E banking – CTX Bay http://ctxbay.com/ Tue, 26 Oct 2021 12:08:59 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://ctxbay.com/wp-content/uploads/2021/10/profile-120x120.png E banking – CTX Bay http://ctxbay.com/ 32 32 Online banking transactions increase 30% in FY21 https://ctxbay.com/online-banking-transactions-increase-30-in-fy21/ https://ctxbay.com/online-banking-transactions-increase-30-in-fy21/#respond Sat, 23 Oct 2021 00:51:58 +0000 https://ctxbay.com/online-banking-transactions-increase-30-in-fy21/ KARACHI: Online banking transactions in fiscal year 2020-2021 grew 31.1% year-on-year, reflecting a substantial increase in the adoption of digital payment methods, central bank data showed on Friday . Transactions processed through the State Bank of Pakistan’s (SBP) Large Value Payments segment, known as Pakistan’s Real-Time Interbank Settlement Mechanism, experienced an annual growth of 60.0 […]]]>

KARACHI: Online banking transactions in fiscal year 2020-2021 grew 31.1% year-on-year, reflecting a substantial increase in the adoption of digital payment methods, central bank data showed on Friday .

Transactions processed through the State Bank of Pakistan’s (SBP) Large Value Payments segment, known as Pakistan’s Real-Time Interbank Settlement Mechanism, experienced an annual growth of 60.0 in number of transactions ( volume) and 12.8% in value. , indicates the annual review of SBP’s payment systems for fiscal year 2020-2021 published here on Friday.

“The growth has been observed in the space of digital financial transactions in the country and has decided to continue its quest for the development of a robust and efficient payment ecosystem in Pakistan,” the central bank said.

The report states that global online banking transactions grew 31.1% year-on-year, highlighting a substantial increase in the adaptation of digital means for payments.

“This growth was driven by the significant adoption of mobile banking (29% increase in user count, 133.6% and 178.7% increase in volume and value respectively) and banking services online (32% increase in the number of users, 65.1% and 91.7%). percentage increase in volume and value respectively), ”he said.

SBP attributed this promising growth to the offering of app-based banking services from 27 banks as well as other entities offering innovative payment solutions to accept digital transactions.

In fiscal 2021, the adoption of digital payments for retail transactions continued to show an upward trend. Thanks to the active efforts of the SBP, the number of POS (point of sale) machines accepting cards has grown by 47%. Transactions processed through point-of-sale machines reached 88.8 million for an amount of Rs453.1 billion, showing year-over-year growth of 26.3% in volume and 24.4% in value of transactions.

The same trend was also reflected in e-commerce transactions. The number of online merchants reached 3,003, posting double-digit growth of 76%.

Consumers completed 21.9 million online transactions worth Rs 60.6 billion on these locally registered e-commerce merchants in fiscal year 2021, representing significant annual growth of 114.8 billion. % and 74.1% in volume and value of transactions respectively.

These trends point to healthy growth by fostering a more digitally integrated economy.

Likewise, on the card issuance side, at the end of June 2021, there were 45.9 million cards in circulation which mainly included debit cards (65.0%), social assistance cards (18 , 4%), ATM cards only (12.6%), Credit cards (3.7%) and prepaid cards (0.3%). Collectively, these cards processed 708.7 million transactions amounting to PKR 8.4 trillion in FY2021. The number of debit cards at the end of FY2021 was 29.8 million, observing annual growth of 11.8% and annualized growth of 13.8% over the past 4 years. Transactions processed through ATMs also reached 598.7 million for a total value of 8.1 trillion rupees. This equates to growth of 16.9% in volume and 25.6% in value on an annual basis.

SBP said the country’s core payments systems infrastructure remains operationally resilient as all payment system channels show significant growth.

SBP hopes that the growth momentum in all key areas of the digital payments ecosystem will continue to strengthen.

“Modernization of the country’s payment system and infrastructure is a key priority, for which SBP will continue to work towards establishing a favorable regulatory environment,” he said.


