Here are the major banking news for the week ended 17th of March, 2018
Today 17th March
Standard Chartered Starts African Online Banking Push In Cote d’Ivoire
Standard Chartered launched its first African online-only bank in Cote d’Ivoire on Friday, joining a wave of lenders seeking to use new technologies to reach customers in some of the world’s most under-served markets. Long considered a backwater, Africa has emerged as the world’s No. 2 banking market in terms of both growth and profitability. Yet there are just 5 branches per 100,000adults….
Banking: Youths Turning Banks’ Failure To Cottage Industry
Lagos – Internet use in Nigeria is the highest in Africa and one of the highest in the world. Our usage triples that of South Africa and Niger Republic put together. We have over 98 million Internet users, meaning we have more people online than there are people in the whole of Southern…
Economy attracted $30.45bn forex in three months – CBN
Nigeria’s economy attracted a total foreign exchange inflow of $30.45bn between October and December 2017, figures obtained from the Central Bank of Nigeria have revealed. The amount is contained in the CBN economic report for the fourth quarter of 2017…
IMF Boss Calls For Crackdown On Bitcoin Criminals
The managing director of the International Monetary Fund (IMF), Christine Lagarde, has called for a crackdown on the misuse of cryptocurrencies like bitcoin by using the blockchain technology behind the digital currency to fight the criminals. Lagarde said central bank authorities around the world could harness the potential of cryptocurrencies…
Friday 16th March
Zenith Bank’s insider abuse hikes to N11.6m in 2017
Insider dealing in Zenith Bank Plc increased significantly in 2017, as staff committed 11 fraud and forgeries cases that worth N11.6 million, against reported four staff fraud, forgeries that worth N7.7 million in 2016.
Africa Trade: Afreximbank, ECIC partner to boost trade with $1bn
The African Export-Import Bank (Afreximbank) and the Export Credit Insurance Corporation of South Africa (ECIC) have entered into a memorandum of understanding (MOU) to launch a $1 billion financing programme to promote and expand trade and investments between South Africa and the rest of Africa.
Wema Bank promotes financial literacy in schools
As part of its effort to build a healthy savings culture amongst young Nigerians, Wema Bank visited several public schools across the country to educate students on the benefits of growing their financial knowledge and nurturing healthy investment habits, which will serve them well in the future.
Keystone Bank partners NIPOST, launches Agency Banking
Keystone Bank Limited has launched “KeyServ”(An Agency Banking proposition) to serve customers outside its conventional brick & mortar mode of banking. The initiative, which is in partnership with Nigerian Postal Service (NIPOST) and i-OneC (A FinTech Firm), is in line with the Central Bank of Nigeria (CBN) Financial System Strategy (FSS2020)…
Keystone Bank, Others Win at Africa Finance Awards
Top organisations and brands have been named to have won the 5th annual edition of Nigeria Pension Awards and Africa Finance Awards scheduled to hold in Lagos on March 29. The companies include Keystone Bank…
NEXIM Bank Offers Edo Govt N553b Funding Window For Benin Industrial Park
Governor Godwin Obaseki’s effort to industrialise Edo state has received a fresh boost from the Nigerian Export-Import (NEXIM) Bank. The bank has thrown its weight behind the project with three funding windows running into N553 billion for the park’s development and building of local capacity to meet export standards.
Diamond Bank marches to end Endometriosis
With over 100, 000 Nigerian women suffering from Endometriosis every year and a general – but sorely harmful – lack of awareness for the condition. there has never been a more important time to keep motivated and #PressforProgress in the awareness and treatment of Endometriosis.
Fidelity Bank gifts customers with N13m
Fidelity Bank Plc on Friday rewarded 12 customers with N13 million in the fifth draw of “Get Alert in Million Reloaded” aimed at strengthening the culture of saving among Nigerians.
We’re not discriminatory, CBN tells power generating firms
The Central Bank of Nigeria on Thursday denied engaging in discriminatory practices among electricity generation companies in the nation’s power sector. The apex bank said that investors in the sector were being treated in line with the contractual agreements they signed with the Federal Government.
