Banks need to focus 5 priorities in tough transition environment
Philip IsakpaOctober 23, 2023
Phillip Isakpa A global banking environment that has seen great transition for the balance sheet, transactions and payments, would require that banks focus on five priorities to enable them to capture the moment, a report by McKinsey and Company, the multinational management consultancy, has recommended. According to the report, regardless of the macroeconomic developments, […]
Ecobank kicks against Otudeko’s N87bn FBN Holdings acquisition over N13.5bn debt
Onome AmugeJuly 11, 2023
By Onome Amuge. Ecobank Nigeria Limited has called on First Bank Nigeria (FBN) Holdings to reject the acquisition of 4.8 billion units of shares worth N87.8 billion by Obafemi Otudeko, its former chairman over an alleged failure to clear a debt totaling N13.5 billion. The demand comes a few days after FBN Holdings confirmed that […]
Nigerian banks lose N472m to fraud activities in Q1 2023, says FITC
Cynthia EzekweJuly 10, 2023
By Cynthia Ezekwe. The Financial Institutions Training Centre (FITC), in its recent report on fraud and forgeries in the Nigerian Banking System disclosed that fraudulent activities in Africa’s largest economy resulted in a loss of N472 million during the first quarter of 2023. The innovation-led and technology-driven organisation, noted that the amount reflects a significant […]
CBN limits single contactless payments to N15,000
Business a.m.June 28, 2023
By Business A.M. The Central Bank of Nigeria (CBN) has released new guidelines for contactless payments in Nigeria which limits single transaction payments through accounts/wallets to N15,000 and daily cumulative transactions to N50,000. This was contained in a circular signed by Musa Jimoh, addressed to banks and other financial institutions and payment service providers the […]
FG directs commercial banks to issue multipurpose debit Cards that Serve as national identity
Business a.m.May 25, 2023
By Business A.M. The federal government has directed commercial banks to print and issue multipurpose debit cards that will double as national identity cards for Nigerians. Isa Pantami, minister of communications and digital economy, disclosed this to newsmen after the Federal Executive Council meeting, which was presided over by President Muhammadu Buhari at the Presidential […]
BVN has no expiry date, says CBN
Business a.m.May 11, 2023
By Business A.M. The Central Bank of Nigeria has said that the Bank Verification Number (BVN) it issues in collaboration with Nigeria Inter-Bank Settlement System does not have an expiry date, contrary to claims that the BVN expires after a ten-year period. The apex bank made the clarification in a press statement dated May 10,2023, […]
CBN to collaborate with information security stakeholders to address cyber attacks
Rosemary IwualaDecember 6, 2022
By Rosemary Iwuala The Central Bank of Nigeria (CBN) has assured the general public of its collaboration with information security stakeholders to curb the rising cases of cyber-attacks within Nigeria’s cyberspace. Musa Jimoh, CBN director, payments system management department, made the disclosure during the annual Information Security Society of Africa – Nigeria (ISSAN) Cybersecurity Conference […]
Sterling Bank retains ‘bbb+’ rating with positive outlook
Onome AmugeNovember 29, 2022
By Onome Amuge Technology-driven credit rating agency (CRA), DataPro, has affirmed Sterling Bank Plc’s long-term rating of “BBB+” with a positive outlook for the year 2021/2022. The rating, according to a statement by Kehinde Rasheed, DataPro’s client service manager, indicates slight risk. Rasheed further explained that the rating shows fair financial strength, operating performance and business […]
First Bank’s Firstmonie agents hit 1bn transactions worth N22trn
Onome AmugeJuly 29, 2022
By Onome Amuge. Nigeria’s premier financial services provider, First Bank of Nigeria Limited, has announced that its agent banking network, Firstmonie Agent, has collectively processed transaction volume in excess of one billion, amounting to over N22 trillion. This was contained in a statement by Folake Ani-Mumuney, group head, marketing and corporate communications of the country’s […]
TAJBank gets national licence from CBN
Jacinta UgwuokeJuly 29, 2022
By Jacinta Ugwuoke. TAJBank Limited, Nigeria’s leading non-interest bank, has successfully secured the approval for nationwide banking operations from the Central Bank of Nigeria (CBN). Hamid Joda, managing director of the bank, who disclosed this in a statement made available to Business A.M., said the licence was coming purposely on the heels of several awards […]