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Insurance Sector Grew by 6.07% in Q2 –NBS

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  • Insurance Sector Grew by 6.07% in Q2 –NBS

The insurance industry, which accounts for 16.02 per cent of the financial sector, grew by 6.07 per cent in the second quarter of 2018 financial period, according to figures from the National Bureau of Statistics.

The NBS said, “The finance and insurance sector consists of two sub-sectors, the financial institutions and insurance, which account for 83.98 per cent and 16.02 per cent of the sector respectively in real terms in Q2 2018.

“As a whole, the sector grew at 3.49 per cent in nominal terms (year on year), with the growth rate of financial institutions as 3.01 per cent and 6.07 per cent growth rate recorded for insurance. The overall rate was lower than that in Q2 2017 by –14.19 per cent points, and lower by -10.34 per cent points than the preceding quarter.

“Quarter-on-quarter growth was –1.94 per cent. The sector’s contribution to the overall nominal GDP was 3.42 per cent in Q2 2018, lower than the 3.75 per cent in the previous year and lower from the contribution of 3.76 per cent it made in the preceding quarter by -0.33 per cent points and -0.34 per cent points respectively.”

Again driven by the financial institutions activity, the growth of the sector in real terms totalled 1.28 per cent, lower by –9.18 per cent points from the rate recorded in 2017 second quarter and down by –12.03 per cent points from the rate recorded in the preceding quarter.

The NBS stated, “Quarter-on-quarter growth in real terms stood at –3.80 per cent. The contribution of finance and insurance to real GDP totalled 3.31 per cent, lower slightly than the contribution of 3.32 per cent recorded in the second quarter of 2017, and lower than 3.55 per cent recorded in the preceding quarter.”

The NBS revealed that the nation’s Gross Domestic Product growth rate for the second quarter of this year declined from 1.95 per cent in the first quarter to 1.5 per cent.

Commenting on the slow pace of the country’s GDP performance in the second quarter of the year, the President, Chartered Insurance Institute of Nigeria, Mr Richard Borokini, said with the drop in the second quarter, the projection set for the end of the year might not be realised.

He said since election period was approaching, investors were taking their time to watch the political development “because whatever happens politically will also affect the economy.

He added, “Hopefully, if the right direction is achieved politically, things would improve. The trend may not significantly change as we progress to the end of the year.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Banking Sector

FirstBank Boosts Cross Border Payment With FirstGlobal Transfer

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FirstBank Boosts Cross Border Payment With FirstGlobal Transfer

First Bank of Nigeria Limited has announced the launch of First Global Transfer (FGT) to promote the international transfer of funds across its subsidiaries in sub-Saharan Africa.

The bank, in a statement, said: “First Global Transfer (FGT) initiative is specifically designed to ensure safe, timely and improved efficiency in the transfer of funds across the network of FirstBank subsidiaries in Africa.

“The FGT is not restricted to FirstBank and FBNBank customers alone but it is also open to every individual resident in the country the funds’ transfer is originating from.

“Intending users of the initiative are to visit any of the bank’s branches in Nigeria or subsidiaries in Africa, which are: FBNBank DRC, FBNBank Ghana, FBNBank Gambia, FBNBank Guinea, FBNBank Sierra-Leone, or FBNBank Senegal to enjoy the service.

“For example, with First Global Transfer, individuals and customers in Sierra-Leone can walk into any FBNBank branch to send money to FirstBank customers in Nigeria as well as FBNBank customers in Gambia, Ghana, DR Congo, Senegal or Guinea.”

Speaking on the initiative, Dr. Adesola Adeduntan, Chief Executive Officer, FirstBank said, “today’s customer is influenced by the technological advancement shaping businesses across various industries and our First Global Transfer (FGT) initiative is one of those advancement created to impact every individual in our host community in Africa, whilst promoting the ease and swift transfer of money from one country to another for business or personal activities.”

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Finance

Ecobank To Pay Customers N5 For Every Dollar Received

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Ecobank To Pay Customers N5 For Every Dollar Received

Ecobank has implemented the CBN scheme which offers N5 for every Dollar received into domiciliary accounts or as cash over the counter. Korede Demola-Adeniyi; Head, of Consumer Banking, Ecobank Nigeria, who announced this in Lagos stated that the decision is in line with the CBN directive and fully aligns with efforts to encourage the inflow of diaspora remittances into the country.

She noted that the “CBN Naira 4 dollar scheme” is an unprecedented incentive for senders and recipients of international money transfers.

Korede Demola-Adeniyi said that the scheme takes effect from 8th March and will run till 8th May 2021. “Ecobank will pay N5 on every Dollar so beneficiaries will not only get the foreign currency sent from their family and friends abroad, but they will also get extra Naira”, she stated.

Only recently, Ecobank had a first-of-its-kind virtual Diaspora Summit to discuss opportunities for Nigerians living abroad and the various platforms available to assist them with their investment decisions and remittance needs. The event had major players in the remittance space, diaspora audience, government officials and notable stakeholders in attendance.

Further, the Managing Director, Ecobank Nigeria, Patrick Akinwuntan has disclosed that apart from consistent engagement with Nigerians in the diaspora, Ecobank is leveraging its digital technology to make remittances to Nigeria and Africa easy, convenient and affordable.

Mr. Akinwuntan stated that growing evidence has shown a positive relationship between diaspora remittances and economic growth.

“Ecobank will continue to pursue its mandate of helping to enhance the economic development and integration of Africa, through the 33 countries where the bank operates on the continent. Ecobank’s Rapidtransfer and mobile app (Ecobank Mobile) enable Africans, wherever they are, to easily and instantly send money to bank accounts, mobile wallets and agent locations across 33 African countries”, he stated.

Ecobank Nigeria, a member of the Pan African Banking Group is committed to supporting Africans in the diaspora by providing advisory services, remittance solutions, investment options and financial planning schemes. The bank also offers mortgages, treasury bills, capital market instruments, among others.

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Banking Sector

Peter Obaseki Retires as Chief Operating Officer of FCMB Group Plc

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The Board of Directors of FCMB Group Plc has announced the retirement of Mr. Peter Obaseki, the Chief Operating Officer of the financial institution, with effect from March 1, 2021. He was also an Executive Director of the Group.

His retirement was approved at a meeting of the Board of the Group on February 26, 2021. This has also been announced in a statement to the Nigerian Stock Exchange (NSE) by the financial institution.

The Chairman of FCMB Group Plc’s Board of Directors, Mr Oladipupo Jadesimi, thanked Mr. Obaseki for his valuable service and excellent support to the Board for many years.

FCMB Group Plc is a holding company divided along three business Groups; Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited); as well as Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited).

The Group and its subsidiaries are leaders in their respective segments with strong fundamentals.

For more information about FCMB Group Plc, please visit www.fcmbgroup.com.

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