Banks Strategise for Increased Competition Ahead of PSBs Obinna Chima Some chief executive officers (CEOs) of commercial banks in the country have strategised for increased competition ahead of the Central Bank of Nigeria’s (CBN) proposed Payment Service Banks (PSBs),
insisting that the proposed service banks would not eat deep into their market share in the retail banking space. The CEOs indicated that even though the development would bring about increased competition, they would also not relent in introducing
measures to ensure that the commercial banks remain dominant in the sector. The CBN had last year unveiled guidelines for the PSBs, to facilitate transactions in remittance services, microsavings and withdrawal services in rural areas.
The primary idea of the PSBs is to drive financial inclusion by leveraging the capacity of other entities, like the telcos with existing infrastructure in the areas not easily reached by bank networks. While the PSBs are to be
prohibited from providing lending services and participating in the FX market, they will be able to offer other services, thus competing with commercial banks for the pool of earnings and also ensure that the battle for retail is won using digital and mobile
strategy. But the Managing Director, Ecobank Nigeria, Mr. Patrick Akinwuntan, noted that while the PSBs could bring about increased competition, “competition in itself is not Continued on page 6
Crude Oil Price Drops to $60 over US, China Trade Dispute… Page 8 Tuesday 29 January, 2019 Vol 24. No 8686. Price: N250
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Lagos Assembly Threatens to Remove Ambode... Page 9
Opposition Unrelenting as Senate Challenges Onnoghen’s Suspension at Supreme Court CCT postpones arraignment indefinitely Police take over CJN’s office NBA issues boycott warning strike Atiku cautions Buhari against derailing democracy President avowed democrat, says Mohammed APC: Foreign intervention unacceptable Iyobosa Uwugiaren, Onyebuchi Ezigbo, Adedayo Akinwale, Alex Enumah and Udora Orizu in Abuja Opposition to the suspension of the Chief Justice of Nigeria (CJN), Justice Walter
Onnoghen, by President Muhammadu Buhari persisted yesterday, entering the next level as the Senate approached the Supreme Court for a determination of the Continued on page 8
Dogara: N30,000 Minimum Wage Not Enough for Workers Labour urges lawmakers to increase pay to N30,000 Shola Oyeyipo in Abuja The Speaker of the House of Representatives, Hon. Yakubu Dogara, yesterday disclosed that the N30,000 minimum wage being canvassed by
workers can barely feed a small family unit. This is as the organised labour groups implored members of the National Continued on page 6
PDP Heads to Appeal Court as Tribunal Upholds Fayemi’s Election... Page 6
PREPARING THE JUDICIARY... L-R: President, Court of Appeal, Justice Zainab Bulkachuwa; National Commissioner, Legal Matters, Independent National Electoral Commission, Mrs. May Agbamuche-Mbu; and guest lecturer, Chief Judge FCT, Justice Ishaq Bello, at INEC workshop for justices and judges on electoral matters in Abuja… yesterday julius atoi