Category Archives: Banking

How to apply for bank loan online

How to apply for bank loan online

Some banks give you the option to apply for a loan online and the application process is usually fast and simple, www.sainsburysbank.co.uk, has said Rather

Banks loans to private sector dropped by N455bn to N15.1tn

The total credit from banks to the economy recorded a decline of N455bn from N15.58tn as of the end of the third quarter of last year to N15.1tn in the fourth quarter. This is contained in the banking sector report released by the National Bureau of Statistics on Tuesday. The NBS in the report also said the total number of members of staff in banks increased by 1.8 per cent from 102,821 in the third quarter of 2018 to 104,669 in the fourth quarter. It said during the fourth quarter of last year, the sector recorded 616,528,697 transactions valued at N39.15tn through electronic payment confirmation. The report stated that the Nigeria Interbank Settlement System Instant Payments transactions dominated the volume of transactions as it recorded 228,209,423 transactions valued at N23.57tn during the fourth quarter of last year. A breakdown of credit to the private sector showed that oil and gas with N3.55tn received the highest credit allocation during the period under review. This was followed by the manufacturing sector with total loans of N2.23tn. It read in part, “In terms of credit to the private sector, the total value of credit allocated by the banks stood at N15.13tn as at Q4, 2018. “Oil and gas and manufacturing sectors got credit allocation of N3.55tn and N2.23tn to record the highest credit allocation as at the period under review. “As at Q4, 2018, the total number of banks’ members of staff increased by 1.80 per cent quarter on quarter from 102,821in Q3 2018 to 104,669.” READ ALSO: ASUU chair demands N200m from AAU for sexual harassment allegation Based on the analysis of the report, the agricultural sector received N610.14bn, power and energy, N403.37bn; construction, N614.5bn; trade and general commerce, N1.07tn; while credit to the government was put at N1.36tn. In the same vein, the real estate sector received a total loan of N622.77bn; finance, insurance and capital market, N1.1tn; education, N57.25bn; Information and Communications Technology N545.49bn; transportation and storage, N289.85bn; while other sectors got N339.73bn.

The total credit from banks to the economy recorded a decline of N455bn from N15.58tn as of the end of the third quarter of last

Three ways to earn interest on your personal account

Three ways to earn interest on your personal account

Jumoke Alabi has three different accounts with a bank. She has a current, savings and a special account, which is one of the innovations from

Customer slams N6.4 billion suit on Zenith Bank over illegal charges

Customer slams N6.4 billion suit on Zenith Bank over illegal charges

A Federal High Court sitting in Lagos, Southwest Nigeria has adjourned for further hearing of the N6,441,369,617.73 suit instituted against Zenith Bank Plc, by a

Diamond Bank splashes N5.4bn on customers in 10 years

Diamond Bank splashes N5.4bn on customers in 10 years

Determined to promote the savings culture in Nigeria, Diamond Bank Plc said it rewarded 15,000 customers with over N5.4 billion in the past 10 years

Collateral Registry’s loan portfolio hits N12 trillion

Collateral Registry’s loan portfolio hits N12 trillion

No fewer than 154,827 operators Micro Small and Medium Enterprises (MSMEs), have used their movable assets to obtain loans from financial institutions, under the National

Access Bank customers to join DiamondXtra scheme

Access Bank customers to join DiamondXtra scheme

The Head, Consumer Liability Products, Diamond Bank, Osita Ede, has said that the DiamondXtra scheme of the bank will be extended to Access Bank Plc’s

CBN injects $210m into inter-bank market

CBN injects $210m into inter-bank market

In continuation of its periodic intervention in the foreign exchange market, the Central Bank of Nigeria, on Tuesday, injected another sum of $210m into the

Facts about online banking you should know

Facts about online banking you should know

Online banking allows you to manage your money without having to step foot in a bank branch. As long as you can connect to the

Is long-term loan right for your business?

long term loan for business

Long-term business loans are a popular business financing option that can provide the stability and capital that your business needs to expand. However, it is

Should you have joint bank account with your parent?

Taking care of an aging parent is full of challenges. So on first thought, opening a joint bank account with your mom or dad seems like a no-brainer. Dig deeper though, before you make such a move. For all the advantages, there are risks and complications, according to www.nextavenue.org. “Opening a joint bank account with your aging parent is one of those plans that sounds like a good idea, but usually is not,” says Joshua Zimmelman, a tax accountant and president of Westwood Tax & Consulting in Rockville Centre, New York. Advantages of having a joint bank account A joint bank account can be the simplest and easiest way to help parents pay bills and monitor and track their funds, says Lauren Klein, a Certified Financial Planner and president of Klein Financial Advisors in Newport Beach, California. There is a certain amount of comfort that comes from knowing that your parent’s bills are being paid on time. You can use a parent’s account to make everyday purchases like groceries for him or her as well as to pay for bigger expenses, keeping these separate from your personal accounts. And with your eyes on their account, it is easier for you to spot potential fraud. “It allows the adult child to check for unauthorised purchases or other problems with the account such as late fees or overdrafts,” points out Linda Sherry, director of national priorities for Consumer Action, a consumer advocacy organization in Washington, D.C. Another benefit is that in case of your parent’s death, you would have immediate access to his or her funds, without having to go through probate. This may be especially helpful for paying funeral and other final expenses. Disadvantages of a joint bank account What can go wrong if you have a joint bank account with your parent? Plenty. For starters, your parent’s money won’t be safe from your debts or liabilities. Should something happen to you — like an accident, divorce or bankruptcy —your parent’s money will also be at risk, warns Zimmelman. Also, depending on the rights of survivorship on the account, all the money in the account could go directly to you when your parent dies — disinheriting your siblings. Know too that if you add any money to the account yourself, it may affect your parent’s eligibility for government benefits. A joint account could even affect your child’s student financial aid. That is because government and financial institutions can count all the money in the account as your money, even if half of it is yours and half is your parent’s. Finally, there can be tax implications to having a joint account. “A parent should not simply add the adult child’s name to their account. Similarly, if the parent and adult child open a new account together and the parent deposits a large amount of money and the adult child later withdraws that money, it could be argued this was a gift as well.

Taking care of an aging parent is full of challenges. So on first thought, opening a joint bank account with your mom or dad seems

Reason cyber hackers pursue financial data of banks

Reason cyber hackers pursue financial data of banks

The Managing Director and CEO of Arit of Africa, an information communications and technology (ICT) firms in Nigeria, Ronke Okeremi, has advanced reasons why financial data of banks

Beware of multiple economic, political risks in 2019

Beware of multiple economic, political risks in 2019

Considering the grim socio-political and economic developments in recent times, experts are of the view that the country has reached a point where sincere policy

What to look for from a balance transfer credit card

What to look for from a balance transfer credit card

If like many people you are struggling with credit card debt, one solution is to apply for a balance transfer credit card. This allows you