Banking

Stocks Market Sustain Declining Trend, Shed N43bn

By Nse Anthony-Uko The Nigerian stocks market on Wednesday shed 0.34 per cent and extended downtrend to the second day in a row. In summary, the All Share Index (ASI) shed 123.78 absolute points, representing a decline of 0.34 per cent to close at 36,652.82 points. Similarly, the market capitalisation shed N43 billion, to close at N12.617 trillion. The downturn ...

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118 New Winners Emerge in Access Bank Family Fortune Promo

By Nse Anthony-Uko (Sundiata Finance) – Additional 118 winners have emerged in the second monthly selection of Access Bank Family Fortune Promo. The ongoing promo held at the Bank’s Alausa Branch in Ikeja produced 50 customers who won DSTV decoders while another 30 got N50,000 worth of shopping vouchers. Also, 20 customers won Samsung mobile phones, 10 customers won Home ...

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Investors Cut Emerging Markets Inflows In September By $14.5bn

By Nse Anthony-Uko (Sundiata Finance) – Foreign investors are cutting back on capital flows to debts and equities in emerging market debt as the inflows reduced in September for the second straight month to $14.5 billion according to a survey from the Institute of International Finance (IIF). The IIF survey showed that caution about the United States Federal Reserve’s path ...

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FirstBank Makes History, Issues 10m Payment Cards

By Nse Anthony-Uko (Sundiata Finance) – First Bank of Nigeria Limited has been named the first financial institution in Nigeria and the West-Africa sub-region to issue 10 million cards to customers across the country. This makes FirstBank the second bank in Africa to achieve this feat. The accomplishment is reminiscent of a similar milestone achieved two years ago when the ...

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Wema Bank Moves To Reorganise Capital, Calls For EGM

By Nse Anthony-Uko (Sundiata Finance) – In a drive to position the bank for efficiency and improve on share price patronage, Wema Bank Plc is set to embark on capital reorganisation and resolve negative retained earnings. The bank that was granted a national license by Central Bank of Nigeria (CBN) in 2015 as at June 30, 2017 has negative retained ...

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Ecobank Launches mVisa Across 33 African Countries

LOME, (Sundiata Fianance) — Ecobank (https://Ecobank.com) has partnered with Visa to launch Ecobank Scan+Pay with mVisa solutions to their consumers. The strategic tie-up signals interoperability on a cross border level – and potentially huge gains – as it affords consumers with the ability to use their mobile phone to directly access the funds in their bank accounts to pay person-to-merchant ...

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Nigerian Banks Sitting On N3.55bn Cash Pile

(Sundiata Finance) – Nigerian Banks are sitting on a huge pile of cash, which means they have more money to reward shareholders in form of dividend payment, or to fund any future expansion plans. Investors want to know the current cash flow position of a firm because it forms the basis on which they can assess the financial strength of ...

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CBN, SEC Slams N214m Fine On 5 Banks For Market Infractions

(Sundiata Finance) – The apex financial sector regulating bodies in Nigeria, Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) have sanctioned five commercial banks N213.7 million between January and June 2017 over 26 market infractions. The sanctions vary from commercial banks failure to detect single Biometric Verification Number (BVN) wrongly linked to accounts owned by different individuals, ...

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FCMB Empowers 644 Customers At Millionaire Promo Season 4

By Nse Anthony-Uko (Sundiata Finance) – First City Monument Bank (FCMB) said it has empowered another set of 644 customers with cash and various exciting gifts at the third draws of the Bank’s ongoing reward scheme tagged, ‘FCMB Millionaire Promo Season 4’. The electronic selection of the winners took place at the regional and zonal levels of the Bank across ...

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44 Millionaires Emerge In Sterling Bank Promo

By Nse Anthony-Uko (Sundiata Finance) — Forty-four customers of Sterling Bank Plc have won N1 million each in its on-going savings reward promo tagged: “What have you got to win?” which was introduced in March this year to reward loyal customers and encourage a savings culture among Nigerians. The bank said 15 new winners had emerged from the second draw ...

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