Banks will begin charging senders a ₦50 stamp duty on electronic transfers of ₦10,000 and above from January 1, 2026, following the implementation of the Tax Act. The stamp duty, previously known as the Electronic Money Transfer Levy (EMTL), is a flat ₦50 charge applied to electronic transfers or receipts of money deposited in commercial […]
By Ken George Iheme As the deadline for banks to meet new recapitalisation thresholds draws closer, the race is no longer just about raising capital. The real challenge is how to put that bigger capital base to work in a way that secures growth, profitability, and long-term stability. For proactive banks, this is a chance […]
BY MOTOLANI OSENI Nigeria’s banking landscape is undergoing a significant shift as digital-only banks continue to gain traction, challenging the longstanding dominance of traditional financial institutions. This transformation, driven by a growing cashless economy and increasing fintech adoption, is redefining how millions of Nigerians engage with banking services. Firms such as Kuda, ALAT by Wema, […]
BY MOTOLANI OSENI Commercial banks in Nigeria have cleared 95 per cent of the N180 billion debt owed telecom operators for Unstructured Supplementary Service Data (USSD) services, paving the way for the implementation of end-user billing. Chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), Engr. Gbenga Adebayo disclosed this during a virtual […]
BY MOTOLANI OSENI Banks and fintech companies can now integrate data bundle service directly into their platforms, with the Application Programming Interface (API) designed by S.Mobile for MTN data bundle distribution. S.Mobile’s API is designed to empower banks and fintech companies to provide customers with a more streamlined and convenient way to purchase and manage […]
BY MOTOLANI OSENI Regional coordinator, West Africa Capitals Coaliton Hub, Eugene Itua has tasked the federal government and financial institutions to harmonize economic growth with environmental stewardship for smooth transitioning into green energy. Itua’s advice is coming on the heels of the commencement of oil production by Dangote Refinery and plan by the government to […]
..As banks assure, express support for recapitalisation plan BY Temitope Adebayo The Association of Corporate & Marketing Communication Professionals of Banks (ACAMB) has welcomed the release of the much-anticipated circular of the Central Bank of Nigeria (CBN) on the banking sector recapitalisation. This is even as the banks under the auspices of ACAMB assured the […]
By Tom Okpe Ecobank, Access Bank and two other commercial banks operating in the country have appeared before the House of Representatives (HoR) Committee on Public Account, over N11.632 trillion in revenue, collected on behalf of the Federal Government, through the REMITA platform between the 2015 and 2022 fiscal year. The two other officials of […]
Banks will remain open if it’s safe to do so, says CIBN By Motolani Oseni As Nigerians continued to experience naira scarcity across the country, while some depositors vented their frustrations on commercial banks’ facilities across the country, the Chartered Institute of Bankers of Nigeria (CIBN) and the Body of Banks CEOs have begun collaboration […]
By Joy Obakeye The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) says the pockets of attacks on banks, financial institutions and their outlets across the country have put insurance claims at more than N5 billion. The attacks on banks’ facilities across the country were in reaction to the hardship caused by […]
*Assure Nigerians of normalcy amidst N100bn investment in tech By Motolani Oseni The Association of Corporate Affairs Managers of Banks (ACAMB) has clarified the assumption that commercial banks in the country are hoarding naira notes; rather, the banks have invested over N100billion in technology to deliver seamless electronic transactions to their customers. ACAMB disclosed this […]
By Joy Obakeye The Managing Director of First City Monument Bank (FCMB), Mrs Yemisi Edun, has advocated increased collaboration among banks, especially in information sharing, to effectively combat money laundering, terrorist financing and other illicit practices within the financial system. She stated that information sharing would make it easier to stop criminals from abusing the […]
Deposit Money Banks (DMBs) operating in Nigeria have sufficient capital and liquidity buffers to withstand prevailing macroeconomic challenges, providing headroom at their current rating levels, Fitch Ratings says in a new report. However, it said that operating conditions for banks will weaken in 2023 due to high inflation, rising interest rates and US dollar shortages, […]
Deposit Money Banks (DMBs) operating in the country, Industrial goods and Agricultural sector, among others have been projected to maintain their growth trajectory this year, 2023. This was made known by Cordros Securities Limited in its report titled; ‘Nigeria in 2023; Charting Through a Pervasive Slowdown’. The report identified Financial Sector, Industrial Goods, Agricultural, Consumer […]
*Says about N1trn current notes pulled back into the bank’s vaults *1.4million super agents across Nigeria to deepen cashless policy By Motolani Oseni Ahead of the December 15th, 2022 date set for Nigerians to have access to the newly redesigned Naira notes, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has said […]
By Ukpono Ukpong The Federal Government yesterday announced plans to commence the disbursement of $350m cabotage funds next week. This was disclosed by the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Bashir Jamoh, during this week’s ministerial briefing at the State House, Abuja. The Cabotage Vessel Financing Fund (CVFF), is an […]
New report from Boston Consulting Group, BCG, finds ESG-related products in core business lines could generate substantial revenue for retail banks. Interest in sustainability has been rising for several years, and concerns over climate change have become decision drivers for customers, investors, and policymakers. Retail banks are responding by building sustainability into their digital transformation […]
Providus-Bank: Customers’ accounts are debited for money without their knowledge, and when they discover this, they will claim they have performed a recall, which takes a very long time. In the meantime, customers don’t get value for their money, and even when complaints are sent to the MD, nothing is done, proving that the practice […]
By Philip Clement Following the recent directive by the Central Bank of Nigeria (CBN) on a N5 incentive for every dollar remitted into the country by Nigerians abroad, commercial banks operating in the country have started wooing their various customers to benefit from the two months cashback incentive. The apex bank in a circular to […]
By Tunde Shorunke Despite surge in alternative use of the digital solution in commercial banking operations, but a need for the trusted side of advising on wealth physically, would make financial institutions keep maintaining the human element. In a document made available to The Daily Times, titled: “The Evolving Model of Wealth Management”, the Regional […]