6 BUSINESS DAY C002D5556 NEWS Banks record N1.6trn worth of ATM transactions … dominate ePayment channels IHEANYI NWACHUKWU Increasing interest of bank customers in the use of Automated Teller Machine (ATM) helps to swell the volume and value of transactions across that electronic payment channel, <strong>BusinessDay</strong> check shows. The volume of transactions through the ATM reached 217.417 million in the secondquarter (Q2) of <strong>2018</strong> and valued at N1.603 trillion, according to ePayment channels data from the Nigeria banking sector. Interestingly, no fewer than 168.618 million transactions valued at N19.090 trillion were done through the Nigerian Inter Bank Settlement System Instant Payment (NIP), while 8.769 million transactions valued at N3.57 trillion went through Nigerian Electronic Fund Transfer (NEFT). Bank Web channels record- ed the least dealings as only 9.83 million transactions valued at N53.255 billion were done. There were 67.22 million PoS transactions valued at N543.62 billion, while 20.686 million of Mobile Payments transactions valued at N410.56 billion were done in the same period. A cursory look at monthly data on Electronic Payment Channels in the second quarter under review, it reveals that the month of May recorded the highest volume of ATM transactions numbering 75.19 million and valued at N559.35 billion. In the month of June, there were 71.27 million ATM transactions across banks valued at N520.62 billion, while in April, there were 70.947 million ATM transactions valued at N5<strong>23</strong>.18 billion. Also in the same secondquarter period the banking sector recorded 2,268,247 cheques transactions valued at N1.279 trillion. Cheques transactions of 798,737 in the month of May were highest and valued at N446.44 billion; followed by 737,353 cheques transactions in April valued at N435.01 billion, and 732,157 of same transactions in June worth N397.6<strong>23</strong> billion. National Bureau of Statistics (NBS) data show that a total volume of 509.668 million transactions valued at N32.90 trillion were recorded in the second-quarter. In terms of credit to private sector, NBS data shows the total value of credit allocated by the bank stood at N15.34 trillion as of Q2 <strong>2018</strong>. Oil and Gas and Manufacturing sectors got credit allocation of N3.45 trillion and N2.02 trillion to record the highest credit allocation as at the period under review. As of Q2, <strong>2018</strong>, the total number of banks’ staff increased by 13.67 percent quarter-on-quarter from 89,608 in Q1, <strong>2018</strong> to 101,861. IoD partners FRC to deepen corporate governance among SMEs SEYI JOHN SALAU Institute of Directors (IoD), Nigeria, has announced a new partnership with the Financial Reporting Council of Nigeria (FRC) to organise corporate governance training to assist Small and Medium Scale Enterprises (SMEs) on a formal and structural business model. The partnership is geared towards helping SMEs maintain high standards of business ethics and integrity that will expectedly help them discharge their statutory duties of ensuring that risks are managed prudently in an orderly and informed manner. Ahmed Rufai Moham- Investors on the Nigerian Stock Exchange (NSE) lost N2.49 trillion or 15.64 percent between January and July, this development experts attribute to the political uncertainty in the country. The financial experts, who spoke with the News Agency of Nigeria, said the political uncertainty had taken its toll on the bourse. Data obtained from the exchange showed that the market capitalisation that closed at N15.895 trillion in January declined to N13.409 trillion in July. Similarly, the All-Share Index lost 7,325.87 points or med, president and chairman of the governing council of the IoD, said the institute considered SMEs as buffer to the economy; hence young directors who control the SME sector should be made to imbibe the culture of best practices. Mohammed said Asapokhai appointment by the Federal Government came at the right time to douse the tension generated by the myriad of views about the Corporate Governance code in the country. Daniel Asapokhai, executive secretary/CEO of FRC, in a statement said there was an urgent need to push SME operators to the next level of doing Investors on Nigerian bourse lose N2.49trn in 7 months 16.52 percent during the period under review, closing at 37,017.78 in July compared with 44,343.65 in January. Uche Uwaleke, head of