CBN to commence charges on deposits, withdrawals above N500,000

The nationwide implementation of the cashless policy will begin by March 2020, says the Central Bank of Nigeria on Tuesday. The apex bank said this in a circular to all Deposit Money Banks in the country. It said that implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals. According to the circular, the charges, which take effect from Wednesday (today) will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts…

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Union Bank supports women capacity building with Alpher

Union Bank in collaboration with Leading Lady Africa is supporting women’s capacity building with Alpher platform in an enterprise and leadership programme. Speaking at a press briefing in Lagos, Chief Digital and Innovation Officer, Union Bank, Lola Cardoso, explained: “The Alpher platform for women is a value proposition that targets Nigerian individual women as well as women in business. It basically provides an enabling environment and support whether it is through products and services but more importantly the capacities and opportunities that they need to grow and thrive and also it will pave…

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Wema Bank’s ALAT wins 2019 Best Digital Platform Award

ALAT by Wema, Africa’s first fully digital bank, has emerged Best Digital Platform in Nigeria 2019 by International Business Magazine, a leading global journal that promotes flagship talent bearers from across the globe. Having met the award criteria for the year under review, the banking platform powered by Wema Bank was judged the winner by a deciding panel in recognition of its simplicity and refreshing service delivery. ALAT by Wema is a borderless banking app that offers an easy signup process, exciting saving options and other benefits to help customers…

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Samsung set to launch foldable smartphone

Samsung has said it will launch its hotly anticipated first foldable smartphone on Friday, months after faulty screens forced an embarrassing delay of its release. The world’s largest smartphone maker spent nearly eight years developing the Galaxy Fold, but had to hold its launch in April after reviewers reported screen problems within days of use. It was a major setback for the firm, which was hoping to spark demand for its high-end phones with the launch of the $2,000 device, with profits plunging in recent quarters in the face of…

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Fidelity Bank declares double digit growth in earnings, profitability

Fidelity Bank has recorded improved performance in the first half of 2019, HI’19, recording double-digit growth in key revenue lines whilst achieving significant traction in digital banking uptake despite the country’s challenging and fiercely competitive business environment. Details of the audited half-year result for the period ended June 30, 2019, released at the Nigerian Stock Exchange, NSE, weekend, showed a 15.7 percent rise in Profit Before Tax, PBT, period to N15.1 billion in the reporting period from N13.0 billion in H1’18. Profit After Tax, PAT, rose by 15.6 percent to…

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Access Bank promotes Savings Culture among Children

Nigeria’s largest retail bank, Access Bank Plc, recently collaborated with MTN at the mPulse planet to educate pre-teens and teenagers on the importance of practicing good savings culture through fun and innovative methods. The event which held at Landmark Event Centre, Lagos, saw children taking part in gamified learning on platforms such as Dreamville.ng – a community where children can learn about managing money and other financial instruments – while also providing attendees with lots of exciting attractions and activities to enhance early savings culture. Speaking at the event, Adaeze…

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Forex ban on Food: Employers seek interface with FG to save jobs, businesses

Stake holders in the Food, Beverage and Tobacco sector of the economy, have pleaded with the Federal Government to engage the Organized Private Sector, OPS, and other stakeholders on the recent policy pronouncements concerning foreign exchange restriction on imported goods in the food sub-sector to avoid job loss and business collapse. On the platform of the Association of Food Beverages and Tobacco Employers, AFBTE, the employers, specifically appealed to the Federal Government to engage the OPS and stakeholders in the food industry to discuss the issues involved thoroughly to arrive…

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CBN to restrict forex on more food items -Emefiele

Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), has disclosed that it will deny foreign exchange (Forex) for importation of more items at both commercial banks and the apex bank levels. Emefiele stated this in Abuja at the opening of a two-day retreat for ministers’ designates and top government officials at the Presidential Villa yesterday. He said the authorities would also not renege on President Muhammadu Buhari’s directive to CBN to stop issuing Forex for food imports into Nigeria. Specifically, President Buhari had last week in Daura, Katsina…

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Ecobank engages new set of graduates in training

Through its training academy, ECOBANK Nigeria has commenced entry level development programme for new set of Graduate Trainees. A statement from the bank said the training programme is an intensive eight-week medley of learning interventions for fresh graduates. The first set of 67 trainees will graduate at the end of the month and will be absorbed into different roles in the bank. According to the Head, Human Resources, Ecobank Nigeria, Gloria Byamugisha, the first set of trainees at the academy demonstrated a high level of commitment and orientation towards the…

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GTBank Declares Profit Before Tax Of N115.8b

Audited financial results of Guaranty Trust Bank Plc has been released for the half year ended June 30, 2019 to the Nigerian and London Stock Exchanges. The half year result shows positive growth across key financial metrics and reflects GTBank’s leading position as one of the best managed financial institutions in Africa. The Bank reported a Profit Before Tax of N115.8 billion, representing a growth of 5.6 per cent over N109.6 billion recorded in the corresponding period of 2018. The Bank’s loan book grew by 1.0 per cent from N1.262…

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