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Tag: Banks

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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% […]

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 […]

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

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
News

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
News

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 […]

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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, […]

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