What is Back To Back Letter Of Credit?A back to back letter of credit is made of two letters of credit (LCs) used together to finance a business transaction. The two LCs are opened in favor of th...
What is Bancassurance? DefinitionThis refers to the relationship between a bank and an insurance company permitting the insurance company to market and sell its insurance products to a bank�...
JPMorgan Chase third quarter earnings beat analysts’ earnings amid the reported September money laundering scandal that implicated the bank. Here’s how JPMorgan performed in the third-q...
Wells Fargo wrote in a memo Wednesday that more than 100 employees were fired for engaging in Covid-19 relief fund fraud.The Covid-19 relief funds were set aside for small businesses that were affecte...
On Thursday, the All-Share Index moved by 0.53 percent (207.86 points) to 39,293 from the 39,085 it was on the previous day. This reduces the monthly and yearly losses to about 1.3 percent and 2.4 per...
IMF warns CBN that eNaira may lead to new money-laundering and terrorism financing risks The expansion of the eNaira's use to cross-border cash transfers and agency bank networks could result in...
The United States, its European allies, and Canada agreed over the weekend to shut off important Russian banks from the SWIFT messaging system, which connects over 11,000 banks and financial in...
The Nigerian Stock Market All Share Index ended March with a negative return of 0.91, reversing back-to-back advances in January and February. This is also the fifth year in a row that the stock m...
FCMB Micro Finance Business was established as a division of First City Monument Bank (FCMB) in effort "to promote financial inclusion among the unbanked and underbanked." the bank wrote on its w...
As a result of rising inflation, the Monetary Policy Committee of the Central Bank of Nigeria unanimously agreed to raise the benchmark interest rate, also known as the monetary policy rate, fro...