banking
-
The Central Bank of Nigeria, CBN, on Thursday restored the 43 items previously prohibited from access to foreign exchange (FX). Isa AbdulMumin, Director of Corporate Communications at CBN, disclosed in a statement on Thursday. The apex bank reiterated its commitment to ending the foreign exchange crisis. It added that it is working towards an FX…
-
The president of the Federal Reserve Bank of Boston said Friday she expects interest rates staying higher for longer, and further monetary tightening is “certainly not off the table.” “While recent inflation readings have been encouraging, inflation remains too high,” Susan Collins said in her remarks at the Annual Convention of the Maine Bankers Association.…
-
The Bank of Japan announced Friday “greater flexibility” in its monetary policy — surprising global financial markets. The central bank loosened its yield curve control — or YCC — in an unexpected move with wide-ranging ramifications. It sent the yen whipsawing against the dollar, while Japanese stocks and government bond prices slid. Elsewhere, the Stoxx 600 in Europe opened lower and…
-
The Central Bank of Nigeria’s Monetary Policy Committee has moderately hiked monetary policy rates to 18.75 per cent. The acting Governor of the Central Bank of Nigeria, Mr Folashodun Shonubi, disclosed this on Tuesday at the press briefing at the end of the 292nd MPC meeting. MEZIESBLOG recalls that the Central Bank of Nigeria (CBN),…
-
The Central Bank of Nigeria (CBN) has placed a N50,000 daily limit on contactless payments through bank accounts or digital wallets. The apex bank also limited the amount per transaction to N15,000 on contactless payments. The CBN disclosed this on Tuesday in a circular titled “Transaction Limits on Contactless Payments.” Musa Jimoh, Director, Payment System…
-
President Bola Tinubu has finally spoken about the suspension and subsequent arrest of the former governor of the Central Bank of Nigeria, Godwin Emefiele. Tinubu had on June 9, suspended Emefiele to allow for investigation into some allegations leveled against the CBN former governor. Emefiele was subsequently arrested in Lagos State and flown to the…
-
The Central Bank of Nigeria, CBN, has announced further policy changes. According to the Director of Corporate Communications, Dr Isa AbdulMumin, the policy changes are aimed at promoting transparency, liquidity and price discovery in the FX market. AbdulMumin said this is to improve FX supply, discourage speculation, enhance customer confidence and ensure overall stability in…
-
One of the best ways to sell financial products and services digitally is on the mobile banking app itself. With consumers accessing their mobile banking multiple times each week (or day), this platform provides unparalleled capabilities to engage and drive sales activity. Financial institutions use mobile banking apps for selling services in several ways. Some…
-
The Senate, yesterday, abandoned its previous hard-line stance and approved the conversion to a 40-year bond of the N23.72 trillion Federal Government’s unappropriated expenditure funded by the Central Bank of Nigeria (CBN) through its ways and means (W&M) window. President Muhammadu Buhari, last year, wrote the National Assembly to approve the amount alongside a fresh…
-
Bank scams are an unfortunate and infuriating reality of our modern world. The lasting impact they can have is far reaching, with some victims losing everything from their homes to their treasured relationships with friends and family. Despite what many people believe, anyone at any age can be affected. In fact, reports have found that people aged…
-
Policemen have arrested a Point-of-Sale (POS) operator who reportedly went on a spending spree after N280m was erroneously transferred to his account by a commercial bank. The POS operator identified as Alfa Rafiu was arrested by the police on Monday in Ilorin, Kwara State capital. PUNCH Metro gathered that the suspect is a resident of…
-
Nigerian banks are repositioning for more significant impacts, better product offerings, and higher returns on investment. Apart from announcing several changes, the banks moved to solidify their leadership positions by changing names, branding, and operational structures. Nigerian banks seek new frontiers and new profits Earlier in March, one of Nigeria’s leading banks, Zenith Bank, announced that it…
-
Bankers Believe Conversational AI Will Be a Game-Changer, Eventually. The level of acceptance and use of conversational AI is likely to continue growing over the next several years as the capabilities and deployment across multiple applications in every industry continues. While there has been unprecedented coverage of ChatGPT in the past several months, financial institutions…
-
Financial institutions have been increasingly using chat functionality for customer engagement in recent years, whether on mobile apps, within online banking, or on their website. The research indicates that the extent to which organizations effectively leverage this functionality varies. For instance, the greatest usage of high-level chat communication is evident from the largest financial institutions.…
-
Authorities raided the Paris offices of five banks Tuesday on suspicion of tax fraud, French prosecutors said. The raids come as part of five preliminary investigations opened in December 2021 on allegations of money laundering and tax fraud linked to dividend payments, the French National Financial Prosecutor’s Office said in a statement. Prosecutors didn’t specify…
-
The Nigeria Deposit Insurance Corporation, NDIC has reiterated its call to members of the public, particularly, the Medium, Small and Micro Enterprise (MSME) sector, to ensure they only save their money within the formal banking system. Insisting the NDIC has the capacity to protect all bank deposits, the Corporation said that such deposits enjoy effective…
You must be logged in to post a comment.