Aug

22

The State of Nigerian Banks

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From The Economist:

Though banking standards have certainly risen a lot in recent years, they still lag behind those of America and the European Union, particularly in terms of transparency. In April, United Bank for Africa, one of the country’s biggest, fell foul of American regulators who served the bank with a $15m fine for ignoring anti-money-laundering regulations despite several warnings. “There’s no resemblance at all between operating in Britain or America and operating in Nigeria,” says Fola Fagbule, a research analyst with Afrinvest. “It’s light years apart, and it’s an issue [the banks] need to address”. Read in full.

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Jul

4

At My Bank on Tuesday.

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I got to my bank in Ibadan, Nigeria, on Tuesday, and I was told that they were not working. They had had only an hour or two of power in the past couple of weeks, and they had been running on their generator the whole while. On Tuesday, their generator packed up. They were sure it had gone so bad that it was not going to be fixed early enough for them to be able to work the day. And it is one of the good banks in Ibadan.


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