Verve partners UBA to aid Govt’s subsidy for farmers
Verve International has signed a partnership agreement with United Bank for Africa (UBA) to deliver cost effective prepaid cards to farmers under the Zambian Ministry of Agriculture’s FISP program. As part of the partnership deal, UBA will issue Verve Prepaid cards in the next season of the Farmers Input Support Program (FISP), an agricultural subsidy initiative…
Suntrust Bank Coaches Students To Inculcate Savings Culture
Suntrust Bank has advised students across the country to prioritise their needs, spending only on things and activities that will help achieve their goals in life. Speaking at an event to mark the financial literacy week of the bank at Olomu Community Secondary School, Ajah Lagos,…
Thursday 15th March
At last, Senate confirms Aishah Ahmad as CBN Deputy Gov
Approves 4 others as MPC members The Senate on Wednesday confirmed the appointment of Mrs. Aishah Ahmad as Deputy Governor of the Central Bank as well as four members of the apex’s bank’s Monetary Policy Committee (MPC)
CBN to delay MPC meeting till April
Nigeria’s central bank will delay its next interest rate-setting meeting following a political spat over nominations for its Monetary Policy Committee, the governor said on Thursday. Governor Godwin Emefiele told CNBC the meeting scheduled for March 19-20 would be delayed by about seven to 10 days…
CBN, others brainstorm on 7.6m new banking customers target
The Central Bank of Nigeria (CBN), bank operators and other stakeholders in the financial sector on Thursday deliberated on ways to ensure financial inclusion of additional 7.6 million Nigerians in 2018.
CBN issues regulation for direct debits schemes
The Central Bank of Nigeria (CBN) on Wednesday released its revised regulation guidelines on direct debits scheme for the banking sector. This is part of its mandate to promote sound financial system in Nigeria, issue guidelines and facilitate the development of an efficient and effective payments system in Nigeria.
CBN announces commencement of N500bn NESF
The Central Bank of Nigeria (CBN) on Thursday informed deposit money banks and development finance institution of the commencement of the Non-Oil Export Stimulation Facility (NESF). NESF was introduced by the CBN to diversify the revenue base of the economy and to expedite the growth and development of the non-oil export sector.
I&E Window Records $37bn Forex Inflow In 11 Months
The Nigeria Autonomous Foreign Exchange (NAFEX) window also known as Importers and Exporters (I&E) window has since its inception in April last year seen an inflow of $37.5 billion as analysts and players in the market say they expect the inflow to remain steady before political activities commence…
IMF extends Kenya’s $1.5bn standby loan for six months
The International Monetary Fund (IMF) has approved Kenya’s request for a six-month extension to a $1.5bn standby facility to allow the nation time to complete reviews of the lender-supported program. The government sought an extension to the facility to complete the delayed reviews, before embarking on talks about a new potential program…
Stanbic IBTC Records 70% Profit Growth, Proposes 50 kobo Dividend
Stanbic IBTC Holdings Plc has recorded a jump of 70 per cent in profit after tax (PAT) for the year ended December 31, 2017. According to the audited results released at the Nigerian Stock Exchange (NSE), wednesday, Stanbic IBTC posted PAT of N48.381 billion, up from N28.520 billion in 2016..
Standard Chartered grows pre-tax profit by 175%
Standard Chartered Plc has grown its profit before tax for the 12-months ended December 2017 by 175 per cent to $3bn. The United-Kingdom-based lender also grew its operating income by three per cent to $14.3bn despite a four per cent drag from financial markets…
GTBank Declares Full Year 2017 PBT Of N200.24bn
Guaranty Trust Bank Plc has released its audited financial results for the year ended December 31, 2017 to the Nigerian and London Stock Exchanges. A review of the results shows positive performance across all financial indices, reaffirming the bank’s position as one of the most profitable and well managed financial institutions in Nigeria…
Shell, GT Bank agree $270m oil-backed loan to Amni
Nigeria’s Guaranty Trust Bank and a subsidiary of Royal Dutch Shell have granted a $270 million loan to independent Nigerian oil and gas producer Amni International, Amni told Reuters on Thursday. The terms of loan will give Shell Western Supply and Trading sole access to the 16,000 barrels per day (bpd) of oil the company pumps in two fields off Nigeria’s oil-rich Delta region.
