Fintech boosts financial inclusion rate in Africa to 34%

Ecobank, the pan-African banking group, has highlighted the complementary role of fintech in financial inclusion on the continent, saying that fintech has helped boost inclusion rate to 34 percent. In an announcement of its role as sponsor of the 2018 Africa Tech Summit, which opens Today, Wednesday, February 14, 2018, in Kigali Rwanda, the bank […]

BoE keeps rate at 0.5%, warns rate hike sooner than expected

The Bank of England voted unanimously to keep the Bank Rate at 0.5 percent on February 8th as widely expected, saying that inflation is expected to remain around 3 percent in the short term, reflecting recent higher oil prices. The bank also warned that interest rates may rise sooner than anticipated, as the economy will […]

Afreximbank taps Islamic finance to support Africa trade

The African Export-Import Bank (Afreximbank) has raised around $260 million via three sharia-compliant facilities to support small- and medium-sized businesses in the region, as African markets gradually open to Islamic finance. Cairo-based Afreximbank, which was founded by African governments and other investors in 1993 and focuses on trade finance, obtained a $100 million financing from […]

Bank deposits no longer off limits as European Central Bank seeks power to freeze

Sabine Lautenschlaeger

The European Central Bank intensified its push for a tool that would hand authorities the power to stop deposit withdrawals when a bank is on the verge of failing. Sabine Lautenschlaeger, ECB executive board member said, according to Bloomberg report, that bank resolution cases this year showed that a so-called moratorium tool, which would temporarily freeze […]

Wema Bank harps on savings as tool for social, economic security

Ademola Adebise, deputy managing director of Wema Bank Plc, has harped on the need for Nigerians, especially the youth, to take savings seriously in order to secure their future. Adebise made the urge Tuesday in Benin City, Edo state while addressing students of Edokpolor Grammar School in an interactive session to mark this year’s World […]

TSA: The Untold Economic benefits

Treasury Single Account (TSA) is a Federal Government (FG) bank account into which all revenues collected on behalf of FG by its Ministries, Departments and Agencies (MDAs) are deposited and from which the government spends on salaries, projects, debt servicing, among other obligations. The TSA is domiciled with the Central Bank of Nigeria (CBN). Remita, […]

30% of bank jobs may disappear in next 5years, Pandit says

Vikram Pandit

Vikram Pandit, who ran Citigroup Inc. during the financial crisis, said developments in technology could see some 30 percent of banking jobs disappearing in the next five years. Artificial intelligence and robotics reduce the need for staff in roles such as back-office functions, Pandit, 60, said Wednesday in an interview with Bloomberg Television’s Haslinda Amin in […]

Bank of Canada raises benchmark rate to 1%

Stephen Poloz, Bank of Canada chief

The Bank of Canada forged ahead with another interest rate hike in a nod to the country’s surging economy, while signaling its appetite for further tightening may be curbed by a rising currency and sluggish price pressures. Policy makers raised their benchmark rate 25 basis points to 1 percent, the second increase since July. At the same […]