Banking

More and more banks are issuing old notes, and customers are refusing deposit conditions.

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March 10, 2023
More Deposit Money Banks have begun to dispense old N1,000 and N500 notes to their customers, about three days after a few banks started doing so. Polaris Bank and First Bank had started to pay old N1,000 and N500 notes to their customers. This came about three days after Guaranty Trust Bank Plc, Zenith Bank Plc and Sterling Bank started dispensing old N1,000 and N500 notes to their…
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Banking

Wema Bank reaffirms its commitment to gender equality

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March 9, 2023
The Managing Director/Chief Executive Officer of Wema Bank Plc, Mr Moruf Oseni, has restated the bank’s commitment to promoting gender equality and create opportunities for women to grow and achieve success in their careers. Oseni saidd this at the bank’s 2023…
Banking

CBN releases guidance on open banking

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March 9, 2023
The Central Bank of Nigeria has issued operational guidelines for open banking in Nigeria to ensure stability in the nation’s financial system. The apex bank in a circular referenced, ‘PSM/DIR/PUB/CIR/001/043’, and dated March 7, 2023, said the guidelines would create…
Banking

Four women have received LAPO awards.

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March 9, 2023
Four outstanding women were honoured in different fields of human endeavour at the LAPO Outstanding Women Leadership Award on Tuesday in Benin. In the professional category, Proprietor of Anchor International School, Kogi, Helen Mathias, was adjudged the winner; Gladys Okoro won in the business category; Mary Jackson won the farming category; while Elizabeth Ehigiamusoe got the lifetime…
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Banking

Fuel station, other reject old notess, bank rations.

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March 8, 2023
The fresh move by some Deposit Money Banks to re-circulate old N500 and N1,000 notes suffered a setback on Tuesday as motorists, fuel stations, retailers, traders, and other categories of bank customers rejected the old currencies. The development came about 48 hours after…
Banking

Banks begin payment of old N500, N1,000 notes

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March 6, 2023
Following the Supreme Court judgment, which extended the validity of the Central Bank of Nigeria currency redesign policy to December 31, some banks across the country have started paying out the old N500 and N1,000 notes to customers. Guaranty Trust Bank, Polaris Bank and…
BankingTechnology

FCMB Recommends Nigerian Company for WEF Award

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March 6, 2023
The First City Monument Bank has expressed its delight in Babban Gona, a Nigeria-based high-impact social enterprise, for winning the Schwab Award for Social Entrepreneurship at the World Economic Forum annual meeting which held in Davos, Switzerland. Babban Gona is an award-winning and high-impact agri-tech social enterprise that focuses on making farming more financially and environmentally…
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BankingReal Estate

Aid groups lift cash limits for mortgage lenders.

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March 6, 2023
The Housing Development Advocacy Network has appealed to the Central Bank of Nigeria to give waivers to mortgage banks in the cash withdrawal limit policy. The report titled “How CBN is underdeveloping the Nigerian mortgage sector” noted that appeals made to the CBN for…
Banking

The Central Bank approves holdco status of Zenith Bank.

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March 4, 2023
The Central Bank of Nigeria has approved in principle for Zenith Bank to operate as a financial holding company. In a statement signed by the Company Secretary, Michael Otu, on Friday, the bank revealed plans to change its organisational structure. With this change, the…
Banking

Wema Bank issued bonds worth N25 billion.

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March 4, 2023
To shore up its capital base, Wema Bank has issued a N25 billion bond to targeted investors. In a corporate notice signed by the Company Secretary, Johnson Lebile, on Thursday, the bond will not be listed on any security exchange. Part of the notice read, “Wema Bank Plc decided on the issuance of the bonds as a means of shoring up its capital base to facilitate the bank’s business of lending…
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