Thursday, April 15

Tag: Commercial Banks

USSD War: Banks Unblock MTN, Reconnect Telco To Banking Channels
Business

USSD War: Banks Unblock MTN, Reconnect Telco To Banking Channels

After 48 hours of disconnecting MTN customers from banking channels including the Unstructured Supplementary Service Data and banking apps, commercial banks on Sunday have reconnected MTN customers to banking channels. Our correspondent gathered that the development followed the intervention of the Minister of Communications and Digital Economy, Isa Pantami; and the Governor of the Central Bank of Nigeria, Godwin Emefiele. The PUNCH had reported that the banks blocked MTN customers on Friday, leaving millions of MTN subscribers frustrated as they were unable to recharge airtime via USSD amid the Easter celebrations. MTN, with about 77 million subscribers, making up about 45 per cent of the total telecommunication market share in Nigeria, is arguably the largest telecommunicati...
USSD: MTN Snubs Banks, Links 77 Million Subscribers To FINTECH Platforms
Business

USSD: MTN Snubs Banks, Links 77 Million Subscribers To FINTECH Platforms

MTN customers in Nigeria now have alternative electronic payment platforms to recharge their phones as the mobile network operator on Saturday announced that customers can recharge airtime through payment solutions platforms such as Flutterwave, Jumia Pay, OPay, Kuda, Carbon and BillsnPay for customers to recharge virtually. MTN in a statement on Saturday by its Senior Manager, External Relations, Funso Aina, also said customers could recharge airtime by dialing *904# and *606#. This is coming barely 24 hours after commercial banks on Friday disconnected MTN customers from banking channels including the Unstructured Supplementary Service Data and banking apps, leaving millions of MTN subscribers frustrated as they were unable to recharge airtime via USSD amid the Easter celebrati...
We Didn’t Ask MTN To Charge For USSD – Banks
News

We Didn’t Ask MTN To Charge For USSD – Banks

Commercial banks on Monday denied instructing MTN to deduct charges for USSD. In an advertorial, the lenders, acting under the aegis of Body of Bank CEOs said its attention had been drawn to a text message sent by the telco concerning the issue. “Our attention has been drawn to SMS sent on Saturday 19th October by MTN Nigeria Communications PLC to customers of banks in Nigeria in respect of the above. The message states that the banks requested MTN to start charging customers for USSD transactions directly. It also ask customers to contact their banks for more information. We wish to state as follows: “That the banks did not ask MTN to start charging customers as contained in the text message. The decision on whether and what amount to charge a customer for accessing USSD i...
FBI Scammers’ List: We’ve Found N486m And Arrested 28 ‘Yahoo Boys’ – EFCC Reveals
News

FBI Scammers’ List: We’ve Found N486m And Arrested 28 ‘Yahoo Boys’ – EFCC Reveals

According to Punch Metro, the Economic and Financial Crimes Commission has said that it has recovered $314,000 and N373m ( N486m in all) from suspects in connection with the Federal Bureau of Investigation probe into the list of nearly 80 Nigerians indicted for fraud. The acting Chairman of the EFCC, Ibrahim Magu, further stated that the collaboration between the commission and the FBI, led to the recovery of the funds. Magu said while the sum of $314,000 had been recovered, the sum of N373m had been traced to various commercial banks by the Lagos zonal office of the commission. He also disclosed that the recent joint operations coordinated by the commission had yielded 28 arrests, adding that 14 suspects had been charged and convicted. The EFCC chair further stated that “n...
Relaxing CRR May Unlock N1.7tn Bank Deposits
News

Relaxing CRR May Unlock N1.7tn Bank Deposits

Analysts at RMB Nigeria Stockbrokers have estimated that the normalisation of the effective cash reserve ratio (CRR) for six Nigerian banks, namely – Access Bank, FBN Holdings, Guaranty Trust Bank Plc, Stanbic IBTC, United Bank of Africa and Zenith Bank Plc – has the potential to release N1.7 trillion of deposits into the banking system. The analysts at the Lagos-based firm, which is a subsidiary of South Africa’s RMB Holdings, stated this in their latest report that focused on the six banks, made available to THISDAY. Although the Central Bank of Nigeria pegged banks’ CRR at 22.5 per cent, the report revealed that effective average CRR for the aforementioned banks is 33 per cent. CRR is a monetary policy tool used to set the minimum deposits commercial banks must hold as reserv...
CBN Lends Banks N956b In Three Months
News

CBN Lends Banks N956b In Three Months

COMMERCIAL banks got N956.64 billion loans from the Central Bank of Nigeria (CBN) in three months to boost their liquidity positions and meet commitment to customers, the quarterly economic report released by the apex bank has shown. The report, for the third quarter showed that Standing Lending Facility (SLF) daily average transaction value amounted to N19.13 billion in 50 transaction-days, with total interest earned at N3.07 billion. The apex bank’s tough monetary policy stance has led banks to borrow more. The Monetary Policy Rate (MPR) – benchmark interest — has remained at 14 per cent since July 2016 despite rising calls from economic experts for a lower interest rate. This has raised banks’ demand for CBN’s loans to boost their liquidity. “Total request for the Standing ...
Banks Lose N12.06bn to Fraud in Six Months, Says CBN
News

