Phillips Consulting introduces Intellect Digital Core banking solution into Nigeria financial system
Businessam StaffAugust 10, 2018
Phillips Consulting Limited (PCL), leading management consulting firm, has announced the introduction of a cutting-edge technology, Intellect Digital Core banking solution into the Nigerian banking industry. A statement said the new solution would transform and revolutionise the Nigerian financial sector, adding that the feat was achieved in collaboration with Intellect Design Arena Limited, a global […]
WhatsApp banking: Path to financial inclusion in Nigeria?
Adesola AfolabiAugust 6, 2018
The need to stay competitive and make financial servicing easily accessible to consumers has driven financial institutions across Africa such as United Bank for Africa, First Bank, Guaranty Trust Bank and Absa Bank in South Africa to leverage an ‘experienced’ partnership between WhatsApp and Clickatell- one of WhatsApp business solution providers. “These banks with the […]
Nigeria central bank issues revised cheques clearing rules effective Sept 1
Businessam StaffAugust 2, 2018
The Central Bank of Nigeria (CBN) has set a 5-year timeline for banks to keep physical cheques presented by customers after which they may be disposed. The new rules become operational September 1, 2018 This was contained in the revised Nigerian Bankers’ Clearing System (NBCS) Rules released Wednesday. The apex bank explained that the policy […]
UBA’s chat banker, Leo, available on WhatsApp from September 1
Adesola AfolabiAugust 2, 2018
United Bank of Africa’s (UBA) chat banker, Leo, is to become fully available to customers from September 1, 2018, the bank disclosed in a statement made available to business a.m.. Users of the WhatsApp who are customers of the bank, as well as potential customers, will upon becoming available on the chat platform be able […]
Chequebooks on the brink of extinction as volume of transaction shrinks
Adesola AfolabiAugust 1, 2018
If you have not used your chequebook as a means of facilitating payment this year, you are one of bank customers who must have sought a more savvy way of carrying out cash and bank transactions. As Nigeria moves albeit slowly towards a totally cashless economy, the volume and significance of cheque usage in the […]
Nigeria’s Sterling Bank targeting economy’s growth sectors in H2 earnings pursuit
Adesola AfolabiJuly 31, 2018
Sterling Bank, Nigeria’s mid-tier bank, is looking for earnings uptick in the growth sectors of the country’s economy, says Abubakar Suleiman, its managing director and chief executive officer. The bank will also, while looking for opportunities in the growth sectors, actively support special intervention and social investment programmes, Suleiman said. “Sterling Bank would continue to […]
Nigeria central bank deputy governor disowns fake e-mail address
Businessam StaffJuly 27, 2018
Edward Lametek Adamu, deputy governor, corporate services at the Central Bank of Nigeria (CBN) has disowned an email purportedly belonging to him being used to transact phony business deals. A statement from the financial regulator stated that its attention has been drawn to the activities of fraudsters impersonating some its principal officers in an attempt […]
Citigroup sees earning rise in Q2 by 16% on reduced income tax
Businessam StaffJuly 13, 2018
Citigroup, the third-largest US bank by assets has reported a 16 per cent profit in second quarter on Friday, as a result of lower taxes and higher revenue and in its consumer banking business in Mexico. The bank said it earned $4.49 billion, up from $3.87 billion a year ago. On a per-share basis, Citi […]
Nigeria non-interest bank, Jaiz Bank CEO explains reason for losses
Adesola AfolabiMay 9, 2018
Mallam Hassan Usman, CEO of Jaiz Bank Plc was at the Nigerian Stock Exchange on Wednesday to present the facts behind the bank’s recently released financial figures. Speaking specifically on the financial statements for the period ended Q1 March 31st 2018, wherein Profit after tax dropped 28 percent, Hassan pointed that major political activities such […]
ATMs dominate banking transactions with N1.5bn value in Q1 2018, says Nigeria statistical agency
Businessam StaffMay 7, 2018
Nigeria statistical agency, the National Bureau of Statistics (NBS) has reported that automated teller machines (ATMs) from selected banks across the country, recorded transactions valued at N1.568 billion in first quarter of 2018 The NBS stated this in its selected banking sector data for the period posted on it’s website. Specifically, the bureau indicated that […]