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E-Financial

US, Eurozone Exhibit Pool of Mixed Data- ForexTime

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ForexTime in its weekly report released on Monday said that the US proclaimed mixed economic news during the course of last week, some areas of the economy showing an onward and upward move and some lagging slightly behind.

According to data released on Tuesday, September 24th, the Consumer Confidence for September fell to 79.7 from August’s figure of 81.8, revealing that US consumers are not entirely confident about the progress of the economy and still have some doubts and reservations.

The release of Durable Goods Orders followed on the 25th, ForexTime continues, with a minute yet encouraging increase of 0.1%, backed by growing vehicle orders. The particular figure came under scrutiny by economists however because it excluded transportation, which constitutes a big part of durable goods orders and which in fact declined by 0.1%.

The report continues: “On the stronger side of events, the annualized GDP came in at 2.5%, a significant increase from the previous 1.1% and much in line with expectations of a 2.6% rise. Initial jobless claims further dropped from 310K to 305K, far better than the predicted 325K and a boost to the US dollar.  Pending Home Sales for August also proved positive for the dollar, with a 5.8% rise.

“This week, the market is anticipating the ISM Manufacturing PMI on Tuesday, October 1st, which is expected to rise slightly to 55.8. Thursday October 3rd holds in store Fed Reserve Bernanke’s speech, which could potentially cause major volatility in the market, and Friday the 4th will reveal the month’s most influential data, including Non-farm Payrolls which are estimated at 179K and the September Unemployment Rate which is expected to remain at 7.3%.

“The German federal election last Sunday was perhaps the highlight of the month in the eurozone, with Angela Merkel being re-elected with a dynamic 42% of the public behind her. Responsibility thus remains in Chancellor Merkel’s hands to strike coalitions with strategic allies in order to keep investor faith alight in the eurozone.

“On Friday the 25th of September, the Harmonized Index of Consumer Prices for September was released, unchanged from August and in line with expectations at 1.6%.  The Consumer Price Index for September disappointed, up by only 1.4% which was short of expectations of a 1.5% rise.

“The remainder of the data released in the eurozone was very mixed, with the Markit Manufacturing PMI and the Consumer Confidence disappointing at 51.1 and -14.9 respectively, but the Markit PMI Composite and the Economic Sentiment Indicator both above expectations at 52.1 and 96.9 respectively. ECB President Mario Draghi spoke to the public twice during the last week, the main point delivered in both his speeches being that the European economy is showing a slow recovery. The most important fundamental news from the Eurozone this week are the ECB interest rate decision and the ECB Monetary Policy statement and press conference on Wednesday, October 2nd.

“Data in the UK last week consisted of a better than expected Gfk Consumer Confidence, which hit a 6 year high by rising to -10; 3 points higher than the previous month and the highest figure since November 2007. The CBI Distributive Trades Survey – Realized also grew unexpectedly in September despite forecasts of a downward move, rising to 34 from 27.

“On the downside, the annual GDP growth disappointed expectations of 1.5%, with a revised outcome of 1.3% for Q2, sowing the seed of doubt about whether the UK economy will continue at the pace of recovery it has enjoyed so far. This week the UK is expecting the PMI Construction on October 2nd, with a small increase to 60.1 anticipated.

“The biggest news to come out of Japan for the week that passed were the news on the Overall Consumer Price Index, which rose 0.9% in comparison to the 0.7% recorded in July, and the Core Consumer Price Index, which rose to 0.8% from the previous year. Both these figures were a positive indicator for the JPY because a higher CPI signifies higher inflation, which in this case is positive for a heavily reliant on exports Japan”.

The end of this week will see the Bank of Japan interest rate decided, with no expectations for any drastic change seeing as the 0.1% rate is beneficial for the Japanese monetary policy which aims to keep the JPY weak to boost exports.

 


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E-Financial

Smartcash PSB Launches Access to Instant Motor Insurance via Leadway Assurance

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In continuation of its mission to make financial services simpler, faster, and more accessible, SmartCash Payment Service Bank, a subsidiary of Airtel Nigeria, has announced a strategic partnership with Leadway Assurance to offer Smartcash users an effortless access to Leadway’s mobile-friendly motor insurance service.

