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E-Financial

CBN Orders Banks to Repay all Excess Charges

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Godwin Emefiele, Governor of the Central Bank of Nigeria
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Central Bank of Nigeria (CBN) has said any bank that deducts monies illegally from a customer’s account for products and services would be forced to refund the money to the customer with interest.

 

This is sequel to complaints by bank customers within the Federal Capital Territory (FCT) over excess charges by banks through Automated Teller Machine (ATM) withdrawals.

 

The customers said as a result of the development, they dreaded making withdrawals using other banks ATMs because of the continued charge of N65 for every transaction.

 

According to the customers, most banks within the city centre have programmed their ATMs to dispense only N10,000 or less per transaction, thus ripping off customers withdrawing more than that amount.

 

The customers complained that if they had to withdraw N100,000 or more through other banks ATM, it meant they would lose so much money.

 

They, however, called on the CBN and other relevant authorities to look into the matter so as to help poor Nigerians.

 

Mr Fada David, Consumer Complaints Management, Consumer Protection Department, CBN, said that the Monetary Policy Circular of the CBN gives certain guidelines as to how much should be refunded to customers if excess charges are discovered.

 

“Part of the punitive measures is that if excess charges are discovered, they are refunded to consumers with interest,” he said.

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David, however, assured bank customers that the CBN monitors all banks regularly to make sure that banks do not short-change them.

 

He also encouraged customers to read the CBN’s Guide to Bank Charges circular to know those charges that their banks were allowed to charge and the correct amount.

 

“Consumers should consult this document to know how much they are expected to pay for services.

 

“When you go through it and in a situation where you see charges that you do not understand, you have the right to write your bank and get them to explain what the charges are.

 

“In a situation where it becomes clear that the customer was charged excessively, the customer should get them to reverse it.

“You have the right to know how much you are charged from operating your account and make sure that the bank only charges the specified amount,” he said.

 

Also, Mr Oludamola Atanda of the Consumer Education Division, Consumer Protection Department, CBN, urged bank customers to demand for their statement of account monthly.

 

He said that it would help customers to monitor their accounts closely.

 

“You have the right to demand for the right product and services. The bank cannot force you to go for a specific product or loan facility. You have the right to choose.

 

“If they give you a product you do not like, you do not have to take it. Its important for us to understand this.

 

“There is also the issue of right to privacy. My bank should not share my details with just anybody. For instance, a wife cannot come and say she wants details of her husband’s account.

 

“Only by court order can an account details by revealed to a third party,” he said.

 

Atanda said at times, customers complain about certain bank products because they were not properly informed about the products.

 

“If I am taking a product, my bank has the responsibility to educate me on that product.

 

“If it is a savings product, a customer should know how it works, how many times to withdraw in a month, how much interest to expect and the minimum deposit on the account.

 

“We are saying that you have the right to demand good service. Those are the things we want to let customers know,” he said.

 

 


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Financial

Africa  Launches PAPSSCARD, First Pan-African Card Scheme

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Africa has marked a significant step towards financial independence following the launch of PAPSSCARD, the continent’s first Pan-African card scheme.

Africa  Launches PAPSSCARD, First Pan-African Card Scheme

Professor Benedict Oramah, president and chairman of the Board of Directors, Afreximbank,

Unveiled on June 27 at the 32nd Afreximbank Annual Meetings in Abuja, Nigeria, the new card represents a major leap in Africa’s efforts to achieve financial sovereignty by building resilient and independent payment systems, easing people travel and boosting trade integration.

PAPSSCARD, a joint-venture between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS) and Mercury Payment Services (MPS), enables fast, secure, and affordable retail payments across African borders. Currently, most African card payments are routed through global systems causing increased fees and loss of data control. By processing transactions entirely within the continent, PAPSSCARD keeps value, data, and economic benefit in Africa.

Speaking at the launch,  Professor Benedict Oramah, president and chairman of the Board of Directors, Afreximbank, highlighted the significance of PAPSSCARD in reclaiming Africa’s financial autonomy.

“For too long, Africa’s reliance on external payment systems has impeded trade, increased costs, and compromised control over our financial data. PAPSSCARD changes that. It empowers us to move money swiftly, securely, and affordably across our borders. It is a transformative step towards strengthening intra-African trade and preserving value within the continent.”

Mike Ogbalu III, CEO of PAPSS, described PAPSSCARD as a major advancement in the continent’s financial architecture, noting that it is “more than just a payment tool, it is a powerful symbol of progress and a bold step towards financial independence.” He added that the card reflects Africa’s ability to create practical, home-grown solutions that align with how the continent trades, lives, and grows.

