Connect with us

Banking

Electronic Payment Volumes Drop 1.1% in August

Published

on

Electronic Payment Volumes

By Adedapo Adesanya

Electronic payment volumes in Nigeria witnessed a 1.1 per cent decline in the month of August to 397.9 million from 402.3 million in July.

According to the Nigeria Inter-Bank Settlement System Plc (NIBSS), the value of e-payment transactions also suffered a colossal N190 billion loss, falling to N23.97 trillion from N24.16 trillion a month earlier.

The value of NIBSS Instant Payment (NIP) also suffered a slight 1.2 per cent dip from N22.4 trillion in July to N22.13 trillion in August, while the volume of NIP transactions depreciated by 0.1 per cent month-on-month to 293.98 million from 294.3 million.

Also, Point of Sale (PoS) transactions in the country suffered a 7.4 per cent decline as the volume of PoS transactions carried out during the month was 75.6 million compared to 81.6 million transacted in the preceding month.

According to reports, this was coincidentally the lowest PoS volume in six months despite a 3.9 per cent rise in registered PoS terminals.

In addition, the value of PoS transactions for the month fell by 8.9 per cent or N49.8 billion to N504.9 billion from N554.7 billion recorded in July.

The reduction seen across these outlets can be attributed to prices of consumer goods which have continued to increase despite annual inflation in the country recording a consecutive month drop to its current 17.38 per cent.

The effect of inflation is that it essentially reduces the purchasing power of Nigerians as they struggle to cut spending to cope with the harsh economic realities, combined with the 33 per cent unemployment rate and rising food prices.

It was not all bad in the month of August as some improvements with Mobile Interscheme enjoying an increase in the value of transactions, rising by 8.1 per cent or N54.2 million to hit N719.4 billion from N665.2 billion in July. The volume of transactions also increased by 3.9 to 26.6 million from 25.6 million.

Cheque transactions also witnessed an increase, rising by 6.3 per cent to N265.4 billion from N248.6 billion, while the volume also improved by 6.2 per cent to 366,002 from 344,621.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Click to comment

Leave a Reply

Banking

Standard Chartered Introduces Smart Business Loan

Published

on

Standard Chartered Bank Nigeria

By Modupe Gbadeyanka

A credit facility package targeted at small business owners in Nigeria called Smart Business Loan (SBL) has been introduced by Standard Chartered Bank.

The product was designed to help players in the Small and Medium Enterprises (SMEs) sector meet their short to medium-term needs. It is an unsecured instalment/term loan to business banking clients within key target sectors.

A statement from the lender explained that qualified business banking clients will be able to access up to N20 million loan without providing tangible security/collateral to purchase assets, finance business expansion and other capital expenditure needs.

The maximum tenor for the credit facility is two years, Business Post gathered.

Before now, customers were required to provide full collateral cover to access loans from the bank’s business banking segment but SBL provides the necessary flexibility to its clients.

“As a bank, our purpose is to drive commerce and prosperity in the locations we operate in. This is done through offering cash, lending, trade and wealth management solutions that specifically drive economic growth,” the Head of Consumer, Private and Business Banking (CPBB), at Standard Chartered Bank Nigeria, Mr David Idoru, stated.

“Within our CPBB, the promotion of commerce is largely done through our business banking segment by banking SMEs.

“We are constantly looking for ways to ensure our clients get access to the needed support to enable their businesses to thrive and SBL provides the necessary flexibility for business growth,” Mr Idoru added.

Continue Reading

Banking

DLM Capital Praises Employees for Global Finance Award

Published

on

DLM Capital

By Modupe Gbadeyanka

Employees of DLM Capital Group, a leading developmental investment bank in Nigeria, have been applauded for the award received by the company recently.

DLM Capital was named the Best Development Finance Company Nigeria 2021 by the Global Banking and Finance Review magazine.

The honour was in recognition of the institution’s dedication to providing leadership and excellence in Nigeria’s development finance space.

While commenting on the award, the Head of Investment Banking at DLM Capital, Mr Emeka Ngene, said the honour was made possible as a result of the continuous collaboration of the DLM community.

“It is indeed an honour to receive this recognition from such a prestigious body as Global Banking and Finance Awards.

“We are pleased to be associated with this award which speaks to our dedication and hard work in addition to the expertise and innovative solutions we have implemented over the years.

“This further demonstrates our commitment to designing and implementing developmental funding solutions for the development of the country.

“We are therefore dedicating this award to our team for their continuous support in ensuring that DLM Capital thrives in its pursuit to push the frontiers of developmental capital market solutions in the Nigerian financial ecosystem.

“We are delighted once again to have been identified for our accomplishments among other players across the continent,” he stated.

Since 2011, the Global Banking & Finance Awards has honoured companies that stand out in their various areas of expertise in the banking and finance industry, thereby recognizing the accomplishments and significant revolutions that emerge every year within the global finance community.

Continue Reading

Banking

Ecobank Offers Back-to-School Loan Packages to Parents

Published

on

Ecobank Nigeria

By Aduragbemi Omiyale

The desire to ease the financial burdens of parents and guardians as regards the payment of school fees of their children and wards for the 2021/2022 school year has made Ecobank Nigeria come up with affordable loan packages.

The Head of Consumer Banking at Ecobank Nigeria, Mrs Korede Demola-Adeniyi, explained that the introduction of the credit facility is in line with the lender’s overall strategy to support the development of the nation’s education sector.

A statement from the financial institution disclosed that the loan packages were designed under its back-to-school initiatives and are also available to school owners through special infrastructure loans.

“As a bank that has the interest of its customers at heart especially at this period when schools resume, we understand the importance of education. Children deserve to go to school and we are making it easy for parents to provide them with this basic right,” she said.

Speaking specifically on the loans available for the educational institutions, she noted that they could be accessed without bottlenecks as the bank has taken into cognisance the harsh effects of the COVID-19 pandemic.

Mrs Demola-Adeniyi urged schools to appoint the bank as their preferred financial institution for payments and collections, noting that Ecobank has demonstrated pedigree and expertise in fees collection, locally and internationally.

She further encouraged schools and individuals that are yet to open Ecobank accounts to do so in order to access the offers available.

The banker also said Ecobank’s digital offerings are targeted at reducing the financial burden on parents, students and schools, and also facilitating the ease of payment of fees without hassles.

She listed the digital offerings to include Ecobank Mobile App, EcobankPay and Ecobank Online for contactless fees payment; personal loans and salary advance packages at competitive interest rates, international transfers for offshore school fees payment and affordable remittance offerings.

Mrs Demola-Adeniyi also noted that families abroad who wish to send money home to help with fees can do so at zero charges on the Rapidtransfer app.

The bank has also provided the banking-for-school pack for educational institutions to access working capital and loans. The features of this pack include easy fee collections, zero charges on collection accounts with EcobankPay, secure online banking with Omni Lite and cards for easy payments.

Continue Reading

Like Our Facebook Page

Latest News on Business Post

Trending

%d bloggers like this: