20 — Vanguard, TUESDAY, NOVEMBER 22, 2022
Vanguard, TUESDAY, NOVEMBER 22, 2022 — 21 Credit to economy rises 33% to N63.5trn By Elizabeth Adegbesan BANKS’ credit to the econo my rose year-on-year (YoY) by 33 percent to N63.47 trillion in October 2022 from N47.5 trillion same period last year. According to data in the CBN Money and Credit Statistics for INSURANCE October 2022, the government recorded the highest YoY growth (75 percent) in its share of credit which stood at N22.6 trillion in October 2022 compared to N12.9 trillion in the corresponding period of 2021. This was followed by credit to the private sector which grew by 16 percent to N40.2 trillion as at October 2022 from N34.6 trillion in October 2021. Meanwhile, the CBN data also showed that currency-in-circulation, CIC, grew YoY by 11 percent to N3.9 trillion in October 2022 from N2.9 trillion in 2021. Currency outside banks rose YoY 13.2 percent to N2.83 trillion in October 2022 against N2.5 trillion in 2021. While defending its decision to redesign the Naira note, the CBN had said some individuals were stockpiling huge amount of cash outside the banking system with statistics showing that over 80 per cent of the CIC outside the vaults of the commercial banks. According to the CBN Governor, Godwin Emefiele, a situation where a total of N3.2 trillion was in circulation, out of which N2.73 trillion was outside the vaults of the banks, was unacceptable. Meanwhile, the CBN has launched a countdown clock to the January 31, 2023 deadline for phasing out the N200, N500, and N1,000 notes currently in circulation. SUMMIT: From left: Secretary General, International Maritime Organisation (IMO), His Excellency Kitack Lim; Honourable Minister of Transportation, Mu’azu Jaji Sambo; Chairperson, House Committee on Maritime Safety, Education and Administration, Hon. Lynda Ikpeazu; CEO Sea Transport Group, Aminu Umar; and Director General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh OFR, at the Nigeria International Maritime Summit in Lagos. Shareholders panic over rising bad loans in banks By Peter Egwuatu SHAREHOLDERS have raised fresh alarm over rising Non Performing Loans, NPLs, in banks which may likely affect their profit in the financial year 2022. The shareholders under the aegis of Independent Shareholders Association of Nigeria, ISAN, CURRENCY BUYING SELLING US DOLLAR POUNDS EURO FRANC YEN CFA WAUA RENMINBI RIYAL RAND Danish Krona 160.15 +5.05 2,446.00 -10.00 19.79 - 0.26 83.01 -4.61 75.64 -4.44 442.49 442.99 443.49 527.4481 528.0441 528.6401 459.1719 459.6907 460.2096 464.5077 465.0325 460.2096 3.1647 3.1683 3.1719 0.6816 0.6916 0.7016 580.0912 580.7467 581.4022 62.157 62.2277 62.2984 117.7148 117.8478 117.9808 25.6231 25.652 25.681 59.0766 59.1438 59.211 CBN Exchange rate as at 21/11/2022 INSURANCE claimed that banks’ NPLs have increased by over 150 percentage points. The National Coordinator Emeritus, ISAN, Sir Sunny Nwosu, said: “Available data showed that non-performing loans across the financial sector has again increased by more than 150 percent. About 12 years after the establishment of AMCON, our fears and concerns have emerged as the corporation has today demonstrated its inability to successfully put the debt recovery issue to rest. By Cynthia Alo Flutterwave, Africa’s payment technology company, has said it’s new mobile app, $endmoney, will facilitate faster and easier transfer of funds from the diaspora to the African continent. This is even as the tech firm signed Tobi Amusan, the Nigeria-born 100m hurdles women’s world record holder as $endmobile’s ambassador. In a statement, the company said the choice of Amusan is due to their similarity in speed and resilience. Speaking on the development, Founder and CEO of Flutterwave, Olugbenga Agboola, said that the new app which is available on Play store and App Store, aims to enhance customer experience through improved “Our disappointment stemmed from the fact that the federal government’s debt recovery agency, recovered only a paltry N1.4 trillion since its inception. On the other hand, available data showed that non-performing loans across the financial sector has again increased by more than 150 percent. To this extent, he stated: “As concerned domestic investors, our patriotism is not in doubt as we demand once again the complete review of AMCON to determine its relevance to the economy or totally abrogate the agency following the declining values of companies taken over by the corporation and the current national economic challenges.” Flutterwave unveils money app for Africans in diaspora ECONOMY speed, transparency and ability to get user’s money to its destination despite the hurdles. On why the firm chose Amusan, he said: “ It’s thrilling that Tobi is $end’s Ambassador. I would say it’s a perfect match given her speed and efficiency on the tracks and of course $endmobile’s speed of delivering cross-border transfers. Send Mobile will help improve the speed and efficiency of transferring money from the diaspora to the African continent for fees, real estate, health, upkeep and even for investments. We’re excited for all the