Financial Services Archives - Nairametrics https://nairametrics.com/category/industries/financial-services/ Destination for Business news and analysis from Africa's largest economy Thu, 15 Aug 2024 12:52:47 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.5 https://nairametrics.com/wp-content/uploads/2021/08/cropped-cropped-favicon-1.png?resize=75,75 Financial Services Archives - Nairametrics https://nairametrics.com/category/industries/financial-services/ 32 32 201037849 GTBank denies website cloning claims, confirms attempted domain breach  https://nairametrics.com/2024/08/15/gtbank-denies-website-cloning-claims-confirms-attempted-domain-breach/ https://nairametrics.com/2024/08/15/gtbank-denies-website-cloning-claims-confirms-attempted-domain-breach/#respond Thu, 15 Aug 2024 12:52:47 +0000 https://nairametrics.com/?p=495870 Guaranty Trust Bank (GTBank) has confirmed an attempted hacking incident on its website, addressing recent media reports that claimed hackers had seized and cloned the bank's website, intercepting customer data. 

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]]> https://nairametrics.com/2024/08/15/gtbank-denies-website-cloning-claims-confirms-attempted-domain-breach/feed/ 0 495870 Nigeria’s Purchasing Managers’ Index contracts for the 13th consecutive month – CBN  https://nairametrics.com/2024/08/14/nigerias-purchasing-managers-index-contracts-for-the-13th-consecutive-month-cbn/ https://nairametrics.com/2024/08/14/nigerias-purchasing-managers-index-contracts-for-the-13th-consecutive-month-cbn/#respond Wed, 14 Aug 2024 15:52:47 +0000 https://nairametrics.com/?p=495801 The Central Bank of Nigeria's (CBN) Purchasing Managers' Index (PMI) report for July indicates a continued contraction in economic activities, marking the 13th consecutive month of decline since June 2023.  

The post Nigeria’s Purchasing Managers’ Index contracts for the 13th consecutive month – CBN  appeared first on Nairametrics.

]]> https://nairametrics.com/2024/08/14/nigerias-purchasing-managers-index-contracts-for-the-13th-consecutive-month-cbn/feed/ 0 495801 NASS proposes N25 million fine for anyone operating unlicensed insurance business in Nigeria  https://nairametrics.com/2024/08/14/nass-proposes-n25-million-fine-for-anyone-operating-unlicensed-insurance-business-in-nigeria/ https://nairametrics.com/2024/08/14/nass-proposes-n25-million-fine-for-anyone-operating-unlicensed-insurance-business-in-nigeria/#respond Wed, 14 Aug 2024 09:13:09 +0000 https://nairametrics.com/?p=495762 The National Assembly of Nigeria has proposed a penalty of N25 million for individuals found operating unlicensed insurance businesses in the country. 

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]]> https://nairametrics.com/2024/08/14/nass-proposes-n25-million-fine-for-anyone-operating-unlicensed-insurance-business-in-nigeria/feed/ 0 495762 Bank Directors call on National Assembly to revisit 70% windfall tax, says it is ill-timed, burdensome  https://nairametrics.com/2024/08/13/bank-directors-call-on-national-assembly-to-revisit-70-windfall-tax-says-it-is-ill-timed-burdensome/ https://nairametrics.com/2024/08/13/bank-directors-call-on-national-assembly-to-revisit-70-windfall-tax-says-it-is-ill-timed-burdensome/#respond Tue, 13 Aug 2024 17:39:51 +0000 https://nairametrics.com/?p=495725 The Bank Directors Association of Nigeria, (BDAN) has called on the National Assembly to revisit the 70% windfall tax amendment on the finance act saying it is ill-timed and burdensome in light of recent recapitalisation efforts in the banking sector.  

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]]> https://nairametrics.com/2024/08/13/bank-directors-call-on-national-assembly-to-revisit-70-windfall-tax-says-it-is-ill-timed-burdensome/feed/ 0 495725 CBN resumes regular publications on Inflation, business expectations survey, others to promote transparency   https://nairametrics.com/2024/08/13/cbn-resumes-regular-publications-on-inflation-business-expectations-survey-others-to-promote-transparency/ https://nairametrics.com/2024/08/13/cbn-resumes-regular-publications-on-inflation-business-expectations-survey-others-to-promote-transparency/#respond Tue, 13 Aug 2024 16:02:15 +0000 https://nairametrics.com/?p=495716 The Central Bank of Nigeria (CBN) has announced the reintroduction of periodic reports on key economic indicators as part of its efforts to enhance transparency in the country’s economic direction. 

