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Tag: Nigerian banks

featured Technology

Top Nigerian banks invest ₦119bn in technology — Report

Nigeria’s largest lenders spent more than N119bn in information technology, software, and related digital infrastructure in the first three months of 2026, indicating the growing importance of technology investments as banks deepen digital transformation efforts. An analysis of the first-quarter financial statements of four tier-one lenders—Guaranty Trust Holding Company Plc, Zenith Bank Plc, United Bank […]

New year: Banks to close early on Friday
Uncategorized

Top banks raise profits to 1tn in Q3 – Report

At least six of Nigeria’s largest banks increased their profits by 214% to N2.06 trillion in the fiscal year ending September 2023, compared to N656.15 billion in the same period in 2022 despite the economic headwinds of its operating environment. The Punch reported that when comparing the financial accounts submitted to the Nigerian Exchange Limited, […]

Bank workers got 52% raise after fuel subsidy - Report
Banking

Bank workers got 52% raise after fuel subsidy – Report

Bank employees have seen salary increases ranging from 9 to 52 percent as a result of the Federal Government’s elimination of fuel subsidies, according to a KPMG Nigeria research. The Punch reported that in September, a report titled “2023 Survey on Employers’ Response to Fuel Subsidy Removal in Nigeria” was released. The analysis found that […]

CBN, others to review 2.9tTn tax credit scheme
Banking

Bank borrowing from the CBN hits N10.35tn

Banks in Nigeria appear to be increasingly reliant on the Central Bank of Nigeria, for liquidity as borrowings from the apex bank hits N10.35 trillion. According to Vanguard, CBN data show that the banks borrowed N10.35 trillion from the CBN’s Standing Lending Facility during the first half of 2023, H1’23, which ended last weekend. This represents a staggering 140 percent […]

Logos of Nigerian banks
Business

Nigerian banks close early on crucial elections eve

Nigerian banks have communicated to their customers that they will close physical operations earlier on Friday in preparation for the 2023 presidential election. This information was communicated via emails to the customers of banks. AmBusiness have confirmed the emails sent by some commercial banks like First Bank, Wema Bank, Stanbic IBTC,  Access Bank, Sterling Bank, […]

Banking

Moody’s rating downgrades nine Nigerian banks

A global rating agency, Moody’s Investors Service, downgraded nine Nigerian banks after an assessment of Nigerian banks on Tuesday. According to Daily Trust, Access Bank Plc, Zenith Bank Plc, First Bank of Nigeria Limited, United Bank for Africa Plc, Guaranty Trust Bank Limited, Union Bank of Nigeria plc, Fidelity Bank Plc, FCMB Limited, and Sterling […]

New naira note: CBN insist on January 31st deadline
Banking

We’re not hoarding new naira, banks debunk CBN’s claims

Oluwanifemi Ojo   Commercial bank operators in Nigeria have disputed assertions made by the Central Bank of Nigeria that they are hoarding naira notes despite having enough supply.   The claims of the Central Bank of Nigeria were countered by the officials of commercial banks that appeared before the ad hoc committee of the House […]

How Nigerian banks performed first half of 2022
News

Full list of Nigerian banks that halted dollar transactions

Guaranty Trust Bank on Thursday evening disclosed that the financial institution has suspended all international transactions on its naira MasterCards. While the bank is yet to give an official reason to explain its latest decision, it is important to note that they are not the only bank that have taken this measure in the last […]

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