CBN injects $210 million in interbank forex market, issues licences to three new banks

Posted by - July 26, 2019

The Nigerian Inter-bank foreign exchange market received another boost of 210 million dollars from the Central Bank of Nigeria (CBN) after transactions. Isaac Okorafor, the CBN Director, Corporate Communications Department, said this in a statement in Abuja. Mr Okorafor said that the authorised dealers in the wholesale sector of the market received 100 million dollars,

S&P Affirms Access Bank’s Ratings

Posted by - March 29, 2019

Following the merger between Access Bank Plc and Diamond Bank, one of the global rating agencies, Standard and Poor’s (S&P), recently revealed that it has discontinued its ‘CCC+/C’ long- and short-term issuer credit ratings and its ‘ngBB/ngB’ Nigeria national scale ratings on Diamond Bank. At the same time, it affirmed the ‘B/B’ long- and short-term

Commercial banks’ assets, liabilities hit N37.14tn

Posted by - February 13, 2019

The total assets and liabilities of commercial banks stood at N37.14tn at the end of November 2018, representing 0.4 per cent decrease below the level at end-September 2018. According to figures obtained from the Central Bank of Nigeria, the funds were sourced, largely, from foreign liabilities; draw down on reserves and acquisition of credit from

Access, Diamond Banks To Reward Customers

Posted by - February 13, 2019

As Access Bank and Diamond Banks continue with their merger process, the banks have said that customers will be rewarded for their loyalty. A statement said they would be rewarded with loyalty points, cash-back, free websites for SMEs, giveaways among others by carrying out one or more banking transactions or using the banks’ services from

Standard Chartered Launches Digital-only Retail Banks across African Markets

Posted by - February 1, 2019

Standard Chartered has announced the start of the second phase of its digital-only retail bank across Africa. In response to growing consumer demand for innovative banking services on the continent, the Bank will launch its digital solution in four key markets during the first quarter of 2019 starting in Uganda in January, followed by Tanzania

As Ghana sector complete cleanup, two more banks dissolved

Posted by - January 8, 2019

Ghana’s Central Bank recently disclosed the revocation of the operating licences of two more banks, Premium Bank and Heritage Bank. Announcing the decision, Ernest Addison, Governor of Bank of Ghana, said the two years long banking sector cleanup had come to an end, leaving 23 universal banks out of an initial 35. While Premium Bank

BoG to get all banks listed on GSE

Posted by - October 4, 2018

The Bank of Ghana is revising its policies and guidelines that will make it easier for all banks to list on the Ghana Stock Exchange. Governor of the Central Bank, Dr. Ernest Addison, in a speech read on his behalf at the launch of the Initial Public Offering (IPO) of Energy Commercial Bank, said the

CBN: FinTechs Won’t Usurp Banks’ Traditional Roles

Posted by - August 7, 2017

The Central Bank of Nigeria (CBN) has assured that Financial Technology (FinTech) companies will not take over the roles played by commercial banks in delivering services customers. Speaking at the Bi-Monthly Forum of the Financial Correspondents Association of Nigeria (FICAN) in Lagos at the weekend, CBN Director, Banking and Payments System Department, ‘Dipo Fatokun said