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As customer base of FinTechs deepens, competition with banks grows—Agbaje

GTBank MD, Segun Agbaje

Contrary to trending experts’ belief that collaborations between commercial banks and financial technology (FinTechs) firms will last forever, the Managing Director of Guaranty Trust Bank Plc, Mr. Segun Agbaje, has shocked pundits, averring that in near future and especially when FinTechs customer base rises, hostile competition may set in. However, to tame the shocks on the side of Deposit Money ...

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Why UBA sealed 7 year $100m financing deal with China Development Bank

UBA CDB

More details have emerged on why Africa’s global bank, United Bank for Africa (UBA) Plc, and China Development Bank (CDB), the world’s largest development finance institution, sealed a $100 million seven-year letter of intent agreement. A credible source at the bank told Business Hilights on Wednesday in Lagos that the key reason for the Memorandum of Understanding (MoU) is to deepen ...

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Positive trading session ends February activities at Nigerian Stock Exchange

NSE Logo 22

EQUITIES The equities market closed the month with a positive trading session, as the ASI (43,330.54 points) recorded its largest gain in the month of February, 2.44%, following interests in large cap stocks. However, the Month-to-Date return remained negative at -2.28%, while the Year-to-Date return stood at 13.30%. All sector indices closed positive, with interest in DANGCEM (+4.98%) buoying the ...

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Finally, CBN bows to public complains, begins issuance of lower naira notes

naira notes

…As traders decry non-inclusion of  N100, N200 After heated complains from mainly the informal sector of the economy over the near scarcity of lower naira denominations including N100, N200 and much lower ones, the Central Bank of Nigeria (CBN), on Tuesday, commenced the disbursement of smaller naira notes to traders in order to improve the circulation of N5, N10, N20, ...

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Time to rethink numerous Chinese banks’ infrastructure funding in Nigeria —BHIU

china relations 2

Investigations by Business Hilights Intelligence Unit (BHIU), the research arm of Business Hilights publications group, have shown that since the creation of Nigeria, the current administration remains the highest in sourcing infrastructure funding from China. However, the question remains what is the attractive force of China in dolling out these facilities and also what does China stand to gain on ...

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Financial crimes in S’Africa jump to 77% all time high, raising cost, answerability crisis

SA Cyril Ramaphosa

New report bordering on financial crimes rate in South Africa less than two weeks after the ouster of former President Jacob Zuma has shown exponential rise in economic crime. The report, prepared by PwC’s biennial Global Economic Crime Survey released on Tuesday, said “South African organisations that have experienced economic crime are now at a staggering 77%, followed in second ...

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Bears resurface on equities at Nigerian Stock Exchange Tuesday, February, 27, 2018

EQUITIES The bears resurfaced in the equities market, with the ASI closing lower by 0.66% to 42,299.56 points, following profit taking in major stocks. Accordingly, the Month-to-Date and Year-to-Date returns moderated to -4.61% and 10.61% respectively. The Banking index recorded the largest loss, while the Industrial Goods and Consumer Goods (-0.15%) indices followed suit, as investors booked profit in the ...

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Multiple ID system hindering effective credit delivery –Ghanaian expert

NIMC DG explaining issue during a press conference in Lagos

At a time the Director General of National Identity Management Commission (NIMC), Engineer Aliyu Aziz had been crusading the need for all Nigerian to go and register for his or her National Identity Number (NIN); a lead to national ID Card access, Ghanaian expert in Micro, Small and Medium Enterprise (MSME), Mr. Mawuko Williams, has called for the adoption of ...

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Atiku’s terse speech at Silverbird’s Award raises issues of national importance

Atiku AA

Silverbird’s 2017 Man of the Year award winners, former Vice President and Turakin Adamawa, Alhaji Atiku-Abubakar, gave a soul touching brief while receiving his honours award weekend, saying when realities on ground are put on the table of reasoning, “it was doubtful whether Nigeria has indeed exited recession”. His speech in parts; “Last year,” “we celebrated the fact that we ...

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Activities at Nigerian Stock Exchange on Monday, February 26, 2018

NSE IPF

EQUITIES The equities market started the week on a positive note, with the ASI appreciating marginally by 0.02% to 42,579.48 points. Accordingly, the Month-to-Date and Year-to-Date returns improved to -3.98% and 11.34% respectively. The Consumer Goods (+0.78%), Insurance (+0.49%), and Banking (+0.28%) indices recorded gains, owing to demands for the shares of PZ (+5.00%), WAPIC (+2.94%), and ZENITHBANK (+0.78%) respectively.  ...

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