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Great News for Lenders in Nigeria

Nigerian central bank has refunded lenders part of the $1.4 billion taken as additional cash reserves after banks failed to meet a target to provide more credit. Citigroup Inc. and Zenith Bank Plc were among a dozen lenders fined last month for not reaching the set goal. Citigroup was handed a $279 million penalty out of a combined sanction that was transferred from the lenders’ cash reserves to the regulator pending compliance. The group has since called for greater consistency in implementing regulations for the banking industry in Africa and warned frequent changes would harm the sector. Nevertheless, Citigroup still sees plenty of opportunity on the continent and plans to boost its digital investment in Nigeria and parts of West and Central Africa over the next 12 to 18 months.

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