Afreximbank creates payment solution to save traders $5bn
In order to facilitate instant cross-border payments in local African currencies, the African Export-Import Bank has created a payment solution platform, Pan-African…
Banking
All the news and updates from the banking sector; Access Bank, GTBank, First Bank, First City Monument Bank, United Bank of Africa etcs
eNaira may drop remitting cost to Nigeria —IMF
Washington-based lender, the International Monetary Fund, has disclosed that central bank digital currencies could drop the cost of sending and receiving the…
Three ex-bankers connive to defraud bank N20bn
Three former workers of First Bank of Nigeria have been arraigned before a Lagos State Special Offences Court, Ikeja over attempted fraud…
Mobile transactions hit N4.86tn Q1 2022 – NIBSS
Nigerians’ use of mobile channels for payment transactions has risen by 3,454.46 per cent from N136.85bn within the first four months of…
CBN introduces USSD to boost eNaira
The Central Bank of Nigeria plans to introduce the Unstructured Supplementary code as part of steps to improve the Central Bank Digital…
Unity bank projects N10.8bn gross earnings Q3 2022
Unity Bank Plc has announced that it aims to achieve N10.890 billion in gross earnings for the third quarter of 2022. Nairametrics…
28 banks Join $500m pan-African settlement platform
One year after the African Continental Free Trade Agreement take-off, no fewer than 28 banks in Africa joined the Pan-African Payment and…
UBA redeems five-year $500m Eurobond
The United Bank for Africa has redeemed its debut $500 million five-year Eurobond notes which matured on Wednesday. The Nation reported that…
Ondo communities groan as robberies halt banking operations, frustrate economic activities
A resident of Idoani in the Ose Local Government of Ondo State, Mr Segun Kolawole, is unhappy that he had not been…
Titan Trust completes takeover of Union Bank
Union Bank Plc has announced the completion of core investors’ sale of a majority shareholding to Titan Trust Bank Limited, a subsidiary…
CBN retains 5% interest rate for power sector, others
Sequel to its development finance initiative, the Central Bank of Nigeria has agreed to leave interest rates at five per cent per…
Banks borrow N338.4bn from CBN in one month
Cash-strapped banks borrowed N338.5bn from the Central Bank of Nigeria in January to bridge their funding gap, according to the banking data.…