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Tag: Banking

Equity market maintains positive trend with N673bn gain
Banking

Banking, consumer stocks signal strong market prospects

Consumer goods and banking stocks have been identified as major drivers of emerging opportunities in the Nigerian capital market amid improving macroeconomic conditions. The PUNCH reported that this outlook was presented by the Head of Equities and Alternative Solutions at First Asset Management, Laura Fisayo-Kolawole, during the Nigeria Economic Outlook 2026 organised by FirstBank. The […]

Banking

CBN slams N5m fine on agent banking offences

The Central Bank of Nigeria has announced that any agent found engaging in non-permissible activities under its newly revised Agent Banking Guidelines will face a minimum penalty of N5 million for the offense and N100,000 for each day the default continues, in addition to forfeiting any profit made from such activities. According to the revised […]

Standard Bank CEO, CFO to retire in 2027
News

Standard Bank CEO, CFO to retire in 2027

Standard Bank Group has announced that Chief Executive Sim Tshabalala and Chief Financial Officer Arno Daehnke will retire in 2027, ending more than a decade in their respective roles. Tshabalala has led Africa’s largest bank by assets since 2013, while Daehnke was appointed CFO in 2016. The announcement comes just months after the board raised […]

Nigeria in talks to rejoin JP Morgan bond index
Banking

Morgan Stanley to cut 2,000 jobs in workforce restructuring

Wall Street giant Morgan Stanley is set to lay off approximately 2,000 employees later this month in a move aimed at improving operational efficiency, according to a report by Reuters. The job cuts will account for about 2% to 3% of the company’s workforce, excluding financial advisers. A source familiar with the matter, who requested […]

Iran crypto exchange loses $90m in cyberattack
Banking

Nigerian banking malware attacks rise by 8% – Report

Kaspersky’s recent statement illuminates the cybersecurity landscape in Africa, highlighting a troubling trend in Nigeria where banking malware attacks increased by 8% in 2023. Despite an overall 10% decrease in threats nationwide, the surge in attacks targeting online banking credentials and sensitive information is a cause for substantial concern. According to the statement, “Nigeria saw […]

FBNH, GTCO join NGX banking index
Business

FBNH, GTCO join NGX banking index

The Nigerian Exchange Limited reviewed the indexes and added some banking stocks to the Banking Index, including FBN Holdings, Guaranty Trust Holding Company Plc, FCMB Group, and Stanbic IBTC Holdings Plc. The PUNCH reported that according to a corporate announcement made by the exchange on Tuesday, the equities of Jaiz Bank, Unity Bank, Wema Bank, […]

Banking

Banks record 117% increase in customers’ complaints- Report

  Complaints from customers of five major Nigerian banks have surged by an alarming 117 percent year-on-year, reaching 6,865,217 by June 2023, according to reports by The PUNCH. This substantial increase is in stark contrast to the 3,156,704 complaints registered during the same period in 2022. Furthermore, financial claims linked to these complaints have escalated […]

LGBTQ+ focused bank Daylight shuts down
News

LGBTQ+ focused bank Daylight shuts down

  An LGBTQ+ banking platform, Daylight, is shutting down it’s operations. According to the CEO, Rob Curtis, the bank will cease operations on June 30. This comes months after New York Magazine published an explosive feature on the neobank. New York Magazine’s feature talked about the lawsuit filed by three former employees on the inappropriate […]

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