30 results
- 9 May 2024
CBN Unveils List of Licensed Deposit Money Banks
Central Bank of Nigeria (CBN) has released the list of licenced Deposit Money Banks operating in the country. Providing insights into the banking landscape in Nigeria, the list was made public on the…
- 3 Oct 2025
NDIC Covers 99 Percent of Commercial Banks’ Deposits – MD
Nigeria Deposit Insurance Corporation (NDIC) currently provides full insurance cover for 98.98 percent of Deposit Money Banks’ total deposits, according to Mr. Thompson Sunday, managing director of…
- 17 Mar 2022
Senate Amends Money Laundering Act, Banks to Report Deposits to EFCC
The Senate has passed a bill to amend the Money Laundering Act 2011, which makes it mandatory for Deposit Money Banks and other financial institutions to report to the Special Control Unit Against…
- 30 Jul 2017
Agents, Logistics Hobble Banks’ Mobile Money Operations
Managing mobile money agents’ networks and logistic issues have conspired to frustrate money deposit banks from making progree in the mobile money operations in the country, according to experts who…
- 10 Sept 2013
FG to Cut Deposits in Banks over their Refusal to Lend to Nigerians
The federal government said that it might be forced to cut her deposits with Deposit Money Banks (DMBs), otherwise commercial banks in the country over their reluctance to grant loans to…
- 16 Mar 2022
Reps Probe Excessive, Illegal Charges on Customers’ Deposits by Banks
House of Representatives, on Wednesday, mandated its Committee on Banking and Currency to investigate the alleged excessive charges on bank transactions imposed by Deposit Money Banks, also known as…
- 25 Nov 2018
CBN Mulls Punishment for Banks’ Chiefs over Money Laundering
Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) to be careful not to violate the money laundering Act. The warning is coming as the 2019 elections approach and political…
- 13 Sept 2022
How to Fund Merrybet Account: Money Deposit Options
How to Deposit Money to Merrybet: Guide on Account Funding A regular punter in Nigeria would have come across Merrybet as it continues to be one of the top betting sites in Nigeria. Established in…
- 5 Apr 2019
NDIC Recovers N29Bn from Debtors of Failed Banks
Nigeria Deposit Insurance Corporation (NDIC) said it has so far recovered N29bn from debtors of liquidated deposit money banks, microfinance banks and primary mortgage banks in the country. …
- 13 Mar 2016
Banks Go Local to Beat CBN Deadline on Tier 3 Data Centre
Money deposit banks and other financial institutions in the country are embracing data centre service ahead of next year’s deadline given to money deposit banks in the country by Central Bank of…
- 24 Jul 2018
CBN Mulls New Credit Mechanism for Real Sector @ Single Digit
To encourage banks to give credit to the real sector of the economy, at single digit rates, the Central Bank of Nigeria (CBN), has offered to complement the effort of Deposit Money Banks (DMBs)…
- 4 Jul 2019
CBN Okays Free Operation of Mobile Wallet by Banks
Central Bank of Nigeria (CBN) has said that Deposit Money Banks can now operate mobile money wallet services without prior approval. The banking regulator stated this in a circular to DMBs…
- 5 Nov 2020
Banks’ Borrowings from CBN Drops by 93%
Deposit Money Banks’ reliance on the loans from the Central Bank of Nigeria (CBN) fell sharply by 93 percent in August, driven by surge in idle cash (excess liquidity) in the interbank money market.…
- 20 Dec 2020
CBN Orders Banks to Close Naira Accounts of International Money Transfer Operators
Deposit Money Banks (DMBs) in the country have been ordered to close all Naira accounts operated by International Money Transfer Operators (IMTOs). This directive was given to the commercial banks by…
- 17 Apr 2024
CBN Cuts Banks’ Loan-to-Deposit Ratio to 50 Percent
Central Bank of Nigeria (CBN) has issued a new directive to all Deposit Money Banks (DMBs) introducing a reduction in the loan-to-deposit ratio (LDR) to 50 per cent. So called LDR refers to the…
