The International Monetary Fund has said the competition between fintechs and traditional banks will benefit the economy. This is coming as African technology companies, dominated by fintechs, raised $1.77bn in the first quarter of 2022, according to a report by Briter Bridges. The IMF said fintechs, even though small, could […]
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10 banks lend customers N2.9tn in 12 months
Between December 2020 and December 2021, the combined loan portfolio of 10 Deposit Money Banks in Nigeria rose by N2.9tn, data collated from their audited financial statements show. The banks are Stanbic IBTC, Fidelity Bank Plc, Sterling Bank, Wema Bank, First City Monument Bank, Access Bank Plc, Guaranty Trust Bank […]
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First Bank subsidiary empowers women
FBNQuest, the investment banking and asset management subsidiary of FBN Holdings Plc, says it has reinforced its commitment to empowering women in collaboration with HerVest NG, a social enterprise providing financial inclusion for women. HerVest is an inclusive digital platform providing financial growth services to under-served and excluded African women […]
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CBN fines three banks N800m over crypto transactions
The Central Bank of Nigeria has imposed an N800m fine on three Deposit Money Banks in the country for violating regulations barring customers from transacting in cryptocurrencies. According to a Bloomberg report released on Wednesday, the three banks are Access Bank Plc, Stanbic IBTC, and the United Bank for Africa […]
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Wema Bank’s assets cross N1tn mark
Wema Bank Plc has said that it recorded over N1 trillion total assets as of the end of December 31, 2021. In a statement from the bank, the Managing Director, Mr Ademola Adebise, said, “I am delighted to announce our performance for the year ended 31st December 2021. “The bank’s […]
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GTCO records N221.5bn annual profit
Guaranty Trust Holding Company Plc recorded N221.5bn profit before tax as of the end of December 31, 2021. The group disclosed this in a statement on its audited consolidated and separate financial statements for the year ended December 31, 2021, filed at the Nigerian Exchange Group and London Stock Exchange. […]
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Google will charge Nigerians 7.5% VAT starting April 1
Google will now charge Nigerian customers 7.5% VAT on all taxable goods and services starting April 1, next month. On Tuesday morning, the company announced this in an email sent out to its business account holders. “Due to new legislation in Nigeria, starting April 1, 2022, Google will be required […]
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Digital economy: EU announces Є820m investment package for Nigeria
The European Union has announced an EU-Nigeria Digital Economy Package worth €820 million until 2024. The European Commission Executive Vice-President, Margrethe Vestager, announced the package on Sunday night at the Presidential Villa during a meeting with Vice President Yemi Osinbajo. This was contained in a statement signed by Osinbajo’s spokesman, […]
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Sterling Bank, Lagos, FG partner on free Wi-Fi at airport
Sterling Bank Plc says it has collaborated with the Lagos State Port Health Authority and the Federal Ministry of Aviation to install free Wi-Fi connection and additional air conditioning units for arriving passengers at the arrival terminals D and E of the Murtala Mohammed International Airport. A statement on Friday […]
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FirstBank set to hold economic outlook webinar
First Bank of Nigeria Limited has announced its ‘Nigerian Economic Outlook Webinar’ aimed at reflecting on national and global economic trends that shaped 2021, and predicting the economic outlook of 2022. According to a statement, the virtual event, themed ‘A rearview look at 2021, lessons learnt – Outlook 2022’, is […]