New loan benchmark may trigger asset bubble in banks
• NPL 20% above the maximum threshold, may affect dividend payout • Experts blame the weak economy, harsh business environment • Economists urge banks to observe due diligence in approval, strengthen risk framework There are mounting concerns over the increase in banks’ toxic assets and the potential bubble from Loan to Deposit Ratio (LDR) as…
Cryptocurrency ban to protect banks, youths, says CBN
The Central Bank of Nigeria (CBN) has justified recent directive banning banks and other financial institutions from facilitating transactions in cryptocurrency.
Nasarawa stops cash payment of tax, others
The Executive Chairman of Nasarawa State Internal Revenue Service, Ahmed Muhammad, has said that cash payment is no longer acceptable in the state’s revenue collection.
Nigeria, Swedish firms partner on digital identity solutions
Indigenous tech consultancy firm, AVRUST Nigeria, and Swedish cyber Security Company, Covr Security AB, have partnered to launch secure digital identity solutions for banks, telecommunication firms, and healthcare providers. Chief Executive Officer, AVRUST Nigeria, Felix Unachukwu, said Nigeria was doing catch-up with the rest of the world when it comes to the digital economy,…
Mini-banks, high charges to the rescue
A walk through my neighbourhood here in FESTAC Town, Lagos, reveals a large number of mini-banks that have recently been set up along the streets, and in one corner or the other, of the neighbourhood. I believe that this is also currently the situation in many other parts of the country. Many umbrellas and kiosks…
Using insurance as tool to take Nigerians out of poverty
Financial inclusion, particularly at the grassroots, has been described as a veritable tool for bringing people out of poverty. It will ensure that factors that make them vulnerable
‘Regulators should watch out for banks’ early distress signs’
With about N157.15 billion provisions for bad loans posted by 13 Nigerian banks in the half-year (H1) performance, capital market operators have urged regulators to watch out for early warning signals of financial distress, so as to take quick remedial actions. The operators admitted that Nigerian banks have remained resilient to economic disruptions,…
As borrowing from banks hits N954b
The periodic report of the Central Bank of Nigeria (CBN) the other day on the operations of the commercial and merchant banks indicate that by the end of March 2020, the federal