Banking sector

Nigerian Bank Customers Protest Unauthorised Deductions, Seek CBN Intervention

Sep 7, 2025. by Praise Ben

Nigerian Bank Customers Protest Unauthorised Deductions, Seek CBN Intervention. BCAN petitions CBN, vows stronger advocacy against exploitative charges. Banks defend deductions, citing compliance with CBN tariff guide. Bank customers across Nigeria are voicing growing frustration over what they describe as unauthorised and excessive deductions from their accounts, urging the Bank Customers Association of Nigeria (BCAN) … Read more

NCC, CBN Direct Banks, Telecom Operators to Settle N250bn USSD Debt Dispute

Dec 24, 2024. by Ekohot Editor

NCC and CBN direct banks and telecoms to resolve N250bn USSD debt. 60% of pre-API invoices due by January 2025, full payment by July 2025. 85% of post-API debts to be paid by December 31, 2024. The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have directed Mobile Network Operators (MNOs) and … Read more

Debate Continues: Northern Groups List Conditions For Supporting Tax Reform Bills

Dec 8, 2024. by Praise Ben

As opposition grows against the proposed Tax Reform Bills in the National Assembly, influential Northern groups have expressed concerns over the potential economic implications for the region. These groups, while acknowledging the importance of tax reforms, have insisted on specific conditions to ensure the measures do not exacerbate the North’s existing economic challenges. The opposition … Read more

Yuletide: Cash Scarcity Persists Despite CBN’s Directives To Banks

Dec 8, 2024. by Praise Ben

Despite recent directives from the Central Bank of Nigeria (CBN) to curb artificial cash scarcity, findings indicate that the situation remains dire in parts of the country. A November 29 circular, signed by Acting Directors Solaja Olayemi and Isa-Olatinwo Aisha, directed Deposit Money Banks to ensure efficient cash disbursement via ATMs and over-the-counter channels, warning … Read more

FG Lifts Ban, Corps Members Now Eligible to Serve in Banks, Private Sector

Nov 19, 2024. by Ekohot Editor

The Federal Government has lifted the ban restricting the posting of National Youth Service Corps (NYSC) members to private sector organizations, opening opportunities for corps members to be posted to industries like banking and oil and gas. In a memo dated November 18, 2024, Minister for Youth Development, Ayodele Olawande, announced that the new policy … Read more

Senate Passes NDIC Bill to Protect Bank Depositors’ Funds

Oct 30, 2024. by Ekohot Editor

The Senate passed a bill on Tuesday aimed at bolstering the Nigeria Deposit Insurance Corporation (NDIC)’s capacity to protect depositors’ funds and reinforce the stability of Nigerian financial institutions. The bill, titled “Nigeria Deposit Insurance Corporation Act 2023,” was adopted following a report by the Senate Committee on Banking, Insurance, and Other Financial Institutions and … Read more

BREAKING: CBN Speaks On Reintroducing 0.5% Cybersecurity Levy On Electronic Transfers

Sep 20, 2024. by Praise Ben

The Central Bank of Nigeria (CBN) has refuted claims that it has reinstated the cybersecurity levy on electronic transfers, a charge that was suspended earlier this year. Originally, on May 6, 2024, the CBN issued a directive requiring all commercial, merchant, non-interest, and payment service banks, as well as mobile money operators, to implement a … Read more

CBN Appoints New Chairman, Board for Keystone Bank

Sep 18, 2024. by Ekohot Editor

The Central Bank of Nigeria (CBN) has approved a new chairman and board of directors for Keystone Bank as part of its strategy to ensure the institution’s sustained growth. Keystone Bank confirmed the appointments in a statement on Wednesday, highlighting the CBN’s decision to name a new board chairman, five non-executive directors, and two executive … Read more

Chartered Institute Of Bankers Swears In New President

May 18, 2024. by Praise Ben

Chartered Institute Of Bankers Swears In New President. Inauguration ceremony, chaired by Senior Advocate of Nigeria Wole Olanipekun, took place in Lagos. Speaker of the House of Representatives emphasizes need for embracing technological advancements. EKO HOT BLOG reports that Professor Pius Olanrewaju has officially assumed the position of the 23rd President/Chairman of the Council at the … Read more

Access Bank Fully Acquires Kenya’s Transnational Bank

Jan 18, 2020. by Ekohot Editor

How Access Bank Pitched A Winning Business Model To MTN – Aig-Imoukhuede

Access Bank, Nigeria’s top lender by assets has finally acquired Kenya’s Transnational Bank, the Kenyan central bank said on Friday. The deal is the latest in the East African nation’s banking sector, where a cap on lending rates, tougher supervision by the central bank and an over-proliferation of lenders has sparked a consolidation round in … Read more

Governments’ Credit Shrinks, Private Sector’s Rises To N25.8tn

Nov 27, 2019. by Ekohot Editor

Banks’ credit to governments shrunk by13.41 per cent in October to N9.05tn from N10.45tn reported in September, the Central Bank of Nigeria has disclosed. On the other hand, credit to private sector hit N25.8tn in October, according to apex bank. With N25.8tn, commercial bank lending to real sector, the year-till-Date performance revealed that credit to … Read more