MICROFINANCE Banks (MfBs) are sources of financial services for entrepreneurs, small businesses lacking access to banking and related services, yet many fall victim due to inability to pay back debt even as it worked for others. .

TWO weeks ago, specifically Wednesday, March 15, was the World Consumer Rights Day. However, consumers of banking and financial services in Nigeria could not fully join their counterparts all over the world to commemorate and celebrate this Special Day. This is because customers of Savannah Bank of Nigeria (SBN) Plc are still in agony, suspense and with loads of questions in their hearts, 15 years after.

PRESIDENT, Institute of Information Management, Dr. Oyedokun Oyewole, IIM, has said that information management is instrumental in supporting and ensuring adequate implementation of the recently released Economic Recovery and Growth Plan (ERGP) by the Federal Government.

The Naira has continued to appreciate and gain weight against the dollar at the parallel market, newsmen report.

Mr. Bola Ajomale is the Managing Director/CEO, NASD OTC Securities Exchange Plc, the promoter of a trading network that eases secondary market trading of securities of unquoted public companies in Nigeria. In this interview with Financial Vanguard, Ajomale said that activity was dull at the NASD in 2016, but expressed optimism that as more companies comply with the Securities and Exchange Commission, SEC’s directive for shares of all public companies to be registered with it, there will be increased activity in the market. He spoke on various other issues. Excerpt:

Cost of funds rose sharply in the interbank money market last week in response to outflow of N451 billion to fund in investment in government securities.

THE federal government has still not payed the N5.4billion premium of its civil servants in the country six months after it was due for renewal.

THE shareholders of Transnational Corporation of Nigeria, Transcorp, have unanimously approved its Board of Directors recommendation of a final dividend of 40kobo per share stating that they are confident that as the company continues to make progress it will not relent in meeting their expectations.

The bank is a very liquid bank and you can see the gross earnings grew mainly on account of net interest income. In an environment where interest rate is rising; any liquid bank will benefit from it. Treasury bills rate has gone up significantly, starting from half year 2016, on account of high inflation rate, and that also followed the interest rate in the market. Banks that are very liquid took advantage of that and that was reflected very greatly in the interest income that the bank made.

There have been a lot of predictions on the economic outlook for 2017. Many experts predicted about 1.0 per cent to 1.1 per cent growth in GDP. The World Bank also predicted 1.0 per cent rise in the economic outlook.

THE stock market continued its rally last week following appreciation in the shares of 31 companies, especially those in the financial services sector.

The opportunities in financing MSMEs in Nigeria are enormous, considering that there are over 37 million of them present in very sector. MSMEs are responsible for most of the new products and processes, provide most of the employment opportunities (they employ 84.02% of the total labour force) and their contribution to national GDP (48%) is a key indicator of the economic growth of that country. So financing this group of people translates to contribution to national development.

My personal experience has been that of a highly contented man after service in the industry. I have more time for those who matter in my life and I enjoy peace. I am also able to serve my community better.

CHINA insurance industry happened to be the driving force behind nearly half the world insurance market in 2016, as initial projections indicated global insurance premiums rose 4.4 percent to $3.89 trillion.

FOR effective supervision and regulation of insurance companies listed on the Nigerian Stock Exchange, the National Insurance Commission (NAICOM) and the Securities and Exchange Commission (SEC) have agreed on the need to collaborate on regulatory actions.