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Banks Partnership With Fintech Is Key To Drive Financial Inclusion

Banks Partnership With Fintech Is Key To Drive Financial Inclusion

As financial technology (FinTech) gradually seeps into the growth strategies of traditional banks, expert have expressed concern that the two components would need to work together in order to drive financial inclusion in the sector. The basis for this concern is stemmed from the global best practices where Fintech, the term coined for financial services […]

FG To Inject N127bn Into Sovereign Wealth Fund

FG To Inject N127bn Into Sovereign Wealth Fund

The federal government hinted yesterday that it will inject fresh $250 million sourced from the excess crude account (ECA) into the Sovereign Wealth Fund (SWF). This is coming just as the National Economic Council (NEC) has expressed concern over the current situation of the exchange rate, saying there is need for an urgent review of […]

Guaranty Trust Bank Appoints New Executive Director

Guaranty Trust Bank Appoints New Executive Director

The Board of Directors of foremost African financial institution; Guaranty Trust Bank plc, has announced the appointment of Mobolaji Lawal as an Executive Director of the Bank. Prior to his appointment, he was the Divisional Head, Digital Banking Division. Mr. Lawal who joined the Bank in 1992 as an Executive Trainee and rose through the […]

FG Closes 20,000 Bank Accounts Moves N5.2tn Into TSA

FG Closes 20,000 Bank Accounts Moves N5.2tn Into TSA

Since the commencement of the Treasury Single Account in September 2015, over 20,000 accounts with Deposit Money Banks belonging to Federal Government Ministries, Departments and Agencies have been closed with a total sum of N5.24tn moved into the TSA. The Accountant-General of the Federation, Ahmed Idris, gave the figures on Tuesday in Abuja at the opening session […]

Senate summons bank MDs Over N50bn Tax Evasion

Senate summons bank MDs  Over N50bn Tax Evasion

The Senate Committee on the Federal Capital Territory Administration (FCTA) has summoned the managing directors of commercial banks operating in the territory over their banks’ failure to remit taxes in excess of N50 billion. Chairman of the committee, Senator Dino Melaye, made the disclosure on Tuesday in Abuja at a meeting of his committee with […]

Naira Faces Additional Pressure

Naira Faces Additional Pressure

The Nigerian naira could be facing additional pressure as Federal Government prepares to announce its final decision on the 41 items the Central Bank of Nigeria (CBN) restricted from assessing foreign exchange at the interbank market. Report says that Buhari and his Economic Management Team were under pressure from the organised private sector, international community […]

Banks Scramble For Fresh Capital

Banks Scramble For Fresh Capital

Rising non-performing loans and imminent fall in naira value have put banks in a precarious position and needing to raise fresh capital in a distressed economy, OYETUNJI ABIOYE writes Palpable fear has gripped the chief executives of many large-tier and mid-tier Deposit Money Banks as an imminent fall in the naira exchange rate throws up […]

Nigeria Economy Records Worse Investment

Nigeria Economy Records Worse Investment

  The Nigerian economy recorded its worst investment inflow in 10 years with the country attracting a total investment of $5.12bn in the 2016 fiscal period. The $5.12bn investment figure, when compared to the $9.64bn that the economy attracted in 2015, represents a decline of $4.52bn or 46.86 per cent. The decline was confirmed in […]

Nigeria An Opportunity For Fx Brokers As Domestic Banks Banned For 8 Weeks

Nigeria An Opportunity For Fx Brokers As Domestic Banks Banned For 8 Weeks

Nigeria’s interbank FX sector has fallen flat on its face, and the widespread disarray in local markets makes overseas FX brokerages absolutely attractive to Nigerian IBs. For those with unrelenting will, it may well be a good market to revisit National disarray, corruption, lack of direction and chaos + a series of willing and eager […]

CBN Reads Riot Act On Transaction Settlement

CBN Reads Riot Act On Transaction Settlement

  The warning giving out yesterday by CBN says that any authorised dealer that defaults in the settlement of any auction or 2-way quote with the CBN in the financial market would be duly punished. The punishment includes suspension from all auctions as well as from its discount window. The central bank stated this in a […]

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