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CBN restricts daily limit of POS transactions to N100,000
Banking featured

Banks close 229 branches amid rapid PoS expansion

Nigeria’s banking sector recorded a significant contraction in its physical presence over the past year as Deposit Money Banks shut down 229 branches nationwide, reflecting a growing shift by customers away from banking halls towards Point of Sale transactions. This development was disclosed in the Central Bank of Nigeria’s 2024 financial sector statistical bulletin, which […]

Banking

Banks’ bad loans rise as CBN ends COVID-19 relief

Nigeria’s banking sector recorded an increase in bad loans in 2025 following the withdrawal of regulatory forbearance granted by the Central Bank of Nigeria to lenders during the COVID-19 pandemic, according to the apex bank’s latest macroeconomic outlook report. The report revealed that the industry’s Non-Performing Loans ratio rose to an estimated seven per cent, […]

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

Banks alert customers to holiday fraud risks

Banks have cautioned customers to remain vigilant against fraud during the festive season. The alerts, shared through emails and social media posts, urged customers to exercise extra care throughout the Yuletide period. According to cybersecurity firm PhishMe Cofense, scam activities typically surge during holidays due to increased end-of-year transactions and engagements. Fraudsters often impersonate trusted […]

Banking

Nigerian banks not at risk of shutdown, ACAMB confirms

The Association of Corporate Communication and Marketing Professionals in Banks has reassured Nigerians that no bank in the country is at risk of closure over recapitalisation requirements, dismissing claims circulating on social media. The assurance was contained in a joint statement on Sunday by ACAMB President, Mr. Rasheed Bolarinwa, and General Secretary, Mr. Jide Sipe. […]

Banking

Banks brace for forced mergers amid recapitalisation deadline

Nigeria’s banking industry is projected to enter a forced round of mergers and acquisitions in 2026, as lenders scramble to meet the Central Bank of Nigeria’s recapitalisation deadline. According to SBM Intelligence, consolidation is expected to define the banking landscape in 2026, driven largely by capital shortfalls across parts of the sector. The firm stated […]

Banking

Banks begin compliance drive for 2026 tax regulation rollout

Commercial banks have urged customers to link their accounts with their National Identification Numbers or Tax Identification Numbers in preparation for the enforcement of new tax regulations. In separate notices, the banks explained that the new laws mandate all bank accounts to be connected to a valid Tax ID before the implementation date. The financial […]

CBN fines Moniepoint, OPay ₦1bn in regulatory crackdown
Banking

Banks shun CBN’s lending window as liquidity pressures mount

Deposit Money Banks are increasingly shunning the Central Bank of Nigeria’s Standing Lending Facility, even as their opening balances have fallen to multi-month lows, according to the apex bank’s latest liquidity data. Between September 18 and 22, 2025, system liquidity swung sharply. Banks and discount houses opened with N582.80 billion on Thursday, September 18, but […]

Business

Banks race to meet CBN’s March 2026 recapitalisation target

Nigerian banks are ramping up capital-raising efforts as the Central Bank of Nigeria’s March 31, 2026 recapitalisation deadline approaches, with just 200 days left on the clock. The exercise, which began with a sector-wide shortfall of about ₦4.1 trillion, has already seen lenders raise roughly ₦2.8 trillion through rights issues, public offers, and strategic deals, […]

News

NCGC, Banks sign MOU to expand credit for women, youths

The National Credit Guarantee Company has entered into a memorandum of understanding with participating financial institutions to boost access to credit for women- and youth-led businesses. The agreement, signed on Thursday in Lagos, brought together financial sector leaders, development partners, and other stakeholders. Under the partnership, NCGC will offer credit guarantee solutions to reduce lending […]

World Fintech Day: All you need to know about the fintech industry
Business

Banks, Fintechs clash as naira cards resume international use

Nigeria’s banking sector is witnessing renewed competition as commercial banks resume international transactions on naira debit cards—creating a showdown with fintech firms that have thrived by offering virtual dollar cards over the past three years. Since 2022, leading banks including Standard Chartered, First Bank of Nigeria, Guaranty Trust Bank, and Zenith Bank suspended international payments […]

How FG can boost Nigeria's digital growth - Analyst
Telecommunications

Banks, Hospitals embrace 5G amid consumer concerns over costs

Nigeria’s adoption of 5G technology is gradually improving but remains largely confined to key sectors like banking, healthcare, and high-tech industries. While the Nigerian Communications Commission recently reported an increase in 5G usage to 2.7%—up from 1.24% a year ago—the technology has yet to reach the broader population of over 170 million telephone subscribers, according […]

News

Banks settle N160bn USSD debt to avoid service disconnection

Nigeria’s telecom operators have maintained Unstructured Supplementary Service Data services active as banks make significant strides in repaying their outstanding debts, averting a potential disruption that could have affected millions of users. The banks, previously at risk of disconnection due to a N160bn debt, have made considerable progress in clearing their liabilities, ensuring uninterrupted access […]

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