The Deputy Governor, Financial System Stability Directorate of the Central Bank of Nigeria (CBN), Mrs. Aisha Ahmad and the Deputy Governor, Economic Policy Directorate, CBN, Dr. Kingsley Obiora have disclosed that the banking system remains resilient, stating that the industry’s total assets grew by 22.07 per cent from N53.64 trillion in May 2021, to N65.48 […]
Tag: Banking and Insurance
GCR Ratings (“GCR”) has affirmed its strong rating of Ecobank Ghana’s long and short-term issuer ratings of A+ (GH) and A1 (GH) respectively, with a positive outlook. The rating agency also extended the rating to September 30, 2022. In a report published on its website, the GCR stated that: “The ratings on Ecobank Ghana PLC […]
Backbase, the leading global Engagement Banking platform provider and Value Digital Services (VDS), a services company with headquarters in Tunis, that supports its clients in the implementation of their digital and data roadmaps, are pleased to announce they have entered a strategic partnership to strengthen their position in the North-African market. The collaboration further enables […]
The chairperson of the technical committee on currency reform at the Central Bank of Liberia, Musa Kamara says the CBL is set to remove smaller banknotes in circulation and subsequently replace them with a new set of Liberian currency especially, coins. Mr. Kamara made the disclosure during a regular press briefing held at the Ministry […]
Despite the harsh operating environment and high running costs in an election year, commercial banks in Nigeria are projected to grow their pre-tax return on equity by 23 per cent by the end of this year as the industry loan book is expected to grow by 16.5 per cent. Agusto & Co in its 2022 […]
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Zimbabwe Banks On Cows As Inflation Soars
Investing money into cattle is a growing business in Zimbabwe, where inflation is skyrocketing. Many people now consider it safer than putting money in the bank. They are an investment on four hooves. Cattle have become a safe financial option for some Zimbabweans. Hyperinflation in the southern African nation has led to a loss of […]
Equity Bank Uganda Limited has unveiled the $ 6 billion (Shs 24trillion Uganda) Africa Recovery and Resilience Plan to help businesses hit hard by Covid-19 recover. Speaking at a breakfast meeting dialogue last week, Dr. James Mwangi the Equity holding Group CEO said the fund will not only support businesses to flourish but also spur […]
The Director of Trade and Exchange Department, Central Bank of Nigeria (CBN), Dr. Ozoemena Nnaji has revealed that diaspora remittances through the ‘Naira 4 Dollar Scheme’ stood at $2.4 billion the first eight months of 2022. She noted that the inflow has been strong, pointing out that in the entire 2021, remittances recorded through the […]
Privately owned Nigerian banks hold 94% of Nigerian banking assets. Only one other country in the world – Israel – has a higher share of ownership by local banks. The share of banking assets is the most reliable way to measure market power and competitive position. Some of the world’s largest banks are active in […]
Competition Commission Raids Insurance Industry Heavyweights For Price Fixing The Competition Commission on Thursday raided the premises of eight long-term insurance companies who are suspected of price fixing, Eye Witness News reports. The commission said it has reasonable grounds to suspect that those companies, which include industry heavyweights -Old Mutual, Momentum and Discovery Limited, […]
Rome — It is reprehensible that millions of people will be pushed further into hunger by the resumption of fighting in Northern Ethiopia. In the past few months, the humanitarian truce has allowed WFP and our partners to reach almost 5 million people in Tigray. However, yesterday that lifeline was severed. On Wednesday morning, a […]
Bank customers are expected to start enjoying more interest on their savings following a directive by the Central Bank of Nigeria to all deposit money banks to increase interest rate on deposits from 10 to 30 percent. Daily Trust reports that the CBN recently directed banks to pay savings deposit accounts an interest rate of […]
Following the Central Bank of Nigeria (CBN) mandate to Deposit Money Banks (DMBs) to improve lending to the real sector of the nation’s economy, credit to private sector has so far in 2022 added N4.69trillion to reach N39.87 trillion in July. According to the latest money and credit statistics released by central bank, credit to […]
The Central Bank of Nigeria’s (CBN) decision to revert interest rate on its Covid-19 intervention facilities has drawn the ire of stakeholders as well as experts, whose thoughts are that the action will not augur well for the beneficiaries, as the country faced inflationary rate pressure among other worsening economic indicators. Economists, who spoke with […]
The Central Bank of Nigeria (CBN) has unveiled a new short code for subscribers of its digital currency, eNaira to make financial transactions on the platform. The aim is to enhance its acceptability with a focus on deepeningpayment system. “I’m pleased and indeed delighted to inform you all today that by next week, Nigerians both […]
An amount of GH¢1.09 billion involved in related party transactions by the defunct Micro Finance Institutions (MFIs) and Specialised Deposit-Taking Institutions (SDIs) has been uncovered, the Bank of Ghana (BoG) has said. It said the amount were uncovered by the Joint Receivers for the defunct Micro Finance Companies and Specialised Deposit-Taking institutions. The BoG said […]
The Central Bank of Nigeria (CBN) has announced an upward adjustment of the negotiable minimum interest rate payable on local currency savings deposits to 30 per cent of the Monetary Policy Rate (MPR). In September 2020, the central bank, as part of efforts to mitigate the impact of the COVID-19 pandemic, had slashed the minimum […]
The Director, Monetary Policy Department at the Central Bank of Nigeria (CBN), Dr Mahmud Hassan has said the global economic turmoil has affected the fiscal balance of member countries of the West African Institute of Financial and Economic Management (WAIFEM). He made this disclosure yesterday while delivering a keynote address to the participants at the […]