Banking & Finance

Following the outstanding results that some of the best performing banks in Nigeria published the previous year, the country’s banking sector continued its record-breaking accomplishments into the first half of 2022.  A net profit of N1 trillion was reported by the 13 banks listed on the Nigerian Exchange in 2021,…

The Central Bank of Nigeria and the Asset Management Company of Nigeria (AMCON) have recently announced that the sale of Polaris Bank shares to Strategic Capital Investment (SCIL) has been completed.  On October 20, 2022, the CBN announced this in a press statement that was posted online. “The Central Bank…

Appropriate financial management goes a long way in determining the success of a business. Due to its importance, employing the right accountant is one of the big decisions you must make in your small business. As a small business, there is a limit to what you can do in keeping…

Telecommunications businesses are beginning to carve their path into the financial sector. This is achievable because some payment service banks (PSB) have received operational licence approval from the Central Bank of Nigeria (CBN). In 2009, the Nigerian government launched the Shared Agent Network Expansion Service (SANEF) through the Central Bank…

Any country’s ability to prosper economically depends on having a stable financial system and a strong banking system. The significant challenges affecting Nigeria’s banking industry have made it impossible for the country to have a stable financial system.  According to a report from Renaissance Capital, Nigerian banks are still on…

The majority of individuals deposit their money in banks because they believe doing so is safe, secure, and in some circumstances profitable. However, they fail to realise that every bank is in business to generate as much profit as possible, thereby ripping you off in the process. Therefore, whether you…

Kuda, the free bank and the first mobile-only bank licensed by the Central Bank of Nigeria (CBN), has effected the deduction of the N50 stamp duty contained in the 2020 finance act. This was announced through mail sent to the customers using the fintech platform. However, this has been met…

Banks are currently under pressure to keep their deposits as Treasury Bill rates continue to rise. The interest on the standard savings accounts in Nigeria has remained constant at 1.25 percent per year, with improvements expected in the near future.  Since the CBN’s decision late last year to peg savings…

It’s no secret that men dominate the banking industry. However, the continent is reversing direction as the female gender is increasingly integrated into professions such as finance and banking, resulting in the emergence of experts in Africa. In 2017, Global Gender Gap Report revealed that female talent remains one of…

Standard Chartered Bank will close down 50% of its branches in Nigeria as part of its pivot efforts to digital banking, according to a Bloomberg report that emerged this week. This decision by the British banking group would inevitably resort to job cuts which may run into hundreds. The report…