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Tag: Banks

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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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Banks to settle N200bn USSD debt, prevent service disconnection

The planned disconnection of Unstructured Supplementary Service Data services for nine commercial banks may be averted, as the affected banks have started working to settle their debts before the January 27th deadline. Sources within telecom operators revealed that some banks have already made partial payments, while others, previously defiant, are now requesting negotiations following the […]

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Bank officials urge continued dialogue over N200bn USSD debt

The Association of Corporate Affairs Managers of Banks has urged continued dialogue among stakeholders to prevent any inconvenience to bank customers, following the Nigerian Communications Commission’s threat to disconnect banks from telecom companies. Additionally, the NCC warned it would publicly disclose the names of 18 banks that have failed to settle their outstanding debts for […]

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Banks suffer N42.33bn fraud losses in six months – Report

Banks in Nigeria have reported a significant N42.33bn in fraud-related losses during the first two quarters of 2024, with increases across various payment channels, excluding mobile fraud. Data from the Financial Institutions Training Centre’s Q1 and Q2 2024 Fraud and Forgeries report highlights this concerning trend. Also, fraud related to bank branches rose by 31% […]

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Bank directors urge tax reforms committee to prioritize collaboration

The Bank Directors Association of Nigeria has urged the Presidential Fiscal Policy and Tax Reforms Committee to maintain open communication and collaboration regarding the proposed Tax Reform Bills. This appeal was made during a meeting on Tuesday between BDAN, led by its Chairman, Mustafa Chike-Obi, and the Committee’s Chairman, Taiwo Oyedele. The meeting centered on […]

Fraud losses decline in Nigerian banks in Q1 2024 - Report
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Banks raise withdrawal limit to ₦50,000

Deposit Money Banks in the Federal Capital Territory have raised the daily maximum over-the-counter withdrawal limit to ₦50,000. This marks a significant increase from the ₦5,000 limit enforced last month. A survey on Tuesday revealed that banks such as Guaranty Trust Bank and Zenith Bank have already implemented this adjustment to improve cash access for […]

Fraud losses decline in Nigerian banks in Q1 2024 - Report
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Service disruptions loom as Nigerian banks upgrade systems

Nigerian bank customers are expected to experience increased service disruptions in the coming weeks and months as financial institutions implement system upgrades aimed at improving operational efficiency and enhancing customer experience. While some banks have already begun their transitions, resulting in issues such as customers being unable to transact or access their funds, industry sources […]

Fraud losses decline in Nigerian banks in Q1 2024 - Report
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Insecurity forces closure of five microfinance banks in southeast

A minimum of five microfinance banks in Nigeria’s southeast were shut down in September 2023 due to rising insecurity in the region. This was disclosed by the Deputy Director of the Nigeria Deposit Insurance Corporation, Pamela Roberts at the Enugu Zonal Office, during the ongoing NDIC Workshop for Business Editors and Finance Correspondents Association of […]

Fraud losses decline in Nigerian banks in Q1 2024 - Report
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Banks close 23.3 million customer accounts in July

Commercial and merchant banks in Nigeria closed 23.3 million customer accounts in July, according to data from the Nigerian Interbank Settlement System. However, this figure represents a 5.6 per cent month-on-month increase when compared to 23.17 million bank accounts closed in June 2024, according to Vanguard. Further analysis showed that from January to July, the […]

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Banks, others shut amid national hunger protest 

Banks and other financial institutions across the country will be closed on Thursday, August 1, 2024, as the planned hunger strike begins nationwide. Even though none of the banks explicitly declared they were closing, conversations with several bank staff members revealed that they had received instructions not to report to work on Thursday while the […]

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Top five banks in Q1 2024 based on pre-tax profit

Banks have continued to record impressive financial results in the first quarter of 2024, after a strong year in 2023. For instance, in the first quarter of 2024, GTCO achieved the highest profit ever recorded in the banking industry. A collective sum of N1.58 trillion in pre-tax profit was announced by eleven banks in their […]