Banking & Finance

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…

Nigerian billionaire Femi Otedola has distanced himself from media reports that he’s the new board chairman of FBN Holdings Limited, the parent company of First Bank after he recently acquired more shares in the conglomerate. Otedola, the chairman of Geregu Energy Group, had acquired an additional 7.57% shares in FBN…

Notwithstanding the effect of COVID-19 on the economy, the Nigerian banks listed by the Nigerian Exchange recorded a surge of N88.9billion in the fees generated from account maintenance in 9 months. The revenue generated has an increase of 41.4% compared to N62.9 billion generated in 2019 and a 39.5% increase…

A quick snapshot of banking and payment trends in Africa offers encouraging news for banks on the continent with regards to growth opportunities.

Access Bank's Herbert Wigwe wins Banker of the year for second consecutive year.

Nigerian banks have placed a new restriction on the amount of United States dollars customers can deposit into their domiciliary accounts. The initial amount allowed to be deposited was $10,000 monthly. It has now been reduced to $5,000 monthly, ThisDay reports. The restriction is said to be in compliance with…

Pan-African banking group, Atlas Mara, has received offers from Zenith bank and Access bank for the acquisition of its 49.97% stake in Union Bank Plc, Nigeria’s sixth-biggest bank by market value, Bloomberg reports. The two Nigerian banks are said to be among the financial institutions from Africa and the Middle…

The coast is clear for Miriam Olusanya to be appointed as the new Managing Director and CEO of Nigeria’s commercial bank, Guarantee Trust Bank, multiple sources privy to the matter have claimed. Although there is no official communication from the bank yet, Olusanya would take over from Segun Agbaje, who…