Nigeria's Central Bank imposes fines on 29 banks for violating anti-money laundering and counter-terrorism financing regulations, highlighting the need for stronger compliance measures in the financial sector.
Nigeria's Central Bank will impose penalties on commercial banks that fail to provide cash to customers at ATMs and branches, amid a prolonged cash crunch in the country.
Nigeria's Central Bank fines two major fintech companies, Moniepoint and OPay, $634,000 each for compliance infractions, marking a significant move to regulate the industry.
Safaricom receives regulatory approval for Ziidi, a new money market fund, while GT Bank apologizes for weeks of service disruptions, and MTN Nigeria leads the 5G race in West and Central Africa.
First Bank, Nigeria's oldest bank, has been hit by a massive fraud incident, with unknown persons stealing ₦7 billion from customer accounts, highlighting the increasingly sophisticated nature of fraud in Nigeria's financial services sector.
Nigeria's Central Bank has imposed a ₦150 million fine on banks and financial institutions caught selling newly minted banknotes to currency hawkers, exacerbating the country's cash shortage crisis.
The Central Bank of Nigeria's new directive limiting daily cash disbursements to ₦1.2 million per POS agent and capping withdrawals at ₦100,000 per customer sparks concerns among POS operators, who fear increased costs and reduced business.
Copyright © 2024 Starfolk. All rights reserved.
