Banks in H1 2020: Key Findings

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Friday, October 30, 2020 / 05:00 AM / by Proshare Research / Header Image Credit: EcoGraphics


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Key Findings

  • Eight (8) banks amongst those listed on the Nigeria Stock Exchange (NSE) recorded an increase in pre-tax profit (PBT) while five (5) banks recorded a decline in PBT in H1 2020.
  • Nine (9) banks recorded an increase in impairment charges while three banks which include WEMA Bank, Unity Bank, and Union Bank recorded a decline in their impairment charges in H1 2020.
  • More banks recorded an increase in their cost-to-income ratio (CIR), seven (7) banks saw CIR climb while six (6) banks experienced a mild drop in their cost-efficiency.
  • Despite the troubling effects of COVID-19, all banks listed on the NSE witnessed an increase in loans to customers and their deposits from customers.
  • Banks have gradually taken to the Holdco structure as the new default organizational structure by owners of tier 1 banks in the country. The new structure is a mild shift from the universal banking structure introduced by the bank regulator in 1999 under Joseph Enitan Sanusi, the then CBN Governor. The trouble here is that there could be a repeat of the transaction patterns that saw universal banks trap customers in a vortex of group-owned businesses. Holdco 0companies are likely to engage in cross-selling of services and true Holdco financial positions could be submerged under an interlocking network of related-party transactions.



Illustration 37: Holdcos: The New Face of Financial Supermarkets

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  • Tier1 banks, in particular, have shown a strong increase in the proportion of e-banking income to their gross earnings, hence underscoring the growing importance of remote payment and settlement solutions in the flow of domestic financial transactions.
  • Artificial Intelligence (AI) may become a major game-changer in financial service delivery in a COVID-19 world as consumer experiential journies will be critical to bank profitability and patronage. Generation-Z and Y are becoming increasingly important influencers of financial flows in Nigeria, even though baby boomers still control the bulk of domestic private sector financial resources.  
  • Fintech will play an increasingly important role in the banking sector from 2021 but for the impact to be significant it must grasp the customer's experiential journey more robustly than mere payment solutions and retail lending products based on regular cash flows such as salaries. The depth and breadth of technology innovation must rise above the spin of high-press media adverts to offer a deeper value proposition. Whether or not this happens, analysts note that several Fintech companies in Nigeria will go bust between 2021 and 2022 primarily because their consumer offerings are trite with little if any value-addition and their lending products are unguarded by sensible credit-risk controls, therefore, propelling them to spiral into a vicious cycle of delinquent assets. The promise of Fintech applications to financial service solutions would require major and minor tweaking.


Fintechs in the financial service sector will likely be pulled by two forces, the first would be the positive force of increased adoption at the top and lower end of the customer pyramid driven by the realities of social distancing prompted by COVID-19, and the second force would be the economic downturn leading to a loss of customer incomes and jobs, which in turn would result in a rise in delinquent loan assets with a few Fintech lenders going bust. Which force will dominate will rely heavily on domestic fiscal and monetary policies and the shape of the COVID-19 recovery curve- V, U, W, or K.

 

However, writers at global management consultancy McKinsey are optimistic about the future outlook of Fintech in Nigeria. In a recent report on the Nigerian Fintech industry titled 'Harnessing Nigeria's Fintech Potential,' the McKinsey analysts note that "A youthful population, increasing smartphone penetration, and a focused regulatory drive to increase financial inclusion and cashless payments, are combining to create the perfect recipe for a thriving fintech sector."

 

The report continues to observe that, "Fintechs have led with innovation in product development, designing useful, convenient and affordable financial products and services for millions of Nigerians. In the process, they have created a multiplier effect across the economy, unlocking new business models beyond financial services, fueling the growth of e-commerce, increasing the STEM talent pipeline, and moving the needle on progress towards the country's development goals." This may be so, but Fintechs are not without problems.

 

A severe challenge for Fintechs is in the credit arena. Although algorithms try to figure out the likelihood of default of particular borrowers, as Shakespeare presciently observed, "there is no art to find the mind's construction in the face", and indeed the same could be said about the face of advanced mathematical equations. With job losses on the incline and companies in a recessionary gridlock, the rise in loan default rates is likely to be staggering. Without structured lending frameworks as banks, most Fintech lenders are likely to see their loans disappear into a black hole.

 

Most Fintechs have targeted early adopters and have not had the courage or the inclination to break new grounds by introducing the financially excluded to fresh financial opportunities by way of digital technology. However, opportunity favours the brave, about 40% of Nigeria's estimated 200m population do not have bank accounts, this provides a potential customer base that is fresh, free, and fragile this potential market can be nurtured carefully to be late adopters and compelling advocates for services offered by Fintechs. 


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The Odd Monkey Market and its Parable

Increasingly Fintech companies, especially those targeted at the agricultural sector have been offering returns on investments far above returns in alternative money market assets with investors piling into these digital investment wonders in search of superior returns. The problem with such schemes is that there is no underlying 'real' asset trading in a growth market that justifies the returns on offer. The schemes speak to the parable of the monkey market.

