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Tag: Banks

  • Nigerian banks migrate to new cheque standards, to reject old ones from December 31

    Nigerian banks migrate to new cheque standards, to reject old ones from December 31

    Nigerian banks are migrating in the New Year (2021), into brand new cheque standards, on the order of the Central Bank of Nigeria (CBN).

    The banks have in an official mail notification to their various customers said they will not accept the old cheques from December 31, 2020.

    The new cheques come with unique features.

    They have expiry dates and also have cheque digit included on the MICR code line.

    The CBN has been working on moving to the new standard since 2018.

    According to a 9 December circular sent to all deposit money banks, accredited cheque printers and Nigeria Interbank Settlement System [NIBSS], only new cheques will be allowed in the clearing system from I January.

    The circular was signed by Sam C. Okojere, director Banking Services Department.

    The circular, however, gave some banks, which are unable to meet the 31 December switchover three months of grace, to comply.

    This will be allowed, if reasons for non-compliance were found to be satisfactory by the CBN management.

    But the CBN said it will embark on a full enforcement of the new cheque standards by 1 April, 2021.

  • Oyo seals four banks, six hotels, three filling stations, others over Land Use Charge

    Oyo seals four banks, six hotels, three filling stations, others over Land Use Charge

    The Oyo State Government on Thursday, sealed off six hotels, four commercial banks, three filling stations, and seven companies for defaulting from paying the state’s land use charges.

    In line with the government’s Land Use Charge revenue demand bill, the State enforcement team sealed off the affected business facilities for failing to pay the required tax.

    The government said it took the decision to seal off the facilities after several reminders and discounts offered to the defaulters were not taken advantage of.

    The properties which are part of the premises under scrutiny in the Oyo State government property enumeration exercise were served bill for over 90 days and were expected to comply with the Land Use Charge obligation.

    According to the government, most of the businesses owed millions, and sealing them was the first phase of the exercise which was carried out across all local governments within the Ibadan metropolis.

    Speaking after the exercise, Chairman of the state’s Board of Internal Revenue, Aremo John Adeleke, said the exercise was targeted at making businesses in the state alert to their responsibilities, and enable government to provide security, infrastructure, and other essentials necessary to make businesses thrive.

    Adeleke said the state government has given, as palliative, an additional ten percent discount to complement the initial 25 percent discount on all taxes, to ensure that the businesses stay afloat in the face of economic realities posed by the COVID-19 scourge.

    He added that the government was poised to generate all taxes from business owners without hurting them and the capacity to sustain economic growth in the state even as the enforcement continues till the end of the year.

    He said, “The focus of the drive is not to close down or ground any business but to give a push to businesses to assist the government in creating a better business premise for them to thrive.”

    Meanwhile, the state’s Community and Social Development Agency (CSDA) has dissociated itself from an online portal concerning its ongoing recruitment of staff.

    The agency called on members of the public, especially prospective applicants, to beware of conmen who are seeking opportunities to defraud.

    The Board Chairman, Babatunde Eesuola, in a statement issued in Ibadan, said the Oyo State government established the CSDA through the State Act of Parliament in 2008 with the responsibility of implementing the World Bank Assisted Community and Social Development Project (CSDP) in the interest of the people.

    He noted that all applications from suitably qualified candidates from the state’s public service or private sector to fill the published vacancies, will be submitted to the Office of the Chairman of the Agency at 18, Osuntokun Bodija Ibadan, not through any online link and at no cost.

    Describing the online recruitment link as fake and fraudulent, Eesuola advised applicants not to have anything to do with those behind the initiative.

    He urged those behind the link to desist adding that government will not hesitate to arrest and prosecute culprits.

  • [VIDEOS/PHOTOS] Hoodlums on rampage in Lagos; malls, banks, warehouses, private residences looted, burnt

    [VIDEOS/PHOTOS] Hoodlums on rampage in Lagos; malls, banks, warehouses, private residences looted, burnt

    Suspected hoodlums are having a field day in Lagos looting malls, warehouses and breaking into peoples’ homes inflicting injuries and carting away properties.

    While some operated overnight, others took over early Thursday morning and are carrying out the dastardly act in broad daylight without any interference by security agencies.

    From Surulere to Lekki to Mazamaza, residents have painful stories of looting and harassment perpetrated by hoodlums to tell.

    https://twitter.com/jidethetog/status/1319229632101666818?s=20

    Meanwhile, another set of hoodlums on Thursday attacked a warehouse where COVID-19 palliatives are kept at Mazamaza community in Oriade Local Council Development Area of the state.

    After the hoodlums gained entrance into the warehouse, they looted some COVID-19 palliatives, a resident in the area said.

    The warehouse is located on Benster Crescent, popularly called Monkey Village.

    The looting started as early as 08 am, an eyewitness confirmed.