Banks Lose N12.06bn to Fraud in Six Months, Says CBN

  The Central Bank of Nigeria (CBN) has revealed that commercial banks in the country lost a total of N12.06 billion to fraud and forgeries in the first six months of 2018. This is just as the banking sector regulator revealed that as of June 2018, three commercial banks did not have the prescribed minimum liquidity ratio of 30 per cent. The CBN disclosed this in its ‘Draft 2018 Half Year Economic Report’ that was posted on its website Thursday. According to the report, there were 20,768 reported cases of fraud and forgery (attempted and successful), valued at N19.77 billion in the review period, compared with 16,762 cases, involving N5.52 billion and US$ 0.12 million in the corresponding period of 2017. “The actual loss by banks to fraud and forgery, however, amounted ...
Police Parade Corpses Of Three Armed Robbers Killed During Bank Robbery Attack In Edo
News

Police Parade Corpses Of Three Armed Robbers Killed During Bank Robbery Attack In Edo

The Edo State Policr on Friday,  paraded bodies of the three armed robbers killed in a gun duel with the police during foiled robbery attack on two banks in Igarra, headquarters of Akoko- Edo Local Government Area of the State. Twelve persons, including a policeman, were killed on Thursday evening, when the dare-devil armed robbers invaded a police station and two commercial banks, Unity Bank and Keystone Bank. Among those killed in the police station were two detainees who were said to have been arrested Thursday morning for minor offences, one of them was reportedly arrested for incomplete vehicle particulars. The armed men had first attacked the police station which is about 1.2 kilometers away from the banks, where they burnt the official vehicle of the newly posted Area C...
CBN Recovers N60bn ‘Illegal Charges’ From Commercial Banks
News

CBN Recovers N60bn ‘Illegal Charges’ From Commercial Banks

The Central Bank of Nigeria has facilitated the refunds of a total of N60 billion by commercial banks to their customers on March 31, 2018 through the intervention of the consumer protection department. CBN director of Payment Systems Department, Dipo Fatokun, disclosed this at the ‘Meet The Executive’ forum organised by the Finance Correspondents Association of Nigeria (FICAN) in Lagos at the weekend. Fatokun, who noted that the recovery also includes $18 million, 26,000 euros and 6000 British pounds, said such resolution will help build more confidence in the payment system and bring more people into the financial services net. In furtherance of its statutory responsibility to promote confidence in the financial system, the CBN had over the years implemented a measure of consume...
Oke: Increased Funding For Bank of Agriculture Will Boost Farming
News

Oke: Increased Funding For Bank of Agriculture Will Boost Farming

Chairman of the All Farmers Association of Nigeria, Lagos Chapter, Femi Oke, spoke on the challenges of the agric sector and commended the role of the Bank of Agriculture in empowering farmers, among sundry issues in the sector. Jonathan Eze presents the excerpts: What is your assessment of the Agric sector since the beginning of this current administration? When this present government came into power, we were part of the policymakers that drafted the Nigerian agric agenda, particularly, we were called upon to express our minds as one of the key stakeholders to discuss on issues bordering on the country’s agric sector and their solutions. So what you are seeing happening in the sector currently are some of the things we pointed out that were needed to be resolved in the sector to fo...
Obasanjo, Abdulsalami Urge Commercial Banks To Lower Interest Rates For Farmers
News

Obasanjo, Abdulsalami Urge Commercial Banks To Lower Interest Rates For Farmers

A former President, Olusegun Obasanjo, on Monday urged commercial banks to lower their interest rates to enable farmers access loans for improved agricultural production. Mr. Obasanjo made the call at the opening ceremony of the 2017 Niger State Investment Summit held at the Justice Idris Legbo Kutigi Conference Centre, Minna. According to him, doing agriculture and charging the rate of interest in double digit is to promote failure. “The interest rate of banks in Nigeria is one of the obstacles that are affecting our farmers. “They are not able to pay banks after taking loans and at the same time still able to run their agriculture business successfully,’’ he said. The News Agency of Nigeria reports that the summit’s theme: “Advancing Agricultural Economy through Innovation...
5 Banks Contribute N245.8bn To Cbn’s Real Sector Support Facility
News

