Why bank verification number when there is NUBAN?

A lot of question has been raised about the essence of Bank Verification Number (BVN) when there is already a Uniform Bank Account Number (NUBAN). Does this imply that NUBAN is no longer effective? Before an answer is given to the above question, it is important to understand the two concepts. BVN i... [More]

Need for asset re-financing company in microfinance sub-sector

Although, bad debt is common to every business, but that of microfinance banks (MFBs) that serve greater number of the uninformed populace is huge. Poor asset quality, according to the Central Bank of Nigeria (CBN), remained the bane of MFBs, as their non-performing loans (NPLs) represented 61.9 per... [More]

FSDH recommends N978.18m as dividend from N2.62bn PAT

In spite of the start-up challenges, increase in operational expenses, and the tight monetary stance of the Central Bank of Nigeria (CBN), FSDH Merchant Bank Limited has recommended the sum of N978.18 million as dividend payment for the year ended December 31, 2013. This represents an increase of N2... [More]

Snapshot of Nigerian banks performance for 2013

Twelve Nigerian banks have so far reported audited financial results for full year 2013 and we have decided to take a deeper look at their financials to see which bank is the market leader and which ones are underperforming. Guaranty Trust Bank (GTB) is the clear leader in the Nigerian banking space... [More]

Bankers’ acceptances decline by 0.60% in one month

The value of bankers’ acceptances (BAs) declined by 0.60 percent to N20.34 billion in January 2014, compared with N20.47 billion at the end of the preceding month, according to the Central Bank of Nigeria (CBN). The development was attributed to the decline in investment in BAs by the deposit ... [More]

Traders lament scarcity of lower denomination naira notes

Some traders in Lagos on Monday appealed to the Central Bank of Nigeria to ease their transactions with customers by injecting lower denomination naira notes into the system. The traders, in separate interviews with the News Agency of Nigeria, said the dearth of lower naira notes was affecting the v... [More]

Banks and installing anti-skimming devices on ATM terminals… how far?

It will not be a surprise to see a bank or banks keep mute over the installation of anti-skimming devices on Automated Teller Machines (ATM) terminals as directed by the Central Bank of Nigeria (CBN) until June 1, 2014 deadline. The CBN had given all deposit money banks (DMBs) till June 1, 2014, to ... [More]

Fidelity Bank’s Q1 profits down 25.08 percent on Surging OPEX

Incorporated in 1987 as a private limited company with a merchant banking license, Fidelity Bank has since evolved to become a publicly listed bank aspiring to be a top tier Nigeria bank through organic and inorganic means. In line with CBN banking model, Fidelity bank currently has an international... [More]

Naira falls despite CBN’s intervention at RDAS

The nation’s currency, the naira, yesterday, lost N0.38k against the US dollar at the inter-bank market in spite of the intervention of the Central Bank of Nigeria (CBN) through foreign exchange auction worth $392.5 million. The CBN offered a total of $400 million but sold a total of $392.5 mi... [More]

CBN gives banks June 1 deadline to install anti-skimming devices on ATM

The Central Bank of Nigeria (CBN) has given all deposit money banks till June 1, 2014 to install antiskimming devices on all their Automated Teller Machines (ATMs) terminals. This is against the backdrop of an upward increase in the number of ATM related fraud in the banking system which does not po... [More]