Muzaffer Khokhar, executive chairman, Mercury, said the launch represents a milestone in Africa’s move toward financial sovereignty.

“We are proud to support a system built by Africa, for Africa. This is about sovereignty, innovation, and building trust in African systems to shape the continent’s financial future. The PAPSS Card will become Africa’s most trusted payments brand, strengthening the backbone of the continent’s financial future.”

John Bosco Sebabi, acting CEO of PAPSSCARD, added that the new payment offering will unlock benefits for a wide range of stakeholders, from corporates and banks to merchants and individuals.

He said that the PAPSSCARD card would “reduce costs for public institutions, support innovation across the financial sector, and expand access to secure, modern payment tools for people and businesses across the continent.”

Commemorative cards were unveiled at the 32nd Afreximbank Annual Meetings to mark the launch of the PAPSSCARD.

This initiative was made possible by strategic partnerships with issuing banks – Bank of Kigali and I&M Bank Rwanda; Rswitch, Rwanda’s national switch – Smart Cash; and Unified Payments, ensuring its seamless acceptance throughout Nigeria.

African central banks and payment systems are set to spearhead the continent-wide adoption and rollout of the new PAPSSCARD.

This initiative will significantly advance Afreximbank’s strategy to promote financial inclusion and boost intra-African trade under the African Continental Free Trade Area (AfCFTA), fostering a more integrated and self-sustaining African economy.


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E-Financial

Polaris Bank Backs Ethical Journalism with Strategic Media Support

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Polaris Bank
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Polaris Bank is set to host the 2025 edition of its Annual Media Capacity Seminar on July 17, 2025, from 10:00 AM to 1:00 PM. This year’s seminar is themed: “Empowering Journalists in the Digital Age: Storytelling, Tools & Transformation”, and will feature two distinguished facilitators: Taiwo Obe, Founder and Director of Journalism Clinic, and Abayomi Adisa, a Senior Journalist with the BBC.

Now in its 11th year, Polaris Bank’s Media Capacity Seminar has grown into a flagship media education initiative supporting journalism excellence and professional development across Nigeria. Since its inception in 2015, the program has trained over 5,500 journalists, equipping them with the contemporary knowledge and tools needed to thrive in an evolving media landscape and AI era.

The 2024 edition, held in a hybrid format, recorded over 500 participants and focused on “Integrating AI Tools in Contemporary Media Practices for Innovation and Excellence.” Participants gained insights into data journalism, fact-checking, multimedia storytelling, and the responsible use of artificial intelligence in the newsroom.

Building on last year’s success, the 2025 edition will explore critical aspects of modern journalism, including digital storytelling, transformative newsroom practices, and emerging tools that can help journalists remain relevant in practice and impactful in today’s information age.

Attendance at the seminar is free, but registration is mandatory. Interested participants can still register via bit.ly/PAMC2025.

Polaris Bank remains committed to promoting responsible journalism through robust, consistent and premium media education and investing in initiatives that foster a more informed and progressive society.


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E-Financial

UBA Expands to More African Cities, Stamps Footprint  in Saudi Arabia

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United Bank for Africa (UBA) has announced strategic expansion into more African countries even as it plans to open a new office in Saudi Arabia, marking a significant milestone in its mission to connect Africa with key global markets.

UBA Expands to More African Cities, Stamps Footprint  in Saudi Arabia

Oliver Alawuba, GMD/CEO, UBA group,

This emerged during the Group’s Half Year Business Review held at its global headquarters in Lagos, where Oliver Alawuba, group managing director/CEO, UBA group, met with senior executives overseeing UBA’s 24-country footprint.

The meeting reaffirmed the bank’s pan-African strategy while outlining bold new steps into global markets.

Alawuba highlighted UBA’s continued growth outside Nigeria, with more than 51.7% of Group revenues now generated from its ex-Nigerian operations.

He described the Saudi expansion as a move that positions UBA to support cross-border trade, attract investment flows, and better serve the African diaspora.

“UBA’s vision is clear—we are building a truly global institution anchored in Africa, but serving customers across continents. Our entry into Saudi Arabia signals confidence in new opportunities and commitment to supporting economic connectivity between Africa and the Middle East,” he said.

The Saudi expansion adds to UBA’s international presence, which currently includes the United Kingdom, United States, France, and the United Arab Emirates. Alawuba also disclosed that the bank is upgrading its operating licence in France to further strengthen its European operations.

“In Europe, UBA has operations in the United Kingdom and is upgrading its licence in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in New York,” Alawuba noted.

Since launching its pan-African journey with an entry into Ghana in 2004, UBA has expanded rapidly across 20 African countries, establishing itself as a leading driver of financial inclusion, innovation, and regional integration.

 

 

 

 

 

 


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