Breaking News | Govt as metaphor for market volatility thestreetjournal.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestreetjournal.org Daily Mail and Mail on Sunday newspapers.
Checks done by this paper while interviewing a cross section of patrons of quick loans in Abuja, Lagos and other parts of the country, revealed that the trend became popular since 2018 and gained higher fame in 2020 with the economic crisis created by the COVID-19 pandemic.
Quick loan firms everywhere
There are a handful of them who offer enticing loans with low interest rates with little to no paperwork. While some offer from N20,000 to N5m, there are those whose thresholds reach tens of millions.
Their tenors are between one and 12 months (one year), with some up to a maximum of 24 months (two years).
A lecturer at the Kumasi Technical University (KsTU) and expert in Finance and Economics, Dr Joseph Yensu, has praised President Nana Addo Dankwa Akufo-Addo for using the 2021 State of the Nation Address (SONA) to call for unity.
Speaking in an interview with the Daily Graphic in Kumasi, Dr Yensu said he was particularly impressed with the President s call for Ghanaians to work together for the progress of the country.
He said one of the good news in the SONA was the revised capital requirement for the financial sector.
Capital requirement
According to him, the downward capital requirement, which has been the cry of many of the banks, would ensure that some local banks would be able to remain in business and not have the practice where only international banks would be operating in the country..
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Dukhan Bank assets grow 12pc
DOHA, 25 days ago Dukhan Bank’s assets in 2020 grew significantly by 12% exceeding QR86 billion ($23.62 billion), underscored by a growth in its financing activities which exceeded 12.7% recording over QR58 billion, as compared to 2019. Total revenues grew by 15.7%, to reach QR3.8 billion, while profit before loss of impairment of intangible assets and taxes exceeded one billion Qatari riyals, with a growth rate of 33%, as compared to QR766 million for the previous year. Total expenses declined by 15.6% to QR939 million when compared to the previous year stemming from the Group’s efforts to control operating and financing expenses.