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Major Players in Global Finance Now Turn to Local Microfinance
Recapitalisation and consolidation have left the Nigerian banks second to none – and new players are entering the market for the disenfranchised
Nigeria’s resurgent consolidated banking sector went from strength to strength in 2008, proving that is not just a powerful force in Africa, but also globally. Four Nigerian banks are now listed in the top 500 banks in the world: Access, Oceanic, Guaranty and United Bank for Africa. Guaranty opened a UK branch in March, joining, among others, First Bank of Nigeria, which has been operating there as FBN Bank (UK) since 2002, and Union Bank. The subsidiary, GTB UK, is authorised by the UK’s Financial Services Authority to operate as a fully-fledged commercial bank; offering corporate and retail banking services. Meanwhile United Bank of Africa, the largest financial institution in West Africa, moved into the Kenyan market in October, and the Ugandan market in May. It now operates in eight countries across Africa.
Nigeria’s banks swept the board at the African Banker Awards in October 2008, where six banks won awards: Intercontinental (African Bank of the Year), Zenith (Best Global Bank in Africa), Fidelity (Socially Responsible Bank of the Year) and Ecobank Transnational (Most Innovative Bank). In addition, Dr Tony Elumelu, United Bank for Africa (UBA), won African Banker of the Year, while Otunba Dr Michael Balogun, First City Merchant Bank (FCMB) Nigeria, received a lifetime achievement award. ...
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