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Dike Onwuamaeze
A report on the Nigerian banking sector has stated that the current phase of rising interest rates in the Nigerian financial market will not pose challenge to the sector.
It also warned that the banking sector should not be complacent to the threat posed by financial technology companies (fintechs) on its profitability and growth.
The report, which was released Monday by Coronation Asset Management (CAM) with the title, âNigerian Banks, Resilience Built-In,â showed that the Nigerian banking system has been resilient over the interest rate cycle, adding that its profitability has improved over time while the stock values of Nigerian banks have remained remarkably cheap compared to their counterparts in Ghana and Kenya.