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E-Financial

Bank Account without BVN to Attract 2m Fine- CBN

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Central Bank of Nigeria (CBN), in a bid to promote financial system stability, has declared that financial institutions and customers that violate the framework of the Bank Verification Number (BVN) would face sanctions.

Bank Account without BVN to Attract 2m Fine- CBN

Some of the penalties listed for financial institutions having a customer operating an account without BVN will be N2,000,000 per infraction/customer, 15 per cent of the total amount credited into the account during the period infraction exists and N20,000 penalty per infraction/customer per day after the infraction exists.

This was made clear in a circular issued by the CBN to all deposit money banks (DMBs), mobile money operators, super agents, and payment service providers, on the issuance of the revised regulatory framework for BVN operations and watch-list for the Nigeria banking industry.

This framework defines the operations of BVN as well as the establishment and operations of a watch-list for the Nigerian banking industry, to address the increasing incidence of frauds and to enhance public confidence in the banking industry.

The CBN noted that “the following infractions by participants shall attract appropriate penalties.”

According to the apex bank, this includes misuse of the BVN watch-listing process for victimization, improper linking of accounts or wallets (except Tier 1); and other infractions, as may be determined by the CBN.

The central bank said it would ensure all operated accounts or wallets, including the ones open through agents (except Tier 1), are linked with the signatories’ BVNs within 24 hours of NIBSS making BVN available.

The bank added that operators must enrol all mobile money wallets (except Tier 1) subscribers on the BVN database and link their wallets (except Tier 1) with their BVNs within 180 days of the issuance of this framework.

“Ensure that BVN details of all signatories, directors and beneficial owners are linked to their respective non-individual accounts/wallets (except Tier 1),” a part of the disclosure said.

The apex bank also stated that it is mandatory for non-resident non-Nigerian directors of corporate accounts to have a BVN.

Also, the failure to capture customers’ biometrics and biodata in line with the BVN Framework comes with N2,000,000 penalty.

As per infraction or customer, the failure to report customers’ BVN for watch-listing attracts N200,000 penalty per infraction or customer.

Furthermore, the failure to correctly report the BVN of a deceased customer will attract a N100,000 penalty per infraction or customer, while failure to follow due process in confirming and designating a customer as deceased will result in a N20,000 penalty per customer per day after the infraction exists.

 


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E-Financial

Keystone Bank, Enterprise Devt Centre Sign MoU To Empower SMEs ln Nigeria

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Keystone Bank Limited and the Enterprise Development Centre (EDC) of Pan-Atlantic University have signed a landmark Memorandum of Understanding (MoU) to promote Small and Medium Enterprises (SMEs), youth entrepreneurship, and financial inclusion across Nigeria.

The MoU signing ceremony took place at the bank’s head office in Lagos on Tuesday, June 24, 2025.

Speaking at the event, Mrs Nnenna Anyim Okoro, the Executive Director, Corporate and South, Keystone Bank, described the partnership as a bold and strategic step toward accelerating national economic transformation.

According to her, the collaboration underscores Keystone Bank’s unwavering commitment to empowering the next generation of business leaders and fostering an inclusive financial ecosystem.

“At Keystone Bank, we believe that entrepreneurship is the heartbeat of sustainable economic development.

Across Nigeria, MSMEs are not just businesses; they are the dreams and daily struggles of men and women determined to create value, provide jobs, and build a better future. They are, quite literally, the engine room of our national economy.

“Our sponsorship of the Annual EDC SME Conference 2025 and support for the Global Entrepreneurship Week (GEW) Walk reflect our deep belief in the transformative power of small businesses.

“This partnership is also about financial inclusion, youth engagement, capacity building, job creation, and collaboration,” she stated.

Olayemi Sule, Group Head, Retail & Digital Banking, Keystone Bank, emphasized the innovative offerings customers can expect as a result of the partnership.

