Money

Ecobank shuts 74 branches, switches to digital channels

Ihesiulo Grace 1 May 2017 0

The economic crunch in Nigeria is taking its toll on Ecobank Nigeria Limited, and to tackle this challenge, the lender has decided to shut down 74 of its branches, reducing local outfits from 479 to 405, as it switches to digital channels. In a related development, Sterling Bank debunked

Business Money

AFS: Three commercial banks blame regulatory approval for late submission

Ihesiulo Grace 14 April 2017 0

Three listed commercial banks in the country risk being sanctioned by the Nigerian Stock Exchange (NSE) for late submission of their 2016 Annual Financial Statement (AFS), but the affected financial institutions have linked the action to the failure of regulatory approval by the Central Bank of Nigeria (CBN). The affected Deposit Money Banks (DMBs) that […]

Money Nigeria

Naira bounces back, gains at all forex segments

Ihesiulo Grace 5 April 2017 0

The Naira on Tuesday bounced back at all segments of the foreign exchange market, from its recent sharp drop after weeks of continuous gains at the parallel market. The local currency yesterday appreciated by five points, closing at 390 to a dollar against Monday’s depreciated rate of N395 to the dollar from N393 recorded on […]

Money

Sterling Bank tutors 17,000 students on financial management

Ihesiulo Grace 3 April 2017 0

As part of commitment in promoting financial literacy among students, Sterling Bank last week, trained over 17,000 secondary school students across the country on the key fundamentals of financial literacy and re-enforcing the need to encourage savings culture among the youth. The exercise, which is in commemoration of the 2017 Financial Literacy Day is In […]

Money

Instant payment transactions hit N38.2trn in 2016– NIBSS

Ihesiulo Grace 3 April 2017 0

The Nigeria Inter-Bank Settlement System Plc (NIBSS) has said that total volume of Instant Payment (NIP) transactions recorded 154.5 million with value of N38.2 trillion in 2016. This is an increase of 117 per cent from the previous year instant payment transactions. Of the four Africa countries observed by NIBSS, Nigeria has $124 million in […]

Money

CBN assures on adequate forex for BTA, medicals, others

Ihesiulo Grace 3 April 2017 0

Due to claims that some Deposit Money Banks (DMBs) do not have forex to sell to retail buyers, the Central Bank of Nigeria (CBN) over the weekend informed the general public that it has sold enough FX to commercial banks to resell to Nigerians for their BTAs, PTAs, School fees or Medicals. In a statement […]

Money Money

Alibaba’s Ant Financial buys MoneyGram for $880m

Ihesiulo Grace 6 February 2017 0

Ant Financial, the digital payments arm of e-commerce giant Alibaba, is buying US-based MoneyGram for $880 million (£700 million). MoneyGram has about 350,000 outlets in nearly 200 countries. Ant Financial has more than 630 million users. The takeover by the Chinese group will need regulatory approval from the US Committee on Foreign Investment. The inter-agency […]

Money Money

Favourable conditions will aid Naira value – ABCON

Ihesiulo Grace 6 February 2017 0

The President of the Association of Bureau de Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, believes the naira has the potential to improve in value due to favourable economic factors. Gwadabe made this known in an interview recently with the News Agency of Nigeria in Abuja. He said that the global fall in the […]

Business Money

LCCI thrashes CBN for inflation fixation

Ihesiulo Grace 30 January 2017 0

The Lagos Chamber of Commerce and Industry (LCCI) has trashed the outcome of last week’s Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) as no more than a fixation on inflation at the expense of stimulating growth and investment. The Director-General, Lagos Chamber of Commerce and Industry (LCCI), Mr Muda Yusuf, made the observation […]

Money

Ecobank Masterpass QR records high patronage

Ihesiulo Grace 23 January 2017 0

The Deputy Managing Director, Ecobank Nigeria, Tony Okpanachi, has expressed delight over the level of acceptability and wide patronage of Ecobank MasterPass QR, an innovative global digital payment solution recently introduced into the nation’s financial landscape by the Bank. According to Mr. Okpanachi who was responding to media questions in Lagos, latest checks have