 

Illustration 38: The Monkey Market and It's Financial Service Equivalent

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Source: Proshare Foundation

 

The parable of the monkey market is an analysis of Ponzi schemes in which investors are left stranded with a mirage of economic value created on the back of the human frailties of greed, gratification, and misdirection. Investors are promised high rates of returns on their investment with no economic or business rationale to support the high rates. 


Some Fintechs in Nigeria appear to operate like Ponzis. The rise of these schemes seems to be jumping off the wagon of low domestic returns on investments across money and capital market instruments.  Nigerian banks are closely knit to Fintech companies and currently offer low rates on fixed deposit and savings accounts while their Fintech associates offer higher returns but on significantly riskier premise. For example, the Central Bank of Nigeria (CBN) recently instructed deposit money banks (DMBs) that from September 1, 2020 interest rates on local currency savings deposits will be negotiable subject to a minimum of 10% per annum of Monetary Policy Rate (MPR). With the recent MPR at 11.5%, this brings savings rate to a minimum of 1.15% and if adjusted for inflation at 13.2% as of August 2020, the real savings deposit rate would be -12.05%. With this kind of real rate, it appears that investors will sprint to riskier market assets with higher short to medium-term yields. But where they sprint to is just as important as where they are sprinting from.

 

Some Fintechs in Nigeria offer a return on investments that pull silva from the mouth but their high yields represent a higher risk of a payment default. Following the moral of the parable of the monkey market, the higher interest rates offered by Fintech companies are not sustainable and will eventually leave unsuspecting investors stranded on the investment tarmac. Greed may inspire but it also kills. 


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Conclusion

"If you compare banks to companies like Google, it's evident that banks are still at the nascent stage of the digital and data revolution." Vik Atal

 

There were expectations by banking sector analysts that the Nigerian banking sector would be severely hit by the COVID-19 pandemic due to its high exposure to the oil & gas sector, contraction of the economy, and a COVID-19-induced economic lockdown. Contrary to expectations, the Nigerian banking sector's performance tipped noticeably past the average sector performance in countries like the US, Singapore, South Africa, etc. Amongst the thirteen (13) banks listed on the Nigerian Stock Exchange, eight (8) banks recorded an improvement in their PBT in H1 2020 while five (5) banks recorded a decline in their PBT.  FCMB recorded the highest percentage increase of +25.51% in PBT while WEMA bank recorded the largest decline of -33.72% in PBT in H1 2020.

 

In line with expectations of a rise in credit risk, nine (9) of the listed banks on the Nigeria Stock Exchange (NSE) recorded a rise in their impairment charges in H1 2020 while three (3) banks which include Unity Bank, WEMA Bank, and Union Bank recorded a decline in impairment charges. The rise in impairment charges could be attributed to the increase in provisions due to the negative outlook towards loan asset performance in Q3 and Q4 2020. The forward-facing IFRS9 standards for impairment recognition would compel upward impairment adjustments in a period of relative downward-looking economic expectations in H2 2020. Although the economic performance of the Nigerian economy is expected to shrink by only -3.12% by H2 2020 (according to Proshare's linear macroeconomic forecast model), the economic outlook is still mildly depressing even though it is an improvement on the -6.10% recorded in August.


The COVID-19 pandemic has muscled banks into rethinking their business strategies to adapt to the "new normal". Some banks have had to close branches, right-size staff, diversify loan assets to more profitable sectors and work aggressively towards becoming digitalized to stay afloat during the pandemic-induced downturn.

 

The trend amongst deposit money banks (DMBs) towards a holding company (Holdco) structure creates interesting regulatory and business detours.  Sterling Bank recently obtained the CBN's approval to transmute from a stand-alone commercial bank to a holding company. Also, GT Bank has spelled out its plans to convert to a Holdco. Access Bank recently announced that it has gotten approval-in-principle (AIP) from the CBN to restructure to a holding company. Some of the motives for evolving into a Holdco structure could be to protect its assets, reduce/minimize the risk of insolvency, and allow the Holdco to diversify more efficiently as it invests in new ventures.

 

Trying To Avoid VUCA

A systemic problem, however, is the confusion of regulatory oversight. Banks have announced that they have approvals or approvals-in-principle by the CBN to become holding companies but this appears slightly odd. A Holdco structure is a structure that has banking as a part of a wider financial supermarket arrangement of a group of companies and each company within that structure has a different regulator. This is where trouble occurs. The CBN does not regulate all the companies under the Holdco and a Holdco should not require the approval of the CBN, except those institutions under the CBN regulatory purview who wish to become members of a Holdco. The more appropriate approving authority for the creation of a Holdco should be the Securities and Exchange Commission (SEC).

 

The recent rush to the press to affirm an approval-in-principle (AIP) by the CBN for banks wishing to become part of a Holdco structure creates market volatility (for NSE-listed institutions), business uncertainty, structural complexity, and ambiguity or what local analysts have preferred to call VUCA.

 

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Illustration 39: Bank Holding Structure and the Mistiness of Progress

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ETI and FBNH are clear examples of the mist that can develop from a Holdco structure. ETI is the Holdco of the Ecobank continental group, but often investors confuse ETI for Ecobank Nigeria, so in analyzing ETI are investors pricing-in all operations of the group across the continental economies of Africa in multiple currencies? (see Ecobank Nigeria: The Case For Restructuring, Repositioning, and Retooling)

 

Ecobank Nigeria constitutes about a fifth of the groups continental business and with its local subsidiary's relatively poor corporate earnings (even before the wider COVID-19 troubles) in the last three years, it is unclear whether the stocks pricing on the NSE is a reflection of the group's overall performance or investors finicky observation of the bank's local Nigerian subsidiary. Most analysts dissect the financial statement of accounts of the group rather than the local bank but the awkward perception of the Nigerian subsidiary far overshadows the group's overall continental scorecard.

