Echotitbits – Nigeria News

Tag: Nigeria banking

  • Fidelity Bank names Amaka Onwughalu board chair as governance changes continue

    Fidelity Bank names Amaka Onwughalu board chair as governance changes continue

    In an update published by Punch, Fidelity Bank announced the appointment of Amaka Onwughalu as board chair, a move aimed at strengthening corporate governance as the sector tightens oversight.

    The appointment comes amid heightened scrutiny of bank boards, risk management and capital adequacy, with stakeholders watching how leadership decisions translate into performance and compliance.

    Vanguard also reported the appointment, describing Onwughalu’s elevation as a notable board change at the lender. Punch’s report described the move as “appoints Onwughalu as board chair,” while Vanguard’s coverage similarly framed it as a chairmanship appointment.

    For investors, the practical signal will be follow-through: board composition, committee strength, and disclosures that show improved governance beyond titles.

    Echotitbits take: For investors, the practical signal will be follow-through: board composition, committee strength, and disclosures that show improved governance beyond titles.

    Source: The Punch — January 3, 2026 (https://www.google.com/amp/s/punchng.com/fidelity-bank-names-new-board-chairman-as-chike-obi-exits/%3famp)

    The Punch January 3, 2026

    Photo Credit: The Punch

  • Banks begin N50 stamp-duty charge on transfers above N10,000 from Jan 1

    Banks begin N50 stamp-duty charge on transfers above N10,000 from Jan 1

    2025-12-31 08:07:00

    Reporting by Vanguard indicates Nigerian banks are notifying customers that a N50 stamp duty will apply to electronic transfers above N10,000 starting January 1, reflecting changes tied to the new tax framework.

    The key change, as communicated in customer notices, is that the levy is treated as payable by the sender for qualifying transfers—so customers may see the charge as a separate line item.

    For consumers and SMEs, the implication is straightforward: routine transfers that cross the threshold will carry a small additional cost, which can add up for high-frequency digital payments.

    Validation: Nairametrics said “Banks are set to begin charging customers N50 stamp duty on electronic transfers above N10,000 from January 1, 2026.” and TechCabal reported “Customers making electronic transfers above ₦10,000 will begin paying a ₦50 stamp duty from January 1, 2026.”

    Echotitbits take: This will test public tolerance for “small” transactional charges at scale. Watch for clarifications on exemptions, intra-bank transfers, and whether fintech rails apply the same way as traditional bank channels.

    Source: The Cable — 31 December 2025 (https://www.thecable.ng/banks-to-start-charging-senders-n50-stamp-duty-on-transfers-above-n10k-from-january/)

    The Cable 31 December 2025

    Photo Credit: The Cable

  • Court Sums Up Banking Tensions as CBN, NDIC Face Summons Over Licence Revocations

    Court Sums Up Banking Tensions as CBN, NDIC Face Summons Over Licence Revocations

    2025-12-30 18:00:00

    Reporting by The Nation indicates the dispute over the revoked operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc has moved deeper into court, with CBN and NDIC drawn into legal proceedings.

    The regulator’s action followed claims of financial distress and insolvency concerns, while NDIC began depositor verification and resolution steps as liquidator.

    The episode is significant for the mortgage-bank segment, where confidence is sensitive and depositor-protection messaging is crucial to preventing panic.

    The Guardian reported the CBN said the revocation “took effect on December 15, 2025,” citing relevant legal and regulatory provisions. Legit.ng reported that “the NDIC was appointed as liquidator,” and said depositor verification and payments were being initiated.

    Echotitbits take: The key risk is depositor confidence. If NDIC payouts are fast and communications clear, spillover stays limited; if not, rumours can spread quickly. Watch timelines for verification, payout caps, and any court orders affecting resolution steps.

