Banking

CBN hq

Banks Reject order to accept Cheques into savings accounts

Deposit Money Banks (DMBs) are yet to comply with the Central Bank of Nigeria (CBN) directive that they allow cheques payments into savings accounts, this is according to a report by The Nation newspaper. The apex bank instructed the lenders that savings account customers with Bank Verification Number (BVN) should be allowed to deposit cheques […]

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Diamond Bank

Diamond Bank boss tasks lenders on efficient payment solutions

Following the success of Given the seamless payment system to businesses, Nigerian banks have been urged to provide payment solutions that will not only facilitate efficient payment processes but equally shape the future of businesses in the country. The Chief Executive Officer, Diamond Bank Plc, Uzoma Dozie, said this in a recently published article on […]

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GTBank launches Fashion Weekend to promote enterprise

One of Africaa’s leading bank, Guaranty Trust Bank plc, has announced the debut of the GTBank Fashion Weekend which will hold in Lagos on the 12th and 13th of November 2016. The two-day consumer focused event is themed “Promoting Enterprise” and is set to create an ultimate fashion experience, where the most promising and talented […]

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AfDB worries over the challenge of post-harvest losses

The challenge of post-harvest losses in Africa has a assumed a major worry to the African Development Bank (AfDB), calling for immediate solutions. The bank said that reports indicate that post-harvest losses in Africa are equivalent to the annual caloric requirement of 48 million people, and worth US $4 billion in lost revenue per year. […]

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Godwin Emefiele

CBN to extend BVN registration to microfinance banks, others

The Central Bank of Nigeria (CBN) has said that it plans to extend the Bank Verification Number (BVN) registration project to customers of other Financial Institutions (OFIs), its Director, Banking and Payment Systems Department, Dipo Fatokun, has said. The OFIs include Microfinance Banks, Primary Mortgage Institutions and others. Fatokun made the disclosure at a bi-monthly […]

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UBA wins double at Businessday Banking Awards

Pan-African banking group, United Bank for Africa (UBA) Plc at the weekend achieved another mile-stones at the annual Businessday Banking Awards, by winning the Best Bank in Sub-Saharan Africa and the Best Bank in support of Agriculture awards. The first award, the “Best Bank in sub-Saharan Africa award is in recognition of UBA’s leadership role […]

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World Bank, New Development Bank sign MoU

The New Development Bank (NDB) set up by the BRICS nations and the World Bank group have signed a memorandum of understanding to strengthen their cooperation in addressing global infrastructure needs. The memorandum, signed by World Bank Group President Jim Yong Kim and NDB President K.V. Kamath, formalized the World Bank Group-NDB knowledge partnership, paving […]

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Zenith Bank Introduces *966# Fridays

966 people will enjoy triple value on airtime purchases made every Friday. This means that buying N1000 airtime gets you a whopping N3,000 airtime! Simply recharge your phone with *996# between the hours of 6:00am and 9:00am on any Fridaywithin this period and you could be one of the lucky 966. Just dial *966*amount*mobilenumber# from […]

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BoI mulls increase funding to mining sector

The Bank of Industry (BoI) has pledged to increase funding support to the mining sector in the country, order to improve the sector’s contribution to the Gross Domestic Product. Acting Managing Director, BoI, Mr. Waheed Olagunju, stated this while speaking on the sidelines of the International Mining Investment Conference, which held in Abuja. He stated […]

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CBN hq

CBN lists sanctions against banks over power intervention fund

The Central Bank of Nigeria (CBN) listed out sanctions to Deposit Money Banks participating in the disbursement of the N213bn Nigeria Electricity Market Stabilisation Facility, otherwise called power sector intervention fund. The sanctions were contained in a five-page circular posted on the CBN website on Monday. The circular, dated September 1, 2016, was signed by […]

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UBA affirms subsidiaries’ contributions to profits

Foremost African banking institution, United Bank for Africa has said the bank’s African subsidiaries contributed 25 per cent of the group’s profit and account for over a quarter of its overall total deposit base, which is largely made up of low-cost savings and current account deposits Group Managing Director/ CEO, , Mr. Kennedy Uzoka, was […]

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