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10 commercial banks make 266 billion naira through account maintenance and online banking fees https://ctxbay.com/10-commercial-banks-make-266-billion-naira-through-account-maintenance-and-online-banking-fees/ https://ctxbay.com/10-commercial-banks-make-266-billion-naira-through-account-maintenance-and-online-banking-fees/#respond Wed, 08 Sep 2021 07:00:00 +0000 https://ctxbay.com/10-commercial-banks-make-266-billion-naira-through-account-maintenance-and-online-banking-fees/ Ten Nigerian banks made 265.96 billion naira through account maintenance and electronic banking fees in 2020. This is shown by the analysis of data from the annual reports of the 10 banks. Banks made 79.55 billion naira from account maintenance fees and 186.41 billion naira from electronic banking fees. The banks examined are Access Bank, […]]]>

Ten Nigerian banks made 265.96 billion naira through account maintenance and electronic banking fees in 2020.

This is shown by the analysis of data from the annual reports of the 10 banks. Banks made 79.55 billion naira from account maintenance fees and 186.41 billion naira from electronic banking fees.

The banks examined are Access Bank, First Bank, Guaranty Trust Bank, Zenith Bank, Fidelity Bank, Sterling Bank, Wema Bank, Union Bank, United Bank for Africa and First City Monument Bank.

Among the banks examined, Zenith Bank got the most out of bookkeeping with Naira 21.99 billion while Wema did the least with Naira 1.25 billion.

Access Bank collected the most from electronic banking with N52.20bn while Fidelity Bank did the least with N2.46bn.

In 2020, First Bank generated N12.80 billion from account maintenance and N48.68 billion from electronic banking fees. Access Bank made N14.54 billion from account maintenance fees and management fees and N52.20 billion from channels and other e-commerce revenues.

According to Access Bank, e-commerce channels and other revenue includes revenue from electronic channels, card products and related services.

GT Bank made 10.57 billion naira from account maintenance fees and 9.28 billion naira from e-commerce income.

Zenith Bank made 21.99 billion naira from account maintenance fees and 25.56 billion naira from fees on electronic products. FCMB made 3.58 billion naira from account maintenance and 8.61 billion naira from electronic fees and commissions.

Fidelity Bank made 2.8 billion naira from account maintenance fees and 2.46 billion naira from commissions on online banking activities.

Sterling Bank made 1.93 billion naira from account maintenance fees and 4.98 billion naira from commissions and e-commerce fees. UBA made 8.46 billion naira from account maintenance fees and 24.99 billion naira from electronic banking revenues.

Wema Bank made 1.25 billion naira from account maintenance fees and 2.61 billion naira from fees on electronic products.

Union Bank made 1.63 billion naira from account maintenance fees and 7.04 billion naira from e-commerce fees.

According to the Central Bank of Nigeria’s “Guide to Fees Charged by Banks and Other Financial and Non-Bank Institutions, Current Account Maintenance Fees” apply to current accounts only with respect to debit transactions induced by the Bank of Nigeria. customer to third parties and debit transfers / deposits to the customer’s account in another bank.

The CBN points out that the CAMF is not applicable to savings accounts and is negotiable subject to a maximum of N1 per thousand.

The CBN also added guidelines for online banking. He put N2,500 as the maximum cost for a material token. He said that paying bills, including paying bills through other electronic channels, should cost a maximum of N500. He gave a range of costs for electronic funds transfer.

He said transactions below N 5,000 should cost N 10; transactions between 5,001 N and 50,000 N should cost 25 N, while those above 50,000 N should cost 50 N.

In its 2020 Annual Report, Access Bank said, “Our channel business continued to experience significant growth taking advantage of the digital explosion accelerated by the pandemic.”

The bank added that it had more than 13.1 million retail customers.

Access account maintenance fees defined by the bank as fees charged on current accounts. He said he charges N1 out of every N1,000 for customer-induced debit transactions.

The bank added that the fees were collected by it at the time of each transaction.

GTB in its annual report said, “The COVID-19 pandemic also arose as the Central Bank released a revised guide to bank charges with a significant impact on fees and commission line.

“The bank’s e-commerce revenue reported under the Fees and Commissions line was most affected due to the implementation of the CBN PIN fee guidelines. “

Many bank customers complain that a number of fees charged by banks, including account maintenance fees, are onerous.

However, a banker who spoke to our correspondent on condition of anonymity questioned the claim.

The banker said: “It costs the bank money to maintain accounts. Once an account is opened, it costs the bank money to maintain it.

“That’s why when a customer doesn’t use their account for a period of time and the account goes dormant, the account is closed.

