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Tag: Banks

Banking

Banks lose ₦134.48bn to fraud within five years — Report

Banks and their customers lost a combined N134.48bn to fraud between 2020 and 2025 amid a significant expansion in digital payments and financial technology adoption across the country, according to data contained in the Central Bank of Nigeria’s Nigeria Payments System Vision 2028 document. The document, obtained by The PUNCH from the apex bank’s website, […]

Policy and Regulations

CBN orders banks, fintechs to store data locally

The Central Bank of Nigeria has directed banks, fintech firms, mobile money operators and other payment service providers to store all payment transaction data generated within Nigeria on local servers, as part of a broader regulatory push to strengthen oversight, improve transparency and reduce concentration risks in the country’s fast-growing digital payments ecosystem. The directive […]

Banking

ATM, e-banking charges push banks’ earnings to N224.69bn

Nigerian banks earned N224.69bn from electronic banking services and ATM/card-related charges in the first quarter of 2026, marking a 12.56 per cent increase from N199.61bn recorded in the same period of 2025, according to an analysis of the unaudited financial results of 11 listed lenders. The growth reflects the continued expansion of digital banking and […]

Banking featured

Banks earn ₦209bn from account maintenance charges

Nigerian banks generated a combined N209.18bn from account maintenance charges in the first quarter of 2026, representing a 14.07 per cent increase from the N183.37bn recorded during the corresponding period of 2025, according to an analysis of the unaudited financial statements of 11 listed lenders. The PUNCH reported that the review further revealed that total […]

Banking featured

Banks lose trillions yearly to CBN’s high CRR policy — Report

Nigeria’s banking sector may be losing trillions of naira annually due to the Central Bank of Nigeria’s high Cash Reserve Ratio, according to a new report by investment banking and research firm Chapel Hill Denham. The report titled “The Nigerian Banking Paradox: High Returns, Deep Discounts” argued that despite Nigerian banks posting some of the […]

Banking featured

FUGAZ banks report ₦2.365trn bad loans in 2025

Five listed Nigerian Tier-1 banks, also known as FUGAZ have released their full-year audited 2025 results for the period ended December 2025, reporting a combined impairment charges on loans to customers of N2.365 trillion compared to N1.44 trillion booked in 2024, according to Nairametrics. This represents a 64 per cent YoY growth and marks the […]

Banking

Banks post mixed 2025 results amid profit decline

Nigeria’s largest banks delivered a mixed but ultimately reassuring set of financial results in 2025, with balance sheet expansion and revenue growth offset by a sharp, policy-driven hit to profitability. The PUNCH reported that according to the 2025 audited financial statement for the period ended 31 December, tier-one lenders’ gross earnings rose broadly, with the […]

Diaspora Nigerians to pay ₦80,000 for remote BVN
featured Policy and Regulations

Uphold governance or face sanctions, Cardoso warns bank directors

Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, on Sunday warned bank directors and industry leaders to strengthen corporate governance or face decisive regulatory action, declaring that “strong governance is the foundation of trust and stability in the financial system.” Vanguard reported that he gave the warning in a keynote address at the […]

Banking

EFCC warns banks against loans without credible collateral

The Chairman of the Economic and Financial Crimes Commission, Mr. Ola Olukoyede, has cautioned Nigerian banks against granting loans without credible collateral, warning that such practices often result in insider abuse and non-performing loans. Olukoyede gave the warning recently when he received the Chief Audit Executive of First Bank Plc, Mufutau Abiola, who led a […]

Banking

CBN sets April 30 deadline for banks’ stress test reports

Nigeria’s lenders are under pressure to meet an April 30 deadline set by the Central Bank of Nigeria to submit Board-approved Risk-Based Capital stress test reports, marking a tougher phase of oversight after the industry’s recapitalisation exercise. The directive, issued March 6, 2026 requires banks to assess how their capital positions would hold up under […]

Fraud losses decline in Nigerian banks in Q1 2024 - Report
Banking

Nigerian banks raise ₦4.61trn ahead of recapitalisation deadline

Nigerian banks have raised a combined N4.61 trillion in fresh capital ahead of the March 31, 2026, banking recapitalisation deadline. This was disclosed by Olayemi Cardoso, governor of the Central Bank of Nigeria. Cardoso spoke on Tuesday at the International Monetary Fund/Africa Regional Technical Assistance Centres (IMF/AFRITAC) West 2 high-level forum in Abuja. He said […]

Finance

Banks race to meet CBN recapitalisation March 31 deadline

Banks are in a last-minute push to meet the Central Bank of Nigeria’s recapitalisation deadline. The apex bank is expected to make a major announcement this week as the March 31, 2026, cut-off approaches. Findings by The PUNCH indicate that most lenders have substantially met the new capital requirements. A few institutions are resolving final […]

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