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UBA Gives Guidelines as Business Resumes in Frontline States

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UBA
  • UBA Gives Guidelines as Business Resumes in Frontline States

United Bank for Africa Plc on Monday gave guidelines on business as the nation resumes business operations despite the rising number of COVID-19 confirmed cases.

In a statement emailed to customers, the bank said, in an effort to protect both customers and staff against COVID-19, customers are therefore encouraged to make use of electronic channels and should only visit the bank branches when absolutely necessary.

“We do encourage you to use any of our digital channels (Mobile App,*919#, Leo or Internet Banking) for all your banking needs, but in the event that you need help with transactions you can’t do on your own, our branches will be open from Monday – Friday to serve you. Please click here for a list of open branches,” the statement reads.

The bank said its branches will provide the following services during the partial operations:

  • Cash in our ATMs
  • Over the counter service for essential cash and cheque transactions.

Below are some measures put in place to protect customers as they visit the bank’s branches:

  • Our ATMs will be cleaned and sanitised regularly.
  • Hand sanitizers will be provided at the entrance of all our branches.
  • All staff in our banking halls will wear face masks
  • Please make sure you are wearing a face mask when visiting a branch.
  • We will only serve 10 customers in the banking hall at a time. Once our banking hall has up to 10 people in it, we may ask you to wait outside. Please cooperate with our security personnel as their actions are all in a bid to keep you safe.
  • Stickers are placed at our branch entrance to guide the 6 feet social distancing requirement.
  • To discourage sharing and to keep you safe, if you need to fill out any forms or deposit slips, please come along with a pen.

“We would like to let you know once again that #WeAreInThisTogether and will continue to keep you updated on any new developments,” the bank stated.

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.

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Finance

Consumer Loans Hit N2trn, CBN Attributes Rise to Improved Credit Appraisal by Banks

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bank loans

The Central Bank of Nigeria, CBN has disclosed that the volume of consumer loans has risen to two trillion naira as recorded in October, 2021.

It stated that the increase has been persistent since last year, rising by 37 percent, year-on-year, YoY. In October, 2020, the value of consumer loans recorded was N1.47 trillion.

CBN, however, attributed the increase to improved credit appraisal and the various products offered by banks and other lenders in rendering their services.

The CBN data stated that, “monthly economic report for October, 2021, showed that the growth in consumer loans was driven by a 52 per cent, YoY increase in personal loans, which rose to N1.57 trillion in October 2021. 

“Consequently, the share of personal loans in the total consumer loans basket rose to 78 per cent in October 2021 from 70.4 per cent in October 2020.”

On the month-on-month (MoM) record, consumer lending moved from N1.94 trillion in September 2021 to N2 trillion in October 2021– an increase of 3.4 per cent.

The CBN noted that the continuous growth in personal loans increased consumer credit outstanding. The personal loans are from credit appraisal and diverse products by banks. 

“Total consumer credit extended by the Other Depository Corporations (ODCs) grew by 3.4 per cent to N2,009.88 billion at the end of October 2021, from N1,942.87 billion at the end of September 2021. 

“The ratio of consumer credit to the total credit to the private sector in October 2021 was 8.7 per cent, the same share as in the preceding month. 

“A disaggregation of consumer loans revealed that personal loans maintained their dominance, accounting for 78.0 per cent, increasing by 2.3 percentage points, above the level in the preceding month, while retail loans accounted for the balance of 22.0 per cent,” the CBN data stated.

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Banking Sector

We Are Not Affiliated With Access Capital Investment Platform, Access Bank Warns

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Access bank

The management of Access Bank Plc has issued a disclaimer in respect of the Access Capital Investment Platform which has been circulating.

The bank, which dissociates itself and its subsidiaries from the investment platform noted that the online investment entity has been soliciting members of the public to invest in its Access Capital Investment products promising mouth-watering returns on investment.

“By this disclaimer, Access Bank Plc wishes to dissociate itself, affiliates, subsidiaries and/or proxies from the activities, contract, claims or business engagements of Access Capital Investment Platform”, the bank said.