“It is because the bank does not want to pay for such accounts because it does not bring them anything.”

Holders of savings accounts, however, receive negligible interest on their accounts.


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Ten banks generate naira 266 billion through online banking and online banking fees https://ctxbay.com/ten-banks-generate-naira-266-billion-through-online-banking-and-online-banking-fees/ https://ctxbay.com/ten-banks-generate-naira-266-billion-through-online-banking-and-online-banking-fees/#respond Wed, 08 Sep 2021 07:00:00 +0000 https://ctxbay.com/ten-banks-generate-naira-266-billion-through-online-banking-and-online-banking-fees/ Nigerian banks Ten banks generate naira 266 billion through online banking and online banking fees Ten Nigerian banks made 265.96 billion naira through account maintenance and electronic banking fees in 2020. This is shown by the analysis of data from the annual reports of the 10 banks. Banks made 79.55 billion naira from account maintenance […]]]>
Nigerian banks

Ten banks generate naira 266 billion through online banking and online banking fees

Ten Nigerian banks made 265.96 billion naira through account maintenance and electronic banking fees in 2020.

This is shown by the analysis of data from the annual reports of the 10 banks. Banks made 79.55 billion naira from account maintenance fees and 186.41 billion naira from electronic banking fees.

The banks examined are Access Bank, First Bank, Guaranty Trust Bank, Zenith Bank, Fidelity Bank, Sterling Bank, Wema Bank, Union Bank, United Bank for Africa and First City Monument Bank.

Among the banks examined, Zenith Bank got the most out of bookkeeping with Naira 21.99 billion while Wema did the least with Naira 1.25 billion.

Access Bank collected the most from electronic banking with N52.20bn while Fidelity Bank did the least with N2.46bn.

In 2020, First Bank generated N12.80 billion from account maintenance and N48.68 billion from electronic banking fees. Access Bank made N14.54 billion from account maintenance fees and management fees and N52.20 billion from channels and other e-commerce revenues.

According to Access Bank, e-commerce channels and other revenue includes revenue from electronic channels, card products and related services.

GT Bank made 10.57 billion naira from account maintenance fees and 9.28 billion naira from e-commerce income.

Zenith Bank made 21.99 billion naira from account maintenance fees and 25.56 billion naira from fees on electronic products. FCMB made 3.58 billion naira from account maintenance and 8.61 billion naira from electronic fees and commissions.

Fidelity Bank made 2.8 billion naira from account maintenance fees and 2.46 billion naira from commissions on online banking activities.

Sterling Bank made 1.93 billion naira from account maintenance fees and 4.98 billion naira from commissions and e-commerce fees. UBA made 8.46 billion naira from account maintenance fees and 24.99 billion naira from electronic banking income.

Wema Bank made 1.25 billion naira from account maintenance fees and 2.61 billion naira from fees on electronic products.

Union Bank made 1.63 billion naira from account maintenance fees and 7.04 billion naira from e-commerce fees.

According to the Central Bank of Nigeria’s “Guide to Fees Charged by Banks and Other Financial and Non-Bank Institutions, Current Account Maintenance Fees” apply to current accounts only with respect to debit transactions induced by the Bank of Nigeria. customer to third parties and debit transfers / deposits to the customer’s account in another bank.

The CBN points out that the CAMF is not applicable to savings accounts and is negotiable subject to a maximum of N1 per thousand.

The CBN also added guidelines for online banking. He put N2,500 as the maximum cost for a material token. He said that paying bills, including paying bills through other electronic channels, should cost a maximum of N500. He gave a range of costs for electronic funds transfer.

He said transactions below N 5,000 should cost N 10; transactions between 5,001 N and 50,000 N should cost 25 N, while those above 50,000 N should cost 50 N.

In its 2020 Annual Report, Access Bank said, “Our channel business continued to experience significant growth taking advantage of the digital explosion accelerated by the pandemic.”

The bank added that it had more than 13.1 million retail customers.

Access account maintenance fees defined by the bank as fees charged on current accounts. He said he charges N1 out of every N1,000 for customer-induced debit transactions.

The bank added that the fees were collected by it at the time of each transaction.

GTB in its annual report said, “The COVID-19 pandemic also arose as the Central Bank released a revised guide to bank charges with a significant impact on fees and commission line.

