E-Financial
Diamond Bank Welcomes Removal of ATM Charges
Diamond Bank Plc has described the decision by the Bankers’ Committee to remove the N100 Automated Teller Machine (ATM) withdrawal fee as a welcome development that would further strengthen the cashless policy.
Mrs. Ayona Aguele-Trimnell, head, Corporate Communications, Diamond Bank Plc, said: “We are glad that the Bankers’ Committee has decided to embrace this initiative which Diamond Bank spearheaded five months ago because we always believe that our customers’ interests should be put first.”
According to her, in July 2012, Diamond Bank announced the lifting of ATM withdrawal fees on transactions made at other banks’ ATMs nationwide, thus making it the first bank to offer its customers such service.
“Till date, the bank’s customers have continued to freely use their Diamond debit cards on any other bank’s ATMs hence saving the N100 they would have paid for each transaction,” she added.
She explained that at Diamond, they pride ourselves with continually evolving ways of exceeding customer expectation and the decision to suspend the ATM withdrawal charge on transactions carried out on other bank’s ATMs as far back as July this year is a clear demonstration of this.
“With the adoption of this initiative by the rest of Nigerian banks we are convinced that it would help to usher in a season of better customer service in the industry. This adoption of this initiative also implies that we must continually innovate in a bid to raise the bar in customer service delivery and we are convinced that Diamond shall continue to take the lead in this respect,” Trimnell added.
The Bankers’ Committee at its meeting last Tuesday agreed to discontinue the deduction of the N100 fee on inter-bank ATM withdrawals.
E-Financial
Banks Lose N10Bn to Cyber Fraud in 2023’
Stakeholders in the banking and financial ecosystem, yesterday, decried the surge in cyber fraud as Deposit Money Banks (DMBs) lost N10 billion in the second quarter of 2023, representing almost 300 per cent year-on-year compared to the previous year.
At a Mastercard forum convened to tackle fraud and cybersecurity threats in the financial sector, Kari Tukur, vice president, Customer Solutions Centre, East and West Africa at Mastercard, said despite the massive awareness and innovations aimed at combating cybersecurity, the amount lost last year by DBMs was “staggering”.
She said, “With Nigeria’s rapidly growing economic expansion, we are starting to see an increase in the adoption of digital financial services, and the financial landscape is also evolving at an astronomical speed.
“What was staggering for me was in spite of the huge investment around innovation, funding in the cyber space, DBMs lost almost N10bn in Q2 last year, and that was almost 300 per cent growth year-on-year when compared to the previous year.”
She noted that there was the need for collaboration among stakeholders “to combat this rising sophistication of cyber security threat.”
Tukur further stated that Mastercard was deeply committed to cyber security and fraud prevention within the payment industry, disclosing that the company invested $250m “to assist small businesses in addressing their cyber security needs.”
She disclosed that Mastercard payment portals incorporated multiple layers of security such as tokenisation technology, encryption and biometrical to stay ahead of cyber attackers.
She added that, “The sector continues to struggle with the aforementioned challenges, necessitating vigilance, proactive action and comprehensive security strategy, and Mastercard remains committed to providing safe, secure and seamless payment services and experiences for our partners and customers in Nigeria and beyond.”
Celestina Appeal, chairman, Committee of e-Business Industry Heads (CeBIH), stated that the total loss to the banking industry in the last couple of years totalled hundreds of billions of naira while Nigeria’s Consumer Awareness and Financial Enlightenment Initiative had projected a $6trn loss by 2030 to cybercrime within and outside Nigeria.
Represented by Mr Temitope Onibaniyi, secretary of the committee, she stated that the committee was ever-willing to collaborate with industry stakeholders to fight against the perpetrators who “constantly rob banks and other stakeholders in the payments industry of their hard-earned money.”
She said the need for collaboration could not be overemphasised as no individual organisation was immune to cyber security attacks.
E-Financial
Tinubu Rejigs SEC Board, Makes New Appointments
President Bola Tinubu has approved the appointment of some Nigerian professionals to the Board of the Securities and Exchange Commission (SEC).
This is contained in a statement issued by Ajuri Ngelale, special adviser to the President on Media and Publicity.
Tinubu appointed Mr. Mairiga Aliyu Katuka as the Chairman of the board of SEC, while Mr. Emomotimi Agama has been appointed as the Director-General of the board.
The president also appointed Frana Chukwuogor as Executive Commissioner (Legal and Enforcement) of the board.
Tinubu further appointed Mr. Bola Ajomale as the Executive Commissioner (Operations) of the board, while Mrs. Samiya Hassan Usman is the Executive Commissioner (Corporate Services) of the board.
Also appointed into the board are Mr. Lekan Belo as Non-Executive Commissioner and Mr. Kasimu Garba Kurfi as Non-Executive Commissioner.
According to Ngelale, the president anticipated that “all members of the Board of this critical commission will bring to bear their wealth of experience and competence in advancing the commission’s core mandate of developing and regulating a capital market that is dynamic, fair, transparent, and efficient, to bolster investor confidence and contribute immeasurably to the nation’s economic development.”
E-Financial
Ecobank Repays $500m Eurobond
Ecobank has announced the successful repayment of its $500 million five-year Eurobond issued in 2019. According to a statement filed on the Nigerian Exchange Limited (NGX), the Eurobond garnered considerable interest from a diverse range of global investors, including long-term development partners such as FMO and Proparco, who served as anchor investors.
Commenting on this achievement, Ecobank Group Financial Officer, Ayo Adepoju, said: “The bond was listed on the main market of the London Stock Exchange with a coupon rate of 9.5 per cent. The principal and interest repayment, totalling $524 million, was distributed to bondholders through the transaction agent on the bond maturity date of April 18, 2024.
“This inaugural bond we are retiring today was critical in introducing our firm to a wider array of global investors and contributed to the increased visibility of our brand in the capital markets.”
Against the backdrop of challenges posed by the global operating environment, including disruptions in the world supply chain and financial markets, Adepoju highlighted the Group’s resilience. He cited strong liquidity, a robust balance sheet, and a solid leadership team as key factors enabling Ecobank’s success.
He added that the successful repayment of the Eurobond underscores Ecobank’s commitment to financial stability and investor confidence, positioning the firm for continued growth and success in the global market.
- Telecom2 days ago
Imperative of Upholding Nigeria’s Telecoms Lifeline
- News2 days ago
Kaspersky Warns of Data Stealers Hunting for User Credentials
- Telecom2 days ago
What You Need to Know About Multifactor Authentication Fatigue Attacks and How they can be Prevented
- E-Financial2 days ago
Hydrogen, CCHub Partner to Encourage Fintech Startup Success
- Telecom2 days ago
Samsung Returns to Top of The Smartphone Market – Industry tracker
- E-Financial2 days ago
CBN Cuts Banks’ Loan-to-Deposit Ratio to 50 Percent
- E-Financial2 days ago
Access Bank Unveils DiamondXtra Season 16, Dangles N200m, 3 SUVs
- Telecom2 days ago
SHELT System Integration Launches “SHELT SI” in Nigeria