 

In 2018 Proshare had, as part of its market reporting responsibility, to take on the bank’s management in respect of its perceived non-compliance with IFRS9 accounting rules on the treatment of its loan impairments and the IAS 21 rules concerning foreign exchange translation recognition and reporting, these fuzzy areas of Holdco accounting and operations can prove difficult to untangle. For example, while the CBN capital adequacy rules may affect Ecobank Nigeria, it certainly cannot be said to be relevant to the business of the overall group which operates in different economic jurisdictions. Furthermore, even though ETI is the listed entity in Nigeria. SEC rules apply to which entity, as most of the group's businesses are outside the country?

 

The FBNH structure has different complexities. FBNH structure has a series of subsidiary banks under Holdco but also has an investment bank, a stockbroking operation, a trusteeship line of business, and until recently an insurance company. The Holdco is more of a financial supermarket in the mode of the universal banking (UB) model between 1999 and 2010/2011. It represents a one-stop financial boutique.

 

The model has some advantages such as the cross-selling of financial services and the capturing of the customer journey experience within a web of businesses within one financial group. The problem, however, is that the absence of 'Chinese walls' between businesses could lead to transfer pricing and creative accounting practices between group affiliates. It was this incestuous relationship and the lack of clarity in the books of UBs that prompted erstwhile CBN Governor, Sanusi Lamido Sanusi, to scrap UBs in 2010 (see Illustration below).

 

Illustration 40: UBs-The Walking Undead

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Banks in A Time of COVID-19; The Unspoken Words

The Banking sector's resilience would depend on fiscal and monetary policy interventions as well as the effectiveness of the government's response to the spread of the coronavirus in Nigeria. If there is a sudden spike in the spread of the virus and a lockdown is re-imposed then the banking sector becomes potentially vulnerable to a longer-term dip in domestic economic fortunes. On the other hand, if the government's response is effective and the spread of the virus is successfully curbed then the banking sector would rebound quickly to pre-COVID levels. An uncommon observation is that the local banking industry got hit for six in the first two months of the pandemic by the third month the managers of banks had started to decouple the institutions from the travails of the broad economy. This explains why Nigerian banks have not been as badly hit by the COVID-19 challenge as other companies in the economy. The ability of banks to engage in countervailing measures to temper the severity of the virus on the economy suggests unspoken built-in sector resilience. The adoption of digital solutions before the pandemic outbreak meant that many customers could continue banking relations without the need for physical presence for most payment and settlement transactions.

 

The use of digital mediums of transactions for financial flows meant that banks saw a spiraling of e-banking incomes and a reduction in cash handling costs between Q1 and Q2 2020, available but non-verified information suggests that the trend has continued into Q3 2020. Even at the informal retail end of markets involving such primary activities as barbing, tailoring, and meat selling bank transfers have increasingly become acceptable means of payment. The rise in digital transactions has improved non-lending transaction income and enabled banks to improve their earnings or reduce their potential earning declines as the economy went into a freeze over the first six months of 2020. In other words, banks had a tough time in H1 2020 but their ability to unhinge from the broader value destruction going on in the economy by Q2 2020 provided them with a softer cushion to fall on and a much lower height to drop.  

 

 

 

Illustration 41:  Nigeria's Mushrooming Digital Payments Ecosystem

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The Nigerian banking sector narrative in H1 2020 has been a tale of dodged bullets. The capacity of local banks to ride over the wave of a health pandemic and an economic implosion caused by falling fiscal revenues is a brilliant stage performance in Act 1 Scene 1. The next open curtain call introduces Act 1 scene 2 which would require banks to depend less on fortune and more on strategy. 

 

As banks recover fully from the COVID-19 pandemic they would need to revise their survival playbook. The three cornerstones of their forward play should be the following:

  • Reimagine the future   
  • Rethink the past and,
  • Reconsider present concerns

 

Illustration 42: Constructing Strategic Narratives

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With the future shrouded in uncertainty, the outlook for banking is a gamble on the institutional resilience, far-sighted corporate leadership, and the creative application of technology in the course of day-to-day business. The ability of local Nigerian banks to unhinge their hooks from the general economy provides hope that at least tier 1 banking institutions would provide backstops to an economic downturn in 2020 and 2021. 

 

Going into 2021 Nigerian banks will have to pull out all the stops to drive harder top and bottom-line earnings as the economy makes a weak recovery heading into Q3 2021. Q1 should see the economy ease into a modest real GDP growth of slightly less than 1% and this should push up into Q2 as economic expansion gains momentum.  If banks could face down headwinds in the eye of the COVID-19 storm in Q1 and Q2 2020, then they should do quite well growing their P&L and statements of financial positions (balance sheets) in Q2 and Q3 2021. The outlook, however, relies heavily on the pandemic slowing down and an antivirus being available by the end of H1 2021 at the latest. Until the economy shows signs of solidity in its key drivers not many people will sleep with both eyes closed.

