Banks must go beyond traditional lending products and provide more flexible, structured trade solutions if African businesses are to take advantage of growing cross-border trade opportunities, a Corporate Banking Director at Absa Bank Tanzania, Nellyana Mmanyi, has said. Mmanyi made the call in a statement on Wednesday made available to Pinnacle Daily. She stated that …
FCMB Group Plc posted a net foreign exchange loss of ₦14.06 billion in 2025, reversing a ₦36.47 billion gain recorded a year earlier. The lender disclosed this in its unaudited financial statements for the year ended December 31, 2025, released on Thursday. Pinnacle Daily analysis of the results shows that the reversal was largely driven …
U.S. banking giants reported strong fourth-quarter profits, driven by rising demand for loans from both commercial and consumer borrowers. The trend could signal healthy earnings for lenders in 2026. Bank of America (BAC) saw its average loans rise 8% year-on-year, while net interest income the difference between earnings on loans and payouts on deposits—hit a …
Beginning January 1, 2026, Nigerians and foreign residents will no longer be able to open or operate a bank account without a Tax Identification Number (Tax ID), following the enactment of the Nigeria Tax Administration Act, 2025, recently signed into law by President Bola Tinubu. The new Act is part of government efforts to expand …
With Nigeria set to roll out its long-awaited open banking policy in August 2025, hopes are high, but so are concerns. The question on the lips of everyone is this: will this digital shift finally bring financial services to over 38 million unbanked Nigerians? Or will it widen the gap between those online and those …
