Banking updates

CBN starts disbursement of N50 billion Covid-19 intervention fund The Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance bank, on behalf of the Central Bank of Nigeria (CBN), has started the disbursement of the N50 billion Targeted Credit Facility (TCF) to the beneficiaries.   SHARE TWEET The Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance bank, on behalf of the Central Bank of Nigeria (CBN), has started the disbursement of the N50 billion Targeted Credit Facility (TCF) to the beneficiaries. The facility is a stimulus package which was introduced by CBN, to help mitigate the impact of the coronavirus pandemic on households and MSMEs. This was disclosed by the Managing Director of NIRSAL Microfinance Bank, Mr Abubakar Kure, at a media briefing during the official flag-off of he disbursement in Abuja to some of the beneficiaries. The 3,256 MSMEs are among the first batch of the beneficiaries of the dis...

What has gone wrong with Nigerian banking? That was the question many asked as they saw pictures and videos shared on social media of crowds that besieged the gates of several bank branches across Lagos on May 4, 2020. Why would anybody need to go to the bank when there were Automated Teller Machines (ATMs) available and internet banking used by many? The responses were quite revealing. One man, had his ATM card swallowed by the ATM during the lockdown and had to appear at the nearest branch that morning to get a replacement. Another man, Mr X, had walked 3 miles to the bank because, during the lockdown, he had tried withdrawing twenty thousand naira (N20,000) from the ATM and there was a dispense error. He never received the cash but the amount was debited from his account and was never reversed. That was all the money he had. He was adamant that first thing that Monday morning, he would be at the bank to resolve the matter as soon as the lockdown was lifted. This was a common scenari...

Nigerian banks and rising cyber threats Cyber criminal • SSA high profile financial institutions on frontline Cyber attacks targeted at the global banking system and high profile institutions are not imaginary, but real. The overall objective is to steal financial assets- cash or near-cash assets.   Unfortunately, latest reports showed that the most dreaded group in the criminal trade, known as “Silence”, has positioned for the sub-Saharan Africa (SSA).   So far, even great institutions, in recent times, have succumbed to the trickery of the law-defying elements. Of course, SSA, led by Nigeria, is the home of the big financial institutions in the continent. But they are not immune to the cyber threats.   A cyber attack means the attempt to disable, destroy, expose, steal, alter or obtain unauthorized access to a computer system, infrastructure, network, including all other smart devices.   Kaspersky security researchers said there are thousands of notifications of at...

‘Nigerian banks, others not successful in offshore operations’ Bellwethers lift NSE’s index further by 0.77 per cent 1 day ago ‘Global disruptions offer Nigeria leeway for gas-to-power maximisation’ Access Bank Plc PHOTO: thescoopng.com Majority of Nigerian banks and those of the other countries in the Sub-Saharan Africa have not had a “smooth ride” in their banking operations outside their home market. This was the outcome of the research by a team of experts at Renaissance Africa- Olamipo Ogunsanya; Yvonne Mhango; Phago Rakale; and Ilan Stermer, which described such offshore operations as “relatively recent and fairly tentative.” “To date, none has made an impressive success of generating returns, though of the Nigerians, United Bank for Africa (UBA) has come closest. In most instances the contributions remain minor and volatile, and returns elusive,” the experts said in a note made available to The Guardian. According to the research, Ecobank Transnational Incorporated has the wides...

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All have 'messed up', says Sanusi at the stock exchange Capital Market The mood was dark. The preponderance of dark suits did little to lighten it, of course. The past months of stock market crash and crisis in the banking sector had dampened the spirit of all: investors, stockbrokers and other stakeholders. Would Sanusi shed some light on the dreariness? It was therefore a historic visit yesterday, the first by any Governor of the Central Bank of Nigeria (CBN) to the Nigerian Stock Exchange (NSE) Lagos. Before the arrival of Sanusi Lamido Sanusi yesterday, investors understandably fretted, as expected disclosures from him were likely to jolt the market. In measured steps and sprightly gait, Sanusi finally entered the event's venue, some one and half hours behind schedule. Obviously, he felt the tension on the floor of the Exchange, which he had earlier walked through while closing the market ahead of his meeting with the investors. He acknowledged the extreme tension, henc...

At the end of trading today, the NSE-ASIndex rose by 1.28 percent to close at 21,542.58 and the market capitalization gained N121.85 billion to close at N5.01 trillion. Also, there was an increase in both the volume and value of transactions carried out today, each closing higher at 430.35 million units and N3.09 billion respectively when compared to 393.44 million units and N2.52 billion, which were the respective positions at the close of trade yesterday. Table 1: At the end of trading today, the NSE-ASIndex rose by 1.28 percent to close at 21,542.58 and the market capitalization gained N121.85 billion to close at N5.01 trillion. Also, there was an increase in both the volume and value of transactions carried out today, each closing higher at 430.35 million units and N3.09 billion respectively when compared to 393.44 million units and N2.52 billion, which were the respective positions at the close of trade yesterday. Table 2: MOST ACTIVE SECTOR In terms of volume, the Banking subsect...