“The bank’s e-commerce revenue reported under the Fees and Commissions line was most affected due to the implementation of the CBN PIN fee guidelines. “

Many bank customers complain that a number of fees charged by banks, including account maintenance fees, are onerous.

However, a banker who spoke to our correspondent on condition of anonymity questioned the claim.

The banker said: “It costs the bank money to maintain accounts. Once an account is opened, it costs the bank money to maintain it.

“That’s why when a customer doesn’t use their account for a period of time and the account goes dormant, the account is closed.

“It is because the bank does not want to pay for such accounts because it does not bring them anything.”

Holders of savings accounts, however, receive negligible interest on their accounts.


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10 banks earn 266 billion naira from account maintenance and online banking fees https://ctxbay.com/10-banks-earn-266-billion-naira-from-account-maintenance-and-online-banking-fees/ https://ctxbay.com/10-banks-earn-266-billion-naira-from-account-maintenance-and-online-banking-fees/#respond Wed, 08 Sep 2021 07:00:00 +0000 https://ctxbay.com/10-banks-earn-266-billion-naira-from-account-maintenance-and-online-banking-fees/ Temitayo Jaiyeola and Dayo Adenubi Posted September 8, 2021 Ten Nigerian banks made 265.96 billion naira through account maintenance and electronic banking fees in 2020. This is shown by the analysis of data from the annual reports of the 10 banks. Banks made 79.55 billion naira from account maintenance fees and 186.41 billion naira from […]]]>

Ten Nigerian banks made 265.96 billion naira through account maintenance and electronic banking fees in 2020.

This is shown by the analysis of data from the annual reports of the 10 banks. Banks made 79.55 billion naira from account maintenance fees and 186.41 billion naira from electronic banking fees.

The banks examined are Access Bank, First Bank, Guaranty Trust Bank, Zenith Bank, Fidelity Bank, Sterling Bank, Wema Bank, Union Bank, United Bank for Africa and First City Monument Bank.

Among the banks examined, Zenith Bank got the most out of bookkeeping with Naira 21.99 billion while Wema did the least with Naira 1.25 billion.

Access Bank collected the most from electronic banking with N52.20bn while Fidelity Bank did the least with N2.46bn.

In 2020, First Bank generated N12.80 billion from account maintenance and N48.68 billion from electronic banking fees. Access Bank made N14.54 billion from account maintenance fees and management fees and N52.20 billion from channels and other e-commerce revenues.

According to Access Bank, e-commerce channels and other revenue includes revenue from electronic channels, card products and related services.

GT Bank made 10.57 billion naira from account maintenance fees and 9.28 billion naira from e-commerce income.

Zenith Bank made 21.99 billion naira from account maintenance fees and 25.56 billion naira from fees on electronic products. FCMB made 3.58 billion naira from account maintenance and 8.61 billion naira from electronic fees and commissions.

Fidelity Bank made 2.8 billion naira from account maintenance fees and 2.46 billion naira from commissions on online banking activities.

Sterling Bank made 1.93 billion naira from account maintenance fees and 4.98 billion naira from commissions and e-commerce fees. UBA made 8.46 billion naira from account maintenance fees and 24.99 billion naira from electronic banking income.

Wema Bank made 1.25 billion naira from account maintenance fees and 2.61 billion naira from fees on electronic products.

Union Bank made 1.63 billion naira from account maintenance fees and 7.04 billion naira from e-commerce fees.

According to the Central Bank of Nigeria’s “Guide to Fees Charged by Banks and Other Financial and Non-Bank Institutions, Current Account Maintenance Fees” apply to current accounts only with respect to debit transactions induced by the Bank of Nigeria. customer to third parties and debit transfers / deposits to the customer’s account in another bank.

The CBN points out that the CAMF is not applicable to savings accounts and is negotiable subject to a maximum of N1 per thousand.

The CBN also added guidelines for online banking. He put N2,500 as the maximum cost for a material token. He said that paying bills, including paying bills through other electronic channels, should cost a maximum of N500. He gave a range of costs for electronic funds transfer.

He said transactions below N 5,000 should cost N 10; transactions between 5,001 N and 50,000 N should cost 25 N, while those above 50,000 N should cost 50 N.

In its 2020 Annual Report, Access Bank said, “Our channel business continued to experience significant growth taking advantage of the digital explosion accelerated by the pandemic.”