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]]> https://nairametrics.com/2024/08/13/cbn-resumes-regular-publications-on-inflation-business-expectations-survey-others-to-promote-transparency/feed/ 0 495716 CBN incurs N1.55 trillion interest from T-Bills sales in first half of 2024  https://nairametrics.com/2024/08/13/cbn-incurs-n1-55-trillion-interest-from-t-bills-sales-in-first-half-of-2024/ https://nairametrics.com/2024/08/13/cbn-incurs-n1-55-trillion-interest-from-t-bills-sales-in-first-half-of-2024/#respond Tue, 13 Aug 2024 15:30:59 +0000 https://nairametrics.com/?p=495713 The Central Bank of Nigeria has incurred an estimated N1.55 trillion in interest payments for the 12 successful Treasury Bills (T-Bills) auctions conduced in the first six months of 2024. 

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]]> https://nairametrics.com/2024/08/13/cbn-incurs-n1-55-trillion-interest-from-t-bills-sales-in-first-half-of-2024/feed/ 0 495713 Three MPC members vote to retain interest rate at 26.25% during July meeting  https://nairametrics.com/2024/08/13/three-mpc-members-vote-to-retain-interest-rate-at-26-25-during-july-meeting/ https://nairametrics.com/2024/08/13/three-mpc-members-vote-to-retain-interest-rate-at-26-25-during-july-meeting/#respond Tue, 13 Aug 2024 15:06:42 +0000 https://nairametrics.com/?p=495709 At least three members of the Monetary Policy Committee (MPC) voted to retain the Monetary Policy Rate (MPR) at 26.25% during the MPC meeting of the Central Bank of Nigeria (CBN) on July 22-23, 2024. 

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]]> https://nairametrics.com/2024/08/13/three-mpc-members-vote-to-retain-interest-rate-at-26-25-during-july-meeting/feed/ 0 495709 CBN and FBN Holdings urge Court to dismiss Barbican Capital’s suit over share dispute https://nairametrics.com/2024/08/13/cbn-and-fbn-holdings-urge-court-to-dismiss-barbican-capitals-suit-over-share-dispute/ https://nairametrics.com/2024/08/13/cbn-and-fbn-holdings-urge-court-to-dismiss-barbican-capitals-suit-over-share-dispute/#respond Tue, 13 Aug 2024 09:58:22 +0000 https://nairametrics.com/?p=495685 The Central Bank of Nigeria (CBN) and FBN Holdings Plc have asked a Federal High Court in Lagos to dismiss a lawsuit brought by investment firm Barbican Capital Ltd.

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]]> https://nairametrics.com/2024/08/13/cbn-and-fbn-holdings-urge-court-to-dismiss-barbican-capitals-suit-over-share-dispute/feed/ 0 495685 Court reverses TAJ Bank’s customers’ N139 Million ‘unlawfully’ credited due to system glitch https://nairametrics.com/2024/08/13/court-reverses-taj-banks-customers-n139-million-unlawfully-credited-due-to-system-glitch/ https://nairametrics.com/2024/08/13/court-reverses-taj-banks-customers-n139-million-unlawfully-credited-due-to-system-glitch/#respond Tue, 13 Aug 2024 08:57:56 +0000 https://nairametrics.com/?p=495681 The Federal High Court, Abuja, has granted an interim freezing order against several accounts in Fair Money Micro-finance Bank Ltd, Palm Pay Limited, and Opay Digital Services Limited, mandating the organizations to reverse N139,630,000 credited to some of their customers and account holders as a result of a "system glitch" at TAJ Bank Ltd.  

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]]> https://nairametrics.com/2024/08/13/court-reverses-taj-banks-customers-n139-million-unlawfully-credited-due-to-system-glitch/feed/ 0 495681 Coronation’s pre-tax profit soars to N2.6 billion in the second quarter of 2024  https://nairametrics.com/2024/08/13/coronations-pre-tax-profit-soars-to-n2-6-billion-in-the-second-quarter-of-2024/ https://nairametrics.com/2024/08/13/coronations-pre-tax-profit-soars-to-n2-6-billion-in-the-second-quarter-of-2024/#respond Tue, 13 Aug 2024 08:46:19 +0000 https://nairametrics.com/?p=495680 Coronation Insurance posted a pre-tax profit of N2.6 billion in its recently published financial statement for the second quarter of 2024. 

