Eid-el-Fitr: Online financial transactions hit 3.4 million

May 27, 2020

BREAKING: CBN slashes electronic transfer, ATM withdrawal, card maintenance charges

Bank customers carried out about 3.4 million transactions on Nigeria Interbank Settlement System Instant Pay platform recorded on the second day of Eid-el-Fitr, live updates provided by the NIBSS have shown. As Muslim faithful across the country celebrated the conclusion of their fasting season, funds transfer and online payment of bills via NIP hit exactly […]

Global Finance names Ecobank most innovative bank in Africa

May 26, 2020

Global Finance has named Ecobank as the most innovative bank in Africa. The announcement was made at the eighth Global Finance annual awards,’ the Innovators 2020′, honoring entities that regularly identify new paths and design new tools in finance.  Categories in the award include top innovations in corporate finance, payments, trade finance, cash management, islamic […]

Veritas Kapital Assurance  offers motor policy discounts, donates to Gombe State

May 25, 2020

Hamid Ayodeji Veritas Kapital Assurance is offering discounts on its comprehensive motor insurance policies through to December 31, 2020. According to the company, the offer is to provide relief to customers that are experiencing financial pressure in the current economic environment. The discount offering comes just as the firm announced Covid-19 palliative donations to the […]

FG, states, LGs share N606bn dividend from national income in April

May 20, 2020

FG pledges prudent use of $3.4bn IMF loan

  The national government known more widely as federal, along with the two sub-nationals, state and local governments shared over N606 billion as dividends from the income of the people of Nigeria in the month of April. Meeting virtually, as Covid-19 safety measures prevents meetings in large groupings, the committee responsible for the sharing, without […]

Currency in circulation rises N11.38bn in one month to reach N2.3trn

May 20, 2020

Breaking: CBN holds MPR at 13.5%, other parameters amidst recession concerns

By OmobayoAzeez The total currency in circulation in the country rose to N2.3trillion as of April 30 after closing at N2.29trillion on March 31, 2020. Latest statistics obtained from the Central Bank of Nigeria showed a rise of about N11.38billion in the one month to April 30. The currency in circulation had earlier dropped by […]

10-years after, Nigerians raise expenditure on food, non-food items by over 95%

May 20, 2020

10-years after, Nigerians raise expenditure on food, non-food items by over 95%

2009/2010: N21.62trn 2019/2019: N40.20trn Within a ten-year period, Nigerians appetite for foods and non-food household consumption spending rose by over 95 percent from N21.62 trillion to N40.20 trillion, figures computed by the Nigerian Chief Statistician office has shown. Released recently, the Yemi Kale-led National Bureau of Statistics revealed that Nigerians have been raising their consumption […]

UBA unveils further digital banking disruption with contactless transaction modes

May 19, 2020

UBA unveils further digital banking disruption with contactless transaction modes

Upgrades mobile App features By Omobayo Azeez The United Bank for Africa has disclosed it is working on some initiatives that will further reflect digital disruption in the banking sector, among which is contactless mode of performing transaction. This was disclosed via a media parley on Zoom on Monday, during which the pan-African financial institution […]

Banks stop consumer loans over Covid-19

May 18, 2020

Moses Obajemu   In response to the uncertainty in the employment status of some of their customers arising from the Covid-19 pandemic, some commercial banks have begun to withdraw consumer loan offers to their customers, Business a.m. has learnt. Checks revealed that offers affected are the pay day loan facility which banks give to salary account […]

Olugbemi sworn in as 21st CIBN president, sets 2-year agenda

May 17, 2020

Olugbemi sworn in as 21st CIBN president, sets 2-year agenda

By Omobayo Azeez Bayo Olugbemi has been sworn in as the 21st president and chairman of council of the Chartered Institute of Bankers of Nigeria (CIBN).  The new president took over the CIBN leadership on Saturday May 16 in Lagos from Uche Olowu, his predecessor, and has also crafted the strategic focus of his administration […]

Rate increase pushes VAT revenue to N339bn in Q1

May 15, 2020

FEC trims 2020 budget by N71bn to N10.523tn

The federal government has generated additional N30.46 billion in the first quarter of the year (Q1 2020) based on the hike in value added tax (VAT) from five per cent to 7.5 per cent that became effective from February 1, according to data released yesterday by the National Bureau of Statistics (NBS). The NBS figures […]