Banque Internationale du Bénin (B.I.B.E.) is a national bank of Benin. It is a member of the West African Bankers' Association.
A bank is a financial institution that accepts deposits from the public and creates credit. Lending activities can be performed either directly or indirectly through capital markets. Due to their importance in the financial stability of a country, banks are highly regulated in most countries. Most nations have institutionalized a system known as fractional reserve banking under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, known as the Basel Accords.
Benin, officially the Republic of Benin and formerly Dahomey, is a country in West Africa. It is bordered by Togo to the west, Nigeria to the east, and Burkina Faso and Niger to the north. The majority of its population lives on the small southern coastline of the Bight of Benin, part of the Gulf of Guinea in the northernmost tropical portion of the Atlantic Ocean. The capital of Benin is Porto-Novo, but the seat of government is in Cotonou, the country's largest city and economic capital. Benin covers an area of 114,763 square kilometres (44,310 sq mi) and its population in 2016 was estimated to be approximately 10.87 million. Benin is a tropical nation, highly dependent on agriculture, with substantial employment and income arising from subsistence farming.
The West African Bankers' Association is a professional association of banking and financial services and institutions in West Africa.
It has its headquarters at Carrefour des 3 Banques in Cotonou but also has branches in Porto-Novo and Parakou. Nigeria dominates the bank, with the First Bank of Nigeria Plc. having a 13.6% share, the Union Bank of Nigeria Plc. (13%), Nigerian Economic Operatives (47.7%), Nigerian Bureau of Public Enterprises (6.7%), and then the First Interstate Merchant Bank Ltd. (11.1%) and finally the Beninese Economic Operatives with 8.2%. [1]
Cotonou is the largest city and economic centre of Benin.
Porto-Novo is the capital of Benin, and was the capital of French Dahomey. The commune covers an area of 110 square kilometres (42 sq mi) and as of 2002 had a population of 223,552 people.
Parakou is the largest city in northern Benin, with an estimated population of around 206,667 people, and capital of the Borgou Department. The mayor as of 2008 was Samou Seidou Adambi and administratively the commune of Parakou makes up one of Benin's 77 communes. Since 2015, the mayor is Souradjou Adamou Karimou.
The economy of Benin remains underdeveloped and dependent on subsistence agriculture and cotton. Cotton accounts for 40% of GDP and roughly 80% of official export receipts. There is also production of textiles, palm products, and cocoa beans. Maize (corn), beans, rice, peanuts, cashews, pineapples, cassava, yams, and other various tubers are grown for local subsistence. Benin began producing a modest quantity of offshore oil in October 1982. Production ceased in recent years but exploration of new sites is ongoing.
The West African CFA franc is the currency of eight independent states in West Africa: Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo. These eight countries had a combined population of 105.7 million people in 2014, and a combined GDP of US$128.6 billion.
The Central Bank of Nigeria (CBN) is the Central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on July 1, 1959.
The Central Bank of West African States is a central bank serving the eight west African countries which share the common West African CFA franc currency and comprise the West African Economic and Monetary Union (UEMOA):
Bank of Africa Group (BOA), also known as Bank of Africa, is a multinational pan-African banking conglomerate with banking operations in 18 African countries, and a representative office in Paris, France. Bank of Africa maintains its headquarters in Bamako, the capital of Mali.
First Bank of Nigeria, sometimes referred to as FirstBank, is a Nigerian multinational bank and financial services company headquartered in Lagos. It is the biggest bank in Nigeria by total deposits and gross earnings. It operates a network of over 750 business locations across Africa, the United Kingdom and representative offices in Abu Dhabi, Beijing and Johannesburg set up to capture trade-related business between geographies. The bank specialises in retail banking and has the largest retail client base in Nigeria. In 2015, The Asian Banker awarded FirstBank the Best Retail Bank in Nigeria award for the fifth consecutive year.
United Bank for Africa (UBA) Plc, is a leading pan-African financial services group headquartered in Nigeria. It is one of Africa's best and most resilient banking Groups with operations in 20 African countries and offices in three global financial centers: London, Paris and New York.
Emmanuel Osa Agwoje is a Nigerian banker and businessperson. He is currently the chief executive officer of Equator Capital Ltd.
Banque Capitale du Bénin (BCB), formerly Banque d'etat du Benin, is a medium-sized commercial bank providing e-banking and other services in Benin. It is a member of the West African Bankers' Association.
Africa Finance Corporation (AFC) is a pan-African multilateral development finance institution established in 2007 to bridge Africa’s infrastructure investment gap through the provision of debt and equity finance, project development, technical and financial advisory services.
Osaretin Demuren is a Nigerian banker, and the first female Chairman of Guaranty Trust Bank.
Aigboje Aig-Imoukhuede FCIB, CON is a Nigerian banker and co-founder of Access Bank Plc with Herbert Wigwe. He is also the founder and Chairman of Coronation Capital Nigeria Limited and the Africa Initiative for Governance (AIG). He is ths Co-Chairman of the United Kingdom-Nigeria Capital Market Task Force. He is a board member of TCX Investment Management Company Netherlands. He is also Chairman, Board of Trustees of the Financial Market Dealers Association, and Chairman of Wapic Insurance Plc.
Bola Adesola is an accountant in Nigeria. She is the Senior Vice-Chairman Standard Chartered Bank Group where she was earlier the CEO,Group. .Mrs.Bola Adesola has over 25 years of experience in the banking sector.
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