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 …
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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 …
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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 …
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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 …
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