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Tag: Banking

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 relaunches cross-border remittance with multi-currency wallet
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 […]

News

PoS operators won’t increase service charge – AMMBAN

The Association of Mobile Money and Bank Agents in Nigeria have said they have no plans to increase their service charges.Speculations have gone round following the Central Bank of Nigeria’s decision to review cash withdrawal limits for Automated Teller Machines and over-the-counter withdrawals, that Point of Sale operators might have to increase their charges to […]

How Nigerian banks performed first half of 2022
Banking

Why bank stocks dropped by N141bn – Analyst

Market experts and analyst have explained why the banking sector performance ended the year out of the loop as five banks saw their value downed by 5.5 per cent from N2.57tn in 2021 to N2.43tn at the close of trading in 2022. The five banks collectively known as Tier-1 banks all saw a decline in […]

Banking

PennyTree redesigns app to improve retail banking

Nigerian Fintech company, PennyTree, has redesigned its mobile app to provide retail banking services for individuals and merchants looking to scale and grow their business operations.   The Co-founder of PennyTree, Abayomi Ogunjobi, announcing the launch on Thursday, explained that the new direction is a necessary solution designed to help individuals make the most of […]

Appeal Court overturns Emefiele’s asset forfeiture order
Banking

Full list: Five laws guiding Nigeria’s banking activities

Recent research has shown the laws that guides, checks and balances the banking industry and their activities. The banking industry garnered approximately $15.7 billion in foreign investments over the course of the previous five years, according to a report by Nairalytics, the research division of Nairametrics. The Central Bank of Nigeria reported that between 2017 […]

How Nigerian banks performed first half of 2022
Banking

Meet highest earning Nigerian bank MDs/CEOs

In the first half of 2022, the managing directors and chief executive officers of six listed Nigerian banks received a total of N821 million in compensation, according to recent findings. In comparison to the N699 million made in the same period in 2021, this represents a 17.4% increase. According to Nairametrics, this is based on […]

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