NIRSAL MfB disbursed N503bn to 881,081 businesses, households in 12 months
Charles Abuede
December 15, 2021
NIRSAL Micro Finance Bank (NIRSAL MFB) has disclosed that a total of N503 billion in loan facilities was disbursed through it to over 881,081 Nigerians and businesses within 12 months as a result of the coronavirus pandemic. Abubakar Abdullahi Kure, managing director and chief executive of the national microfinance bank, disclosed on Wednesday in Abuja, […]
Nigerians shift away from cash as e-payments grow, PoS hits N5.7trn
Charles AbuedeDecember 14, 2021
Banks, payment companies’ investments, internet penetration contribute to growth A strong growth across various electronic payments channels was recorded in the 11 months to November 2021, data obtained from the Nigeria Inter-Bank Settlement System (NIBSS) shows. A 38.1 percent increase was reported in the value of transactions carried out through Points of Sales […]
LAPO holds 3-day strategy session
Businessam StaffDecember 14, 2021
As part of its strategic efforts to retool for a better 2022 financial year, LAPO Microfinance Bank Limited, a premium microfinance institution, held a 3-day strategy session themed “Dominate through Excellence, Action & Leadership” (DEAL) at the Pelican International Hotel, Lekki, Lagos State. The high-impact session featured presentations by renowned subject matter experts such as […]
Emefiele stays confident amid N1.3trn banks’ NPLs still above 5% benchmark
Charles AbuedeDecember 14, 2021
Non performing loans (NPLs) in the Nigerian banking system stood at N1.3 trillion for the month of November, 2021 recent figures obtained from the Central Bank of Nigeria have shown. The amount is currently above the industry benchmark as it represents 5.4 percent of the total gross credit in the banking sector, which is […]
CACOVID advises Nigerians on ways to stay protected against Omicron
Businessam StaffDecember 12, 2021
With the new COVID-19 variant, Omicron detected in at least 20 countries including Nigeria, there’s a need to redouble our efforts in protecting ourselves, our families and those around us. While much remains unknown about the strain, there is plenty that can be done to minimize its risks. Organizations such as the Coalition against COVID-19 […]
Access Bank HoldCo structure nears as lender eyes matching global peers
Charles AbuedeDecember 10, 2021
All approvals-in-principles in Transforming to non-operating financial HoldCo Shareholders to hold shares in HoldCo, bank Ajoritsedere Awosika, chairman of the board of Nigeria’s tier-1 lender, Access Bank, says the bank intends to restructure into a non-operating financial holding company structure with the banking group and its banking subsidiaries. In a regulatory disclosure […]
NDIC lists claims payments credential supporting financial system stability
Adeola AjakaiyeDecember 10, 2021
By Adeola Ajakaiye, in Kano CEO Hassan at Kano trade fair, warns against ‘wonder banks’, Ponzi schemes The management of the over 32 years old Nigeria Deposit Insurance Corporation (NDIC), appearing at the Kano International Trade Fair, has listed its claims payment credentials to both individual and corporate insured and uninsured depositors running […]
CBN’s 100 for 100 beneficiaries could access N5bn per obligor in loan support
Charles AbuedeDecember 8, 2021
Aims to drive support for FG’s economic diversification plans The Central Bank of Nigeria (CBN) has set a maximum of N5 billion long-term loan facilities per obligor for the acquisition of plants and machinery, as well as working capital, to support private sector companies, the apex bank said as it released guidelines for […]
Market reacts poorly to FBN Holding’s weak Q3 earnings performance of N136bn
Charles AbuedeDecember 8, 2021
Q3 PBT down to N13.5bn; PAT down to N8.57bn; After about 50 percent jump in the stock price of First Bank of Nigeria Holdings since the end of September owing the acquisition of the bank’s shares by billionaire businessman, Femi Otedola, there was a negative investor reaction to the group’s weak third […]
CACOVID urges Nigerians to get vaccinated in the wake of new COVID-19 variant Omicron
Businessam StaffDecember 7, 2021
Just when it seemed like a semblance of normalcy was returning to the world after a gruelling battle with COVID-19, yet another variant of the virus simply known as Omicron has reared its head. The variant which was first identified by scientists in South Africa on November 24, 2021, has been labelled a “variant of […]