Banking sector records N32.90trn transactions in Q2 – NBS

The National Bureau of Statistics (NBS) says a total of 509,668,433 transactions valued at N32.90 trillion was recorded in the banking sector during the second quarter. The NBS stated this in its “Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength (Q2 2018)’’ report released in Abuja. According to the report, Automated Teller Machine (ATM) transactions dominated the volume of transactions recorded. It said 217,417,961 volume of ATM transactions valued at N1.603 billion was recorded in the period under reveal. “In terms of credit to private…

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CBN: Banks lost N1.63bn to e-fraud in 2017

Central Bank of Nigeria

…refunded N5.98bn excess charges Forex inflow hits $91.bn Despite increased efforts by the regulators and operators to curb the scams, the number of recorded electronic fraud cases in the banking industry increased by 28 per cent last year, rising from 19,531 in 2016, to 25,043, resulting in a loss of N1.63 billion, the Central Bank of Nigeria (CBN)has said. The apex bank stated this in its draft 2017 Annual Report released yesterday. The banking watchdog, however, noted that the number of actual losses declined by 24.0 per cent relative to…

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BVN: Banks register 2.4m customers in 196 days

  Lenders in Nigeria registered a total number of 2.4million customers for the Bank Verification Number (BVN) project between January and July 15 this year, New Telegraph has learnt. An analysis of the latest data obtained from the Nigeria Interbank Settlement System (NIBSS) shows that while the total number of bank customers issued BVN stood at 31,426,091 as at December 31, 2017, the figure had risen to 33,851,113 as at July 15, 2018. The statistics further shows that although the number of bank customers with BVN continues to grow, it…

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Ondo banks shut over police redeployment to Ekiti

Commercial banks in the four Local Governments in Akoko area of the Ondo North Senatorial district of Ondo State were shut to customers over the redeployment of policemen guarding the banks to Ado-Ekiti in Ekiti State for All Progressives Congress (APC) political rally. The affected Local Governments included Akoko Southeast, Southwest, Northeast and Northwest. The policemen were deployed from the four council areas and other parts of the state for the political rally. The policemen from Ondo State were parts of the policemen deployed to Ado Ekiti on special duty…

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European banks eye cross-border mergers

The European Central Bank and the lenders it oversees are running out of time in their push for rules to foster cross-border mergers, according to a Bloomberg report.   European Union regulations need to change so consolidation makes financial sense, the ECB and firms say. But their shared urgency has been stymied by politicians from Germany and smaller states who want to make sure closer ties don’t expose them to excessive risks from other countries.   Euro-area leaders meet at the end of this month to discuss further integration of…

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Banks are cheating us through ATMs, customers cry out

Commercial bank customers have decried excess charges by banks through Automated Teller Machine (ATM) withdrawals. Some customers said they dread making withdrawals using other banks’ ATMs because of the continued charge of N65 for every transaction. According to the customers, most banks within the city centre of the Federal Capital Territory (FCT) have programmed their ATMs to dispense only N10,000 or less per transaction, thus ripping off customers withdrawing more than that amount. The customers complained that if they had to withdraw N100,000 or more through other banks ATM, it…

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10 banks post N632bn profits in 2017

Despite grappling with economic headwinds for most of the year, the Nigerian banking industry still posted agenerally strong performance in 2017. New Telegraph’s analysis of 10 lenders’ results shows that they recorded significant growth across financial indices with total Profit after Tax of (PAT) of N632.241 billion. The banks are Zenith Bank Plc., Guaranty Trust Bank Plc., UBA Plc., Ecobank Plc., Access Bank Plc., Stanbic IBTC Plc., FCMB,Sterling Bank Plc., Wema Bank and Coronation Merchant Bank. Further analysis revealed that leading Tier 1 banks, Zenith Bank and GTB accounted for…

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…banks remain shut, residents scared

Many scared residents of Offa, the second largest town in Kwara state where armed robbers gunned down at least 17 people last week during a daring raid on five commercial banks, said they are not ready yet to enter any bank building, no matter the benefits. “Not even in the next six months, okan eeyyan o ni bale now” (one will still be afraid) was the way a senior staff of Federal Polytechnic, Offa put it to our reporter when asked about her readiness to resume visiting the banks if…

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Banks embrace technology to cope with new regulations

Financial firms in the advanced economies have spent billions on regulatory compliance, and they still face more new rules that will require more spending, according to JWG, a London think tank focused on regulation.   Commenting on the development in a recent report, the JWG’s CEO, Di Giammarino, stated: “Why, after eight years of regulatory reform, is the industry still struggling to fund companies that can revolutionize the way we establish policies and ensure compliance?”   MiFID II took effect in January but beyond that are Europe’s GDPR, BCBS 239,…

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Banks record 26,182 fraud, forgery cases worth N12bn

Lenders sack 320 employees for fraudulent activities NDIC probes banks   The Nigeria Deposit Insurance Cor por at i on (NDIC) has put the number of fraud and forgeries in banking sector in 2017 at 26,182 cases, translating to total sum of N12.01 billion, higher from N8.68 billion reported in 2016. Also, a total of 320 bank employees had their appointments either terminated or were summarily dismissed in 2017 for fraud-related cases. The corporation confirmed the figures yesterday in a statement by Head, Communications and Public Affairs, Mohammed Kudu Ibrahim.…

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