CBN sets N2b benchmark for Mobile Money Operators (MMOs)

Mobile Money Operators (MMOs) are to maintain a minimum of N2 billion capital base, the Central Bank of Nigeria (CBN) has directed in a circular signed by its Director, Payments System Management Department, Musa Jimoh. They have also been authorised by the apex bank to hold customers’ funds under its new licencing framework. According to … Continue reading CBN sets N2b benchmark for Mobile Money Operators (MMOs)

A literature review of corporate governance

Literature Review Corporate governance refers to the processes, structures and information used for directing and overseeing the management of an institution (Duncan and Cameron, 2005). A good corporate governance framework establishes the mechanism for achieving accountability between the board, senior management and shareholders, while protecting the interests of relevant stakeholders and they also set structure … Continue reading A literature review of corporate governance

Alex Otti explains Diamond Bank’s plan to revive Nigerian economy

  “Must do better” was the IMF’s recent verdict on the Nigerian banking system. Many reforms were “highly commendable”, it said, but more still needs to be done to strengthen the central bank’s oversight. Image: Alex Otti Dr Alex Otti, CEO of Nigeria’s Diamond Bank, discusses the challenges for Nigeria’s banking sector, the impact of the country’s dependence … Continue reading Alex Otti explains Diamond Bank’s plan to revive Nigerian economy

What every ‘smart’ banker craves to learn from Warren Buffet

  It’s reasonable to argue that the greatest banker in the United States today isn’t a banker at all—he’s an insurance guy. You might have heard of him. His name is Warren Buffett! As the chairman and CEO of Berkshire Hathaway, an insurance-focused conglomerate based in Omaha, Nebraska, Buffett oversees one of the largest portfolios of … Continue reading What every ‘smart’ banker craves to learn from Warren Buffet

CBN refunds N6.8bn excess charges to retail bank customers

  The Central Bank of Nigeria, CBN, yesterday, disclosed that commercial banks have refunded N6.8 billion excess charges to their customers in the first half of 2018 (H1’18), the Vanguard reports. The apex bank disclosed this in its half year, 2018 economic review report. The CBN report showed that the N6.8 billion excess charges refunded … Continue reading CBN refunds N6.8bn excess charges to retail bank customers

JPMorgan expanding to Kenya and Ghana

JPMorgan Chase & Co, the world's 6th largest bank by total assets, said it plans to expand its African presence into countries including Ghana and Kenya, Chief Executive Jamie Dimon said in an interview on Wednesday. “You’ll see us open in some countries we are not in, in Africa you’ll be hearing about some of … Continue reading JPMorgan expanding to Kenya and Ghana

How Bank of America’s retro banking is paying off

Heritage isn't just about history, Bank of America would love to admit, having started the first nationally licensed credit card program which was previously referred to as BankAmericard. The innovation attracted rapid and widespread adoption; growth and increased sales followed, and sooner than expected, the program was eventually renamed Visa after gaining global acceptance. Bank … Continue reading How Bank of America’s retro banking is paying off

HSBC May Lose Its Banking Licence in the US due to Panama Papers Scandal.

There's fear that one of the biggest banking giants in the world HSBC may lose its US banking licence.   This will depend on the reaction from the Oval Office regarding the bank's role in its overall banking activities on the Panama records. If the US government probes the bank and nails it for illegal … Continue reading HSBC May Lose Its Banking Licence in the US due to Panama Papers Scandal.

HSBC, RBS and Barclays To Close 400 Branches This Year.

The HSBC, Royal Bank of Scotland and Barclays are reportedly set to close 400 UK branches this year. Reuters cited people familiar with the matter as saying that HSBC was set to close the highest number, with about 200 branches this year. That is about a fifth of the bank's UK branches and a third … Continue reading HSBC, RBS and Barclays To Close 400 Branches This Year.