World top 500 banking brands in record $1.44trn value in10 years

    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

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

  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

CBN says reduction of cash-based transactions by 2025 will foster cashless economy

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

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

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

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 […]

NIBSS to bar non-deposit banks from money transfer channels

Business a.m The Nigeria Interbank Settlement System Plc (NIBSS) has directed Nigerian banks to remove non-deposit-taking financial institutions such as switching companies, payment solution providers, and super agents from their NIP fund transfer channels.  The NIP channels include Unstructured Supplementary Service Data (USSD), mobile banking apps, point-of-sale (PoS) systems, Automated Teller Machines (ATMs), and web […]