• Nigerian banks have been urged to leverage on the huge population of the unbanked to design a banking system that can bring banking closer to the people via financial technology. Brett King, New York-based international author and Chief Executive Officer of Moven, a mobile banking start-up, said this at an Interswitch-sponsored 2-day Product Fair […]
Indications are rife that a whopping sum of N99.26 billion was paid to the Federal and state generating revenue service agencies as tax income from seven Deposit Money Banks (DMBs); and 15 other firms in the country, between in the first half of 2017 (H1), The Daily Times findings have revealed. Indeed, checks showed that […]
THE word ‘love’ doesn’t usually come up in conversation when talking about Nigerian banks. In some circles banks are simply a necessary evil. Customers begrudgingly trade off paying fees and charges to ensure their money remains relatively safe and sound. In other circles banks can be like a rich and well-connected uncle who has the […]
.As analyst faults policies on laundering, corruption, says mere reactive Indications have emerged that increased in regulation on anti-money laundering, which often attract imposition of fines and stiff penalties has slowed banks’ role in intermediation, especially cross-border transfers, which has affected banks in Europe, Africa most importantly, largest economy in the continent. Financial analysts, have […]
The Federal High Court on Wednesday in Lagos, struck out the suit filed by the Federal Government seeking to recover $793.2 million allegedly kept by seven commercial banks in violation of the Treasury Single Account (TSA) policy. The defendants are: Diamond Bank, United Bank for Africa (UBA), First Bank, Skye Bank, Fidelity Bank, Sterling Bank […]
The Federal High Court sitting in Lagos has struck out a suit filed by the Federal Government against seven leading commercial banks. The FG had previously sought to seek the remittance of the sum of $793,200,000 allegedly hidden with them in contravention of the Treasury Single Account policy instituted by President Muhammadu Buhari in late […]
Tier 1 Banks are expected to hit the market with their results this week, with a declaration of interim dividends to further excite investors and hopefully bring the equities market to yet another positive close by weekend. So far, activity in the market has been driven by the expectation of earnings’ releases across sectors, but […]
High-interest rate charges from the Deposit Money Banks (DMBs) operators in the country have been identifies as the bane of agricultural development, the Minister of Agriculture and Rural Development, Chief Audu Ogbeh, has said. The minister believes that the high-interest rate from banks remained the bane of financing of agriculture and the development of good […]
The National Bureau of Statistics (NBS) said 910,186,115 transactions involving N65.16 trillion were recorded in 2016 as electronic payment in the banking sector. This statistics is contained in a “Selected Banking Sector Data for 4th Quarter 2016’’ released by NBS in Abuja. The report stated that ATM transactions dominated the volume of transactions recorded, with 590, […]
Financial experts on Tuesday warned commercial banks, industries, and small and medium scale organizations not to see massive staff reduction in 2017 as a means of surviving the current economic downturn. From the beginning of 2016 till the third quarter of the outgoing year saw a lot of organizations, especially commercial banks retrenching in […]
Banks in the Ogun State capital, Abeokuta, hurriedly shut their doors against customers around 3pm on Monday as the announcement of the results of Saturday’s presidential election were being shown on national television. The closure was attributed to the fears over what the outcome of the election might be. According to reports, banks in the […]