CBN Releases New Policies on Cash Withdrawal
The Central Bank of Nigeria (CBN) has announced a new policy that requires deposit money banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100, 000 and N500, 000, respectively, per week. Read more about Finance According to a new memo to banks issued […]
CBN Imposes ₦100,000 And ₦500,000 Limit on Cash Withdrawals
The Central Bank of Nigeria (CBN) has introduced new limits on cash withdrawals over-the-counter, as well as for Automated Teller Machines (ATM) and Point of Sale (PoS). This was disclosed by the CBN in a circular made public on Tuesday. Read more about Finance The statement, signed by Haruna Mustapha, the CBN’s Director of […]
Did You Know? The First ATM In Nigeria
The first ATM in all of Nigeria was actually installed in 1989,-more than 20 years before they became a thing, by National Cash Register for the now-defunct Societe Generale Bank of Nigeria (SGBN). Read more about Did you know? Thirty years later, ATM’s are now commonplace in the banking system but have not quite […]
Brands We Love: Chams Plc
Chams Plc is Nigeria’s foremost digital identity management solutions provider. It has played a role in the majority of the country’s ID projects, including supplying technology that supports the biometric data capture for the national identity card, BVN, and banking payment solutions. Read more about Brands We Love Founded in 1985 as a computer maintenance […]
Tip of The Day: How to Open a GT Bank Account on Your Phone
Opening a bank account used to be a big task, characterized by long queues and lengthy paperwork. But, thanks to advancements in mobile technology, you can simply use your mobile phone to open a bank account at your own convenience. GT Bank is one of the few banks leading the way in making banking services […]
App Of The Week: Union Mobile
Union Mobile is an attempt to enable seamless banking and still have access to all the cool features that make an app worth opening every single day. This app claims stands out among other top-tier banking apps because it is a multi-purpose app which spans some features found on a banking app and other apps. Here are some […]
How the CBN’s New Bank Payment Rules Could Affect You
On the 13th of September, the Central Bank of Nigeria (CBN) introduced new rules for interbank electronic fund transfers. These rules, which are to take effect from the 2nd of October, are aimed at curbing the widespread problems with electronic fund transfers which banks and their problems frequently encounter. The issues covered by the new […]
Q3 Edition of PoS Innovation Summit Holds in Lagos
The 3rd Quarter Edition of the Point of Sale (PoS) Innovation Summit, an event which drives innovation in the PoS cashless payment sector, will hold on September 19, 2018 at the Wheatbaker, Ikoyi, Lagos at 11 a.m. This edition, with the theme “Expanding Retail Merchants’ Possibilities” will highlight the various opportunities available to retail merchants for […]
Restrictions on the Use of Naira ATM Cards for Foreign Transactions
As the foreign exchange crisis continues to bite, more banks are imposing increasingly severe restrictions on the use of Naira ATM cards. While some banks have suspended the use of Naira ATM cards for any non-local use, others have maintained varying degrees of restrictions on the use of debit and credit cards. The scarcity of […]
4 More Days to Register for BVN
According to media reports, a total of 21 million customers in the country have obtained their BVN so far. Also, about 12,000 bank customers in the diaspora have taken advantage of the BVN registration centres created outside the country by the Central Bank of Nigeria (CBN) and the bankers’ committee. This is great news but […]
ATM Stress: What’s The Remedy?
The Central Bank has repeatedly asked us to embrace the cashless policy. They say it is safe, fast and convenient. However, the truth is that cashless transaction in Nigeria is not yet as smooth as the authorities make it appear. Has your card ever been stuck in an ATM on a weekend in a city […]
UBA to Deploy 450 ATMs Across Nigeria
The United Bank for Africa Plc (UBA), has signed an agreement with Computer Warehouse Group Plc (CWG) for the deployment of 450 units of the CINEO series of Wincor Nixdorf brand of Automated Teller Machines (ATMs) in Nigeria. Mr. Eckard Heidloff, chief executive officer of Wincor Nixdorf, visited Nigeria recently, where the plan leading to […]
Tip of the Day: Save Time by Banking Online
Most Nigerians surprisingly have not embraced online banking for various reasons; security, none functioning websites, lack of interest, and so on. Instead of wasting time waiting for what can seem like eternity at banking halls, switch to online banking and experience freedom. You can begin with baby steps by utilizing about 30% of the functions […]
Coin Dispensing ATMs Coming Soon To Nigeria
By David Stephen. In accordance with the announced currency restructuring move of the Central Bank of Nigeria – to overhaul coins and bills in the country – and introduce the 5,000 naira note, the CBN will soon have coin dispensing feature in ATMs available. CBN announced that six naira denominations – 50 kobo, N1, N2, […]
Free ATM Withdrawals Courtesy Diamond Bank!
If you are a Diamond Bank Customer, you are in luck. The all to familiar stress of driving to your own bank to avoid the N100 charge will be no more. Diamond bank is offering to take the charge loan for their customers so no matter what ATM you use, no matter the bank, you will not be required to pay the N100 charge.
The Central Bank of Nigeria Plans to Introduce Agent Banking
A banking agent is a retail or postal outlet contracted by a financial institution or a mobile network operator to process clients’ transactions. Rather than a branch teller, it is the owner or an employee of the retail outlet who conducts the transaction and lets clients deposit, withdraw, and transfer funds, pay their bills, inquire about an account balance, or receive government benefits or a direct deposit from their employer. Banking agents can be pharmacies, supermarkets, convenience stores, post offices, and many more.