Tag: banks
CBN tightens forex oversight, hits banks with N100m fine
CBN tightens forex oversight, hits banks with N100m
REVEALED: Shocking reasons Nigerian businesses can’t get loans from banks
Nigeria’s banks provide loans to businesses worth only 9.4% of the country’s Gross Domestic Product (GDP), according to the African…
Banks lend N15.66 trillion to government in one year – CBN
Banks in Nigeria increased their lending to the federal government significantly over the past year, according to data from the…
Cybersecurity: Nigerian banks face tight CBN deadline
The Central Bank of Nigeria (CBN) has issued a strict directive to banks and other financial institutions, requiring them to…
CBN sets age limit, One-time phone change in new BVN rules
Financial institutions are also required to create a temporary watchlist for BVNs linked to suspicious transactions. Such BVNs can remain…
Confusion, panic trail plan to debit bank accounts for tax debts
Many Nigerians are worried following a notice by the Lagos Internal Revenue Service (LIRS) saying it has the legal power…
Competitive tensions between banks and mobile-based fintechs as drivers of service pricing and access in Nigeria
Competition is forcing clearer pricing, faster innovation, and wider reach. Yet it is also producing a constant stream of fee…
Lagos recovers ₦1.5bn taxes from defaulting Nigerian bank, warns others
“One of the notable banks facing our enforcement process paid the sum of ₦1.5 billion in outstanding taxes. Other banks…
NELFUND: Investigations reveal how schools, banks are shortchanging students
The NOA's feedback shows how specific institutions have, in connivance with some banks, deliberately delayed payments to successful student applicants…
Shock in Nigeria’s financial sector as banks lose N4 billion to System Glitch
The unauthorized withdrawals covered a period from 6th to 9th September 2024, resulting in an immediate financial exposure of N13,662,138,920…
CBN vows to crack down on banks imposing withdrawal limits below N20,000 per transaction
“Any bank that compels a customer with sufficient funds in her account to withdraw less than N20,000 per transaction against…
Shettima to bankers: Ensure availability of cash for Nigerians
The Vice-President said this while noting that Nigerians are complaining bitterly that they are unable to access even minimal cash…
CBN unveils penalties for banks aiding hawking of Naira notes
CBN would engage in “mystery shopping” exercise and periodic “spot checks” on cash distribution and disbursement activities of banks to…
System Upgrade: Nigerian banks that inflicted pains on customers
The disruptions by Guaranty Trust Bank (GTBank) and Zenith Bank, in particular, have seriously affected the ability of thousands of…
Banking sector faces reckoning as EFCC vows to prosecute top officials for fraud
Olukoyede disclosed that the Commission has completed its investigations and compiled the necessary documents to substantiate the claims against certain…