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Tag: Banks

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Banks record N438bn from digital transactions in 2023

In 2023, digital banking channels brought in roughly N438bn for 10 financial institutions, an analysis of their annual reports has shown. An analysis of the annual report has shown that in 2023, Digital Banking channels generated around N438 billion for 10 banks, according to The Punch. The banking group saw an increase of 37.54 per […]

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Nigerian banks close two million accounts over inactive BVN, NIN

Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of suspicious accounts, following the regulatory orders on the linkage of bank accounts to the National Identity Number, NIN. This is revealed in a report by the Nigerian Interbank Settlement System, according vanguard. According to […]

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

10 banks operating expenses to hit N3trn

The combined operating expenses of 10 Nigerian banks rose by 42.51 per cent to N3.23tn in 2023 compared to N2.26tn in the previous year. This is based on the financial institution’s annual reports submitted to the Nigerian Exchange Limited, according to The Punch. Access Holding, FBN Holdings, Zenith Bank, United Bank for Africa, FCMB Group, […]

News

Banks brace for inflow surge to meet new capital requirements

Credit rating agency, Agusto and Co. have forecasted that up to N4 trillion of inflow is expected by banks to meet the Central Bank’s new capital requirements if the apex bank could resist pressure to include retained earnings or shareholders’ funds when calculating banks’ new capital. In its opinion on the new rule put in […]

CBN gov Cardoso vows crackdown on illicit funds via Binance
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CBN raises commercial banks capital base to N500bn

Nigeria’s Central Bank has raised the capital base of commercial banks with international authorisations to 500 billion Naira and of national banks to 200 billion Naira. This massive reform, which was announced on March 28, 2024, requires banks to increase their Minimum Capital Bases in a variety of ways depending on the nature of their […]

Tinubu orders NNPC to sell Crude to Dangote in Naira
News

FG orders banks to deduct stamp duty charges on loans

The Federal Government has directed commercial banks in the country to henceforth deduct and remit 0.375% of all loans disbursed by them. The deduction is to be made on the principal loan amount, according to a message sent to customers by banks, according to nairametrics. This follows as the government stretches the net on transactions […]

Top female MDs, CEOs in Nigerian banks
Banking News

Top female MDs, CEOs in Nigerian banks

Nigeria’s financial sector is undergoing a revolutionary change, and nine remarkable women are driving this change. Olayemi Cardoso, the governor of the Central Bank of Nigeria, named new CEOs on January 11 to manage the Union, Keystone, and Polaris Banks. The CBN dissolved the boards and managements of these banks for purported violations of corporate […]

New year: Banks to close early on Friday
Banking

New year: Banks to close early on Friday

Juliet Buna Financial institutions have said customers have been 8 am and 1pm or 3pm, depending on the bank, to do their transactions on Friday. This is against the usual 8 am and 4 pm work schedule. The development is hinged on the upcoming New Year celebration. Consequently, the banks have directed their customers to […]

Banks record N72bn from account maintenance
Banking

Banks record N72bn from account maintenance

In the first half of 2023, account maintenance fees brought in N72.723 billion for 11 banks that are listed on the Nigerian Exchange floor. The Times reported that this is based on information taken from the listed commercial banks’ half-year financial statements on the Nigerian stock exchange. Access Holdings, GTCO, UBA, Zenith Bank, and GTCO took […]

Equity investors lose N1.5tn as bond yield rises
Banking

CBN instructs banks to keep foreign exchange revaluation profits

Banks are required by the Central Bank of Nigeria to set aside earnings from foreign exchange revaluation as a safety net against impending economic shocks. According to Vanguard, in this case, the regulator forbade banks from using foreign exchange revaluation gains to pay dividends or cover operating costs. This information was provided by the apex bank […]

Banks’ bad loans hit N478bn in Q1 2023
Banking

Banks’ bad loans hit N478bn in Q1 2023

    During the first half of 2023, four prominent banks, including Guaranty Trust Bank Holding Plc , FBN Holdings Plc, FCMB Group Plc, and Fidelity Bank Plc, collectively reported non-performing loans valued at N478.93 billion. According to The PUNCH, this marked a notable increase of almost 16 percent from the N413.36 billion reported at […]