Banks doing well, says report
More Nigerian retail banks and their customers are adopting a “digital-centric” approach to banking, the 2018 Consumer Digital Banking Satisfaction Index Report, has shown. According to the report produced by Nigeria’s first credit rating and research Agency, Agusto & Co. Limited, the study demonstrated that digital tools create a positive experience for customers. The Index report, highlights customer’s preferences and attitude towards digital banking platforms provided by banks in Nigeria.
The output of the Index is based on information provided by respondents on the top ten banks in Nigeria by total assets as at 31 December 2017. Four banks were assigned a ‘5 Star’ rating for Consumer Digital Banking Satisfaction of which Stanbic IBTC Bank Plc scored the highest, emerging the ‘Best Digital Bank in Nigeria’.
World Bank cuts Nigeria, others’ growth forecast to 2.7%
The World Bank has cut its economic growth forecast for Nigeria and other sub-Saharan Africa countries for this year to 2.7 per cent from an earlier forecast of 3.1 per cent. The bank said on Wednesday that the cut was mainly because of slower-than-expected growth in the continent’s bigger economies, according to Reuters.
It said the slower pace of the recovery in sub-Saharan Africa was explained by the sluggish expansion in the region’s three largest economies − Nigeria, Angola and South Africa. The region, which had posted a fairly fast average growth rate in the years leading up to 2015, suffered a loss of momentum in economic output after commodity prices crashed in 2015-16.
CBN Intervenes with Fresh $210m
The Central Bank of Nigeria (CBN) has again injected the sum of $210 million into the interbank foreign exchange market. Figures obtained from the CBN indicated that authorised dealers in the wholesale segment of the market were offered the sum of $100million, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million.
Similarly, customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.
DPR raises alarm over adulterated engine oil
The Department of Petroleum Resources (DPR), yesterday expresssed concern over the infiltration of adulterated lube oil (engine oil) into the petroleum market.
Speaking on the DPR Half Hour on Radio Nigeria monitored by The Nation, DPR Zonal Operations Comptroller, Wole Akinyosunye, said the callous act is of concern to the organisation due to the effects of fake lubricants on machines. He said DPR was not resting on its oars, as it is always raiding the illegal facilities of the adulterated lube with the assistance of the Nigeria Security And Civil Defense Corp (NSCDC).
Oil price jumps to $86, Putin blames Trump
The international oil benchmark, Brent crude, rose above $86 per barrel on Wednesday, as traders considered reported declines in Iranian exports due to pending United States’ sanctions. The upturn in oil prices follows US Secretary Mike Pompeo’s announcement on Wednesday that the US was terminating the 1955 Treaty of Amity, its economic agreement with Iran.
Brent, against which Nigeria’s oil is priced, hit a new four-year high at $86.74 per barrel on Wednesday, fuelled by concerns about a shortfall in global supply as US sanctions whittle away at Iranian crude exports. It stood at $86.48 as of 7:40pm Nigerian time. Russian President, Vladimir Putin, has said President Donald Trump needs to look in the mirror to find the person responsible for higher oil prices.
ASSBIFI seeks one year extension for insurance recapitalisation
The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), has asked the National Insurance Commission (NAICOM), for one year extension for implementation on the tier-based solvency capital for underwriters to ensure total compliance among companies.The financial union, which posited that it was not against restructuring of the insurance industry, argued that extending the period of enforcement will also to allow for genuine consultation with appropriate stakeholders.
The National President of ASSBIFI, Oyinkan Olasanoye, at a news conference, said NAICOM’s position that under the new policy the insurance companies do not need to inject new capital is not realistic, noting that all operators should be given equal opportunity and enough time to determine the tier they wished to operate.
CBN gives reasons for external reserves’ fall
The Central Bank of Nigeria has given reasons why the nation’s external reserves, which currently stand at $44bn, have been on a downward trend lately. Speaking during the CBN Day at the ongoing Abuja International Trade Fair in Abuja on Wednesday, the Director, Corporate Communications at the apex bank, Mr Isaac Okorafor, explained that the external reserves had been going down recently because of higher yields in the United States.
