The Central Bank of Nigeria (CBN) has reviewed the minimum capital base of Tier 2 Microfinance Banks (MFBs) across the country to N50m, informing them to recapitalise by April 2021. The apex bank, however, maintained the capital base of Tier 1 for State and National Microfinance Banks earlier issued on October 22, 2018. In … Continue reading CBN Reviews Capitalisation Of Tier 2 Microfinance Banks …
BANKS
Sidelining of MfBs will undermine Nigeria’s financial inclusion strategy — Bowen MfB
I expect the sub sector to be stronger in implementing the financial inclusion strategy for Nigeria and this would be done through the agent banking model. I expect that the association would be able to put in place and implement our own agent banking strategy that would enhance the sub sector into achieving its financial inclusion strategy. I expect more engagement with government agencies that have economic empowerment programmes for our target market, the economically active poor.
Continue reading Sidelining of MfBs will undermine Nigeria’s financial inclusion strategy — Bowen MfB at Vanguard News Nigeria. …
Payment Service Banks will complement banks on financial inclusion – Sekibo
Managing Director/Chief Executive, Heritage Bank Limited, Ifie Sekibo in this interview on the sidelines of the Vanguard Economic Summit, sponsored by the bank, spoke about the expected entrance of Payment Services Banks in the industry, listing of Heritage Bank on the Nigerian Stock Exchange as well as the unique selling points of the bank’s Octopus platform. Excerpts:
Continue reading Payment Service Banks will complement banks on financial inclusion – Sekibo at Vanguard News Nigeria. …
FIRS soft pedals, directs banks to unfreeze tax defaulters’ accounts
As a result of complaints by Nigerians and industry experts, the Federal Inland Revenue Service (FIRS) has written to banks, directing them to lift the lien on tax defaulters’ bank accounts for 30 days. The directive, which takes immediate effect, was contained in a letter from the Chairman, FIRS, to bank Managing Directors. FIRS, however, […]
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Subsidy: Marketers rely on banks for growth
Marketers are likely to record positive growth if the Central Bank of Nigeria’s (CBN) directive to commercial banks on freezing interests on loans taken by them (marketers) to import petroleum products into the country is implemented, the Depot and Petroleum Products Marketers Association of Nigeria(DAPPMAN),Executive Secretary, Mr Femi Adewole, has said. The marketers include members […] …
Why some banks fail, others succeed – Amangbo, Zenith Bank CEO
It is quite challenging when you look at it globally. If you look at what happened from 2015 when we had massive drop in oil prices, it virtually affected almost every country but it affected us more as an oil producer and as a country that relies so much on foreign revenue from oil. So that in itself was a big challenge on its own. But the key thing is that our previous fundamentals have always been based on prudence in Zenith Bank.
Continue reading Why some banks fail, others succeed – Amangbo, Zenith Bank CEO at Vanguard News Nigeria. …
Financial inclusion, savings promos yield 15m new accounts for banks
NIGERIANS opened 15 million bank accounts in eleven months to November 2018, reflecting impact of banks’ efforts to increase access to financial services through savings promotions and other measures aimed at achieving the goal of 80 percent financial inclusion by 2020.
Continue reading Financial inclusion, savings promos yield 15m new accounts for banks at Vanguard News Nigeria. …
Banks to jerk up lending rate for corporates in Q1’19
Banks will increase lending rates for corporate organisations in the first quarter (Q1’19) of next year even as the industry recorded increased loan default by households in the fourth quarter of this year (Q4’18).
Continue reading Banks to jerk up lending rate for corporates in Q1’19 at Vanguard News Nigeria. …
EXCESS CHARGES, OTHERS: Banks refund N23bn, $2.3m to customers
Banks refunded N23 billion to their customers in eleven months to November 2018, at the backdrop of about 2.75 million complaints against illegal and unauthorised deductions through excess charges, frauds and electronic payment errors.
Continue reading EXCESS CHARGES, OTHERS: Banks refund N23bn, $2.3m to customers at Vanguard News Nigeria. …
Fayemi overrides Fayose over banks
Governor Kayode Fayemi lofts embargo on banks Governor Kayode Fayemi of Ekiti has lifted the no-patronage embargo placed on Ecobank, GTBank and Zenith Bank by his predecessor, Mr. Ayo Fayose.With this development, all MDA’s and certain categories of the state workers are now free to do business with them. The Fayose-led administration