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Citing rising level of non-performing loans at 15.7 per cent and commercial banks’ borrowing from their central banks at nine per cent of liabilities in the West African Economic and Monetary Union (WAEMU), the International Monetary Fund (IMF) has strongly advocated increase in banks’ capital adequacy requirements to maintain sound financial stability for regional economic growth. The Fund observed that while the average capital adequacy ratio of banks (9.3 percent) was above the minimum required (8 percent) at the end of June 2014, it was however lower than the minimum required in half of the countries in the region, just as the level of non-performing loans reached 15.7 percent of total loans.

Ecobank Nigeria has donated food items to several state governments across the country as contribution to various initiatives aimed at cushioning the effect of the current lockdown on citizens. These palliatives are targeted at the most vulnerable members of the society who have been the hardest hit economically as a result of the current crises. Speaking in Lagos, Executive Director Commercial Banking, Ecobank Nigeria, Carol Oyedeji said this action would also go a long way in supporting members of the community who earn a daily wage and may not have the opportunity of working under the present environment. She noted that the donations are part of the bank’s Corporate Social Responsibility (CSR) and focused on providing support as best as possibleShe remarked that “as a bank we give strong priority to people’s welfare. We are determined to assist ordinary Nigerians during the current difficulties and this is one of the ways we are achieving this. We are also offering concessions to our SME Lending customers at this time given the strain on their cashflows and creating ease for the general public to transact digitally while at home”. Ecobank Group has so far contributed over US$3 million to the fight against COVID-19 across its footprint in Africa in line with the Bank’s commitment to the Region. The Institution is supporting governments, the World Health Organisation (WHO) and partnering with private sector operators to alleviate the effect of the pandemic on citizens. These have been in the form of cash, healthcare equipment, donation of supplies, awareness campaigns while also using digital platform to provide funds to beneficiaries of various funds being distributed. The Bank is particularly mindful of the needs of its communities and remains committed to providing the appropriate support required.    

NSIA Insurance Limited has launched its out-of-home campaign which...