The bank added that it had more than 13.1 million retail customers.

Access account maintenance fees defined by the bank as fees charged to current accounts. He said he charges N1 out of every N1,000 for customer-induced debit transactions.

The bank added that the fees were collected by it at the time of each transaction.

GTB in its annual report said, “The COVID-19 pandemic also arose as the Central Bank released a revised guide to bank charges with a significant impact on fees and commission line.

“The bank’s e-commerce revenue reported under the Fees and Commissions line was most affected due to the implementation of the CBN PIN fee guidelines. ”

Many bank customers complain that a number of fees charged by banks, including account maintenance fees, are onerous.

However, a banker who spoke to our correspondent on condition of anonymity questioned the claim.

The banker said: “It costs the bank money to maintain accounts. Once an account is opened, it costs the bank money to maintain it.

“That’s why when a customer doesn’t use their account for a period of time and the account goes dormant, the account is closed.

“It is because the bank does not want to pay for such accounts because it does not bring them anything.”

Holders of savings accounts, however, receive negligible interest on their accounts.

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Zenith, Access Bank, GTB, 7 others profit greatly from online banking fees – Blueprint Newspapers Limited https://ctxbay.com/zenith-access-bank-gtb-7-others-profit-greatly-from-online-banking-fees-blueprint-newspapers-limited/ https://ctxbay.com/zenith-access-bank-gtb-7-others-profit-greatly-from-online-banking-fees-blueprint-newspapers-limited/#respond Wed, 08 Sep 2021 07:00:00 +0000 https://ctxbay.com/zenith-access-bank-gtb-7-others-profit-greatly-from-online-banking-fees-blueprint-newspapers-limited/ Access Bank, GTB and Zenith Bank are among ten Nigerian banks that have made huge profits from online banking and account maintenance fees in 2020, according to analyzes of banks’ reports. The other banks are First Bank, Fidelity Bank, Sterling Bank, Wema Bank, Union Bank, United Bank for Africa and First City Monument Bank. The […]]]>

Access Bank, GTB and Zenith Bank are among ten Nigerian banks that have made huge profits from online banking and account maintenance fees in 2020, according to analyzes of banks’ reports.

The other banks are First Bank, Fidelity Bank, Sterling Bank, Wema Bank, Union Bank, United Bank for Africa and First City Monument Bank.

The banks it brought together made a whopping N 265.96 billion from these transactions alone in 2020. The breakdown shows that banks made 79.55 billion naira from account maintenance fees and 186.41 billion. billion naira through electronic banking fees.

Among the banks examined, Zenith Bank got the most out of bookkeeping with Naira 21.99 billion while Wema did the least with Naira 1.25 billion.

Access Bank collected the most from electronic banking with N52.20 billion while Fidelity Bank did the least with N2.46 billion.

In 2020, First Bank earned N12.80 billion from account maintenance and N48.68 billion from electronic banking fees. Access Bank made N14.54 billion from account maintenance fees and management fees and N52.20 billion from channels and other e-commerce revenues.

According to Access Bank, e-commerce channels and other revenue includes revenue from electronic channels, card products and related services.

GT Bank made 10.57 billion naira from account maintenance fees and 9.28 billion naira from e-commerce income.

Zenith Bank made 21.99 billion naira from account maintenance fees and 25.56 billion naira from fees on electronic products. FCMB made 3.58 billion naira from account maintenance and 8.61 billion naira from electronic fees and commissions.

Fidelity Bank made 2.8 billion naira from account maintenance fees and 2.46 billion naira from commissions on online banking activities.


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Unity Bank unveils USSD channel to fight online banking fraud https://ctxbay.com/unity-bank-unveils-ussd-channel-to-fight-online-banking-fraud/ https://ctxbay.com/unity-bank-unveils-ussd-channel-to-fight-online-banking-fraud/#respond Fri, 03 Sep 2021 07:00:00 +0000 https://ctxbay.com/unity-bank-unveils-ussd-channel-to-fight-online-banking-fraud/ Friday, September 3, 2021 / 5:00 p.m. / Unity Bank / Header Image Credit: Unity Bank Unity Bank Plc has unveiled a new channel that will allow customers to block their bank accounts using a USSD code. By dialing the code * 7799 * phone #, a customer will be able to block their account […]]]>

Friday, September 3, 2021 / 5:00 p.m. / Unity Bank / Header Image Credit: Unity Bank


Unity Bank Plc has unveiled a new channel that will allow customers to block their bank accounts using a USSD code.

