Nigeria’s CSCS, Standard Bank on board as Tata completes innovative pilot for cross border data exchange in Africa
Adesola Afolabi
October 25, 2018
Tata Consultancy Services (TCS), a leading IT services, consulting and business solutions organisation has announced that it has successfully completed a pilot using the quartz blockchain technology for cross-border corporate action information exchange on the BaNCS Network. The pilot process was carried through two of TCS BaNCS customers in Africa: Central Securities Clearing System (CSCS) Plc., the Central Securities […]
Nigeria SEC issues warning against online retail forex trading
Adesola AfolabiOctober 24, 2018
The Securities and Exchange Commission (SEC) has issued a warning against engaging in the retail sale and purchase of foreign exchange (forex) online as it may be subject to abuse. SEC noted that its attention has been drawn to increased advertisements in electronic and other media soliciting investors to engage in leveraged online retail forex […]
Sterling Bank sustains growth as net profit rises 39% in Q3
Adesola AfolabiOctober 24, 2018
Sterling Bank Plc, has announced its third-quarter 2018 results revealing strong top-line growth and increasing efficient credit risks and cost management practices to deliver a 39 percent growth in net profit during the period. According to Abubakar Suleiman, its chief executive officer, the bank has been able to sustain its steady growth due to focused implementation […]
Financial inclusion is advancing in Nigeria on fintech push, says SEC’s Uduk
Adesola AfolabiOctober 24, 2018
Mary Uduk the acting director general of the Securities and Exchange Commission Friday noted that financial inclusion in the county has begun to advance, adding that fintech innovators are the main drivers of the revolution. Delivering a keynote address on “Digitization, disruption and financial inclusion: Digital finance as an essential tool for enhancing financial inclusion” […]
Insurance industry to flag as NAICOM suspends October implementation of solvency policy
Afolabi OluwaseunOctober 22, 2018
The expected improved operations of the insurance industry with the implementation of the tier-based solvency policy may hold back quick wins for the sector, according to analysts. The analysts say it is now that the sector, which has remained static for decades, to seize the opportunity for growth. However, some operators and stakeholders, who are […]
Nigerians won’t mind high inflation if interest rates are kept low, CBN survey
Adesola AfolabiOctober 22, 2018
The results of an inflation attitudes survey conducted by the Central Bank of Nigeria (CBN) for the third quarter of 2018, shows that more Nigerians would prefer a high inflation rate provided that interest rates are low. The results released Monday specifically indicates that given a trade-off between inflation and interest rates, more respondents prefer interest rates to […]
UBA, GTB, Zenith Banks’ loans drop 11.3% in one year amidst 9% rise in deposits
Adesola AfolabiOctober 22, 2018
Loans in Nigeria’s three tier-1 banks, United Bank for Africa (UBA), Guaranty Trust Bank (GTB) and Zenith Bank declined 11.3 percent year-on-year in Q3 2018 despite over 9 percent rise in deposit takings, according to business a.m. analysis of the respective banks nine months accounts released to the Nigerian Stock Exchange last week. Primarily, commercial […]
Balance of payment vulnerable to shocks as CBN spends $4.2bn in 6 months on FX marketof
Adesola AfolabiOctober 22, 2018
The $4.2 billion of the country’s foreign exchange (FX) reserves spent by the Central Bank of Nigeria (CBN) on the foreign exchange market as interventions to stabilising the economy may have negative effects on the nation’s balance of payments, according to economists. With bulk of monetary payments into the country coming from oil receipts, the […]
Nigeria’s CPC canvasses insurance deepening through partnership with religious, community leaders
Adesola AfolabiOctober 16, 2018
Nigeria’s Consumer Protection Council (CPC) has advised insurance practitioners in the country to collaborate with religious and community leaders to enhance the growth of the sector. The CPC gave the advise at the ongoing annual insurance consumers colloquium in Lagos, following the abuses policy holders have been exposed to. Babatunde Irukera, CPC director general, said […]
Liquidity mop-up, forex to exert upward pressure on overnight rates
Afolabi OluwaseunOctober 16, 2018
Despite inflow of maturing OMO bills of N240.57 billion offering support to system liquidity, mop-ups by the Central Bank of Nigeria (CBN) and lenders bid to cover for their forex positions would likely exert pressure on overnight lending rate this week, according analysts. However, analysts say the cushion offered by the OMO maturities would moderate […]