Wema Bank has awarded N1 million each to two of its female customers, Muritadho Shakiroh Opeyemi and Chiamaka Judith Ugonna, the grand prize winners in the 5th monthly draw of the Wema Bank 5 for 5 Promo. The draw, which was held at the University of Lagos, last Friday, 15 December 2023, saw Wema Bank present cash rewards of N9,000,000 …

The Nigeria Deposit Insurance Corporation (NDIC) said that it has paid an insured sum of over N1.7 billion to customers, following the revocation of licences of Microfinance Banks and four Primary Mortgage Banks. The Managing Director/Chief Executive Officer, NDIC, Mr. Bello Hassan said this at the 2023 NDIC Editors Forum on Saturday in Lagos State. The meeting had the theme, …

The Central Bank of Nigeria (CBN) has directed banks to raise the quality of their products and services to attract more people into the financial system. CBN Governor, Olayemi Cardoso, disclosed this at the release of the 2023 EFInA Access to Finance (A2F) Survey results in Lagos. He said: “As an ecosystem, we must redouble our efforts to develop innovative …

The Alternative Bank Limited is taking proactive steps to combat hunger and environmental distress in Ogoniland. Teaming up with over 800 local farmers, the bank has launched the Agricultural Community Support Programme (ACSP) in Bori, Khana Local Government Area of Rivers State, in collaboration with Global Entrepreneurship City Limited. At the inauguration ceremony, Group Head of Agricultural Finance and Solid …

The Central Bank of Nigeria (CBN) has suspended the processing fees on large cash deposits. According to a statement on Monday by the acting Director of Supervision, Dr. Adetona Adedeji, the suspension would remain in effect until 30th April, next year. The ‘Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions’. issued by the bank on 20th …

Fidelity Bank has been listed as one of most capitalised banks in Nigeria based on Q3 2023 financial results. According to an article published in THISDAY newspapers, the bank reported a capital base of N410.75 billion as of September 2023, as against N314.3 billion in 2022. Also featuring on the list are Zenith Bank, UBA, First Bank, Access Holdings, First …

The Central Bank of Nigeria (CBN) has warned the public to be wary of counterfeit Naira notes in circulation amid reports of currency shortage. In a statement titled ‘Beware of Counterfeit Naira Banknotes in Circulation’, the apex bank on Friday advised Deposit Money Banks, Financial Houses, Bureau de Change, and the public to be vigilant and implement necessary precautions. The …

Polaris Bank, Nigeria’s leading digital retail Bank, has pledged to support the development of high-impact sectors including road infrastructure, housing, education, healthcare and agro-processing in Ogun State. After he led the bank’s management team on a courtesy visit to Ogun State Governor, Prince Dapo Abiodun, in his office at Oke-Mosan, Abeokuta, the state capital, on Wednesday, Managing Director/CEO, Mr. Adekunle …

Ahead of the festive period, The Alternative Bank is offering customers an innovative financial product designed to enhance the holiday experience. According to the bank, the pioneering solution, AltMall, allows individuals to instantly acquire desired items and pay in manageable instalments, freeing up funds for other essential needs. It provides customers unparalleled flexibility through deferred payment options, promising a seamless …

A recently conducted perception survey by the Strategy and Intelligence Service unit of Nigeria’s leading perception consulting firm, CMC Connect LLP has revealed that there is a perception gap in the Nigerian banking industry. The nationwide perception audit revealed that some of banks’ adverts in Nigeria are misleading. Respondents say they that the banks make some of their services look …