Global digital payments could reach N4.7trn in 2020, research shows
Adesola AfolabiJanuary 28, 2020
The total global value of payments for goods and services without the use of cash, credit, debit or prepaid cards is being projected to hit a record high of $4.7 trillion in 2020. This is according to research carried out by Learnbonds with data from Statista, a global statistics portal. It revealed that worldwide digital […]
Banks reconfigure ATMs to beat CBN’s reduction of charges
Businessam StaffJanuary 6, 2020
Some commercial banks have designed means to avoid the recent slash in charges on withdrawal from automated teller machines (ATM) by the Central Bank of Nigeria (CBN), investigations have shown. The central bank recently reduced the N65 charged on remote-on-us ATM after the third withdrawal in a month, to N35. Remote-on-us are transactions done by […]
Customers lament banks’ non-compliance with CBN’s guidelines on ATM charges
Businessam StaffJanuary 2, 2020
Some bank customers have frowned at their banks for not complying with the new guidelines for charges on automated teller machine, released by the Central Bank of Nigeria. Some of the customers who spoke in Abuja, regretted that banks had now devised a means of deducting ATM charges without sending the alert to their customers. CBN […]
Cashless: CBN introduces measures to promote e-payment
Businessam StaffDecember 31, 2019
By Omobayo Azeez As part of its efforts to realize gains of cashless policy in the country, the Central Bank of Nigeria (CBN) has introduced measures on pre-authorisation of card usage in the Nigerian electronic payment system. The apex bank stated in a circular on Monday that it had identified the predominant use of single […]
What AFDB is doing to impact the African continent
Businessam StaffDecember 26, 2019
The African Development Bank (AfDB) has, through its High 5s programme, supported the growth and impacted the development of the African continent, its President, Akinwumi Adesina, has said. Mr Adesina, who spoke at the Economic Community of West African States (ECOWAS) Summit in Abuja on Saturday, said through the programme, the AfDB has been able […]
CBN explains the reasons behind transaction charges reduction
Businessam StaffDecember 26, 2019
The Central Bank of Nigeria has reduced charges on current account and some other services. It stated that card maintenance fee on current account had been removed as the accounts already attracted account maintenance fee. The CBN clarified charges that depositors should know about their accounts with their lenders in its revised guide to charges […]
FirstBank promotes small businesses in fashion industry
Businessam StaffDecember 24, 2019
By Omobayo Azeez First Bank of Nigeria Limited has stimulated growth of small businesses through partnership and sponsorship of the recently held sixth edition of the Africa Fashion Week, Nigeria. The programmed, held in Lagos on Friday 20 and Saturday 21 of this month and themed ‘Africa Unites’, was a convergence of fashion entrepreneurs and the general […]
BREAKING: CBN slashes electronic transfer, ATM withdrawal, card maintenance charges
Businessam StaffDecember 22, 2019
The Central Bank of Nigeria (CBN) has reviewed downward electronic transfer and ATM fees as well as card maintenance fees. The new charges were contained in the latest Guide to Charges by Banks and Other Financial Institutions just released by the CBN. According to the CBN, bank customers will now pay N10 for electronic transfers […]
Bank accounts without tax verification to remain beyond January 2020
Businessam StaffDecember 20, 2019
The Minister of Finance, Budget and National Planning, Zainab Ahmad, has said that the Finance Bill might not be effective from January 1, 2020, if signed into law. The Finance Minister explained that the government is expected to receive the 2019 Finance Bill from the National Assembly before the end of the week for President Muhammadu Buhari’s […]
Union Bank to raise $164m to bolster capital buffers
Businessam StaffDecember 20, 2019
Union Bank Plc plans to raise N50 billion ($164 million) by the end of second quarter via rights issue to boost its capital adequacy and tap opportunities to lend to agribusinesses, its chief executive said. The bank’s CEO, Emeka Emuwa, said the bank targeted a capital ratio higher than 18 per cent after the fund […]