Heritage Bank Introduces Portable PoS Machines

Heritage Banking Company Limited has introduced a smaller form of point of sale (PoS) solution christened ‘PortaPOS’ to ride on the mPOS revolution, which is fast gaining acceptance worldwide.

The device is aimed at providing seamless payment channel for the bank’s merchants. It is also expected to address payment challenges within the retail payments space and also in support of the cashless policy spearheaded by the Central Bank of Nigeria.

The PortaPOS is a

Drop in Oil Price May Hamper Loans Repayment in Banking Sector

The continuous slide in the price of crude oil, which has led to lower revenues to Nigeria, may also result in strains in the credit repayment ability of upstream oil companies, a report has stated.

The situation may also lead to delay in payments to contractors as well as a possible cancellation or delay of contracts or planned projects in the country.

Renaissance Capital, a financial advisory and investment company stated this in

Union Bank Bags PCI DSS Certification

Union Bank of Nigeria Plc at the weekend announced that it has been certified with the latest Payment Card Industry Data Security Standard (PCI DSS) - Version 3.0.

PCI DSS is a global security standard for protecting card data, created by leading card companies Visa, MasterCard, American Express, Discover and JCB.

PCI DSS version 3.0 was designed to improve usability, while reducing emerging and evolving threats to cardholder data security. The new version focuses primarily on regular staff training and proactive business processes that identify and mitigate risks in a timely manner.

Commenting on the PCI DSS upgrade, the Head Corporate Affairs/Corporate Communication, Union Bank, Ogochukwu Ekezie-Ekaidem was quoted in a statement to have said:

AMCON Completes Sale of Enterprise Bank to Heritage Bank

The Asset Management Corporation of Nigeria (AMCON) yesterday announced the successful completion of the sale of the entire issued and fully paid up ordinary shares of Enterprise Bank Limited to HBCL Investment Services Limited (HISL) for a consideration of N56.1 billion.

The transaction, according to AMCON, was structured as a broad public auction process which attracted interest from multiple domestic and international bidders, with HISL emerging as the preferred bidder.

It reiterated that

Carlyle Group Holds 18% Stake in Diamond Bank

Following the investment of $147 million in Diamond Bank Plc by the Carlyle Group, the Washington-based financial institution currently has 18 per cent stake in the Nigerian commercial bank, a report revealed Tuesday.

The investment was made possible through the company’s purchase of Diamond Bank’s recent rights issue.

The 18 per cent stake is however higher than the 14.8 per cent previously held by Actis.

Commenting on the transaction, Banking Analyst at Renaissance Capital, Mr. Adesoji Solanke described it as positive for Diamond Bank’s equity story.

“To acquire such a

Banks squeezed further as N40bn may vanish from industry wide profits

The Central Bank of Nigeria’s (CBNs) moves to tackle excess liquidity in the banking system via a further hike in reserve requirements may lead to an industry wide reduction in profitability by as much as N40 bn.

The MPC tightened policy via a 1ppt increase in the policy rate to 13 percent. The MPC also increased the CRR on private sector deposits to 20 percent, from 15 percent and devalued the official naira exchange rate, by moving the mid-point from N155/$1 to N168/$1, which is equivalent to 8 percent devaluation.

The committee also widened the band around the midpoint to 5 percent, from 3 percent, implying a new target (official) exchange rate band ofN160-176/$1.

“The moves imply a

Commerzbank to charge fees to biggest depositors

Germany's Commerzbank is to charge big corporate clients fees if they hold substantial deposits at the bank.

Commerzbank is the first major bank to make such a move and says it will encourage big clients to move cash into alternative investments.

Private savers and small and medium sized businesses will not be affected by the policy.

In June the European Central Bank (ECB) said that banks would have to pay to park money at the central bank.

That negative interest rate was an effort to

Access Bank, Airtel Nigeria Unveil Mobile Money Platform

Access Bank Plc and Airtel Nigeria Limited have gone into a partnership to introduce a mobile money service known as Access Money.

The service allows customers to perform simple, secure and instant financial transactions using their mobile phones.

With the service, customers on the mobile network can send and receive money, make deposits and withdrawals, pay their utility bills and buy airtime for their lines.

In addition, it provides the ability for customers to receive money through agents nationwide or through cardless withdrawals from any Access Bank ATM machine.

Speaking at the launch of the product in Lagos yesterday, Group Managing Director of Access Bank, Mr. Herbert Wigwe said:

Court: Access Bank’s £654m London Judgment against Akingbola Not Enforceable in Nigeria

A Federal High Court in Lagos on Monday held that the judgment of a London court ordering the former Managing Director of the defunct Intercontinental Bank, Erastus Akingbola, to pay Access Bank £654 million (N212.2 billion) is not enforceable in Nigeria.

Justice Chukwujeku Aneke, who made the order, dismissed an application filed to that effect by Access Bank.

A Lagos High Court in Igbosere had also rejected a similar application filed by Access Bank. The order of the Lagos High Court had prompted Access Bank to approach the Federal High Court.

The High Court of Justice, Queens Bench in London, had on August 1, 2012, ordered Akingbola to pay Access Bank £654 million over some fraudulent transactions

Lloyds dismisses eight staff over Libor

Lloyds Banking Group has dismissed eight staff members following an investigation into the manipulation of some key interest rates set in London.

The move follows the bank's £218m fine in July for "serious misconduct" over the setting of Libor.

Chair Lord Blackwell said the actions of those responsible for the misconduct were "completely unacceptable".

Lloyds, which is 24.9% owned by the government, said the individuals had also forfeited £3m in unpaid bonuses.

The bank said its remuneration committee would now ensure the outcome of the disciplinary process was "fully and fairly reflected" in other staff bonus payments.

