Finance - Business Metrics

FirstBank convenes webinar on information security Friday

Apr 15, 2021 Ugochi Emmanuel

FirstBank convenes webinar on information security Friday FirstBank of Nigeria Limited, Nigeria’s leading financial inclusion services provider has announced a webinar to sensitise individuals and businesses with useful information on being protected in today’s digital age. The virtual event is scheduled to hold by noon on Friday, 16 April 2021 with “Staying Protected Amidst the Pandemic Chaos” being the topic to be discussed at the event. According to a statement from the lender, registration for the event is ongoing via the link https://firstbanknigeria.zoom.us/webinar/register/WN_PUnqA7enTMG8o0OfOaWxlg The bank explained that today’s…

Recapitalisation drive pushes Microfinance banks’ assets to N856.3bn

Apr 15, 2021 Umar Suleiman

Recapitalisation drive pushes Microfinance banks’ assets to N856.3bn The total assets of the microfinance banks rose by N97.32bn from N758.98 billion as of the end of July 2020 to N856.3 billion as of the end of September 2020 as the firms move to achieve their recapitalisation requirements. This was contained in a report by the Central Bank of Nigeria (CBN) on ‘Microfinance banks’ account (2SR) Assets’ quarterly bulletin obtained by our correspondent on Wednesday. According to the report, the figure stood at N819.77 billion as of the end…

BDCs process N1trn annual deals, says Gwadabe

Apr 15, 2021 Omobayo Azeez

BDCs process N1trn annual deals, says Gwadabe The Association of Bureaux de Change Operators of Nigeria (ABCON) has said that its annual turnover is now N1 trillion. The President, ABCON, Alh Aminu Gwadabe, said this during a virtual event with the theme ‘BDCs’ operations: A trillion-naira sub sector, issues of formalisation, regulations and way forward’ organised by ABCON to beam light on key opportunities and challenges faced by the BDCs sub-sector. It also aimed to reiterate the key roles and position of the BDC subsector in the Nigerian…

CBN official reserves declined by US$280m to US$34.82bn in March 2021

Apr 14, 2021 Banjo Olaniran

By FBNQuest Research The Central Bank of Nigeria (CBN) data show that Nigeria’s gross official reserves declined by USD280m to USD34.82bn in March. In the name of accuracy, we should adjust this figure downwards to allow for the pipeline of delayed external payments, which the IMF estimated late last year at up to USD3bn and which the CBN has since indicated as substantially lower. We do not view the current level of reserves as a cause for alarm because of three areas where the CBN could reinforce its…

We remain resilient with improved KPIs – Unity Bank

Apr 12, 2021Apr 12, 2021 Ugochi Emmanuel

We remain resilient with improved KPIs – Unity Bank Unity Bank Plc has expressed commitment to remain on the growth path guided by the strategic focus of its management and meticulous decisions of its board. The Bank said it has a cohesive board that is working harmoniously with the Executive Management team led by Mrs. Tomi Somefun, the managing director and chief executive officer (MD/CEO), to drive the growth of the Bank. The management of the Bank, with the support of its Board has made inroads into key…

MTN says its mobile money operation worth $6bn

Apr 12, 2021 Business Metrics

MTN says its mobile money operation worth $6bn South Africa-based MTN, the mobile phone company, has plans to value its mobile money arm at over $5 billion, a report from Financial Times (FT) says. The company is preparing to sell or list a minority stake in order to draw more global investors, who are seeking to capitalize on quickly-growing FinTech assets. MTN currently has 280 million global subscribers and added almost 12 million new users to its mobile money arm for a total of over 46 million in 2020. Ralph Mupita, company…

Pantami engages CBN, NCC over USSD dispute between MTN, Nigerian banks

Apr 3, 2021 Ugochi Emmanuel

Pantami engages CBN, NCC over USSD dispute between MTN, Nigerian banks Isa Pantami, the Nigerian Minister of Communications and Digital Economy, said he had the Nigerian bank and telecoms regulators over an ongoing dispute between MTN Nigeria and deposit money banks in the countries. As earlier recorded by Business Metrics, the dispute bothers on percentage commission due Value Added Service (VAS) aggregators for Unstructured supplementary service data (USSD) transaction conducted on MTN’s network. In a tweet on his official Twitter handle, the minister stated that “On the fallout…

USSD: Banks disconnect MTN from banking channels

Apr 2, 2021 Business Metrics

USSD: Banks disconnect MTN from banking channels Commercial banks have disconnected MTN customers from banking channels including the Unstructured Supplementary Service Data and banking apps. MTN customers complained on Friday about being unable to recharge their MTN lines using USSD and other banking channels like the bank apps. Customers were also unable to do banking transactions on MTN lines through USSD. According to a source, this was not the doing of MTN but the banks who had refused to give any formal communication prior to the disconnection. The…

UBA assures shareholders better times, assets hit N7.7trn

Apr 1, 2021 Business Metrics

UBA assures shareholders better times, assets hit N7.7trn United Bank for Africa (UBA) Plc on Thursday assured its shareholders and investors of enhanced returns on investments in the coming months. This, the bank said, followed its establishment of a diversified business model that would ensure impressive performance. The Chairman, UBA Group, Mr Tony Elumelu, gave the assurance at the bank’s 59th Annual General Meeting for the 2020 financial year, in Lagos. Elumelu said the bank had made strategic decisions that would strengthen its resolve to earn the industry…

FirstBank disburses N58bn credit to female entrepreneurs, professionals

Apr 1, 2021Apr 1, 2021 Omobayo Azeez

FirstBank disburses N58bn credit to female entrepreneurs, professionals Nigeria’s oldest financial institution, First Bank of Nigeria Limited has disclosed that it gave out N58 billion in loans to female entrepreneurs and professionals in Nigeria in 2020. Adesola Adeduntan, the chief executive officer of FirstBank stated this while speaking at the First Gem Annual Conference 4.0. on Wednesday, wheren he highlighted initiatives designed by the bank to encourage wealth creation and financial independence for women Adeduntan stressed that support for business aspiration of the female gender is very paramount…