Citigroup calls for more consistency in African banking policies
File Photo: IOL
JOHANNESBURG – Citigroup Inc. is calling for greater consistency in implementing regulations for the banking industry in Africa and warned frequent changes will harm the sector.
The bank’s business was one of 12 lenders Nigeria’s central bank penalized last month for failing to meet credit-provision targets. Citigroup was handed a 100.7 billion naira ($279 million) penalty out of a combined sanction of 500 billion that was transferred from the lenders’ cash reserves to the regulator pending compliance.
Less than a week later, the central bank raised the sector’s minimum loan-to-deposit ratio requirement to 65% from 60% and said the directive would be reviewed quarterly.
Source: iol.co.za
