The central bank of Nigeria has reviewed the daily mobile money wallet transaction and balance limit as well as the bank verification number requirement for mobile money wallet holders. In a circular to all mobile money operators, signed by the Director, Banking and Payments System Department, CBN, Mr. Dipo Fatokun, the apex bank explained that it was reviewing the requirements in line with its initiative to enhance access to financial services through the Mobile Money Services.

see more reasons for CBN reviews

This has come to my notice that most customers finds it so hard to generate token for online transaction. this post has come to your rescue. When mobile and internet banking first came into Nigerian banks, tokens used in authenticating transactions were in “hardware”, this means using a hard token to generate authentication codes. But now it’s much easier as customers can now generate tokens online without visiting FCMB branch.

See steps on how to generate FCMB token online

Very Correct.

Most financial institution has partner with verve mobile money operators to deploy cardless transaction infrastructure across all states in the country. With Paycode, Verve says customers can withdraw money at ATMs and POS merchants, and make payments at PoS merchants without using cards.

More banks involvement in verve pay-code

Driven by passion for financial technology in a cashless economy, most banks have opened up more technology channels that will enhance ease of financial transactions among bank customers.

First Bank of Nigeria Limited, for instance, has carefully studied the trends in the financial sector and has rolled out several technology channels and solutions to boost customer experience. Recently, the bank created exciting new features on its First Mobile application to enhance security and customers’ digital banking experience. The new features are: The Card-in-Control functionality, the Quick Response (QR) Code, the Transaction receipt and Save beneficiary functions.

more technology in banking

This has come to my notice that thousands of staff of First Bank of Nigeria through its affiliate contracting firm in charge of recruitment, WhyteCleon Limited, are been laid-off drastically.

Reasons for dismissal

An economic expert called on the Central Bank of Nigeria to remove old and dirty notes from circulation to avoid been loaded in the ATM machines that will cause a cash jam. Uwaleke, an Associate Professor of Banking at the Nasarawa State University, said such notes were causing constant malfunctioning of Automated Teller Machines (ATM’s), especially during pressure periods.

See more reasons why ATM malfunctions

RTGS stands for real time gross settlement, which means that it enables money to move from one bank to another on a real time and gross basis. Simply put, real time means the beneficiary bank receives the instructions for fund transfer immediately and gross means that it is not bunched with any other transaction and settlements of funds transfer instructions happen individually. Since the funds settlement takes place in the books of the any financial institution, keep in mind that the payments are final and irrevocable.

See more differences between RTGS and NEFT

The era of having to visit banks and experience long queues to get simple transactions done is gradually facing away. With practically every bank having its own mobile application, especially for smartphone users, it is almost becoming a ‘crime’ to visit the banking halls for simple transfers. However, as with all things, creativity and skill come into the way these apps are developed. Therefore, even though all banking apps carry out basic functions, some remain the best of all banking application.

See the applications needed to get encouraged

The need for internal controls and enhancement in exercise of compliance with the codes of good corporate governance and ethnics cannot be over emphasized as one of the integral aspect of these controls system in any organisation. It is important to know that in order to determine reasons for audit engagement before involving in one as there are various types and they have their peculiarities and separate objectives depending on what you want as a business owner.

More Differences on Forensic and Financial Audit]

PayPal launches its first cash-back credit card called PayPal Cashback MasterCard in the U.S. exclusively for PayPal members in a effort to increase usage in online and physical stores.


The card will be issued by Stamford-based Synchrony Bank, which has partnered with PayPal since 2004.

[url=naijabankingblog.com]see more on paypal][/url]

Guaranty Trust Bank plc has introduced a new current account for Senior Citizens called ‘The GTBank Seniors Account’. this account is to enable the aged customers of the finacial institution enjoy more benefit in opening such an account.

Features of a senior citizen account]

The Central Bank of Nigeria introduced two financial instruments for Intra-day and overnight liquidity for Non-Interest Financial Institutions.

The instruments aimed at liquidity management and deepening of the financial system are known as: “Funding for Liquidity Facility and “Intra-Day Facility,the apex bank shall provide liquidity facility on overnight basis only, and to be terminated on next business day.

[See more details on CBN reasons on this introduction]

This has come to my notice that It is no secret that Mobile Banking is increasing becoming a popular way of banking for many customers and banking users. Its convenience and efficiency has made it an important way of banking. In fact, in a report published by RaddonSM, a subsidiary of Fiserv, shows that mobile banking usage has grown from 7% of all consumers in 2010 to 41% today.

See graphical reviews on mobile banking increase]

Access Bank Plc on Wednesday announced gross earnings of N246.6 billion for the 2017 half year ended June 30, 2017.

This represented a growth of 42 per cent when compared with N174.1 billion achieved in the comparative period of 2016 as stated in the bank’s audited half year result. It was released by the Nigerian Stock Exchange (NSE) in Lagos.


More reports on access bank gross earnings

According to the CBN, the prevailing currency restriction placed on ATM cards usage abroad and foreign transactions will remain until the country foreign reserve will built up to a satisfactory level. The bans on the use of ATM cards in certain countries imposed by some banks has been attributed to the high volume of transaction which Nigerians in those countries carried out using credit and debit cards issued by Nigeria banks.

