Banking and Finance News & Reports

N39 million for Grabs as Fidelity Promo Final Draw Holds July 22

Fidelity Bank Plc, top Nigerian lender, has announced plans to enrich the lives of fifteen Nigerians with a total of 39 million Naira at the final draw of the Get Alert in Millions Campaign (GAIM) Season 4 savings promo, slated for July 22, 2021. The savings promotion, which is specifically aimed at promoting the culture …read more →

Banking and Finance Economy News & Reports

UBA, DEG Sign $50m Term Loan to Support Small Businesses in Nigeria

The United Bank for Africa (UBA) Plc, and Deutsche Investitions- und Entwicklungsgesellschaft mbH, the German Development Finance Institution, have entered into a partnership aimed at supporting small and medium scale businesses (SMEs) in Nigeria. To this end, both institutions have signed a USD 50m Term Facility Agreement. The facility with a tenor of six years is …read more →

Banking and Finance News & Reports

Fidelity Bank Puts Smiles on Customers’ Faces With Cash Gifts

Fidelity Bank remains committed to putting smiles on its customers’ faces by enriching their lives through its ongoing savings loyalty program. To mark this year’s Children’s Day, the bank doled out N150, 000 to 62 Sweet Account (SWEETA) holders across the country, a whopping total of N9.3 million.  As part of its efforts to deepen …read more →

Banking and Finance Opinion Technology

Harnessing AI/ML to Transform Your Mission and Save the World

By Wale Akanbi Chief Technical Officer, Aella Credit The field of Artificial Intelligence (AI) and Machine Learning (ML) is advancing rapidly and the adoption of these technologies across industries in recent years has steadily risen. Unfortunately, the potential of these tools to improve people’s lives and address some of the world’s biggest challenges are barely spoken about across mass …read more →

Banking and Finance Economy News & Reports

Nigerian Banking Credit to Economy Rises 3.74% To N23.53 Trillion in April – CBN

Nigerian banks granted a total of N23.53 trillion credits to the economy as of the end of March 2021, compared with N22.68 trillion at the end of December 2020, the Central Bank of Nigeria (CBN) has said. The gross credit rose 3.74 percent quarter on quarter as the regulatory bank’s policy on loan-to-deposit-ratio continues to influence …read more →

AFRICAReports Banking and Finance News & Reports WORLDReport

World Bank To Disburse $150 Billion In Loans, Grants To African Nations In Next 5-Year

The World Bank plans to invest about $150 billion in Africa within the next five years towards promoting development on the continent, according to the President of the lender, David Malpass. Malpass, who spoke at the Summit on Financing African Economies, held in Paris, France, said bank is committed to financing development in Africa He …read more →

Banking and Finance Economy News & Reports

Osinbajo Wades into Dispute Between CBN, Governors Over Budget Support Repayment

Vice-President Yemi Osinbajo has waded into the dispute between governors and the Central Bank of Nigeria (CBN) over repayment dates for the N614 billion budget support facility extended to 35 states. In 2017, the federal government had extended the conditional facility to states through the CBN to help cushion the impact of dwindling resources and …read more →

Banking and Finance Economy News & Reports

Naira Devaluation will Boost Nigeria’s Oil Revenue, Unlock External Funding – Stanchart Chief

The devaluation of the naira will boost oil-related earnings in naira term and enhance Nigeria’s ability to borrow from the international capital market. According to Razia Khan, Standard Chartered’s Chief Economist for Africa, the devaluation of the naira to N410 to the dollar will “provide a boost to oil-related earnings in local currency terms, but …read more →