Citigroup sees earning rise in Q2 by 16% on reduced income tax
Businessam Staff
July 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 […]
No court order, no release of Bank Verification Number, says Nigeria central bank
Businessam StaffJuly 12, 2018
The Central Bank of Nigeria (CBN) has demanded the provision of valid court order as a pre-requisite for releasing Bank Verification Number (BVN) information to applicants. This follows an amendment to the regulatory framework for Bank Verification Number (BVN) operations and watch-list for the Nigerian financial system by the CBN. In a circular to deposit […]
Singapore-based robo-advisor, Bambu, secures $3m ‘Series A’ funding to accelerate expansion
Businessam StaffJuly 12, 2018
Bambu, a Singapore-based B2B robo-advisory solutions provider, has raised a $3-million Series A financing led by existing investor Franklin Templeton Investments, the company announced Wednesday, July 11. Singapore’s family office Octava, which focuses on real estate, financial technology and lifestyle investments, and Japanese fintech investor Mamoru Taniya also joined the round. The year 2018 has […]
ATI 14 African member governments, shareholders to get $2.5 mn in dividends
Adesola AfolabiJuly 11, 2018
The African Trade Insurance Agency (ATI) has earmarked an initial $2.5 million in payments to its shareholders which include 14 African member governments. The approved dividend is the first ever payment made to shareholders, the agency declared at its recently held general assembly in Abidjan, where the company also announced its record-breaking 2017 financial results […]
Africa Investment Forum will help de-risk investment and catalyze private sector
Adesola AfolabiJuly 11, 2018
The African Development Bank is working with leading global development finance institutions to set up a mutualized co-guarantee platform to de-risk investments and facilitate projects that have the capacity of transforming the continent under the Africa Investment Forum (AIF). Over the last decade, and despite impressive growth rates in most of the continent, Africa’s infrastructure […]
NCRIB woos private, public sector CEOs to use brokers for reliable insurance services
Adesola AfolabiJuly 6, 2018
Shola Tinubu, president of the Nigerian Council of Registered Insurance Brokers (NCRIB), an umbrella association of insurance brokers in Nigeria, has called on chief executive officers of businesses and state governments across the nation to embrace the consultation of registered insurance brokers as a means of obtaining reliable insurance services. The president also called for […]
Nigeria deposit insurance corporation to provide capacity assistance to Uganda deposit protection fund
Businessam StaffJuly 4, 2018
The Nigeria Deposit Insurance Corporation (NDIC) is assisting the Uganda Deposit Protection Fund (DPFU) to develop capacity to implement the deposit insurance system (DIS) in the East African country. To this end, the NDIC recently hosted a five-member delegation from DPFU to understudy the activities of the Corporation. The NDIC has been the destination of […]
Nigerian regulators working to release guidelines for responsible, sustainable financing in 2020
Adesola AfolabiJuly 2, 2018
Investors and players in Nigeria’s financial space are expected to ramp up efforts towards being more responsible for outcomes of investment and financial decisions. This responsibility will be enhanced with a set of guidelines to be released by regulator’s in year 2020 to propel sustainable financing. Kenneth Amaeshi, a professor and director of the Sustainable […]
Nigeria’s central bank directs banks to resolve USSD disputes in three days
Adesola AfolabiJuly 2, 2018
The Central Bank of Nigeria (CBN) has directed all commercial banks to resolve disputes arising from the use of Unstructured Supplementary Service Data (USSD) channel within three days. Speaking at the ‘Meet The Executive’ forum organised by Finance Correspondents Association of Nigeria (FICAN) in Lagos, Dipo Fatokun, CBN director, banking & payment systems department, said […]
Nigeria’s central bank releases draft guidelines on cyber security risk for banks, payment providers
Adesola AfolabiJune 27, 2018
Nigeria’s central bank has released a draft risk-based framework and guidelines on cyber security for deposit money banks and payment service providers (PSPs). A publication signed by K O Balogun for the Central Bank’s director of banking supervision released via the twitter page of the apex bank on Wednesday, noted that the requirements were in […]