Connect with us

Finance

Access Bank’s Digital Lending Hits N1b Daily Volume

Published

on

  • Access Bank’s Digital Lending Hits N1b Daily Volume

Access Bank, one of Nigeria’s leading lenders, said it has been able to process one billion naira loan per day through its digital lending platform.

The bank’s Executive Director for Retail Banking, Mr. Victor Etuokwu, disclosed this on Tuesday in Lagos.

Etuokwu said due to the lender’s 24/7 access to funds without collateral, the company was able to take digital lending across the African continent.

“This is a deliberate choice we made when we introduced the first USSD-based digital lending product in Nigeria based on our deep understanding of our operating environment.

“In the past two years, we have disbursed over 3.5 million loans to individuals.

“We acknowledge it is no mean feat when compared to where the market is coming from, but this is still a scratch in the overall potential of this market,” he said.

He further stated that the bank has disbursed more than N45 billion to over two million individuals this year alone.

“This year alone we have disbursed over N45 billion in over 2 million disbursements to individuals and have recently witnessed a spike in our volumes hitting N1 billion daily.

“This achievement and our focus on retail lending reiterate our commitment to democratise access to financial services leveraging digital technology,” Etuokwu said.

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 long experience in the global financial market.

Continue Reading
Comments

Finance

Access Bank in Talks to Acquire Cavmont Bank

Published

on

Access bank

Access Bank to Acquire Cavmont Bank in Zambia

Access Bank Plc on Wednesday announced that its wholly-owned subsidiary in Zambia, Access Bank Zambia Limited (Access Bank Zambia) is in talks to acquire Cavmont Bank Limited, a subsidiary of Cavmont Capital.

According to the statement signed by Mr. Sunday Ekwochi, Company Secretary, Access Bank and released on the Nigerian Stock Exchange website on Wednesday, the ongoing discussions is to acquire 100 percent of Cavmont Capital’s interest in Cavmont Bank.

However, the lender said “there can be no certainty that a transaction will be agreed, nor as to the terms of any such agreement.

“The completion of a transaction would be subject to formal regulatory approvals. Access Bank will be updating the market as appropriate and in accordance with its disclosure obligations.”

The lender, therefore, advised shareholders to exercise caution when dealing in Access Bank’s securities.

Investors King Ltd note: This announcement further threw more lights on the recent purchases of Access Bank’s shares by Herbert Wigwe, the Chief Executive Officer and Managing Director, Access Bank.

The CEO/MD purchased 7.532 million of Access Bank‘s shares in the last one month.

Continue Reading

Finance

Mohammed Umar is the New Acting Chairman of EFCC

Published

on

EFCC

Buhari Appoints Mohammed Umar as EFCC Acting Chairman

President Muhammadu Buhari has appointed, Mohammed Umar, the director of operations at the Economic and Financial Crimes Commission (EFCC), as the new Acting Chairman of the agency, according to the NAN.

A top official of the commission confirmed to NAN that Umar has taken charge of the agency following the suspension of Ibrahim Magu, the former acting Chairman.

Ibrahim Magu was suspended by the President on Tuesday following series of allegations bordering on frauds, financial misappropriations and abuse of power.

 

Continue Reading

Finance

CBN Spends $11.5bn in Q1 2020 to Support the Economy and Dwindling Naira

Published

on

CBN

CBN Injects $11.5bn Into the Economy in the First Quarter

The Central Bank of Nigeria (CBN) injected a combined $11.5 billion into the nation’s foreign exchange market to stabilise the economy and support the Naira value in the first quarter of the year.

According to the latest report from the apex bank, the central bank injected $2.96 billion into the nation’s forex market in the month of January. Another $3.39 billion was used to support the economy in February while $4.7 billion was supplied in the month of March, the very month the economy was locked and all operations grounded to curb the spread of COVID-19.

A further breakdown of the report revealed that the Investors and Exporters’ foreign exchange window, Small and Medium enterprises and Invisible segments received a total of $7.23 billion of the $11.5 billion, the Bureau De Change segment received $3.6 billion while the Interbank and WDAS/RDAS got the rest in the first quarter.

The report noted that the apex bank injected a total sum of $14.72 billion and $28.55 billion into the economy in 2018 and 2019, respectively.

Meanwhile, the central bank is yet to commence the sales of forex to the bureau de change following the March suspension.

But has commenced partial sales to all commercial banks for onward sales to parents and small businesses across the country.

Mr Isaac Okorafor, the Director, Corporate Communications, CBN, had said, “The CBN has also made complete arrangements to resume foreign exchange sales to the BDC segment of the market for business travels, personal travels and other designated retail uses, as soon as international flights resume.”

Continue Reading
Advertisement
Advertisement
Advertisement
Advertisement

Trending