Only 22 Nigerian banks have restructured $20bn loans of 35,640 customers
Charles AbuedeJuly 21, 2020
Banking industry gross loans and advances increased by N3.33 billion to N18.9 trillion. Only 41 per cent has been restructured by the banks out of 27 commercial banks. The Central Bank of Nigeria (CBN) has revealed that only 22 out of the 27 commercial banks in Nigeria have approached the apex bank for the loan […]
CBN directs banks to migrate to ISO20022; What benefits to customers?
Charles AbuedeJuly 21, 2020
By Charles Abuede The Central Bank of Nigeria (CBN) has directed financial institutions in Nigeria to begin the process leading to their migration to the ISO20022 Standard (International Organization of Standardization 20022) by SWIFT. This directive is aimed at mitigating the level of ambiguous, unstructured strings of data and the burden of information experienced by […]
Access Bank completes full acquisition of Kenya’s Transnational Bank
Businessam StaffJuly 20, 2020
Deal makes it one of Africa’s largest retail banks with over 800,000 shareholders Third Nigerian bank with presence in Kenya. This is Access Bank’s acquisition sequel to the full acquisition of Diamond Bank Access Bank plc has announced its successful acquisition of the Transnational Bank (Kenya) plc barely nine months after its board approved the […]
Further devaluation: Naira’s official rate may hit N430/$ by year end – Report
Businessam StaffJuly 8, 2020
By Omobayo Azeez Indications are rife that by the end of this year, Naira, Nigeria’s local currency will be further devalued to exchange for N430 per dollar, the latest report by United Capital has indicated. In the report titled “Nigeria H2 2020 Outlook: Up in the air”, United Capital stressed that from local to international […]
Access Bank celebrates Tracy Batta, W Power loan beneficiary, as Forbes Africa’s 30 under 30
Businessam StaffJuly 1, 2020
Nigeria’s Tier-1 lender, Access Bank, is celebrating Tracy Batta, one of the beneficiaries of its W Power loan product, who has just been named by Forbes Africa in it’s prestigious and much covetted 30 under 30 list for 2020. “Helping female businesses grow through discounted access to finance is one of the many unique value […]
Moody’s warns Nigerian banks vulnerable in face of forex liquidity pressures akin to 2016-2017 crisis
Phillip IsakpaJuly 1, 2020
$3.8bn-$5bn funding gap seen Gobal rating agency, Moody’s, has issued fresh warnings in a new report that Nigerian banks are facing foreign currency liquidity pressures of the type seen during a 2016-2017 crisis. It said the forex liquidity pressures stem from current low oil prices, volatile foreign inflows and lower remittances in the face of […]
Global Finance names Ecobank most innovative bank in Africa
Businessam StaffMay 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 […]
Currency in circulation rises N11.38bn in one month to reach N2.3trn
Omobayo AzeezMay 20, 2020
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 […]
UBA unveils further digital banking disruption with contactless transaction modes
Omobayo AzeezMay 19, 2020
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
Moses ObajemuMay 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 […]