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COVID-19: CBN Issues Directive To Banks, Reduces Interest Rates

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The Central Bank of Nigeria (CBN) has reduced interest rates on its facilities through participating in Other Financial Institutions (OFIs).

The rate has been slashed from 9 to 5 percent per for one year, effective March 1, 2020.

This was contained in a circular to banks on Wednesday by the Director of Financial Policy and Regulation Department, Kevin Amugo.

Similarly, CBN intervention facilities obtained through participating OFIs, Microfinance Banks (MFBs), Primary Mortgage Banks, among others would be given a further one-year moratorium on all principal repayments.

This is also effective on March 1, 2020.

OFIs have equally been granted leave to consider temporary and time-limited restructuring of the tenor and loan terms for households and businesses, subject to the recently issued guidelines for restructuring affected credit facilities in the OFI sub-sector.

The Director, Corporate Communications Department, Isaac Okoroafor, said the decisions were part of the bank’s efforts to cushion the effects of coronavirus on Nigerians, businesses and regulated institutions.

He assured that the CBN would also continue to monitor developments and implement appropriate measures to safeguard financial stability and support stakeholders impacted by the COVID-19 pandemic.

However, the Monetary Policy Committee (MPC) meeting of the CBN for the month of May will be held on Thursday.

BUSINESS

FCMB Asset Management Limited Assigned Credit Rating Of BBB+(IM) By Agusto & Co

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FCMB Asset Management Limited, the Asset Management arm of FCMB Group Plc, has been assigned an Investment Manager rating of BBB+(IM) by Agusto & Co., a foremost pan-African rating agency.

FCMB Group Plc is one of Nigeria’s leading financial institutions.

According to Agusto & Co.: “The rating reflects the Manager’s well-established process for generating good quality research, experienced & qualified decision-making committees, member of an established financial services group with an operational track of over 30 years.”

The firm was established in 1997 to provide portfolio management and investment advisory services to individual and institutional investors, globally.

The company is a wholly-owned subsidiary of CSL Stockbrokers Limited, a member of FCMB Group Plc.

Speaking on the firm’s new credit rating, the Chief Executive Officer of FCMBAM, James Ilori, said: “The company rating assigned to FCMBAM by Agusto & Co is another demonstration of our commitment to running a professional and transparent organization. We remain focused on providing international standard fund management solutions that cut across asset classes, markets, and currencies. We thank our stakeholders for trusting us to meet and exceed expectations and restate our commitment to creating value for all.”

FCMB Asset Management Limited currently manages four mutual funds – Legacy Money Market Fund, Legacy Debt Fund, Legacy Equity Fund, and Legacy USD Bond Fund.

In addition to the four collective investment schemes, FCMB Asset Management offers clients discretionary and non-discretionary portfolio services, as well as execution-only mandates.

FCMB Asset Management Limited prioritizes the delivery of international standard investment management services aimed at meeting investors’ investment goals in terms of capital preservation, income-generation, and capital appreciation.

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BIG STORY

FCMB Reinforces Commitment To Innovation, Customer Satisfaction, Joins Open Banking Nigeria

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First City Monument Bank, one of Nigeria’s leading financial institutions, is now a member of the Open Banking Nigeria, an industry-focused non-profit body facilitating the advocacy, development, and adoption of a common standard for open Application Programming Interface within the Nigerian financial ecosystem.

With this development, FCMB has formally joined more than 50 other individual and corporate members across the financial industry, including banks, fintech, financial consultants, global customer service leaders, among other stakeholders as an integral part of Open Banking Nigeria.

Open banking is a concept aimed at enhancing the capability of operators in the financial industry and allied institutions to drive and deepen innovation through access to more customer-authorized information and data.

In Nigeria, it will result in far greater end-user satisfaction, help the various stakeholders thrive, boost collaboration, and inspire more innovation.

In addition, the adoption of the concept would create a new data-sharing infrastructure among financial institutions, which will go a long way towards enriching the range of services and products that would emerge from operators.

Commenting on FCMB’s membership of Open Banking Nigeria, the Divisional Head, Transaction Banking of the Bank, Rolayo Akhigbe, said: “As an institution focused on the attainment of enhanced customer experience and a more productive as well as impactful business environment, our membership of Open Banking Nigeria reinforces our commitment to the delivery of exceptional services.

“We are optimistic that this would also upscale our operations and ultimately enable us to align with the aspirations of our customers.”

Also commenting, the Team Lead, Banking As A Service of FCMB, Isi Nweje, stated: “As always, we are receptive to partnering with the drivers of initiatives that advance the development of Nigeria’s financial services industry to greater heights, while also enabling and fast-tracking growth across other sectors of the economy.”

A Trustee of Open Banking Nigeria, Ope Adeoye, said: “It is a delight to welcome FCMB to the fold. We anticipate working together for a standardized API-led system that would facilitate the growth, accessibility, and viability of numerous cross-industry initiatives which would stem from Nigeria’s financial ecosystem.”

Established in 2017 to define and develop these open and non-partisan APIs, Open Banking Nigeria serves as a platform where industry players jointly champion a progressive cause for the benefit of the country and, by extension, the African continent.

First City Monument Bank is a member of FCMB Group Plc, one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments.

With a clear understanding of its market and environment, the Bank has successfully transformed into a retail banking and wealth management-led group.

It has also continued to distinguish itself through innovation and the delivery of exceptional services while enhancing the growth and achievement of the personal and business aspirations of customers.

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BUSINESS

Access Bank Renews Commitment To Customer Education and Satisfaction, Announces Revised Customer Complaint Channels

Gbemileke Ajayi

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Driven by its promise to deliver unrivaled customer service to all its customers, Access Bank Plc has announced an extension of its customer education and complaint management activities.

Over the years, Access Bank has strived to reach all audience tiers and communities, communicating and simplifying information on how customer-related bottlenecks can be resolved.

According to Ogor Chukudebelu, the Chief Customer Experience Officer at Access Bank Plc, the institution’s efforts are borne out of the desire to “heighten the public’s consciousness and radically improve awareness of the vast array of resources available to them as we strive to improve their banking experiences.”

“In today’s fast-paced society, there is an increased demand for information. Information that not only helps draw the institution closer to its customers but also makes banking convenient for customers.

As a customer-centric bank, we appreciate feedback from our customers to help us resolve any issues they have. The feedback also serves to improve and enhance their banking experience. Therefore, we have various platforms where customers can lodge their complaints or give suggestions. We will continue to avail all customers within the option of using their preferred complaint lodgment medium,” he added.

All Access Bank customers can henceforth have their complaints lodged and resolved swiftly through the following channels:

  1. Email: [email protected]
  2. Live chat: accessbank.com
  • Social media: Facebook (@AccessBankPlc), Twitter (@accessbank_help) and Instagram (@myaccessbank)
  1. Tamada: tamada.accessbankplc.com
  2. WhatsApp Banking: 08089019019
  3. Contact center telephone: 07003000000, 01-2802500, 01-2712005-7

Access Bank is committed to giving its customers best-in-class services and providing a seamless banking experience for all its customers across the globe.

 

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