Day: September 12, 2019

  The African Development Bank (AfDB) has been recognised for procurement excellence by the Chartered Institute of Procurement & Supply (CIPS), the world’s largest professional body for procurement and supply management professionals, with offices all over the world including Africa.     The bank was awarded a silver award at advanced standard level following the CIPS Procurement Excellence Programme, for having successfully developed  its corporate procurement processes from an operational focus to managerial and strategic, building performance, capability and value.   The bank is the first multilateral development bank in…

  QuickCheck, an online banking and micro-lending platform that provides collateral-free loans, has launched a new app to improve financial inclusion among Nigerians.   It also educates borrowers about financial instruments and managing risky debts.   About 60 per cent of the country’s adult population remains financially excluded, lacks credit history and cannot access financial services such as quick and easy loans.   According to Luis Rodrigues, CTO, QuickCheck, this was addressed in 2017 as the company developed a solution to give Nigerians access to such loans anywhere and anytime,…

  The Central Bank of Nigeria (CBN) yesterday unveiled guidelines on the issuance and treatment of Bankers’ Acceptances (BAs) and Commercial Papers (CPs).   The move, the CBN said, was to ensure uniform practice and treatment of BAs and CPs by banks and discount houses in the country, which according to the apex bank, will “deepen and facilitate the effective and efficient functioning of the Nigerian money market.”   As defined by the CBN, a BA is a  “draft drawn on and accepted by a bank, unconditionally ordering payment of…

  Industrialists are seeking Federal Government’s interventions in ensuring availability of single-digit interest loans and tax reduction  for Small and Medium-sized Enterprises (SMEs) operators in the country.   These, they said, constituted some of the challenges confronting industrialists and job creation.   According to them, some of the challenges include high taxation, scarcity of cheap funds, obsolete technology, high electricity bill and delay in disbursement of funds to qualified SMEs.   These challenges, industrialists told the Minister of Science and Technology, Dr. Ogbonnaya Onu, who was on an industrial visit…

Mondaq UK Business Briefing provides global coverage of all legal analysis from reputable firms, registration is…   They are more ingrained in the local communities of Nigeria when it comes to telecommunications, and have agents scattered across numerous local governments in different states of the Federation. As a direct result of the already forged relationships in these parts, Telco financial service subsidiaries are likely to find it easier to engage the locals as Super-Agents or PSB’s, than the banks have.   This gives telcos a huge advantage in terms of…

Despite the collaboration between telecom companies (telcos) and banks, a survey by PricewaterhouseCoopers (PwC) has revealed that banks are on the losing end as a result of the mobile money platform’s success.   According to the survey, 80 per cent of 19 bank executives, who responded to the survey, confirmed that the mobile money platform had led to erosion of banks’ revenue generated from fees and fund transfers. The amount of revenue lost, though, was not stated.   What this essentially means is that monies that the banks used to…

  As the September 17 date set by the National Insurance Commission to end review of insurance operators’ recapitalisation plans approaches, palpable tension has enveloped the industry, especially among those whose plans may not tally with their current financial position and weak public reputation.   Findings revealed that though the operators met the August 20 deadline set by the commission to forward their plans, it was, however, an easier task for companies with foreign interests as they were among the first batch to submit theirs.   This is an indication…

    The London markets surged higher on the back of news that Hong Kong Exchanges and Clearing tabled a £31.6 billion bid for the London Stock Exchange Group.       The FTSE 100 closed 70.08 points higher at 7,338.03 at the end of trading on Wednesday.   According to Belfast Telegraph, the FTSE surpassed its, also positive, European peers after it was boosted by the takeover offer which will disrupt the UK firm’s tie-up with Refinitiv.       Connor Campbell, financial analyst at Spreadex, said: “Reports of…