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]]> https://nairametrics.com/2024/08/13/coronations-pre-tax-profit-soars-to-n2-6-billion-in-the-second-quarter-of-2024/feed/ 0 495680 Nine firms purchase $25.76 million from CBN’s retail Dutch auction to repay loans  https://nairametrics.com/2024/08/12/nine-firms-purchase-25-76-million-from-cbns-retail-dutch-auction-to-repay-loans/ https://nairametrics.com/2024/08/12/nine-firms-purchase-25-76-million-from-cbns-retail-dutch-auction-to-repay-loans/#respond Mon, 12 Aug 2024 18:27:53 +0000 https://nairametrics.com/?p=495663 The Central Bank of Nigeria (CBN) conducted a Retail Dutch Auction on August 6, 2024, where nine companies purchased a combined total of $25.76 million to meet their loan repayment obligations.  

The post Nine firms purchase $25.76 million from CBN’s retail Dutch auction to repay loans  appeared first on Nairametrics.

]]> https://nairametrics.com/2024/08/12/nine-firms-purchase-25-76-million-from-cbns-retail-dutch-auction-to-repay-loans/feed/ 0 495663 NDIC pays 82.36% of insured deposits to customers of liquidated Heritage Bank  https://nairametrics.com/2024/08/12/ndic-pays-82-36-of-insured-deposits-to-customers-of-liquidated-heritage-bank/ https://nairametrics.com/2024/08/12/ndic-pays-82-36-of-insured-deposits-to-customers-of-liquidated-heritage-bank/#respond Mon, 12 Aug 2024 05:01:32 +0000 https://nairametrics.com/?p=495607 The Nigeria Deposit Insurance Corporation (NDIC) has successfully paid 82.36% of the total insured deposits to customers of the now-defunct Heritage Bank, following the revocation of the bank's license by the Central Bank of Nigeria (CBN) on June 3, 2024. 

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]]> https://nairametrics.com/2024/08/12/ndic-pays-82-36-of-insured-deposits-to-customers-of-liquidated-heritage-bank/feed/ 0 495607 Windfall Tax: Why Nigerian banks are still positioned for resilient growth   https://nairametrics.com/2024/08/11/windfall-tax-why-nigerian-banks-are-still-positioned-for-resilient-growth/ https://nairametrics.com/2024/08/11/windfall-tax-why-nigerian-banks-are-still-positioned-for-resilient-growth/#respond Sun, 11 Aug 2024 08:44:42 +0000 https://nairametrics.com/?p=495535 Given the recent policy shifts affecting the Nigerian banking sector, including the Central Bank of Nigeria's (CBN) revised capital requirements and the windfall taxes, it's understandable that both local and foreign investors might harbor concerns about the sector's stability.  

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]]> https://nairametrics.com/2024/08/11/windfall-tax-why-nigerian-banks-are-still-positioned-for-resilient-growth/feed/ 0 495535 Dangote Group purchases $105.33 million from latest CBN’s Retail Dutch Auction  https://nairametrics.com/2024/08/10/dangote-group-purchases-105-33-million-from-latest-cbns-retail-dutch-auction/ https://nairametrics.com/2024/08/10/dangote-group-purchases-105-33-million-from-latest-cbns-retail-dutch-auction/#respond Sat, 10 Aug 2024 14:05:20 +0000 https://nairametrics.com/?p=495562 Dangote Group’s subsidiaries have emerged as major recipients in the latest Retail Dutch Auction conducted by the Central Bank of Nigeria (CBN), purchasing at least $105.33 million in successful foreign exchange (FX) bids. 

The post Dangote Group purchases $105.33 million from latest CBN’s Retail Dutch Auction  appeared first on Nairametrics.

]]> https://nairametrics.com/2024/08/10/dangote-group-purchases-105-33-million-from-latest-cbns-retail-dutch-auction/feed/ 0 495562 10 things you need to know about the proposed Providus-Unity Bank merger https://nairametrics.com/2024/08/10/10-things-you-need-to-know-about-the-proposed-providus-unity-bank-merger/ https://nairametrics.com/2024/08/10/10-things-you-need-to-know-about-the-proposed-providus-unity-bank-merger/#respond Sat, 10 Aug 2024 09:58:44 +0000 https://nairametrics.com/?p=495556 On August 6, 2024, the Central Bank of Nigeria approved the merger of Unity Bank and Providus Bank.

