Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

E-Financial

CBN Orders NIBSS to Debit Banks over Fraudulent Transactions

Published

on

Kindly share this post

Central Bank of Nigeria (CBN), has directed the Nigeria Inter-Bank Settlement System (NIBSS) to debit the settlement accounts of commercial banks that receive fraud proceeds.

CBN Orders NIBSS to Debit Banks over Fraudulent Transactions

This is in an effort to curb fraud in the financial services sector,

So starting this month, CBN instructed the Nigeria Inter-Bank Settlement System to deduct from the accounts of any commercial bank that ends up with fraudulent proceeds.

NIBSS, incorporated in 1993, owned by all licensed banks including the Central Bank of Nigeria and it clearing house, handling inter-bank payments in order to remove potential bottlenecks associated with inter-bank funds transfer and settlement.

According to the CBN, if a bank doesn’t catch a fraudulent transaction or if they can’t prove they did their due diligence, they will get charged.

This is meant to push banks to step up their fraud detection game and is heavily leaning on the whole Know Your Customer (KYC) thing, which we all know is crucial for keeping the system secure.


Kindly share this post

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

FG Takes Full Ownership of Keystone Bank

Published

on

Kindly share this post

Federal government has taken full ownership of Keystone Bank, according to a statement by the bank posted on its X handle on Tuesday evening.

FG Takes Full Ownership of Keystone Bank

It read, “Keystone Bank Limited wishes to clarify media report of a judgement by the Lagos State Special Offences Court, sitting in Ikeja, Lagos, on Tuesday, February 11, 2025, regarding the status of the former shareholders of the bank: Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo.

“Recall that on January 10, 2024, the Central Bank of Nigeria (CBN) announced the dissolution of the previous Board and Management of the Bank for corporate governance breaches. The CBN followed this action with the appointment of a new Board and Management for the Bank.

“Subsequently the Federal Government through the EFCC filed a court action at the Lagos State High Court, Ikeja, against the former owners challenging the acquisition of the bank. At the sitting of the court today, February 11, 2025, the court ordered the forfeiture of the shares of the Bank previously held by the shareholders in favour of the Federal Government of Nigeria. The implication of this judgment is that Keystone Bank Limited is now fully owned by the Federal Government f Nigeria.”

Keystone Bank is entering a new era of stability and growth. Our foundation is solid, our future is bright, and our commitment to you remains stronger than ever. We move forward—together. #KeystoneBank #WeGrowTogether pic.twitter.com/aHV9XVd4T6

Describing the development as a “significant milestone in our journey,” the bank said the move is “paving the way for a seamless recapitalization process”.

“With this clarity, we are well-positioned for sustained growth, stronger partnerships, and enhanced profitability. Keystone Bank continues to strengthen its balance sheet while delivering exceptional value to its teeming stakeholders,” the statement read.

“The bank maintains a strong financial position, consistently fulfilling all its obligations and adhering to all regulatory requirements. We assure our customers that the bank remains safe, healthy, strong, and resilient.”

 

 

 


Kindly share this post
Continue Reading

E-Financial

CBN Rolls out New ATM Transaction Fees Effective March 1

Published

on

Kindly share this post

The Central Bank of Nigeria (CBN) has revealed new transaction fees for Automated Teller Machines (ATMs), set to take effect on March 1, 2025.

A circular, signed by John Onojah, the acting director of the financial policy and regulation department, explained that the revised charges aim to address increasing operational costs and enhance the efficiency of banking services.

This review marks the first change in ATM transaction fees since 2019 when the CBN reduced the withdrawal fee from N65 to N35.

According to the CBN, the updated fees are in line with Section 10.7 of the ‘CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (2020).’

The statement reads, “In response to rising costs and the need to improve the efficiency of Automated Teller Machine (ATM) services in the banking industry, the Central Bank of Nigeria (CBN) has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial

“This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service,” the CBN added.

Under the new rules, customers withdrawing from their own bank’s ATMs (on-us transactions) will still enjoy free withdrawals. However, withdrawals from on-site ATMs (ATMs located at bank branches) will incur an N100 fee per N20,000 withdrawn.

For withdrawals at ATMs belonging to other banks (Not-on-Us transactions), an N100 fee plus a surcharge of up to N450 per N20,000 withdrawal will apply.

The CBN emphasized that the surcharge is the income of the “ATM deployer/acquirer and must be disclosed to consumers at the point of withdrawal.”

For international withdrawals using debit or credit cards, banks, and financial institutions are now allowed to charge a “cost-recovery charge equivalent to the exact amount charged by the international acquirer.”

Additionally, the CBN stated that the three free monthly withdrawals for Remote-On-Us (other bank’s customers/Not-On-Us consumers) will no longer apply under Section 10.6.2 of the Guide.

The apex bank has urged all financial institutions to ensure compliance with the new guidelines before the March 1, 2025, implementation date.

 


Kindly share this post
Continue Reading

E-Financial

Afreximbank Invests $52bn in Nigeria, Plans Energy Bank

Published

on

Kindly share this post

The African Export-Import Bank (AFREXIMBANK) has invested a total of $52 billion in Nigeria, making the country the largest recipient of the bank’s trade and development financing.

Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, disclosed this during a meeting with the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in Abuja yesterday.

Prof. Oramah highlighted Nigeria’s strategic role in the bank’s projects, saying: “Being the largest recipient of the bank’s trade and development finance, Nigeria has attracted a cumulative disbursement of about $52 billion from Afreximbank. Nigeria is the first beneficiary of several flagship transformative projects that the bank is piloting.”

He noted that Nigeria had benefited from major investments in key sectors, including industrialization and healthcare, while also being the first host of many of the bank’s pioneering initiatives.

Among these initiatives is the African Quality Assurance Centre, established to ensure that Nigerian goods meet international trade standards. The first centre is already operational in Kaduna, with additional facilities being planned across Africa.

Over the past decade, Prof. Oramah stated that Afreximbank had disbursed no less than $140 billion across the continent, significantly driving Africa’s industrial growth and economic transformation.

He revealed that Afreximbank had made significant contributions to Nigeria’s healthcare sector, including the establishment of the African Medical Centre of Excellence in Abuja, set to open on June 5, 2025.

The centre, designed as a hospital and research hub, will focus on neglected diseases affecting people of African descent and is expected to position Nigeria as a medical tourism destination.

As part of efforts to strengthen Africa’s energy security, Prof. Oramah announced plans for the establishment of an Africa Energy Bank in Abuja, with an initial capital of $5 billion, of which Afreximbank is committing $1.25 billion.

The energy bank aims to finance projects that will enhance Africa’s energy sector, ensuring sustainable and reliable energy solutions across the continent.

In recognition of Nigeria’s strong partnership with Afreximbank, Prof. Oramah and Minister Wale Edun signed a Memorandum of Understanding (MoU) for Nigeria to host the bank’s Annual General Meeting (AGM) in Abuja this June.

Additionally, Afreximbank’s Africa Trade Centre in Abuja will be inaugurated on April 10, 2025, further strengthening Nigeria’s position as a key hub for African trade and investment.

Minister Edun expressed Nigeria’s appreciation for the continued support and partnership from Afreximbank, emphasizing the country’s commitment to leveraging these investments for national growth and development.

 


Kindly share this post
Continue Reading

Trending