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The Central Bank of Nigeria has disclosed that total direct remittances to Nigeria in the first seven months of the year rose by 135.51 per cent to $11.54bn as against $4.9bn reported in the corresponding period of 2018.
Data collected from the apex bank official website revealed that diaspora remittances into the nation’s economy continued to soar amidst series of foreign exchange reforms that tend to attract inflow of capital… More details through: https://punchng.com/direct-remittances-to-nigeria-rise-136-to-11-6bn/
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The investment of 10 Nigerian Deposit Money Banks in software, which has accrued over the years, reached $333.3mn (N120bn) as of December 31, 2018, investigation has shown.
This investment grew by 55 percent in two years from the N77.35bn the banks collectively reported in their financial report ended December 31, 2016. The software is regarded as intangible assets and generates economic benefits for the financial institutions for more than three years before upgrade or change is required… More details through: https://punchng.com/banks-software-investment-rises-55-to-n120bn/ DIASPORA remittances to Nigeria could grow to $25.5 billion, $29.8 billion and $34.8 billion in 2019, 2021 and 2023, PricewaterhouseCoopers (PwC) Limited has said
In its latest White Paper Series titled: Strength from Abroad: The Economic Power of Nigeria’s Diaspora, it said over a 15-year period, it expects total remittance flows to the country to grow by almost double in size from $18.37 billion in 2009 to $34.89 billion in 2023… More details through: https://thenationonlineng.net/diaspora-remittances-to-hit-34-89b-says-pwc/ Guaranty Trust Bank Plc will consider acquisitions outside its home market as Nigeria’s biggest lender by market value seeks to expand on the rest of the continent.
The company, which already has offices in 10 countries outside Nigeria, is looking to East Africa for growth, Chief Executive Officer Segun Agbaje said on a call with investors from Lagos on Tuesday. Guaranty Trust Bank, or GTB, already has operations in Kenya, Uganda, Tanzania and Rwanda, and will also consider ways of expanding existing businesses, he said… More details through: https://www.bloomberg.com/news/articles/2019-08-21/nigeria-s-biggest-bank-may-make-deals-to-expand-in-east-africa The London Stock Exchange Group has named a fintech firm, Social Lender, alongside 97 other Nigerian companies in its 2019 ‘Companies to Inspire Africa’ report.
Social Lender bridges the gap of immediate fund access for people with limited access to formal credit. It is globally recognised as a financial inclusion driver. The report, which identified 360 companies from 32 countries across the African continent with seven major sectors, featured small entrepreneurial businesses and big corporations… More details through: https://punchng.com/london-exchange-names-nigerian-firms-to-inspire-africa/ A firm, CRC Credit Bureau, in partnership with Fair Isaac Corporation, FICO, an America company, has developed a unique credit rating system, Score, for Nigerian market that helps lenders make quick and informed credit decisions and for individuals’ knowledge of what their credit status is.
Speaking at the launch of the product in Lagos, Managing Director and Chief Executive Officer of CRC Credit Bureau, Mr. Tunde Popoola, said the Score is a three-digit number ranging from 300-850 that summarizes your history of borrowing and paying back loans or post-paid services by allocating a 3-digit number that represents how risky it is to do business with you… More details through: https://www.vanguardngr.com/2019/08/firm-launches-credit-rating-system-to-nigerian-market/ Visa’s Global President, Ryan Mclnerney hosted a round-table discussion with West African fintech founders and executives. The event, held in Lagos, Nigeria, presented an opportunity for tech entrepreneurs and innovators to discuss a variety of ideas for promoting growth in the industry and drive the digitization of economies across the continent.
Four leading Fintech operators Flutterwave, ExpressPay, Innovectives and OneFI participated in the meeting… More details through: https://www.thisdaylive.com/index.php/2019/07/26/visa-partners-fintech-community-to-accelerate-growth-of-digital-payments/ The Federal Government has said Nigerians living abroad remitted $25bn in 2018, representing 83 per cent of the national budget in that year. The amount, it noted, was about 6.1 per cent of the Gross Domestic Product of the country.
The Secretary to Government of the Federation, Boss Mustapha, who said this at the 2019 National Diaspora Day celebration, in Abuja on Thursday, explained that the figures reflected the research findings by the World Bank’s Migration and Remittances report issued in April 2018… More details through: https://punchng.com/nigerians-abroad-remitted-25bn-in-2018-fg/ InsuResilience Investment Fund (IIF) has acquired 39.25 per cent stake in Royal Exchange General Insurance Company Limited (REGIC)Plc, one of the nation’s largest non-life insurance companies. IIF was set up on behalf of the German government by KfW and managed by Swiss based impact investment manager, BlueOrchard Finance Limited.
In a notification to the Nigerian Stock Exchange (NSE) yesterday, Royal Exchange Plc, which is the parent firm of REGIC, said through its activities, the IIF is expected to reach out to more than one million Nigerian farmers by 2025… More details through: https://www.thisdaylive.com/index.php/2019/07/19/german-fund-acquires-39-stake-in-royal-exchange-insurance/ In an effort to boost economic growth in Africa’s most-populous country, Nigeria is giving its banks a choice: lend more money, or hand it over to the central bank and earn nothing on it.
Banks should use at least 60% of their deposits for loans by the end of September, the central bank said on July 3, according to a circular viewed by Bloomberg. Those that don’t will have their cash-reserve requirements increased, meaning they’ll be forced to park more money at the central bank… More details through: https://www.bloomberg.com/news/articles/2019-07-04/nigeria-sets-minimum-loan-to-deposit-ratio-to-spur-bank-lending |
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