 


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Downloadable Versions of Banks in H1 2020: Imagining Beyond COVID-19 Report (PDF)

1.     Executive Summary: Banks in H1 2020: Imagining Beyond COVID-19 - Oct 11, 2020

2.    Full Report: Banks in H1 2020: Imagining Beyond COVID-19 - Oct 11, 2020

 

 

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Related News post on Banks in H1 2020: Imagining Beyond COVID-19 Report

1.      Banks in H1 2020: Imagining Beyond COVID-19

2.     Banks in H1 2020: Weaving Past A Pandemic in Nigeria

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8.     Banks in H1 2020: Deconstructing Banks' H1 2020 Individual Performances - FCMB

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10.  Banks in H1 2020: Deconstructing Banks' H1 2020 Individual Performances - Wema Bank

11.   Banks in H1 2020: Deconstructing Banks' H1 2020 Individual Performances - Unity Bank

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18.  Banks in H1 2020: Deconstructing Banks' H1 2020 Individual Performances - Unlisted Banks



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2.     ACCESS declares N61.03bn PAT in Q2 2020 Results; Proposes 25kobo Interim Dividend, (SP:N6.40k)

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13.  ETI Declares N48.5bn PAT in Q2 2020 Results, (SP:N10.45k)

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42. Fitch Affirms United Bank for Africa PLC at 'B' plus; Outlook Stable

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26. CBN Issues Guideline on Nigerian Payments System Risk and Information Security Management Framework - Mar 04, 2020