Starting from ₦15,000, this new offering provides a convenient and affordable way for motorists to stay protected and compliant with national insurance requirements. With this collaboration, new and existing Smartcash customers can now acquire or renew two types of Leadway Assurance motor insurance: the Third-Party Insurance and AutoBase Comprehensive Insurance, directly on the Smartcash app or by dialling *939#.

While the third-party motor insurance plan offers the legally required minimum cover, protecting motorists from liability for damages or injuries caused to others, the AutoBase Comprehensive Insurance plan extends that protection to cover the user’s own vehicle in the event of accidents.

Commenting on this partnership, Chief Executive Officer, Smartcash PSB, Tunde Kuponiyi highlighted the importance of the collaboration in driving convenient and inclusive insurance access for Nigerians.

“At Smartcash, our goal has always been to bring inclusive financial solutions closer to everyday Nigerians. By partnering with Leadway Assurance, we’re making it easier for motorists to insure their vehicles without stress or delays. It’s insurance that moves at your speed,” he said.

He also noted that Smartcash users can complete the entire purchase process in under three minutes, from plan selection to payment with no physical paperwork or documentation required. Customers receive instant confirmation and their digital policy documents via email, making insurance more accessible than ever.

Also speaking on the partnership, Kike Fischer, Director, Sales, Retail and Partnership, Leadway Assurance, added: “At Leadway, innovation and exceptional service are at the core of our mission to deepen insurance penetration and inclusion.

“This collaboration with SmartCash enables us to deliver real-time protection to more Nigerians via a trusted, everyday platform. It marks a bold step in transforming how insurance is accessed and experienced across the country.”

The insurance integrated service is also fully inclusive, as it works across all types of mobile phones. Users without smartphones or internet access can access the same features via USSD, ensuring nationwide reach, especially in rural and underserved areas.

This partnership reinforces Smartcash’s commitment to delivering digital-first financial services that meet the real-world needs of Nigerians. By simplifying access to essential products like motor insurance, Smartcash continues to empower users with tools that protect, support, and uplift their daily lives.

 


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E-Financial

CBN Suspends Dividend, Bonus Payments for Banks under Forbearance

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Central Bank of Nigeria (CBN) has suspended dividend payments to shareholders and bonuses to directors and senior management staff of banks currently benefiting from regulatory forbearance.

CBN Suspends Dividend, Bonus Payments for Banks under Forbearance

Forbearance refers to the temporary reduction or postponement of payments, such as for loans or mortgages, usually introduced to give temporary relief to individuals, and corporations, including financial institutions encumbered by financial straits.

The directive was contained in a circular dated June 13, signed by Olubukola Akinwunmi, director of Banking Supervision, CBN.

According to the CBN, the move is part of efforts to strengthen capital buffers, enhance balance sheet resilience and promote prudent internal capital retention within the banking sector during what it described as a transitional period.

The regulatory forbearance arrangement, which allows banks some relief in meeting credit exposure and Single Obligor Limit (SOL) requirements, is currently being reviewed by the central bank in terms of capital positions and provisioning adequacy.

As part of this review, the CBN directed affected banks to suspend dividend payments, defer bonuses, and refrain from making investments in foreign subsidiaries or launching new offshore ventures.

“This temporary suspension is until such a time as the regulatory forbearance is fully exited and the banks’ capital adequacy and provisioning levels are independently verified to be fully compliant with prevailing standards,” the CBN said.

The bank added that the measure is to ensure that internal resources are retained to meet existing and future obligations and support “the orderly restoration of sound prudential positions.”

The CBN also said it will continue to monitor developments and engage with institutions as necessary.

The move comes amid efforts to tighten supervision across the financial system following recent banking sector reforms and recapitalisation directives.

