Tag: Nigerian Banks

Banks lift blockage of USSD transactions on MTN

Aminu Imam

Commercial banks have reconnected MTN customers earlier denied access to the unstructured supplementary service data (USSD) payment channels. This happened after the Managing Director and Chief Executive officer of MTN Nigeria, Karl Toriola, announced the decision to revert discount offered to banks on airtime sales to 4.5 percent commission after it was reduced to 2.5 percent by the telco. The mobile network operator (MNO) had reduced banks’ commission from an average of 3.5 percent to 2.5 percent, this led to a disagreement between MTN and commercial banks. During the blockage,…

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Nigerian banks migrate to new cheque standards, as old ones expire 31 Dec.

Aminu Imam

Nigerian banks are migrating in the New Year, into brand new cheque standards, on the order of the Central Bank of Nigeria, (CBN). According to First Bank of Nigeria Plc, in a notification to customers, as from 1st January, 2021, the old cheques will expire. Access Bank Plc also told customers that the old cheques will not be accepted after 30th December of this year. The new cheques come with unique features and have expiry dates; they also have cheque digits included on the MICR code line. The CBN has…

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