27. CBN Retains Minimum LDR At 65%; Encourages DMBs To Maintain Strong Risk Mgmt Practice - Jan 20, 2020

28. CBN Issues Circular on Pre-Authorisation of Cards in Nigeria - Dec 30, 2019

29. CBN Issues Consumer Protection Regulations - Dec 23, 2019

30. CBN Reviews Charges On ATM, Card Maintenance and Others - Dec 22, 2019

31.  CBN Publishes Exposure Draft On The Guidelines For Shared Services Arrangements For Banks And OFIs - Nov 27, 2019

32. CBN Publishes Regulation For The Operation of Mortgage Guarantee Companies in Nigeria - Nov 26, 2019

33. CBN Notifies of The Automation Of Form NXP On The Trade Monitoring System - Oct 30, 2019

34. CBN Issues Revised Guidelines For The Registration Of CIT And Currency Processing Companies - Oct 29, 2019

35. Re: Implementation of Cashless Policy: CBN Notifies of Existing Exemptions Until March 31, 2020 - Oct 21, 2019

36. CBN Issues Circular on The Reg. For The Operation of Indirect Participants In The Payment System - Oct 11, 2019

37. CBN Reviews LDR Target Upwards To 65%; DMBs Required To Attain LDR of 65% By Dec 31, 2019 - Oct 01, 2019

38. CBN Directs Banks To Report Suspicious Transactions Based On UN Security Council Resolutions - Sep 30, 2019

39. CBN Issues Approvals-In-Principle To Three Payment Service Banks - Sep 18, 2019

40. CBN Approves Charges On Withdrawals And Deposits; Unbundles Charges on Electronic Merchants - Sep 18, 2019

41.  CBN Issues Guidelines On The Issuance And Treatment Of Bankers Acceptances And Commercial Papers - Sep 16, 2019

42. CBN Issues Regulation On Electronic Payments And Collections For Public And Private Sectors - Sep 11, 2019

43. CBN Amends Guide To Charges By Banks And Other Financial Institutions In Nigeria - Sep 10, 2019

44. CBN Releases Requirements For The Establishment And Operation Of DFIs' Subsidiaries And SPV - Sep 04, 2019

45. CBN Notifies Of The Integration Of NAFDAC e-Permit With e-Form 'M' On The Nigerian Trade Portal - Sep 03, 2019

46. CBN Releases Exposure Draft On The Prudential Guidelines For Deposit Money Banks -Aug 28, 2019

47. CBN Releases Exposure Draft On The Prudential Guidelines For Finance Companies-Aug 28, 2019

48. CBN Releases Exposure Draft On The Prudential Guidelines For Mortgage Refinance Companies-Aug 28, 2019

49. CBN Releases Exposure Draft On The Prudential Guidelines For Development Finance Institutions-Aug 28, 2019

50. CBN Releases Exposure Draft On The Prudential Guidelines For Primary Mortgage Banks-Aug 28, 2019

51.  CBN Releases Exposure Draft On The Prudential Guidelines For Microfinance Banks-Aug 27, 2019

52. CBN Releases Eligibility Criteria And Functional Training Areas Under AGSMEIS - Aug 26, 2019

53. CBN Issues Circular On The Guidelines For The Disbursement Of Lower Denomination Banknotes -Aug 21, 2019

54. CBN To Disburse Lower Currencies To Microfinance Banks -Aug 16, 2019

55. CBN Publishes Consumer Protection Framework Guidelines On Disclosure And Transparency -Aug 05, 2019

56. CBN Releases Consumer Protection Guidelines On Responsible Business Conduct - Aug 05, 2019

57.  CBN Issues Guidelines on Accessing Standing Deposit Facility; Effective Thursday July 11, 2019 - Jul 10, 2019

58. CBN Releases Modalities For The Implementation of The Creative Industry Financing Initiative - Jul 05, 2019

59. DMBs No Longer Require Prior Approval From CBN To Offer Mobile Money Wallet Services - Jul 05, 2019

60. CBN Mandates DMBs To Maintain Loan To Deposit Ratio Of 60% Effective Sept 30, 2019 - Jul 04 2019

61.  CBN Directs MFBs To Implement Resolutions On The Revised National Financial Inclusion Strategy - Jul 02, 2019

62. CBN Requests For Information On The Proposed Payments System Vision 2030 Initiative -May 16, 2019

63. CBN Announces Creative Industry Financing Initiative - May 08, 2019

64. CBN Releases Banknote Fitness Guidelines  - Apr 26, 2019

65. CBN Issues Clean Notes Policy - Apr 26, 2019

66. CBN Releases Guidelines On Pillar 2 Risks And Stress Testing For Banks - Apr 18, 2019

67. CBN Issues Guidelines for Licensing and Regulation of Primary Mortgage Banks in Nigeria - Apr 18, 2019

68. CBN Guidance Notes On The Calculation Of Capital Requirement For Operational Risk For NIFIs - Apr 17, 2019

69. CBN Guidelines On The Mgmt Of Investment Account Holders For Non-interest Fin. Institutions - Apr 17, 2019

70.          Monetary, Credit, Foreign Trade and Exchange Policy Guidelines For Fiscal Years 2018-2019 - Apr 04, 2019

71.  CBN Grants Operators up till April 1, 2019 to Implement The Revised NCS and NICPAS - Mar 05, 2019

72. CBN Releases Initial Guidance Notes on the Implementation of IFRS 9 in the OFIs sector in Nigeria - Mar 05, 2019

73. Anti-Money Laundering And Combating The Financing Of Terrorism Policy and Procedure Manual  - Feb 08, 2019

74. CBN Releases Revised 2018 Exposure Draft For The "Regulation On End-To-End Electronic Payment" - Jan 30, 2019

75.  CBN Publishes Banknote Fitness Guidelines - Jan 24, 2019

76. CBN Deploys Consumer Complaints Management System Effective Jan 02, 2019 - Dec 28, 2018

77.  Guidelines For Licensing And Regulation Of Payment Service Banks In NigeriaNov 02, 2018

78. CBN Releases Code of Corporate Governance for Finance Companies in Nigeria - Oct 30, 2018

79. CBN Releases Code of Corporate Governance for Development Finance Institutions in Nigeria - Oct 30, 2018

80.CBN Releases Code of Corporate Governance for Microfinance Banks in Nigeria - Oct 30, 2018

81.  CBN Releases Code of Corporate Governance For Bureaux De Change In Nigeria - Oct 30, 2018

82. CBN Introduces Additional Template to The Redesigned CRMS - Oct 23, 2018

83. CBN Reviews Minimum Capital Requirement For Microfinance Banks In Nigeria - Oct 23, 2018

84. Exposure Draft Of New CBN Licensing Regime For Payment System Providers - Oct 18, 2019

85. CBN Proposes N5bn Capital Requirement For Payment Service Banks - Oct 08, 2018

86. CBN Publishes Guidelines For Licensing and Regulation of Payment Service Banks in Nigeria - Oct 07, 2018

87. CBN Releases Exposure Draft-Guidance Notes on Disclosure Requirements - Oct 03, 2018

88. CBN Releases Revised Guidance Note on Regulatory Capital For All Banks In Nigeria - Sep 28, 2018

89. CBN Publishes Circular On Revised Nigeria Bankers' Clearing System Rules, 2018 - Sep 14, 2018

90. CBN Releases Circular On The Regulations On Instant Electronic Funds Transfer Services In Nigeria - Sep 14, 2018

91.  CBN Releases The Revised Nigeria Bankers' Clearing System Rules - Aug 02, 2018

92. CBN Directs Banks to Render Daily Returns on Shared Agency Network Expansion Fund Initiative - Jul 05, 2018

93. CBN Issues Circular to All Banks on the Redesigned CRMS - Jun 07, 2018

94. CBN Issues Regulations for Transaction with Authorized Dealers in Renminbi - Jun 07, 2018

95. CBN Extends Effective Date of The Regulatory Framework For The Use of USSD to Oct 1, 2018 - Jun 01, 2018

96. CBN Direct DMBs to Pledge Collateral of N1bn Worth of Government Securities for OTC Trade Settlement - Jun 01, 2018

97. Regulatory Framework for the Use of USSD in the Nigerian Financial System - Apr 27, 2018

98. CBN Issues Anti-Money Laundering and Combating the Financing of Terrorism Regulations, 2018 - Apr 26, 2018

99. CBN Exposure Draft - Licensing of Private Asset Management Company - Mar 27, 2018

100.       CBN Introduces Non-Oil Export Stimulation Facility (NESF) - Mar 20, 2018

101.         CBN Announces Regulation For Bill Payments In Nigeria - Mar 16, 2018

102.        CBN Revised Regulation for Direct Debit Scheme in Nigeria - Mar 15, 2018

103.        CBN Directs DMBs to Establish Consumer Complaint Help Desk - Mar 09, 2018

104.        CBN Includes Additional Provision For Dividend Pay-Outs For Nigerian Banks - Feb 20, 2018

105.        DMB That Does Not Meet the Minimum Capital Adequacy Ratio Shall Not Be Allowed to Pay Dividend - CBN - Feb 19, 2018

