24

Jun

The African Development Bank Will Develop Investment Banks For African Youthful Entrepreneurs

Akinwumi Adesina, President of the African Development Bank (AfDB), announced on Wednesday that the multilateral lender would soon establish investment banks for young entrepreneurs on the continent. Speaking at the Commonwealth Business Forum in Kigali, Rwanda, Adesina questioned the structure of the continent’s existing commercial banks. He claimed that Africa’s present financial institution model was not built to benefit youth and that if 21-year-olds tried to receive loans from banks, they would demand 40 years of tax receipts in order to dissuade them from seeking financial assistance. The AfDB president emphasized that the Youth Entrepreneurship Investment Banks would focus on […]

30

May

FCMB Offers Auto Loans Of Up To N30 Million

First City Monument Bank (FCMB) currently offers auto loans of up to N30 million at a reduced interest rate to encourage and simplify vehicle ownership for personal usage by millions of Nigerians. The car loan facilitates the purchase of new and used vehicles (popularly known as “Tokunbo”), with N500,000 as the minimum loan amount that a customer can obtain for a repayment period of up to 5 years. Mr. Shamsideen Fashola, Divisional Head, Personal Banking of the Bank, commented on the unique value proposition, saying, “We created a value proposition that is flexible, convenient, and empowers individuals, families, and businesses[…]

25

May

The CBN Raises The Interest Rate From 11.5 Percent To 13 Percent

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) raised the policy rate by up to 150 basis points to 13 percent following a meeting on Tuesday chaired by the bank’s governor, Godwin Emefiele, and maintained all other parameters, including the asymmetric corridor of +100/-700 basis points around the MPR, the CRR at 27.5 percent, and the Liquidity Ratio at 30 percent. The decision aligns the CBN with other central banks across the world in their initiatives to restrict money demand growth and the upward trend of domestic prices. Governor Emefiele stated that the decision was made[…]