The bank further stressed that “Access Capital Investment Platform is not an affiliate nor subsidiary of Access Bank Plc and it would be at the risk of anyone who invests in any of the Access Capital Investment packages/products, as Access Bank Plc would not be responsible for any loss, damages, refund whatsoever that may arise therefrom”.

According to Access bank, relevant law enforcement and regulatory agencies have been notified of this disclaimer.

Investors King reports that there are lots of fake investments platforms in Nigeria. These platforms offer unsuspecting members of the public investments return that are too good to be true.

Most times, they offer fake – but often convincing – opportunity to make a profit after they hand over a sum of money. They pretend to be representing a legitimate and trusted investment group and pressurize their victims into making a rushed decision.

Usually, these fraudsters use platforms such as Facebook, Instagram and Twitter to lure people into investing in cryptocurrencies, foreign exchange and binary options and often have convincing social media profiles or websites with fake reviews. Some of them even pay people to write fake reviews for them.

Recall that Investors King had earlier reported that the Minister of Humanitarian Affairs, Disaster Management and Social Development, Hajiya Sadiya Umar Farouq warned the beneficiaries of the N-Power scheme not to participate in any unverified investment scheme.

She had noted, in a statement, that the ministry is aware of the current fraudulent investment scheme trending on social media and therefore, urged N-power beneficiaries not to fall victim.

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Finance

BudgIT Uncovers 460 Duplicated Projects Worth N378bn in 2022 Budget

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2018 budget

Foremost civic-tech organization leading the advocacy for transparency and accountability in Nigeria’s public finance, BudgIT has identified duplicated projects in the 2022 budget.

The organization’s preliminary analysis of the 21,108 capital projects in the 2022 approved budget revealed 460 duplicated projects amounting to N378.9billion.

BudgIT had earlier observed 316 duplicated projects inserted into the 2021 FG Budget approved by NASS. ICPC verified 257 duplications, while the Budget Office confirmed the existence of only 185 duplicated projects worth N20.13bn, after which it informed the public that funds were not released for the projects in 2021.

BudgIT also noted that the occurrence of inflated projects amounting to billions of naira directly linked to the State House and the Presidency is a cause for concern.

Citing examples, the organization revealed that the sum of N20.8billion was requested by the Presidency to construct a 14-bed presidential wing at the existing State House Medical Center, N28.72million requested for the purchase of 2units of 10KG washing machine and 6units of LG Televisions in the State House Lagos Liaison Office, among others.

According to BudgIT, “Speaking of projects approved under MDAs that do not have the capacity to execute them, The National Agency For Great Green Wall which was set up to prevent land degradation and desertification afflicting 11 states in northern Nigeria, and to boost food security in the country has N1.3billion or 64% of its capital budget dedicated to purchasing Motorcycles, Street lights and other projects outside its mandate. This is disingenuous especially as communities in these states are being ravaged by bandits and terrorists who often arrive in motorcycles.

“Likewise, four (4) recreational parks under the Ministry of Environment have a total allocation of N67.8million to construct “Gun Armouries” in Cross Rivers, Kaduna, Borno & Yobe States, even though the Ministry of Environment is not a security agency. This raises the question – Why is the ministry of environment stashing guns in recreational parks in these states in an election campaign year and at a time when the country is facing unrest in nearly all of the 36 states?”

BudgIT also revealed that the River Basin Development Authorities (RBDA), under the Ministry of Water Resources which was set up to facilitate management of water resources for agriculture that would end the tide of food supply fluctuations that affect food prices, has “instead metamorphosed into an agency that constructs roads and supplies street light”.

This is coming at a time the country is currently battling a double-digit inflation, one of the worst 20 out of 196 countries in the world marked by soaring prices of food, consumer goods, and other services.

The analysis revealed that a cumulative total of N6.3billion was allocated to supplying street lights in 73 communities across the 36 states, while N14.8billion was allocated for the construction of 219 roads across 36 states; whereas the majority of the roads are the responsibilities of State and Local governments and not the Federal Government.

Meanwhile, BudgIT is currently finalizing its detailed analysis of the approved FG 2022 budget which would be presented to all stakeholders in the executive and legislative arm of government as well as the general citizens.

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