106.        CBN to Sanction Erring Banks for Infractions of Payments System Rules and Regulations - Jan 08, 2018

107.        CBN Suspends Extension of Settlement Banking Arrangement to All the Clearing Sessions - Dec 22, 2017

108.        CBN to Draft Framework on Credit to SMEs - Dec 05, 2017

109.        CBN Extends Settlement Banking Arrangement to All Clearing Sessions Effective January 1, 2018 - Nov 10, 2017

110.         CBN Issues Further Clarification on the Enforcement of GIFMIS Revenue Reference Number - Oct 24, 2017

111.          CBN Unveils Framework For BVN, Watch-List Operations - Oct 23, 2017

112.         Implementation of Electronic Certificate of Capital Importation - Sep 08, 2017

113.         Exposure Draft of Regulatory Framework for Unstructured Supplementary Service DataSep 08, 2017

114.         CBN Introduces Funding for Liquidity and Intra-day Facilities for Non-Interest Banks - Aug 24, 2017

115.         CBN Revised the Guidelines for Commercial Agricultural Credit Scheme (CACS) - Aug 21, 2017

116.         CBN Extends Timeline of BVN Enrolment for OFIs to December 31, 2017 - Aug 07, 2017

117.         CBN Announces the Introduction of the Nigeria Customs Service Electronic Auction (eAUCTION) Platform - Jul 25, 2017

118.         CBN Issues Statements of Payment Finality for the Nigerian Payments Schemes - Jul 25, 2017

119.         CBN Directs OFIs to Enroll Customers for BVN - Apr 25, 2017

120.        CBN Suspends the Implementation of Interchange Regime Indefinitely - Apr 21, 2017

121.         CBN Issues Circular on the Amendments of S4 Business Rules and Guidelines - Feb 02, 2017

122.        CBN Enhances Minimum Qualifications for Banks CCOs to Ensure Compliance - Sep 30, 2016

123.        CBN Issues Directives on the Removal of Fixed Interest Rate on Credit cards - Aug 05, 2016

124.        CBN Reviews Operational Guidelines for Blacklisting - Jul 13, 2016

125.        CBN Publishes Exposure Draft Guidelines on Regulations & Supervision of Non-Interest MFBs in Nigeria - May 12, 2016

126.        CBN Publishes Approved Guidelines on Transactions Switching in Nigeria -May 09, 2016

127.         CBN pledges more interventions to create jobs, wealth - Apr 19, 2016

128.        CBN Publishes Exposure Draft on Guide to Charges for Banks & OFIs in Nigeria - Mar 14, 2016

129.        CBN Publishes Reports of Activities under the Agricultural Credit Guarantee Scheme - Mar 10, 2016

130.        CBN Publishes Revised Guidelines on Real Sector Support Facility - Mar 10, 2016

131.         CBN Releases National Financial Literacy Framework Report - Mar 07, 2016

132.        CBN Publishes Guidelines for the Operations of TSA by State Governments in Nigeria - Feb 09, 2016

133.        CBN Extends BVN Enrolment for Nigerian Banks' Customers in Diaspora to 30th June, 2016 - Feb 05, 2016

134.        CBN Publishes Guidelines for Banking Operations in the Free Trade Zones in Nigeria - Feb 02, 2016

135.        CBN Invites Financial Institutions to Make Payment of Annual Licence Renewal Fee through e-Channels - Jan 04, 2016

136.        CBN Releases Revised Guidelines for Bureaux De Change in Nigeria -Dec 11, 2015

137.         CBN Issues Guidelines on International Mobile Money Remittance Service in Nigeria - Nov 20, 2015

138.        CBN Directs PMBs and DFIs to Comply with FG's Directives on TSA - Nov 19, 2015

139.        CBN Extends BVN Enrolment to 31st January 2016 for Nigerian Bank Customers in Diaspora - Nov 03, 2015

140.        CBN Orders BDCs to Honour Letter of Credit Established Prior to Jun 23rd for 41 Items Ban for FOREX - Oct 23, 2015

141.         CBN Publishes Guidelines for Approved Persons' Regime for Financial Institutions - Oct 22, 2015

142.        CBN Issues Guidelines on the Management of Dormant Accounts & Other Unclaimed Funds by Banks & OFIs - Oct 09, 2015

143.        CBN Releases Exposure Draft on Consumer Protection Framework - Sep 18, 2015

144.        CBN Mandates DMBs to Equip All Branches to Treat E-dividend Mandate Form - Sep 15, 2015

145.        CBN Releases Exposure Draft on Standards and Guidelines on Electronic Channels Operations in Nigeria - Sep 15, 2015

146.        CBN Releases Exposure Draft on the Guidelines on Transaction Switch in Nigeria - Sep 15, 2015

147.         CBN Directs Development Finance Institutions to Obtain Licence - Sep 08, 2015

148.        CBN Directs Banks to Remit FG's Funds into the Treasury Single Account - Sep 08, 2015

149.        CBN Finalises Guidelines for the Enrolment of Nigerian Bank's Customer in Diaspora - Aug 19, 2015

150.        CBN Directs All Licensed BDCs to Consummate Transactions with Customers' BVN Effective 1st August - Jul 21, 2015

