FMBN Appeals to CBN Over Equity Contribution

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Kumo

THE Federal Mortgage Bank of Nigeria, FMBN, wants the Central Bank of Nigeria, CBN, to expedite action on the payment of its outstanding equity contribution to the bank’s take off grant.

According to Gimba Ya’U Kumo, managing director, FMBN, “The CBN has paid its first part of the share of about N60 million, while the Federal Government has fully paid up. We are now discussing with the new management of the CBN to pay up the bank’s balance and they have promised to pay very soon.”

Kumo said there was an urgent need to increase the financial muscle of the mortgage institution to cope with the demands of modern day mortgage business adding: “the financial muscle of the FMBN is in two folds which is the share capital, which he said is not yet fully paid up.” The second part, he further explained, is the working capital to enable it carry out mortgage activities and funding of buildings, especially because the housing stock as presently constituted, is not enough.

Perterside Becomes Board Member of Standard Bank Group

Peterside
Peterside

THE Standard Bank Group, Africa’s largest bank, has appointed Atedo Peterside, a Nigerian banker, as its non-executive director. A statement by the ban said the appointment took effect from August 22, 2014. Peterside is the first non-South African citizen to be appointed to the board of the bank.

The statement read, “Standard Bank Group Limited is pleased to announce the appointment of Atedo Peterside as a non-executive director to its board and the board of The Standard Bank of South Africa Limited with effect from 22 August, 2014.”

Sola David-Borha, chief executive of Stanbic IBTC Holdings Plc, said she was very pleased with the development and that it was a good development that Peterside, the Chairman and founder of Stanbic IBTC Bank Plc, was joining the board of directors of Standard Bank Group Limited as well as the board of directors of The Standard Bank of South Africa Limited.

Peterside obtained a Bachelor of Science degree in Economics from The City University, London, and Master of Science in Economics from the London School of Economics and Political Science. He also holds an Honorary Doctorate of Science. Apart from being the Chairman of Stanbic IBTC Bank Plc, a subsidiary of the Standard Bank Group, he is also a director of Flour Mills of Nigeria Plc, Nigerian Breweries Plc, Presco Plc, Unilever Nigeria Plc, as well as Chairman of Cadbury Nigeria Plc.

CIBN Advises Banks Digital Banking

THE Chartered Institute of Bankers of Nigeria, CIBN, has called on banks in the country to explore opportunities in the digital banking space especially in e-commerce. This, the body said, would enable banks to successfully meet customers’ demand.

The CIBN logo
The CIBN logo

Toluwaleke Adenmosun, managing director of Accenture Financial Services, said the traditional banking system currently in practice, could not achieve the growing needs of customers. Banks, he said, “need to leverage on technology to meet the needs of their customers. Advancement of the digital ecosystem has brought significant impact on people’s financial life in areas that are traditionally dominated by banks. With 63 million internet users, it is no longer business as usual and digitalisation has disrupted the financial services landscape. There is a clear evidence that consumers’ behaviour and expectations of services and experience are changing.”

Adenmosun further noted that a recent survey by her firm had confirmed the possibility of banks losing customers to digitally-inclined competitors. She added that even long-term banking relationships at traditional banks were susceptible to disruption and that new technologies were changing the way customers and financial service providers interact, thereby introducing a new demand for how banking services are delivered.

She, however, advised banks to create effective interaction or feedback platform to know the financial life and yearnings of their customers, adding that this remained the only blueprint for digital experience which is imperative for competitiveness.

Compiled by Chinwe Okafor

— Sep. 8, 2014 @ 01:00 GMT

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