DMBs

May 2, (THEWILL) - At least 2.021 million bank accounts have been closed in the first quarter of 2024 (Q1’24), the Nigerian Interbank Settlement System (NIBSS) said in its latest report. This followed a regulatory order by the Central...

January 03, (THEWILL) - Nigeria’s deposit money banks have announced that they will comb their customers’ accounts to deduct the backlog of Electronic Money Transfer Levy (EMTL) on old foreign currency transactions. The deductions, which will be effected in...

June 24, (THEWILL) - The Central Bank of Nigeria (CBN), has directed Deposit Money Banks (DMBs) and other financial institutions in the country to obtain the social media handles, residential addresses, Bank Verification Numbers (BVN) and other vital information...

June 01, (THEWILL) – Nigerian banks have begun implementing a new regulation that requires customers to present a valid Tax Clearance Certificate (TCC) for foreign exchange transactions. The move complies with new regulations by the federal and state...

May 13, (THEWILL) – The Association of Licenced Telecommunications Operators of Nigeria (ALTON), has announced plans to disconnect Deposit Money Banks (DMBs) if they fail to pay the debt owed to operators for Unstructured Supplementary Service Data (USSD) services,...

More Nigerian banks will soon commence effective offshore operations to actualise the licence granted them by the Central Bank of Nigeria (CBN) to establish offshore subsidiaries. Data from the CBN website showed that eight deposit money banks are licensed to...

February 25, (THEWILL) - New guidelines issued by the Central Bank of Nigeria (CBN) on the tenure of Executive Management and Non-Executive Directors of banks and financial institutions have sent some top bank executives on immediate retirement. The guidelines, contained...

February 08, (THEWILL) - With the recent discovery of caches of the redesigned naira notes with unbroken wrappers inside Automated Teller Machines, ATMs, making it impossible for cash to be dispensed and revelations that stacks of redesigned naira...