Banking
Banks Swing into Action, Set up Teller Points for Forex Sales
By Ashemiriogwa Emmanuel
In response to the recent directive from the Central Bank of Nigeria (CBN) that all Deposit Money Banks (DMBs) should make necessary arrangements to sell foreign currencies to retail customers, various commercial banks have swung into action and have set up teller points across their branches nationwide.
These dedicated teller points are to meet the legitimate foreign exchange (FX) demands of retail customers, following the CBN stoppage of FX sales to Bureaux De Change (BDCs).
Customers who want to buy Personal Travel Allowance (PTA), Business Travel Allowance (BTA), pay international school fees, foreign medical bills, make SME transactions and every other qualifying foreign exchange (FX) transaction, will now have to approach the banks to get them.
Business Post gathered most of the licenced DMBs have adhered to the CBN directive, including Guaranty Trust Bank (GTBank) Limited, First Bank of Nigeria, United Bank for Africa Plc (UBA), Fidelity Bank Plc, Ecobank, amongst others.
Notices of the above lenders tracked by this newspaper showed that they have encouraged customers who need FX should visit their respective branches. They said the customers must be 18 years and above and have a Bank Verification Number (BVN).
Applicants must also possess a valid Nigerian passport with a valid visa and a valid international return ticket with travel date, not more than 14 days from the date of PTA/BTA purchase.
Furthermore, the PTA request is limited to a maximum of $4,000 per quarter per applicant.
Customers applying for international school fees payment can apply themselves through their parent/guardian with a valid BVN.
The banks have indicated their firm commitment to treating customer’s foreign exchange requests instantly while exchanging at the prevailing CBN rate.
“Kindly walk into any of our branches nationwide to buy your PTA. BTA, pay your international school fees, foreign medical bills, SME Form Q transactions and every other qualifying foreign exchange transaction.
“We will treat your foreign exchange requests instantly. This means that you will get your FX the same day in cash and in the case of school fees and medical bills payment, to the stipulated beneficiary offshore.
“Please note that this is subject to you providing all the required documentation for these transactions,” a notice from GTBank said.
As for First Bank, it said it would honour PTA of up to $4,000 and BTA of up to $5,000 as long as customers possess the necessary documents.
“Life can be filled with so many uncertainties and challenges however, getting up to $4,000 as your PTA and $5,000 for your BTA quarterly shouldn’t be stressful if you meet [the] criteria.
“With our Visa Debit Multi-Currency Card, you can transact business anywhere in the world, whether in Naira, Dollars, Pound Sterling or Euro, all on one debit card,” the lender said.
On its part, Fidelity Bank said to make the process easier, it has “put in place electronic transaction alert system that will provide a status update on your request,” adding that “all FX sales will be in your preferred foreign currency at the prevailing CBN rate.”
In its message to customers, UBA said it has established “dedicated teller points for FX transactions at all UBA branches nationwide,” stressing that “to be eligible, you must not have been paid a total of $4,000 or its equivalent within the quarter.”
For Ecobank, it notified its customers that all its branches had been put on notice to ensure smooth FX sales to eligible customers, assuring that their requests would be honoured timely and at competitive rates.
Banking
Proxy Share Acquisition: Nothing to Worry About—LivingTrust Mortgage Bank Assures Shareholders
By Aduragbemi Omiyale
The board of LivingTrust Mortgage Bank Plc has assured the investing public, particularly its shareholders, that its operations are not being affected by reports of an alleged proxy share acquisition surrounding the organisation.
It was claimed that an investor attempted to take over the control of the real estate lender with funds alleged to have been from questionable sources.
In a clarification to the investing public through the Nigerian Exchange (NGX) Limited on Tuesday, April 7, 2026, the company said it cannot confirm if security operatives investigating the claims have submitted their report to the Central Bank of Nigeria (CBN).
However, it assured that, “Our bank is stable and that in the event of any change in ownership, we will file the necessary formal notifications and publish detailed announcements.”
In the notice today, LivingTrust Mortgage Bank narrated that, “As a company listed on the Growth Board of NGX, there are regular movements on the bank’s shareholder register.
“The bank’s monitoring of material movements showed an acquisition of 2.24 per cent of its shareholding by Apel Asset Ltd-Nominee, as per its register of June 25, 2025, as obtained from our registrar. However, one month later, in July 2025, the register obtained from the bank’s registrar showed the same shares to be listed in favour of Deril Academy Limited. We are further aware that in July 2025, Deril Academy Limited teamed up with some other shareholders in a takeover attempt via a matter filed in the Federal High Court, Lagos. The attempt failed, and the matter has now been withdrawn.
“Please note that we do not reveal the veil of corporations of juridical entities investing in the shares of the bank, below the level considered statutorily significant.
“While the CBN assesses the source of funds invested in financial institutions, persons purchasing shares of less than 5 per cent of total shareholdings in the open market are not required to be reported to the CBN.”
Business Post reports that the majority shareholders of LivingTrust Mortgage Bank, formerly Omoluabi Mortgage Bank, are Cititrust Holdings Plc and the Osun State Government.
By Adedapo Adesanya
Nigeria’s Bank Verification Number (BVN) registry surged to 68.6 million in the first three months of 2026 from 67.8 million in the last quarter of 2025, reflecting continued uptake of the unique identity platform for bank customers amid new regulatory directives to strengthen the Nigerian financial landscape further.
Data released by the Nigeria Inter-Bank Settlement System (NIBSS) showed that the database expanded by 754,128 in the first quarter of the year.
Last year, the sector recorded 4.3 million new registrations, largely driven by the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to register remotely, thereby boosting cross-border financial inclusion.
The data for fresh enrolments in 2026 showed a slowing rate of registrations, with fewer than one million recorded in the first three months. The total number of active bank accounts in Nigeria stood at over 320 million as of March 2025, highlighting a gap between BVN coverage and the broader banking population. While a single BVN can be linked to multiple accounts, unlinked accounts remain a challenge for financial oversight.
Last month, the Central Bank of Nigeria (CBN) introduced a revised BVN regulatory framework to strengthen identity verification and fraud prevention. Among the new provisions, only individuals aged 18 and above are eligible for BVN enrolment, and customers are now permitted to update the phone number linked to their BVN only once.
The apex bank also directed financial institutions to maintain a temporary watch list of BVNs associated with suspected fraudulent transactions. Affected BVNs remain on the list for up to 24 hours, during which owners are contacted for clarification before further action is taken.
According to the CBN, the measures are designed to tighten fraud monitoring, protect transaction integrity, and enhance identity management across Nigeria’s banking system.
By Modupe Gbadeyanka
One tune that is on the lips of young and energetic Nigerians is the new ALAT: The Evolution jingle.
The melodious clink was designed to capture the energy of a smarter and more seamless banking experience. It is bright, catchy, and full of life.
The lender said the ALAT: The Evolution jingle is more than just music, as it represents a clear statement of intent. It signals a shift towards banking that feels natural, responsive, and in tune with the user.
As customers update their app and explore ALAT: The Evolution, the jingle serves as a reminder that a better, smoother way to bank is already here. Wema Bank is not just evolving its technology; it is shaping how banking feels.
It was stated that the tune was introduced to mark the next phase of the financial institution’s digital banking journey.
Everyday banking can often feel routine or even stressful, with multiple steps and delays slowing things down. The ALAT: The Evolution jingle reimagines that experience with a lively and confident tone that mirrors the app’s capabilities.
From voice banking with SAW to Tap and Pay and bank uptime prediction, each feature is echoed in the rhythm and flow of the sound. It brings to life the speed, convenience, and reliability that define this new phase of ALAT: The Evolution.
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