Despite Fintechs’ Incursion, Banks Rake in N25tn Deposits Obinna Chima Despite the surge in activities of financial technology (fintech) companies that have continued to encroach on commercial banks’ businesses, 11 banks in the country raked in a total of N24.957 trillion as customer
deposits as at the end of 2018. The amount represents an increase of 16 per cent compared with the N21.480 trillion the banks that are quoted on the Nigerian Stock Exchange recorded as at the end of 2017. The banks are Zenith Bank
Plc, Access Bank Plc, Guaranty Trust Bank Plc (GTBank), United Bank for Africa Plc (UBA), FBN Holdings Plc, Fidelity Bank Plc, FCMB Group, Ecobank Transnational Incorporated, Sterling Bank, Union Bank of Nigeria Plc, and Wema Bank Plc.
This amount is expected to rise further as recently released first quarter results of some of the banks showed higher customer deposits, due to their aggressive mobilisation of funds. Fintech have continued to encroach on commercial
banks’ businesses, thereby threatening the operations and deposit mobilisation by the banks. For instance, a recent report had shown that some fintech firms have started targeting the deposit and loans segments of traditional banks, with a
view to taking part of the market share of the financial institutions. The report by Lagos-based Financial Derivatives Company Limited (FDC), had cited an example of Piggybank, which Continued on page 6
Shell Targets 2,400MW of Electricity from New Gas Project... Page 8 Tuesday 14 May, 2019 Vol 24. No 8800. Price: N250
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Elections Hacking Now Real in Africa, Says Mahama Chineme Okafor in Oxford, UK
LOYALTY, HUMILITY & INTEGRITY PAY… Following his renomination for a second term, Governor of Central Bank of Nigeria, Mr. Godwin Emefiele (left), paid a courtesy call on President Muhammadu Buhari at the Presidential Villa, Abuja… yesterday
Countries in Africa that have adopted Information Technology (IT) in their electoral processes now have to deal with a new challenge, systems hacking, which now threatens the practice of democracy in the continent, a former President of Ghana, Mr. John Mahama, has said. Mahama’s disclosure came at a time Nigeria’s 2019 presidential election is blemished with claims of alleged hacking of the electoral commission’s IT system by both leading parties in the election – the opposition Continued on page 6
Presidency Moves Second Term Inauguration Ceremonies to June 12 Commemorates new Democracy Day Buhari takes oath of office on May 29
Omololu Ogunmade in Abuja President Muhammadu Buhari is set to formalise
the declaration of June 12 as Democracy Day, earmarking the day for the celebration of his second term of office
inauguration. The Minister of Information and Culture, Alhaji Lai Mohammed, told State House
Correspondents yesterday that although the president would be inaugurated on May 29, the ceremonies commemorating it
would hold on June 12. He, however, said the ceremonies would be low-key. Mohammed said the
decision to organise a low-key inauguration event was taken
PDP Workers Ask Bulkachuwa to Recuse Self…
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