Beware of fraudulent non-existent microfinance banks in Nigeria

I recently went to an event which was in part sponsored by so-called pastors at the Oshodi/Isolo Local Government situated at Oshodi, near the market. I took down one of the names of the MFB that was expected to give me some money to start business. The name is Jasper Microfinance Bank. Later, I decided […]

Tips

Nigeria’s Senate to screen CBN’s interest rate committee

Nigeria’s Senate plans to start screening new members of the central bank’s interest rate committee after it held up some of President Muhammadu Buhari’s nominees in a political spat. Rafiu Ibrahim, the head of the Senate’s banking committee, brought a motion on Tuesday urging parliament to consider Buhari’s nominations. The Senate disagreed with the president […]

Business & Economy

NEXIM bank earmarks N6bn for northeast development

The Nigerian Export Import Bank (NEXIM) said it has set aside six billion Naira as Northeast intervention fund to support exporters in the region. The bank disclosed this in a statement issued on Wednesday in Abuja. It said that a delegation from the bank visited the region  for an on-site assessment of export oriented projects […]

Business & Economy

Nigerian banks battle decline in interest income

NINE banks are battling with the risk of N300 billion decline in their interest income in the 2018 financial year, due to declining yield on government securities. The banks are Stanbic IBTC, Fidelity Bank, Guaranty Trust, Access Bank, Zenith, UBA, FBN Holdings (FBNH), Diamond Bank and FCMB. Following the decision of the federal government to […]

Business & Economy

FCMB to extend empowerment programme

First City Monument Bank (FCMB) is set to extend its empowerment and rewards programme, as well as enhance the experience of its customers, as launches the fifth consecutive promotion tagged: “FCMB Millionaire Promo Season 5.” This follows the tremendous impact the previous editions of the promo made in the lives of about twenty thousand customers […]

Business & Economy

Stanbic Holdings Kenya records $43 million pre tax profit on growth in non-interest revenue

Stanbic Holdings Plc weathered a tough operating environment last year to post a 43 million, Sh4.3 billion, profit after tax according to the recently released 2017 full year financial results. The NSE-listed lender’s performance which translates to a marginal 2% dip in PAT, was driven by an increase in non interest revenue which stood at […]

Business & Economy

CBN injects $355.43 million into the interbank market

Nigeria’s central bank said on Friday it had injected $355.43 million into the interbank foreign exchange market, as part of its efforts to boost liquidity and alleviate dollar shortages. The bank said in a statement the money was released to “meet requests in the agricultural, airlines, petroleum products and raw materials and machinery sectors”. Nigeria, […]

Business & Economy

Best bank to work in Nigeria – Financial Watch

Pursuing a career in banking industry in Nigeria is a job for those who aspire to be the best in all they do, the environment in this industry is highly competitive. A moment of weakness on your part could place you on the side-lines. Being good on the job is not rocket science; it is […]

Employment

Egypt develops core banking in comprehensive technology upgrade

Temenos, the software specialist for banking and finance has announced that Banque du Caire has selected Temenos T24 Core Banking as part of its vision in becoming the region’s leading bank. Banque du Caire has chosen Temenos’ leading T24 Core Banking solution to replace its current solution. T24 will be deployed along with Temenos solutions […]

Business & Economy

GTBank allays customers’ fear of online banking fraud

The Chief Executive Officer of Guaranty Trust Bank Plc (GTBank), Mr. Segun Agbaje has stressed the need for banks to embrace digital transformation to create an entirely new banking experience that meet the demands and expectations of today’s millennials. Agbaje said this while speaking on the topic: “Making Sense of a World in Motion,” at […]

Business & Economy

Africa’s banking market one of the fastest growing worldwide

A new report released by McKinsey & Company has revealed that the banking markets in Africa are among the most exciting in the world. According to the McKinsey Global Banking report, the continent’s overall banking market is the second-fastest-growing and second most profitable of any global region, and a hotbed of innovation. Nearly 300 million […]

Business & Economy

Zenith Bank, Facebook, Mastercard To Pioneer QR Payments On Messenger

Foremost Nigerian Financial Institution, Zenith Bank Plc has confirmed that it is in a strategic partnership with Facebook and Twitter to launch a Masterpass QR bot for Facebook messenger, that will enable Nigerian businesses set up digital accounts and accept QR payments. QR Payments (Quick Response Payments) will allow individuals and small business make and […]

Business Products & Services

Nigeria: Union Bank works with Citi on Eurobond sale

Nigeria’s Union Bank is working with Citigroup and Renaissance Capital on a planned Eurobond sale, two banking sources told Reuters, following on from its $163 million share sale in the fourth quarter to boost lending. The bank’s plans also follow Nigeria’s $2.5 billion Eurobond sale in February to refinance local currency bonds at lower cost. […]

Business & Economy

Banking: 6 things your child should know

*You don’t lose your money when you deposit it: Very young kids tend to think very concretely, developing their ability to reason and think abstractly over time. At first, it can be difficult for them to understand that they keep ownership of the money they put in the bank. You’ll need to explain to your […]

Business Products & Services

First bank says its elephant on logo won’t swallow customers’ money

One of Nigeria’s top financial institutions, First Bank of Nigeria Limited has reacted to the recent trend of animal swallowing public funds in Nigeria. The reportage of snake swallowing N36m at a JAMB Office and a monkey eating another N70m instead of Banana took a viral dimension with Nigerians extending it to almost every aspect […]

Business & Economy

Nigeria: Best banks for business savings

Zenith Bank GTBank Union Bank (Ask for Union Korrect) Diamond Bank (HIDA Account) Fidelity Bank Try these and you cannot go wrong.

Business Products & Services

Standard Bank, UnionPay International to provide Africa with cashless access to China

In a dual development set to transform Africa’s access to China as well as simplify the ability of Chinese to transact in Africa, Standard Bank has signed an agreement with UnionPay International to accept UnionPay cards in multiple African markets. Standard Bank is also the first African bank to receive the license to issue UnionPay […]

Business & Economy

Uganda: European Investment Bank to invest $85 million on infrastructure

During a high-level visit to Kigali later this week the European Investment Bank is expected to confirm EUR 69 million, $85 milllion, of new infrastructure and private sector investment in Rwanda. This will include announcement of the EIB’s first public sector investment in the country to support construction of the first public sewage system in […]

Business Products & Services