The telecom operators in Nigeria, including MTN Nigeria, Airtel, Globacom and 9Mobile have threatened to withdraw network support for banks’ Unstructured Supplementary Services Data (USSD), following what they described as gross misinformation of subscribers on the mode of deduction for transaction fees. USSD, commonly known as ‘bank transfers’, is done through short codes on mobile phones. Yesterday, the banks issued …

Lagos State Government, in collaboration with the Bank of Industry and Sterling Bank, has launched a new initiative aimed at empowering Micro, Small, and Medium Enterprises (MSMEs) with access to affordable finance and support. In a statement on Wednesday, the partnership, sealed with the signing of a Memorandum of Understanding (MoU), aims to provide MSMEs with single-digit loans, at an …

Banks will commence implementation of charges for alerts and other short messages (SMS) communications to their customers at the rate of N6 for every SMS transaction with effect from today. This is coming on the heels of the increase in telecommunications rates by telecommunication providers following a nod by the Federal Government. The SMS charges were increased by 50% to …

The total expenses of eight Nigerian banks soared to N4.61 trillion in 2024, driven by increases in both personnel and operating costs. The data reveals a 107.8 per cent rise from N2.2 trillion in 2023, highlighting the growing financial pressure on the banking sector. This was based on the annual results of the financial institutions filed with the Nigerian Exchange …

Nine Nigerian banks raked in a combined interest income of N14.26 trillion in 2024, an analysis of the audited financial results of the financial institutions shows. As the banks made trillions of naira from the interest on loans given to customers during the review period, manufacturers counted their losses, groaning under the weight of soaring borrowing costs totalling N1.3 trillion …

The Central Bank of Nigeria (CBN) has said that Nigeria would need strong, resilient and stable banks in its quest to achieve the $1 trillion economy target set by President Bola Tinubu against 2030 timeline. In an address at the 36th CBN Seminar for Finance Correspondents and Business Editors, in Abuja, yesterday, the Deputy Governor, Corporate Services of the bank, …

The Executive Director, e-Business and Infrastructure, Inlaks Computers Limited, Tope Dare, has attributed the cashless situation faced by businesses and individuals, leading to the exploitation by Point-of-Sales (POS) operators, to the tacky process of putting the cashless policy together and the poor handling of the same by banks. Dare gave his opinion on Friday during a public lecture he organised, …

The Central Bank of Nigeria (CBN) has sanctioned nine Deposit Money Banks with fines totalling N1.35 billion for failing to ensure cash availability via Automated Teller Machines (ATM) during the festive season. Each of the banks was fined N150 million following spot checks that revealed non-compliance with the apex bank’s cash distribution guidelines. The affected banks include Fidelity Bank Plc, …

The Central Bank of Nigeria has announced that it will slam a fine of N150m per branch on Deposit Money Banks found guilty of facilitating the illegal flow of mint naira notes to currency hawkers and unscrupulous agents. The apex bank disclosed this in a circular issued on Friday, 13 December 2024, signed by the Acting Director of the Currency …

Vice President Kashim Shettima has called on the Central Bank of Nigeria (CBN) and commercial banks to urgently address the growing concerns surrounding high and arbitrary charges imposed by Point-of-Sale (PoS) operators, which he described as an impediment to financial inclusion in Nigeria. Represented by the Special Adviser to the President on Economic matters, Dr Tope Fasua, the Shettima said …