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Diamond Bank Records 3m Digital Customers

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Diamond Bank Plc has strengthened its retail business segment with digital customers of three million for the second quarter ended June 30, 2018.

Mr Uzoma Dozie, the bank’s Chief Executive Officer, attributed the milestone to its digital penetration strategy with strong focus on the Nigerian market.

Uzoma said that the bank’s digital strategy was paying off as the institution recorded a milestone figure of three million digital customers and significant increase in its mobile platform transaction fees.

He said that the bank’s non-interest income during the period grew by 6.4 per cent to N18.8 billion during the period on higher fees from retail transactions on mobile platform.

Uzoma noted that customers’ loan volume decreased by 3.6 per cent to N728.7 billion as maturities exceeded new loans during the period.

He said that the nation’s economy continued to record improvements at a macro level because of stable, higher than anticipated oil prices.

“We have witnessed 15 months of expansion reflected in monthly (Purchasing Managers Index (PMI) data, but investor sentiment has remained mixed caused in part by the election season factor.

“We have capitalised on the positive macro environment to sustain interest income in the short run with positive prospects for growth and have made progress in growing non-interest income.

“PMI is an indicator of economic health for manufacturing and service sectors,’’ Uzoma said.

He said that the bank would continue to build awareness in the wider financial ecosystem to develop new frontiers in retail banking.

Uzoma said that among this activity were the Beauty Souk and TechFest events, targeted at entrepreneurs and emerging businesses in the fashion and technology sectors respectively.

“Our partnership with Lagos Business School’s Enterprise Development Centre to support young entrepreneurs continued with the seventh season of the Building Entrepreneurs Today programme.

“In addition to retail banking, we are investing more resources in our mid-market business banking services to seize the opportunities emerging in that segment.

“In the second half of 2018, these investments will lead to improved profitability overall.

“Despite a tough six months being reported, the outlook for 2018 remains bright for the Bank as we continue to focus on a return to strong profitability and improvement in other (Key Performance Indicators (KPIs),” Uzoma said.

It would be recall that the bank during the period under review posted profit before tax of N2.92 billion compared to N9.52 billion recorded in the corresponding period of 2017.

Gross earnings stood at N98.50 billion as against N97.89 billion achieved in the preceding period of 2017.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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