Banking and Finance Department, Nasarawa State University Keffi, said the performance of the market was dismal and eroded the growth recorded in January. Uwaleke said the market had remained bearish despite the oil price recovery, stable exchange rate, retreating inflation and even improved company fundamentals. He, however, attributed the development to heightening political tension, in- business, not necessarily in building facilities, but in organising their businesses better. He however called for a bouquet of courses for SMEs in the hinterland; “Corporate governance should not only be elitist but should be inclusive. If indeed 80% of the private sector economy is controlled by the SMEs, then corporate governance must be taken to their level.” The partnership idea was first mooted on <strong>Aug</strong>ust 17, when the governing council of IoD Nigeria, led by Ahmed Rufai Mohammed, paid a courtesy visit to Daniel Asapokhai and his management team at the FRC office in Lagos. security from herdsmen and economic uncertainties from the delay in budget implementation. He added that the spike in interest rates in the United States of America and to some extent the US-China trade war combined to swing the attention of foreign investors to US markets. Sheriffdeen Tella, professor of Economics, Olabisi Onabanjo University, Ago- Iwoye, Ogun State, said the bearish trend was caused by movements of interest rates in the United States, which resulted in withdrawal of money from the market by foreign investors. Thursday <strong>23</strong> <strong>Aug</strong>ust <strong>2018</strong> Filmhouse Cinema unveils plans for cinemas at Circle Mall Lekki Wife of Anambra State governor, Ebelechukwu Obiano, braved the heavy rains Wednesday to empower 990 indigent women, widows, physically challenged and children in Ihiala and Ekwusigo local government areas of the state hancing the movie-experience. Movie lovers will enjoy the cinematic experience featuring pristine presentation of the best of all worlds including Hollywood, Nollywood and Bollywood blockbusters. “This Cinema will serve as a venue for a fast growing community within the Osapa/ JakandeLekki Axis longing for entertainment options to add to other various categories already trading in the mall. This is in line with the promise of the Shopping Centre; as the convenient community shopping centre,” Ayo Amudipe, centre manager for Circle Mall, said. Residents living within the Circle Mall is excited to announce that Filmhouse Cinema will be joining the Shopping Centre. The plan is to open a number of auditoriums in the mall, which will be officially unveiled at an opening event December 1, <strong>2018</strong>. The cinemas will offer exceptional comfort in each auditorium, allowing movielovers to stretch out and focus on the film. The cinemas will feature designs and operation style that largely incorporates complimentary multifarious services such as games arcade, food concession, digital cinema and 3D cinema, ultimately enprimary catchment area such as Ikate, Ajah, Osapa, Agungi, Jakande, and other estates in proximity to Circle Mall such as Victory Park, Pinnock, Femi Okunu, Ikate, Milverton and Willow Green Estates will have a traffic free journey to see a movie,” he continued. Circle Mall is located beside what was formerly known as the 5th roundabout (now traffic lights to make access even easier).For more updates on the cinemas and everything relating to Circle Mall, please visit www.circlemall.ngor follow us on Facebook and Instagram: @circlemalllekki and @ circlemall, respectively. Wife of Anambra governor empowers 990 less privileged in Ihiala, Ozubulu EMMANUEL NDUKUBA, Awka She personally distributed goodies to the 990 persons in the areas as part of her ongoing empowerment tour of the 21 local government areas of the state. The beneficiaries made up of 40 persons per community include 770 persons from 14 communities in Ihiala and 220 persons from the four communities in Ekwusigo local areas, respectively. Others are 180 indigent women, 180 widows, 270 physically challenged persons, 270 aged women and 70 children received various items such as bags of rice and clothing. Other items are school bags containing Math set and exercise books for children, treated mosquito nets, and stipend to ameliorate their plight.
Thursday <strong>23</strong> <strong>Aug</strong>ust <strong>2018</strong> C002D5556 BUSINESS DAY 7
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