    Source: The Nation — December 30, 2025 (https://thenationonlineng.net/justice-nwite-summons-cbn-ndic-over-revoked-licenses/)

    The Nation 2025-12-30

    Photo Credit: The Nation

  • NIRSAL says 2025 credit guarantees crossed ₦100bn as banks expand agribusiness lending

    NIRSAL says 2025 credit guarantees crossed ₦100bn as banks expand agribusiness lending

    2025-12-29 09:00:00
    According to Punch, NIRSAL Plc says it is closing out 2025 with more than ₦100bn in approved credit guarantees for agriculture and agribusiness loans, positioning the guarantees as a de-risking tool that helps banks back projects they would normally avoid.

    The milestone is framed as part of a broader push to widen formal credit into farming, processing, logistics and market access—areas often constrained by price volatility, climate risk and weak collateral structures.

    The claim lands amid persistent concerns about food inflation and supply disruptions, where policymakers and lenders are searching for instruments that can crowd-in private capital rather than rely solely on direct public spending.

    The core message is that credit can scale faster when the risk is shared—especially for value-chain activities that are commercially viable but too risky for traditional underwriting.

    BusinessDay also reported the milestone, noting that NIRSAL “approved credit guarantees covering more than ₦100 billion… in 2025,” while The Guardian similarly wrote that NIRSAL “has closed 2025 with over ₦100 billion in approved credit guarantees.”

    Echotitbits take: If the guarantee pipeline is real and transparent, the next question is where the credit actually landed—by crop, region and borrower type—and what default ratios look like. Watch for independent portfolio data and sector-by-sector breakdowns.

    Source: BusinessDay — https://businessday.ng/news/article/nirsal-guarantees-record-%E2%82%A6100bn-in-agriculture-lending/#:~:text=The%20Nigeria%20Incentive%2DBased%20Risk,risk%2Dsharing%20tools%20to%20expand – December 29, 2025
    BusinessDay 2025-12-29

    Photo Credit: BusinessDay

  • NIRSAL highlights wider 2013–2025 impact: ₦290bn+ finance facilitated and jobs claims

    NIRSAL highlights wider 2013–2025 impact: ₦290bn+ finance facilitated and jobs claims

    2025-12-28 09:00:00
    Figures cited by The Nation show NIRSAL says it facilitated over ₦290bn in finance between 2013 and 2025 across production, processing, logistics, market development and exports, alongside job and beneficiary impact claims.

    NIRSAL positions its role as facilitation rather than direct lending—using risk-sharing, guarantees and technical assistance to help banks and partners extend credit to agribusiness segments seen as too risky.

    The narrative is reinforced in NIRSAL’s communications, where it frames credit guarantees as a mechanism that expands partner financial institutions’ appetite for agriculture lending.

    Set against Nigeria’s food-security pressures, the big question is whether the cumulative numbers translate to measurable productivity gains or mainly reflect credit intermediation and programme counting.

    The Nation reported NIRSAL “has facilitated more than N290 billion” in finance, while NIRSAL communications said it was “closing 2025… with… credit guarantees for over N100 billion” in agriculture and agribusiness.

    Echotitbits take: Impact claims need independent verification. Watch for audited portfolio outcomes, borrower performance data and state-by-state breakdowns—especially default rates and whether credit reached smallholders or stayed concentrated in large firms.

    Source: The Nation — https://thenationonlineng.net/nirsal-facilitates-over-n100bn-in-2025-drives-159-jobs/ — December 28, 2025
    The Nation 2025-12-28

    Photo Credit: The Nation

  • CBN Pushes Banks: FirstBank ATMs to Accept International Cards

    CBN Pushes Banks: FirstBank ATMs to Accept International Cards

    Photo Credit: The Punch
    2025-12-25 09:15:00

    In an update published by The Punch, FirstBank says its ATMs will be enabled to accept international cards in line with a Central Bank of Nigeria (CBN) directive, a step aimed at improving foreign-card usability for travelers and visitors. The bank said the change is part of broader compliance work across Nigeria’s payment infrastructure.

