E-Financial
Polaris Bank Unveils New Mobile Banking App, Offers 50% Discount on Charges
Polaris Bank has unveiled its new Polaris Mobile Banking App and is offering customers a 50 per cent discount on all transfer fees for 30 days after registration on the app.
The Bank disclosed that the new Polaris Mobile Banking App “is now available to users on both Google Play for Android devices and the Apple App Store for iOS devices”.
To take advantage of the 50 per cent discount on transfer fees, customers of the bank are encouraged to visit their respective App stores, search for “Polaris Mobile” or “Polaris Mobile Banking App” and download the app.
Speaking on the new Mobile Banking App, Tokunbo Abiru, Polaris Bank’s managing director/CEO, explained that the launch of the new product is in line with the bank’s digital transformation plan, which is to further ensure it is a future-determining bank aligned with global trends of intelligent automation.
According to Abiru: “As evolving customer preferences are enabled by new technology, we continue to seek innovative solutions that excite our customers. The Polaris Mobile therefore offers a refreshing tool to enhance the convenience and lifestyle of our customers who are always on the go.”
On migrating users from the old app to the new one, Biodun Alli, the Bank’s head, E-Business, explained: “Customers who have the old app can still use it for the time being but are advised to immediately migrate to the new Mobile Banking App to experience a seamless banking experience.
“The Bank is committed to leverage technology innovation for high quality service delivery. Thus, to aid easy customer migration and registration, we have established a support portal for branches and other support teams to assist our customers with first-level and second-level support.
“Customers seeking additional information on the new Mobile Banking App can also walk into any of our branches nationwide and have their enquiries attended to by our customer service team. Customers with enquires can also can contact our 24-hour multilingual customer service center, the YES Centre, on: 0700-7652747 or 08069880000, or send their enquiries by email to: yescenter@polarisbanklimited.com.”
Advising customers on security, the E-Business Boss stressed: “On no condition should any customer give his/her log-in details, including passwords, to anyone – either physically, over the phone or on online platforms such as social media and messaging groups. The bank will NEVER request for such information and customer must remain security-conscious.
“This warning has become necessary, so that our valued customers do not fall into the hands of internet fraudsters or scammers who might pose as the bank staff or workers with the aim of swindling customers.”
Just recently, the bank launched a Collateral-Free Salary Advance Product to Customers, a customer-led product that enables employees to get up to 50 per cent of their net monthly salary to meet basic needs before their next payday.
Polaris Bank is a customer-centric bank positioned to deliver industry-defining products, services and platforms across all the key market segments.
Nigeria Deposit Insurance Corporation (NDIC) has called for comments from financial services industry stakeholders in the country, policy makers and the general public towards the ongoing revision of the International Association of Deposit Insurers (IADI) Core Principles for Effective Deposit Insurance System.
The proposed revision launched by IADI in May 2025, is a significant step towards enhancing the resilience and relevance of deposit insurance frameworks in the face of an evolving global financial landscape.
Specifically, the revision is aimed at comprehensively addressing structural changes, including digital innovation, the growing role of deposit insurers in resolution, and lessons learned from the banking turmoil in March 2023, which is the most significant systemic stress event since the 2007-09 global financial crisis.
The IADI Core Principles are used by jurisdictions, including Nigeria, as a benchmark for assessing the quality of their deposit insurance systems and for identifying gaps in their deposit insurance practices and measures to address them.
The Core Principles are also used by the International Monetary Fund (IMF) and the World Bank in the context of the Financial Sector Assessment Programme (FSAP), to assess the effectiveness of jurisdictions’ deposit insurance systems and practices.
The first set of the Core Principles was issued jointly by the IADI and the Basel Committee on Banking Supervision (BCBS) in June 2009 while the document is subjected to periodic revision order to keep it up-to-date with evolving trends on the global financial system landscape.
As a founding and committed member of IADI, NDIC recognises the importance of the ongoing revision and hereby invites stakeholders and the general public to actively participate in the process by reviewing the document on the lin
Onafriq, Africa’s largest digital payments network, has celebrated a major milestone, connecting nearly 1 billion mobile money wallets and 500 million bank accounts across the continent.
According to a statement released by the company, Onafriq has evolved from a mobile money switch to a comprehensive omnichannel payments network, facilitating seamless transactions and financial inclusion.
The company’s network now connects 961 million registered mobile wallets and 464 million registered bank accounts, with over 2,000 cross-border payment corridors supported.
Speaking on the achievement, Dare Okoudjou, Founder and CEO of Onafriq, said, “We remain fully committed to connecting every individual and business in Africa with each other and the world.”
Okoudjou noted that the company has grown in lockstep with the continent’s digital evolution, from mobile money to bank accounts, remittances, and real-time trade.
As Onafriq embarks on its next chapter, the company aims to develop infrastructure with local relevance while maintaining the scale of its pan-African infrastructure.
A prime example is Nigeria, where Onafriq is developing a unique payments stack that combines the strength of its cross-border network with the regulatory and foreign exchange realities of one of Africa’s most dynamic economies.
The company is also exploring blockchain infrastructure and stablecoin integrations to facilitate near-instant, programmable payments, aligning with the objectives of the African Continental Free Trade Area (AfCFTA).
“We are increasingly focused on creating infrastructure with local depth,” Okoudjou said.
With extensive experience, wide reach, and a proven execution track record, Onafriq remains dedicated to building a payment infrastructure that unlocks prosperity across borders and within local communities.
United Bank for Africa (UBA) has informed its customers that, in compliance with a new directive from the Nigerian Communications Commission (NCC), charges for USSD banking services will no longer be deducted from bank accounts, effective June 3, 2025.
In a notice sent to customers, the bank explained that the charges would now be deducted directly from users’ mobile airtime balances, in line with the NCC’s newly introduced End-User Billing (EUB) framework.
It said the new model aimed to ensure transparency in USSD transactions and shift billing responsibility to mobile network operators.
According to UBA, each USSD session would now cost ₦6.98 per 120 seconds, saying that customers initiating transactions would receive a prompt to provide consent at the start of each session, and airtime would only be debited if the bank is available to process the request.
The bank advised customers who are not comfortable with the new billing arrangement to opt for other digital banking alternatives such as the UBA mobile app and internet banking platform, which remain fully operational and user-friendly.
UBA reaffirmed its commitment to providing secure and accessible digital services, and encouraged customers to choose the channel that best suits their banking needs.
The policy marks a significant shift in Nigeria’s digital banking ecosystem and is expected to address longstanding disputes over USSD service charges between telecom operators and financial institutions.
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