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FCMB BANK (UK) LIMITED LAUNCHES PERSONAL AND BUSINESS BANKING PROPOSITION TO DEEPEN INCLUSIVENESS

FCMB Bank (UK) Limited, an independently incorporated subsidiary of First City Monument Bank Limited (which is a member of FCMB Group Plc), has introduced its Personal and Business banking proposition in London, United Kingdom and Lagos, Nigeria at an impressive ceremony attended by the top echelon of the business community within and from outside the […]

CBN ISSUES NEW GUIDELINES ON E-PAYMENT, FINTECH DEVELOPMENT

The Central Bank of Nigeria (CBN) has issued fresh guidelines aimed at strengthening the payment system and development of other disruptive technologies relating to financial services. The regulatory frameworks are contained in two separate documents issued by the apex banks. The documents are created to address challenges in regulatory sandbox and quick response (QR) code […]

TAJ BANK SEEKS NATIONAL LICENCE

Nigeria’s second non-interest Bank, Taj Bank, has revealed that it broke in its first eight months of operation, a rare feat that takes some bank’s many years to accomplish. The Bank, which already has five branches, including the National Assembly Abuja, Abuja Corporate Headquarters, Kano, and Lagos, hopes to expand to the North East states […]

SUSTAINED BARGAIN-HUNTING BOOSTS CAPITALISATION BY N325B

For four consecutive sessions, sustained bargain hunting in the shares of blue-chip stocks pushed the Nigerian Stock Exchange (NSE) market capitalisation up by N325 billion. At the close of trading yesterday, the All-Share Index (ASI) gained 622.09 absolute points, representing an increase of 1.54 per cent to close at 40,963.14 points. Similarly, the overall market […]

Economy sectors list gains of CBN’s stimulus programme

Just days to the announcement of the first Gross Domestic Product, GDP, report factoring in the impact of the Coronavirus (COVID-19) pandemic on the economy, the country’s fiscal and monetary policy executives are still under pressure to contain the crises. Economy observers believe the measure of success or value for the money and efforts expended […]

Net Foreign Inflow Hit $9.35bn In February – CBN

The nation’s economy recorded a net foreign exchange inflow of $9.35bn in February. The Central Bank of Nigeria disclosed this in its February monthly report. It said, “Foreign exchange flows through the economy resulted in a net inflow of $9.35bn in the review period, compared with $9.99bn and $4.58bn at end-January 2020 and end-February 2019, […]

Labour Ministry, Senators Clash Over Banking Bill Amendments

The relationship between the Ministry of Labour and the National Assembly worsened on Wednesday when the representative of the Minister of Labour, Chris Ngige, clashed with members of the Senate Committee on Banking, Insurance, and other Financial Institutions, at a public hearing. The public hearing was on Banks and other Financial Institutions Act Cap B3 […]

Why We Increased 2020 Budget Despite Low Revenue ― Presidency

The Presidency at the weekend explained the reason behind the upward review of the 2020 budget, saying it was premised on the need to tailor funds to address critical infrastructure gap and the consequences of the coronavirus pandemic on the economy. Recall that President Muhammadu Buhari, Friday, signed the Appropriation (Repeal and Amendment) Act, 2020 […]

Operators Task Banks on SMEs Lending, Financial Advisory

Following banks’ implementation of reduced charges as recently directed the Central Bank of Nigeria (CBN), analysts and operators have underscored the need for banks to increase lending to growing companies in the small and medium enterprises (SMEs) space to avoid erosion of revenue and boost their bottom-line. The analysts argued that commercial banks must depart […]

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