By dialing the code * 7799 * phone #, a customer will be able to block their account number using any mobile device if fraud is suspected, a debit card is lost or cases of unauthorized transactions are reported.

This feature builds on the lender’s previous innovative USSD feature that allows customers to block an account number using a third-party mobile device, an initiative launched by the Bank two years ago.

This feature now gives Unity Bank customers full control to protect themselves from scams, secure all banking transactions and give customers a head start in control of their banking transactions.

The new anti-channel fraud enhances the bank’s robust security system to protect customers’ bank accounts against any form of cyber threat or financial loss resulting from attempted fraud.

According to the latest banking sector fraud by the Nigeria Inter-Bank Settlement System, cyber fraud increased by 534% as Nigerian banks lost a total of 3.5 billion naira in the past year alone. The unveiling of the new USSD channels is therefore part of Unity Bank’s strategic approach to protect its customers by reducing losses due to electronic banking fraud to zero.

The code * 7799 # which was introduced three years ago and enhanced with multilingual capability, has remained an essential part of the Bank’s robust online banking channels facilitating transparent and secure banking transactions.

Speaking on the new channel, CEO, E-Business, Retail & SME Banking, Mr. Funwa Akinmade said leveraging the technology needed to protect the bank’s assets, including customers, remains the top priority for the Bank in the face of growing cybersecurity threats. .

He said: “With cases of fraud affecting major payment channels across Nigeria resulting in losses of billions of naira per year, every player in the financial services industry in Nigeria needs to think about how to keep a length of time. ahead of fraudsters.

“With the USSD feature that allows customers to block their accounts, even from a third-party device, we have given customers full control to terminate access to their bank accounts if fraud is suspected. the USSD functionality, being available to both smartphone and multifunction phone users, means that even the less digitally savvy Unity Bank customers have full control of their bank accounts.

Especially since the USSD is available in the three main local languages, it therefore has the potential to reach as many people as possible who are looking for convenient and secure banking services. “

The unveiling of the USSD block code is also accompanied by the rollout of a nationwide radio campaign to educate the banking public about their options for safe banking.

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4. NYSC Members Win N10 Million Cash Prizes in Unity Bank Corporate Challenge

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ten. Unity Bank’s full year 2019 results: the ups and downs of a business rebound

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Access Bank launches awareness campaign to fight online banking fraud https://ctxbay.com/access-bank-launches-awareness-campaign-to-fight-online-banking-fraud/ https://ctxbay.com/access-bank-launches-awareness-campaign-to-fight-online-banking-fraud/#respond Wed, 25 Aug 2021 07:00:00 +0000 https://ctxbay.com/access-bank-launches-awareness-campaign-to-fight-online-banking-fraud/ Nume Ekeghe As part of its commitment to educate and protect customers against online banking fraud, Access Bank Plc has launched an awareness campaign aimed at educating customers on the steps they can take to protect themselves. The campaign, under the theme ‘Banks Don’t Ask’, focuses on three key activities that are behind most incidents […]]]>

Nume Ekeghe

As part of its commitment to educate and protect customers against online banking fraud, Access Bank Plc has launched an awareness campaign aimed at educating customers on the steps they can take to protect themselves.

The campaign, under the theme ‘Banks Don’t Ask’, focuses on three key activities that are behind most incidents of fraud in Nigeria, phishing, SIM card fraud, ATM fraud and point-of-sale fraud.

In a statement, ED Retail Banking, Victor Etuokwu, said: “In recent years, there has been a significant increase in the rate of internet and technology fraud.” He added: “We want to make sure that our customers are not only protected, but that they are also aware of the tactics employed by scammers. Access Bank will never ask for personal banking information such as your 16-digit card number, password, PIN, BVN, CVV or one-time password (OTP). Thus, clients are also advised to never share this information with anyone, even if they claim to belong to the Bank.