“Our customers should look forward to a suite of innovative financial products and digital solutions specifically designed to support business growth, enhance financial literacy, and improve market access.

Also speaking, Dr. Nnenna Ugo, EDC board member and Head, Alumni Relations and Support Services at Pan-Atlantic University, expressed optimism about the partnership’s long-term impact.

“We are super excited about this partnership and confident that it will drive transformation for both institutions.

“The EDC was established to build capacity and provide support services for SMEs. In the past 21 years, we have trained over 350,000 entrepreneurs across Nigeria.

“Keystone Bank’s support comes at a critical moment as we scale our programs and expand our reach ahead of the 2025 SME Conference and GEW Nigeria.

“The SME Conference is a powerful platform that brings together key players in the ecosystem each year to address pressing issues affecting small businesses.

“This collaboration strengthens our capacity to engage more entrepreneurs, provide deeper insights, and drive conversations that inspire growth, resilience, and innovation.

“We commend Keystone Bank’s leadership for its vision and dedication to inclusive economic growth. The bank has truly distinguished itself as a champion of enterprise, and we are proud to have them as a strategic partner,” she concluded.

As part of the agreement, Keystone Bank becomes the major sponsor of the 2025 EDC SME Conference and a key supporter of the GEW Walk, a flagship event during Global Entrepreneurship Week Nigeria 2025.

Both events are expected to attract thousands of entrepreneurs, investors, thought leaders, and policymakers, offering a vibrant platform for knowledge-sharing, networking, and business empowerment.


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E-Financial

Fidelity Bank Boosts Staff Morale with Mass Promotions and 20% Pay Raise

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Fidelity Bank Plc, one of Nigeria’s top-tier financial institutions, has promoted 376 employees following its recently concluded annual performance review exercise.

This represents approximately 12% of the bank’s workforce, underscoring its management’s deep appreciation for the pivotal role played by staff in recoding the highest growth by percentage volumes in the banking industry with 210% increase in its Profit Before Tax (PBT) which grew from N124.3 billion in 2023 to N385.2 billion in 2024.

The announcement, which was recently communicated internally, comes on the heels of a 20% across-the-board salary increase implemented in June 2025—a gesture that reflects the bank’s commitment to staff welfare. It is worth noting that this follows a similar salary adjustment carried out in November 2024.

Under the leadership of Dr. Nneka Onyeali-Ikpe, Fidelity Bank has consistently outperformed market expectations. In 2024, the bank recorded the highest share price growth of 116% in the industry following the completion of its Public Offer which was over subscribed by 238% .

In recognition of the banks stellar performance, global rating agency, Fitch Ratings recently upgraded Fidelity Bank’s National Long-Term Rating from ‘A(nga)’ to ‘A+(nga)’ in a further endorsement of the bank’s financial strength and prudent management. The upgraded ratings reflects improved profitability metrics and robust capital buffers, reinforcing the bank’s sustained upward trajectory.


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E-Financial

Fidelity Bank Clears the Air: MD Not Linked to Woobs Case

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Fidelity Bank Plc on Wednesday refuted claims that its Managing Director, Dr. Nneka Onyeali-Ikpe, is involved in an ongoing fraud case concerning the account of Woobs Resources.

The Bank’s position follows reports published by Sahara Reporters alleging that Dr. Onyeali-Ikpe was listed as a defendant in the case.

However, documents sighted by Nigeria CommunicationsWeek revealed that the charge sheet dated May 12, 2025, named the defendants as Victor Ukutt, Fidelity Bank Plc, Whoba Ugwunna Ogo, and Safiya Whoba.

A statement by the Office of the Attorney General of the Federation and Minister of Justice dated June 9, 2025, confirmed that Onyeali-Ikpe’s name was struck off the charge list.

The Ministry noted that she was neither the Managing Director nor the account officer at the time the account in question was opened.

The clarification aims to dispel misinformation and uphold the integrity of the institution and its leadership.


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