Banking

Naira

‘Naira devaluation negatively affecting banks, financial institutions’

By: Bisola Adeola, Mr. Demola Banu, a Kwara State Commissioner for Finance, has said the continued depreciation of Naira is negatively affecting banks, other financial institutions and the whole economy at large. He also said it was increasing loan default by bank customers, adding that many micro-finance banks in Nigeria that did not attach loans with securities […]

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UBA, First Bank, Fidelity, Ecobank disburse forex to BDCs

No fewer than four commercial banks yesterday disbursed the first batch of diaspora inflow-related foreign exchange (forex) to over 350 bureaux de change (BDCs), as directed by the Central Bank of Nigeria (CBN). United Bank for Africa (UBA) Plc, First Bank, Fidelity Bank Plc and Ecobank Nigeria Limited, sold the regulatory $30,000 weekly to each […]

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Diamond Bank unveils online loan application platform

Diamond Bank has said that it has raised the bar in Nigeria’s financial services sub-sector through the introduction of an online loan application platform that allows customers to request for a loan, monitor and receive automatic feedback on the approval process anywhere, anytime without hassles. The bank said this innovation has reaffirmed its commitment to […]

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NDIC reviews deposit insurance cover for morgage banks

Bamidele Akindele The Nigeria Deposit Insurance Corporation (NDIC) has been granted approval for an upward review of its maximum deposit insurance coverage (MDIC) from N200,000 to N500,000 per depositor for primary mortgage banks (PMBs) and the extension of di’erential premium assessment system (DPAS) to the PMBs. Minister of Finance, Mrs. Kemi Adeosun granted the approval […]

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Nigeria central Bank order workers to declare assets

The move analysts saw the above title as expansion of anti-corruption crusade to the private sector especially the Banking industry as the order direct all the 19 Deposit Money Banks in the country to declare their assets. The order, which came in a letter through the Banking Supervision Department of the CBN to all the 19 commercial […]

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AfDB approves $9m equity investment for SME’s in Nigeria

The African Development Bank (AfDB) has approved a $9million equity investment in the Fund for Agricultural Finance in Nigeria (FAFIN) to provide expansion capital to agric small and medium-sized enterprises (SMEs), according to a statement issued by continental lender yesterday. The statement said FAFIN is a first-generation private equity fund that provides financial, capacity-building and […]

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“Cheques can now be paid into savings accounts” says, CBN

The Central Bank of Nigeria on Tuesday released four new guidelines for the banking industry, top of which was an approval for bank customers to make cheque deposits into their savings accounts. Prior to this development, bank customers could only make cheque deposits into their current accounts. The new guidelines were contained in a circular posted […]

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UBA’s GMD calls For closer collaboration among African Central Banks

Outgoing Group Managing Director of pan-African banking group, United Bank for Africa (UBA) Plc Mr Philips Oduoza has called for increased collaboration among African central banks in order to drive intra-African trade on the continent. He said this on July 22, 2016 when he delivered the fourth Valedictory Lecture of the Chartered Institute of Bankers […]

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Banks fail to meet Central Bank’s forex terms

The Central Bank of Nigeria (CBN) is set to cancel the Foreign Exchange Primary Dealers (FXPDs) status of some of the 15 FXPDs banks for recording low forex volumes of transactions against set guidelines. In a  report by correspondence, Some of the FXDPs banks include FirstBank, Zenith Bank, United Bank for Africa (UBA), Access Bank, GTBank, […]

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CBN orders Banks to sell forex to BDCs

The Central Bank of Nigeria has ordered agent banks to approved international money transfer operators to sell foreign currency accruing from inward money remittances to licenced Bureau De Change operators. The directive is in a circular with reference number, “TED/FEM/ FPC/GEN/01/004, dated July 22, 2016 and posted on its Website”. The circular by the Acting Director, […]

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Central Bank gives loan to Skye Bank

The Central Bank of Nigeria has provided a loan to Skye Bank Plc to boost its liquidity after the lender breached requirements on capital and lending. The short-term lending facility will allow new management to “ensure that some withdrawals it suffered in the wake of the undue panic of last week do not adversely affect […]

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UBA, MasterCard announce Pan African partnership

…Five year deal across 19 markets focused on driving financial inclusion in Africa United Bank Africa (UBA) and MasterCard have announced a partnership which will see UBA act as the issuer for MasterCard in 18 new markets in Africa. The partnership which came into effect in the second quarter of 2016 will see UBA issue […]

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