Sterling Bank Plc has pledged to continue its support of players in the education sector in a bid to lift the sector out of its current situation, which is unacceptable to most Nigerians. Education Lead at Sterling Bank, Mrs. Eniola Obe, disclosed this at the sixth edition of the Lafarge Africa National Literacy Competition held in Lagos recently with the theme, “Bridging the Literacy Gap Together.” According to her, Sterling Bank decided to support the programme because education is one of the five sectors of the …
Read MoreCategory: Money market
Analysts: OMO restriction threatens banks’ profitability
The decision by the Central Bank of Nigeria (CBN) to bar non-bank locals (individuals and corporates) from participating in its Open Market Operations (OMO) at both the primary and secondary markets, could make it difficult for the banks to comply with the apex bank’s Loan to Deposit Ratio (LDR) requirements, thereby affecting their profitability, analysts at Comercio Partners have said. In a report obtained by New Telegraph at the weekend, the analysts noted that the OMO restriction had resulted to a decline in yields at the CBN’s…
Read MoreAccess Bank, Nigerian Breweries partner on ‘Access The Stars’
Access Bank and Nigerian Breweries (through Star Lager Beer) have announced, “Access The Stars”, a collaborative music platform to discover, groom and amplify the next generation of Nigerian talents. According to the two companies, “Access The Stars is a new platform created for exceptional and aspirational Nigerians in the music industry to be discovered, refined, and empowered to reach higher heights by accessing their star potential. Successful artists will get to tour with the best of Nigerian artists on ‘The Trek’ across the country, giving the grassroots access to the stars…
Read MoreWorld Bank cuts Nigeria’s growth forecast to 2.0%
The World Bank has reviewed downward Nigeria’s economic growth forecast for this year to 2.0 per cent from its earlier projection of 2.1per cent in April. The bank, which stated this in its October Africa’s Pulse report, released yesterday, also projected that the country’s economy would expand by 2.1 per cent in 2020 and 2021, which are 0.1 and 0.3 percentage points lower than its April forecasts, respectively. According to the World Bank, multiple exchange rates, foreign exchange restrictions, high inflation, and low non-oil revenues among other obstacles, will ensure…
Read MoreUBA launches Leo on Apple Business Chat
The United Bank for Africa (UBA) Plc, yesterday, announced that the services of its Chatbot, Leo, is now available for customers on Apple Business Chat, where its users can communicate directly with businesses using the Messages app on iPhone and iPad. “As a brand focused on providing excellent customer experience, we are always looking for new ways to serve our customers easily and on time; we are therefore thrilled to support Apple Business Chat, which gives us a powerful and engaging connection with our customers,” said Mr.…
Read MoreNBS: Lack of market-oriented policies stifling growth
Latest merchandize trade report by the National Bureau of Statistics (NBS), which showed a decline in the country’s foreign trade surplus in the first half of this year, as well as weak second quarter 2019 capital importation data earlier released by the bureau, indicates that a lack of market-oriented policies is hindering Nigeria’s economic growth, analysts at Cowry Asset Management Limited, have said. The analysts, who stated this in a report obtained by New Telegraph yesterday, said they expected the weak data to lead the Federal Government into…
Read More‘Ecobank leveraging technology to expand financial inclusion’
The Managing Director, Ecobank Nigeria, Patrick Akinwuntan, has disclosed that the bank is leveraging technology to push the frontiers of financial inclusion of the unbanked and under-banked in the country. The managing director said this in his keynote presentation at the Vanguard Economic Forum series on mobile money market and fintech. The forum with the theme, ‘Leveraging Fintech Innovation for Unlocking Growth and Competitiveness in Nigeria’s Mobile & Payment Ecosystem’ held in Lagos. He pointed out that Nigeria, which has improved financial inclusion…
Read MoreSABEX unlocks export market for Nigerian farmers
SABEX, the world’s first end-to-end blockchain commodities trading and financing platform, was formally unveiled to policy makers, agriculture value chain players, investors, international financiers and development agencies at the 2019 edition of Agriculture Summit Africa, organised by Sterling Bank Plc, at the weekend in Abuja. Powered by Sterling Bank, Binkabi and AFEX Commodities Exchange, the digital commodities trading platform, provides real time credit finance for farmers, secure storage and a ready market for both farmers and buyers to transact thereby reducing post-harvest wastage of farm produce across…
Read MoreZenith Bank’s ‘Aspire Music Festival’ debuts in Lagos
Zenith Bank Plc is set to light up the social and entertainment scene this month with the announcement of the bank’s “Aspire Music Festival.” In a press release, the lender said that the music festival, which is the “most anticipated entertainment event of the year,” holds on Saturday, September 21, 2019 by 8.00pm at the Harbour Point Event Centre, Victoria Island, Lagos. According to the release, “the festival promises to be a night to remember, as it will feature captivating and thrilling musical performances by…
Read MoreChief Executive Officer of the World Bank, Ms. Kristalina Georgieva, is set to step into Christine Lagarde’s shoes as Managing Director of the International Monetary Fund (IMF). Lagarde is quitting the IMF on September 12, having resigned in July following her nomination to become head of the European Central Bank (ECB). The IMF announced in a press release yesterday that with the period for submitting nominations for the position of the next MD of the fund having closed on Friday, September 6, Georgieva, a Bulgarian national, was…
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