Category Archives: Banking

NDIC completes payment of depositors of failed banks

Nigeria Deposit Insurance Company (NDIC) has completed payments to all depositors of 18 closed failed Banks all their monies trapped in such banks.

These include insured and uninsured monies.

The Managing Director/Chief Executive Officer of NDIC, Alhaji Umaru Ibrahim dropped the hint while delivering an address during the NDIC day held yesterday at the ongoing 31st Enugu International Trade Fair.

Sterling Bank gets community banking recognition

Sterling Bank Plc has been recognised for its community banking services.

The bank said in a statement that it won the Banking in the Community Award at the Bank of the Year 2019 Awards in London, the United Kingdom.

World Bank doubts Nigeria’s ability to sustain debt

The World Bank has raised doubts over the sustainability of Nigeria’s public debt.

Nigeria’s total public debt, which stood at N21.73tn as of December 31, 2017, rose to N25.7tn as of June 30, 2019, according to data from the Debt Management Office.

FirstBank Plc appoints non-Executive Director

FIRST Bank of Nigeria Limited has announced the appointment of Ado Yakubu Wanka as Non-Executive Director.

Speaking on his appointment, Chief Executive Officer, First Bank of Nigeria Limited, Dr. Adesola Adeduntan, said: “We are delighted to welcome Alhaji Ado Yakubu Wanka, to the FirstBank Board. We are especially excited that he is bringing a combination of complementary skills and rich experience to the table which will no doubt enhance the quality of governance towards meeting our strategic goals”.

How Govt, banks spend $270m to combat cyberattacks

Banks, insurance companies and government institutions in Nigeria spent an estimated sum of N270.22m to prevent cyberattacks in 2018.

According to a latest African cybersecurity study by Demadiur Systems Limited, some of the funds were used in the procurement of hardware and software such as Antivirus, load balancer, network access controls, among others.

Stanbic IBTC Bank backs entertainment industry

Stanbic IBTC Bank Plc has reaffirmed its interest in the growth of the Nigerian entertainment industry in Nigeria. The bank has reiterated its support for the construction of various cinemas as well as the provision of infrastructure to galvanize growth in the industry.

Enterprise Finance Officer, Enterprise Banking, Stanbic IBTC Bank Plc, Damian Umeasala disclosed this at the maiden edition of The Entertainment Fair and Festival Conference (TEFFEST). The theme of the event which held at The Podium, Lekki, Lagos was ‘Entertainment is Life: Welcome to the Future’.

Fidelity Bank plc doles out N34m in savings promo

Fidelity Bank Plc on Thursday gave a total of N19m as cash prizes to 13 winners across the country in its ‘Get alert in millions savings promo.’

At the draw held in Abuja,Nigeria the bank also gave out 18 consolation prizes consisting of refrigerators, and television sets among others to 18 lucky winners.

Peregrine Ventures Raises $115m for its Fourth Fund Bringing Total Managed Funds and Co-Invest Capital to $400m

Eyal Lifschitz, Managing Partner at Peregrine: “The greatest investment opportunities today are in the med-tech and life science fields in Israel, where we have been successfully investing since 2001”

CBN, Banks, NIPOST Establish Nirsal Microfinance to Drive Financial Inclusion’s

To fast track the financial inclusive project, and boost economic diversification, the Central Bank of Nigeria (CBN), in collaboration with the Bankers Committee, and NIPOST, have jointly established a N5-billion NIRSAL Microfinance Bank, with branches all the 774 local councils in the country.Already, seven of the branches have commenced operations, according to the CBN Governor, Godwin Emefiele, Wednesday, while inspecting one of the branches at the Gwagwalada Post Office, Abuja.Unlike other microfinance banks whose lending are almost beyond the reach of the ordinary citizens, Emefiele said NIRSAL Microfinance five per cent interest rate is very competitive, using the project as collateral, under a seven year tenor, plus two years moratorium.He said: “This is a collaboration between NIRSAL, bankers Committee, and NIPOST, and I want to say that we really need to set up microfinance banks that will reach out to the unbanked. The biggest problems that small businesses have always had is access to credit; and I’m happy that with the establishment of this microfinance banks, with at least one located in each of the 774 local governments in the country, we would be able to have a financial institution that will help deepen financial inclusion. This will make it easy for people to access credit, particularly the small and unbanked people, because we have always said that these are the very weak.

“We use this to improve access to credit and the technology that would be used will be a fintech technology. We have already set a target for ourselves that by 2020, the rate of financial inclusion must increase to 80 per cent from about 48 per cent a year and a half ago. So this is just part of our initiative to deepen financial inclusion in Nigeria.”He said the loans will be disbursed through the Bankers Committee’s AGMEIS scheme, being five per cent of profit after tax set aside by banks to support small and medium enterprises (SMEs) in agriculture or other small businesses badly in need of finance to scale and enhance their competitiveness and profitability.

“The existing microfinance banks are doing their best, and I’ve heard this is an attempt to crowd them out, but this is not true, but to complement their services, and see to it that whatever service is being provided by these microfinance banks should be seen to be fair to their customers.”

I also know some rural communities where microfinance banks charge very prohibitive interest rates, but here, we are talking about making fund available to these people. This will help to create some form of competitive landscape so that those kinds of practices will no longer arise. “We are just inspecting one out of the first seven, and we are scaling up to the next 50 in the next phase. We believe that before the end of this year, we would have moved substantially in making sure that they are set up and able to provide finance to small businesses.”

Nigeria Banks recorded N42.76tn e-transactions in Q3

A total volume of 800.2 million transactions valued at N42.76tn were recorded in the third quarter of 2019, as data on electronic payment channels in the Nigeria banking sector revealed.

The National Bureau of Statistics disclosed in its selected banking sector data: Sectoral breakdown of credit,e-payment channels and staff strength’s report for third quarter of 2019.