Union Bank Receives PCI DSS Recertification, ISO 27001 Certification
Union Bank has announced its attainment of the Payment Card Industry Data Security Standard (PCI DSS) version 3.2 recertification and the International Organisation for Standardisation ISO/IEC 27001:2013 certification. The Bank was awarded by Panacea Infosec, Qualified Security Assessor (QSA) in conjunction with their local partner- Digital Encode, having successfully met the stringent security requirements…
Ex- Union Bank operations head incarcerated for fraud
The Economic and Financial Crimes Commission, EFCC , Lagos Zonal office, on Wednesday, March 14, 2018 secured the conviction and sentencing of one Paul Onwughalu, a former Head of Operations, Union Bank Plc, Head Office, Marina, Lagos, before Justice S.S. Ogunsanya of the Lagos State High Court sitting in Igbosere.
Access Bank Launches Credit Card for Students
Access Bank Plc wednesday unveiled its Student Credit Card, which was specifically developed for students in tertiary institutions across the country. Speaking during the unveiling of the product at the University of Lagos, Akoka, the Executive Director, Personal Banking Division, Access Bank, Mr. Victor Etuokwu, said the credit card would help address the students’ urgent need with immediate access to cash which they can pay back later…
Wednesday 14th March
Beware of fraudulent Cooperative schemes, World Bank warns Nigeria
The World Bank has warned Nigerians of a fraudulent multi-purpose co-operative scheme currently being sold to members of the public in some local communities in the country. The Bank said in a statement issued yesterday that “those behind the schemes have been promising unsuspecting members of the public huge ‘Bottom-up’ grants.
GT Bank declares final dividend of N2.40 per share in 2017
Guaranty Trust Bank Plc on Wednesday declared a final dividend of N2.40 per share to its shareholders for the financial year ended December 31, 2017. The bank said in a statement in Lagos that the dividend would bring the total dividend to N2.70 against N2 paid by the bank in the corresponding period of 2016…
Zenith Bank declares N177.93bn profit for 2017, proposes N2.45k final dividend
Zenith Bank Plc, yesterday, became the first money deposit bank to publish its 2017 results which shows After Tax (PAT) hit N177.93 billion from the N129 billion declared in 2016 Audited Results, representing a growth of 37.2 per cent. The bank’s revenue also spiked from N507bn in 2016 to N745bn in 2017, representing 46.6 per …
Diamond Bank launches AI-powered Chatbot in Nigeria
Diamond Bank has launched an Artificial Intelligence (AI) chatbot, leveraging pioneering technology to reach more customers with an enhanced service in Nigeria. This new development, in tune with fast developing technology, will disrupt the way banking is currently being operated, experts say. Diamond bank’s chatbot named ‘Ada’ uses AI technology to provide a human-like interaction…
Keystone Bank holds Career Insight Day for undergraduates
Fastest growing financial institution in Nigeria, Keystone Bank Limited, is set to hold a seminar tagged ‘Keystone Bank Career Insight Day’ for young Nigerian undergraduates with a future career in banking…
Heritage Bank Calls For Commodity Exchange To Boost Agri Value Chain
Heritage Bank Plc, hoping to open fresh grounds in the agriculture support effort is pushing for effective implementation of the bilateral agreement signed by Lagos and Kano States to provide for a commodity exchange. The two states signed the Memorandum of Understanding (MoU) at the just concluded Lagos-Kano Economic and Investment Summit…
Tuesday 13th March
Crashing interest rate may stop forex inflows –Ebo, Afrinvest Securities boss
As manufacturers in the country are clamouring for low interest rate, Mr Ayodeji Ebo, the Chief Executive Officer of Afrinvest Securities Limited,has cautioned that doing so now may cause sudden exit of foreign portfolio investors. “We know that we still need the foreign investors to be coming . But by the time they factor in the country’s risk premium; the risk they will take coming into Nigeria- If we bring down MPR, the treasury rate will drop to 10 per cent or 12 per cent-…
Impose 100% excise duty on alcoholic beverages, tobacco, IMF urges Buhari
The International Monetary Fund (IMF) has recommended a 100 per cent increase in excise duty rates imposed on all alcoholic beverages and cigarettes in Nigeria to conform with global norm. The recommendation, contained in its 2018 Mission Report on Nigeria, is higher than the rates approved by President Muhammadu Buhari….
