May 6, 2021
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Nigerian banks grow credit to economy by 7.61% in Oct ~CBN

by on November 24, 2020 0
By Oludare Mayowa Nigerian banking industry credit to the domestic economy grew by 7.61 percent in October compared with 7.35 percent in the previous month, according to the Central Bank of Nigeria (CBN) data. Total credit to the economy stood at N19.54 trillion as of November 13, 2020, compared with N19.33 trillion at end-August,... Read More

CBN to compel banks to invest funds in dormant accounts in govt assets

by on November 23, 2020 0
GFDNews Correspondent The Central Bank of Nigeria (CBN) has been empowered by the recently signed Banks and Other Financial Institutions Act (BOFIA) 2020 to compel financial institutions to create dormant account registers for the purpose of transferring and investing the pool of funds left in such accounts by their customers. The new banking regulations... Read More

Nigeria’s central bank slams N226 bln CRR debits on banks

by on November 21, 2020 0
By Samuel Bankole The Central Bank of Nigeria (CBN) slammed total debits of around N226 billion on some banks in a bid to enforce compliance with the 27.5 percent Cash Reserves Requirements (CRR). The move was designed to reduce the bulk of idle funds in the banking system and curb speculations on the local... Read More

Nigeria plans N14 bln Banking sector distress resolution fund

by on November 16, 2020 0
Nigeria plans to create a new resolution fund to support failing or distressed financial institutions with existing banks contributing to the pool of funds, according to the newly signed Bank and Other Financial Institutions Act (BOFIA) 2020. The BOFIA signed last week by President Muhammadu Buhari was in response to developments in the financial... Read More

Ecobank CEO seeks Fintech, banks, telecoms collaborations to boost market growth

by on November 3, 2020 0
Nigerian Fintech, banks and telecommunications firms should collaborate more to spur markets in health, agriculture, education, transportation, fashion and creative industry, commodities, and capital markets. Ecobank Nigeria Managing Director, Patrick Akinwuntan said that for Nigeria Fintechs to accelerate positive disruption for value, there is a strong need to develop talents, solve problem beyond payments,... Read More