Banks intensify competition for deposits, raise interest rates by 140%

*Deposits grow 6.6% to N34trn in H1’21 *Zenith Bank leads deposit rate increase  *Stanbic IBTC leads deposit growth Banks have raised  deposit rates by 140 per cent in a bid to attract more funds from customers and address the sluggish growth…

Stanbic IBTC Bank fined N2 billion for violating CBN guidelines, other offences

The management of Stanbic IBTC was fined about N2 billion for violating the guidelines of the Central Bank of Nigeria, CBN, and committing other sundry offences in 2018. Details of the fines are contained in the bank’s financial statement for…