CBN’s aggressive CRR policy stunts banks’ ROE growth, says Agusto & Co
Charles Abuede
August 24, 2021
Nigeria’s banking industry’s possible 31.6 percent return on equity (ROE) achievement was stunted in 2020 by an aggressive Central Bank of Nigeria (CBN) implementation of its cash reserve ratio (CRR) policy, foremost Nigerian rating agency, Agusto & Co, has stated in an industry report just released. ROE is a significant measure of how the […]
Reaction trails CBN’s freeze order on fintech’s bank accounts
Zainab IwayemiAugust 24, 2021
Startups say funds in safe hands and accessible A diversity of views has continued to trail the decision of the Central Bank of Nigeria (CBN) to freeze the accounts of four Nigerian fintechs – Trove Finance, Bamboo Systems Technologies, Risevest Technologies and Chaka – for allegedly dealing in foreign exchange without license. While some […]
Reaction trails CBN’s freeze order on fintech’s bank accounts
Chris IkosaAugust 19, 2021
Startups say funds in safe hands and accessible A diversity of views has continued to trail the decision of the Central Bank of Nigeria (CBN) to freeze the accounts of four Nigerian fintechs – Trove Finance, Bamboo Systems Technologies, Risevest Technologies and Chaka – for allegedly dealing in foreign exchange without license. […]
Trove, Bamboo, Risevest commit to Nigeria laws, regulations, assures customers over CBN’s freeze
Charles AbuedeAugust 18, 2021
Trove, Bamboo, Risevest, three of the investment and trading platforms whose bank accounts were recently ordered frozen by an Abuja Federal High Court, following an application by the Central Bank of Nigeria (CBN), have reacted by reiterating their commitment to being in compliance with all local laws and regulations in the country. Trove Technologies […]
Nigerian banks return N89.2bn to customers in H1 ‘21, following complaints
Charles AbuedeAugust 6, 2021
In the first six months of this year, Nigeria’s commercial banks made a refund to bank customers to the tune of N89.2 billion on account of complaints received. Godwin Emefeile, the CBN Governor, represented by Osita Nwanisobi, acting director, department of corporate communications, disclosed this at a CBN fair held simultaneously in Akwa Ibom […]
CBN sets N6m approval fees for promoters of PSHC in new guidelines
Charles AbuedeAugust 5, 2021
cBN GOVERThe Central Bank of Nigeria (CBN) has set a non-refundable N1 million as the minimum paid-up capital requirement for the licensing of a Payments Service Holding Company (PSHC), while six months after the acquisition of Approval-in-Principle from the CBN, the promoters of a PSHC shall submit an application for the granting of final license […]
Sterling Bank new SocialPay offers online businesses access to N2m
Zainab IwayemiAugust 3, 2021
First 10,000 merchants to access free loan for one month Sterling Bank, has opened SocialPay, an online payment collection product to facilitate online payments using payment options, such as USSD, bank transfer, card options and PayWithSpecta. The platform, which currently hosts over 2,000 social sellers, is designed to solve trust issues between online […]
FBNHoldings back in green with 13.1% uptick in Q2 earnings to N154.8bn
Charles AbuedeAugust 3, 2021
PBT=N26.3bn; PAT=N22.5bn down 5.5% EPS down N0.05 to N0.62 FBN Holdings, the parent company of First Bank of Nigeria Limited, has made a strong bounce back in its financial performance for the second quarter, from a coronavirus pandemic, which crippled activities in 2020. The Tier-1 financial holding company filed its second quarter 2021 […]
Agusto & Co. rates Coronation MB ‘A+’ with a stable outlook
Charles AbuedeAugust 3, 2021
Agusto & Co, the rating agency and a leading provider of industry research and knowledge in Nigeria & sub-Saharan Africa, has assigned ‘A+’ rating with stable outlook to Coronation Merchant Bank (CMB) Limited. In a rating release sent to Business A.M., the agency stated that the rating reflects Coronation Merchant Bank’s good asset quality, […]
Nigeria quits regional maritime organisation over cold-shoulder reception
Onome AmugeAugust 3, 2021
Nigeria has withdrawn its membership of the Maritime Organisation for West and Central Africa (MOWCA) following strong reservation over the organisation’s disregard for the rules of procedure regarding the eligibility of candidates nominated for the position of secretary-general. According to a statement issued by Eric Ojiekwe, director of press and public relations in the Federal […]