Financial Services
Banking, Insurance and general financial services news
CBN grants licenses to 3 Payment Service Banks
The 3 Payment Service Banks are Hope PSB, Moneymaster PSB and 9 PSB.
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CBN bars Payment Service Banks from accepting forex deposits
The name of PSBs must not include any word that links it to the parent company.
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CBN urges banks to ‘support’ media, aviation industries to avert growing job losses
The media and aviation sectors are among the hardest hit by the pandemic, hence CBN's call.
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Banks reduce dollar spending limit on naira debit cards to $100
Some banks have reduced their monthly spending limits to as low as $100.
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A higher profile for the DFIs under COVID-19
The DFIs have become active in what the industry terms “non-technical support”.
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Banks’ loans to private sector increase by N3.50 trillion in one year – CBN
The document stated that the credit was stimulated by the policy on Loan-to-Deposit Ratio (LDR).
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CBN says 22 banks to restructure over 35,000 loans due to COVID-19
This is seen as part of measures by the apex bank to curb the rise in non-performing loans.
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Fitch forecasts that banks’ earnings will be hit hard by CBN’s CRR policy, others
The CRR debits on Nigerian banks have exceeded the N2 trillion mark in 2020 alone.
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Sterling Bank reveals N215 billion sequestered by CBN as CRR Debits
Sterling Bank Plc, one of Nigeria's tier 2 banks reported that the Central Bank of Nigeria's CBN restricted about N215.5...
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3 major ways COVID-19 will affect Banks’ 2020 profits
The oil price crash coupled with border closures have worsened Nigeria’s FX deficit.
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