E-Financial
Banks’ Assets Hit N26.3trn in October
Central Bank of Nigeria (CBN) said that the total assets of banks in the country rose by 1.5 percent to N26.3 trillion in October.
The apex bank disclosed this in its economic report for October, which also indicated slight decline in banks credit to the domestic economy.
The report stated, “Available data indicated that total assets and liabilities of the banks amounted to N26, 335.57 billion, showing a 1.5 per cent increase above the level at the end of the preceding month.
Funds were sourced, mainly, from increased mobilisation of central government deposit, increase in unclassified and foreign liabilities, and reduction in foreign assets.
The funds were used, largely, to increase claims on central government, claims on central bank and reduce time, savings and foreign currency deposits, and demand deposits.
“At N13, 874.56 billion, banks’ credit to the domestic economy fell marginally by 0.7 per cent, compared with the level at the end of the preceding month. The development was attributed to the 3.9 and 0.5 per cent decline in credit to the Federal Government and credit to the private sector, during the review month.
Liquid assets
“Total specified liquid assets of the banks stood at N6, 413.02 billion, representing 37.0 per cent of their current liabilities. At that level, the liquidity ratio declined by 0.8 percentage point below the level in the preceding month, and was 7 percentage points above the stipulated minimum ratio of 30.0 per cent.
The loans-to-deposit ratio, at 62.8 per cent, was 2.9 percentage points above the level at the end of the preceding month, but was 17.2 percentage points below the prescribed maximum ratio of 80.0 per cent.
“At N16,408.5 billion, aggregate banking system credit (net) to the domestic economy grew by 0.9 per cent, on month-on-month basis, at end-October 2014, compared with the growth of 2.7 per cent at the end of the preceding month.
The development relative to the preceding month reflected the growth of 0.9 and 0.7 per cent in net claims on the Federal Government and claims on the private sector. Over the level at end- December 2013, net domestic credit grew by 9.1 per cent.
Banking system’s credit (net) to the Federal Government, on month-on-month basis, rose by 0.9 per cent to negative N1,380.3 billion at end-October 2014, compared with the growth of 10.4 per cent at the end of the preceding month. The development relative to the preceding month was attributed to the increase in banking system’s holdings of government securities.
Over the level at end-December 2013, claims on the Federal Government (net) rose by 6.0 per cent. However, the Federal Government, as in the preceding month, remained a net lender to the banking system at the end of the review month.
Banking system credit to the private sector, on month- on-month basis, grew marginally by 0.7 per cent to N17,788.8 billion, compared with the growth of 1.5 per cent at the end of the preceding month. The development was attributed to the 5.2 and 0.5 per cent increase in claims on the state and local governments and core private sector, respectively. Over the level at end-December 2013, banking system’s credit to the private sector grew by 7.7 per cent”
Flutterwave, an African payments technology company, said yesterday it has received approval from Ghana’s Central Bank to provide inward remittance services.
This development, according to the business, reinforces Flutterwave’s aim to simplify payments across Africa. In announcing the development, Flutterwave stated that Ghana’s financial sector is fast growing, with high mobile phone penetration and a vibrant mobile money ecosystem.
Remarkably, it continued, 60% of foreign exchange is received through mobile money platforms, demonstrating the critical role they play in the financial lives of Ghanaians.
Beyond mobile money, areas such as insurtech, lend-tech, and buy now, pay later are expanding rapidly, creating a vibrant and diverse fintech environment, according to the business.
Furthermore, Flutterwave stated that the Bank of Ghana’s supportive regulatory framework and the Ghana Digital Agenda have created an attractive market for fintech innovation.
According to Flutterwave, the latest approval is consistent with these trends, guaranteeing that Ghanaians can benefit from rapid, secure, and cost-effective remittance services.
Olugbenga Agboola, founder and CEO of Flutterwave, commented on the milestone: “Remittances play a vital role in the Ghanaian economy, and our goal is to make the process as seamless as possible for Ghanaians in the diaspora looking to send money home.”
Oluwabankole Falade, chief regulatory and government affairs officer at Flutterwave, added: “We are grateful to the Bank of Ghana for their support and look forward to expanding our services in the country.”
Economic and Financial Crimes Commission (EFCC) has issued a public alert on 58 companies allegedly running illegal Ponzi schemes in Nigeria, warning citizens against investing in them.
In a statement on Tuesday, Dele Oyewale, spokesperson of the anti-graft agency, said the 58 Ponzi operators falsely pose as investment firms, defrauding unsuspecting Nigerians of their money.
Oyewale noted that none of the companies are registered with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).
“The two regulators, in separate correspondences with the EFCC, denied that they are registered with them,” the statement reads.
“The commission has charged many of the companies to court, with five of them convicted, another five pleaded guilty but awaiting review of facts while the rest are pending arraignment.”
The companies listed include Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Limited, Titan Multibusiness Investment Limited, Brickwall Global Investment Limited, Farmforte Limited & Agro Partnership Tech, Green Eagles Agricbusiness Solution Limited, Richfield Multiconcepts Limited, Forte Asset Management Limited, (Biss Networks Nigeria Limited, S Mobile Netzone Limited, Pristine Mobile Network), Letsfarm Integrated Services, Bara Finance & Investment Limited, Vicampro Farms Limited, Brooks Network Limited, Gas Station Supply Services Limited, Brass & Books Limited, (Annexation Biz Concept & Maitanbuwal Global Venturescrowdyvest Limited,) and Crowdyvest Limited.
Others are Jadek Agro Connect Limited, Adeeva Capital Limited, Oxford International Group and Oxford Gold Integrated, Skapomah Global Limited, MBA Trading & Capital Investment Limited, TRJ Company Limited, Farm4Me Agriculture Limited, Quintessential Investment Company, Adeprinz Global Enterprises, Rockstar Establishment Limited, SU.Global Investment, Citi Trust Funding PLC, Farm Buddy, Eatrich 369 Farms & Food, Globertrot Farmsponsors Nigeria Limited, Farm Sponsors Limited, Cititrust Credit Limited, Farmfunded Agroservices Limited, Adamakin Investment & Works Limited.
The rest include Cititrust Holding PLC, Green Eagles Agribusiness Solutions Limited, Chinmark Homes & Shelters Limited, Emerald Farms & Consultant Limited, Ovaioza Farm Produce Storage Limited, Farm 360 & Agriculture Company, Requid Technologies Limited, West Agro Agriculture & Food Processing Limited, NISL Ventures Limited & Estate of Laolu Martins, XY Connect Investment Limited, River Branch Unique Investment Limited, Hallmark Capital Limited, CJC Markets Limited, Crowd One Investment, Farmkart Foods Limited, KD Likemind Stakeholders Limited, Holibiz Finance Limited, Ifeanyi Okpe Oil & Gas Services, Servapps Nigeria Limited, Barrick Gold Mining Company and 360 Agric Partners Limited.
The commission reaffirmed its commitment to monitoring fraudulent investment schemes and protecting Nigerians from financial exploitation.
House of Representatives has passed a resolution calling for the suspension of the increase in Automated Teller Machine (ATM) transaction charges and the stoppage of free ATM withdrawals for customers from other banks in Nigeria.
This followed a motion of urgent public importance by Marcus Onobun.
Onobun, drew the attention of the House to a circular by the Central Bank of Nigeria (CBN) to that effect.
Lawmakers were worried that this would impose additional financial burdens on Nigerians.
The House asked the CBN to suspend the policy pending proper engagement with the relevant committees on banking, finance, and financial institutions.
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