    It was gathered that the hoodlums also set a bonfire at a junction not far from the warehouse.

    It was learnt that the hoodlums later asked residents in the area to move into the warehouse and pick some palliatives.

    One of the residents, Sherif Olaiya, said, “We heard sounds of gunshots. The hoodlums have attacked a place where COVID-19 palliatives are stored. They are asking residents to come and be picking the palliatives.”

    When asked how he knew that the items are COVID-19 palliatives, he said, “They are branded.”

     

  • CBN orders banks to comply with SWIFT universal payment confirmations

    CBN orders banks to comply with SWIFT universal payment confirmations

    The Central Bank of Nigeria (CBN), has directed all banks operating in the country to always observe strict compliance with SWIFT Universal Confirmation Requirements.

    The directive was outlined in a circular issued by Mr Sam Okojere, CBN’s Director, Banking Services Department.

    Okojere directed all SWIFT customers to provide information on the outcome of all their Single Customer Payments (MT103) messages to SWIFT, via tracker (Universal Confirmation).

    The News Agency of Nigeria (NAN) reports that SWIFT is an initiative aimed at improving customer experience through increased transparency in end-to-end payments tracking.

    “The conformation should get to SWIFT within two business days on whether the beneficiary’s account has been credited, payment rejected or pending.

    “Please note that all financial institutions within the ecosystem will be measured on whether they confirm 80 per cent of their weekly payments.”

    He said that SWIFT offered different ways to provide status update through automated or manual methods.

    “The channels are Bank Basic Tracker-manual; API calls; Automated MT199 confirmations; Batch confirmations; Full GPI and ISO 20022, which will be available from 2022.

    “All banks are strongly advised to review and select the appropriate channel that suits their operations with a view to meeting the deadline of Nov. 22, 2020 set by SWIFT for compliance,’’ he said.

  • USSD charges: Banks owe telecoms operators N17bn

    USSD charges: Banks owe telecoms operators N17bn

    Financial Institutions, especially the banks, currently owed telecommunications operators about N17 billion in unpaid Unstructured Supplementary Service Data (USSD) rendered by them on the service providers network platforms.

    This was made known on Thursday by the Executive Vice Chairman, Nigerian Communications Commission (NCC), Prof. Umar Danbatta, during a webinar organised by the Association of Telecommunications Companies of Nigeria (ATCON).

    Danbatta explained that the N17 billion accrued since the period the Minister of Communications and Digital Economy, Dr. Isa Pantami directed mobile network operators (MNOs) to stop charging consumers the N4 per 20 seconds USSD charges.

    Pantami gave the order in October 2019, following serious public outcries on the matter in the country.

    His words at the time: “The attention of the Federal Ministry of Communications has been drawn to the viral text message allegedly sent by the Mobile Network Operator MTN Nigeria and other Mobile Operators notifying subscribers of a four naira (N4:00) charge per 20 seconds on USSD access to banking services from the 21st of October 2019.

    “The office of the Honourable Minister of Communications Dr Isa Ali Ibrahim Pantami FNCS, FBCS, FIIM is unaware of this development and has hereby directed the sector regulator, the Nigerian Communications Commission (NCC) ensures the operator suspends such plans until the Honourable Minister is fully and properly briefed”.

  • Banks limit debit card spending abroad effective today

    Banks limit debit card spending abroad effective today

    Banks will from today (Monday) slash the amount customers can spend abroad, using their debit cards.

    This is due to dollar shortage resulting from the sharp fall in crude oil prices.

    Crude oil is the main source of the country’s foreign exchange earnings.

    The lenders, which two years ago, raised their card spending limits on Point of Sale (PoS) and online card transactions abroad, are currently placing limits on amounts customers can withdraw with their debit cards in offshore transactions.

    Two commercial banks, which confirmed the new development, said the move was to limit foreign currency settlement risk, according to a report by Reuters.

    Stanbic IBTC Bank, the local unit of South Africa’s Standard Bank, said it will halve the spending limit for offshore card transactions to $500 per month from today and will limit cash withdrawals to $100.

    Another Tier-1 lender, Zenith Bank said it will temporarily suspend the use of debit cards abroad for cash withdrawals and cut the monthly spending limit abroad by more than half to $200.

    “This review is in response to today’s economic realities,” Zenith said in a notice, advising clients to request prepaid dollar cards.

    Other lenders – Ecobank and Fidelity Bank – have also lowered withdrawal limits for individuals while abroad.

    The Central Bank of Nigeria (CBN) had previously advised banks to review foreign currency card transactions, but it was not clear if the regulator was behind the latest action.

    The CBN is battling to conserve dollar reserves that are down 19 per cent from a year ago. Last week, it depreciated the currency on the official market prompting the naira to weaken on the black and over-the-counter spot markets.

    Bankers told Reuters that it now takes more than six months to settle foreign lines of credit.