 


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E-Financial

Fidelity Bank ED, Kevin Ugwuoke takes over as President of Risk Managers Association

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L-R: Registrar/Chief Executive, Chartered Risk Management Institute of Nigeria (CRMI), Victor Olannye; Divisional Head, Risk Management Securities and Exchange Commission (SEC), Grace Abioye; Immediate Past President, CRMI, Ezekiel Oseni; President, CRMI and Executive Director/Chief Risk Officer, Fidelity Bank Plc, Kevin Ugwuoke; Director, Enterprise Risk Management, Nigeria Deposit Insurance Corporation (NDIC), Amal Haruna; and Rep. Keynote speaker, Deputy Group Management Director, United Bank of Africa (UBA), Chukwuma Nweke; at the CRMI Conferment Handover/Sent-Forth ceremony, held in Lagos recently.
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Kevin Ugwuoke, Executive Director and Chief Risk Officer of Fidelity Bank Plc, has formally assumed office as President of the Chartered Risk Management Institute of Nigeria (CRMI).

L-R: Registrar/Chief Executive, Chartered Risk Management Institute of Nigeria (CRMI), Victor Olannye; Divisional Head, Risk Management Securities and Exchange Commission (SEC), Grace Abioye; Immediate Past President, CRMI, Ezekiel Oseni; President, CRMI and Executive Director/Chief Risk Officer, Fidelity Bank Plc, Kevin Ugwuoke; Director, Enterprise Risk Management, Nigeria Deposit Insurance Corporation (NDIC), Amal Haruna; and Rep. Keynote speaker, Deputy Group Management Director, United Bank of Africa (UBA), Chukwuma Nweke; at the CRMI Conferment Handover/Sent-Forth ceremony, held in Lagos recently.

His leadership promises a reform-focused era anchored on policy advocacy, ethical standards, and digital innovation to deepen risk governance across sectors in the country.

Speaking during the presidential handover ceremony in Lagos over the weekend, Ugwuoke — who also doubles as acting President of the Federation of African Risk Management Associations (FARMA) — described his election as “a call to action.”

He pledged to reposition CRMI as a thought leader and institutional partner in shaping the future of risk management in Nigeria’s national development.

“Our mission is more than just certification; it’s about strengthening the culture of risk governance across sectors. We will collaborate with regulators, raise awareness, and provide practical tools to help organizations embed risk discipline at all levels.”

Ugwuoke outlined a five-pronged strategy to guide his administration: strengthening professional education and certification; deepening policy and regulatory engagement; accelerating digital transformation; integrating ESG and climate risk into corporate strategies; and mentoring the next generation of risk practitioners.

He explained that CRMI will align its initiatives with key policy institutions — including the Nigerian Economic Summit Group, the National Assembly, and sub-national governments — to help embed robust risk frameworks into economic development plans.

“We must integrate risk thinking into how we plan, govern, and invest. We will advocate for more inclusive regulations to empower small and medium enterprises, improve macroeconomic stability, and foster institutional resilience.”

Ugwuoke also announced plans to revise the Institute’s curriculum, introduce specialized certifications to reflect emerging risks, and implement a new National Risk Observatory to provide real-time risk data to both the public and private sectors.

“Digital innovation will be central to how CRMI operates going forward. We are automating our backend, delivering more virtual training, and employing technology to scale our impact across the country and beyond.”

In his remarks, the outgoing President of CRMI, Ezekiel Oseni, challenged the new leadership to consolidate on the achievements made under his tenure — from securing chartered status and strengthening partnerships to gaining greater international recognition — and take the Institute to the next level.

Also speaking on the occasion, Chukwuma Nweke, deputy managing director of United Bank for Africa (UBA), delivering a goodwill message on behalf of Group Managing Director, Oliver Alawuba, described Ugwuoke as a worthy successor.

“As Professor Oseni hands over the baton to Kevin Ugwuoke — a well-respected leader in the risk management ecosystem — we are assured CRMI is poised for greater achievements under his watch.”

Nweke stressed that growing economic uncertainties — from inflation and exchange rate volatility to growing debt — underscore the need for a more strategic view of risk. “Risk must be recognized not as a compliance obligation or a cost center but as a key enabler of resiliency and growth. Institutions that embed risk into their strategies will absorb shocks more effectively, unlock value, and inspire investor confidence.”

As part of the day’s ceremonies, 11 distinguished practitioners were conferred with the Fellow of Chartered Risk Manager (FCRMI) award, while 21 new members were formally inducted as Chartered Risk Managers (CRM). Furthermore, a new Governing Council was inaugurated to oversee the affairs of the Institute for the 2025–2027 term, marking a decisive step forward in institutional renewal and policy direction.


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