Telecoms companies on Tuesday accused banks of converting the Unstructured Supplementary Service Data (USSD) channel, which should be a service channel dedicated to promoting financial inclusion, into a revenue line. In a letter addressed to the Body of Banks’ Chief Executive Officers (BOBCEOS), the telcos, acting under the aegis of …
Read More »Tag Archives: GTB
Banking sector profit falls by 28% – Report
The Nigerian banking sector’s profit fell by 28.4 per cent in the 2015 financial year, the just released Afrinvest 2016 Banking Sector Report showed. The report, released in Lagos on Wednesday, indicated that foreign exchange volatility and lower oil price led to a major decline in the fortune of the …
Read More »CBN orders Banks to sell 60 per cent forex to manufacturers
The Central Bank of Nigeria, CBN, yesterday, ordered Authorised Dealers (banks) to allocate 60 per cent of their total Foreign Exchange, forex purchases from all sources (interbank inclusive) to manufacturers and 40 per cent to other users for the purpose of trade and other obligations. CBN Governor, Mr Godwin Emefiele …
Read More »NDIC decries high rate of insider abuse in banks
The Managing Director of Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim has expressed concern on the increasing wave of non-performing insider loans in banks. A statement issued by the NDIC said Ibrahim expressed the concern while receiving a delegation from the Chartered Institute of Bankers of Nigeria (CIBN) led …
Read More »Watch out for this suspected ATM fraudster, EFCC warns Nigerians
The Economic and Financial Crimes Commission has raised the alarm about the activities of identity thieves and automated teller machine fraudsters in the country. It has also urged Nigerians to be more careful when carrying out transactions via ATMs and to avoid disclosing their Personal Identification Numbers to others. In …
Read More »