E-Financial
UBA Offers Customers Opportunity to Be Part of “Black Friday”, “Cyber Monday”

The biggest shopping weekend is around in the United States of America (USA) and pan-African bank, United Bank for Africa (UBA) Plc has put in place plans to ensure all its card holders are able to take advantage of the huge discounts that will be on offer from the comfort of their homes in Nigeria.
Called America’s annual holiday shopping frenzy, “Black Friday” is the Friday following Thanksgiving Day in the United States, which is usually held on the fourth Thursday of November annually and is often regarded as the beginning of the Christmas shopping season and marked with huge discounts on all items on sale by major retailers across America.
This year’s Black Friday sales fall on November 28, 2014 but sales are expected to start early on Thanksgiving Day on Thursday November 27, 2014 and extend throughout the Black Friday weekend and into Cyber Monday 2014. Cyber Monday is the Monday after Thanksgiving Day in America and was created by marketing companies to encourage Americans to shop online.
The Black Friday weekend to Cyber Monday has become the busiest shopping days in America with billions of dollars of deals executed in stores and online.
To ensure that UBA’s Nigerian and African customers do not miss out on the huge deals that will be up for grabs from Black Friday to Cyber Monday, UBA has gone into partnership with Shoptomydoor, a service of American AirSea Cargo, that allows Africans, individuals and business owners, shop from thousands of stores in UK, U.S.A and China have the items delivered to their door steps in Nigeria or anywhere in Africa.
The partnership, which is exclusive to UBA MasterCard and Visacard holders, will offer unbelievable rates to help people to ship items purchased to Nigeria at amazing shipping rates.
Holders of UBA cards will also enjoy further discounts when they shop online with UBA cards. This offer will be valid for the Black Friday weekend.
Already, many top American stores are announcing huge discounts that will be available from the Black Friday weekend including a $199 50” HD TV from Best Buy.
There will be significant discounts on Laptops, tablets, phones and many other items. With the UBA offer, many Nigerians will be to take advantage of these deals.
UBA is recognized as one of the biggest card payment card issuers on the continent. UBA cards are accepted by millions of merchants in over 200 countries of the world.
They can be used to pay for items in both online and offline shops and come with the best-in-class security features to ensure that all card holders are protected from online fraudsters.
“Our partnership with Shoptomydoor will enable Nigerians unable to travel to America to take advantage of the significant discounts available on Black Friday to shop comfortably from their homes in Nigeria and still have the goods delivered to their door steps.” Yinka Adedeji, divisional head, e-banking said.
United Bank for Africa Plc is one of Africa’s leading financial institutions offering banking services to more than 7 million customers across over 700 business offices in 19 African countries.
With presence in New York, London and Paris, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross border payments, and trade finance//end
E-Financial
FG Asks Banks to Report Individuals with N25m Monthly Transactions to FIRS

Federal government has mandated banks and financial institutions to begin reporting monthly transactions exceeding N25 million for individuals and N100 million for firms to the tax authorities.
Under the new provisions of the Nigerian Tax Act, financial institutions are required to submit quarterly returns to the Federal Inland Revenue Service (FIRS).
The agency will be renamed to the Nigeria Revenue Service (NRS) from January 2026, when the new tax system will take effect.
“Every person who has an obligation to deduct and remit tax under this Act or any other Returns for tax legislation shall render monthly returns to the appropriate tax authority, as specified deduction of tax in the regulation issued for that purpose,” the Act reads.
“Without prejudice to section 142 of this Act, every bank, insurance company, stock-broking firm, or any other financial institution, shall prepare, with or without demand be delivered by the relevant tax authority, quarterly returns to the relevant tax authority specifying the names and addresses of new customers;Nigerian fashion trends
“…and existing customers in the case of (i) an individual, all transactions where the cumulative transactions in a month amount to N25,000,000 or more, or (ii) a body corporate, all transactions where the cumulative transactions in a month amount to N100,000,000 or more.”
Prior to the new tax law, banks were mandated to report deposits of N5 million — a measure intended to curb illicit financial flows, according to TheCable
Experts said the shift is part of efforts to tighten anti-money laundering reporting in the financial sector.
In 2023, Nigeria was listed on the grey list by the Financial Action Task Force (FATF) over deficiencies in tackling money laundering and terrorism financing.
Since then, the country has been making efforts to exit the grey list, which subjects it to increased monitoring by the FATF.
In November 2024, Hafsat Bakari, chief executive officer (CEO) of the Nigerian Financial Intelligence Unit (NFIU), said Nigeria has achieved upgrades in five key recommendations from the FATF.
E-Financial
NIBSS: Active Bank Accounts in Nigeria Hit 320m