First Bank introduces personal loan against salary
First Bank of Nigeria Limited says it has created opportunities for salary account holders to unlock the wealth in their accounts. The lender said this could be achieved through the First Bank Personal Loan Against Salary. The Group Head, Products & Marketing Support, First Bank, Mr. Abiodun Famuyiwa, was quoted…
Banks to boost loan growth by 15% – Stanbic IBTC
Banks in Africa’s most populous nation will be able to close the revenue gap created by declining interest rates by lending more into strengthening economy, according to Stanbic IBTC Holdings Plc analyst Muyiwa Oni. Oni made this known while responding to questions from Bloomberg reporters.
Stanbic IBTC Launches Lab to Empower Start-ups
Stanbic IBTC has launched its ‘Blue Lab’, a facility that avails start-ups and SMEs the platform to incubate and actualise their dreams. The inauguration of the innovation platform took place in Lagos recently, with the Chief Executive, Stanbic IBTC Bank, Dr. Demola Sogunle, declaring that constant innovation was imperative to secure the future of any enterprise…
Regency Alliance, Diamond Bank lead N105bn market loss
Regency Alliance Insurance Company Plc, Diamond Bank Plc, University Press Plc emerged as the worst-performing stocks at the close of trading on the floor of the Nigerian Stock Exchange on Monday as the local bourse’s equities capitalisation shed N105bn in one session.
Wema Bank expands operation to Abia
Wema Bank Plc has opened a new branch in Aba, Abia State, in line with its strategic expansion plan following a national licence granted the bank by the Central Bank of Nigeria (CBN) in 2015. According to a statement from the lender, the new branch offers the bank the opportunity to strategically target the Eastern…
Monday 12th March
Forex Inflow Into Nigeria Rose To $33.77bn In HY2017
Provisional data indicated that cumulative foreign exchange inflow into the economy amounted to $33.77 billion in the first half of 2017, signifying an increase of 0.6 and 16.4 per cent above the levels in the second half of 2016 and the corresponding period of 2016, respectively.
Liquidity Sustains As Forex Inflow Drops
Liquidity at the Nigerian money market continued to remain robust despite a mop up of N460.64 billion from the market through the Central Bank of Nigeria’s (CBN) Open Market Operations as foreign exchange inflows through the Investors and Exporters window declined…
CBN boosts forex market with another $210m
CENTRAL Bank of Nigeria (CBN), in its quest to guarantee the availability of forex for customers’ needs in various segments of the market, has injected another sum of $210million into the Inter-bank Foreign Exchange Market.
Nigeria’s 10 Largest Banks Must Conduct Asset Quality Review – IMF
The International Monetary Fund (IMF) has called on ten largest banks in the country to urgently conduct an Asset Quality Review (AQR). The Fund also said recapitalising four undercapitalised banks in the country is long overdue and if delayed further, risks undermining financial stability as maintaining a tight capital position would continue to stagnate
IMF’s unflattering verdict on Buharinomics
Earlier in the month, the International Monetary Fund, IMF, released its report on Nigeria: “Consultation with Nigeria” where it welcomed Nigeria’s exit from economic recession but cautioned that delay in implementation of reforms, incoherent policies, security challenges and tensions ahead of the 2019 elections could negatively impact on the Nigerian economy…
CBN Asks Court Not to Slam First Bank With N122bn Judgment Debt
We are law abiding with the capacity to meet our obligation. The Central Bank of Nigeria (CBN) has asked a Federal High Court in Owerri not to make absolute the temporary garnishee order it granted six chiefs representing the Ogoni community, compelling it to pay the sum of N122.53 billion.
