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Nigeria Inter-Bank Settlement System

Central bank mandates indirect PSP to obtain risk-based rating

As from November 11, any institution applying for an indirect participant in the nation’s Payments System must have a satisfactory risk-based rating from the Central Bank of Nigeria (CBN).
National Bureau of Statistics NBS

Banks allocate N15.13 trillion credit to private sector

The National Bureau of Statistics (NBS) said the Nigerian banking sector allocated N15.13 trillion as total value of credit to the private sector in the second quarter (Q2) 2019.

Insecurity, fraud clog financial inclusion stride

As fiscal and monetary authorities collaborate to ensure that Nigerians keep up the 63.6 per cent financial inclusion stride with the aim of attaining the set target of 20 per cent exclusion rate by 2020, the frightening series of bank robberies and frauds in the system may have put a lid on the agenda.
National Bureau of Statistics NBS

NBS: E-payments hit N34.02 trillion in Q1, 2019

A total of 557,083,712 electronic-payment transactions valued at N34.02 trillion were recorded in selected banks across the country in the first quarter, 2019, Nigeria’s statistics bureau has said.

Federal government spends N300 billion on social investment programmes

The federal government has spent about N300 billion on the National Social Investment Programmes in the last three years.
Mary Uduk - The Securities and Exchange Commission (SEC) has urged investors with multiple shareholding accounts to regularise such before December 31, 2019.

SEC urges investors to regularise multiple shareholding accounts before Dec. 31

The Securities and Exchange Commission (SEC) has urged investors with multiple shareholding accounts to regularise such before December 31, 2019.
Oseni Elamah

JTB: Nigerian tax payers now 35 million

The ongoing database consolidation of the Joint Tax Board (JTB) has seen Nigeria’s data base of tax payers expanding from 20 million to 35 million.
Mary Uduk

SEC advises on collective investments, mutual funds

The Securities and Exchange Commission (SEC) has advised retail investors in the capital market to invest in Collective Investment Schemes and Mutual Funds to help reduce risk.

Financial inclusion rate hits 63.6 percent in 2018

Managing Director, Nigeria Inter Bank Settlement System (NIBSS), Mr Niyi Ajao, says the nation’s financial inclusion rate has increased to 63.6 per cent in 2018 from 45.4 per cent recorded in 2016.

SEC extends multiple subscription deadline to December 2019

The Securities and Exchange Commission (SEC) yesterday extended the deadline for shareholders with multiple accounts till December 31, 2019 from the December 31, 2018.
Mary Uduk

Capital market committee approves plan to introduce e-IPO

The Nigerian capital market would soon introduce the electronic initial public offer (e-IPO) system in the country, the Securities and Exchange Commission (SEC) announced on Wednesday.
Mary Uduk

SEC extends multiple subscription deadline to December

The Securities and Exchange Commission has extended the forbearance deadline for shareholders with multiple accounts to December 31, 2019 from December 31, 2018 for more investors to embrace the initiative aimed at reducing unclaimed dividends.

Central bank to introduce new cyber-security framework to tackle internet fraud

The Central Bank of Nigeria said it was developing a Risk Based Cyber Security Framework for banks and payment service providers to combat internet fraud in the country.

VAIDS boost for federal government as revenue rises by 42 percent

As the Federal Inland Revenue Service (FIRS) prepares its legal team to tackle tax evaders in the country, its Voluntary Asset and Income Declaration Scheme (VAIDS) is now making waves having shot up the revenue profile of the Federal Government by 42 per cent.

Bank customers reduce despite central bank’s campaign for financial inclusion

Despite Central Bank of Nigeria’s (CBN) effort to promote financial inclusion, the Nigeria Inter-Bank Settlement System (NIBSS) banking industry statistics shows that the number of customers using financial services reduced in 2017.

House of Reps orders probe into N20trn unremitted stamp duties

The House of Representatives has ordered an investigation into the N20tn said to have been collected as stamp duty between April 2013 and March 2017, but which was not remitted to the Consolidated Revenue Fund of the Federation.

Banking sector records transactions worth N19.33 trillion in Q3 – NBS

The National Bureau of Statistics (NBS) says 213.69 million transactions valued at N19.33 trillion are recorded in the third quarter as data on Electronic Payment Channels in the banking sector.

Banks begin compilation of accounts without BVN

Deposit Money Banks on Friday began compilation of customers’ accounts without Bank Verification Numbers.

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Convicted Orji Kalu: 2023, here we come

Former Governor of Abia State, Dr Orji Uzor Kalu, who was sentenced to 12 years imprisonment, over N7.65billion fraud, by a Federal High Court sitting in Lagos, while being led out of the court by the Correctional Service officers on Thursday said ‘2023, here we come’.