Archives Tag: Banks in Nigeria
The CBN has Prohibited Banks from Laying-Off their Workers
April 19, 2022
The Central Bank of Nigeria and the Bankers’ Committee have agreed to halt the retrenchment of bank staff in the country. The decision applies to both part-time and full-time workers. This was disclosed in a press release issued by Isaac Okoroafor, the CBN’s Director of Corporate Communications, on Sunday. Read more about Coronavirus According to … Continue reading The CBN has Prohibited Banks from Laying-Off their Workers
How the COVID-19 Pandemic Will Affect Banks in Nigeria
April 19, 2022
Recently, banks have been in the news for helping out in the battle against the coronavirus. Some have contributed isolation centers. Others have donated billions of naira for the procurement of medical equipment. Letters bearing the signatures of Nigeria’s top banking CEOs have hit the email inboxes of millions across the country. Their messages express … Continue reading How the COVID-19 Pandemic Will Affect Banks in Nigeria
Top 5 Nigerian Banks of 2019
April 19, 2022
It’s been a mixed year for Nigerian banks. Some have seen their profits bulge; others have had to lay off a large fraction of their workforce, just to maintain decent margins. There were expansions into new regions; a huge merger was completed; and the general shift to digital banking continued. And in the world beyond … Continue reading Top 5 Nigerian Banks of 2019
Family Businesses in Nigeria: FCMB Group
April 19, 2022
First City Monument Bank Limited is a full-service banking group that offers personal, business and corporate themed financial services to customers. FCMB Group aspires to become Africa’s premier provider of financial services by delivering superior and sustainable returns to its shareholders. Founder of FCMB Limited, Oloye Subomi Balogun was born into a Yoruba noble family … Continue reading Family Businesses in Nigeria: FCMB Group
Nigeria’s Banking Industry: Central Bank of Nigeria
April 19, 2022
The Central Bank of Nigeria (CBN) is the institution legally charged with overseeing Nigeria’s banking sector. It controls the country’s monetary and fiscal policy, is in charge of the foreign currency reserves, and acts as banker and financial advisor to the government. The nature of the apex bank’s interaction with Nigeria’s banks has changed over … Continue reading Nigeria’s Banking Industry: Central Bank of Nigeria
Nigeria’s Banking Industry: Polaris Bank
April 19, 2022
Polaris Bank is one of Nigeria’s most recently founded financial institutions. Established by the CBN in 2018, it provides financial services to millions of people and businesses in the country, through its many offices, ATM outlets, a mobile app, and on the internet. The company was actually founded as a ‘bridge bank’ to manage the … Continue reading Nigeria’s Banking Industry: Polaris Bank
How WhatsApp’s New Payment Feature Could Impact Banking in Nigeria
April 19, 2022
For about a year now, Facebook has been test-running a new feature on WhatsApp that allows its users to send and receive payments on the messaging platform. The trial, which has been taking place in India, is due to end this July, with the possibility that the feature will be rolled out across that country- … Continue reading How WhatsApp’s New Payment Feature Could Impact Banking in Nigeria
Customer Service Contacts for Nigerian Banks
April 19, 2022
Most times when we run into issues with our bank accounts, our first response is usually to take a ride to the bank and lodge a complaint, and that can be quite inconvenient. So, in lieu of the customer service week, we provide you the contacts of all Nigerian banks to help you get remote … Continue reading Customer Service Contacts for Nigerian Banks
Here Comes Lidya, The Digital Bank
April 19, 2022
Access to finance and financial services in Africa is still not as hitch-free as it should be, considering the technological advancements made thus far. There are still plenty of complaints by customers about their inability to access the basic financial services. Meet Lidya, Nigeria’s first purely digital bank. Lidya is seeking to tackle the pressing … Continue reading Here Comes Lidya, The Digital Bank
By muna-ugorji
Banks Seek 10,000 Naira Limit on Across-the-Counter Withdrawals
April 19, 2022
The Bankers’ Committee has made known the intention of banks in the country to restrict physical cash withdrawals. Its sub-committee on payment systems and infrastructure proposed fixing the limit of cash withdrawals at ₦10,000 to Nigeria’s apex bank last week. The CBN’s response to this is being awaited, reports say. There is an apparent link … Continue reading Banks Seek 10,000 Naira Limit on Across-the-Counter Withdrawals
Banks Bleed Thousands of Jobs, As Federal Government Tries To Halt Mass Retrenchment
April 19, 2022
Nigeria’s financial sector has in recent times been hit by a tsunami of job losses, with banks and other financial institutions seeking to respond to losses they made in 2015. Nigeria’s economy has hit a rocky patch, and the banks have suffered as a result. Because of the fall in profits, financial institutions have opted … Continue reading Banks Bleed Thousands of Jobs, As Federal Government Tries To Halt Mass Retrenchment
Accounts Without BVN Suspended, BVN Enrolment Continues
April 19, 2022
Banks are now complying with the Central Bank of Nigeria’s directive that all accounts without Bank Verification Numbers (BVN) should be temporarily restricted from debit transactions. This means that accounts without BVN can only receive transfers and deposits but cannot make payments or withdrawals. Please note that these accounts are still valid and these restrictions will … Continue reading Accounts Without BVN Suspended, BVN Enrolment Continues
By mary-odunuga
Over 40 Million Accounts Enrolled in BVN Registration Exercise – CBN
April 19, 2022
The Central Bank of Nigeria has declared that over 40 million accounts have been enrolled in the Bank Verification Number (BVN) registration exercise. The BVN registration exercise ended on 31st October, 2015. According to the CBN, statistics by the Nigerian Inter-Bank Settlement System Plc (NIBSS) showed that, “20,833,635 accounts were enrolled as at October 25, … Continue reading Over 40 Million Accounts Enrolled in BVN Registration Exercise – CBN
By mary-odunuga
31st October is the Last Day For BVN Registration!
April 19, 2022
This is to notify our readers that today, 30th October, 2015 is the last working day for BVN registration. The deadline for registration is tomorrow, 31st October, 2015. Without your BVN you’ll be unable to perform bank transactions from November 1, 2015 so ensure you register for your BVN today!
By ejura
Win an iPhone 6 and an All-Expense-Paid Trip to Paris
April 19, 2022
You can win an iPhone 6 or an all-expense-paid trip to Paris while cultivating your saving culture by becoming a part of the 2015 Grand Sale Standard Chartered Bank is pushing to all its customers. For the chance to win an iPhone 6, new customers should open a current or savings account, pay in at … Continue reading Win an iPhone 6 and an All-Expense-Paid Trip to Paris
By mary-odunuga