Money

CIBN, economists x-ray Nigeria’s outlook in 2017 tomorrow

Ihesiulo Grace 23 January 2017 0

The Chartered Institute of Bankers of Nigeria Centre for Financial Studies (CIBNCFS) in collaboration with B. Adedipe Associates Ltd (BAA) has concluded plans to hold a roundtable on 3rd Economic Outlook: Implications for Businesses in Nigeria in 2017. The programme will x-ray both global and Nigerian economies in 2016; review the expectations of local businesses […]

Money

Mobile money feedback disappointing says NIBSS CEO

Ihesiulo Grace 23 January 2017 0

… Advocates digital media for news dissemination The Managing Director/CEO, Nigeria Interbank Settlement System (NIBSS), Ade Shonubi, has said mobile money service was yet to achieved the Central Bank of Nigeria (CBN) objective. This is even as he reiterated the rising significance of digital or online media in financial news reporting, saying it was where […]

Business Money

Interbank rate closes at 11.5%, as securities payment drain liquidity

Ihesiulo Grace 23 January 2017 0

Interbank lending rate at the end of market operations last week closed at 11.5 percent from 7 percent the previous week. The rate spike was due to payments for bond and treasury bills purchases which drained liquidity from the money market. The federal government during the week raised N214.95 billion from local currency bonds at […]

Business Money

MasterCard announces new payment app

Ihesiulo Grace 18 January 2017 0

MasterCard has announced the roll out of the Identity Check Mobile, a new payment technology application that uses biometrics, including fingerprint and facial recognition, to verify a cardholder’s identity and simplify online shopping. BMO Financial Group (BMO) will be the first bank in America and Canada to offer Identity Check Mobile to its corporate customers […]

Business Money

ACCA boosts finance professionals with Synergy Professionals approval

Ihesiulo Grace 18 January 2017 0

In an effort to enhance finance professionals, the Association of Chartered Certified Accountants (ACCA) has given Synergy Professionals the Platinum ALP certificate to equip students with standard learning with the best possible chance of success in accounting and finance fields. Synergy Professionals is an indigenous professional accounting tuition provider in Nigeria

Business Money

Separated staff were adequately compensated – Heritage Bank

Ihesiulo Grace 18 January 2017 0

Heritage Bank has said that it is restructuring its workforce, but it is also “adequately compensating” affected members of staff. The bank, which sacked 400 members of staff in December 2016, said this was done “as part of efforts geared towards greater efficiency and resource optimization, in line with its growth and industry innovative agenda”. […]

Business Money

Sterling Bank splashes N80m on customers in cash reward promo

Ihesiulo Grace 11 January 2017 0

Sterling Bank recently made 12 of its customers millionaires with a total amount of N80million in its cash reward promo.   Other winners also emerged in other categories of the promo with a total payout of N80 million. The New Sterling Plus is a new proposition for the retail segment of the market.   According […]

Business Money

FirstMobile app raises daily transactions limit to N1m

Ihesiulo Grace 9 January 2017 0

      First Bank of Nigeria has announced increased transaction limits on its FirstMobile Lifestyle app to a maximum daily limit of N150,000 without the use of a token and a total daily transaction limit of N1,000.000.   This development would boost convenience and ease of banking as well as enhance customers’ digital banking […]

Business Money

Ecobank Nigeria on path of market leadership – CEO

Ihesiulo Grace 8 January 2017 0

The Managing Director, Ecobank Nigeria, Charles Kie, has said the lender is on the path of attaining market leadership.   According to him, “with our bank-wide transformation efforts, especially electronic payment solutions and strategy designed to boost long-term productivity of our core businesses, we are confident these efforts will position us for strong growth

Business Money

FG sells N173bn Treasury bills at steady yield

Ihesiulo Grace 6 January 2017 0

The Central Bank of Nigeria (CBN) sold N172.85 billion ($550 million) treasury bills on Wednesday with yields unchanged from the previous auction, held in the third week of the last month in 2016.   The apex bank sold N115.85 billion of one-year debt at a rate of 18.68 percent, the same as the previous auction, traders said. […]