The outlook for Nigeria's banking sector and for banks in Africa will remain negative into 2021 amid difficult operating conditions and sovereign pressures straining banks' credit profiles, Moody's Investors Service stated in its recent report.
Specifically, it predicted that South African and Nigerian banks would face acute macro challenges, while loan quality and liquidity would be the main issues for Angolan and Tunisian banks, respectively.
As part of efforts to support economic recovery and deepen the financial market, the Central Bank of Nigeria (CBN) has introduced special bills.
The 90-day special bills are expected to avail the monetary authority additional liquidity management tool.
The CBN stated this in a circular addressed to all banks, dated December 1, 2020, signed by its Director, Banking Supervision, Mr. Bello Hassan, a copy of which was obtained by THISDAY yesterday.
The Casablanca stock market has experienced a tough 2020 year.
Denominated in US dollar, the overall value of companies listed on the market was $58.9 billion at the end of October, data collected by Ecofin Agency showed. This figure was down 9.7% since the beginning of the year. In dirhams, it stood at MAD542.8 billion, the lowest level of the stock market value of the period, since 2016.
Leading financial institution, FBC Bank has launched a banking application - Noku - which enables clients to access services on Whatsapp throughout the day amid the execution of a digital transformation roadmap.
Speaking on the latest development Friday, the bank's company secretary, Tichaona Mabeza revealed that the firm's digital transformation drive was beginning to pay dividends.
"The Group launched Noku, a smart Digital Assistant equipped with the capabilities to assist clients in accessing banking and insurance services on WhatsApp at any time of the day.