Category: Banking
Amazon Gets Court To Block $3.3 Billion Retail Deal Involving India’s Richest Man
Amazon has been handed a major legal victory in its fight to block a multibillion-dollar deal between two of India’s biggest retailers.…
Canadian Dollar Leads G10 Peers As U.S. Stimulus Hopes Rise
The Canadian dollar strengthened against its U.S. counterpart and all the other G10 currencies on Tuesday, as oil prices climbed…
UK’s Austerity Guru Shows Better Timing As Banker
George Osborne is perhaps best-known for cutting government spending far too quickly as British finance minister from 2010 to 2016.…
Portugal’s Economy Fell 7.6% In 2020, Biggest Drop Since 1936
LISBON, Feb 2 (Reuters) – Portugal’s economy shrank 7.6% last year, its biggest annual slump since 1936, and the government…
Euro Zone Fourth-Quarter GDP Falls Less Than Expected, Another Fall Seen In First Quarter
The European Union’s statistics office Eurostat said that according to its preliminary flash estimate, gross domestic product in the 19…
Banks’ Non-Performing Loans Rise To N1.5Tn
The non-performing loans in the banking sector rose by N333bn as of the end of the third quarter of 2020…
UBN, Transcorp Top Trades On NSE As Index Drops 0.13%
Union Bank of Nigeria (UBN) Plc, Transcorp and UBA Plc were the most active stocks yesterday as the stock market…
Banking Gearing Up For Major Restructuring
The banking sector is experiencing a paradigm shift with traditional banks facing stiff competition from new entrants into the sector,…
Paternity Scandal: FCMB Adam Nuru Proceeds on Voluntary Leave to Allow Independent Investigation
The embattled Managing Director of First City Monument Bank (FCMB), Mr. Adam Nuru has reportedly volunteered to proceed on leave…
Nigeria: Bank Customers Condemn Vilifying Posts About FCMB On Social Media
The Bank Customers Association of Nigeria (BCAN) late Sunday detested in unequivocal terms the attempt by some social media commentators…
Nigeria’s Apex Bank Bans Mobile Money Operators From Receiving Remittances
The Central Bank of Nigeria (CBN) has suspended Mobile Money Operators, Payment Switch providers from receiving remittances or integrating their…
Nigerian Banks Issues Disclaimer Against Azimo Money Transfer
Nigerian Banks have issued disclaimers against Azimo, a money transfer application that claims to facilitate global money transfers. Azimo is…
Nigeria Needs More Naira Reform For $1.5 Bln World Bank Loan, Country Director Says
The World Bank needs Nigeria to strengthen reforms of its currency, the naira, before it can approve a $1.5 billion…
‘Polaris Bank Paying Dollars To Money Transfer’s Beneficiaries’
POLARIS Bank has started the payment of dollars to beneficiaries of money transfer across all its branches. The bank, in…
Nigeria’s Banks Grapple With Covid-19 And Oil Price Slump
Nigeria has sunk into its second recession in less than five years as the Covid-19 pandemic and oil price crash…
Why CBN Licensed Payment Service Banks
Bank account ownership is quite compulsory in many developed countries of the world. Research shows that nearly half of the…
COVID-19: Economic Crisis May Cause Banks To Fail Stress-Tests
The coronavirus pandemic has deeply impacted the situation in the world – especially the economic one. A lot of people…
How Nigeria’s New Banks Law, BOFIA, Will Impact Financial Sector
In assenting into law of the BOFIA 2020, President Muhammadu Buhari said the new legislation represents a “monumental piece of…
Four Key Risks Could Make 2021 The Toughest Year For Banks Since 2009, Says S&P
S&P Global Ratings warned that banks could face their toughest year since the aftermath of the global financial crisis, with…
Nigeria To Tap $750 Mln World Bank Loan For Local Regions
Nigeria is in the process of accessing a $750 million World Bank loan to enable local states to support vulnerable…
Wealthy Nigerians Seek To Secure Future With Dominica’s Citizenship By Investment Programme
LONDON, Nov. 10, 2020 /PRNewswire/ — With a looming recession, inflation on the rise and a lack of security, high…
Banks’ Patronage At CBN’s Liquidity Window Drops To N48b
The Central Bank of Nigeria (CBN) has said that daily patronage of the Standing Deposit Facility (SDF) by commercial and…
Banks’ Borrowings From CBN Crashes By 93%
MONEY MARKET Deposit Money Banks’ reliance on the loans from the Central Bank of Nigeria (CBN) fell sharply by 93…
Nigerian Banks To Fail Stress Tests Should Economic Slump Deepen
Nigerian lenders will drop below minimum capital buffers required by regulators should the economy shrink further this year, according to…
Mutual Funds Are Next Big Thing In Nigerian Finance’
Mutual Funds are gaining wide acceptance in Nigeria’s investment climate, with savvy investors choosing the investment plan over savings, Head…
Nigeria And Digital Banking
I often wonder about the wind of change that is sweeping across the Nigerian banking industry, especially the deployment of…
How Fintech Companies Revolutionised Banking
The advent of financial technology (fintech) companies have changed the dynamics in the nation’s banking and financial service landscape with…
Bank Of Canada Holds Rate Steady, Says COVID-19 Economic Recovery Likely By 2022
OTTAWA — The Bank of Canada kept its key interest rate on hold Wednesday as it said the country’s economy…
Bank Of England Gives Banks Breathing Space Over Crisis Plans
Britain’s main banks will have extra time before they have to say publicly how they could be closed down in…