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In a bid to bolster cybersecurity measures within the financial sector, the Central Bank of Nigeria (CBN) has mandated a 0.5% transaction fee on cybersecurity for Nigerian deposit money banks. The levy, announced via a circular issued to all commercial, merchant, non-interest, and payment service banks, as well as mobile money operators and payment service…
In a landmark case of financial malpractice, former manager of First City Monument Bank (FCMB), Nwachukwu Placidus, has been sentenced to a total of 121 years in prison for his involvement in a N112,100,000 fraud scheme. Judge S. N. Odili of the Anambra State High Court, located in Onitsha, Anambra State, delivered the verdict, marking…
A widespread loan recovery effort has been initiated by commercial banks targeting the loans disbursed to individuals and Micro, Small, and Medium Enterprises (MSMEs) in response to the economic repercussions of the COVID-19 pandemic. Shocked beneficiaries have reported sizable deductions from their bank accounts without prior notification from the banks, leaving many baffled and financially…
The Federal Competition and Consumer Protection Commission (FCCPC) is poised to enact a new wave of regulations within Nigeria’s digital lending space, targeting the surging defaults plaguing the sector. In a recent appearance on a TVC live program, Mr. Babatunde Irukera, the CEO of the Commission, unveiled plans for forthcoming regulations slated for 2024. These…
The Central Bank of Nigeria (CBN) has revealed that a total of $533.48 million was released for foreign education by banks between October 2022 and March 2023, as reported in the latest statistical bulletin published by the apex bank. Experts anticipate that the second quarter of 2023, spanning from April to June, may see an…
In a recent development, customers of Guaranty Trust Bank (GTBank) have expressed frustration as the bank faces challenges with its app update. The bank had previously notified its customers via text messages and emails that an automatic update to the new version would occur on 12th July. However, since the scheduled update, many GTBank customers…