Rate hike just the start for ‘firefighting’ Tunisia central bank

19 hrs

Tunisia’s central bank warned over the deteriorating state of the country’s finances and called for additional efforts to curb inflation after the first hike in interest rates since June. The current-account deficit reached an “unprecedented” 11.2 percent of gross domestic product in 2018, according to Governor Marouane El Abassi. The decision late Tuesday to raise […]

NAICOM approves Nigeria’s first full fledged micro insurance operator

Adesola AfolabiFebruary 20, 2019

The National Insurance Commission (NAICOM) has granted approval to GOXI Microinsuranoe Company Limited  to operate as a state composite micro insurance company. The approval gives the company authority to transact life and general micro insurance business in Lagos State only. It also makes the company, Nigeria’s first full fledged stand alone micro insurance operator, according […]

Nigerian insurers attract stable rating despite rising operating costs, claims expense

Adesola AfolabiFebruary 20, 2019

Confidence in the underwriting capacity of insurance companies operating in Nigeria has started attracting a boost from credit ratings agencies, affirming clients of the insurance firm’s stability, in the wake of stringent regulatory stance and anticipated capital enhancements. Although the industry continues to be plagued with pressure points such as rising claims expenses, high underwriting […]

Capital flow: Nigeria to attract $5.6bn portfolio investment in 2019

Adesola AfolabiFebruary 20, 2019

Capital inflow into the country from portfolio investors is projected at $5.6 billion (about N2 trillion) in 2019 says Emerging Africa Capital (EAC) group in its maiden Economic and Investment Outlook Report 2019, titled “Cautious Optimism”. According to the National Bureau of Statistics (NBS), portfolio investment which accounted for over 70 percent of total capital […]

India to inject $6.8bn into state lenders to boost loans

Chris IkosaFebruary 20, 2019

India will inject 482 billion rupees ($6.8 billion) into government-controlled lenders to help them meet tighter regulatory requirements and to boost credit growth. The fund infusion will ensure that capital ratios for all state-run lenders are above the regulatory requirement and will help Allahabad Bank and Corporation Bank exit a so-called Prompt Corrective Action plan, […]

ECB to discuss new round of loans to banks soon, Praet says

February 20, 2019

The European Central Bank will soon discuss new, multi-year loans to banks, its chief economist said on Wednesday, but he hinted that a new round of credit may not be as generous as a previous facility. Banks, particularly in Italy and Spain, face a cliff-edge as the ECB’s 739 billion-euro ($839.13 billion) Targeted Long-Term Refinancing […]

Mexico pushes mobile payments to help unbanked consumers ditch cash

February 19, 2019

Mexico’s new leftist government is betting on financial technology to help lift people out of poverty. The administration of President Andres Manuel Lopez Obrador recently announced measures aimed at making financial services more affordable in a nation where more than half the population is unbanked. It is planning a digital payments system run and built […]

EU broadens its dirty-money blacklist, adds Saudi Arabia

February 13, 2019

STRASBOURG (Reuters) – The European Commission added Saudi Arabia, Panama, Nigeria and other jurisdictions to a blacklist of nations that pose a threat because of lax controls on terrorism financing and money laundering, the EU executive said on Wednesday. The move is part of a crackdown against money laundering after several scandals hit EU banks […]