05

Jul

Bank Profits May Suffer As A Result Of Fintech’s Intrusion Into Financial Services

Financial analysts have warned that as Fintechs’ services become more prominent in the delivery of financial services, they may pose a significant threat to bank profitability. Although many banks are unconcerned about the threat, analysts from Coronation Merchant Bank observed in a research on Nigerian banks titled “Nigerian Banks, Resilience Built In” that fintechs will be one of the greatest threats to banks’ total profitability. This is because their (fintech) banking platforms would appeal to tech-savvy customers who dislike visiting their local bank offices and could provide far more efficient services than traditional banks, they claimed. While most of the […]

02

Jul

Nigeria to Receive $2.5 Billion from Afreximbank For Economy And Infrastructure

The African Export-Import Bank (Afreximbank) has announced that it has reached an agreement to spend $2.5 billion in Nigeria for infrastructure development and economic growth. This is part of the African multilateral financial institution’s commitment to help strengthen Nigeria’s economy by emphasizing the country’s importance to the bank. This admission was made by Prof. Benedict Oramah, President/Chairman of the Board of Directors of Afreximbank, when he led a delegation of the bank to meet the Secretary to the Government of the Federation (SGF), Mr Boss Mustapha, in his office, according to the News Agency of Nigeria (NAN). “We decided that[…]

01

Jul

UBA Aims For A 25% Consumer Lending Portfolio

The United Bank of Africa (UBA) has announced a goal to rapidly expand its consumer lending portfolio from 10% to over 25%. Increasing consumer loans, according to the bank, would be a critical accelerator for inclusive economic growth. Mr. Anant Rao, Group Head Consumer Lending, stated this yesterday during a virtual media briefing on the topic of “Stimulating Nigeria’s Economic Growth and Impacting People’s Lives.” He also announced the bank’s re-launch of its ‘Click Credit’ service, which now includes a new feature that allows users to get loans in three minutes. “Our guiding principle, which I just want to stress[…]