CBN jerks up benchmark interest rate to record-high 24.75% to tame inflation
Post AMUGEMarch 26, 2024
Business a.m The Monetary Policy Committee (MPC) of the Central Bank of Nigeria has raised the benchmark interest rate by 200 basis points to a record high 24.75 per cent, in what is considered one of its most aggressive actions to tame inflation which has been spiraling out of control in recent months. Olayemi Cardoso, […]
Adaora Umeoji breaks glass ceiling with appointment as Zenith Bank’s first female CEO
Post AMUGEMarch 19, 2024
Business a.m Zenith Bank Plc, a leading Nigerian financial institution, has named Adaora Umeoji as its new group managing director and chief executive officer, effective June 1, 2024, subject to regulatory approval from the Central Bank of Nigeria (CBN). The appointment represents a historic milestone for the bank, as Umeoji will become the first female […]
17 Nigerian banks in doubt of meeting CBN’s proposed capital requirements
Post AMUGEMarch 19, 2024
Onome Amuge A new report by multinational professional services partnership Ernst and Young (EY), has drawn attention to the fact that as many as 17 of Nigeria’s 24 deposit money banks (DMBs) may not be able to meet the capital requirements proposed by the Central Bank of Nigeria (CBN). The report, which is […]
World top 500 banking brands in record $1.44trn value in10 years
Post AMUGEMarch 12, 2024
Chinese brands hold top 4 spots in new ranking Africans brands report high scores But Nigeria’s top brands absent Ben Eguzozie The combined value of the world’s top 500 most valuable banking brands has reached a record level of $1.44 trillion, almost double what it was a decade ago, according to a […]
Bank of Ghana suspends forex licences of GTB and First Bank
Post AMUGEMarch 5, 2024
The Bank of Ghana (BOG) has suspended the foreign exchange trading licenses of two major banks – Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN). The Bank of Ghana’s one-month suspension of the foreign exchange trading licenses of GTB and FBN will be in effect from March 18, 2024, in accordance with […]
Global banks to make history with $5.8trn net interest income in 2024
Post AMUGEJanuary 29, 2024
US, Chinese banks to generate 30% of NII African banks absent on the log Nigerian lenders left far behind Ben Eguzozie Banks worldwide are set to make history this year as their aggregate net interest income is projected to reach $5.8 trillion, the highest figure in the market’s history, according to new data made […]
CBN appoints new executives to lead Union, Keystone, Polaris banks
Post AMUGEJanuary 11, 2024
Business a.m The Central Bank of Nigeria (CBN) has taken the unprecedented step of dissolving the boards of directors of three major deposit money banks (DMBs) and appointing new executive directors to manage their operations. This development came only a few hours after the CBN announced its decision to dissolve the boards of Polaris, Union, […]
Zenith Bank, GTCO top picks for Nigerian banking sector in 2024
Post AMUGEJanuary 2, 2024
Zenith Bank Plc and Guaranty Trust Holding Company (GTCO) Plc, two of Nigeria’s largest banks, are expected to outperform the broad stock market index in 2024, according to leading investment firm Cordros Securities. In 2023, the Nigerian stock market defied expectations and experienced a robust rally, with investors reaping the benefits of a bullish run. […]
Banks to offer crypto services after CBN reverses ban order
Post AMUGEDecember 25, 2023
After two years of pressure from crypto enthusiasts and companies, the Central Bank of Nigeria (CBN) has finally decided to lift the restrictions it previously placed on banks from facilitating cryptocurrency transactions. The CBN made the announcement in a circular sent to banks and other financial institutions, explaining that the current global trends and developments […]
Digital service adoption lifts Nigeria’s financial inclusion to 64% — Survey
Post AMUGEDecember 14, 2023
Cynthia Ezekwe A new survey report from Enhancing Financial Innovation & Access (EFInA), a financial sector deepening (FSD) organisation, shows that formal financial inclusion in Nigeria has risen about 8 per cent, growing from 56 per cent in 2020 to 64 per cent in 2023. According to the survey, the growth in financial inclusion […]