151.         CBN Warns Authorized Dealers Against Funding Items Classified as "Not Valid for Forex" - Jul 01, 2015

152.        CBN Extends BVN Enrollment Deadline to 31st October, 2015 - Jun 30, 2015

153.        CBN Directs DMBs to Establish Industry Fraud Desks - Jun 12, 2015

154.        CBN to Review the Nigerian Cheque Standards - May 04, 2015

155.         CBN Moves to Check Rising Non-performing Loans in Banks - Apr 24, 2015

156.        CBN Clarifies Circular on Usage of Naira Denominated Cards Overseas - Apr 24, 2015

157.         CBN Stops Rendition of Returns on Defunct Micro Credit Fund - Apr 17, 2015

158.        CBN Limits Naira Card Usage on Overseas Transactions to $50,000 - Apr 14, 2015

159.        CBN Rolls Out Stiff sanctions to Dissuade Issuance of Dud Cheques - Apr 09, 2015

160.        CBN Warns Against the Use of Foreign Currency as Medium Of Exchange in Nigeria - Apr 07, 2015

161.         CBN lays Guidelines on Mobile Money Services in Nigeria - Apr 02, 2015

162.        CBN Sets Regulatory Framework for Licensing Super Agents - Apr 02, 2015

163.        CBN Releases Regulatory Framework for Mobile Money Services - Apr 02, 2015

164.        CBN Publishes Regulatory and Supervisory Guidelines for DFIs in Nigeria - Mar 19, 2015

165.        CBN Sets Guidelines for N300 Billion Real Sector Support Facility - Mar 04, 2015

166.        CBN Directs Banks to Commence FG's Treasury Single Account Scheme - Feb 26, 2015

167.         CBN Restricts Use of Unfettered Access in Exchange Manual - Feb 23, 2015

168.        CBN Sets Guidelines for Advisory Council on Non-Interest Financial Institutions - Feb 20, 2015

169.        CBN Closes RDAS/WDAS Foreign Exchange Window - Feb 18, 2015

170.        CBN Releases Exposure Draft for Dormant Accounts Management by Banks - Feb 18, 2015

171.         CBN Sets Time Bar for Resolution of Customers Complaints - Feb 18, 2015

172.         CBN Issues Framework for the Implementation of Electronic Payments Incentive - Feb 13, 2015

173.         CBN Sets Guidelines for Banking Operations in Free Trade Zones in Nigeria - Feb 11, 2015

174.         CBN Offers Special Intervention to BDC Operators - Feb 03, 2015

175.         CBN Inaugurates Financial Inclusion Steering Committee - Feb 03, 2015

176.         CBN Notifies Banks on Onward Reporting of Fraud in Non-EMV EnvironmentsJan 30, 2015

177.         CBN Directs Banks to Compute Net Open Position on Daily Basis - Jan 30, 2015

178.        CBN Reviews Weekly Cash Sales to BDCs to $30,000 - Jan 23, 2015

179.         CBN Reviews Foreign Currency Trading Position of Banks to 0.1% of SHF - Jan 13, 2015

180.        CBN Signs MoU with Deposit Money Banks to Boost Power Supply - Dec 23, 2014

181.         CBN Directs Banks to Commence Issuance of Centenary N100 Banknote - Dec 22, 2014

182.        CBN Reduces Foreign Exchange Trading Position of Authorized Dealers to Zero Percent - Dec 18, 2014

183.        CBN Issues 48hours Deadline for Utilization of Funds Purchased from Forex Market - Dec 18, 2014

184.        CBN Releases Circular on Sales of Foreign Exchange without Adequate Documentation - Nov 21, 2014

185.        CBN Releases Circular to All DMs and Merchant Banks on the Implementation of Swift SSS - Nov 20, 2014

186.        CBN Kicks-off the Development of Consumer Protection Framework for Financial Institutions - Oct 22, 2014

187.        CBN Sets BVN Compliance Deadline for DMBs and Bank Customers - Oct 22, 2014

188.        CBN Increases Outbound International Money Transfer Limit - Oct 14, 2014

189.        CBN Releases Collateral Registry Regulation - Sep 30, 2014

190.        CBN Rolls Out Electronic Payments Incentive and Awareness Campaign - Sep 19, 2014

191.         CBN Releases Circular on the Acceleration of Bank Verification Number - Sep 19, 2014

192.        CBN Releases Guidelines for Financial Holding Company (HoldCo) - Aug 29, 2014

193.        CBN Develops Authorized Signatories Verification Portal for the Banking Industry - Aug 21, 2014

194.        CBN Earmarks 60% of MSME Development Fund for Women - Aug 18, 2014

195.        CBN to launch Outbound Money Transfer Service with Western Union Money Transfer - Aug 14, 2014

196.        CBN Reviews Electronic Payment Operations via NIBSS Instant Payment System - Aug 14, 2014

197.         CBN Re-introduces ATM Cash Withdrawal Transactions Fee; Effective September 1, 2014 - Aug 14, 2014

198.        CBN Excludes Non-Distributable Regulatory Reserve in the Computation of Capital of Banks - Aug 07, 2014

