AFDB approves $14.12mn to support Nigeria’s ATI membership

The African Development Bank (AfDP) Group through its Trade Finance operations, on Tuesday announced the approval of a US$14.12 million facility to support Nigeria’s membership in the African TradeInsurance Agency (ATI). The funding support is critical and mandatory step to enable ATI commence its operations in Nigeria, as the country joins 14 other African countries […]

Access Bank may soon acquire Diamond Bank

Access Bank Plc may soon acquire Diamond Bank. This is coming barely a couple of months after the regulatory agencies staved off the collapse of Skye Bank and renamed it Polaris Bank. Reports have it that the fusion is set for the first quarter of next year. Both financial institutions, according to the paper, have […]

NDIC assures failed MFBs, PMBs’ depositors on claims

The Nigerian Deposit Insurance Commission (NDIC) on Tuesday restated its commitment to ensuring that insured depositors’ claims on failed microfinance banks (MFBs) and primary mortgage banks (PMBs) would be paid to them. The corporation’s assurance came on the heels of the recent revocation of licenses of 154, MFBs, and six PMBs, by the Central Bank […]

Afrexim Bank moves to bridge Africa’s trade financing gap

The African Export-Import (Afrexim) Bank has introduced a trade facilitation programme aimed at reducing trade financing gap in Africa. The bank also charged Nigerian banks to explore its credit lines as option for managing capital adequacy and liquidity issues in trade financing deals. Afrexim Bank’s Executive Vice President, Business Development and Corporate Banking, Mr Amr […]

CBN rolls out guidelines for Payment Service Banks

In its bid to enhance access to financial services for low income earners and unbanked Nigerians, the Central Bank of Nigeria (CBN), has come out with guidelines and regulations for Payment System Banks (PSBs) in the country. According to a circular issued to all stakeholders and signed by Director, Financial Policy and Regulatory Department of […]

Stanbic IBTC reports N22.08bn PAT growth in Q3

Stanbic IBTC Holdings has reported a growth of about N22.08 billion growth in its Profit After Tax (PAT) year-on-year in the third quarter of the current financial year, amongst other positive indices in its financials. Specifically, the bank in its 2018 third quarter financial report made public on Monday, indicated that its PAT rose to […]

DBN becomes member of global SME Finance Forum

The Development Bank of Nigeria (DBN) has become a member of the SME Finance Forum, a global membership network that brings together financial institutions, technology companies, and development finance institutions to share knowledge, spur innovation, and promote the growth of SMEs. Established by the G20 Global Partnership for Financial Inclusion (GPFI) in 2012, the SME […]

Diamond Bank leverages retail growth in Q3 2018

Diamond Bank Plc, has released its Q3 unaudited financial report for the period ended September 30, 2018 to the of the Nigerian Stock Exchange (NSE), highlighting its strong focus on the Nigerian market, especially the retail sector through its technology-led retail strategy to drive growth and position SMEs for competitiveness. A statement by the management […]

Ecobank records N75.7bn PAT in Q3 2018

Ecobank Transnational Incorporated (ETI) released its financial results for the period ended 30th September 2018 with 1.4 percent growth in Gross Earnings, closing at N572.66 billion from the previous close of N564.72 billion in the corresponding period of last year. The company’s Profit Before Tax grew by 38.78 percent to close at N96.32 billion from […]

CBN revises MFBs’ capital base requirements

The Central Bank of Nigeria (CBN) on Tuesday raised the minimum capital base of microfinance banks (MFBs) in the country, setting April 2020 deadline for all operators to comply with the new recapitalization requirements. The apex bank, in a circular issued by its Director, Financial Policy and Regulation Department, Kevin Amugo, increased the minimum capital […]