•Telcos The telecom operators in Nigeria, including MTN Nigeria, Airtel, Globacom and 9Mobile have threatened to withdraw network support for banks’ Unstructured Supplementary Services Data, USSD, following what they described as gross misinformation of subscribers on the mode of deduction for transaction fees. USSD, commonly known as ‘bank tr...
Manufacturers, under the aegis of the Manufacturers Association of Nigeria (MAN), have called on the nation’s commercial banks to stop harassing them over unmet foreign exchange (Forex) forward obligations. The association made the plea in a statement signed by its Director General, Segun Ajayi-Kadir, over the weekend. Clarifying the position ...
•Nigerian banks The Federal Inland Revenue Service (FIRS) has directed banks to immediately identify and shut down any unauthorised tax and levy collection accounts not integrated with its TaxPro Max platform. The directive, announced through a public notice titled Directive to Close Unauthorised FIRS Tax Collection Accounts, was signed by FIR...
•Electricity grid In a bid to end age-long power woes, the federal government is in talks with commercial banks and other investors to fund its ambitious universal electricity access, which requires a whopping $23.2bn investment. It was learnt that Nigeria will require $23.2bn of aggregate investment to achieve the planned universal electricit...
•The junta Banks and gas stations that had gone on strike in Mali called off their action yesterday after reaching an agreement with the junta, the union and the government said. The National Union of Banks, Insurance Companies, Financial Institutions, Retailers, and Gas Stations (Synabef) had stopped work on Thursday to demand the release of ...
The UK’s highest court today opens a hearing to determine whether controversial car loans were unlawful, in a case that could cost banks billions of pounds in compensation. Lenders are appealing a landmark ruling by a Court of Appeal in November that deemed it unlawful for car dealers to receive a commission on loans without […]
The Nigeria Deposit Insurance Corporation (NDIC) has urged members of the public to continue their banking activities without fear, assuring that all banks remained safe and sound. A statement by Hawwau Gambo, the Acting Head, Communication and Public Affairs Department of NDIC in Abuja yesterday, reiterated the corporation’s commitment toward...
Banks have commenced implementation of the new Automated Teller Machine (ATM) transaction fee charge on customers following the Central Bank of Nigeria (CBN’s) directive. Our correspondent who monitored some banks’ ATM gallery in Abuja and environs yesterday, reports that some customers were lamenting about the increase, reports NAN. All the b...
•Pilgrims departing for Hajj The National Hajj Commission of Nigeria (NAHCON) has approved four banks to support and implement the Hajj Savings Scheme. Abdulbasit Abba, an official in the Information and Publications Division of NAHCON, announced the development in a statement in Abuja yesterday. Abba stated, “A significant milestone for the H...
•Phone users Commercial banks are riding on telco platforms to rake in billions of naira from the increasing number of customers using digital banking services. Most of the banks deploy several strategies, products and services under which they charge fees, far above what is specified in the guide to bank charges, reports The Nation. Banks [&h...
The Frontier is Nigeria’s leading online newspaper. It is published by Okims Media Links Limited headed by Sunny Okim, a veteran journalist who is widely known as The Grandmaster, fondly called so by colleagues and friends for being Nigeria’s pioneer movie journalist.
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