    Nigeria is yet to resume forex sales to retail currency traders after it banned international travel as part of a lockdown measure to slow the spread of the coronavirus that has killed 778 people and infected more than 36,000.

  • Big banks join boycott of Facebook platforms

    Canada’s biggest lenders confirmed on Friday they had joined a widespread boycott of Facebook Inc. begun by U.S. civil rights groups, seeking to pressure the world’s largest social media platform to take concrete steps to block hate speech.

    More than 400 brands have pulled advertising on Facebook in response to the “Stop Hate for Profit” campaign, begun after the death of George Floyd, a Black man who died in police custody in Minneapolis on May 25.

    Canadian lenders Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, National Bank of Canada and Canadian Imperial Bank of Commerce all said they will pause advertising on Facebook platforms in July.

    Desjardins Group, Canada’s largest federation of credit unions, also said on its website on Thursday it will pause advertising on Facebook and Instagram for the month “barring any exceptional situations where we need to communicate with our members or clients’’.

    Most cited their commitments to inclusion and diversity.

    Facebook has opened itself up to a civil rights audit and has banned 250 white supremacist organisations from Facebook and Instagram, a spokesman said by email.

    Its investments in artificial intelligence mean it finds nearly 90 per cent of hate speech it takes action on before users report it, he added.

    BMO said it is continuing its “ongoing dialogue with Facebook on changes they can make to their platforms to reduce the spread of hate speech’’.

    RBC said one way to help clients and communities is to stand against “misinformation and hate speech, which only make systemic racism more pervasive’’.

  • Access Bank bows to pressure, pays three-month Stamp Duty Charge for customers

    ACCESS Bank Plc on Sunday concluded payment for a three-month Stamp Duty Charge for all its customers debited from February to April this year.

    The affected customers had asked the bank to refund the charges to them, which the lender obliged.

    In a statement, the bank said it decided to remit these funds via the Central Bank of Nigeria to the Federal Government on behalf of the affected customers because of the lateness in debiting the customers’ accounts for the charge.

    Access Bank said Stamp Duty Charge Collection is backed by law, and in compliance with the mandate of the ‘Finance Act, 2019 (Stamp Duty Act, Cap S8).

    The bank said: “We are required by law to apply this charge as applicable and remit all funds collected to the Federal Government.”

    The bank disclosed that it had inadvertently not charged stamp duty on some accounts from February to April 2020 as mandated by the Federal Government.

    It said: “However, we have heard our customers’ feedback that this charge is unwelcome, especially at this time against a challenging economic backdrop.

    “We have considered your feedback and have decided to pay the Stamp Duty on our customers’ behalf for the affected period only.”

    The bank further explained that all individual and Small and Medium Enterprises (SMEs) who were debited for the accumulated Stamp Duty Charge for February to April 2020, will be refunded.

    Continuing, it said: “While we still have to remit these funds via the CBN to the Federal Government, we realise that we got it wrong by debiting our customers late, and we are refunding the affected Stamp Duty Charge today to all affected customers.”

    The bank advised customers with further enquiries on the issue to send email to it, thanking them for sharing their views on the matter.

  • CBN orders instant refund of dispense errors at banks’ ATM

    The Central Bank of Nigeria (CBN) has ordered quick refund of failed transactions and dispense errors at banks’ Automated Teller Machine (ARM).

    In a circular by its spokesman, Isaac Okorafor, titled: “CBN Revises Timelines for Dispense Errors, Refund Complaints”, on Sunday, the apex bank listed how the banks should quickly resolve the problems and resolve the customer complaints.

    The circular reads: “The Central Bank of Nigeria (CBN), in its determination to further enhance service quality, particularly quick refunds when customers experience failed transactions, dispense errors or disputes, has revised timelines for reversals and/or resolution of refund complaints on electronic channels, with effect from June 8, 2020, as follows: Failed “On-Us” ATM transactions (when customers use their cards on their bank’s ATMs) shall be instantly reversed from the current timeline of three (3) days. Where instant reversal fails due to any technical issue or system glitch, the timeline for manual reversal shall not exceed 24 hours.

    Refunds for failed “Not-on-Us” ATM transactions (where customers use their cards on other banks’ ATMs) shall not exceed 48 hours from the current 3-5 days.

    Resolution of disputed/failed PoS or Web transactions shall be concluded within 72 hours from the current five (5) days.

    All banks are directed to resolve backlog of all ATM, POS and Web customer refunds within two weeks starting June 8, 2020”

    Meanwhile, key service providers in the Nigerian payments system have also committed to establishing an integrated dispute resolution platform for the industry and enhance their payment system infrastructure and processes to reduce incidences of transaction failure.

    Members of the public are therefore requested to refer to the updated Guidelines for the Operation of Electronic Payment Channels on the Bank’s website (www.cbn.gov.ng) for further details.