Nigeria Inter-Bank Settlement System (NIBS) has revealed that the number of active bank accounts in the country increased to 320 million in the first quarter of 2025.
NIBSS also announced that the country’s cashless transactions rose to N295 trillion in the that quarter, up from N237.11 trillion in the corresponding quarter of 2024.
NIBSS disclosed this in its latest report on the country’s financial sector.
According to the data, the report highlighted the growing reliance on digital payments nationwide.
Details from the report showed that electronic payment channels were used 2.21 billion times in Q1, while point-of-sale, PoS terminals recorded 776.94 million transactions.
The NIBSS report corroborates ACI Worldwide data, which indicated that the volume of Nigeria’s real-time payment transactions will reach 19.7 billion by 2028, up from 7.9 billion in 2023.
“In Nigeria, real-time payments are quickly becoming a viable alternative to cash, historically the dominant choice for payments in the country,” ACI said.
E-Financial
Edun, Finance Minister Inaugurates NDIC New Management

Mr Wale Edun, minister of Finance and coordinating minister of the Economy, has inaugurated Mr Thompson Oludare Sunday, new managing director/chief executive officer of the Nigeria Deposit Insurance Corporation (NDIC), and Dr Kabir Sabo Katata, executive director (Operations), at the Ministry of Finance, Abuja.

Mr Wale Edun, minister of Finance and coordinating minister of the Economy, flanked by Mr Thompson Oludare Sunday, new managing director/chief executive officer of the Nigeria Deposit Insurance Corporation (NDIC), and Dr Kabir Sabo Katata, executive director (Operations),
In his speech during the occasion, the Minister submitted that the NDIC, as a component of the financial safety-net has a crucial role to play in the nation’s march to economic stability and prosperity.
He therefore charged the Management team to bring their diverse wealth of experience to bear on their new assignment while assuring them of the ministry’s full support in the task ahead.
Responding, Mr Sunday who spoke on behalf of the Management team, expressed appreciation to His Excellency, President Bola Ahmed Tinubu for their appointment.
He assured the Hon Minister of the readiness of the Management under his leadership to live up to expectations of the President in particular and the nation in general in the discharge of their duties.
The Management later received by the Corporation’s Head Office with a warm welcome by the workforce.
A statement signed by Hawwau Gambo, head, Communication & Public Affairs Department, revealed that Addressing the workers on behalf the Management team, Mr. Sunday promised to work in harmony with the staff to move the Corporation to its next level performance.
He stressed that the Management’s focus would be based on the public policy objectives, functions and mandate devolved on the Corporation by the enabling law that established it.
Thompson Oludare Sunday is a seasoned financial expert with over 30 years of regulatory and supervisory experience.
Having cut his teeth with the Central Bank of Nigeria (CBN) in 1989, he went ahead to acquire high-end knowledge in Central Banking, spending 24 unbroken years in banking supervision.
While his vast experience is in the regulation and supervision of licensed institutions, his deep expertise span corporate governance, risk management and compliance as veritable tool for ensuring the safety and soundness of institutions.
He is a highly analytical and cross functional team worker with strong interest in building individual and institutional capacity for transformation and excellence.
Thompson’s skills and experience were horned by several key responsibilities and special assignments he handled for the apex Bank before his retirement as a Director 2021.
Kabir Sabo Katata, ED (Operations), is a quantitative energy strategist and computational finance expert with strong power trading and risk management experience.
He has over twenty-eight years’ experience in the design and management of technically innovative systems in multiple industries including telecommunications, IT, energy (petroleum & power), finance and government.
He is a specialist in sophisticated financial optimization, the application of modern statistical techniques and mathematics to energy, deposit insurance and banking sectors.
Dr. Katata joined the service of the Nigeria Deposit Insurance Corporation in 2012 as an Assistant Director in the Research, Policy and International Relations Department and rose to the pinnacle of his career as Director in January 2022, before his new appointment as Executive Director (Operations).
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