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Over-supply triggers sell pressure in bonds market

Prices of federal government bonds (FGN Bonds) fell for the second consecutive week in the secondary market due to sell pressure triggered by over supply. Money market sources told Vanguard that the sell pressure in the secondary market was due to banks and investors trying to diversify away from FGN Bonds to treasury bills to take advantage of the higher interest rate (yields) on secondary market for treasury bills.

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Holistic approach required for supporting SMEs – Heritage Bank

The drive for Made in Nigerian products occasioned by dwindling foreign exchange availability has presented veritable business opportunities for SMEs across key economic sectors such as the manufacturing, food and beverages (agriculture value chain activities), and fashion/arts and crafts (textile, and facial beautification). SMEs enjoy the leverage of increased demand for their goods and services with the added prospects for export opportunities. Heritage Bank recognizes these opportunities and is adequate positioned to tap into these huge business opportunities.

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Wema Bank launches solar-powered mobile branch

Wema Bank Plc. has gone a step further in making banking convenient for its customers and Nigerians in general by launching a new mobile branch “Wema Bank on Wheels” that will be accessible to everyone in all parts of the country. The new truck where normal branch services are offered is also fitted with two automated teller machines (ATM), and is powered by solar energy, a feature that won it IBU 2016 Award’s Most Innovative Product.

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FirstBank provides secure and convenient money transfer services to customers

First Bank of Nigeria Limited has been on a journey of strength and dynamism committed to providing the best financial solutions to promote convenience and support the lifestyles of its customers. The Bank through the years has demonstrated an understanding of its customers’ modern lives, wants, and needs as part of its drive to become the trusted partner providing bespoke and accessible banking offerings to its teeming customers.

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Ecobank Masterpass QR records high patronage

The Deputy Managing Director, Ecobank Nigeria, Tony Okpanachi has expressed delight over the level of acceptability and wide patronage of Ecobank MasterPass QR, an innovative global digital payment solution recently introduced into the nation’s financial landscape by the Bank. It would be recalled that Ecobank was the first financial institution in the country to introduce Masterpass QR.

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FG contract is strictly between the insurers through brokers

You see, this information is just coming out and of course we are trying to identify the source, the parties concerned, and all that. If you remember, we were talking about brokers who are unlicensed to practice. It may shock you to know that we have not yet identified all of them. It is quite impossible to do so, because, we have some brokers that are not even members of NCRIB, and some of them are the ones actually doing a lot of government businesses.

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Insurance industry experienced higher claims payment in 2016 – Efekoha

The reasons are not farfetched. As at December 2015, exchange rate was N199.7 to the dollar, but by the close of 2016, we all know the result. Whilst premium, for instance, was paid on the old sums insured, most of the sums insured on property especially were not reviewed in 2016. As regards life insurance which pertains to medical expenses, whilst premium was paid based on the old absolute naira, when you go to the hospital what happens? You are charged on 2016 cost. To treat the same minor injury which would have taken maybe N5000 in 2015, in 2016 that would have cost N7000 to N10000.

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