Banking & Insurance articles

mCash product

Fidelity Bank Launches NIBSS mCash Product

Fidelity Bank Launches NIBSS mCash Product

As part of the renewed efforts to further drive the financial inclusion mandates of the Central Bank of Nigeria, CBN, Fidelity Bank Plc has gone live on the Nigerian Inter-Bank Settlement System, NIBSS mCash product which will allow it’s registered merchants to receive payments from customers using their phones. Launched in collaboration with the NIBSS, other banks, and leading telecommunications companies, this electronic payment solution called microCash or mCash rides on Unstructured Supplementary Service Data,

Ernest Ebi

Fidelity Bank Gets New Board Leadership

Fidelity Bank Plc appoints three new non-executive directors, among them, a former deputy governor of the Central Bank of Nigeria A former Deputy Governor of the Central Bank of Nigeria, CBN, Ernest Ebi has emerged as a non-executive director and chairman designate of the board of directors, Fidelity Bank Plc. The appointment comes on the heels of the retirement of the erstwhile chairman of the bank, Christopher Ezeh who, after over 11 years of meritorious

Photo: Ade Ayeyemi

Financial Inclusion Is Our Goal – Ade Ayeyemi

Financial Inclusion Is Our Goal – Ade Ayeyemi, Group Chief Executive Officer, Eco Bank,  What is Ecobank’s overall vision and new strategy to increase its customer base? Our goal is to create an Ecobank that serves as a leader not only in the market but a leader that solves problems that face our customers, ensures financial inclusion and serves the community in which we operate and create value to every stakeholder. Because we are present in 36

Diamond Bank Declares Profit in Half-year Report

Diamond Bank plc, has posted an impressive performance scorecard. Assuring its stakeholders of its ability to sustain growth in all parameters, the financial institution increased its gross revenue from N96.8 billion in the half year of 2014 to N103.0 billion as at end of June 2015. Uzoma Dozie, group-managing director of the bank, attributes the bank’s continued success in spite of regulatory headwinds to its implementation of strategies that promote sustainable growth and profitability for

Yemi Adeola

Sterling Bank Stable, Gets Moody’s B2 Rating

Moody’s Investors Service, a leading global rating agency, has assigned first-time local and foreign currency issuer and deposit ratings of B2 with stable outlooks to Sterling Bank Plc, including a Counterparty Risk Assessment, CRA, of B1 (cr)/Not Prime (cr). A statement by the Agency stated that the ratings are underpinned by a b3 baseline credit assessment, BCA. BCAs are the measure of an issuer’s standalone financial strength that describes the probability of a bank defaulting

Gratuities: Court Strikes Out Former Fidelity Bank Staff Suit

Justice James Agbadu-Fishim of the National Industrial Court, NIC, Lagos, has dismissed the case of unpaid gratuity and allowance involving Fidelity Bank Plc and Andrew Awoyemi, a former staff of the bank. While striking out the case at Court 1 of NIC,Ikoyi on Friday, Agbadu-Fishim held that both the claim and counterclaims lack merit. In his judgement, Agbadu-Fishim said Awoyemi, the claimant failed to prove how he is being owned allowances and entitlement by the

Jang-Yung Lee president of Korean Banking Institute congratulating Osibogun

CIBN Wins 22nd WCBI Hosting Right

The Chartered Institute of Bankers of Nigeria has won the right to host the 22nd World Conference of Banking Institutes, WCBI, which will take place in 2017. The biennial conference for all the banking institutes across the globe commenced in Edinburgh Scotland, in 1975, as part of activities to commemorate the Centenary celebrations of the Institute of Bankers in Scotland. Since then over 21 countries including United States, Canada, UK, Italy, South Africa, Sweden, Australia,

CBN, Banks to Bar Bad Debtors from Purchasing Forex

The Central Bank of Nigeria, CBN, and banks, under the aegis of the Bankers Committee have decided to bar bad debtors from purchasing foreign exchange in the inter bank foreign exchange market. Committee which comprises of the top management of CBN, Nigeria Deposit Insurance Corporation, NDIC, and chief executives of banks took the decision on Thursday, April 9, 2015. It was also decided by the committee to reduce limit on naira debit Visa and Mastercard.


Former Fidelity Bank Staff Remanded Over N25m Fraud

Friday Yahaya, a former staff of Fidelity Bank Plc has been remanded in Ikoyi prisons, Lagos, for allegedly converting the sum of N25,350,000 belonging to the bank’s depositors to his personal use. The former marketing staff of the Bank at Balogun Business Association branch, Trade Fair Complex, Lagos State was arraigned before Justice Lawal Akapo of an Ikeja High Court on Wednesday on a 16-count charge bordering on stealing, impersonation and forgery. Trouble started when


BOI Partners Banks to Offer Lifelines to SMEs

Operators in the Small and Medium scale Enterprises, SMEs, sector can now heave a sigh of relief. They would soon receive a major boost as the Bank of Industry, BOI, partners 10 banks to provide funds to tackle their increasing challenges. The financial institutions are Access Bank Plc, Diamond Bank Plc, Ecobank Nigeria Limited, Fidelity Bank Plc, First Bank Nigeria Limited, First City Monument Bank Limited, Skye Bank Plc, Stanbic IBTC Bank, Standard Chartered Bank