Tag Archives: Banks

Shareholders says AMCON must rise up to responsibility over non-performing loans

Following sustained depressed returns on investments arising from excessive commercial banks’ debts, shareholders at have urged the Federal Government to tighten the noose on debtors and reject the aroma of the free funds from the banking industry levies. The shareholders under the aegis of Independent Association of Nigeria (ISAN), said that despite the operations of Asset Management Corporation of Nigeria ...

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Telecom operators may withdraw USSD service banks over N80bn debt from banks

Telecommunications operators in Nigeria may soon withdraw their service support to the banks as the Unstructured Supplementary Service Data (USSD) debt rises to N80 billion. The Chairman, Association of Licensed Telecommunications Operators of Nigeria (ALTON), Gbenga Adebayo disclosed this in Lagos while speaking with media at the NITRA ICT Growth Conference 2.0 organised by the Nigeria Information Technology Reporters’ Association. ...

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CBN directs banks to establish Banks Neutral Cash Hubs

The banking sector regulator, the Central Bank of Nigeria (CBN) and Bankers’ Committee has directed Deposit Money Banks and licensed processing companies to establish Banks Neutral Cash Hubs (BNCH) to reduce their cash management costs. The policy is expected to work through technology, reduce cash as cash management has for decades constituted a large part of banks and other financial ...

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FITC urges Nigerian banks to learn from past mistakes

The Managing Director of Financial Institution Training Centre, (FITC), Mrs. Chizor Malize, has advised deposit banks and financial technology firms (fintechs) to learn from their previous mistakes in driving financial inclusion in the country. Delivering her keynote at the third edition of Industry Summit/Awards formerly known as Industry evening summit with “Financial inclusion, digital payment and the challenges of banking ...

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Mutilated Banknotes: CBN threatens to impose penalty on banks

The apex bank, the  Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) against the practice of circulating composed banknotes which is part of their deposits with the apex bank. The apex bank has expressed concerns over the increasing number of these composed banknotes which the members of the public usually request for their replacement. Composed banknotes are ...

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Shareholders urge CBN to pay interest on banks’ mandated deposits

The Independent Shareholders Association of Nigeria (ISAN) has recommended that the Central Bank of Nigeria (CBN) pay interest on banks’ mandated deposits as a way out of the Cash Reserve Requirement (CRR) stalemate imposed on banks and to avoid policy incapacitation of the national economy. Speaking at an emergency meeting held at the weekend in Lagos, Chairman, ISAN Universal Academy, ...

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Declaration of Asses: EFCC’s ultimatum given to banks expires today

The ultimatum issued by the Economic and Financial Crimes Commission (EFCC) to bankers and financial system operators to declare their assets by June 1 expires tonight. In March, the Chairman, Abdulrasheed Bawa announced the deadline in a chat with State House reporters after a meeting with President Muhammadu Buhari. The anti-corruption chief said the directive is backed by the Bank ...

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UNGC aims to make MSMEs attractive to banks

The United Nations Global Compact has developed a toolkit for Micro, Small and Medium-scale Enterprises in Nigeria as part of efforts to tackle the challenge of corruption faced by the MSMEs. The Chief, Africa, UN Global Compact, Olajobi Makinwa, said the toolkit was designed to help the MSMEs strengthen their internal compliance against corruption and become attractive to banks. She ...

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CBN should curb rising banking sector risks, says IMF

The International Monetary Fund, on Wednesday, called on the Central Bank of Nigeria to contain rising banking risks, while also commending the regulator for its recent decision to stop weak banks from paying dividends to shareholders. Against the backdrop of huge non-performing loans, which have weakened the capital base and asset quality of the country’s Deposit Money Banks, it also ...

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