A global campaign for aid and development transparency organisation, Publish What You Fund, has rated the African Development Bank (AfDB) as the most transparent organization in the world. The development finance institution’s Sovereign Portfolio with a top score of 98.5 now ranks first out of 50 global development institutions in Publish What You Fund’s 2022 […]
Banking
TAJBank Opens New Branch To Deepen Financial Inclusion
…..as excited traders jostle to open account TAJBank Ltd, a leading non-interest hank, has continued its service and financial inclusion drive with the opening of a new, technology-powered branch in Wuse 2, Abuja. The opening of the new branch brings the lender’s growing branch network to 22 within its first two years of operation. Speaking […]
Bancorp Securities Forecasts Mixed Reactions In Equities Market
Bancorp Securities Limited, one of Nigeria’s investment research firms, on Monday predicted that mixed reactions that characterized trading sessions in the nation’s equities market last week will be sustained this week. This is even as the firm expected investors to take position in half-year results which are to be released in the course of this […]
Nigeria’s Financial Inclusion Rate Rises To 45% In 2021
The World Bank has reported that Nigerians with accounts in deposit money banks (DMBs), microfinance banks (MFBs) and other financial institutions (OFiS), including mobile money service providers, rose from 16 percent in 2020 to 45 percent by the end of 2021. The Washington D.C-based multilateral financial institution made this disclosure in its just published report […]
CBN Charges OFIs On Cybersecurity Guidelines’ Compliance
The Central Bank of Nigeria (CBN) has issued new guidelines for improved cybersecurity in the Nigerian financial system, particularly among the Other Financial Institutions (OFIs). The guidelines outline the requirements the OFIs were requested to observe in the development and implementation of strategies, policies, procedures and related activities aimed at mitigating cyber risks. The apex […]
AfDB Launches First ESG African Frontier-Currency Bond
The African Development Bank (www.AfDB.org) on 14 June 2022 launched a 19-billion Ugandan shilling (UGX) ($5.07 million) 2-year theme bond, the first-ever African frontier currency-denominated environmental, social and governance (ESG) issuance by a multilateral development institution. The bond, due in June 2024, will be settled in dollars at a fixed coupon of 10.5%. It was […]
NGX, BOI Partner On Capital Market’s Inclusive Growth Drive
The Nigerian Exchange Limited (“NGX”) and Bank of Industry (“BOI”) have signed a Memorandum of Understanding (MoU) to deepen the nation’s capital market penetration, build the capacity of stakeholders through financial literacy programmes, and facilitate market advocacy initiatives and promote listings, amongst other benefits to the economy. The sealing of the pact was done by […]
Fitch Upgrades Fidelity Bank’s IDR From ‘B-’ to ‘B’
Fitch Ratings, one of the leading global rating agencies, has upgraded Fidelity Bank Plc’s long-term issuer default rating (IDR) from ‘B-’ to ‘B’, reflecting the bank’s increased creditworthiness. Fitch also upgraded the bank’s National Long-Term Rating to ‘A(nga)’ from ‘BBB+(nga)’. According to the rating agency, the upgrade is a result of the Bank’s improving business […]
TAJBank Charts Roadmap For Future Growth At 3rd AGM
…eyes National Bank Licence Encouraged by the impressive financial and other operational performance indices recorded since it debuted as a non-interest bank in Nigeria two years ago, the Board and Management of TAJBank Limited on Wednesday highlighted indices to ensure its continuous and sustainable growth in the years ahead. The Managing Director/CEO of the bank, […]
ADF Board Approves $2Mn Grant For ECOWAS’ Electricity Reforms
The Board of Directors of the African Development Fund (ADF) has approved a technical assistance grant of $2 million to fund research that will contribute to electricity reforms in the Economic Community of West African States (ECOWAS). The approved grant, which is the concessional window of the African Development Bank Group (AfDB), will be paid […]