Banks

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...

May 26, (THEWILL) – Grumbling about banks’ profit is a favourite Nigerian pastime that gets louder and louder in the first quarter of the year when their financial performance for the previous year is announced. But lately, the grumblers have...

December 09, (THEWILL) - The ongoing recapitalisation of Nigerian banks must be executed in a manner that boosts investors’ confidence while guiding against short-changing them, industry experts and stakeholders have emphasized.   This view was expressed at the annual conference of...

November 24, (THEWILL) - The Economic and Financial Crimes Commission, EFCC has warned banks against making themselves available as instruments of fraud. The warning was handed down at the weekend when the management team of Moniepoint, led by its...

August 18, (THEWILL) – The macro headwinds that triggered the current recapitalisation exercise in Nigeria’s banking industry have pushed the banks into fierce competition for service delivery and market share. As industry analysts have observed, the unexpected magnitude of the...