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Tag: Banking

Morgan Stanley to cut 2,000 jobs in workforce restructuring
Banking

Morgan Stanley to cut 2,000 jobs in workforce restructuring

Wall Street giant Morgan Stanley is set to lay off approximately 2,000 employees later this month in a move aimed at improving operational efficiency, according to a report by Reuters. The job cuts will account for about 2% to 3% of the company’s workforce, excluding financial advisers. A source familiar with the matter, who requested […]

Nigerian banking malware attacks rise by 8% - Report
Banking

Nigerian banking malware attacks rise by 8% – Report

Kaspersky’s recent statement illuminates the cybersecurity landscape in Africa, highlighting a troubling trend in Nigeria where banking malware attacks increased by 8% in 2023. Despite an overall 10% decrease in threats nationwide, the surge in attacks targeting online banking credentials and sensitive information is a cause for substantial concern. According to the statement, “Nigeria saw […]

Banking

Banks record 117% increase in customers’ complaints- Report

  Complaints from customers of five major Nigerian banks have surged by an alarming 117 percent year-on-year, reaching 6,865,217 by June 2023, according to reports by The PUNCH. This substantial increase is in stark contrast to the 3,156,704 complaints registered during the same period in 2022. Furthermore, financial claims linked to these complaints have escalated […]

LGBTQ+ focused bank Daylight shuts down
News

LGBTQ+ focused bank Daylight shuts down

  An LGBTQ+ banking platform, Daylight, is shutting down it’s operations. According to the CEO, Rob Curtis, the bank will cease operations on June 30. This comes months after New York Magazine published an explosive feature on the neobank. New York Magazine’s feature talked about the lawsuit filed by three former employees on the inappropriate […]

Wema Bank raises N21bn capital, reaffirms commitment to rights issue
Banking featured

Wema Bank appoints Moruf Oseni new MD

Wema Bank Plc’s Board of Directors has appointed Moruf Oseni as its substantive Managing Director and Chief Executive Officer. Oseni will succeed Ademola Adebise after serving in an acting role beginning January 1, 2023, according to a news release released by the Bank on Saturday. Oseni started working at Wema Bank in 2012 as an […]

Kuda sued over gender discrimination, wrongful termination in UK
Banking

Kuda begs as customers’ money vanish after second glitch

Kuda Bank has apologized to its customers after another technical failure in its system caused money to vanish. As consumers grow anxious, the bank stated that it is attempting to address the problem as soon as possible. The business has seen two significant downtimes in less than two months; the first occurred in February of […]

CBN denies rumors on suspension of OPAY, PALMPAY
Banking

CBN denies rumors on suspension of OPAY, PALMPAY

The rumors that the Central Bank of Nigeria has suspended accounts of Fintech businesses like OPAY and PALMPAY have been labeled as false by the bank. The viral rumor is “just fake,” CBN’s Acting Director of Corporate Communications, Isa AbdulMumin, told the News Agency of Nigeria in Abuja on Friday. According to the widely circulated […]

MoneyMaster'll create new jobs with G-Kala - MD
Banking

MoneyMaster’ll create new jobs with G-Kala – MD

      Kazeem Owoseni   MoneyMaster PSB is positive that the launch of its ‘G-Kala’ financial solution system will create market employment opportunities for Nigerians. The Managing Director of MoneyMaster, Demola Elutilo, made this known during the launch event of G-Kala on Wednesday. The event that took place at Lagos Travel Inn has just […]