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]]> https://nairametrics.com/2024/08/10/10-things-you-need-to-know-about-the-proposed-providus-unity-bank-merger/feed/ 0 495556 Top 10 Banks that got highest FX from CBN’s latest Retail Dutch Auction  https://nairametrics.com/2024/08/10/top-10-banks-that-got-highest-fx-from-cbns-latest-retail-dutch-auction/ https://nairametrics.com/2024/08/10/top-10-banks-that-got-highest-fx-from-cbns-latest-retail-dutch-auction/#respond Sat, 10 Aug 2024 09:26:54 +0000 https://nairametrics.com/?p=495553 The Central Bank of Nigeria (CBN) recently conducted a Retail Dutch Auction System (rDAS) on August 6, 2024, in an effort to mitigate the rising demand pressures in the foreign exchange (FX) market and to promote price discovery. 

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]]> https://nairametrics.com/2024/08/10/top-10-banks-that-got-highest-fx-from-cbns-latest-retail-dutch-auction/feed/ 0 495553 List of banks excluded from CBN’s retail Dutch Auction  https://nairametrics.com/2024/08/10/list-of-banks-excluded-from-cbns-retail-dutch-auction/ https://nairametrics.com/2024/08/10/list-of-banks-excluded-from-cbns-retail-dutch-auction/#respond Sat, 10 Aug 2024 08:56:36 +0000 https://nairametrics.com/?p=495547 Six prominent banks, including United Bank for Africa (UBA), Wema Bank, and Stanbic IBTC, were disqualified from participating in a recent retail Dutch Auction conducted by the Central Bank of Nigeria (CBN). 

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]]> https://nairametrics.com/2024/08/10/list-of-banks-excluded-from-cbns-retail-dutch-auction/feed/ 0 495547 CBN drops stop rate on one-year Treasury Bills to 21.889% in latest August auction  https://nairametrics.com/2024/08/08/cbn-drops-stop-rate-on-one-year-treasury-bills-to-21-889-in-latest-august-auction/ https://nairametrics.com/2024/08/08/cbn-drops-stop-rate-on-one-year-treasury-bills-to-21-889-in-latest-august-auction/#respond Thu, 08 Aug 2024 10:15:43 +0000 https://nairametrics.com/?p=495459 The Central Bank of Nigeria (CBN) has adjusted the stop rate on one-year Treasury Bills (T-Bills) to 21.889% in its latest auction held on August 7, 2024. 

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]]> https://nairametrics.com/2024/08/08/cbn-drops-stop-rate-on-one-year-treasury-bills-to-21-889-in-latest-august-auction/feed/ 0 495459 Government’s payment initiatives key to achieving 95% financial inclusion in Nigeria – Nandan Mer  https://nairametrics.com/2024/08/08/governments-payment-initiatives-key-to-achieving-95-financial-inclusion-in-nigeria-nandan-mer/ https://nairametrics.com/2024/08/08/governments-payment-initiatives-key-to-achieving-95-financial-inclusion-in-nigeria-nandan-mer/#respond Thu, 08 Aug 2024 09:04:30 +0000 https://nairametrics.com/?p=495438 The Group CEO of Network International, Nandan Mer, has said that the ongoing drive to achieve 95% financial inclusion can be accelerated through government-sponsored payment initiatives. 

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]]> https://nairametrics.com/2024/08/08/governments-payment-initiatives-key-to-achieving-95-financial-inclusion-in-nigeria-nandan-mer/feed/ 0 495438 Nigeria records 55% increase in net FX flows to $25.4 billion in first six months of 2024  https://nairametrics.com/2024/08/08/nigeria-records-55-increase-in-net-fx-flows-to-25-4-billion-in-first-six-months-of-2024/ https://nairametrics.com/2024/08/08/nigeria-records-55-increase-in-net-fx-flows-to-25-4-billion-in-first-six-months-of-2024/#respond Thu, 08 Aug 2024 08:06:29 +0000 https://nairametrics.com/?p=495455 The Central Bank of Nigeria (CBN) has said that the results of its policy measures are becoming evident, with net foreign exchange flows rising to $25.4 billion between January and June, marking a 55% increase year-over-year. 

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]]> https://nairametrics.com/2024/08/08/nigeria-records-55-increase-in-net-fx-flows-to-25-4-billion-in-first-six-months-of-2024/feed/ 0 495455