Group Managing Director/CEO UBA Plc, Mr. Tony Elumelu has applauded the establishment of credit bureaus in Nigeria describing it as a historic milestone in the financial services sector in the country. ChairmanKing.com recently reported that Nigeria hopes to boost lending with the launch of three credit bureaus, namely Credit Reference Company (CRC), Credit Registry, and XDS Credit Bureau.
Tony Elumelu, whose goodwill address was delivered on his behalf by UBA’s Executive Director and Group Chief Finance Officer Mr. Victor Osadolor, at the launch of the Credit Reference Company (CRC) Credit Bureau Limited in Lagos recently, said the move represent a positive response to the problem of accurate lending in the banking sector.
According to him credit bureaus in the Nigerian market will engender a smooth coordination and cooperation among operators in the industry, ensuring transparency in the system, and providing accurate information and thus creating a conducive environment for the borrowers and lenders to transact business. Read the rest of this entry »
Standard Bank already operates in Nigeria through its controlling stake in Stanbic IBTC.
Nigeria’s four largest banks will boost their domestic market share, leaving smaller rivals behind, following an audit by the Central Bank of Nigeria (CBN) of lenders operating in the country, Renaissance Capital (RenCap) said. 
Splash Mobile Money Limited (”Splash”), a leading mobile payment system provider, and MoreMagic Solutions, a leading mobile transactions provider, recently announced the availability of Sierra Leone’s first mobile money transfer system, enabled by MoreMagic Solutions’ industry-leading MWallet platform, and designed for African markets.
Following a Central Bank of Nigeria (CBN) announcement, local computer assembler Omatek Computers has been forced to deny that its N1.6 billion loan from Afribank, one of the banks in the Nigerian banking sector shake-out, is a bad debt. Omatek Computers was listed among bad debtors in the wake of the Central Bank’s cleansing of the banking sector, kicked off the new CBN Governor, Lamido Sanusi.
United Bank for Africa Plc (UBA), Nigeria’s fourth-biggest lender by market value, said it plans to sell NGN500 billion (USD3.25 billion) of bonds. 
Nigeria’s Access Bank plans to raise fresh debt once its current N13.5 billion ($90 million) 3-year bond expires at the end of December, Group Managing Director Aigboje Aig-Imoukhuede said on Friday. “Access Bank has a bond that is alive and as the bond is running off this year, we intend to issue a fresh one. We intend to issue a new tranche to diversify our capital and funding structure,” Aig-Imoukhuede said.