“From all indications, the rates of phishing, SIM card fraud, ATM fraud and point-of-sale fraud in the country have tripled in recent years. In addition, the sophistication with which these activities are carried out has evolved, making unsuspecting customers very susceptible to these criminal activities. “


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Nigerian banks’ online banking revenues decline 27.3% despite high transactions https://ctxbay.com/nigerian-banks-online-banking-revenues-decline-27-3-despite-high-transactions/ https://ctxbay.com/nigerian-banks-online-banking-revenues-decline-27-3-despite-high-transactions/#respond Wed, 25 Aug 2021 07:00:00 +0000 https://ctxbay.com/nigerian-banks-online-banking-revenues-decline-27-3-despite-high-transactions/ By Dipo Olowookere A new report from Agusto & Co. Limited has shown that in fiscal year 2020, the banking sector in Nigeria saw a decline in electronic banking revenues. In the report from the country’s leading research house and rating institution, it was stated that the drop was 27.3% despite an increase in digital […]]]>

By Dipo Olowookere

A new report from Agusto & Co. Limited has shown that in fiscal year 2020, the banking sector in Nigeria saw a decline in electronic banking revenues.

In the report from the country’s leading research house and rating institution, it was stated that the drop was 27.3% despite an increase in digital transactions during the pandemic year.

The 2021 flagship report on the banking industry found that last year some banks saw a 50% increase in digital banking transaction volumes, but the gains were reduced by the reduction in bank fees from January. 2020 by the Central Bank of Nigeria (CBN).

Agusto said this action by the banking sector regulator affected online banking income and represented a 13.2% drop in non-interest income from the 21.1% posted in the fiscal year. 2019.

It has been said that the pandemic has demonstrated how technology can be used to deepen financial services in the country, as it was the way most banking institutions were using to offer their services to customers during the second quarter lockdown of the year and quarter of the year during the #EndSARS saga.

In the report, it was stated that despite the challenges of the year, the sector has shown resilience, learning lessons from the economic recession of 2016/2017.

“Proactive measures in the form of forbearance granted by the CBN have enabled banks to undertake a temporary and time-limited restructuring of the facilities granted to households and businesses severely affected by COVID-19.

“There was generally a conservative approach to lending in the industry, given the difficult operating environment.

“Although gross loans and advances increased by 12%, loan growth was negative when you consider the 19.3% devaluation of the Naira.

“Supported by the abstention and the proactive measures adopted by the banks, the ratio of non-performing loans improved to 6.6% (fiscal year 2019: 7.6%)”, indicates part of the summary of the updated report. the disposition of Business post read.

Agusto also noted in the report that CBN policies to lower interest rates have persisted, especially given the urgent need to stimulate the economy in the wake of adversities created by the pandemic.

He said that given the need to moderate inflation as part of efforts to keep the exchange rate stable, the cash reserve requirement (CRR) was increased and normalized to 27.5% for investment and commercial banks, adding that the standardized CRR has been implemented alongside discretionary deductions. .

“In FY2020, the industry’s tight cash reserves exceeded N9.5 trillion and resulted in an effective CRR of 37%.

“It should be noted that Nigeria has the highest reserve requirements in sub-Saharan Africa. South Africa, Kenya and Ghana all have CRRs below 10 percent.

“We believe that the high level of CRR moderated the performance and the liquidity position of the sector during the year under review.

“Assuming the sterile CRR had been invested in 5 percent Treasury securities, N482 billion would have been added to the industry’s pre-tax profits.

“This would have increased the industry’s return on average equity (ROE) from 11% to 31.6% in the fiscal year ended December 31, 2020,” he said.

Agusto said that for the report, he analyzed the financial statements of 20 commercial banks and five investment banks, taking into account the industry structure, financial situation, regulatory environment in addition to the macroeconomic environment and its impact on the Nigerian banking sector.

Business post learned that the banks reviewed by Agusto were Zenith Bank Plc, Access Bank Plc, First Bank of Nigeria Ltd, United Bank for Africa (UBA) Plc, Guaranty Trust Bank, Fidelity Bank Plc, Ecobank Nigeria, Standard Chartered Bank Nigeria, Union Bank of Nigeria Plc and Stanbic IBTC Bank.

Others were First City Monument Bank, Wema Bank Plc, Sterling Bank Plc, Citibank Nigeria, Polaris Bank, Unity Bank Plc, Providus Bank, Coronation Merchant Bank, FBN Merchant Bank, Nova Merchant Bank, FSDH Merchant Bank, Globus Bank, Rand Merchant Bank, Jaiz Bank and Titan Trust Bank.


