Financial institutions and challenges of cyber crime
According to experts, in a report from the Global Trade Review (GTR), the traditional all-in-one Information Technology (IT) approach is no longer working and financial institutions should instead, build IT systems tailored specifically to each asset class on their balance sheet, giving priority to the most lucrative ones.
Banks’ assets, liabilities hit N28 trillion
Specifically, the total assets and liabilities of the commercial banks rose to N27.67 trillion in January 2015, representing one per cent increase above the level at the end of December 2014.
Sterling Bank chief bags top CEO award
The Managing Director and Chief Executive Officer of Sterling Bank Plc, Yemi Adeola, has been awarded the Outstanding CEO for his sustained efforts aimed at positioning the bank as a reference financial institution in the country and as a major player in the Nigerian Stock Exchange (NSE).
Why FG launched Development Bank of Nigeria (DBN)
As far as achieving these objectives are concerned, development banks have recorded mixed results but studies have also identified specific traits and characteristics that have allowed development banks to succeed. These traits include: having a clear mandate, being held to high standards of transparency, having adequate initial capitalization, and having strong internal governance such as an independent board, amongst others.
Experts tie Nigeria’s falling GDP to weak Naira, others
Recent GDP overview for the fourth quarter of 2014 by National Bureau of Statistics (NBS), indicate that the nation’s economy grew by 5.94 per cent (year-on-year), but the current figure was observed to have been lower by 0.83 per cent when compared with value recorded in the fourth quarter of 2013. The current GDP was also noted to have been lower by 0.28 per cent from figures of the third quarter of 2014.
1000 African entrepreneurs get $10m grant
The 1000 selected entrepreneurs will continue through the programme cycle over the next nine months. This cycle includes an intensive online training curriculum, mentoring, and participation in a two-day entrepreneurship boot-camp and the Elumelu Entrepreneurship Forum.
Bank of Industry’s initiatives in creating ecosystem for SMEs, by Olagunju
The Bank of Industry (BoI) has manifestly emerged the nation’s quintessential development finance institution, with its several initiatives that have enthroned single-digit interest rate regime in for value-added business operators. The bank’s Executive Director, Waheed Olagunju, in this interview with Business Editor, ADE OGIDAN, explained how BoI has strategically promoted the fortunes of Small and Medium Enterprise (SMEs) in the country. Excerpts.
Ecobank unveils SME Club initiative
“The Club also offers VIP lounge; priority access to banking services; Ecobank Webmall, the pan-African online shop; Ecobank Omni; the pan-African corporate online banking platform and partner benefits on our loyalty programme; preferred services in over 37 countries with Ecobank footprints across Africa.”
Banks’ losses to fraud hit N203 billion in 14 years
According to him, the fraudulent cases help to emphasize the need for more security measures in handling payment cards as individuals, and improved security practices as corporate bodies to help minimize fraud rates.