199.        CBN Issues Draft Regulatory and Supervision Guidelines for Development Finance Institutions - Aug 05, 2014

200.       CBN Releases Exposure Draft for Recommendation of Time Bar on Consumer Complaints - Jul 25, 2014

201.        CBN Extends Timeline for the Resolution of Complaints on Excess Charges and Loans to 30 Days - Jul 03, 2014

202.       CBN Prohibits Loan Defaulters from Further Access to Credit Facilities in the Banking System - Jul 02, 2014

203.       CBN rolls out Cash-Less Policy on July 1, 2014, postpones withdrawal charges in 30 States - Jun 24, 2015

204.       CBN Orders Banks to Refund Monies to Customers Shortchanged By ATMs - Jun 16, 2014

205.       CBN Orders Banks to Refund Excess Commission on Turnover - Jun 13, 2014

206.       CBN Maintains Highest Level in Information Security Standard (ISO27001) Compliance - Jun 12, 2014

207.       CBN Extends Cashless Policy to 30 Remaining States; Kicks Off July 1st - Jun 05, 2014



Proshare Nigeria Pvt. Ltd.



Proshare's Memo to The Market and Market Updates

1.      NESG v CBN: Beyond the Battleground - The Need for Facts, Perspective and Resolution - Oct 05, 2020

2.     NSE Ten Years After a Takeover: The Good, The Bad and Undecided - Sep 16, 2020

3.     Online Trading Ranking Report 2020 - Trading in a Period of a Virus; Building Good Habits - Sep 02, 2020

4.     Otudeko: A Boardroom Revolutionary at 77 - Aug 18, 2020

5.     Roads: Concrete Vision, Asphalt Competition, Looking Ahead - Aug 01, 2020

6.     CEO Remuneration 2020 Report - Paying the CEO in a Pandemic; The Unanswered Questions - Jul 30, 2020

7.     Memo To AMCON: Nigerian Tax Payers are not Responsible for Repayment of Bad Debt - Jul 23, 2020

8.     Coronanomics (1) - Understanding the Realities of an Impending Recession - Jun 06, 2020

9.     Nigeria Cement Market's New Chess Play; Understanding The Market Dynamics - Jan 31, 2020

10.  NCM2020 - Fin. MKT in Transition: Understanding Past Uncertainties; Preparing for New Possibilities - Jan 20, 2020

11.   UBA's Staff Layoff; Understanding The Shifting Dynamics Of Banking's Future - Jan 20, 2020

12.  Ogun State: Working Past Economic Headwinds - Nov 04, 2019

13.  Banks' H1 2019 Numbers: Top Line Growth, Bottom Line Uncertainty - Sep 22, 2019

14.  Ecobank Nigeria: The Case For Restructuring, Repositioning and Retooling - Jul 31, 2019

15.  CEO Remuneration: Making Sense Of The Numbers For Listed Companies In Nigeria - Jul 12, 2019

16.  Beyond The Noise: MTN's Post Listing Reactions, Gaps in Rules and Lessons Learnt - May 26, 2019

17.   JUMIAs IPO and Q1 2019 Result; Understanding The Numbers and Ignoring the Noise - May 16, 2019

18.   Ogun State: The Debt Trap- Leaning Against the Wind - April 2019

19.  The National Association of Securities Dealers (NASD) OTC Market Report 2018 - Feb 06, 2019

20. Surviving Uncertain Times in the Nigerian Financial Market - Jan 19, 2019

21.  Unravelling The Ecobank Q3 2018 Results; Applying NAFEX, Different Outcomes Oct 26, 2018

22. Compliance With IFRS IAS21 - ETI and The Effects of Changes in Foreign Exchange Rates - Oct 25, 2018

23. Nigerian Banks' Performance - H1 2018 - Sep 26, 2018

24. Swift Correction Of Honest Mistakes Helps Build Institutional Corporate Governance - Sep 05, 2018

25. Memo To The Market - The NSE, Oscar Onyema Foundation And Corporate Governance - Aug 20, 2018

26. AMCON and Financial Services Debt Burden in Nigeria - Aug 17, 2018

27. Memo to The Market: The Oando Corporate Journey - At The Regulators Gate - Dec 10, 2017

28. Leadership, Change and Corporate Transformation - The Nigerian Experience ... - Proshare Nov 07, 2017  

29. Analysing the H1 2017 Performance of FBNHoldings Plc - A Comprehensive Report - Oct 20, 2017

30. FBNHoldings Plc Q1' 2017 Performance Assessment Report Updated - Sep 25, 2017

31.  Years After - 5 years of Dr. Yemi Kale's Stewardship at the NBS - Aug 24, 2016

32. Memo to the Market: Reappointing Arunma Oteh as DG, SEC - Jan 03, 2015

33. Where Nigeria got it Wrong - Proshare Dec 01, 2014

34. Fundamental Considerations for Capital Market Reforms in Nigeria ... - Proshare - Sept 06, 2010

35. The Bull in the China Shop - A New Paradigm in the Nigerian Financial Markets? - Aug 21, 2009

36. Making Money in The Nigerian Capital Market Report - Apr 25, 2009



Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.


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