- 16 Nov 2014
NDIC Assures Banks’ Customers Safety of their Deposit
Nigeria Deposit Insurance Corporation (NDIC) said its safety net coverage has reached 98 per cent of the customers of the Deposit Money Banks (DMBs). Besides, it gave assurance that it has no course…
- 26 Aug 2016
CBN Warns Banks on Illicit Money Transfer Flows
‎Central Bank of Nigeria (CBN) has directed commercial banks to conduct Know Your Customers’ Businesses (KYCB) to ensure customers do not transact illegal or illicit remittances through the…
- 9 Nov 2016
CBN Goes Tough on Illegal IMTOs, Banks over Money Transfers
Central Bank of Nigeria (CBN) has threatened to deal with any illegal International Money Transfer Operators (IMTOs) in the country when caught, warning Nigerians in the diaspora to desist from…
- 29 Jun 2026
NDIC Says 281m Depositors Protected against Bank Failure
Nigeria Deposit Insurance Corporation (NDIC) has said more than 281 million depositors across the country’s banking system are protected against bank failure, following reforms that significantly…
- 27 Apr 2022
Banks Groan as CBN Seizes over N7Trillionn of Deposits
Central Bank of Nigeria (CBN) has removed a whopping N7.02 trillion of customer deposits from banks’ accounts and kept it in its vault. Banks use the money in deposit accounts to make loans to other…
- 12 Jan 2018
CBN Orders Banks to Open 7.6m New Savings Accounts
The Central Bank of Nigeria (CBN ) has ordered all Deposit Money Banks (DMBs) and Microfinance banks to open 7,608,180 new savings accounts to meet its financial Inclusion target. Financial…
- 12 Mar 2024
CBN Warns Banks against Using Obsolete Circulars
Central Bank of Nigeria (CBN) has issued a warning to all deposit money banks, licensed non-interest banks and other authorised dealers over persistent use of superseded circulars and guidelines…
- 19 Feb 2013
AITEC Announces Speakers for Banking & Mobile Money West Africa Conference
Over 30 local and international speakers have confirmed their participation as speakers at this year's AITEC Banking & Mobile Money West Africa Conference, to be held at the Eko Hotel, Lagos over…
- 13 Feb 2013
Bankers’ Committee Mulls Slash in Bank Charges
Bankers’ Committee, made up of Central Bank of Nigeria (CBN); chief executives of all the Deposit Money Banks, Micro Finance Banks; and the Nigeria Deposit Insurance Corporation (NDIC) is working on…
- 12 Jan 2014
Banks to Deactivate Cards Trapped in Other Banks’ ATMs
Money deposit banks in the country have resolved to commence the deactivation of all Automated Teller Machine (ATM) cards trapped in other banks’ ATM from January 15 this year, Nigeria…
- 11 May 2018
AMMAN Picks Holes in Shared Network Initiative of Banks
Association of Mobile Money Agents in Nigeria (AMMAN) has pick holes in the Central bank of Nigeria (CBN) and money deposit banks’ recently launched Shared Agent Network initiative, saying that…
- 26 Apr 2018
CBN to Punish Banks, Directors for Money Laundering Offences
Central Bank of Nigeria (CBN) has reeled out new regime of sanctions which includes punishments for banks, their directors as well as huge fines against financial institutions found culpable of any…
- 26 Sept 2014
NDIC Reduces Insurance Premium for Banks
The Nigeria Deposit Insurance Corporation (NDIC) yesterday said it had approved the reduction of insurance premium paid by Deposit Money Banks from 0.5 per cent to 0.35 per cent. The new…
- 18 Feb 2013
Minna Banks Get N57Bn Deposits in 2012
Alhaji Mohammed Kabir Dangusau, chairman, Minna Bankers Clearing House Committee in Niger State,has said that Currency Operations in the Minna Clearing Zone in 2012 indicated that N56.71billion was…
- 14 Aug 2013
Banks Agree on N105Bn Sinking Fund to Clean Up Banking Mess
Deposit Money Banks (DMBs) in the country have agreed to set aside some N105 billion for a sinking fund to cover the cost of cleaning up the system after the 2008-2009 banking sector crisis and…