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CBN ENDORSES WEMA BANK

CBN ENDORSES WEMA BANK

CBN ENDORSES COMMERCIAL BANKING FOR WEMA BANK 

Wema bank of Nigeria has been finally approved of the Central Bank of Nigeria (CBN), to convert from regional banking to national banking.


This statement was made by the managing director of Wema bank, Segun Oloketuyi during the weekend in Lagos.

According to Mr. Oloketuyi, “with the approval, the bank now operates as a fully fledged commercial bank in the various geo political zones and in the Federal Capital Territory (FCT). Based on this report, the bank has received testimonials based on the introduction of the product and in the next three months, Wema bank is prepared to re-open five branches in Kaduna, Lokoja, Minna, Aba and Enugu.

He pointed out in the fact, in quote “This is a great achievement for the bank, which is presently undergoing a thorough business evolution. The appointment of Wema Bank as a primary dealer definitely implies that we control a relatively higher proportion of forex market volumes, which will be positive for our net interest revenue line.”

He went further to say that the lender previously had more than one percent market share and operated on outdated technology, as non-performing loans (NPLs) operated at 89percent. With the new management, NPLs have dropped to 2.9percent, as its profitability has risen to a greater and better height.

Still during the weekend, the bank decided to raise a #50 billion naira Tier-2 capital, through bonds to enable its market effectiveness and productivity.

Mr. Oloketuyi, also said in his words, that “This is a great achievement for the bank, which is presently undergoing a thorough business evolution. The appointment of Wema Bank as a primary dealer definitely implies that we control a relatively higher proportion of forex market volumes, which will be positive for our net interest revenue line.”

The CBN Governor, Godwin Emefiele in unveiling the broad forex frame work last week, said that maximum dealers should be able to deal in minimum sizes of $10m for spot transactions and $5m for forwards, forex swaps and futures.

In his statement, he said that the Foreign Exchange Primary Dealers system is one where interested authorised dealers are accorded access to transact forex products directly with the CBN.

 

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Unity Bank plc targets salary earners

Unity Bank plc targets salary earners

Financial inclusion: Unity Bank plc targets salary earners
Unity Bank Plc says it is targeting salary earners as it steps up efforts to boost the financial inclusion drive of the Central Bank of Nigeria. As a result, the lender said it had introduced a new current account product called Unity-Max. The product is targeted at salary earners in corporate organisations, multinational corporations, fast-moving consumer goods, Federal Government parastatals, Ministries, Departments and Agencies, and Small and Medium scale Enterprises.
 
According to a statement by the lender on Sunday, Unity-Max is designed to assist various categories of employees with financial planning in form of target savings, investment as well as accessing facilities at concessionary rates.
 
The statement said, "The product is targeted at fixed income earners, from junior staff to executives, as the account empowers them to access various forms of financing to meet needs even before the next pay-cheque.

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