Adedapo Adesanya
By Adedapo Adesanya
Coronation Merchant Bank has announced the launch of its mobile banking application which is to provide its customers easy access to their accounts as well as the ability to perform transactions seamlessly without the need for in-person banking.
Speaking on the launch, the Managing Director/CEO of Coronation Merchant Bank, Mr Banjo Adegbohungbe, stated: “We are delighted to be at the forefront of digital banking within the merchant banking space.
“We recognise that these are very difficult times and our customers are looking for a partner that can help them navigate the challenges induced by the COVID-19.
“This is why we are constantly raising the bar and pushing the limits in service delivery by pioneering innovative solutions that make banking easier and faster for our customers.
“Our goal is to consistently create value for our customers and to provide them with solutions that enable them to meet their strategic objectives.
“We remain committed to being there for our customers even in these difficult times.”
Coronation Merchant Bank has been at the forefront of pioneering innovative solutions to enable its customers to achieve their strategic objectives.
Earlier this year, the bank announced its partnership with IFC (a member of the World Bank Group) to provide a $40 million trade finance guarantee facility for its clients. This was the first time in five years that IFC would approve such a facility in Nigeria.
Business Post had reported that global credit rating firm, Fitch appraised the management team of the bank has demonstrated a high degree of credibility.
The rating of the bank’s Long-Term Issuer Default Rating (IDR) was put at ‘B-‘ with a negative outlook. Fitch said the company’s “strategy is well defined although execution could be hampered under current difficult operating conditions.”
The rating agency noted that the company has good asset quality, reporting a zero impaired loans (IFRS 9 Stage 3)/gross ratio at end of the first half of 2020, which has also been the case for the last four financial years.
