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Tag: Banks

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 […]

featured

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 […]

News

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 […]

News

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% […]

News

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
News

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 […]

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