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Tag Archives: banks

December, 2019

  • 24 December

    Failure To Address Customers’ Complaints Attracts N2m Fine, CBN Tells Banks

    The Central Bank of Nigeria has warned banks that failure to address complaints from depositors will attract a fine of N2m. CBN state this its guidelines on consumer protection, saying besides, adding each week the banks’ refusal to address customer’s complaints within the prescribed timelines would also attract a fine …

  • 12 December

    Banks Refund N76.7bn, $20.9m To Customers – CBN

    The Central Bank of Nigeria has said the amount of money refunded to bank customers as of November 30, 2019, stood at N76.75 billion and 20.90 million dollars. Kofo-Abdulsalam Alada, the Director, Consumer Protection Department of CBN, said this at a workshop for business editors and members of the Finance …

  • 3 December

    Nigerian Banks Sacked 2,929 Workers In Three Months – NBS

    Banks in the country sacked a total of 2,929 workers in the third quarter of 2019, the National Bureau of Statistics has said. The details are contained in a report on Selected Banking Sector Data: Sectoral Breakdown of Credit, ePayment Channels and Staff Strength data posted on the NBS website. …

November, 2019

  • 29 November

    Pay Or Get Disconnected From USSD Service, Telcos Tell Banks

    Telecommunications companies in Nigeria, have said henceforth, banks would have to pay before using the Unstructured Supplementary Service Data (USSD), or be disconnected. The companies, under the aegis of Association of Licensed Telecommunications Operators of Nigeria (ALTON), said they are likely to stop offering the services to financial institutions for …

August, 2019

  • 27 August

    Loan To Be Settled Via Defaulters Other Banks Accounts

    The Central Bank of Nigeria and other lending institutions have agreed to seize the bank savings of customers that borrow money and refuse to pay back. They agreed that the deposits in the customers’ other banks’ accounts should be used to service the unpaid loans. This was part of the …

April, 2019

February, 2019

September, 2018

  • 18 September

    Banks Will Pay Fine If Money Transfers Exceed Four Minutes, CBN Warns

    The Central Bank of Nigeria, CBN, has said it will fine banks N10,000 for every money transfer that exceeds four minutes. The apex bank disclosed this in a circular released on Monday titled ‘Circular on the regulation on instant inter-bank electronic funds transfer services in Nigeria’. CBN issued the circular to all …

  • 13 September

    Five Banks Penalized For Aiding Corruption

    The Central Bank of Kenya on Wednesday penalised five banks in the East African nation for facilitating the transfer of money looted from the National Youth Service, NYS. The banks have been fined between 200,000 dollars and 1.5 million dollars for their role in the scandal, Central Bank Governor, Patrick …

August, 2018

  • 20 August

    Banking Sector Records N32.90trn Transactions In 2018 – NBS

    The National Bureau of Statistics, NBS, says a total of 509,668,433 transactions valued at N32.90 trillion was recorded in the banking sector during the second quarter. The NBS stated this in its “Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength (Q2 2018)’’ report released in …

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