Category: Money market

Digital currency: CBN picks technical partner

JUSTINA EMMANUEL OKPARA

Preparations for the unveiling of digital currency ( e-Naira) by the Central Bank of Nigeria (CBN) has commenced in earnest with the engagement of Bitt Incorporated, a Fintech company, as technical partner by apex bank. This comes as CBN Governor, Mr. Godwin Emefiele, listed benefits of the proposed digital currency billed to take off before end of 2021, to include increased cross-border trade, accelerated financial inclusion, cheaper and faster remittance inflows, easier targeted social interventions, as well as improvements in monetary policy effectiveness, payment systems efficiency, and tax collection. A…

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Transfer: CBN Pegs Limits As e-Naira Takes Off October 1

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The Central Bank of Nigeria (CBN) has set an initial transaction limit of N50,000 for non- account preparatory to the take-off of its digital currency set for October 1. In a guide released by the apex bank to Deposit money banks, the CBN stipulated a transaction limit for customers, non-interest-bearing Central Bank Digital Currency (CBDC) status, and an account value limit. There are three levels to the CBN “Speed wallet” issued primarily to meet the October 1, 2021, deadline. As a means to transact value, the wallet doesn’t compete with…

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FCMB, Mercy Corps to uplift farmers, vulnerable in North East

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About 500,000 farmers and vulnerable people in Nigeria’s North-East zone can now access farming friendly and demand-driven financial services.  It is the result of First City Monument Bank’s (FCMB) partnership with Mercy Corps, a frontline international aid organisation.  A bold and landmark intervention, the partnership supported by USAID-funded Feed the Future Nigeria Rural Resilience Activity, will deliver funding and capacity-building support to smallholder farmers and vulnerable people living in the conflict-affected states of Adamawa, Borno, Gombe and Yobe. The Feed the Future Nigeria Rural Resilience Activity aims to facilitate and…

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H1: Zenith Bank posts N117bn pre-tax profit

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Zenith Bank Plc has announced its audited results for half-year ended 30 June 2021, recording positive growth across key financial metrics despite a challenging macroeconomic environment exacerbated by COVID 19. According to the financial results presented to the Nigerian Exchange (NGX), the Group recorded a growth in profit before tax of three per cent from N114 billion reported in H1’20 to N117 billion in H1’21. The Group also recorded a nine per cent growth in non-interest income from N116 billion in June 2020 to N127 billion in June 2021. Overall, the…

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UBA unveils online entertainment, lifestyle radio

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Pan- African financial institution, United Bank for Africa (UBA Plc), continues to lead in innovation with the launch of its dynamic and creative Online Radio channel – RED Radio. RED Radio, powered by UBA is a lifestyle web platform that has been set up to inform, educate, entertain and to bring to the fore, the best of Africa. Much like its sister platform, REDTV, RED Radio is expected to showcase the best in lifestyle, entertainment, music, news, comedy and fashion. Speaking on the launch of RED Radio, Group Chairman of…

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Wigwe: Banks should partner states to address power problem

Anya Michael

The Group Managing Director, Access Bank Plc, Mr Herbert Wigwe, has said that banks need to partner state governments to resolve the country’s power issue to achieve sustainable growth and development.   Wigwe said this on Wednesday, at the 13th Annual Banking & Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN), at which there was a hybrid of both physical and virtual attendance.   He said that commercial banks should partner state governments to embrace solar power solution in order to resolve the country’s power issues.  …

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FirstBank’s CEO, Adetuntan, bags Forbes Best of Africa Award

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Nigeria’s leading financial inclusion services provider, First Bank of Nigeria Limited, has announced that its Chief Executive Officer, Dr. Adesola Adeduntan, has been honoured with the Forbes Best of Africa Award. The award presentation was held on September 11, 2020 at a virtual event by Forbes in conjunction with the Foreign Investment Network (FIN). The online roundtable discussion themed, “Harnessing the financial resources and social capital of philanthropy to making a lasting impact,” was supported by the World Philanthropy Network and featured a keynote address by a former Nigerian President,…

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UBA Business Series to support SMEs, business owners with brand positioning, marketing strategies

Dorothy Ewah

In its continuous bid to support the growth of Micro Small and Medium Enterprises (MSMEs) and equip them with the necessary tools to strengthen and sustain their businesses, Pan-African financial institution, United Bank for Africa (UBA) Plc, is set to organise another edition of its quarterly UBA Business Series.   The UBA Business Series is an MSME workshop and a capacity building initiative where leading business leaders share insights on best practices for running successful businesses in the face of huge economic challenges. The outbreak of the COVID-19 presented a…

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AMCON takes over Geedee Zulu Investment’s assets over N4bn debt

Anya Michael

The Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to Mr. Frank Okwudili Ezuma and Mrs. Lilian Ifeoma Okwudili Ezuma, the chief promoters of Geedee Zulu Investment Limited over a staggering indebtedness of over N4billion. The corporation’s decision followed an order by Justice Muslim Hassan of the Federal High Court, Lagos. According to AMCON, “in compliance to the enforcement order, AMCON on Monday August 31, 2020, commenced the process of effective possession of the properties through its Debt Recovery Agent – Prime Chamber Law Firm. “The takeover,…

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Stanbic IBTC advises customers to reactivate dormant, inactive accounts

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Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has urged customers with dormant and inactive accounts to reactivate them to enjoy fantastic product offerings and exciting benefits. The financial institution recently launched an account reactivation campaign aimed at giving its customers with dormant accounts the opportunity to enjoy the best financial solutions. Wole Adeniyi, Chief Executive, Stanbic IBTC Bank PLC, stated: “This campaign is another demonstration of our unwavering dedication to serving our esteemed customers better. Their convenience is paramount to us, especially during this period when…

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