Banking and Finance

The Central Bank of Nigeria (CBN) said it is targeting a 70 per cent improvement in its payment turnaround time with the launch of ministries, departments and agencies (MDAs) Naira Payment Solution. The bank said yesterday that the MDAs Naira Payment Solution is…

Access Holdings Plc said that its wholly owned subsidiary, Access Bank has completed the acquisition of a majority equity stake in African Banking Corporation of Tanzania (ABCT) Limited, a subsidiary of Atlas Mara Limited, a London Stock Exchange listed entity. Following the completion of…

The African Export-Import Bank (Afreximbank) has announced an additional disbursement of $925m under the syndicated $3.3bn crude oil-backed prepayment facility sponsored by the Nigerian National Petroleum Company (NNPC) Limited to the Federal Government. A statement by the bank on Thursday said the development…

The Central Bank of Nigeria (CBN) says there are no plans to withdraw the licenses of three banks. A press statement by the banks Acting Director of Corporate Communications, Haka Sidi-Ali, said, “The attention of the Central Bank of Nigeria (CBN) has been…

Following the revocation of the banking licence of Heritage Bank Plc by the Central Bank of Nigeria (CBN) the Nigeria Deposit Insurance Corporation (NDIC) said it has commenced the liquidation of the bank with immediate verification and payment of insured deposits to the bank’s…

The Central Bank of Nigeria (CBN) has revoked the operational licence of Heritage Bank Plc following the bank’s failure to improve its financial performance. CBN Acting Director, Corporate Communications, Hakama Sidi Ali, who disclosed this in a statement dated Monday, June 3, 2024,…

The Central Bank of Nigeria (CBN) has withdrawn its earlier circular directing banks to implement a controversial 0.5% cybersecurity levy on electronic transactions. ADVERTISEMENT The decision of the apex bank to withdraw the circular followed the public outrage that trailed the announcement of the…

The Central Bank of Nigeria (CBN) has activated plans to double foreign-currency remittance flows through formal channels by granting 14 new International Money Transfer Operators (IMTOs) Approval-in-Principle (AIP). ADVERTISEMENT This was disclosed in Abuja on Wednesday by the Bank’s Acting Director of Corporate Communications,…

The Securities and Exchange Commission (SEC) has pledged to work with the Economic and Financial Crimes Commission (EFCC) in a bid to ensure that trading manipulations are reduced in the virtual space. Acting director-general of SEC, Dr. Emomotimi Agama stated this while receiving…

American Express Co. has unveiled its first business credit card in Nigeria through a collaboration with local neobank O3 Capital, potentially enhancing dollar accessibility for businesses in the West African nation. The new card, introduced on Thursday in Lagos, Nigeria’s commercial capital, offers…