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Access Bank unveils campaign to fight online banking fraud https://ctxbay.com/access-bank-unveils-campaign-to-fight-online-banking-fraud/ https://ctxbay.com/access-bank-unveils-campaign-to-fight-online-banking-fraud/#respond Wed, 25 Aug 2021 00:23:01 +0000 https://ctxbay.com/access-bank-unveils-campaign-to-fight-online-banking-fraud/ Access Bank Plc, Africa’s largest retail bank, has launched an awareness campaign to educate customers on the steps they can take to protect themselves against online banking fraud. The campaign, whose theme is ‘Banks Don’t Ask’, focuses on three key activities that are behind most incidents of fraud in Nigeria, phishing, SIM card fraud, counter […]]]>

Access Bank Plc, Africa’s largest retail bank, has launched an awareness campaign to educate customers on the steps they can take to protect themselves against online banking fraud.

The campaign, whose theme is ‘Banks Don’t Ask’, focuses on three key activities that are behind most incidents of fraud in Nigeria, phishing, SIM card fraud, counter fraud machines and point-of-sale fraud.

From all indications, the rates of phishing, SIM card fraud, ATM fraud and point-of-sale fraud in the country have tripled in recent years. In addition, the sophistication with which these activities are carried out has evolved, making unsuspecting customers very susceptible to these criminal activities.

Access Bank Retail Banking Executive Director Victor Etuokwu said that “in recent years there has been a significant increase in the rate of internet and technology fraud.” He added, “We want to make sure that our customers are not only protected, but that they are also aware of the tactics employed by scammers.

“Access Bank will never ask for personal banking information such as your 16-digit card number, password, PIN, BVN, CVV or one-time password (OTP). Thus, clients are also advised to never share this information with anyone, even if they claim to belong to the Bank, ”he added.


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LandBank cites an increase in the use of the e-banking hub https://ctxbay.com/landbank-cites-an-increase-in-the-use-of-the-e-banking-hub/ https://ctxbay.com/landbank-cites-an-increase-in-the-use-of-the-e-banking-hub/#respond Tue, 24 Aug 2021 07:00:00 +0000 https://ctxbay.com/landbank-cites-an-increase-in-the-use-of-the-e-banking-hub/ The Land Bank of the Philippines (LandBank) on Tuesday reported a sustained increase in the use of its major electronic banking channels, including payment systems used by state and local government agencies, in the first seven months of the year. . The state-owned bank said its online electronic payment platform, Link.BizPortal, facilitated 2.3 million transactions […]]]>

The Land Bank of the Philippines (LandBank) on Tuesday reported a sustained increase in the use of its major electronic banking channels, including payment systems used by state and local government agencies, in the first seven months of the year. .

The state-owned bank said its online electronic payment platform, Link.BizPortal, facilitated 2.3 million transactions amounting to 5.57 billion pesos in the first seven months of the year. This represents a 105 percent increase in the number of transactions and 103 percent growth rates in transaction volume.

Meanwhile, the bank’s modified electronic disbursement system (eMDS) for national government agency partners also reached 1.1 million transactions amounting to 925.28 billion pesos during the period. This is 36% more transactions and a 74% increase in value compared to the same period last year.

“LandBank continues to answer the call for accessible, reliable and secure electronic banking services in the new normal, driven by the diverse needs of customers due in large part to the pandemic,” said President and CEO of Landbank, Cecilia C. Borromeo.

The bank’s other online platforms are also growing over the period.

Its “weAccess”, dedicated to corporate clients, facilitated 277.43 billion pesos through 11.3 million transactions. These are equivalent to increases of 31 percent and 22 percent, respectively.

Landbank mobile banking app recorded 55.72 million transactions, up 48%, with a total value of 89.9 billion pesos or an increase of 136% from the previous year.

The bank also expressed support for the Anti-Red Tape Authority’s recent call for government agencies to digitize their payment systems, as part of their compliance with Republic Law 11032 or the 2018 Law on the ease of doing business and the delivery of efficient government services.

“We are committed to working with more government partners to make financial services much more accessible, to promote the ease of doing business and to advance greater digital financial inclusion in the country,” Borromeo said.


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