possibilities this collaboration brings.” On her part, the 100m Hurdles World Record Holder, Tobi Amusan said, “I am excited to be a big part of a product I already use and love. I am always on the road, but I also have a lot of my family members in Nigeria. $end has helped me to keep in touch with them by meeting their needs as much as I can. Happy to be the face of this product for the African diaspora.” Abbey Mortgage raises awareness on impact of flooding AT the backdrop of the recent flooding recorded across Nigeria, Abbey Mortgage Bank, in conjunction with the Red Cross, have organised a charity walk to raise awareness on the impact of climate change on the environment. The staff of the mortgage firm walked the streets of Lagos with awareness placards, with the General Manager, Group Head, IT & Operations, Lolita Ejiofor, saying, “We are proud to be part of this charity walk to raise awareness of the devastating effects of climate change and how it has impacted so many people’s lives and livelihood. “We truly empathise with those families and are happy to Signature Bank, yesterday, launched its operations into the Nigerian banking sector with unique services that are expected to deepen Nigeria's financial inclusion, targeting over 40 million unbanked and underbanked citizens. Speaking at the launch of the Bank at its headquarters in Abuja, Alex Otti, the founder of the bank said that the Bank will do things differently in a bid to redefine the industry and impact on the lives of customers through seamless access to financial services, while leveraging flexible digital solutions and tailor-made services. Operating in an industry that is saturated with several competitors, Otti said the bank will fill the customer experience vacuum that other banks have left unmanned. He said the birth of Signature Bank was driven by a yawning gap created by repeated unresolved complaints, poor responsiveness, and unsavory customer experience encountered regularly from the banks he and his colleagues did business with. He stated: "As Signature Bank UBA assures customers of memorable Christmas in Super Savers Draw INDUSTRY THE United Bank for Africa (UBA) Plc has assured its loyal customers of a remarkable Christmas celebration as the bank plans to reward them with exciting prizes in its upcoming Super Savers draw. The draw is open to all UBA account holders in Nigeria and will be held on the 16th of December at UBA House, Marina, where the bank will be giving out a total of N22.5 million to its loyal customers. In this edition, 23 lucky customers with UBA Bumper accounts will smile home with a grand prize of either N2 million, N1.2 million rent for a year, N500,000 shopping al- work with the Nigerian Red Cross Society to help these flood victims.” Another staff of the firm, Daniella Awani, said, “At Abbey we believe in empowering and uplifting each another, and we hope that by doing this we can play a small part in lifting the spirits of those that have been so gravely affected by the flood.” The Abbey Walk for the Environment was a highly anticipated event, by both its Staff and the Nigerian Red Cross, and its success is well appreciated. Everyone from the Managing Director to the Sales Officers were all present and more than happy to show their support for their fellow Nigerians in distress. Signature Bank to redefine banking landscape in Nigeria — Alex Otti ENERGY opens its doors today, our resolve to do things differently, to equip and enable our customers to make their mark in the world around them through seamless access to financial services and banking products, tailor-made to the needs of modern life and commerce, is stronger. ‘‘Our experience assures us that this approach will trigger sustained financial success and returns to our shareholders while empowering our customers to make their mark in their different endeavours." In December 2021, the Bank received an approval-in-principle from the Central Bank of Nigeria and immediately set out to build a sophisticated bank that will operate without borders, driven by cutting-edge technology and a highly motivated workforce. In August 2022, the CBN approved the issuance of a commercial Banking to Signature Bank, after a rigorous process. Signature Bank is already looking to open its doors to customers in several locations across Nigeria, including Port Harcourt, Sokoto, Kano Owerri, Aba, Nnewi, Enugu, Onitsha, Asaba, Calabar, Uyo, Warri, and other metropolitan cities around the country. lowance and N100,000 cash prizes. Speaking ahead of the draw, Head of Retail, Digital and Transaction Banking, Sampson Aneke, said, “As always, we have decided to make this Christmas a very merry and memorable one for all and have put in place quite a lot to make it happen.” Also speaking about this initiative, UBA’s Group Head, Brand Management & Marketing, Uzoamaka Oyeka, noted with excitement that this edition of the upcoming Super Savers draw will usher in the end of year festivities in grand style for winners and their families especially with the rising cost of living.
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