Money

Wigwe

Access Bank Woos Customers With New Quick Loan Scheme

One of Nigeria’s biggest bank, Access Bank Plc, has introduced Quick Loan Scheme or Payday Loan with a daily loan target of N400 million to at least 20,000 customers. On the bank’s website, they highlight that you do not need to have a salary account in Access Bank for you to access the Payday loan. […]

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Godwin Emefiele

CBN Rolls Out Penalties Against Banks, Others On Electronic Payments

The Central Bank of Nigeria has unveiled a new sets of sanctions against deposit money banks, mobile money operators, payment solution service providers and other financial institutions for electronic payment infractions. The CBN, on Tuesday, rolled out the ‘Regulations on Electronic Payments and Collections for Public and Private Sectors in Nigeria’, which it described as […]

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Wigwe

Access Bank Declares 25k Interim Dividend As First Post-Merger Half Year Profits Before Tax Hits N74.1bn

Access Bank Group’s maiden post merger profits audited half year results released to the Nigerian Stock Exchange (NSE), have been impressive, showing impressive digits across all indices, a feat which has led to the bank also declaring an interim dividend of 25 kobo per share to its shareholders. A breakdown of the group’s impressive performance […]

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Emefiele

CBN Outlines Conditions for Floating Of Subsidiaries, SPVs by DFIs

The Central Bank of Nigeria (CBN) has unveiled conditions for the establishment and operations of subsidiaries and special purpose vehicles (SPVs) by Development Finance Institutions (DFIs). The Bank in a letter to all DFIs that was signed by its Director, Other Financial Institutions Supervision Department, Mrs. Tokunbo Martins, a copy of which was posted on […]

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Nnamdi Okonkwo

Fidelity Bank Records 16% Increase In Half Year Profits

Nigeria’s major lender, Fidelity Bank Plc has delivered a strong financial performance in its first half year ended financial year, with a record double-digit growth in key revenue while it also recorded significant traction in digital banking, despite the country’s challenging and fiercely competitive business environment. Details of the audited half-year result for the period […]

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Uba

UBA Grows Half Year Profits By 21%, Pays Shareholders N0.20 Interim Dividend

Pan African financial institution, United Bank for Africa Plc has announced impressive growth across key performance indices, following significant contributions from its African subsidiaries to the institution’s audited half year ended June 2019 financial results. In spite of the increasingly unpredictable environment witnessed in some of its countries of operations, the pan African financial institution […]

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CBN, Bankers’ C’tte Back Unpaid Loans Recovery From Deposits In Other Banks

In the bid to check abuses over bank loans as well as assist money deposit banks in the country that are yet to meet the required Loans to Deposit Ratio (LDR) of 60 per cent by September 30, the Bankers’ Committee has agreed that, loan defaulters would henceforth be made to forfeit their deposit assets […]

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Pricewaters

Remittances To Nigeria To Hit $34.8bn In 2023

Multinational professional auditing firm, PriceWaterhouse Cooper (PwC), has predicted that diaspora remittances to Nigeria is expected hit $25.5 billion by the end of the year and $34.8 billion by 2023. The firm expressed belief that such inflow would continue to strengthen the Nigerian economy in the coming years. According to PwC’s latest White Paper Series, […]

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Zenith

Zenith Bank’s Half Year Profits Rises To N111.68bn

Zenith Bank Plc has reported an of increase of N111.68 billion in its half year ended June 30, 2019, financial results, compared to the N107.36bn recorded in the same period in 2018. Profit after tax for the period stood at N88.88bn, up from N81.74bn in 2018 The financial statement of the bank for the period […]

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Kennedy Uzoka

UBA, LCCI Collaborate Over 2019 Lagos International Trade Fair

Nigeria’s major  financial services institution, United Bank for Africa (UBA) Plc, and the Lagos Chamber of Commerce and Industry(LCCI), have entered into a partnership over the organization the of the 2019 Lagos International Trade Fair. With the collaboration, the 33rd edition of the annual Fair, which holds between November 1st and 10th, 2019, is expected […]

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Cbn

Nigeria Loses $482 million From External Reserves In One Month

Nigeria’s external reserves dipped by $482.18m from N45.14bn as of July 8 to $44.65bn as of August 8, latest statistics from the Central Bank of Nigeria have shown. The reserves which had maintained a steady rise in recent months has started suffering decline. A research by FSDH according to The Punch, noted in its monthly […]

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CBN Gets Buhari’s Directive to Stop Forex for Food Imports

The Central Bank of Nigeria (CBN) has been directed byPresident Muhammadu Buhari to stop providing foreign exchange for importation of food into the country in a bid to ensure Nigeria attains food security. A statement yesterday by a presidential spokesman, Mallam Garba Shehu, quoted Buhari as telling All Progressives Congress (APC) governors, who came to […]

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