Sterling Bank targets “Switch” at Diaspora Nigerians with free banking, financial services
Charles AbuedeOctober 29, 2020
Charles Abuede Sterling Bank, the Nigerian lender, has launched a new solution called Switch. The free money transfer service is in a bid to revolutionise international banking and allied services for Nigerians in the Diaspora. In a statement issued by the bank recently, Shina Atilola Sterling Bank’s divisional head, retail and consumer banking, said Switch, the […]
IFC report says women-led SMEs represent great opportunity to banks
Charles AbuedeOctober 13, 2020
Charles Abuede Reveals best practices banks looking to capitalise on NFS opportunities can follow A recent study by the International Finance Corporation (IFC), a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets, in conjunction with the FMO, a Dutch entrepreneurial development bank and […]
CBN warns public against fraudulent loan offers, investment schemes
Charles AbuedeOctober 9, 2020
Charles Abuede The Central Bank of Nigeria (CBN) has warned the Nigeran public against fraudulent loan offers and investment schemes pushed out in form of fraudulent messages and videos circulating in the social media circles appealing to unsuspecting loan seekers and small-scale businesses owners to apply for loans or investment schemes and purportedly facilitated by […]
Covid-19, negative Q2 earnings force Wells Fargo, major banks to cut jobs in US
Charles AbuedeOctober 7, 2020
Charles Abuede Wells Fargo, the largest employer in the US banking industry, is laying off 700 positions from the bank as it gets set to refocus on its consumer-banking strength, such as mortgages, amidst low-interest rates and growing real estate market. This is coming roughly one week after the financial institution and a handful of other […]
Fitch assigns “B” mixed outlook rating to Nigeria’s leading Tier-1 banks
Charles AbuedeOctober 6, 2020
Charles Abuede Access, GTB, First Bank, Zenith, UBA in the frame Fitch Ratings, the global rating agency, has assigned and affirmed a “B” mixed outlook rating to Nigeria’s key Tier-1 banks, including Access Bank, Guaranty Trust Bank, FBNHoldings (FBNH), which owns the operating subsidiary, First Bank of Nigeria Limited (FBN), Zenith Bank and the United […]
Former CIBN president wants Nigerian banks to promote export, import substitution
Charles AbuedeSeptember 30, 2020
Can diversify forex earnings base To keep forex in-country Helps institutionalize management of reserves Charles Abuede A former president of the Chartered Institute of Bankers of Nigeria (CIBN) has challenged Nigerian banks to concentrate their activities on the promotion of exports and import substitution for the purpose of keeping foreign exchange in the country and […]
Sterling Bank goes HoldCo to restructure on ‘social capitalist’ model as CBN gives A-in-P
Charles AbuedeSeptember 29, 2020
Charles Abuede Sterling Bank Plc is joining the league of Nigerian banks that have elected to operate under a holding company arrangement following an approval-in-principle (A-in-P) by its principal regulator, the Central Bank of Nigeria (CBN). The HoldCo arrangement comes as the bank moves to restructure its business to accommodate its expanded operations that have […]
CBN applies moral suasion on banks to raise agriculture lending to 10%
Onome AmugeSeptember 17, 2020
Onome Amuge The Central Bank of Nigeria (CBN) has persuaded commercial banks operating in the country to increase their lending rate to the agricultural sector from four percent to 10 percent over the next four years. Godwin Emefiele, governor of the apex bank, made the appeal on behalf of stakeholders in the agriculture sector while […]
After Covid-19, what is next for Islamic banking?
Businessam StaffSeptember 17, 2020
While Islamic banks emerged relatively unscathed from the 2008 global financial crisis, Covid-19 is having a deeper impact. Nevertheless, the disruption could provide opportunities to diversify the sector and accelerate its ex- pansion once the pandemic subsides. Relative to conventional institutions, Islamic banks are more exposed to small and medium-sized enterprises (SMEs), microfinance and retail […]
Pandemic risks to shape short-medium term treasury strategy, says EIU survey
Charles AbuedeSeptember 17, 2020
Charles Abuede Corporate treasury strategy around the world will have the most impact from the risk of the global pandemic by as much as 43 per cent in the short term, and 27 per cent in the medium term, a new report by the London-based Economist Intelligence Unit (EIU) has projected. The report titled: “The […]