Okorafor, however, gave an assurance that at the current level, the external reserves were sufficient to take care of the nation’s import bill for 17 to 20 months, much more than the three-month standard recommendation. According to him, some foreign investors who had gone to emerging markets to take advantage of the high yields, have had to go back to the United States because of better opportunities there at the moment, adding that Nigeria’s situation was not peculiar.
Nigeria Records 80% Compliance Level on Local Data Hosting
The efforts of the federal government to demystify business process and boost local content development through the Executive Orders 5 and 6, are beginning to yield positive results. This is just as the country has recorded 80 per cent compliance level on local data hosting in Nigeria.
The Head, Research Unit, Corporate Planning and Strategy Department at the National Information Technology Development Agency, Dr. Femi Adeluyi who made the disclosure at the Vanguard Economic Forum Series in Lagos recently, said the remaining 20 per cent would be worked upon to attain 100 per cent compliance level on local data hosting.
Agusto & Co. Releases 2018 Consumer Digital Banking Satisfaction Index Report
Nigeria’s first credit rating and research Agency, Agusto & Co. Limited, has launched its 2018 Consumer Digital Banking Satisfaction Index report, which highlights customer’s preferences and attitude towards digital banking platforms provided by banks in Nigeria.
This Index was released, following an extensive online and offline consumer survey carried out by Agusto and Co. Limited across Nigeria. The output of the Index is based on information provided by respondents on the top ten banks in Nigeria by total assets as at 31 December 2017. Four banks were assigned a ‘5 Star’ rating for Consumer Digital Banking Satisfaction of which Stanbic IBTC Bank Plc scored the highest, emerging the ‘Best Digital Bank in Nigeria’.
Mobile apps gaining popularity among Nigeria bank customers
Mobile banking apps are the most preferred digital banking platform for bank customers in the country followed by USSD codes, a new survey on digital banking experience of Nigerians has shown. These findings are contained in the 2018 Consumer Digital Banking Satisfaction Index report published by Agusto & Co. Limited, a credit rating and research agency, on Wednesday.
The report, which highlighted customers’ preferences and attitude towards digital banking platforms provided by banks in Nigeria, also assigned five-star ratings for Consumer Digital Banking Satisfaction to four banks. The banks are Stanbic IBTC Plc, which scored 86 out of 100; United Bank for Africa Plc, with index score of 84; Access Bank Plc, with a score of 82.5; and First Bank of Nigeria Plc, with a score of 80.6.
CBN, IMF, FMDA harp on economic reforms
The Central Bank of Nigeria (CBN), International Monetary Fund (IMF), and Financial Market Dealers Association (FMDA), were unanimous in calling for a rule-based financial system, compliance and support for the nation’s economy to ensure overall stability.
CBN Governor, Godwin Emefiele, said the adoption of risk-focused and rule-based regulatory framework; zero tolerance in regulatory framework for data/information rendition/reporting and infractions and strict enforcement of corporate governance principles in the banking sector have helped to stabilise the industry.
Mining: FG Procures N360m Customised Drilling Rigs for NGSA
In attempt to boost geosciences data for operators in the mining sector, the federal government recently disclosed plan to procure N360 million worth multi-purpose core drilling equipment for the Nigeria Geological Survey Agency (NGSA).
The minister, while inaugurating the machines in Abuja, noted that, the model of the two rigs was HYDX-5A customised core drilling multi-tech equipment. According to him, “The Nigerian Geological Survey Agency, (NGSA), being the key agency of the ministry involved in exploration, much is expected in terms of delivering on quality geosciences data.
The World’s Worst Stock Market Is Not Cheap Enough to Buy
For some Philippine money managers, it’s still too soon to scoop up shares in the world’s worst-performing stock market. As the Philippine Stock Exchange Index dipped below 7,100 during Tuesday’s session, taking its valuation to its lowest level since January 2016, Metropolitan Bank & Trust Co. is among the firms that’s staying on the sidelines. John Padilla, the head of equities at the money manager, says he’s too concerned about the high inflation level, rising oil prices, weakening peso, increasing interest rates and drying up liquidity.
“Everybody is bracing and positioning for a higher inflation, and with oil continuing its climb there isn’t anything to say that’s enticing to go bargain hunting at this point,” said Padilla, who helps manage 450 billion pesos ($8.3 billion). “It used to be that a buy-on-weakness strategy works, but now for prudence it’s better to step aside and let the market take its course.”