BoE keeps rate at 0.5%, warns rate hike sooner than expected
Businessam Staff
February 12, 2018
The Bank of England voted unanimously to keep the Bank Rate at 0.5 percent on February 8th as widely expected, saying that inflation is expected to remain around 3 percent in the short term, reflecting recent higher oil prices. The bank also warned that interest rates may rise sooner than anticipated, as the economy will […]
UBA launches chat banker on Facebook Messenger to ease e-banking transactions
Businessam StaffJanuary 12, 2018
United Bank for Africa (UBA) has launched an e-banking solution, Leo Chat Banker, to enable customers use their social media accounts to carry out key banking transactions. At the official launch of Leo, which took place in Lagos Thursday, customers of the bank were given a step-by-step demonstration on the novel way of delivering lifestyle […]
Afreximbank taps Islamic finance to support Africa trade
Businessam StaffJanuary 9, 2018
The African Export-Import Bank (Afreximbank) has raised around $260 million via three sharia-compliant facilities to support small- and medium-sized businesses in the region, as African markets gradually open to Islamic finance. Cairo-based Afreximbank, which was founded by African governments and other investors in 1993 and focuses on trade finance, obtained a $100 million financing from […]
New EU rules increases competition and security between banks, fintech
Huw JonesNovember 28, 2017
The European Commission approved rules on Monday to increase competition and toughen up security in how people pay for goods and services across the European Union, pitting banks against financial technology firms. The rules flesh out an update to the bloc’s payment services law and are among the most disputed in recent financial regulation, sparking intense lobbying […]
Bank deposits no longer off limits as European Central Bank seeks power to freeze
Businessam StaffNovember 14, 2017
The European Central Bank intensified its push for a tool that would hand authorities the power to stop deposit withdrawals when a bank is on the verge of failing. Sabine Lautenschlaeger, ECB executive board member said, according to Bloomberg report, that bank resolution cases this year showed that a so-called moratorium tool, which would temporarily freeze […]
Wema Bank harps on savings as tool for social, economic security
Businessam StaffNovember 1, 2017
Ademola Adebise, deputy managing director of Wema Bank Plc, has harped on the need for Nigerians, especially the youth, to take savings seriously in order to secure their future. Adebise made the urge Tuesday in Benin City, Edo state while addressing students of Edokpolor Grammar School in an interactive session to mark this year’s World […]
TSA: The Untold Economic benefits
Obodo EjiroOctober 1, 2017
Treasury Single Account (TSA) is a Federal Government (FG) bank account into which all revenues collected on behalf of FG by its Ministries, Departments and Agencies (MDAs) are deposited and from which the government spends on salaries, projects, debt servicing, among other obligations. The TSA is domiciled with the Central Bank of Nigeria (CBN). Remita, […]
30% of bank jobs may disappear in next 5years, Pandit says
Businessam StaffSeptember 13, 2017
Vikram Pandit, who ran Citigroup Inc. during the financial crisis, said developments in technology could see some 30 percent of banking jobs disappearing in the next five years. Artificial intelligence and robotics reduce the need for staff in roles such as back-office functions, Pandit, 60, said Wednesday in an interview with Bloomberg Television’s Haslinda Amin in […]
Bank of Canada raises benchmark rate to 1%
Businessam StaffSeptember 6, 2017
The Bank of Canada forged ahead with another interest rate hike in a nod to the country’s surging economy, while signaling its appetite for further tightening may be curbed by a rising currency and sluggish price pressures. Policy makers raised their benchmark rate 25 basis points to 1 percent, the second increase since July. At the same […]
The budget bank rattling South Africa’s financial sector
Businessam StaffAugust 31, 2017
A budget bank is booming in South Africa’s economic slump, challenging the decades-long dominance of the “big four” lenders and prompting a price war that is driving down banking costs in a country where many people can’t afford an account. Capitec Bank has doubled its customer numbers over the past five years and quadrupled in […]