5 Banks Contribute N245.8bn To Cbn’s Real Sector Support Facility

5 Banks Contribute N245.8bn To CBN’s Real Sector Support Facility In a move to towards increasing credit to priority sectors of the nation’s economy, Zenith Bank Plc, United Bank Plc and three other commercial banks invested N245.8 billion to Central Bank of Nigeria (CBN) Real Sector Support Facility (RSSF). The other three banks are Access Bank, Diamond Bank Plc and Stanbic IBTC Holdings Plc. The N300 billion RSSF introduced by CBN in January 2016 and was meant to unlock the potential of the real sector to engender output growth, value added productivity and job creation. Commercial banks were to contribute five per cent of total naira deposits and the Facility will be used to support large enterprises for startups and expansion financing needs of N500 million up to a maximum of N10 ...
New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral
News

New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral

Commercial banks in Zimbabwe will soon be compelled to accept livestock such as cattle, goats and sheep as collateral for cash loans to informal businesses under a new law presented to parliament Tuesday. Under the Movable Property Security Interests Bill tabled for debate by Finance and Economic Development Minister Patrick Chinamasa in the House of Assembly, the Reserve Bank of Zimbabwe will compile and administer a collateral-security register in which small-business operators and individuals can register their movable assets as security for credit. Vehicles, television sets, refrigerators, computers and other household appliances will become acceptable as collateral once they are evaluated and registered in the central bank’s register, according to Chinamasa. “As minister in c...
CBN Approves $10k Per Week FX Sale To Bdc’s
News

CBN Approves $10k Per Week FX Sale To Bdc’s

Nairametrics| The Central Bank of Nigeria (CBN) has slightly modified its forex operations with Bureau de Change (BDCs) operators in the country. According to Reuters, the CBN claims that the modifications are geared towards ensuring forex availability in the market. The first of these modifications involve the sale of dollars to the BDCs twice a week instead of the weekly affair that was hitherto in place. Secondly, the CBN will also increase the amount of dollars it offers to each BDC, from the current $8,000 up to $10,000. Thirdly, a new rate will be set for the sale of USD to the BDCs, as well as a cap on how much the BDCs sell to the public. The new rates, the apex bank said, will be released next week. This announcement by the CBN comes about a week after the President of the A...
Bureaux De Change At Risk As Naira Gains More Muscle
News

Bureaux De Change At Risk As Naira Gains More Muscle

Business seems bad for Bureaux De Change (BDCs) — no thanks to the naira’s new strength that has hit them with heavy losses. The naira has strengthened below N381 to the dollar, the rate at which BDCs buy International Money Transfer Operators (IMTOS) cash from the Central Bank of Nigeria (CBN). The naira exchanged at N375 to the dollar in the parallel market at the weekend. It is tipped to gain more within the week as the CBN sustains dollar interventions in the interbank market. About $1.5 billion has been injected into the interbank market since February when the interventions started. Association of Bureaux De Change Operators of Nigeria (ABCON) President Aminu Gwadabe, who hinted of some BDCs likely closure after losing N130 million within the week, said the losses came...
Whistle Blowing: Bank Workers Under Close Watch
News

Whistle Blowing: Bank Workers Under Close Watch

Banks have placed their workers under close watch following intense pressure by ‘big’ customers on majority shareholders and directors to monitor overzealous staff eager to take advantage of the whistle blowing initiative of the federal government. Account Officers from different banks told our correspondent the development was to prevent them from squealing on classified accounts by perceived looters and corrupt government officials. One of them, who confirmed the development off-record yesterday, said: “The close monitoring is very intense now as everyone now watches each other’s back.” But a Senior Account Manager in one of the commercial banks in Lagos, who also pleaded not to be named because of the sensitive nature of the matter, said the development was not new. He howev...
CBN Sells $230 Million To 16 Banks, Boosts Financial Market
News

CBN Sells $230 Million To 16 Banks, Boosts Financial Market

Sixteen banks shared in the $230 million foreign exchange (forex) mart by the Central Bank of Nigeria through the forward contract agreement. This forms part of the fulfillment of the apex bank’s pledge to ensure liquidity in the interbank market under the latest policy announced last week. Of the 16 financial institutions, 13 are commercial banks, one is a development financing establishment, while two are merchant banks. An analysis of the auction’s participants showed that nine commercial banks and one merchant got $162.85 million at bid rates ranging from N325/$ to N360/$, while six others got $58.52 million at bid rates between N315/$ and N320/$. However, the first 10 banks with a total request of $162.85 million in the forwards contract have the maturity date of March 27,...
Naira Records Gain, Closes At 512/dollar On Tuesday
News

Naira Records Gain, Closes At 512/dollar On Tuesday

The naira recorded slight gain on Tuesday and closed at 512 against the United States dollar on the parallel market, a day after the Central Bank of Nigeria introduced a new foreign exchange policy action. The CBN had on Monday announced its decision to begin sale of $1m weekly to each of the country’s 21 commercial banks at a rate of 375 naira to clear a backlog of demand for retail users and try to narrow the premium between the official and black market rates. The decision was announced hours after the naira tumbled to 520/dollar on the parallel market as scarcity of the greenback continued to weigh on the exchange rate.

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