GTBank Wins Euromoney Award for COVID-19 Response

By Modupe Gbadeyanka For supporting Micro, Small and Medium-scale Enterprises (MSMEs) with credit facilities, Ecobank Nigeria Limited has won big at the 2023 Development Bank of Nigeria (DBN) Annual Service Ambassador Awards ceremony held in Lagos. The DBN Ambassadors Programme was designed to increase the sense of ownership among participating financial institutions, build capacity, increase on-lending small businesses and ultimately deepen financial inclusion in Nigeria. Ecobank is a participating financial institution in partnership with DBN to provide credit facilities, credit guarantees and technical support to MSMEs. It got an award for Platinum Service Ambassador; Bank with the Highest Impact on

By Modupe Gbadeyanka A Nigerian lender, Fidelity Bank Plc, has agreed to adopt the single framework for a sustainable banking industry developed through collaboration between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI). Called the UN Principles for Responsible Banking (PRB), the initiative is a structure for ensuring that banks’ strategy and practices align with the vision society has set out for its future in the UN Sustainable Development Goals and the Paris Climate Agreement. Banks which have signed the principles commit to being ambitious in their sustainability strategies, working to mainstream and embed sustainability into

By Adedapo Adesanya One of Africa’s biggest financial institutions, Access Bank, is close to finalizing a regulatory process to launch its first full banking service in Asia in the first quarter of 2024. This was disclosed by the chief executive of its holding company, Mr Herbert Wigwe, on the sidelines of the Africa Financial Industry Summit in Lomé, Togo, as per Semafor. The Nigerian lender’s plan to enter the Asian market is part of a wider global expansion target which includes a strategy to expand more deeply into Francophone Africa, build closer ties with North Africa, and across Europe where

By Dipo Olowookere Monday, October 14, 2019 has been fixed for a court-ordered meeting for shareholders of Dangote Flour Mills Plc to approve the sale of the firm to Olam International Limited through its subsidiary, Crown Flour Mills Limited. Olam is looking to pay N120 billion for the acquisition of the company’s five billion shares not held by Crown Flour Mills at the rate of N24 each. A statement released by Dangote Flour Mills disclosed that the “meeting will be held at 10:00am on Monday, October 14, 2019 at Muson Centre, Onikan, Lagos Island, Lagos.” It was stated that registration

By Dipo Olowookere A rule to look into issues associated with stockbroking operations and protect investors in the event of the occurrence of the risk or loss insured is being proposed by the Securities and Exchange Commission (SEC). In a disclosure, SEC said guideline, which will come under Rule 27A is mainly “to exempt capital market experts/professionals from maintaining fidelity bonds and enable the establishment of an insurance product for dealing members of securities exchanges to cover the risks associated with stockbroking operations and protect investors in the event of the occurrence of the risk or loss insured.” The apex

By Investors Hub Many of the major Asian markets were closed for Labor Day on Tuesday, although stocks in Australia and Japan moved higher in light trading. Investor sentiment was bolstered by news that the U.S. has extended the May 1st deadline on steel and aluminum tariff exemptions for the European Union, Canada and Mexico by a month. In Australia, the S&P/ASX 200 Index climbed 32.50 points or 0.5 percent to 6,015.20, while the All Ordinaries Index rose 28.40 points or 0.5 percent to 6,100.00. The higher close by Australian stocks came after Australia’s central bank decided to leave its

By Dipo Olowookere Kaspersky Lab experts have discovered the distribution of an unusual fraudulent scheme that tricks users into parting with their time and their data, for no return. By creating fake websites for the free generation of gift cards, cybercriminals are able to “sell” users’ data to third party partner sites, to which they redirect victims. While industry and law enforcement agencies from around the world are busy fighting against cybercrime, criminals themselves are constantly looking for new ways of earning money – other than just malware. Offering something valuable free of charge is always an enticing piece of

By Adedapo Adesanya Yellow Card Financial has announced the launch of its new payment feature, Yellow Pay, to make it easier for customers to send and receive money through the company’s crypto exchange platform. The firm said the new product will be coming without any extra charges for users. The Director of Operations for Yellow Card, Mr Oparinde Babatunde, said one of the biggest challenges in Africa is the difficulty in money transfer, stating that it is easier to send money from Nigeria to the US than it is to send money from Nigeria to Ghana or Zambia, and in

By Adedapo Adesanya As more startups seek ways to change how things are done, Errand360 has launched the first Bicycle Community Delivery hub in Nigeria. The company noted that its services are tailored to serve users with demand for quick and short errands within their communities and on-demand delivery services. Errand360 Bicycles will serve users in the following ways: food deliveries, pharmaceutical product delivery, grocery purchase and delivery, document dispatch within the city, short errands, long errands, and messenger’s tasks. The company noted that the pilot phase of Errand360 Bicycles will start with Lagos. It noted in a statement that,

By Dipo Olowookere The equities market posted a marginal growth of 0.02 per cent on Tuesday to put an end to the four consecutive losses caused by profit-taking. Though cautious trading remained at the ecosystem, gains recorded in the consumer goods, insurance and the energy sectors contributed to the return of the bulls to the Nigerian Stock Exchange (NSE) at the session. Business Post reports that the growth achieved by the consumer goods, insurance and the energy indices by 0.88 per cent, 0.34 per cent and 0.11 per cent respectively erased the 1.18 per cent loss printed by the banking

CFD trading, short for Contract for Difference trading, represents a significant innovation in financial markets. This form of derivative trading allows traders to speculate on the rising or falling prices of fast-moving global financial markets, offering unparalleled flexibility and opportunity. Traders Union has reviewed CFD trading and provided traders with a detailed review. In the heart of the dynamic financial world, CFD trading has become increasingly popular, but what does it really entail? Let’s explore this trading avenue and reveal why it is crucial to your investment portfolio. What are CFDs? Contracts for Difference (CFDs) are financial derivatives that allow