Regulators found that Lloyds manipulated the London interbank offered rate (Libor) for yen and sterling and tried to rig the rate for yen, sterling and the US dollar.

It was also found to have

Heritage Bank Holds Business Exhibition

Heritage Bank Limited has announced plans to host its maiden business fair to support the small and medium scale enterprises (SMEs) in the country.

The two-day exhibition is one of the activities to mark the bank’s 2014 customer service week scheduled for October.

Explaining the rationale behind the maiden Business Fair, Group Head, SME, Heritage Banking Company Limited, Bayo Ogunnusi said, it is being organised in line with the bank’s vision of promoting economic development through supports for SMEs.

He added, in a statement that

NDIC warns Nigerians against wonder banks

The NIGERIA Deposit Insurance corporation, NDIC, has warned the Nigerian public to be wary of “wonder banks” which offer mouth-watering deposit interests but indeed are out to defraud unscrupulous MEMBERS of the society.

The Managing Director, MD, of the corporation, Alh. Umaru Ibrahim, gave the warning at a press briefing in Abuja, yesterday, to mark its 25th anniversary.

“The problem of wonder banks are emerging again and the public must be careful about anyone coming to them and promising very high deposit interests which could be at the detriment of the deposit itself.

“If someone comes and promises a very high interest in order to take YOUR money.  You should be careful because his real intention might be to run away with your deposit”, he warned.

He regretted that in the current efforts to sanitise the MicroFinance Banking sub-sector, his officials couldn’t even trace the addresses of some of them, adding,

Access Bank falls 8.2 percent after stock freeze lifted

Shares in Nigeria’s Access Bank fell 8.2 percent on Thursday after the Nigerian Stock Exchange (NSE) lifted a week old price freeze on the stocks, pending a proposed shareholder vote on its N68 billion rights issue on October 13.

The Nigerian Stock Exchange froze the bank’s shares last week after it said it planned to raise fresh capital of about 68 billion nigerian naira ($415.95 million) in a rights issue, but Access applied to have the freeze lifted because the information on the issue was

CBN expects banks’ full compliance with NSBP reporting January 2015

The Central Bank of Nigeria (CBN) has said it expects full compliance with the provisions of the Nigeria Sustainable Banking Principles (NSBP) reporting template by all concerned institutions by January 2015, saying it is necessary for a level playing field.

In line with global trends on sustainability, the CBN on March 6, 2014 issued the NSBPs reporting template to banks, discount houses and development finance institutions for compliance.

The purpose of the reporting template is to provide reporting institutions with a uniform format for reporting their implementation efforts.

Franklin Ahonkai, deputy director, sustainability department, CBN, who spoke on ‘Regulatory Reporting and Expectations’, at the NSBP pre-reporting workshop organised by Access Bank in Lagos, noted that by the circular sent out by the apex bank reporting institutions were informed that sustainability reporting will commence in June 2014 with the submission of the one-off report (first quarter) not later than July 7, 2014.

The circular, he said, also required that

UBA, ATI Collaborate to Boost Trade

The United Bank for Africa (UBA) Plc has announced a partnership with the African Trade Insurance Agency (ATI) to ease the flow of credit to clients engaging in regional and international trade.

A statement from the bank yesterday revealed that the partnership was sealed in Kenya on Monday, after officials of both institutions led by the Chief Executive Officer, UBA Africa, Mr. Kennedy Uzoka and ATI’s Chief Executive Officer, George Otieno signed the agreement to formalise the deal.

Under the agreement, ATI would provide insurance cover for eligible UBA Group transactions with its political risk and trade credit insurance products. The risk mitigation services would provide an alternative to collateral for

CBN, operator decry low patronage of e-payment channels

The Central Bank of Nigeria, CBN and operator in the e-payment system have decried low patronage of electronic, e -payment channels in the country, stating that cash continues to be the predominant method used for transactions.

They  also said that cheque system remains the second most important payment medium in the national payment system.

The Director, Banking and Payments System, CBN, Mr. Dipo Fatokun who disclosed this said “The success recorded so far on e-payments has been encouraging considering where the country started.

“Electronic payments channels have been broadened with several options such as online web payments, electronic funds transfer, various forms of cards,  Point of Sale, POS, ATM non-cash transactions etc.

The channels are recording enormous growth. As an instance, the NIBSS Instant Payments (NIP) used for online transfers has grown at an annual growth rate of

Sterling Bank Bags Award

Sterling Bank Plc has said it was recently recognised as the ‘Innovative ICT Banking Product of the Year,’ by organisers of the Nigerian telecom awards

A statement from the bank explained that at the awards held in Lagos, its “Social Lender” product was adjudged the most innovative banking solution.

The bank said the feat was in recognition of its innovation and commitment to the provision of quality banking services across all segments of the industry,

Social lender, a Corporate Social Responsibility (CSR) initiative of the bank is a peer-to-peer quick cash solution using twitter and facebook, two of the most important social media platforms popular among young Nigerians.

Launched by the bank over two months ago and with over 3000 requests and 2000 processed, the solution developed by BINCOM ICT, a partner organisation on the project has

UK banks face full CMA competition probe

Markets watchdog the Competition and Markets Authority (CMA) has recommended a full competition inquiry into banks.

The provisional decision recommends a full-scale inquiry into the banking sector including the provision of current accounts and business lending.

The process will start with a consultation, and the CMA will take a final decision in the autumn.

The banking industry said it would co-operate with the review, but that changes were already underway.

Alex Chisholm, CMA chief executive, told BBC Radio 4's Today programme it was "vital" that the banking sector worked properly, which was why the full eighteen month investigation was being proposed.

 "At the moment they don't seem to be