    For customers, the biggest impact is convenience: foreign-issued cards should be able to withdraw cash (where permitted) and complete ATM transactions more smoothly, reducing friction for diaspora visitors and business travelers—especially during peak travel seasons.

    For banks and switching/payment processors, the directive implies backend reconfiguration, routing, and compliance checks to ensure international schemes work reliably across channels.

    Supporting reports show the regulator set deadlines and scope: Vanguard quoted the directive saying banks must “configure their ATMs to allow foreign cards” by “February 28, 2025,” while The Guardian reported the goal is for ATMs to accept “Visa, MasterCard, and other foreign cards.”

    Echotitbits take: This is a pro-diaspora, pro-tourism signal—but reliability is everything. Watch for early hiccups (declines, FX conversion disputes, downtime), and whether fees and FX spreads become the next consumer pain-point.

    Source: The Punch — December 25, 2025 (https://punchng.com/firstbank-atms-to-now-accept-intl-cards/)

    The Punch 2025-12-25

  • CBN’s BDC approvals deliver ₦192m in licensing fees as FX clean-up continues

    CBN’s BDC approvals deliver ₦192m in licensing fees as FX clean-up continues

    Photo credit: The Guardian Nigeria News — CBN HQ Abuja:

    2025-12-20 12:25:00

    Reporting by Punch indicates the Central Bank of Nigeria has collected ₦192 million in licensing-related fees after issuing final approvals to 82 bureau de change operators.

    The approvals sit within the CBN’s broader attempt to formalise retail FX activity, reduce leakages and improve traceability in foreign-exchange transactions.

    Beyond the revenue, the regulatory signal is the big story: tighter licensing and supervision could reshape the BDC landscape by pushing informal operators out and strengthening compliance expectations for approved players.

    For consumers, the outcome to watch is whether a more regulated ecosystem improves transparency and pricing—or simply shifts activity into other channels if supply remains constrained.

    Reuters reported the same final-licence milestone, describing approvals for “82 BDCs” and linking it to efforts to curb street trading.

    CBN guidance on BDC licensing also details fee requirements, including a “non-refundable final licence fee,” consistent with a structured licensing process.

    Echotitbits take: The real test is enforcement. If street trading remains unchecked, licensing reforms won’t translate into stability. Also watch how banks and fintechs integrate retail FX flows as regulators tighten the market structure.

    Source: The Guardian Nigeria News — December 20, 2025 https://guardian.ng/featured/cbn-issues-82-new-bdc-licences-moves-to-curb-unregistered-fx-operators/

  • UBA Rolls Out ₦100m Vehicle Financing Scheme to Support Lagos Ride-Hailing and Commercial Drivers

    UBA Rolls Out ₦100m Vehicle Financing Scheme to Support Lagos Ride-Hailing and Commercial Drivers

    Photo Credit: Punch

    2025-12-17

    As reported by *The Punch*, UBA has unveiled a ₦100 million vehicle support/financing scheme in Lagos aimed at helping qualifying drivers access vehicles under structured repayment terms.

    The programme is positioned as a mobility and financial inclusion play—lowering entry barriers for commercial drivers while giving the bank a scalable consumer-credit product tied to income-generating assets.

    For participants, the big variables are affordability (interest, fees, insurance), vehicle quality, and the clarity of default rules—issues that have derailed similar schemes in the past.

    Other reporting on the same development includes:
    – BusinessDay: “Banks are expanding asset-backed lending as consumer credit demand grows.”
    – Nairametrics: “Driver-focused vehicle financing is returning as platforms seek more stable fleets.”

    Analysis/Echotitbits take: If the underwriting is data-driven (earnings history, telematics, repayments automation), this could be a model for MSME credit. Watch adoption rates, default performance, and whether other banks replicate it across other states.

    Source: The Punch — December 17, 2025 (https://punchng.com/drivers-benefit-from-ubas-100m-lagos-vehicle-scheme/)