Standard Chartered names Drogba ambassador
Standard Chartered Bank has announced that Ivory Coast football legend Didier Drogba as its Digital Bank Ambassador. Set to launch in Abidjan, Ivory Coast on March 14, Standard Chartered’s first and fully digital retail bank in West Africa marks an important milestone in the bank’s path towards innovation and has been designed with continuous feedback…
GTBank, Zenith Bank has the highest ROE
ROAE (Post tax) ROAA (Post tax) Cost-to-income ratios Capital adequacy ratio GTBank 33.20% 5.29% 36.30% 22.90% Zenith 23.40% 3.50% 46.2 22.20% FBNH 10.10% 1.30% 53.40% 17.20% Access 15.70% 2.10% 64.30% 20.50% UBA 17.00% 2.20% 61.50% 18.70% Source: Company Financials; M and 1 Guaranty Trust Bank (GTBank) and Zenith Bank have the highest Return…
Diamond Bank partners EDC on women’s day
Diamond Bank partnered with the Enterprise Development Center (EDC) of the Pan Atlantic University, Lagos in celebration of the international women’s day while lending its voice to the call for more women in the society to continually press for progress, continue in their identified purpose and ultimately to pursue their passions.
Heritage Bank Revolutionalises Banking With Octopus, Advanced Intelligence Digital Platform
Heritage Bank Plc, has taken a bold step to revolutionalise the banking sector with the introduction of an advanced intelligent digital experience known as Octopus. The solution which is full-fledged digital bank has been described by financial technology experts as a game-changing innovation that is poised to connect all bank accounts…
FSDH advocates policy tools to address rising uncertainties
THE FSDH Merchant Bank Limited has called for strategic policy making tools that would improve economic growth and quell investors concerns relating to rising uncertainties about the country’s fiscal policies, micro policy and external environment…
FPI domination of Nigeria’s foreign capital inflows risky – FSDH
FSDH Group has raised the alarm over the current dominance of the country’s foreign capital inflow mix by of Foreign Portfolio Investments, otherwise called ‘hot money’ owing to its very volatile nature. The research arm of the group, in its Monthly Economic and Financial Markets Outlook, themed, ‘Growth Prospect with Rising Uncertainties’…
N1.68trn inflow to hit money market in March – FSDH Research
A total inflow of about N1.68 trillion is expected to hit the money market from the various maturing government securities and the Federation Account Allocation Committee (FAAC) in the month of March 2018, according to FSDH Research, an arm of FSDH Merchant Bank limited.
Sunday 11th March
Naira ends trading week stable amid $355.43m forex injection
The Nigerian currency, Naira, at the close of trading week remained stable amidst injections of $355.43 million to the Retail Secondary Market Intervention Sales (SMIS)…
Nigeria ’ll witness robust GDP growth in 2018 if…IMF, others
The International Monetary Fund (IMF) said on Wednesday that Nigeria was slowly exiting recession but remains vulnerable because its growth is tied to oil prices and improved revenues are restricted to the energy and agriculture sectors.
Sterling Bank, CILT to boost transport sector
Sterling Bank Plc has expressed its desire to partner the Chartered Institute of Logistics and Transport in order to develop Nigeria’s transport sector. The Group Head, Strategy & Innovation, Sterling Bank Plc, Mr. Shina Atilola, stated this while addressing executive members of the institute who paid a courtesy visit to the corporate headquarters of the lender in lagos recently.