Mobile Payment in Nigeria Growing – CBN
The Director of Banking and Payment System Department, of the Central Bank of Nigeria, Mr Dipo Fatokun, has said that mobile payment is gaining a lot of grounds in Nigeria, and that the policy is being taken beyond cash-in-cash-out remittances and top up. He made this disclosure at a conference in Lagos organised by Leeds […]
8 in 10 Nigerians Support New National ID Card Scheme
A recent poll released by NOIPolls has shown that about 8 in 10 Nigerians are in support of a new identification (ID) card scheme. Of those polled in the research, 60 percent implied that the ID cards will serve as a means of identification and proof of citizenship. The results also revealed that about 58% of […]
CBN Revises e-Payment System in Nigeria
The Central Bank of Nigeria (CBN) has launched Release 2 of its Payment System Vision 2020. The document, “urges operators to mobilize available technology to take mobile financial services to the grassroots.” According to Mallam Sanusi Lamido Sanusi, CBN Governor, “launching the PSV2020 Strategy (Release 2) document was a proactive response to address the identified […]
CBN Defers Cashless Policy Charges for States, Till October
The Central Bank of Nigeria has deferred the implementation of Cashless Policy charges on lodgments and withdrawals in Federal Capital Territory (Abuja), Abia, Anambra, Kano, Ogun and Rivers States so as to allow customers adjust to the new policy. The charges stated below would now take effect from the 1st October, 2013. Deposit Withdrawal Individual 2% […]
Cashless Payment in Nigeria is Growing, CBN Says
The Deputy Governor (Operations) of the Central Bank of Nigeria, CBN, Tunde Lemo, during a speech at a conference in Lagos – themed, Transiting to a Cashless Society: Charting the Way Forward – revealed that cashless banking transactions in Nigeria is growing, especially in the last year. He was represented at the event by Director, […]
CBN Extends Cheque Limit Nationwide on June 1st
The Central Bank of Nigeria (CBN) has issued a circular extending the maximum limit of N150, 000 on third party cheque withdrawals nationwide with effect from June 1, 2013. This implies that third party cheques above N150, 000 cannot be cashed over the counter and can only be received through the clearing house or deposited through […]
Paper Notes Return, Polymer Out, CBN Says
“By the middle of the year, we will start to produce the second generation of lower denomination notes, now in paper not in polymer,” says the Deputy Governor of the Central Bank of Nigeria (CBN), Tunde Lemo, at the ongoing World Bank/International Monetary Fund (IMF) forum in Washington United States. He continued, “My plea is […]
GTBank Records N103 Billion in Profit, An Amazing First Among Nigerian Banks
Audited financial records of Guaranty Trust Bank – GTBank – submitted to the Nigerian Stock Exchange (NSE) showed its profit before tax to be N103 billion for the fiscal year ending in December 2012. The figure is 66% growth from N66.08 billion recorded in 2011. This, according to the Central Bank of Nigeria (CBN) is […]
Heritage Bank, formerly Societe-General, Restarts Regional Operations in Nigeria
By January 29, Heritage Bank, formerly Societe-Generale, will commence operations as a regional bank, in Nigeria. This comes months after the Central Bank of Nigeria (CBN) restored the banking licence of Societe Generale Bank of Nigeria (SGBN), but will now do business as Heritage Banking Company Limited. Operations will commence with accounts validation of former […]
Revised Regulatory and Supervisory Guidelines for Microfinance Banks in Nigeria
The Central Bank of Nigeria (CBN) has unveiled new guidelines for Microfinance Banks operating in Nigeria. The revised or second edition of its Regulatory and Supervisory Guidelines for Microfinance Banks is coming now, when business are getting back from the holiday break, and as the apex bank directs more attention to microeconomic conditions in Nigeria. […]
No more N100 withdrawal charges if you don’t use the ATM of your Bank
The Central Bank of Nigeria, continuing in its reforms and positioning the Nigerian Banking Industry to match its global competitors, has put an end to inter-bank charges of N100 when customers use ATM machine other than their Banks’. This comes weeks after Diamond Bank stopped charging its consumers for using ATMs provided by other Banks. […]
Get 5% Discounts In Sony Centers Nationwide!
MasterCard has announced its first collaborative relationship with a local Nigerian retailer, Flying Dove Limited – authorized distributors for Sony Corporation and owners and operators of Sony Centers in Nigeria. Through the collaboration, MasterCard will incentivize its cardholders to make use of electronic payment solutions, thus supporting the Central Bank of Nigeria’s (CBN) move towards […]
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, […]