Limits on cards for transactions

FirstMobile is the official mobile banking smartphone application from FirstBank. It provides convenient access to both financial and non-financial transactions by FirstBank account holders via their mobile phones/devices. The service is available to FirstBank account holders with Naira MasterCard and/or Verve cards.

see new features of the FirstMobile Application

Until recently, choosing between NFC payments and QR codes would have been an easy choice. Now, with EMVCo releasing QR code payment specifications, large processors Mastercard and Visa exploring the method for merchant payments, and popular P2P apps like Venmo using the technology, it seems like the barcode-based system is resurfacing.

[url=naijabankingblog.com]See more on QR CODES[/url]

This is a type of account that requires little or no documentation in the opening process for an Individuals who are not interested in maintaining a minimum balance in the bank. In this account, there is no requirement to maintain a minimum balance. However, the facility provided will be less when compared to a savings account.

See more reasons for this charges

Diamond Bank Plc has decided to reward its loyal customers in the DiamondXtra Season 9 bonanza in which the activities planned for the season include extra ordinary draws that will produce 3164 lucky winners throughout Q3 2017.

See more details on this promo to enable you to open a diamond account now]

What is a central bank: A national bank that provides financial and banking services for its country’s government and commercial banking system, as well as implementing the government’s monetary policy and issuing currency.

Function of Central Bank:

1. Work for the public welfare and economic development of a country. A central bank is governed by the government of a country.

To see more differences and functions

FIDELITY Bank Plc has again demonstrated its desire to continuously improve on customer service with the introduction of a personalized self-service feedback system on its flagship Instant Banking Product code *770#. This pioneering initiative, which is the first of its kind in the Nigerian banking industry, will take customer service a notch higher. When a customer completes selected transactions using Instant Banking (*770#), the feedback system prompts the customer to rate the quality of their experience using the product. Customers who participate in this optional feedback rating also automatically qualify for exciting monthly rewards.

See details for more information

Access Bank has decided to enhance and refreshed its mobile banking app with a set of new and exciting features. These additional features allow customers perform multiple functions including quick airtime top-up and funds transfer without signing on to the app.

Customers can also initiate self-block and unblock cards on all channels; make domiciliary account transfers; reset forgotten PIN and make cardless withdrawals from any ATM. The upgrade, which gives the application a whole new look and feels also ensures the convenience of bill payments since a lot more utility and lifestyle billers have been added to the existing pool. The receipt generation feature has also been upgraded to real time generation.

How to upgrade access bank mobile application

Etisalat Nigeria has just greatly accelerated the pace of its effort to stabilize the troubled telecoms company by changing the name brand.

The new name is 9Mobile. At an executive meeting held in Lagos two hours ago, the name 9Mobile was adopted and all staff across the country are being notified of the change of name.

Emerging Markets Telecommunication Services Ltd. (EMTS) trading as Etisalat Nigeria on Tuesday informed its customers that a proposed change of brand name will not affect its operations.

Read more details on Etisalat reasons for name change:

Thanks

A sort code is a six-digit number usually formatted as three pairs of numbers. It identifies both the bank and the branch where the account is held. In some cases, the first digit of the sort code identifies the bank itself and in other cases, the first 2 digits identify the bank.
The main difference between a swift and sort codes: is where they are used. The sort code is only used to identify banks located within the country and their respective branches. On the other hand, a swift code is used around the globe and is the primary means for international money transfers.

Below are the list of banks and their sort codes:

Charges in banks are autonomous we can’t do without it but it can be reduced. banks do charge for the service they provide. Be it a private bank or public sector bank they have all their own set of fees and charges for the service they have rendered. However, private bank charges are high when compared to public sector banks. But when we consider the quality of service, private banks top the list.

Here are some various fees and charges involved when you have a savings account:

A credit card is a small plastic card issued by a bank or any other recognized institution, allowing the holder to purchase goods or services on credit with the grace period of “25-30” days of repayment.
Credit cards are financial tools that can save you money or completely ruin your finances, depending on how you use them. One of the biggest money mistakes you can make is to use a credit card without really understanding how it works.

Here are 5 reasons why your Credit Card transaction can fail:

Mobile payment has been the easiest way of transaction online either by shopping or transferring cash from one person to other or any other mobile transaction that involves payment. Shopping online is not a tedious thing as there are no longer ques, no carrying cash, no worries of parking etc.

Here are few safety tips to consider when making payments through mobile:

@toptop

The limit of your knowledge is the limit of your information.

Know Your Customer (KYC) is a popular term used in the banking or financial field or environment. Know Your Customer (KYC) is a process that compiled by financial institutions, whereby these set of institutions obtain information about the identity and address of the customers to ensure that customer didn’t provide a fake documentation in any banking transaction process.

Here is a list of documents which acts Proof of Identity and Proof of address:

Virtual cards are electronic pre-paid cards which don’t have any plastic existence and can be used to make e-commerce transactions such as making online payments. This is one of the easy and secure ways of transacting online without providing the Primary Card/ Account information to the merchant. Virtual card can be generated by following simple steps in net banking. Individuals need to provide a debit card or credit card to load the card.

7 Smart Things To Know about Virtual Cards: