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NIGERIAN BANKS
News and stories about Nigerian banks
Banks and other financial institutions across Nigeria have reinstated processing fees on large cash deposits following the expiration of the Central Bank of Nigeria’s (CBN) temporary suspension.
Nigerian banks have proven to be highly profitable. Last year alone, the publicly listed Nigerian banks are projected to surpass N3.5 trillion in profits for 2023, more than doubling their earnings from 2022.
Only 20% of Nigerian bank employees implicated in fraudulent activities were dismissed in 2023, indicating a lenient stance towards internal malpractices.
Nigerian banks lost a total of N2.09 billion to frauds in Q4 2023 with mobile emerging as the top channel through which the largest amount was lost.
In 2023, Nigeria's banking sector witnessed a substantial increase in lending activities amid interest rate hikes, reflecting both the resilience of the economy and strategic efforts to support various sectors amid evolving challenges.
The Central Bank of Nigeria (CBN) has issued a new directive to all Deposit Money Banks (DMBs) introducing a reduction in the loan-to-deposit ratio (LDR) to 50%.
Global ratings agency, Fitch Ratings has stated that the Mergers and Acquisitions (M&As) that would accompany the bank recapitalisation exercise could lead to a more concentrated banking sector with greater barriers of entry and stronger long-term profitability.
Economists express concerns about Nigerian banks’ large net interest margin, alluding to the trend as making access to finance beyond the reach of small businesses.
Analysts at ARM Research have said that achieving the disclosure deadline for the implementation of the recapitalization plan for Nigerian banks, set for April 30th, 2024, may not be attainable due to the regulatory complexities involved.
Professor Ken Ife, an economist has expressed confidence in Nigerian banks' capacity to meet the new capital requirements set forth by regulatory authorities.
The announcement of N500bn capital requirement for banks with international authorization, N200bn for National banks, and N50bn each for regional and merchant banks, no–less left a rather dry patch on many banker’s throats
Nigerian banks recently issued a memo about a week ago, urging customers to link their National Identification Number and Biometric Verification numbers to their accounts.