Rand Merchant Bank Nigeria Limited has announced that it served as the lead issuing house for Stanbic IBTC Holdings PLC’s N148 billion rights issue. In a statement released on Wednesday, RMB highlighted its collaboration with Stanbic IBTC to effectively structure, coordinate, and execute a smooth capital raise, enabling the Group to meet and surpass the…
PalmPay, Africa’s digital banking platform, has announced new strategic partnerships with leading insurance providers to deliver accessible, affordable, and simplified insurance products directly through the PalmPay app. This initiative demonstrates the company’s ongoing commitment to promoting financial inclusion and improving the well-being of everyday Nigerians. Currently, only about 8.9% of Nigerians have any form of…
The Central Bank of Nigeria (CBN) has mandated commercial banks in the country to develop and submit a capital restoration plan. This directive is part of the CBN’s regulatory efforts to facilitate the transition away from the forbearance regime. Olubukola Akinwunmi, the CBN’s Director of Banking Supervision, announced this requirement in a circular released on…
Access Bank, one of Nigeria’s top commercial banks, has informed customers that they can now resume online transactions, withdraw cash from Automated Teller Machines (ATMs), and make Point of Sale (POS) payments using their ATM cards, following a service disruption that occurred on Sunday. The bank released this update in a statement after experiencing several…
The Central Bank of Nigeria’s Monetary Policy Committee has decided to keep the country’s interest rate at 27.50 percent as of January, unchanged from November of the previous year, in light of a decrease in inflation. Additionally, the Cash Reserve Ratio (CRR) remains at 50 basis points, the liquidity ratio (LR) is set at 30…
By Ajibola Olarinoye The International Monetary Fund (IMF) has reported that the banking sectors and their profitability are largely shielded from the impacts of inflation and rising interest rates in both advanced and emerging markets. In a report published over the weekend, titled “Rising Rates May Trigger Financial Instability, Complicating Fight Against Inflation,” the IMF…
The Central Bank of Nigeria (CBN) has confirmed that the N100 fee will remain in place for customers withdrawing less than N20,000 from Automated Teller Machines (ATMs) of other banks. This announcement follows the CBN’s admonition to Nigerian banks against imposing restrictions on ATM withdrawals below N20,000 per transaction. The information was shared in a…
By Ajibola Olarinoye On Monday, February 10, 2025, the Central Bank of Nigeria (CBN) introduced new guidelines regarding the use of Automated Teller Machines (ATMs). These guidelines were detailed in a circular sent to all banks in Nigeria, signed by John Onojah, the acting Director of the Financial Policy and Regulation Department at the…
Fidelity Bank has officially introduced a new physical facility designed specifically for small and medium-sized enterprises (SMEs) and entrepreneurs in the creative industry. In a statement released on Wednesday, the bank announced that the facility, named the Fidelity SME Hub, will include training halls, meeting rooms, networking areas, and podcast studios, along with dedicated spaces…
Access Holdings Plc has officially appointed Uche Orji as an Independent Non-Executive Director of its subsidiary, Access Bank Plc. In a statement released by the bank on Saturday evening, it was announced that the appointment became effective on January 7, following approval from the Central Bank of Nigeria (CBN). The statement emphasized that this appointment…
