USSD Deactivation Codes of Major Banks in Nigeria

By Bliss Okperan A digital investment platform known as AltInvest has been introduced by a new kid in the banking industry in Nigeria, Alternative Bank. According to the non-interest lender, which commenced operations in October 2023, the new product empowers individuals to navigate seamlessly the investment world, blending ethical and digital features for increased accessibility. At the unveiling of the innovative financial solution at the 44th Kano International Trade Fair, the company also launched another produced AltBiz, which it said caters to the financial needs of businesses, offering a comprehensive suite of services to fuel growth, innovation, and sustainability. “These

By Adedapo Adesanya All bank accounts without Bank Verification Number (BVN) and National Identification Number (NIN) will from April 2024 have “Post No Debit (PND)” placed on them. This is the latest directive of the Central Bank of Nigeria (CBN) to financial institutions operating in the country. In a circular issued by the apex bank and sent to all deposit money banks (DMBs) on Friday evening, the CBN said all the BVN or NIN attached to and/or associated with AL accounts/wallets must be electronically revalidated by January 31, 2024. In the circular seen by Business Post, the central bank said

By Adedapo Adesanya The Economic and Financial Crimes Commission (EFCC) has alerted Nigerians of unauthorised bank withdrawals linked to Automated Teller Machine (ATM) card swap fraud. The commission issued the alert on Monday in a statement by the Head of Media and Publicity, Mr Dele Oyewale. According to the EFCC, fraudsters engaged in this activity typically keep a debit card from the same bank and, under the guise of assisting a confused bank customer at an ATM point, swiftly swap the card while memorising the PIN used with fake cards. “These cards get stuck in the machine due to a

By Modupe Gbadeyanka A cutting-edge German-Nigerian financial technology (fintech) firm, BFREE, plans to put down $40 million to acquire some distressed loan portfolios in Union Bank of Nigeria. A statement from the Nigerian lender said both parties signed a Memorandum of Understanding (MOU) in Berlin on November 21, 2023, at the German-Nigerian Business Forum. It was disclosed that BFREE would partner with its international financing partners to refinance bad loans from Union Bank, particularly those delayed in repayment or already written off. Union Bank expressed its optimism that this strategic partnership with BFREE would not only bolster the bank’s financial

By Dipo Olowookere Former England goalkeeper, David James, is in Ghana, where he is showcasing the world renowned FA Cup. The Emirates FA Cup trophy embarked on its first-ever tour of Africa, courtesy of the competition’s title sponsor Emirates. Emirates FA Cup ambassador and former England international David James has had a successful international football career playing for British Premier league clubs, including Liverpool, Manchester City, West Ham United and Aston Villa. After he arrived Ghana, the former goal stopper had an interaction with members of staff of the British High Commission in Accra. They were delighted to meet Mr

By Adedapo Adesanya Oil prices return to gaining ways on Thursday as supply concerns, as well as geopolitical tensions, offset bearish factors such as worries about economic fears. Brent crude gained 0.1 per cent or 11 cents to sell for $107.60 per barrel while the United States West Texas Intermediate (WTI) crude rose by 0.45 per cent or 48 cents to $106.2 per barrel. The European Union (EU) had proposed a comprehensive oil embargo against Russia for the first time, as Moscow continues its war on Ukraine and it hopes Europe will stop importing Russian oil by the end of

By Dipo Olowookere President of the World Bank Group, Mr Jim Yong Kim, has advised the Nigerian government to invest in its people in order to growth its economy. At a press conference on Thursday in Washington DC, United States, the World Bank chief noted that investing in the people will boost economic growth. “Nigeria has to think ahead and invest in its people. Investing in the things that will allow Nigeria to be a thriving, rapidly growing economy in the future is what the country has to focus on right now,” Mr Kim told journalists. Also, the World Bank

By Dipo Olowookere A Court of Appeal sitting in Lagos has maintained that former Keystone Bank (former Bank PHB) Managing Director, Mr Francis Atuche, must face trial for alleged N25.7 billion theft. At the sitting yesterday, the court upheld the appeal filed by the Economic and Financial Crimes Commission (EFCC) against a Lagos High Court verdict which dismissed the charge. The appellate court, in its judgement delivered by Justice Gana Mshelia, set aside the lower court’s judgment, directing the Chief Judge of Lagos State to reassign the case to another judge for retrial. Justice Msheila in her lead judgement held

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.21 per cent on Thursday after the share prices of FrieslandCampina Wamco Nigeria Plc and Aradel Holdings Plc improved at the close of transactions. FrieslandCampina added N3.09 to its value to settle at N75.90 per unit versus the previous closing price of N72.81 per unit, and Aradel gained 71 Kobo to close at N564.71 per share compared with the preceding day’s value of N564.00 per share. The upward movement in the share prices of these companies lifted the market capitalisation of the NASD OTC exchange by N2.41 billion to

By Adedapo Adesanya The Board of Directors of Hope Payment Service Bank Ltd has announced the appointment of Mrs Ogechi Altraide as Managing Director and Chief Executive Officer. The appointment is subject to the approval of the Central Bank of Nigeria (CBN). Mrs Altraide brings to Hope PSB two and a half decades of unbroken experience in the Nigerian banking industry. She will provide valuable insight for the board and the management of the bank. Chairman of Hope PSB’s Board of Directors, Mr Shehu Abubakar, said Mrs Altraide’s appointment is one of the measures the bank has taken to position

A commitment of about $210 million has been channelled to small and micro businesses to address an urgent need from local communities following the spread of COVID-19. The funding package was provided by the Visa Foundation and it comes in two phases. The first is $10 million designated for immediate emergency relief to support charitable organizations on the frontlines responding to the COVID-19 pandemic, while the second is a five-year strategic $200 million commitment to support small and micro businesses around the world, with a focus on fostering women’s economic advancement. The funds will be disbursed to beneficiaries in each

By Aduragbemi Omiyale To cushion the harsh effect of the removal of subsidy on premium motor spirit (PMS), also known as petrol, by the federal government, Wema Bank Plc has increased the salaries of its employees. Since President Bola Tinubu declared on May 29, 2023, that “subsidy is gone”, prices of goods and services in the country have astronomically gone up, forcing many to appeal to the government to allow the citizens to breathe because of the resultant hardships. Worried that some of its members of staff could be going through a tough time because of this government policy, the