By OBIOMA TORI DEPOSIT Money Banks (DMBs) across Nigeria have begun implementing a 10 per cent Withholding Tax (WHT) on interest earned from short-term securities such as Treasury Bills, corporate bonds, promissory notes, and Bills of Exchange, in compliance with a recent directive from the Federal Inland Revenue Service (FIRS). The new measure, aimed at […]
By OBIOMA TORI NIGERIAN banks significantly increased their deposits with the Central Bank of Nigeria (CBN) last week, with balances rising from ₦2.28 trillion on Wednesday to ₦2.62 trillion by Friday — a ₦340 billion surge within three days. Data from FMDQ showed that deposit money banks (DMBs) preferred placing excess funds at the CBN’s […]
By OBI DAVIES MICROFINANCE and digital banking platform Kolomoni has launched two new personal banking features — ‘Snap and Pay’ and ‘Schedule Payment’ — aimed at enhancing convenience and accuracy for users. According to Mrs. Simbiat Kazeem, Head of Personal Banking, the ‘Snap and Pay’ feature uses optical character recognition (OCR) to extract account details […]
By OBIOMA TORI HIGH bank charges, multiple taxes, and poor infrastructure were the biggest challenges facing Nigerian businesses in September, according to the Central Bank of Nigeria’s (CBN) Business Expectations Survey Report. The report showed that 70.8% of respondents cited high bank charges and taxes as major constraints, while 70.7% pointed to inadequate infrastructure. Despite […]
By OBI DAVIES CENTRAL Bank of Nigeria (CBN) Governor, Yemi Cardoso, says Nigeria has strengthened its economic resilience and created buffers against potential shocks through timely reforms. Speaking at a G24 media briefing in Washington during the IMF/World Bank Annual Meetings, Cardoso said Nigeria’s proactive policies had stabilized expectations and improved external balance. He noted […]
By TOSI ORE THE National Council of State has approved an increase in the Nigeria Police Trust Fund’s (NPTF) allocation from 0.5% to 1% of the Federation Account to ensure sustainable funding for police operations. It also endorsed the repeal and re-enactment of the NPTF Act 2019, removing the six-year sunset clause to make the […]
By OBIOMA TORI FIRSTBANK has announced plans to roll out tailored financial services for blind, partially sighted, and physically challenged customers across its branches and subsidiaries. The initiative, part of the bank’s financial inclusion and diversity drive, will make transaction documents available in braille, audio, large print, and digital formats. ATMs will be upgraded with […]