Tag: Commercial Banks

Reforms: Banks kick-off 10% withholding tax on forex deposits

Aminu Imam
Screenshot 20260101 222448

Banks in Nigeria have begun deducting a 10% withholding tax on interest earned from foreign currency (Forex) deposits, effective yesterday, January 1, 2026, in line with the newly enacted Nigeria Tax Act, 2025. Customers were notified of the changes through emails sent by commercial banks, including Access Bank, which said the deductions form part of adjustments to banking transactions under the new tax regime. According to the bank, interest earned on foreign currency deposits will now attract a 10 percent withholding tax, while the Electronic Money Transfer Levy (EMTL) of…

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NCC directs banks to deduct USSD transaction fees from users’ airtime

Aminu Imam
NCC directs banks

The Federal Government of Nigeria, through the Nigerian Communications Commission (NCC), has issued a directive mandating all banks to stop deducting USSD transaction charges directly from customer bank accounts. Effective yesterday, June 3, 2025, users will now have USSD fees debited from their mobile airtime instead. This change was confirmed in a message from United Bank for Africa (UBA) to its customers, in line with the NCC’s newly adopted End-User Billing (EUB) model. Under the revised structure, each USSD session will cost ₦6.98 per 120 seconds, with mobile network operators…

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CBN fines 9 banks ₦150m each for ATM cash scarcity

Aminu Imam
CBN fines

The Central Bank of Nigeria, (CBN), has sanctioned nine Deposit Money Banks (DMBs) with fines totalling ₦1.35bn for failing to ensure cash availability via Automated Teller Machines, (ATMs) during the festive season. According to a press statement issued by the Acting Director of Corporate Communications of the Bank, Mrs. Hakama Sidi Ali, each of the banks was fined ₦150m following spot checks that revealed non-compliance with the apex bank’s cash distribution guidelines. The affected banks include Fidelity Bank Plc, First Bank Plc; Keystone Bank Plc; Union Bank Plc; Globus Bank…

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Equitable Revenue Distribution: Coalition calls for banks to move HQs to Abuja 

Aminu Imam
Coalition on banks HQs

…Demands reopening of land borders The Coalition of Northern Groups, (CNG), Civil Society Organisations, (CSOs), and other critical stakeholders in northern Nigeria have called for the immediate relocation of the nation’s deposit banks’ headquarters to Abuja. This was contained in a statement co-signed by Comrade Muhammed Usman Deba, Gombe State Coordinator, CNG; Comrade Habiba Isah Gaude, Voice for Rural Women, and Comrade Lawal Idris Lawantee, Acting Chairman, CSOs, following a town hall meeting in Gombe State. According to the statement, it is unjust for banks to situate their headquarters in…

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