NIBSS National Payment Stack sees first live transaction by PalmPay and Wema Bank
PalmPay and Wema Bank complete Nigeria’s first live transaction on NIBSS National Payment Stack, signaling a new era in digital payments.
Banks
Africa’s top 20 banks: 2025 rankings
The rankings show a strong continuation of dominance by financial institutions from South Africa, Egypt, and Morocco, with notable performances from Nigerian and Kenyan banks.
YouTube, rising giant of U.S. media, banks on AI to drive future content creation
Celebrating 20 years, YouTube unveiled AI-driven tools, stressing they will aid creators not replace them as the platform surpasses Disney in U.S. media dominance.
Cardoso urges banks to achieve $1bn monthly diaspora remittance goal
Cardoso urges banks to achieve $1bn monthly diaspora remittance goal
CBN gives banks 60 days to geo-tag payment terminals or face service interruptions
CBN has mandated Nigerian banks and payment operators to adopt ISO 20022 messaging by October 31 with strict compliance checks and new geolocation rules for payment terminals.
CBN concludes FX audit, begins naira refunds to banks over unfulfilled transactions
“The naira value of all unvalidated and unfulfilled forward transactions has been returned,” the CBN confirmed.
Banks resume Naira card payments for foreign school fees
Nigerian banks have resumed international tuition payments via Naira accounts using CBN’s Form A.
Nigerian banks resume international transactions on naira cards after prolonged suspension
UBA and Wema Bank have reactivated international transactions on naira cards, citing improved FX liquidity and regulatory reforms.
Loan defaults cost Nigerian banks ₦3.77tn since 2023 — Top lenders hit hardest
Nigerian banks booked ₦3.77 trillion in loan losses from 2023 to Q1 2025, driven by naira devaluation and inflation pressures.
Banks get 12 months to comply with CBN’s new AI-backed AML framework
The CBN has unveiled a draft anti-money laundering framework requiring banks and financial institutions to deploy AI- and machine learning-powered systems. Institutions will have 12 months from final approval to fully comply or face sanctions.