The Central Bank of Nigeria (CBN) has directed all acquirers, processors, and Payment Terminal Service Providers (PTSPs) to implement mandatory dual connectivity.
The Central Bank of Nigeria’s latest directives on agent banking and Point of Sale (POS) operations mark a watershed moment in the evolution of Nigeria’s financial system.
The Central Bank of Nigeria (CBN) has capped daily cash-out transactions for Point of Sale (POS) agents at N1.2 million and N100,000 for individual customers.
SPECIAL REPORT: Cash Crunch, Exorbitant POS Charges in the Face of ATM Shortages
By Economic Confidential Crew
The banking system in Nigeria has undergone significant transformations since the 1990s. Gone are the days of tedious paperwork and long queues that usually snaked from the bank's...
Banks Raise Withdrawal Limit to N50,000 Daily
Deposit Money Banks in the Federal Capital Territory have increased their maximum over-the-counter withdrawal limit to N50,000 per day.
A survey conducted by our correspondent on Tuesday revealed that banks, including Guaranty Trust Bank and Zenith Bank, have increased...
Naira: Christmas Shoppers Condemn Scarcity
About a week to Christmas Day, shoppers have condemned the worsening naira scarcity, with many of them expressing frustration over their inability to make vital purchases for the Yuletide celebration.
Findings on Sunday revealed that banks were still rationing cash over-the-counter,...
