Banks Caution Customers Against E-payment Fraud     Bank scams are increasing as more customers are adopting electronic means of payment since lockdown was introduced in the country to contain COVID-19 spread. The lending institutions have also been alerting their customers to ensure more caution in transactions and...

Banks’ Loans To Customers Rise To N18.9trn In Q1, 2020     Nigerian banks’ loans to customers jumped to N18.9 trillion in Q1 2020, up from N17.4 trillion in FY 2019. Checks by our correspondent revealed a 5.74% increase during the first quarter of the year. In other words,...

Ten Banks Earn N22bn On Account Maintenance Charges   A computation of Banks’ earnings from account maintenance charges, for 10 out of the 14 listed banks on the Nigerian Stock Exchange (NSE) amounts to N22 billion compared to N19.1 billion in Q1: 2019 The current year...

CBN Gives Banks 24hrs To Reverse ATM ‘Failure’     The Central Bank of Nigeria (CBN), has revised timelines for reversals and/or resolution of refund complaints on electronic channels. The revised timelines will take effect from June 8, 2020. According to a statement issued in Abuja yesterday, the apex...

IMF Advises Banks To Suspend Dividend Payment     The International Monetary Fund has advised commercial banks to retain their earnings by suspending payment of shareholders’ dividends during the COVID-19 pandemic. The IMF Managing Director, Kristalina Georgieva, made the call in an opinion article entitled ‘Halt bank dividends...

Eid-el-Fitr: Banks Online Transactions Hit 3.4m     Bank customers carried out about 3.4 million transactions on Nigeria Interbank Settlement System Instant Pay platform recorded on the second day of Eid-el-Fitr, live updates provided by the NIBSS have shown. As Muslim faithful across the country celebrated the conclusion...