CBN taps Nigerian judges in continued march to close MSMEs huge financing gap
Nse Anthony-Uko
February 12, 2019
In a move to make access to credit facilities more readily available to the over 17.5 million micro, medium and small enterprises (MSMEs) and close the estimated N48 trillion financing gap, the Central Bank of Nigeria (CBN) and the National Judicial Institute (NJI) have partnered on how to drastically reduce the perennial challenge of collateral […]
India central bank surprises with a rate cut, changes stance to neutral
Businessam StaffFebruary 7, 2019
India’s central bank on Thursday unexpectedly lowered interest rates and, as anticipated, shifted its stance to “neutral” from “calibrated tightening” to boost a slowing economy after a sharp fall in the inflation rate. The monetary policy committee (MPC) of the Reserve Bank of India cut the repo rate by 25 basis points to 6.25 percent, […]
FCMB introduces zero-interest loans to empower women
Chris IkosaFebruary 6, 2019
First City Monument Bank Limited (FCMB) has taken a bold step towards the empowerment of Nigerian women by introducing a zero-interest rate on loans. The development is in line with the commitment of the bank to empower women-owned SMEs, both old and start-ups, through financial support, advisory services and value-added products to enhance customer experience […]
Recent Canadian dollar weakness will support economy, Lane says
Businessam StaffFebruary 6, 2019
The Canadian economy’s under performance relative to the U.S. of late has put downward pressure on the country’s currency, but that should help the economy through a temporary slowdown, a Bank of Canada official said. In a speech on how Canada manages its foreign exchange reserves, Deputy Governor Tim Lane touted the benefits of the […]
SoftBank’s Son unveils $5.5 billion buyback, laments share price
Businessam StaffFebruary 6, 2019
Japan’s SoftBank Group Corp announced a $5.5 billion share buyback on Wednesday as it reported a 60 percent increase in quarterly operating profit buoyed by rising valuations for its technology investments. Funded by proceeds from the bumper IPO of its domestic telco, founder and Chief Executive Masayoshi Son said the buyback – its largest ever […]
$25,000 up for grabs as Heritage Bank seeks to deepen financial inclusion with tech innovation competition
Sodiq AjalaFebruary 5, 2019
By Sodiq Ajala Heritage Bank Plc is giving out a whopping sum of $25,000 in seed fund to the winner of its 12-week innovative accelerator programme. The programme is designed to provide technology startups with a sane environment; co-working and internet resources, guidance and mentorship by successful finch startups founder and seed funding. The fund […]
Access Bank offering zero interest on fees transfers to parents with wards in Ghana schools
Businessam StaffFebruary 1, 2019
Access Bank, one of Nigeria’s top tier lenders, is offering parents zero transfer charges on school fees payment to schools in Ghana through its AccessAfrica platform. In a marketing communication examined by business a.m., the bank stated that the fees would be transferred from Nigeria to the Ghanaian schools conveniently, and at no […]
Deutsche Bank focused on profit, not Commerzbank tie-up: source
Businessam StaffJanuary 31, 2019
Deutsche Bank is focused on achieving sustainable profitability, a source at Germany’s largest bank said on Thursday, seeking to distance the lender from talk of a merger with rival Commerzbank. The suggestion that such a merger is the only option for Deutsche is “completely false”, said the source, speaking on condition of anonymity. Shares in […]
Three Abu Dhabi lenders agree to create $114 billion bank
Businessam StaffJanuary 29, 2019
Abu Dhabi Commercial Bank, Union National Bank and Al Hilal Bank agreed a merger on Tuesday to create the third-largest bank in the United Arab Emirates. The bank will become the fifth largest in the GCC with 420 billion UAE dirham ($114.35 billion) in assets with increased productivity and economies of scale expected to boost […]
NSE announces GNI’s final delisting
Adesola AfolabiJanuary 28, 2019
The Nigerian Stock Exchange (NSE) has announced the final delisting of the entire share capital of Great Nigeria Insurance Plc from its trading platform. The company had last year started the process of voluntary delisting its shares so as to shield it from any enforcement of action that the Exchange may take in light of […]