Banks

Wema Bank Plc has strengthened its support for Nigerian businesses seeking to expand into international markets, following the completion of the second edition of its Wema Export Trade Academy in Lagos.

Nigerian banks’ placements with the Central Bank of Nigeria’s Standing Deposit Facility (SDF) rose to N6.28tn on Tuesday, highlighting the substantial liquidity surplus within the banking system.

The Nigeria Deposit Insurance Corporation (NDIC) has urged Nigerians to move more of their funds into the formal banking system, adding that the revised insurance limit, which now fully covers 98.98 per cent of depositors in Nigerian deposit money banks, was aimed at deepening public confidence in the banking system.

British banks have tested a way to connect online shopping. In a simulated marketplace purchase, funds were locked in the buyer’s account and released to the seller when the delivery condition was met.

June 3 (THEWILL) — Nigerian banks continued to strengthen their grip on retail deposits in 2025 despite growing competition from fintech firms, with deposits across six major lenders rising 24 percent year-on-year to ₦39.01 trillion from ₦31.46 trillion in...

March 18, (THEWILL) — Deposit money banks have begun adjusting savings rates following the recent Monetary Policy Rate cut by the Central Bank of Nigeria (CBN), with the benchmark savings deposit rate now at 7.95 percent per annum, representing...

January 02, (THEWILL) — Bank lending to Nigeria’s manufacturing sector has declined by N2.17 trillion, raising fresh concerns about the health of the country’s industrial base and the broader economy. The drop highlights growing challenges faced by manufacturers, including...

November 25, (THEWILL) — The Central Bank of Nigeria (CBN) has mandated that commercial, merchant, and non-interest banks face a minimum penalty of N3 million if they fail to properly verify the status of customers before opening current accounts,...

November 13, (THEWILL) — Nigeria’s banking giants have reasserted their dominance on the continent, taking multiple top positions in the latest “300 African Finance Champions” listing by The Africa Report. The list evaluates banks and insurers across Africa based...

September 28, (THEWILL) — Insolvency experts have called on banks and practitioners to align loan agreements and practices with the rescue provisions of the Companies and Allied Matters Act (CAMA) 2020. Mr Albert Folorunsho, the Vice President, Business Recovery and...